The Pre-Start

  • GLEN.L (£67B) - Glencore closed its agreement with Gécamines for land access at Kamoto Copper (DRC)

  • CIA ($2.8B) - Champion Iron is in a trading pause pending an announcement

  • DVP ($2.0B) - Develop targets June FID for an 850kt lithium DSO at Pioneer Dome, with $35-40m capex to be debt-funded via offtake | 3rd lithium supply announcement this week?

  • FRS ($753m) - Forrestania reported 21m at 2.5 g/t gold from 21m at Lady Lila

  • GLN ($548m) - Galan completed commissioning at HMW with first processed LiCl brine, targeting H2 2026 LiCl concentrate sales

  • BTR ($384m) - Brightstar reported visible gold in several drillholes at Two Mile Hill, Sandstone, with assays pending

  • BOC ($289m) - Bougainville said KPMG resigned as auditor

  • GRX ($282m) - GreenX defined an Exploration Target at Tannenberg of 144–279Mt at 0.9–1.4% copper, 15–21 g/t silver (1.3–3.9Mt Cu; 69–188Moz Ag)

  • WWI ($230m) - West Wits completed the 1 West decline at Qala Shallows, accessing 2 Level stopes; expanded scoping study due end‑July 2026

  • MEU ($120m) - Marmota reported 9m at 7.1 g/t gold from 82m at Greenewood | ▲ 18%

  • AA2 ($117m) - Ariana reissued its Dokwe PFS with a reasonable basis statement, showing post-tax NPV₁₀ US$740m at US$4,250/oz and capex US$164m

  • GHM ($116m) - Golden Horse drilled 12m at 7 g/t gold at Hopes Hill North, a 1km step-out, putting mineralisation at >3km strike

  • CXU ($100m) - Cauldron set a 9–42Mlb U₃O₈ Exploration Target on four acquired Yanrey tenements

  • CHW ($92m) - Chilwa was commissioned by Lindian to prepare grade-control drill samples at its Zalewa lab for Kangankunde

  • OSM ($56m) - Osmond reported outcrop channel samples up to 29.3% THM at Orin; consultants will use them in the MRE

  • PGO ($50m) - Pacgold started irrigating 100kt of re-crushed ore at White Dam and restarted drilling at Vertigo to support a mining restart

  • GA8 ($48m) - GoldArc reported 1m at 106 g/t gold at Mt Stirling, with grade control results feeding open-pit mine planning

  • LEL ($42m) - Lithium Energy outlined 23–46Mt at 12–16% TGC graphite Exploration Target between Burke & Mt Dromedary

  • VKA ($27m) - Viking Mines produced 62.5% WO₃ concentrate at 59.8% recovery at Linka, validating a gravity-plus-flotation flowsheet | ▲ 9%

  • BDM ($24m) - Burgundy said BC's Supreme Court extended the stay to 28 Jul and approved debtor financing and a sales process for ACDC's assets

High Grade It

  • BHP nears enterprise agreement with Australian Workers Union for 1,600 workers (West), while it faces delays in electrifying haul trucks (AFR)

  • US-backed rare earth rivals MP Materials & USA Rare Earths clash over alleged technology theft (FT)

  • AustralianSuper urges Glencore to consider ASX listing to boost valuation (Reuters)

  • BHP & Fortescue warn of tougher iron ore contract negotiations with China (West)

  • Peru presidential candidates' mining plans cast doubt on investment, industry leader says (Reuters)

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Wheelin’ n Dealin’

  • POSCO to partner with Matt Latimore in Whyalla steelworks bid amid furnace closure (Australian)

  • BlackRock's Olivia Markham advocates for more mining M&A to attract investors (AFR)

  • Zambia's ZCCM-IH signs deal with China's Sinoma for lime supply (Bloomberg)

  • Ionic Rare Earths partners with AML for US magnet rare earth oxide supply (Mining.com)

  • MAU ($576m) - Magnetic said cash elections in its takeover exceed the cap, triggering scaleback

  • FEG ($33m) - Far East Gold received an off-market takeover offer from Xingye Gold at $0.13 cash per share | ▲ 39%

Rattlin’ the Tin

  • VUL ($1.7B) - Vulcan reached financial close on the €2.2B ($3.9B) funding package for Lionheart | ▲ 6%

  • SHN ($123m) - Sunshine raised ~$8m to fund the Mt Moss acquisition and Liontown start-up

  • COD ($56m) - Coda is in halt as it raises $4m at 15c

  • VRX ($32m) - VRX Silica launched an entitlement at 4c (43% discount) to raise up to ~$6m to fund Arrowsmith North | ▲ 10%

  • Quilla considers IPO after restarting Chapi mine in Peru, needing US$200-300m for upcoming capex (Bloomberg)

Word on the Decline

  • Our read is that BHP is is trying to engineer a clean exit of Mt Keith and Leinster and the diversified major is very likely to retain major rehab liabilities themselves from their sale

  • Anyone want to join our consortium to pay $1 if BHP underwrites all holding costs too?

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.

Ownership & Oversight

  • PDN ($5.1B) - Kopernik bought $238m of Paladin, becoming a 5.1% holder

  • AUC ($471m) - L1 bought $8.5m of Ausgold, lifting its stake to 7.5%

  • TTM ($214m) - Franklin bought $12m of Titan shares, taking its stake to 5%

  • PEN ($207m) - Davidson Kempner bought $10m of Peninsula, holding 5.4%

  • SPD ($205m) - Southern Palladium director Lindi Nkosi-Thomas sold $86k of shares

  • VHM ($87m) - Chris Ellison participated in the placement, now holding 6.2%

  • ANX ($49m) - Tribeca acquired $2.4m of Anax, becoming a 6.7% holder

In the Weeds

  • April 2026 Fund performance (Ausyield)

  • From Geology to Geography (Massif Cap)

  • The mining boom is back – and Australia is getting in its own way (AFR)

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The End for Australian Exploration?

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