The Pre-Start
NXG ($11.7B) - NexGen expanded the >10,000 cps zone at PCE 33% to 550m | ▲ 6%
SFR ($8.4B) - Sandfire produced 34.5kt CuEq, moved to $76m net cash (+$63m QoQ), and expects FY26 in the lower half of 149-165kt guidance
PRU ($7.6B) - Perseus produced 107koz gold at AISC US$1,748/oz, closed with US$817m cash and bullion and generated US$252m cashflow; guidance maintained
RRL ($5.8B) - Regis produced 90.6koz gold at AISC $2,807/oz, cash + bullion +$198m to $1.1B, while lifting FY26 growth capex to $240-$255m
EMR ($4.3B) - Emerald produced 26.3koz gold at AISC US$897/oz, generated $143m operating cash flow, closed with $399.3m cash, bullion and investments, and kept FY26 guidance at 105-120koz (lower end)
WAF ($3.9B) - West African produced 108koz gold at AISC US$1,921/oz and closed with $847m cash (+$263m QoQ) and $213m bullion
RSG ($3.1B) - Resolute produced 59.6koz gold in Q1 at AISC US$2.2k/oz, lifted net cash to US$315m (+US$106m QoQ), maintained guidance, and approved Doropo FID after securing the mining permit
ALK ($2.3B) - Alkane produced 46koz AuEq at AISC $2,928/oz, cash and bullion +$130m QoQ to $362m; guidance maintained
DYL ($2.0B) - Deep Yellow reported 11m at 265 ppm eU₃O₈ from 2m at Tinkas | ▲ 5%
DVP ($1.8B) - Develop declared commercial production at Woodlawn, producing ~3.1kt CuEq as cash fell $50m to $130m
ELV ($1.8B) - Elevra produced 47.3kt spodumene concentrate at 5% Li₂O in March Q, cash +US$32m QoQ to US$113m; guidance reaffirmed
CXO ($1.1B) - Core Lithium approved FID to restart Finniss and secured ~$290m funding, targeting concentrate production in Sept
BC8 ($940m) - Black Cat produced 24koz gold in the quarter, below 25–28koz outlook, closing with $92m cash, bullion and investments (+$0.8m QoQ) | ▼ 11%
NMG ($511m) - New Murchison said drilling below Crown Prince supports underground plans; 3.2m at 48.9 g/t gold from 330m | ▲ 8%
AMI ($457m) - Aurelia discovered the new Harley Lens and extended Federation West ~70m down-dip, with 9m at 28.3% zinc and 15.4% lead
MMI ($412m) - Metro 20-for-1 share consolidation was approved
PEN ($268m) - Peninsula obtained Supreme Court orders validating sales of 19.9m shares; trading to resume | ▲ 5%
FEX ($256m) - Fenix shipped 974kwmt iron ore, with cash up +$7m QoQ to $86m, and C1 costs of $70/wmt
ETM ($143m) - Energy Transition Minerals terminated its MoU with Shenghe as their top‑up right dispute remains unresolved; shareholders voted down Gan Lu
GHM ($126m) - Golden Horse hit 16m at 6.8 g/t gold from 115m at Hopes Hill
DRE ($103m) - Dreadnought received MDCP approval for open pit gold mining at Star of Mangaroon; NVCP pending ahead of processing through Paulsens
ARN ($99m) - Aldoro achieved 99% strontium extraction via HCl leach on 2.7% Sr at Kameelburg | ▲ 8%
EPM ($59m) - Eclipse Metals reported associated-element assays at Gronnedal, with 20 Sr intersections averaging 2.32%
NMR ($56m) - Native Mineral Resources poured ~315oz gold dor at Blackjack, the first since mining restarted; first Podosky haulage due late April
OR3 ($54m) - Ore Resources extended Forrest 60m south at Miriam, with 20m at 1.88 g/t gold from 44m
FRB ($40m) - Firebird was awarded a $2m grant to advance its Australian Demonstration Plant, converting manganese ore to LMFP/LMR cathode materials
ARI ($31m) - Arika reported 57m at 1.42 g/t gold from 125m at Yundamindra, advancing a maiden MRE
High Grade It
Rio maintains two-month diesel supply visibility for Pilbara iron ore mines (West)
Chile faces sulphuric acid shortage as China halts exports, impacting copper production (Reuters)
US trade representative Jamieson Greer urged allies to pay more for non-Chinese critical minerals (FT)
Byrnecut doubled Australian profit to $140m amid underground gold mining boom (West)
Ghana has mandated Newmont, AngloGold Ashanti, Zijin to localise mining operations by December 2026 (Reuters)
Russia considers windfall tax on Polyus & Norilsk amid Ukraine war costs (Mining.com)
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Wheelin’ n Dealin’
Rattlin’ the Tin
PLS ($19B) - PLS completed the US$600m 6.875% senior unsecured notes offering
WHC ($6.5B) - Whitehaven completed a US$900m senior secured notes issue
NHC ($4.3B) - New Hope announced the settlement of its $300m 2.625% convertible notes
LZM.NY (US$412m) - Lifezone priced its US$25m offering at $4.40 a share
TOK ($389m) - Tolu issued $24m convertible notes to Petrosea, to convert at $1.625/share post-AGM, funding Tolukuma expansion
ECU.V (C$212m) - Element 29 closed a C$35m placement at $1.10 a share, with Alpayana taking a 9.9% strategic stake. Randy Smallwood also a named investor
RML ($168m) - Resolution raised $20m at 7c to advance Horse Heaven, cornerstoned by Tribeca and L1
Global Lithium secured US$75m from Jiangsu Lopal Tech for Manna (West)
Word on the Decline
We find Pantoro’s deal with MEGA this morning to bring Rama high-grade ore into the mix particularly interesting. They’re stepping across one belt to the west, which makes plenty of sense, hauling 4.7g/t dirt. We wonder if it’s also an indication that they are in the mix for Wesfarmers’ Mt Holland gold project too, in the same belt.
We hear the sale process on Mt Holland is concluding shortly and we’ve previously written about the merit for Medallion and Forrestania who have obvious synergies. Based on the intent in Pantoro’s announcement, we wouldn’t be surprised if they’re deep in the mix too.
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In the Weeds
1500km on a single charge? China’s EV battery war heats up (AFR) CATL’s latest Qilin battery demo. The Shenxing battery can charge from 10% to 98% in 6.5 mins
USA Rare Earth CEO Quotes Taylor Swift (OK Post) Taking a closer look at the deal & gov’t ties. Hilarious cartoon and all.
The two events that thawed BHP and China’s epic dispute (Australian) CEO change & Iran war
Phil King lives with the leverage (AFR Rear Window) Atlantic fund -31.6% in March; still +42.3% on trailing 12 months
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Today’s Top Tweet
Ownership & Oversight
Devil’s in the Detail
It’s usually pretty hard to knock WAF, which reports pretty clean... But if you want any more evidence of why AISC is an entirely irrelevent metric nowadays, look no further than this:
Today’s quarterly
The accounting gymnastics that allow the recategorisation of a 3% NSR? Call it a contingent liability…