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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Wheelin’ n Dealin’

  • 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)

Rattlin’ the Tin

  • LEX ($38m) - Lefroy issued 26.3m placement shares at $0.125 to raise $3.3m

  • YUG ($36m) - Yugo Metals raised $5m at $0.096 (4% discount) to accelerate drilling at Sinjakovo, Sockovac and Cajnice

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

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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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