The Pre-Start
GGP ($8.6B) - Greatland produced 83koz gold and 4kt copper in the March Q, lifted cash $260m to $1.2B (nil debt), and now guides FY26 output at or above the top end of 260–310koz | ▲ 12%
RRL ($5.1B) - Regis lifted cash and bullion by $198m in Q3 to $1.1B on 91koz gold production
VAU ($4.3B) - Vault reported a subcontractor fatality in a light-vehicle incident at King of the Hills; operations were suspended for investigations and are expected to resume today
WAF ($3.7B) - West African released its 2025 Responsible Mining Report, stating Toega is on track to deliver ore to Sanbrado in early Q3 2026
BGL ($2.3B) - Bellevue produced 41koz gold, delivered $158m underlying FCF and ended with $181m cash and gold, while trimming forward sales to 92koz with no contractual hedge deliveries until Dec 2026 | ▲ 15%
PRN ($1.8B) - Perenti's Barminco secured a 12-month extension at Duketon for Regis, adding $180m and extending services to March 2029
FFM ($1.3B) - FireFly drilled 70.8m at 4.0% CuEq (incl. 19.2m at 7.5% CuEq)
MEK ($501m) - Meeka produced 6.1koz gold in the March Q (9.2koz Dec) as rainfall delayed access to Turnberry Central and South, lowering mill grade to 1.6 g/t; cash rose to $50m (+$13m QoQ) with throughput 123kt and underground feed expected to lift by Sept
HCH ($260m) - Hot Chili extended mineralisation at La Verde 200m down-dip at the Costa Fuego copper-gold project, intersecting 725m at 0.42% CuEq from 18m, incl. 62m at 1.03% CuEq from 671m
TOR ($258m) - Torque drilled 12.6m at 12.5 g/t gold at Paris, extending mineralisation up to 500m down‑plunge beyond the MRE
STN ($257m) - Saturn reported 4m at 70 g/t gold from 54m at the northern end of Apollo Hill, 200m north of the 2.2Moz MRE | ▲ 12%
GG8 ($249m) - Gorilla reported 10.6m at 7.1 g/t gold from 353m at Sovereign within the Comet Vale project
PEN ($246m) - Peninsula converted US$4.1m of its convertible loan into 19.8m shares at $0.30, cutting outstanding debt to US$4.2m
AS1 ($177m) - Asara's auger program at the Kada gold project returned 3m at 5.6 g/t gold from surface
G50 ($144m) - G50 Corp reported metallurgical testwork at the Golconda project delivering up to 70% gallium recovery with 150–200% grade uplift via screening/flotation, plus 97% silver and 82% gold recoveries
ETM ($119m) - Energy Transition Minerals shareholders rejected approval for OCJ Investments to participate in the OCJ placement
ARN ($104m) - Aldoro reported 537m from surface at 1.2% TREO and 3.7% SrCO₃ at Kameelburg, with early PFS work underway
ASN ($73m) - Anson completed 23 holes at Yellow Cat, confirming uranium/vanadium mineralisation continuity over 2.5km between historic workings
MTH ($63m) - Mithril Silver & Gold reported MD John Skeet and staff made an unscheduled landing en route from the Copalquin project after their aircraft was hit by ground gunfire in Mexico; no injuries and drilling continues
AGR ($50m) - Aguia received registration to sell phosphate fertiliser in Brazil, but sales remain contingent on an operating licence, with first deliveries targeted in early May
PXX ($49m) - PolarX reported 10.5m at 3.55% copper from 91m at Caribou Dome
BCA ($47m) - Black Canyon reported HLS beneficiation at Wandanya upgrading composites to 37.9–49.9% Mn with up to 91% recovery
AVM ($40m) - Advance Metals reported an initial Inferred MRE at the Yoquivo silver-gold project of 8.8Mt at 80 g/t silver and 0.49 g/t gold (120 g/t AgEq) for 33Moz AgEq
LLM ($40m) - Loyal Metals reported 179m at 1.47% CuEq beneath the eastern wall of the Highway Reward open pit
WCN ($36m) - White Cliff reported met testwork at Danvers, with up to 95.4% Cu and 93.3% Ag recoveries to ~40% Cu (~150 g/t Ag) concentrates by conventional flotation without regrind and no deleterious elements identified
High Grade It
Trump suspends strikes on Iran after ‘two-sided ceasefire’ set to last 2 weeks (AFR) ASX +2.7%
Australian miners warn of industry crisis as diesel costs more than double (Australian)
Ramelius claims gold production can continue despite severe fuel restrictions in Western Australia (BN)
Queensland has asked the federal government to speed up Taroom oil approvals (AFR)
Dated Brent hit $144 a barrel, the highest since Platts first began publishing the measure back in 1987 (Bloomberg) Dropped late in NY trade below $96
Ghana has selected local mining services company to take over Gold Fields’ Damang gold mine, breaking with years of automatic lease extensions (Reuters)
The Lobito Corridor, aimed at connecting Zambia's copper to global markets, will cost as much as US$5B, with construction set to start this year (Bloomberg)
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Wheelin’ n Dealin’
Eldorado C$3.8B bid to buy Foran won shareholder support, with 85%, despite L1 opposition (FP)
Gold Fields has acquired a further C$10m of shares in Founders Metals (Yahoo)
Revival acquires Barrick Mining's stake in Mercur gold mine, advancing heap leach operations (Mining.com)
Rattlin’ the Tin
McEwen Copper is in talks with global lenders to secure about US$4B in financing to develop its Los Azules project in Argentina (Mining.com)
WA’s Abra mine, owned by Endurance Mining, plots IPO, two years after collapse (AFR)
Sheffield Resources enters debt talks as Thunderbird Mineral Sands mine faces production challenges (BN)
Word on the Decline
Word is China’s state-owned iron ore buyer CMRG has extended its ban from Jimblebar fines, then Jingbao fines, to now include BHP’s Newman fines
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In the Weeds
Crack Spreads Are the Tell (PauloMacro)
Australia ‘paralysed’ on US alliance as Trump lashes out (AFR)
China central bank buys gold for 17th month, reserves at 74.38Moz (Mining.com)
Citrini Research dispatched ‘Analyst #3’ to Hormuz – he says it’s open (AFR)
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Today’s Top Tweet
Ownership & Oversight
AZJ ($6.8B) - L1 sold $80m of Aurizon shares, cutting its stake to 7.7%
LTR ($5.4B) - Liontown appointed Giselle Collins as an independent NED and named Jennifer Morris Lead Independent Director
ORE ($1.6B) - Orezone CEO Patrick Downey sold C$210k of shares after exercising options; directors Joseph Conway & Kate Harcourt each sold C$116k worth
STK ($540m) - A Zijin subsidiary acquired $13m of Strickland, becoming a 5.6% holder
FLG ($77m) - Flagship appointed Zhongyi (John) Zhang as NED and Eduardo Cisternas Melendez as Principal Geologist
Devil’s in the Detail
In light of CMRG’s moves in iron ore, here’s something further to think about…
