The Pre-Start
AAI ($23.6B) - Alcoa shipped 2.5Mt aluminium in FY25, reported US$12.8B revenue, US$1.2B NPAT and advanced the San Ciprín smelter restart to 65% with completion targeted mid-2026 | ▼ 8%
TVN ($680m) - Tivan released the Speewah fluorite FS outlining $301m pre-prod capex, post-tax NPV8 $344m, IRR 29%, with partners Sumitomo & JOGMEC confirming a $5m T2 JV equity injection to advance the DFS now underway | ▼ 7%
BML ($245m) - Boab said regional supplier Cambridge Gulf confirmed diesel availability for Sorby Hills construction, with stocks sufficient through Apr–May and shipments scheduled, so no near‑term supply issues expected
TGM ($240m) - Theta Gold executed a contract with NMS Africa to manufacture a 3-stage crushing and screening plant for the TGME gold project, with a 125-day delivery lead time, targeting commissioning in Q4 2026
A11 ($236m) - Atlantic Lithium received Ghanaian parliamentary ratification of its mining lease, enabling funding discussions and progress towards FID, with lithium royalties set on a 5–12% sliding scale under new regulations
DRX ($90m) - Diatreme completed MSP testwork and flowsheet optimisation for the Cyclone mineral sands project, lifting forecast LoM output to 3.2Mt HMC (+58%), 866kt zircon (+6.8%) and 1.6Mt titanium concentrates (+95.6%)
NMT ($43m) - Neometals confirmed primary sulphide copper mineralisation at the Rinaldi prospect, with 7m at 1.72% Cu from 82m from expedited assays
AGR ($40m) - Aguia received the final $1m cash for its retained 25% equity in the Atocha silver project
PNN ($36m) - Power Minerals in trading halt pending non-binding JV announcement for the Salta lithium project
S2R ($33m) - S2 Resources signed a Heritage Protection Agreement with the Wajarri Yamaji for the Jillewarra gold JV, enabling EL grants
MRD ($32m) - Mount Ridley is in a trading halt pending an MRE announcement
HMX ($30m) - Hammer reported JV drilling at Bullrush and Isa Valley, including 4m at 0.40% copper from 259m
ABX ($24m) - ABx Group said US-based Rare Earth Technologies assessed its Deep Leads mixed rare earths carbonate as compatible with RETi’s separation process, and the parties will progress supply discussions
High Grade It
Australia’s top crude supplier, Malaysia, has warned of fuel export risks if the conflict drags on (AFR)
Gold headed for the biggest weekly loss in 6 years, dipping to ~US$4,600/oz, with stocks erasing their 2026 gains (Bloomberg)
Iran attacks wipe out 17% of Qatar’s LNG capacity for up to 5 years, QatarEnergy CEO says (Reuters)
Bailing out Australia’s biggest aluminium smelter Tomago may lock taxpayers into an ongoing subsidy of at least $300m a year (AFR)
A union threatening strike action against BHP has put forward a log of claims seeking a doubling in pay to as much as $400k/pa and the right for workers to dictate their own rosters (Australian)
Miners slam NSW’s ban on new coal mine developments and greenfield sites exploration (Australian)
Your next customer is already reading this.
As are over 16,000 operators, investors and execs.
Put your business in front of them 👇
Wheelin’ n Dealin’
Dual-listed giant Capstone Copper flirts with $600m-plus carve-out of its Mexican mine Cozamin (AFR)
Rattlin’ the Tin
Word on the Decline
As CMOC sharpens its Ecuadorian foothold via Cangrejos, the obvious next move sits right next door.
Challenger’s El Guayabo and Colorado V already host ~9.1Moz AuEq, adjoining a 20.5Moz district-scale system.
For CMOC, it’s district consolidation, low incremental capex, same geology, same infrastructure. A no-brainer.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
‘If I was in deep doo-doo, I would want Martin’ (AFR) An interview with friend of the show Martin Bennett
The Next Big Trade? (Le Shrub) Preservation of Capital is our foremost priority
The $300m power play: Inside the plan to save Tomago (AFR)
golf clap (Alyosha) “Powell’s comments about fighting inflation are pure bullshit”
Were you forwarded this email from someone else?
Today’s Top Tweet
Ownership & Oversight
GMD ($6.3B) - Genesis increased its stake in Ordell Minerals from 6.5% to 9.4% by exercising 2m options for $600k
FEX ($241m) - Fenix said Craig Mitchell ceased as director on 16 March, while his stake increased to 12.5% after 20m milestone shares were issued
AGE ($173m) - Alligator named Andrea Marsland-Smith MD effective immediately, with NED Peter McIntyre to retire
CTO ($54m) - Alan Grayson bought $1.8m of Citigold shares on-market
CPN ($35m) - Farjoy (Timothy Robertson) acquired a 6.3% stake in Caspin
Devil’s in the Detail
Make it make sense
Our Latest Show
