The Pre-Start
LYC ($17.3B) - Lynas updated its long‑term arrangement with JARE to 2038, with a firm offtake of 5ktpa NdPr and 50% of all HRE oxides for Japanese industry, a US$110/kg NdPr floor, and 30% price‑upside sharing above US$150/kg (capped at US$10m pa)
OBM ($2.3B) - Ora Banda updated the Round Dam MRE to 25.6Mt at 1.6 g/t gold for 1,330koz (7.2Mt at 1.8 g/t for 408koz Indicated; 18.2Mt at 1.6 g/t for 922koz Inferred)
BRE ($1.4B) - Brazilian Rare Earths extended the Sulista rare earths district to 17km of strike, with Outcrop Ridge drilling returning 34.0m at 3.6% TREO from 2.0m
DTR ($1.2B) - Dateline expanded the Music Valley HREE footprint in California to 1,026 claims over 20,520 acres after BLM confirmed 969 new claims
SGQ ($477m) - St George reported 101m at 4.72% TREO and 0.65% Nb₂O₅ from surface at the Araxá project in Brazil, with drilling ongoing alongside development studies
ASM ($393m) - Australian Strategic Materials dispatched 38.2t NdFeB alloy in H1, generated $6.0m revenue and a $11.0m net loss
MMI (374m) - Metro Mining completed wet season maintenance at the Bauxite Hills mine and will restart operations from 11 March, with 2026 shipment guidance maintained at 6.6–7.1Mt wmt
CAY ($351m) - Canyon mobilised a surface miner at Minim Martap and still targets first shipment in Q3 2026; however, shareholders rejected the $70m Afriland and $100m EEA T2 placements, with Stage 1 funded by US$95m undrawn AFG debt and US$43m cash
BM1 ($346m) - Ballard reported new intercepts from regional targets at the Mt Ida gold project, with 6m at 5.6 g/t from 131m at Neptune, supporting satellite open pit feed to Baldock, six rigs drilling
MM8 ($310m) - Medallion Metals validated historical drilling at Lounge Lizard within the Forrestania gold project, targeting a maiden MRE in Q3 2026
TTM ($276m) - Titan Minerals reported new porphyry-hosted gold-silver-copper intercepts at Kaliman (best 138m at 0.8 g/t AuEq from 3.6m)
AEU ($162m) - Atomic Eagle lifted total resources at Muntanga to 86.2Mt at 309ppm U₃O₈ (58.8Mlb), adding maiden pit‑constrained MREs at Chisebuka and Muntanga East
SKY ($158m) - Sky Metals initiated the NSW SSD approvals process for Tallebung, and reported 8.0m at 1.18% Sn and 0.25% W from 41.0m
AA2 ($98m) - Ariana Resources reported new RC assays at Dokwe North incl. 4m at 16.9 g/t gold from 69m
STM ($93m) - Sunstone reported a 462m trench intercept at 0.55 g/t AuEq at Porotillo within the Bramaderos gold-copper project
MAT ($90m) - Matsa finalised Campaign 2 at the Devon Pit with 4.1koz gold produced and sold for $28.7m at 2.9 g/t head grade and 86.2% recovery
CKA ($67m) - Cokal has engaged Petrosea to deliver haul road and logistics infrastructure at the BBM coal project
COD ($54m) - Coda re-released its Elizabeth Creek study update, setting base-case pre-tax NPV₇ at $2.25B (post-tax $1.52B) on US$10,500/t copper and US$60/oz silver
ODY ($53m) - Odyssey Gold's metallurgical twin holes at Tuckanarra returned 22.3m at 7.4 g/t gold from 8.7m
HMX ($36m) - Hammer Metals will restart ~3km RC drilling at Kalman in early April to convert open‑pit Inferred to Indicated and commence a Scoping Study
AUZ ($31m) - Australian Mines reported 29m at 3.22 g/t gold from 161m at Boa Vista (hole ending in mineralisation), with interpreted extensions of ~100m down dip and ~100m along strike; assays from five holes remain pending
SVG ($28m) - Savannah Goldfields produced 290oz gold in February (1,224oz campaign to date; $8.5m revenue at $6.9k/oz), has paused ore feed for a 6-week shutdown
High Grade It
Mongolia presses Rio Tinto for bigger Oyu Tolgoi cut (Mining.com)
