The Pre-Start
FMG ($63.2B) - Fortescue accelerated its Pilbara green grid, targeting 290MW renewables by early next year, expecting US$100m fuel savings next year and a US$2–US$4/wmt C1 cost reduction on completion by end-2028
DPM ($13.3B) - DPM produced 84koz GEO in Q1, maintained 2026 guidance as Vares ramp‑up continued with a Q2 20‑day plant shutdown before paste backfill commissioning in Q3. Ada Tepe set for mid‑2026 closure
EMR ($4.1B) - Emerald produced 26.3koz gold at Okvau in the March Q, expecting AISC ~US$900/oz, and closed with $399m cash, bullion and listed investments after paying US$50m tax
AUE ($260m) - Aurum lifted the Napi MRE to 30.1Mt at 1.2 g/t gold for 1.2Moz (incl. 0.4Moz Indicated), up 34%, taking group resources to 4.2Moz
NVX ($237m) - Novonix had US$103m 48C tax credits for its Riverside synthetic graphite facility certified by the US Government, payable on first 11ktpa in service by Apr 2028 and transferable | ▲ 5%
KAU ($185m) - Kaiser Reef closed with $46m cash (+$2.2m QoQ) after producing 5.5koz gold from Henty and Maldon in the quarter; Henty was below target on grade, with grade control changes underway for a June-quarter recovery | ▼ 11%
AGE ($182m) - Alligator Energy's Samphire ISR field recovery trial has reached 39/70 pore volumes with pregnant solution peaking >200 mg/L U₃O₈ and ~55% recovery
RML ($149m) - Resolution’s modelling at Antimony Ridge mapped >100 antimony-silver veins grouped into 30 swarms across 1,000m x 700m and 250m vertical extent, with metallurgy results pending | ▲ 6%
VTX ($50m) - Vertex produced 121oz gold in March at Reward but said development has run late due to poor ground conditions, with long‑hole stoping targeted from Oct 2026
ZNC ($44m) - Zenith extended the Red Mountain gold IRG system beyond 700m vertically, with new drilling including 333m at 0.27 g/t gold
BKT ($32m) - Black Rock said early works at the Mahenge graphite project are near completion, with lower access road compensation finished, final earthworks/resettlement due late Q2
High Grade It
Resources funds that were among the best-performing investors last year are suddenly nursing double-digit losses, while betting on an “explosive rally” (AFR)
Fuel supply secure until late May, says Labor (Australian)
A key union has pulled the trigger on the first industrial action in the Pilbara in decades, planning overtime bans (AFR)
BHP CEO's Beijing visit signals potential thaw in China iron ore relations (Bloomberg)
BHP faces 1,400 union right-of-entry requests in 2026, up from 844 in 2025 (Australian)
Argentina passed reform to allow mining investment near glaciers, sparking environmental concerns (FT)
Czechia is seeking to extend the operating life of the Dukovany nuclear station by 20 years (Bloomberg)
Alphamin achieves record earnings with US$128m cash from buoyant tin prices (MiningMX)
Thinking about investing in commercial property, but unsure where to begin? We invite you to join our upcoming webinar on how investing via a Natgen Investment Trust works and how investors participate in professionally managed commercial property with Natgen Director Brett Nelson & Investor Relations Manager, Caroline Seymour.
Webinar on Tues, April 14 at 6pm AEST - click here to register.
Natgen Direct Property Trusts are a type of investment that allows you to become a part owner of large commercial property assets that are typically only available to large development groups. For as little as $100,000, you can invest in one or more commercial properties, such as office buildings, shopping centres, industrial warehouses, or specialty assets with regular, reliable income paid monthly (net of fees) of circa 8%+*. Book a call with our Investor Relations Team today to find out more with no obligations.
Wheelin’ n Dealin’
GMIN.TO (C$11.8B) - G Mining will acquire G2 to combine the Oko West & Oko-Ghanie project into a single asset, claiming C$1B in synergies. G2 holders will receive 0.212 GMIN shares for each share, as well as participation in a newly created explorer, G3. Implies a 72% premium, with GMIN holders owning 80% of the combined entity
Barrick plans to reduce exposure to higher-risk jurisdictions and signalled openness to top-tier acquisitions, as it prepares to spin off its North American mines (Bloomberg)
JLL ($51m) - Jindalee signed a BCA with SPAC Constellation to list US Elemental holding its McDermitt lithium project at an implied US$571m EV (US$500m equity), with Jindalee to retain 80%+, subject to a US$14m minimum cash and a US$20–30m raise | ▲ 45%
Rattlin’ the Tin
CXO ($831m) - Core received US$26m from Tranche 1 convertible notes, with Tranche 2 still pending FIRB and shareholder approval on 5 May
Word on the Decline
If you regularly read this, congrats, tell your friends you knew about the biggest gold mining deal of the year a day before everyone else… Heck, tell em to sign up will you?
Hard to back up yesterday’s call with anything remotely as relevant or accurate
But while we’re talking GMIN, it seems we aren’t the only ones that think this is part of the playbook next…
One deal at a time.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Understanding commodity prices (Strictly Boardroom)
AI turns BHP’s oversized rocks into supersized returns (AFR) $50m/pa savings
Were you forwarded this email from someone else?
Today’s Top Tweet
Ownership & Oversight
ASL ($417m) - Equinox Partners bought $5.6m of Andean Silver shares on-market, lifting its stake to 7.7%
LOT ($393m) - Sprott bought Lotus shares, increasing its holding from 10.1% to 12.4%
POL ($229m) - Jupiter sold $2.7m of Polymetals shares, cutting its stake to 8.6%
SYR ($189m) - AustralianSuper lifted its stake in Syrah to 45.7% (from 34%) via underwriting the institutional entitlement offer
TER ($159m) - TerraCom CFO and company secretary Jen Williams resigned effective immediately
MPK ($129m) - Bank of Nova Scotia bought $2.9m of Many Peaks shares, holding 5.3%
PTR ($45m) - PTR director Donald Stephens will step down on 31 May
Our Latest Show
