The Pre-Start
NEM ($177.4B) - Newmont paused underground operations at Cadia after a 4.5MLa earthquake near the site, with no injuries reported
ANOT.L (£38B) - Antofagasta’s copper production dipper 19% in Q1 to 143kt, while gold output fell to 46koz, leading to cash costs before by-products appreciating to US$2.77/lb. Guidance was reaffirmed despite the dip.
ORI ($9.6B) - Orica is mitigating a WA third‑party ammonia plant outage by securing alternative ammonia supply, with East Coast plants back online; the WA plant is expected to resume mid‑May
GMD ($7.7B) - Genesis closed the quarter with $600m cash (+$196m QoQ) after producing 68koz gold at AISC of $2.7k/oz, maintaining FY26 guidance at 260-290koz, and post‑quarter upsized its undrawn corporate facility to $300m ahead of the Magnetic acquisition
OBM ($2.5B) - Ora Banda produced 39koz gold, lifting cash +$76.3m QoQ to $232m, with AISC $3.6k/oz sold on third‑party processing and a 3Mtpa plant decision due next quarter | ▲ 7%
CYL ($1.7B) - Catalyst completed grade control drilling ahead of Trident underground mining, highlighted by 17m at 42.7 g/t gold, with first underground production targeted in CY27
PMT ($1.0B) - PMET commenced a testwork program with Koch Technology Solutions to assess processing of pollucite concentrates | ▲ 8%
29M ($648m) - 29Metals cut full-year guidance for zinc to 5-25kt, gold to 6-14koz and silver to 400-600koz (with copper unchanged) as extra works at Xantho Extended defer restart toward the Dec Q | ▼ 34%
FRS ($535m) - Forrestania started hauling ore from the British Hill gold deposit to the Lake Johnston plant ahead of 2026 commissioning
SVM ($463m) - Sovereign released the Kasiya DFS with pre‑tax NPV₈ US$2.2B, capex to first production US$727m, steady‑state 222kt rutile and 275kt graphite, and opex US$450/t (FOB Nacala)
BTR ($450m) - Aquirian secured a 3-year Lord Byron drill-and-blast contract under a 5-year SFA with Brightstar, ~$48m projected revenue from Sep 2026, conditional on Goldfields Hub FID
A1M ($447m) - AIC Mines now expects to exceed the top end of FY26 copper guidance after producing 3.4kt copper at AISC $4.18/lb in the quarter, closing cash $31.1m (-$13.8m QoQ)
BCN ($381m) - Beacon produced 5.4koz gold in the March Q, sold 3.6koz for $25m, closed with $39m cash and 4.8koz bullion and guided 5–6koz for June
AUE ($254m) - Aurum extended gold mineralisation 220m below the current MRE at Boundiali's BST1, with 29m at 1 g/t from 444m;
SLS ($192m) - Solstice closed the quarter with $48m cash
CY5 ($171m) - Cygnus's infill drilling at Golden Eye within Chibougamau returned 5.9m at 28.8 g/t AuEq
MPK ($160m) - Many Peaks closed the quarter with $8m cash after $3.6m exploration spend, targeting a Q2 maiden MRE at Ouarigue
MM1 ($159m) - Midas posted an initial 10.5Mt at 1.6% copper and 21g/t silver (2% CuEq; 211kt CuEq) Inferred MRE for T-13 at the Otavi project
HGO ($143m) - Hillgrove set an Exploration Target at Kanappa of 5.8–11.5Mt at 0.2–0.8% Cu and 0.05–0.1 g/t gold
PEX ($129m) - Peel intersected sulphides about 70m beyond the Southern Nights Complex resource envelope (assays pending) and returned 24m at 138 g/t silver, 5.7% zinc, 3.3% lead from 141m at Link Zone South
ARN ($108m) - Aldoro reported 387m of continuous mineralisation at Kameelburg averaging 0.96% TREO, 3.22% SrCO₃, 0.19% Nb₂O₅ and 101ppm Mo
5EA ($95m) - 5E Advanced Materials entered a trading halt pending an announcement on a proposed ASX delisting
SRZ ($92m) - Stellar delayed the Heemskirk PFS to early Q3 2026, secured consent to lodge an ML over a proposed TSF site adjacent to the project, and ended the quarter with $12m cash
ARD ($48m) - Argent Minerals hit 133.1m at 72.4 g/t AgEq from 10m at Kempfield Lode 100, extending silver-gold mineralisation ~80m deeper
FAU ($41m) - First Au updated the Gimlet MRE to 1.6Mt at 2.2 g/t gold (112.9koz), now 62% Indicated, with total ounces lower than 2021
High Grade It
Gina Rinehart & Rio have won security of ownership over Hope Downs but will have to pay hundreds of millions of dollars in royalties to rivals (AFR) DFD Rhodes the real winner
Sprott launches world's first ex-China rare earth ETF on Nasdaq (Mining.com)
Ivanhoe is targeting the Congo sulphuric acid market amid soaring prices (Reuters)
Vault worker charged after fatal crash at King of the Hills mine (The West)
MinRes faces WA probe over cattle deaths near Onslow Iron (Australian)
BC Court of Appeal holds mining execs personally liable for environmental violations at gold mine near Prince Rupert (Mining.com)
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Wheelin’ n Dealin’
Codelco and Hindustan Copper discuss US$1B JV for Chilean copper deposit (Mining.com)
GA8 ($39m) - GoldArc signed a binding development deal with MMS to fund 100% of up to $20m to bring Orion and Sapphire at Leonora South into production, with costs repaid from project proceeds, then a 50:50 split
Rattlin’ the Tin
PLS ($17.4B) - PLS priced US$600m 6.875% senior unsecured notes due 2031 to refinance $375m drawn on its $1B RCF and, on closing, cut the facility to $500m
WHC ($7.0B) - Whitehaven priced US$900m senior secured notes (US$450m 5.5-year at 6.25%; US$450m 8-year at 6.75%) to refinance its US$1.1B acquisition term loan, targeting ~6.3% cost of debt and ~$50m annual interest savings | Coal debt cheaper than lithium debt, who’d of thought
NHC ($4.5B) - New Hope priced $300m 2.625% convertible notes due 2032 at a $7.41 conversion (37.5% premium) to fund the repurchase of 2029 notes
NMT ($39m) - Neometals is raising $12m at 4c
MNB ($35m) - Minbos received a US$5.5m debt term sheet from BFA which, with the US$16m IDC facility, funds completion of the Cabinda Phosphate Fertilizer plant | ▲ 13%
Word on the Decline
Koryx Copper is quietly reassembling a familiar playbook. Its Haib copper project in Namibia screens as a 100ktpa copper equivalent development fresh off a C$46m raise to push through PFS. We hear that strategic capital is circling, presumably welcomed into an open dataroom.
The common denominator is Heye Daun, coming off the ~US$368m sale of Osino Resources in the country a few years earlier. Lets see if history repeats.
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In the Weeds
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Ownership & Oversight
DRR ($2.2B) - Aware Super ceased to be a substantial holder in Deterra after on‑market selling
LIN ($1.7B) - L1 bought $87m of Lindian shares, becoming a 6.7% holder
AIS ($461m) - First Sentier became a substantial holder in Aeris with 5.1%
MRT ($342m) - Franklin bought $30m of Maritana shares, taking its stake to 7.5%
POL ($278m) - Jupiter sold $2.8m of Polymetals shares, cutting its stake to 7.4%
GRR ($208m) - Grange NED Jiajia Jiang resigned effective immediately
TNC ($69m) - Regal bought $1.2m of True North shares and now holds 6.7%
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