LUG.TO (C$22B) - Lundin Gold produced 120koz Au for free cash of US$348m. It reported an AISC of US$1,114/oz, whilst paying a US$1.15 dividend

CDE.NY (US$18.7B) - Coeur produced in line with guidance over Q1, with 96koz Au & 4.4Moz Ag. Free cash flow was US$267m, while it marked a record EBITDA quarter | +7% intraday, finished down 3%

IVN.TO (C$16B) - Ivanhoe reported a US$2m loss on adjusted EBITDA of US$191m. Earthworks are underway on Platreef’s Phase 2 concentrator. KK’s cost of sales was US$3.90/lb, with C1 cash costs of US$2.58/lb

EQX.NY (US$11B) - Equinox made US$408m in site free cash for the quarter, as it produced 197koz and reported an AISC of US$1.6k/oz. It closed with net debt of US$77m

NXG ($11.4B) - NexGen confirmed a new subdomain at PCE with 4.5m at 4.8% U₃O₈; assays also support expansion and continuity

BTO.TO (C$9B) - B2 Gold made US$362m of free cash flow on production of 237koz, with an AISC of US$1.9k/oz. It’ll pay a US 2c dividend

CYL ($1.4B) - Catalyst started establishing the underground portal at Trident as drilling outside the resource envelope returned 7m at 40.5 g/t gold

CEL ($317m) - Challenger entered a trading halt pending Hualilan PFS outcomes

CAY ($268m) - Canyon raised its Camrail stake to 26.9% and bought 42.8% of Port of Douala operator, with first bauxite shipments in late Q3 2026 and offtake agreements expected after that

EGR ($164m) - EcoGraf appointed NMB Bank to deliver PAP compensation, allowing Mine Access Road payments to start ahead of FID at Epanko

Fortescue faces potential billions in compensation to Yindjibarndi for land damage (BN)

Baowu resumed mining at Simandou after the workers' strike ended (Reuters)

BHP loses UK appeal over liability for Samarco dam collapse (West)

Major Aussie gas users have challenged Labor to commit to slashing gas prices, amid concerns the domestic reserve may fail (Australian)

MP Materials expects demand for heavy rare earths to drop sharply as magnet makers adopt alternative metals (Bloomberg)

Robe River Kuruma demands Rio set deadline for Bungaroo water use cessation (BN)

Barrick contractor to exit Mali's Loulo complex, laying off over 600 employees (Reuters)

EUR ($738m) - European Lithium & Critical Metals extended exclusivity to finalise a SID for a 0.035 CRML-per-EUR share scrip scheme

FRS ($641m) - Forrestania will exercise its option to acquire Hyden after a WA court refused Classic Minerals' summary judgment

Denarius abandons Emerita takeover to focus on Zancudo in Colombia (Newswire)

AS1 ($161m) - Asara raised $60m at $0.125 (3.8% discount) to fund Kada drilling

Cornish Metals raises US$210m via 13.5% bonds to revive South Crofty tin mine (Bloomberg)

So Forrestania has just picked up another 4.5% of TG6 at 17.5c. You can’t view this in isolation.

Last year, FRS tried to lift its position to ~19% via a placement proposal, but TG6 declined, citing concerns about effective control.

FRS then requisitioned a Section 249D board tilt to remove TG6 chair Richard Bevan and install FRS chair David Geraghty. It was only in TG6’s response to that requisition that shareholders learned FRS had also lobbed an indicative all-scrip proposal implying 31.8c for TG6, which TG6 rejected as undervaluing the company.

Shareholders blocked the board tilt at the November AGM (82% vote against).

FRS later said it had “no current intention” to proceed with a takeover, but that wording is not the same as “no intention”.

With the TG6 stake now 15%, the probability of another proposal is very high in our view.

Forrestania’s deal appetite is something to behold, and they now have a $628m market cap plus missed out on the Mt Holland ounces to Meeka last week. TG6 has a mere $26m market cap and we think their 271koz resource is important to FRS’s development plans.

MIN ($13.2B) - MinRes appointed Darren Killeen as COO effective immediately, wording indicative of broader succession planning

PRU ($7.3B) - Perseus appointed Wade Bickley as COO

RRL ($5.4B) - First Sentier went substantial in Regis with 8.6%

AGE ($182m) - Alligator NED Peter McIntyre retired from the board

CZR ($66m) - CZR MD Stefan Murphy resigned as director; Milan Jerkovic becomes acting CEO and Alex Neuling joins as NED

Paragon Monthly Note (April 2026) GMIN/G2 discussed

Cash handouts as mining riches propel WA to another big surplus (AFR)

CZR shareholders, our sincere condolences 🪦