The Pre-Start
ORI ($9B) - Orica said a supplier ammonia plant outage in WA and an unplanned outage at its Kooragang Island ammonia plant are being managed via inventory and alternative supply, with no material financial impact expected
NGEX.TO (C$5.2B) - NGEx hit 335m at 4.08% CuEq from 409m, including 19.5m at 19.96% CuEq at Lunahuasi, in a 3-drill hole update | ▲ 8%
RSG ($2.8B) - Resolute produced 277koz gold at AISC of US$1,843/oz in 2025, generated US$398m EBITDA, closed with US$209m net cash, guided to 250–275koz at US$2,000–$2,200/oz in 2026, and targets Doropo construction starting this half and Syama sulphide conversion completion in Q2 2026
FFM ($1.2B) - FireFly plans an in-specie distribution of 60m Bellavista shares (approx. 1 BVR per 12.8 FFM), subject to shareholder approvals and an ATO class ruling | ▲ 8%
MAU ($558m) - Magnetic shared a Lady Julie underground production target, defining a conceptual 13Mt at 2 g/t plan with 14-19 years' life, 41-52koz a year, $181-$222m underground capex, with underground start deferred ~2 years after open-pit commencement
FEX ($233m) - Fenix set FY27 diesel swaps covering ~30% of needs (18m litres) at US$0.69–0.79/l, and holds 1.1Mt iron ore hedged at $151/t (MTM ~$16.5m) plus A$ call options over US$141m to Jun 2028 (MTM ~$3.4m) | ▲ 8%
ERM ($233m) - Emmerson invoiced JV partner Pan African $10.5m under the SMJV minimum production payment for the Northern Project Area, with a similar Southern Project Area MPP expected in late May | ▲ 11%
OMH ($199m) - OM Holdings redeemed in full $31m of private bonds, funded from proceeds of its 26% Ntsimbintle Mining stake sale
MKR ($146m) - Manuka issued an amended PFS for the Cobar Basin plan to produce 13.2Moz silver and 35koz gold over 10 years, with NPV₈ $805m, IRR 1,092%, pre‑production capex $27m, and Wonawinta restart in H1 2026 | ▲ 6%
AT4 ($134m) - American Tungsten & Antimony responded to an ASX query admitting its visual stibnite estimates materially overstated antimony grade (up to 12% Sb vs <0.1% assays), citing pyrite misidentification | Shocker…
TZN ($72m) - Terramin commenced site preparation at the Tala Hamza zinc-lead project in Algeria after land access was resolved via a US$30m gov’t land acquisition | ▲ 7%
AWJ ($63m) - Auric finalised sales of all gold bullion from the Munda starter pit, selling 8.9koz at $7.2k/oz | ▲ 14%
LMG ($56m) - Latrobe Magnesium produced ~20t of MgO over two weeks at Hazelwood North, and has commenced a planned shutdown to install and commission metal production ahead of first magnesium in 2H CY26
HAR ($56m) - Haranga defined an Exploration Target at South Spring Hill within the Lincoln gold project of 1.2–1.6Mt at 5.4–5.8 g/t for 202–308koz
POD ($48m) - Podium reported a maiden MRE for the Range Well nickel project of 363Mt at 0.7% nickel (0.5% cut-off) for 2.6Mt contained nickel | ▲ 16%
PL3 ($40m) - Patagonia reported 11m at 412 ppm lithium at 405-416m from Formentera Well 6 | ▼ 21%
AVM ($40m) - Advance reported maiden regional drilling confirming gold mineralisation 4.5km from Happy Valley at Queen of the Hills (4m at 2.4 g/t gold from 102m) | ▲ 11%
MRD ($32m) - Mount Ridley announced an Inferred 123Mt at 889 ppm TREO MRE, with a 41% HREO ratio | ▲ 46%
LDR ($26m) - Lode extended Montezuma to 270m strike and 250m depth with new drilling, including 1.7m at 1,220 g/t AgEq
G6M ($25m, SUSP) - Group 6 extended its offtake with Traxys, committing a minimum 10kt WO₃ in scheelite concentrates over 6–8 years priced to APT
High Grade It
Donald Trump played up the prospect of a diplomatic end to the war, with oil falling to US$96, & US and European equities finishing in the green (FT)
