The Pre-Start
Glencore’s 2025 numbers showed adj. EBITDA down 6% to US$13.5B, adj. EBIT of US$5.9B (down 14%), while net debt was steady at US$11.1B. Shareholder distributions and buybacks totalled US$3.4B (GLEN.L) Weaker coal, stronger copper
Sandfire reported H1 FY26 revenue of $672m, profit $96m, underlying EBITDA $304m and closed 2025 with net cash of $13m (SFR)
PLS will restart the ~200ktpa Ngungaju plant in July, keeping FY26 unit cost guidance toward the top of the $560–$600/t range, & targets P2000 feasibility in Dec and Colina feasibility in Dec 2027. It’ll acquire Calix’s share in the mid-stream demonstration plant for $11m. No dividend announced (PLS)
Whitehaven reported H1 FY26 revenue of $2.5B, underlying EBITDA of $446m, statutory NPAT of $69m, net debt of $710m and a 4c interim dividend with a $32m matching buy-back (WHC) Down 5%
Genesis reported half-year revenue of $820m (up 142%) and profit after tax of $238m (up ~300%), closing 2025 with $373m in cash & bullion (GMD)
IGO reported 1H26 revenue of $194m, an underlying EBITDA of $49m, net loss after tax of $34m and net cash of $299m, with no interim dividend declared (IGO)
Regis reported record net profit of $323m, record cash flow of $413m, cash and bullion of $930m and declared an interim dividend of 15cps (RRL) new dividend policy is to pay 25% to 50% of cash increase
Ramelius delivered first Never Never ore to the Mt Magnet plant and closed out its FY27 hedge book, incurring a $28m cost and an estimated $47m revenue reduction in the March quarter (RMS)
Nickel Industries updated its resource for Hengjaya (80% owned) to 462M wmt (285Mdmt) at 1.17% Ni, containing 3.3Mt nickel and 241kt cobalt (NIC)
Lundin Gold hit 20.6m at 91.3 g/t Au… (LUG.TO)
Peninsula said Lance remains on track for CY26 production of 0.4-0.5Mlb despite precipitation agitator failures, with replacement parts due in 5-7 weeks (PEN)
MGX reported $147m revenue, a net loss after tax of $21m, while holding $496m cash & investments (MGX)
Ausgold entered a binding agreement with WKSN Aboriginal Corp. to provide cultural heritage management, a 5% workforce participation target and training contributions for the Katanning project (AUC)
Antilles Gold said it continues to access small diesel supplies to maintain scheduled construction progress at Nueva Sabana amid geopolitical disruptions to Cuba’s petroleum imports (AAU)
Alpha HPA is in continuous production at its Stage 1 facility, with Stage 2 construction and SX equipment installation underway (A4N)
Australian Vanadium expanded its optimised feasibility study to assess commercial-scale high-purity vanadium pentoxide production (AVL)
High Grade It
Prices of rare earths Nd & Pr have rallied on firm demand and bottlenecks in supply, surging to US$123/kg in China (Reuters)
Oil steadied after its biggest daily gain since October, following a report that American military intervention in Iran could come sooner than expected (Bloomberg)
Lithium rally prompts mine restart on hopes of sustained revival
US mining giant Alcoa has been forced to pay $55m after unlawfully clearing parts of a Western Australian native forest to mine bauxite (ABC)
The U.S. government has signed an agreement with Uzbekistan to secure better access to the Central Asian country's critical minerals (Reuters)
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Wheelin’ n Dealin’
Rio Tinto took majority control of Canada’s Nemaska Lithium as part of a push to invest more in Quebec projects (Bloomberg)
Glencore’s Gary Nagle hinted a $320B merger with Rio could be rekindled, saying he will meet with Australian investors to hear their concerns (AFR)
Nagle also said the world's top miners must get bigger to make their voices heard as commodities become increasingly political (Bloomberg)
Rio earlier this month solicited pitches from banks to unlock cash from the billions of dollars of infrastructure underpinning its mines, eyeing US$10B (AFR)
Capricorn has agreed to acquire the Extension Hill & Mungada project tenure contiguous to Mt Gibson for $1.5m + a $1.5m contingent payment (CMM)
Rattlin’ the Tin
Phoenix Tailings has raised US$30m from investors to expand facilities that recover key minerals from mining waste (Bloomberg)
Caravel received letters of intent from Finnvera and KfW IPEX, indicating interest in senior debt of up to US$220m (CVV)
Tungsten Mining raised $53m and said the funding should cover completion of the Mt Mulgine project PFS (TGN)
AuMEGA upsized its financing to ~C$30m, anchored by Condire taking ~19.9%, B2Gold maintaining 9.9% (AAM)
Austral secured binding commitments for a $65m placement at $0.09, led by QIC with $15m (AR1)
Word on the Decline
A few observations from the line-up at BMO this year:
Stu Tonkin isn’t presenting. Does that give fresh oxygen to the Agnico–NST speculation?
A heavy showing from traditional Euroz house names. That feels like a tell that BMO’s acquisition of Euroz is close.
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In the Weeds
Inflation Is A Choice: Kevin Warsh (Hoover Institute) Plenty in this one for those wanting to know more about the incoming Fed Chair
Rinehart buys Netflix shares during M&A fight (AFR Rear Window)
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Today’s Top Tweet
Devil’s in the Detail
Current market vibez: $30m mcap company upsizes raise to $30m
