The Pre-Start
GGP ($9.3B) - Greatland produced 83koz gold at $2,056/oz AISC; cash +$260m QoQ to $1.2B debt free, FY26 output tracking to top end
PRU ($7.5B) - Perseus started underground production at CMA Underground, Yaouré, targeting steady‑state in Q3 FY27
WHC ($6.5B) - Whitehaven sold 6.8Mt coal in Q3 and refinanced debt; net debt totals $0.6B pre a US$500m April payment to BMA
CMM ($5.2B) - Capricorn hit 13.1m at 13.9 g/t gold at Lexington, outside the resource, with a maiden Inferred MRE targeted in Q4 FY26
PDI ($4.7B) - Predictive produced 48koz gold in the quarter; with cash up US$68m QoQ to US$263m plus US$15m bullion
RSG ($3B) - Resolute said Syama in southern Mali continues operating with no impact to personnel, supply chains or production amid unrest
LIN ($1.6B) - Lindian secured sulphuric acid supply for its Kazakhstan MREC, with pricing US$100–130/t as China imposes an export ban
PNR ($1.5B) - Pantoro produced 17.8koz gold in the quarter at AISC $3.2k/oz, cash +$38m QoQ, with guidance of ~89koz maintained
EQR ($1.4B) - EQ Resources produced 23.5k mtu WO₃; cash -$6m QoQ to $16m after weather-hit output; Mt Carbine to ramp-up into Q4
BCI ($1.2B) - BCI began salt pavement formation at Mardie after commissioning the first crystallisers; First salt remains weather-dependent after delays
BC8 ($856m) - Black Cat produced 24koz gold in 3Q26, generated $61m operating cash flow and closed with $92m cash/bullion/investments
GLN ($590m) - Galan finished Phase 1 construction at HMW and will start wet commissioning, targeting first lithium chloride concentrate shortly
NMG ($511m) - New Murchison sold 16.7koz gold in ore at AISC $3.3k/oz, cash +$64m QoQ to $156m
CRN ($444m) - Coronado has idled Logan and expects a US$160m impairment; Q1 saleable 3Mt, sales 3.5Mt, cash US$121m (-US$52m QoQ)
AMI ($432m) - Aurelia lifted gold guidance to 45-50koz and cut copper to 2.5-3kt; produced 13koz gold with cash $95m (+$9m QoQ)
MMI ($399m) - Metro ended the quarter with $10m cash (-$48m QoQ), shipped 100kwmt of bauxite, set 2026 guidance at 6.6–7.1Mwmt, and extended its senior debt with Nebari to 31 Dec 2027 while reducing 2026 repayments
29M ($385m) - 29Metals' Golden Grove drilling underpins Tryall extensions in the 2026 mine plan, with 13.9m at 7.4% Cu at Europa
BM1 ($309m) - Ballard reported a new gold discovery at Ayla (3m at 9.3 g/t from 60m) and extended Golden Vale by 650m
AUE ($256m) - Aurum lifted the Boundiali MRE to 3.03Moz gold, with a PFS due in May 2026
PLA ($245m) - Pacific Lime & Cement signed an MOU with Dirio for a 66kV line
VTM ($223m) - Victory Metals reported a 6,161 ppm HREE pre-concentrate at 72% HREO:TREO via HLS at North Stanmore
ZEO ($152m) - Zeotech executed a non-binding term sheet with Gladstone Ports Corp to lease port land for a kaolin DSO facility
RML ($145m) - Resolution produced 52.3% WO₃ concentrate at 75.5% recovery from Golden Gate stockpiles, a 19x upgrade; smelter discussions underway
MKR ($139m) - Manuka set May/June for first gold processing and Sept quarter silver sales at Wonawinta, while Mt Boppy drilling refined targets
TER ($137m) - TerraCom sold 1.2Mt coal in Q3, maintained FY26 guidance at 1.6Mt
OSM ($86m) - Osmond reported 6.9m at 3.65% TiO₂ at Orin, confirming ~10km mineralisation plus a basal seam; Phase 2 drilling soon
YRL ($80m) - Yandal hit 12m at 2.3 g/t gold from 152m at Arrakis, extending primary mineralisation 100m to the southeast
KSN ($79m) - Kingston produced first underground copper concentrate at Mineral Hill a quarter early, commencing copper sales
RTR ($70m) - Rumble hit 9.5m at 11.2 g/t gold at Western Queen Central
