The Pre-Start
Evolution reported net profit of $767m for H1 & declared a 20c dividend. It approved ~$794m in investments across various projects, while the Northparkes metal sale agreement with Triple Flag was amended, paying a $120m deposit in Dec 2026 and reducing E44 streaming to 25% gold and 37.5% silver (EVN) Up 5% on a flat gold day
DPM Metals reported FY25 revenue of $950m and net earnings of $369m. It’ll pay a US 4c dividend (DPM)
Novagold selected Fluor to lead the BFS on the back of a US$310m raising (NG.TO)
US Antimony (49%) & Americas Gold & Silver (51%) announced a JV to construct a new hydromet facility adjacent to Americas mines, with UAMY bringing its exclusively licensed tech to the JV (UAMY)
Wildcat completed 3 metallurgical diamond holes at its Bolt Cutter Central discovery, intercepting + interpreting spodumene in all holes (WC8)
Tivan's maiden drilling at the Sandover fluorite project returned intercepts including 3.4m at 72% CaF2 and 20m at 18.9% CaF2, from 7 diamond holes (TVN)
Meteoric’s pilot plant at Caldeira achieved 70% average magnet rare earth recovery to MREC and nameplate production of 2kg/day, with recent output up to 2.6kg/day and 32.7% magnetic REO (MEI)
Element 25 is progressing the Butcherbird manganese project to 1.1Mtpa, noting NAIF approved a $50m senior debt facility; construction award expected April 2026 (E25)
Mithril’s maiden drilling at Target 5 in the Copalquin silver-gold project confirmed a 1.5km mineralised corridor, with highlights 1m at 1,714 g/t AgEq & 2.75m at 660 g/t AgEq (MTH)
Kaiser Reef's Union Hill stockpile is estimated at 566kt at 0.48g/t for 8.7koz Au (inferred) and is now being processed at Porcupine Flat (KAU)
Terra Metals confirmed a thick Ti-V-Ga discovery at SW3 and SW4 of the Dante project, extending >800m strike, >400m width (TM1)
Estrella reported initial assays from its maiden drilling at the Werumata limestone project, with Baucau limestone up to 55m at 84% CaCO3 (ESR)
EcoGraf signed an agreement with the European Investment Bank to provide technical assistance for potential battery chain integration(EGR)
Liberty Gold’s Black Pine oxide MRE totals 503Mt at 0.30 g/t Au for 4.88Moz Indicated and 157Mt at 0.21 g/t for 1.05Moz Inferred (LGD.TO)
Podium appointed Neal Froneman as non-exec chair, Gary Humphries as exec director, Rod Baxter as MD and CEO and Garth Higgo as CDO (POD)
EMR Capital’s ownership in 29Metals has reduced to 18.8% from 23% (29M)
High Grade It
Gold opened modestly higher after weak retail sales in the US supported the case for the Fed to cut interest rates (Bloomberg)
PLS’ Dale Henderson has urged Western governments to implement a lithium price floor, as the global appetite for non-Chinese sources of the key battery metal intensifies (AFR)
Silver demand is expected to remain steady in 2026, with gains in investment offsetting most of the losses across industrial & jewellery demand (Reuters)
7 people were killed in a gold mine accident in China’s eastern Shandong province, at a mine owned by Zhaojin (Mining.com)
Output at Codelco's El Teniente mine, the site of a deadly accident last year that has hit production, will be depressed for about the next 5 years (Reuters)
After 12 months in development, the Mineral Metrics data platform is now live. The new platform for resource bankers & investors delivers reserve, resource, production, grades and AISC data directly from filings and fully traceable to source documents. Check it out.
Wheelin’ n Dealin’
Greenwich Metals and Element Alpha are finalising talks over a merger of the two commodity trading businesses (Bloomberg)
Rattlin’ the Tin
Word on the Decline
An RFP issued by the US Defense Logistics Agency has some punters betting on certain vanadium stocks to have their moment
The tender is for procurement of vanadium pentoxide at a “firm fixed price” from suppliers. But there are fewer suppliers of the strategic mineral in the West than fingers on my hand.
The tender had a mere 4-day window, which signals pre-selected suppliers, with the RFP explicitly naming two: NASDAQ-listed Largo and US Vanadium LLC
Watching the tungsten trade, FOMO has likely gotten the better of us as we picked up some Largo ourselves this time 🔔🔔🔔
Which means we have probably top-ticked the vanadium trade of 2026
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
The resources stocks beating bank term deposits just via dividends (Strictly Boardroom)
VanEck’s global boss says gold’s bull run is only just getting started (AFR)
The Resource Cliff (Uncharted Territories) The curse, from Spain’s silver to Nauru’s phosphate
Will Washington’s US$12B Project Vault launch a minerals hoarding race? (FT)
Were you forwarded this email from someone else?
Today’s Top Tweet
Pamps is a proper veteran with an unworldly habit of incredible stock selection over many cycles… So pay attention.
But his taste in podcasts could use improvement.
Devil’s in the Detail
An absolute howler from Lincoln Minerals - careful of those phishing scams folks!
Shoutout to @DznBkr for alerting us to this in our latest episode, below.
Our Latest Show
11 Listeners Pitch Their Top Mining Stocks
Stocks mentioned: KAU, LMS, PVT, DSM, EFE, CLA, BKB, ANDC.V, WIA, GRE, WCE, CBE, GGP, ARL, LM8, NIC, CTM, LZM.NY, MEK, LML, AEU, PSC, AEU, GLAD.C, CAY