The Pre-Start
IAG.NY (US$10B) - IAMGOLD updated its resource estimate for Côté (Ontario), combining the Côté & Gosselin zones into a single block model for 20.3 Moz M&I (up 12%) and 3.5 Moz Inferred (up 61%)
SRG ($2.0B) - SRG Global secured $1.9B of contracts and lifted FY26 EBITDA guidance to $168m, initiating FY27 guidance at $190m to $200m | ▲ 11%
ARU ($1.4B) - Arafura's Nolans project in NT was designated the first Significant Project under the Territory Coordinator Act 2025, streamlining approvals
FRS ($736m) - Forrestania announced 2Mt at 1.2 g/t Au (74koz) MRE at MacPhersons, lifting global resources to 25.7Mt for 1Moz
SMI ($542m) - Santana advanced the Bendigo-Ophir Gold project to FTA hearings; statutory decision due 29 Oct 2026
CEL ($395m) - Challenger poured first dore from Hualilán gold, commencing tolling with Austral Gold for 150ktpa processing for 3 years
CNB ($191m) - Carnaby discovered the Miniboom lode at Mount Hope Central: 232m at 1.3% CuEq on the planned pit edge | ▲ 8%
ZEO ($177m) - Zeotech's landfill trial at North Burnett, Qld, cut methane emissions by 92% vs controls; monitoring runs to August
AEE ($122m) - Aura Energy signed a non-binding MOU with a nuclear utility covering funding/offtake for Tiris uranium project, targeting FID by end-2026
BKB ($94m) - Black Bear engaged Ausenco for restart studies at the Shafter Silver project, with EFA issuing a non‑binding letter of support
TNC ($74m) - True North Copper reported 30m at 0.52% Cu from 154m at Great Australia Mine
KSN ($73m) - Kingston entered a trading halt after a pit wall failure at Pearse South halted open-pit operations pending assessment
STM ($65m) - Sunstone reported 200m at 0.62 g/t AuEq from surface at Porotillo, outside the 3.6Moz Bramaderos resource
LSA ($61m) - Lachlan Star reported 7.6m at 2.7 g/t Au from 18.5m at New Waverley, WA
ZNC ($49m) - Zenith reported 5m at 3.49 g/t Au from 91m, extending mineralisation at Dulcie
WCN ($37m) - White Cliff hit 33.5m at 1% Cu at Danvers, with the confirmed footprint >1.8km strike and visual sulphides over ~3.1km
SMX ($6m) - Strata signed a profit-share agreement with BML Ventures, who’ll fully fund and manage mining at Zelica in exchange for a 50:50 net profit split
High Grade It
Elliott calls for gold giant Northern Star to put itself up for sale (AFR) Owns “well over $1B” stake - NST up 8%
Fortescue allegedly sent ‘dummy’ electric batteries to Florida partner (AFR)
Syrah shares jump 41% after Tesla revokes graphite deal termination (West)
Orla halts Camino Rojo gold mine in Mexico amid worker blockade (Reuters)
Copper prices rise ahead of US tariff decision on refined copper by June 30 (Bloomberg)
Data centre investment rivals mining boom, with investment growing at its fastest pace in years (AFR)
Glencore cancels South African ferrochrome job cuts after securing lower electricity tariffs (Bloomberg)
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TEA ($1.8B) - Tasmea will acquire Maxim for up to $254m, with $184m upfront ($112m cash/debt and $72m scrip) + up to $70m earn-out | ▲ 19%
AMI ($533m) - Aurelia to farm-in to Legacy's Cobar licences: 51% with $500k in 2 years, 90% with +$1.5m
VMM ($501m) - Viridis signed a non-binding LoI with Solvay for MREC offtake, targeting FID next half
SGQ ($474m) - St George will acquire ATL's 10% of Lithium Star for $2m in shares, moving to 100%, while ATL secures up to 25% lithium offtake
WTM ($269m) - Waratah took an option to acquire Goldenclad mining leases for up to $1.2m
CY5 ($134m) - Cygnus Metals is in a trading halt pending a potential change-of-control announcement
RAU ($35m) - Resouro executed a mining/processing agreement for Novo Mundo gold with Future Mining/BGM to fund costs
US extends deadline for Trilogy equity stake purchase to July 31 (Bloomberg)
Cameco increases Cigar Lake ownership to 57.4% after $83m acquisition in Canada (Mining.com)
Pan African acquires 15% stake in CuFe for $15m in Aussie expansion (MiningMX)
Barrick considers London listing amid negotiations to sell African assets in US$30B deal (Reuters)
Word on the Decline
Well it’s not breaking news but Northern Star is well and truly ‘for sale’ here as a real option. Have a flick through Elliott’s deck on the gold miner if you get the chance (link).
We know the global activist hedge fund is smart and everything, but this deck has got to be a joke? It reeks of AI slop.
The brains trust put a few clever charts together, but the presentation is amateur. Shareholders are supposed to take seriously the reccommendations of a party that puts this in a deck? 😂

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
BHP ($317B) - BHP appointed Mark Vassella as an independent non-exec
NEM ($161B) - Newmont’s Peter Toth & Natascha Viljoen sold US$316k and US$409k of shares
WGX ($4.9B) - L1 Capital bought $59m of Westgold, lifting its stake to 8.3%
AIS ($473m) - First Sentier took a 5.2% stake in Aeris Resources
MMI ($469m) - Metro’s director Jo-Anne Scarini resigned effective 30 May
CTO ($48m) - Alan Grayson bought $580k of Citigold shares
LEX ($38m) - Colin Petroulas ceased as a substantial holder of Lefroy
BSR ($33m) - Bison appointed Tim Mackellar as CEO
In the Weeds
Paul Singer (In Good Company Pod) For those wonder who on earth Elliott are - an interview with its founder
Were you forwarded this email from someone else?
Today’s Top Tweet LinkedIn Comment
Stellar reputation all round.

Devil’s in the Detail
Yes, we are roasting Elliott for their amatuer deck. Maybe they felt inspired by Northern Star’s history.

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