The Pre-Start
NST ($28B) - Northern Star announced that MD Stu Tonkin has advised the board of his intention to step down during Q1 FY27
DPM ($10.8B) - DPM hit 58m at 15.3 g/t AuEq at Wedge Zone Deep, with initial MRE due by end-2026
GMD ($6.9B) - Genesis signed a $229m EPC with GR Engineering for the 3.5-4Mtpa Tower Hill gold project
IPX ($1.7B) - IperionX commissioned a 300-ton six-axis powder metallurgy press in Virginia, tripling capacity and enabling about 11m titanium parts a year
ARU ($1.4B) - Arafura made FID to develop Nolans, targeting construction from Sep 2026, with project funding and shareholder approvals to be finalised | ▲ 11%
PC2 ($424m) - PC Gold identified a footwall lode outside Spring Hill's MRE and intersected gold extending Link Zone
BTR ($379m) - Brightstar targets FID this month and starts Goldfields construction, with the 1.5Mtpa Laverton plant aiming for first gold in JunQ27
ORN ($239m) - Orion reported 7.9m at 9.2% Cu at Flat Mine East, confirming down-dip continuity at Okiep
MM1 ($226m) - Midas reported 46.2m at 4% CuEq (copper, silver) from 193m at T-13, Namibia, with an updated MRE targeted in 2026 | ▲ 7%
AR1 ($210m) - Austral received a first strike after 27% opposed the Rem Report; all other AGM resolutions passed
CNB ($146m) - Carnaby extended the Trek 1 Footwall Lode via 38m at 1.9% CuEq from 290m; drilling continues
RML ($123m) - Resolution logged sulphides in three Golden Gate holes and mobilised a second rig
5EA ($102m) - 5E Advanced Materials' PEA for Fort Cady lithium carbonate via direct concentration shows pre-tax NPV₇ US$57m and US$10m capex | ▼ 10%
STM ($75m) - Sunstone drilled 116m at 0.57 g/t AuEq at Porotillo, Bramaderos, outside the 3.6Moz resource
LKY ($49m) - Locksley intersected 4m at 4.87% antimony (including 0.4m at 33.5%) below historic workings at the Desert Antimony mine
SNG ($25m) - Siren Gold's mining permit for Sams Creek was declined by NZPaM after the exploration permit expired; it may appeal
High Grade It
Forrest has burnt trust with Indigenous people, Barnett warns (AFR)
Arafura the first company to be backed under Canberra’s critical minerals reserve (Australian)
Europe must break China's grip on rare earths pricing to spur investment, sector body says (Reuters)
Northern Star CEO Stuart Tonkin to exit after Super Pit expansion completion (West)
Codelco is seeking a combined US$2B in cost savings and additional revenue by integrating 3 copper mines (Bloomberg)
Every mining project has a place on the global cost curve. Find out where yours sits.  Independent Opex and Capex profiles for thousands of mining projects, refreshed daily with live market data. |
Wheelin’ n Dealin’
HAV ($227m) - Havilah agreed a farm-in granting Hillgrove up to 80% of the Mutooroo copper project, with $5m in scrip upfront, up to $10m PFS spend, then $35m at FID and tolling at Kanmantoo | ▲ 6%
IXR ($79m) - Ionic signed a Joint Development and Licensing Agreement with US-based Nth Cycle to integrate electro-extraction into rare earths recycling/refining, reducing OPEX for US operations
AVM ($39m) - Advance will acquire the remaining 20% of Myrtleford and Beaufort gold for C$3.6m (total C$4m), granting a 1% NSR
Sherritt is negotiating with a former Trump adviser to transfer 55% stake in its Cuba mining business (Bloomberg)
Rattlin’ the Tin
NEO.TO (C$1.3B) - Neo Performance announced a C$100m bought deal at C$28.75/share
WWI ($233m) - West Wits executed a term sheet for a ~US$53m loan with Absa & Nedbank CIB, replacing Absa–IDC funding to support Qala Shallows ramp-up
LRM ($93m) - Lion Rock raised $2m at 2c, cornerstoned by new CEO Theuns de Bruyn, and named Duncan Craib chair | ▲ 8%
Agnico Eagle increased its stake in Wallbridge to over 19% with C$22m investment (PR)
Kinterra secured US$75m to advance White Pine Copper to FID following PFS progress and royalty framework update (AAP)
Word on the Decline
We wrote about it in Devil’s in the Detail yesterday but we’re now elevating this one to the pre-eminent deal goss column in mining.
Count us very surprised if Kinterra doesn’t come for 100% of Maronan after their 19.9% investment yesterday. They will have to wait out the 6-month standstill of course. But Maronan’s largest shareholder was Red Metal (~35%) but those shares were distributed in specie to RDM shareholders yesterday. A mere coincidence.
So other than Kinterra, Maronan’s largest shareholder is Perth Capital (Josh Pitt, the most patient mining investor of all time when you look into RHI).
We hope a potential alternative suitor emerges, it would be a delight to watch Kinterra in another Battle.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
NXG ($10.3B) - NexGen appointed Ryan Podrasky as CFO
AII ($6.8B) - Almonty director Andrew Frazer exercised options to receive 1.5m shares and sold 71k shares
IMD ($2.0B) - Imdex CEO Paul House sold $1.8m of shares
TCG ($564m) - T. Rowe Price sold $12m of Turaco, cutting its stake below 5%
29M ($446m) - 29Metals chair Owen Hegarty steps down today; Nick Cernotta to succeed
EPM ($46m) - Harry Lee sold $175k of Eclipse, cutting his stake to 5.5%
DGR ($29m) - DGR Global director Peter Wright resigned
PRX ($25m) - Prodigy appointed Daniel Broughton as APAC’s nominee director
In the Weeds
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Today’s Top Tweet
Devil’s in the Detail
Recent comments pushed us to take a look at Aussie EV sales
Maybe the Iran War really will be the event that kicks up wider EV adoption here
The latest data shows:
BYD is now the #2 brand by sales
BEV sales are up 157% to record >16% share (for April)
Plus the creativity of mining jrs and their marketing never ceases to amaze us. We once had a carton of beer arrive at the studio with the junior’s name on every can. They’re in the fridge.