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)

A message from Costmine

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Wheelin’ n Dealin’

  • 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)

Rattlin’ the Tin

  • 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

  • C79 ($698m) - Chrysos director Dirk Treasure bought $359k of shares at $5.98

  • HAR ($54m) - Haranga director Peter Batten resigned effective 4 June 2026

  • ANX ($52m) - Anax appointed Danny George COO

In the Weeds

  • Australian Mining: Blunders to Blinkers (Strictly Boardroom)

  • Jon Evans, Lithium Americas CEO on Joe Lowry pod (Apple, Spotify)

  • 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

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