The Pre-Start
Nickel Industries’ Hengjaya mine received RKAB approval to increase 2025 nickel ore sales quota from 9mwmt to 10.5mwmt, with sales recommencing (NIC)
Black Cat acquired 90km2 of tenements adjacent to Lakewood, for $200k to extend TSF capacity from 7 to 20+ years and support a study to expand Lakewood to ~1.5mtpa (BC8)
BMC Minerals will commence trading today, after raising $100m at $2 a share in its IPO (BMC)
Medallion shared a Ravensthorpe-Forrestania feasibility study, demonstrating a 5.7-year life for total metal production of 374koz Au & 15kt Cu. The pre-tax NPV8 was $443m with an 87% IRR, requiring $138m in pre-production capital (MM8)
Lifezone shared an update on Kabanga early works progress, as it approaches a 2026 FID (LZM.NY) Up 11%
Carnaby reported Trek 1 assays, hitting 6m (true width 4m) at 5% CuEq from 390m, extending the lode over 300m down dip at Greater Duchess (CNB)
Metallium's Flash Metals USA signed a binding LOI with ElementUSA for Flash Joule Heating to support a demonstration to recover gallium & scandium from red mud, with up to US$10m funding (MTM)
EQ Resources clarified Mt Carbine’s LOM is based solely on ore reserves (EQR)
Macro Metals confirmed Pilbara Ports access to Utah Point to export up to 4mtpa from Extension (M4M)
Celsius reported a maiden reserve for the MCB project of 130mt at 0.66% Cu and 0.21 g/t Au, containing 856kt Cu and 891koz Au (CLA)
B2Gold increased its relevant interest in AuMEGA to 9.9% (AAM)
Helikon increased its holding in Toubani from 9.2% to 14.4% (TRE)
Prospect director Samuel Hosack acquired ~$200k of shares on market, bringing his holdings to 16.7m shares (PSC) Up 10%
Chalice director Richard Hacker $100k of shares on-market (CHN)
High Grade It
Government lawyers have argued Tanya Plibersek should not be bound to her public statements on McPhillamys with an Indigenous heritage protection order (Australian)
Cobalt miners in the DRC will be allowed to keep their allotted export quotas for this year as delays in implementing new procedures have prevented shipments (Bloomberg)
Zhuzhou Smelter, one of China's largest zinc smelters, broke a supply contract with Teck’s Red Dog mine earlier this year due to hefty tariffs (Reuters)
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Wheelin’ n Dealin’
Predictive Discovery backs cut-price Robex merger as rival bid backers cry foul (Australian)
ACG Metals walks from Anglo Asian after deal fails test (Mining.com)
Sirios and OVI combine to form an Osisko-backed gold company in Eeyou Istchee James Bay (SOI.V) each OVI share to receive 2.34 Sirios shares
Rattlin’ the Tin
Ur-Energy announced the pricing of its US$100m convertible notes, paying 4.75% (URG.NY)
Word on the Decline
C$9B G Mining has been on a tear the last month, fuelled by persistent acquisition chatter and a sense that every serious gold bellwether has kicked the tyres.
A 20-year mining licence at Oko West gold project 3 days ago means the proposition is now something majors can actually underwrite.
Majors will very rarely buy permitting risk. They buy certainty, duration, and assets that can survive an investment committee. Oko West now ticks those boxes. Which makes GMIN now very ripe.
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In the Weeds
US coal binge helps Asia pull ahead of the West in clean power push (Reuters op-ed)
How a coal giant shook off stigma to become a blue-chip darling (AFR) DBI embracing a change in sentiment
How China pulled off a critical mineral production tech revolution in just 10 months (SCMP) Bauxite beneficiation tech
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Devil’s in the Detail
Many eyes will be on the debut of BMC Minerals on ASX this morning. The company with the undeveloped Kudz Ze Kayah polymetallic project in Yukon got the IPO away with a $550m post-money valuation at $2.00/share.
And it looks like Tembo has written its first cheque from its new fund by participating in the IPO.
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