The Pre-Start
Lynas reported Q2 sales revenue of $201.9m, sales receipts $185.0m, closing cash $1.03B, NdPr production 1,404t and CEO Amanda Lacaze to retire (LYC)
Evolution reported record operating mine cash flow of $1.1B and net mine cash flow of $727m, cash balance $967m, FY26 guidance 710–780koz gold (EVN) up 7%
Vault produced 76.5koz gold in Q2, sold 77.8koz at $4,582/oz with AISC $3,160/oz, ended the quarter with cash and bullion of $537.3m (VAU) is now materially unhedged
Westgold reported record Q2 gold production of 111.4koz, an underlying cash build of $365m, closing cash of $654m and $732m revenue from 115.2koz sold at $6,356/oz (WGX) stock up 8%
Rio Tinto reported Q4 2025 production with CuEq production up 8% in 2025, record Pilbara iron ore quarterly production (RIO)
Aurelia produced 11.7koz gold, 0.6kt copper, 7.2kt zinc and 4.3kt lead in the Dec quarter, had $85.6m cash and reaffirmed FY26 guidance (AMI) up 8%
New Murchison’s ore sales yielded 22.8koz gold to Westgold’s Bluebird mill, finishing the quarter with $92m cash (NMG)
Emerald’s Memot gold project MRE grew to 45.0Mt at 1.2 g/t Au for 1.7Moz and the Cambodian project is fully permitted for development (EMR)
Astral reported assays from Feysville and Mandilla gold projects, including 14m at 6.79g/t Au from 192m (AAR)
American West’s Storm copper project MRE increases to 28.2Mt at 1.0% Cu and 3.3g/t Ag (276Kt Cu, 3.0Moz Ag), with a PFS due Q1 2026 (AW1)
St George extended its strategic alliance with REalloys for the Araxá rare earths project, lengthening the MOU to one year (SGQ)
Hawthorn updated the Anglo Saxon gold project MRE to 1.5Mt at 4.06 g/t Au (0.5 g/t cutoff) for 199.7koz (HAW)
Sovereign reports that recovered monazite concentrate from Kasiya tailings contains 2.9% combined DyTb, 11.9% yttrium and 21.8% NdPr (SVM)
Cobre has commenced construction of an ISCR production wellfield at Ngami copper project in Botswana to support a demonstration plant (CBE)
Ariana’s drilling at the Tavşan gold project returned intercepts including 15.7m at 1.51 g/t Au from surface and 7.4m at 2.76 g/t Au from 16.9m (AA2)
PC Gold’s drilling at the Spring Hill gold project completed 26 holes for 7,137m, found visible gold in five holes and reported 2.8m at 15.2 g/t Au from 1.7m (PC2)
Ordell reported shallow, high-grade gold at McNabs East, Barimaia gold project, including 2m at 92.2 g/t Au from 60m (ORD)
Boss Energy chair announces departure (BOE)
High Grade It
Rio Tinto reveals big rise in China iron ore stockpiles (AFR) total stockpiles at Chinese ports rising 15 per cent over the past three months.
Europe’s biggest nuclear power operator EDF has set an ambitious target to repeat its achievements in the 1980s, when it turned out dozens of reactors across France, taking roughly 6 years for each (FT)
BHP has conceded its stand-off with China is taking a toll on prices (Australian)
A former BHP executive will become Chile’s next mining minister to expand copper and lithium production. (Bloomberg)
The DRC has handed the US a vetted list of mining and processing projects open to US investment (incl. Kisenge’s manganese, gold and cassiterite, Gecamines’ Mutoshi copper-cobalt project and a germanium venture, Sokimo’s gold, Cominiere’s lithium licences, and Sakima’s coltan & gold (Mining.com)
Focus is an institutional ASX trading platform at a retail price. It’s time to level-up your ASX trading with Focus. Special offer to Director’s Special readers by clicking here.
Wheelin’ n Dealin’
Rattlin’ the Tin
Cyprium is raising $35m at 52cps (CYM)
Jiangxi Copper said it planned to issue up to US$3.6B of bonds that could fund mine expansions (Bloomberg)
Ballard is raising $50m at $0.80/sh (BM1)
West Wits raised $28m to advance development (WWI)
Metallium completed a $75m placement at $0.84/sh (MTM)
Dateline is in a trading halt pending a capital raising (DTR)
Word on the Decline
Remember the last time Energy Fuels paid up for an ASX company? It was acquiring Base Resources for their Toliara project in Madagascar. That has now been renamed to Vara Mada, but last we heard about the project, there were some pretty substantial obstacles in the way of FID.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
BHP’s $4b blowout is a warning to Rio Tinto and Glencore (AFR’s Chanticleer)
Three ASX gold stock picks from Acorn Capital’s Rick Squire (Livewire)
Were you forwarded this email from someone else?
Today’s Top Tweet
Devil’s in the Detail
Galileo Mining ASX price query response
We do believe Galileo’s response here but we think the real explanation is retail deciphering semi-cryptic tweets from large accounts on X. It’s that time of the cycle.
Our Latest Show
Riding the Face-Ripping-Rally with Tom Woolrych
Q2, Winsome, Wildcat, Wia Gold, Hot Chili, Peel, Adina and more