The Pre-Start
LYC ($20.5B) - Lynas produced first Samarium oxide at Lynas Malaysia, expanding its separated HRE oxide range to three (with Dy & Tb), with additional HRE separation capacity to be added progressively and the initial suite expected within 2 years
PMT ($836m) - PMET reported final 2025 assays from Shaakichiuwaanaan, including 4.9m at 3.65% Cs₂O at the new Helios zone
BOE ($677m) - Boss updated MREs for satellite deposits near Honeymoon - Goulds Dam 39Mt at 388ppm U₃O₈ for 33.1Mlb and Jasons 13.3Mt at 410ppm for 12Mlb - and will lodge permitting applications in H2 CY26
PC2 ($293m) - PC Gold extended the Spring Hill Main Zone 120m south of the ~400m MRE strike, with hits of 15m at 5.1 g/t gold from 187m, and a 7.8km Phase 1 extensional program underway
MLG ($147m) - MLG Oz will continue providing integrated site services at Northern Star’s Jundee gold operation under a 24-month contract with a 12-month option, expected to contribute about $25m p.a. in revenue
ANG ($121m) - Austin Engineering re-negotiated its Chile OEM contract, with pricing and payment terms expected to stop legacy EBITDA losses and restore targeted profitability; FY26 guidance unchanged
AWJ ($71m) - Auric Mining closed out the Munda starter pit with 9koz gold from 126kt at 2.5 g/t and 89.5% recovery, with 18kt at 1.8 g/t remaining as it plans the main pit
NMT ($45m) - Neometals reported a Scoping Study for the Ironclad deposit at Barrambie, outlining 10-11koz of gold over ~12 months via toll milling and pre-tax operating cashflow of $19-23m at $7k/oz under a proposed 50:50 MSAJV with BMLV Venture
AVM ($41m) - Advance Metals completed final resource-extension drilling at Yoquivo ahead of a maiden MRE, returning 9.4m at 633 g/t AgEq from 145m (579 g/t silver, 0.7 g/t gold)
SKM ($39m) - Skylark's initial RC assays at MBasso within Zaranou returned 24m at 3.07 g/t gold from 233m | ▼ 19%
GAL ($33m) - Galileo reported RC assays indicating PGE sulphide zones at the Mission Sill prospect within the Norseman project, with 17m at 0.36 g/t 3E from 84m
LGM ($32m) - Legacy Minerals' first-pass diamond drilling at the Mascotte prospect, Mt Carrington, returned 40m at 1 g/t gold from 151m outside the 115Moz AgEq MRE
AUQ ($26m) - Alara said its 51%-owned JV-run Al Wash-hi Majaza copper mine and concentrator has seen its latest Cu-Au concentrate shipment delayed at Sohar port amid regional uncertainty
High Grade It
China offered what it said would be energy stability to Taiwan if it agreed to Beijing's rule, part of a campaign to convince the island of the benefits of "reunification" (Reuters)
Teck reportedly owns a previously undisclosed 10% net profit royalty on Barrick’s Fourmile gold project, estimated to be worth billions (Globe & Mail) Wow…
BHP chair Ross McEwan said he won’t be surprised if the mining giant loses some of its top talent after Brandon Craig was appointed CEO (AFR)
Glencore has moved upstream in lithium with a deal to help fund the restart of Core Lithium’s Finniss mine (Australian)
Iran inflicted ‘extensive damage’ on the world’s largest LNG facility in Qatar (FT)
Colombian presidential candidate Paloma Valencia said it must bet of oil and mining (Bloomberg)
KoBold Metals has started development of its Mingomba copper project in Zambia, targeting production in the early 2030s (Reuters)
Current conditions are tremendous. Of course, when commodity prices are falling (and/or the currency or fuel prices are rising), everyone is quickly reminded that this is a cyclical business.
On the upcycle, it’s too often “different this time”, until it's not. Shareholders have the option to move on at any time, but the “buck stops” inside the boardroom.
A Risk Management Policy that recognises no hedging is currently required will always be better through the cycle than “No-Hedging” Policy.
Preparation trumps prediction. Get in touch with the team at Noah's Rule about a Risk Review
Wheelin’ n Dealin’
Anglo American expects final approval for Teck merger between September and March (Reuters)
CYL ($1.7B) - Star Minerals completed the sale of its West Bryah copper-gold project to Catalyst Metals for $1m cash plus 231k Catalyst Metals shares (~$2.8m total), with Catalyst also investing $1m at $0.062/share to hold 6.6%
Rattlin’ the Tin
McEwen Copper, a subsidiary of McEwen Mining, plans US$300m IPO to finance the Los Azules project in Argentina (Reuters)
Mick McMullen is back with a new SPAC, raising US$230m for Metals Acquisition Corp II (Mining Forum)
IAU.TO (C$1.5B) - i-80 Gold announced a US$200m convertible note offering, days after closing a US$250m royalty financing with Franco-Nevada | ▼ 17%
EQR ($1.4B) - EQ Resources issued 145m to Oaktree at $0.05 to extinguish a $7.3m pre-royalty loan
CXO ($586m) - Core Lithium raised $120m at $0.21 via a two-tranche placement
AUE ($212m) - Aurum is in a trading halt pending a capital raise
IMA ($52m) - Image extended its HMC offtake prepayment facilities to Dec-26 and agreed a 6-month repayment holiday
Word on the Decline
We’re hearing diesel inventories are running thin at some sites… what happens when the cost base stays fixed but the revenue line disappears? Ouch.
In the Weeds
Brandon Craig is the most powerful anonymous man in mining (AFR)
Four challenges for BHP’s incoming chief (FT) Copper, M&A, China, & Aus vs. Americas
How Brazil Can Chip Away at China’s Rare Earths Dominance (Bloomberg)
“Less than halfway through the gold story” L1 Capital’s Rafi Lamm (Rules of Investing) Long KNT.TO, CEL, ARTG.V
The mining CEO who mixes Prada with protective gear (AFR Magazine) Amanda Lacaze
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Today’s Top Tweet
Ownership & Oversight
NEM ($168.6B) - Newmont’s David Fry sold 18.4k shares for US$2.1m, halving his stake | ▼ 5%
FEX ($256m) - Fenix chair John Welborn bought $84.5k of shares on-market
AGE ($182m) - Alligator Energy named Andrea Marsland-Smith as MD; NED Peter McIntyre to retire
DYM ($31m) - BPM Investments bought $836k of Dynamic Metals shares on-market, taking its stake to 5.5%
Devil’s in the Detail
The latest unfortunate trend in press releases, stitching together geology like a patchwork quilt. We’d love to see its adoption quietly retired by juniors.