CAV ($51m) - Carnavale secured the mining lease over Kookynie gold
GA8 ($43m) - GoldArc reported 8m at 66.8 g/t gold from 101m at Sapphire on the Niagara trend
PNN ($39m) - Power Minerals duplicate assays at Morro do Ferro returned up to 14.0% TREO and 2.6% MREO
AUZ ($37m) - Australian Mines' Flemington Scoping Study outlines 60tpa Sc₂O₃, capex US$125m and NPV₈ US$270m (US$1,500/kg)
FAU ($34m) - First Au lifted Gimlet MRE to 1.6Mt at 2.2 g/t gold (113koz) and is moving to development studies
QML ($34m) - Qmines reported 14m at 3.04 g/t gold from 21m at Mount Mackenzie, extending the corridor
NMT ($33m) - Neometals refuted Mandrake overlap allegations at Utah Brine and said it holds an exclusive access licence over 23 wells
High Grade It
Snowy Hydro 2.0 cost spirals to $42B, sparking calls for Royal Commission (Australian) Simply staggering… with ramifications as the govt considers further involvement downstream in minerals
Nickel prices hit 2-year high as Indonesia tightens mining quotas (Mining.com)
Africa Finance Corp and African Development Bank commit US$1B to Zambia copper railway (Bloomberg)
DRC to create US$100m paramilitary unit for mine security (Bloomberg)
Norton Gold Fields profits soar to $339m from Paddington and Binduli gold operations (The West)
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Wheelin’ n Dealin’
EUR ($489m) - European Lithium entered a non-binding scrip proposal to combine with Critical Metals at an implied 58c (113% premium)
ADV ($86m) - Ardiden will acquire 100% of Golden Patricia from Barrick via a non-cash deal, granting a 2% NSR and assuming environmental liabilities
OCN ($72m) - Oceana will acquire 100% of Serra Negra rare earths for up to US$10m plus a 2.5% NSR, and raised $20m at 36c to fund work programs
CLA ($41m) - Celsius said Maharlika Investment agreed to assign its OLSA loan with MMC to Equinaire Holdings without notice… the sovereign wealth fund
Rattlin’ the Tin
Meridian plans London listing with shares priced at 92 pence (Mining.com)
Silver Bow Mining plans $50m IPO (Mining.com)
Triton Uranium plans US listing via SPAC merger amid rising nuclear fuel demand (Reuters)
In the Weeds
Lithium's threat to gold's top dog status (Dryblower)
Not so Strait-Forward (Fred’s Corner) “Physical oil market is far tighter than financial markets suggest”
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Ownership & Oversight
OBM ($2.8B) - Ora Banda appointed John Richards chair-elect; Peter Mansell to retire
RXL ($604m) - L1 bought ~$7m of Rox shares, lifting its stake to 18%
VMM ($346m) - Viridis appointed Geoff Bedford as independent NED, Tim Harrison retired
MM1 ($215m) - Acorn bought $6m of Midas shares, lifting its stake to 7%
ARR ($207m) - American Rare Earths appointed two directors to advance Halleck Creek
LRM ($75m) - Lion Rock CEO Casper Adson will transition to an advisory role
Devil’s in the Detail
Punters won’t care because it’s a A$5B producer, but Capricorn’s Lexington looks a cracker that’s not in the analyst’s base case numbers yet.
And when you comp Capricorn’s market cap of ~A$5B to Southern Cross Gold at C$2.8B… It doesn’t seem so expensive.
Plus, Tungsten prices are up 700% in the last 12 months and EQR’s operating cash flow looks like this… Yes, next quarter they certainly capture the benefits of recent price strength more than the last. And yes there was weather. But geez...
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Dial-a-Fund-Manager (Anthony Kavanagh)
Energy shocks and energy plays, refiners’ margin boosts, 10x gas plays, gold’s structural outperformance, unloved copper, lithium’s paradigm shift
Usual Tuesday show will be posted tomorrow due to Anzac day 💥