The White House said the US Navy has not escorted a ship through the Strait of Hormuz, following a now-deleted tweet by energy secretary Chris Wright, leading to wild swings in oil (FT)
Oil prices plunged by more than 11%, the steepest percentage drop of any session since 2022 on de-escalation hopes (AFR)
Saudi Aramco warned of ‘catastrophic consequences’ if Iran war drags on as it raced to restore 70% of normal shipments (FT)
BHP has subcontracted out the task of dealing with an explosion in right-of-entry requests from union officials at its iron ore mines in WA (Australian)
Available aluminium inventories on the LME have plunged to their lowest since May 2025 on Middle East disruptions (Reuters)
Top executive Geraldine Slattery at centre of CEO tug of war between BHP and Woodside (Australian)
Intralinks is putting on some drinks for the dealmakers of Perth again, and we will be there. Join us on Thursday, March 19th by RSVP-ing via the link 🍻
Wheelin’ n Dealin’
Lundin Mining will acquire another 5% in Caserones plus a 31% interest & 0.62% NSR in the Los Helados project, from Lumina Copper and JX Advanced Metals, respectively for US$215 million (LUN.TO)
WR1 ($98m) - Winsome said Li-FT’s closing of the SOQUEM deal for an additional 25% of Galinée satisfies a condition under the SIA, taking Li-FT to 75%, with the proposed schemes still requiring shareholder and court approvals
FRS ($602m) - Alchemy agreed to sell its Karonie and Lake Rebecca tenure to Forrestania Resources for $5m in FRS shares + a 1% NSR
IR1 ($38m) - IRIS Metals executed a definitive farm-in to earn up to 100% of Finley Mining (owner of the Finley Basin tungsten project, Montana)
Rattlin’ the Tin
La Mancha Resource Fund will invest ~US$313m in G Mining at C$45.89/share, increasing its stake to 19.9% under existing top-up rights (La Mancha)
Rio secured a US$1.2B financing package from 4 international lenders to support development of its Rincon lithium project (Reuters)
VTX ($44m) - Vertex Minerals renegotiated a $3.0m loan with RBTN Investments and added a new $1.5m loan with Richsham Nominees at 14.4% pa
TOR ($221m) - Torque Metals will raise $3m at $0.27 (subject to shareholder approval) to accelerate drilling at the Paris gold project, with ex Spartan Resources executives Craig Jones (CEO/MD‑elect), Simon Lawson (Chair‑elect) and David Coyne (NED‑elect) cornerstoning
CY5 ($186m) - Cygnus Metals is in a trading halt pending a capital raise announcement
In the Weeds
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Ownership & Oversight
SRL ($1.1B) - Sunrise Energy director Robert Friedland, via Ivanhoe Capital Holdings, bought 500k shares on-market at $7.55 ($3.8m)
AMI ($465m) - Brazil Farming bought $4.8m of Aurelia shares on-market, lifting its stake to 23.6%
GHM ($160m) - Golden Horse Minerals director Graeme Sloan bought 29.4k CDIs on-market for $19.4k at $0.66
IVR ($153m) - Investigator director Richard Hillis bought $20.3k of shares on‑market
MRD ($33m) - Mount Ridley appointed David Wall as Non-Executive Chair and promoted Allister Caird to MD & CEO, with Peter Christie moving to NED and Pedro Kastellorizos stepping down to Technical Advisor
RMI ($25m) - Prithvi Energy Nigeria bought $1.2m of Resource Minerals International shares on-market, becoming a 5.1% holder
Devil’s in the Detail
If you thought Moz was going to settle with transshippers off the Onslow coastline… think again.
Tankers in the Straight of Hormuz.
I should tell him that you can’t use the word “mining” in a mining newsletter if you are referring to bombs.
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