‘We need you’: Albanese buries hatchet with mining industry. Differences must be set aside to emerge more self-reliant (AFR)
L1 Gold returns take a hit, with key holdings K92 & Challenger down heavily. It’s believed to have in excess of the $500m needed to list its LIC (AFR)
The Coalition said Labor’s “hypocritical net zero ideology” has been exposed by the fact a gov’t backed silica mine is only exporting overseas (Australian) Diatreme’s (ASX:DRX) Northern Silica project
Chinese copper inventories had their biggest weekly drop this year, as a rapid slump in prices due to the war buoyed demand (Bloomberg)
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Wheelin’ n Dealin’
Zijin Gold will acquire a controlling stake in Chifeng Jilong for US$2.6B, taking its holding to 26% in the target (Bloomberg) Chifeng shares in HK dropped 26%
Indonesia's Merdeka Gold files for Hong Kong listing (Reuters)
Itochu, JOGMEC invest to support the expansion of Platreef (JOGMEC invested US$89m) (Reuters)
Heliostar Metals will acquire 100% interest in the Goldstrike project in Utah from Liberty Gold for US$72.5m (only US$10m upfront) (G&M)
SRL ($1.1B) - Sunrise partnered with I-Pulse & Greenvale on the Millungera Basin geothermal project, with I-Pulse taking operational control and investing at least $5m to earn 80% before converting to a JV
PNN ($36m) - Power Minerals signed a non-binding term sheet with Summit Explore to negotiate a JV over its 5 lithium brine salars at Salta
Rattlin’ the Tin
BMG ($30m) - BMG issued $957k of shares at $0.021, completing its $2.5m raise, and issued 19.6m fee shares to S3 Consortium for IR services | ▲ 9%
Word on the Decline
Once upon a time bankers were tripping over themselves pitching a three-way tie-up between G Mining, Reunion Gold and G2 Goldfields. A ménage à trois in dealmaking is almost as rare as real life. These things happen sequentially, you see…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Why last year’s safe haven assets are now getting smashed (AFR) Gold & silver now flat and down 7% this year
Mariana Copper One autonomy-first mine and refinery (Geomechanics) Retrofitting a small copper mine to be “automony-first”
Every missile fired over Iran is burning through US tungsten stocks (Reuters op-ed)
Quiet garage sale from Porteous-Hancock mansion includes iconic portrait of Lang Hancock (AFR)
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Today’s Top Tweet
Ownership & Oversight
ORE ($1.2B) - Helikon bought another C$15m of Orezone shares on-market, lifting its stake to 11.2% | ▲ 6%
SMI ($798m) - Santana directors Frederick Bunting, Peter Cook, Emma Scotney, Damian Spring and Samuel Smith each acquired 28k shares via the SPP at $0.90
29M ($594m) - 29Metals director Ashish Gupta bought $55k on-market, taking his holding to 1.6m shares | ▲ 10%
TRE ($317m) - Nero sold $877k of Toubani shares on-market, cutting its stake to 7.5%
VTM ($181m) - Victory director Kenneth Collerson sold 200k shares off-market to meet tax on vested performance rights
SKY ($153m) - Maybank Securities lifted its stake in Sky Metals to 5.5% via an off-market, free-of-payment transfer of 500k shares
NNL ($51m) - Carl Charalambous bought $791k of Nordic Resources shares on-market, increasing his stake to 6.6%
QML ($33m) - Qmines appointed Peter Caristo as Exec Director and reported the Jayleaf & Olgen loans have been fully repaid/converted
IR1 ($30m) - IRIS Metals announced the sudden passing of non-exec director Kevin Smith; board arrangements to follow
Devil’s in the Detail
American Tungsten and Antimony response to ASX Query
“materially overstated” is actually an understatement here 😂, Two orders of magnitude…
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