The Pre-Start
NST ($26B) - Northern Star addressed Elliott’s activism, ruling out a sale process for now despite approaches, while recruiting for a new CEO & confirming Chair Michael Chaney's planned Nov retirement
PRU ($6.3B) - Perseus bought back $4m of shares, $91m with 22m shares remaining under the 40m program
ALK ($1.9B) - Alkane hit 42.1m at 0.16 g/t Au and 0.14% Cu from 914m between Boda and Kaiser, Northern Molong Porphyry
BRE ($1.4B) - Brazilian REs defined >9km of rare earths targets at Velhinhas south of Monte Alto, with drilling including 4.2m at 8.4% TREO from 4.9m
FRS ($654m) - Forrestania updated the Lady Lyla MRE to 0.9Mt at 1.4 g/t gold (41.7koz), incl. 0.5Mt at 1.7 g/t indicated (25.5koz) | ▼ 7%
MEI ($421m) - Meteoric's Caldeira pilot plant achieved 80% MREO recovery in May (71% average) and produced >200kg MREC for qualification
WTM ($244m) - Waratah hit 51m at 1.5 g/t gold from 629m at Consols, extending mineralisation by 100m at Spur
AUE ($233m) - Aurum's PFS for Boundiali (Côte d’Ivoire) outlines a 6Mtpa plan with 42Mt at 0.9 g/t Au (1.2Moz) probable reserves, post‑tax NPV₅ US$1.5B and pre‑prod capex US$342m, targeting first gold H1 2028
NVX ($181m) - Novonix delivered a C-sample of synthetic graphite anode material to Panasonic, reaffirming H2 27 production pending validation | ▲ 19%
FXG ($140m) - Felix formed Frontier Antimony Refinery in the USA to refine antimony, sourcing feedstock from Treasure Creek via supply deals
LRM ($93m) - Lion Rock will assess Mboma for an initial rutile MRE, with 533 intervals averaging 0.6% in-situ rutile
OR3 ($65m) - Ore Resources reported 33m at 1.44 g/t gold from 135m at Forrest, with mineralisation traced ~1km strike to 250m depth
GA8 ($40m) - GoldArc returned 18m at 5.7 g/t gold from 1m at Mt Stirling
AGR ($38m) - Aguia completed commissioning and began phosphate production at Três Estradas, lifting capacity to 200ktpa+ | ▲ 6%
MRD ($33m) - Mount Ridley re-assays at Grass Patch defined a new scandium zone with 13km untested strike
ILT ($32m) - Iltani reported 42m at 52 g/t Ag, 19 g/t In, 1% Pb, 1% Zn from 26m at Orient | ▼ 5%
High Grade It
Australian government allocates $105m to Nyrstar, as smelters bleed cash (AFR)
Trafigura invests $570m in mines as subsidiary Nyrstar secures bailout (Australian)
Gold fell for a third day, down to US$4,024/oz, after the US launched fresh strikes against Iran (Bloomberg)
Norton Gold Fields integrates driverless trucks at Golden Cities mine (West)
DR Congo restricts cobalt exports, causing supply scramble for Chinese smelters (FT)
Chinese zinc smelters face record low treatment charges, risking output cuts amid feedstock shortage (Bloomberg)
Australian copper projects get modeled by their owners. WOODY's independent number keeps coming in higher. WOODY rebuilds every cost independently and shows the gap between the owner's study and what the project really runs. |
CXO ($777m) - Core will spin out its NT and SA gold assets into Axiant Resources via IPO, retaining lithium rights and a stake
MGX ($395m) - MGX agreed to sell its Koolan Island operation to Crestlink Koolan for $20m plus a 1.5% revenue share capped at $5m, with rehab obligations assumed
PC2 ($321m) - PC Gold bought the Territory Iron camp for $770k to support the Spring Hill gold project
ASN ($76m) - Anson signed with POSCO to fund and run a DLE demonstration plant at Green River Lithium, paying Anson $7m
AAL ($66m) - Alfabs said negotiations on its prospective acquisition are taking longer than expected with terms unresolved and no assurance of completion
KLI ($39m) - Killi will acquire 80% of the Lodestone Iron Ore project for $20m in scrip + a 2.5% royalty, and raised $15m at $0.22 to fund drilling
Chile's Sierra Gorda and BHP's Spence mines explore collaboration to cut copper costs (BNA)
Schneider Electric and Torngat Metals sign MoU for Strange Lake rare earth project in Canada (Schneider)
Specialty minerals & chemicals business ICL Group priced a private offering of US$800m senior notes due 2036 at 6.036% (BN)
Word on the Decline

Classic board defence from Northern Star chair, Michael Chaney. Agree with governance change, resist loss of control. For now, NST is choosing self-help over a forced auction.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
In the Weeds
Australian Mining: Blunders to Blinkers (Strictly Boardroom)
Gina Rinehart’s charitable and TV interests collide (AFR Rear Window)
How tin went from baked beans to AI gravy train (FT Lex)
Are sodium-ion batteries facing their LFP moment? (Volt Insight)
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Devil’s in the Detail
These ones feel like “university corporate finance” milestones, not mining project finance goals.



