The Pre-Start
GGP ($6.8B) - Greatland lifted the Telfer MRE to 419Mt at 0.59 g/t gold and 0.09% copper (8Moz, +150%), taking combined Telfer–Havieron resources to 14.9Moz gold and 645kt copper, supporting a reserve update in the June Q; it also reported 70Mt at 0.35% WO₃ at O'Callaghans | ▲ 10%
MI6 ($1.3B) - Minerals 260 said a PFS with a maiden reserve for Bullabulling remains on track for mid-2026 after new drilling, including 28m at 1.7 g/t gold at Bacchus
FML ($679m) - Focus said claims it halted the Coolgardie operations are false
AIS ($509m) - Aeris expanded the Golden Plateau drill program to ~14,000m to fast-track an MRE and economic assessment, returning 34.5m at 3.1 g/t gold from 185m
MTM ($438m) - Metallium is in halt pending a binding long-term off-take agreement announcement
WWI ($274m) - West Wits secured ~163k litres of diesel (~3.5–4 months) and is lifting on-site storage to ~63k litres to support Qala Shallows, with grid power targeted in Q4 2026 to cut diesel from ~8% to ~3% of operating costs
BML ($245m) - Boab received approval of the mining proposal and closure plan for Sorby Hills, its final approval needed pre operations
ARR ($184m) - American Rare Earths engaged Tetra Tech to assess converting Halleck Creek HRE oxides to metal in the U.S.
AT4 ($109m) - American Tungsten & Antimony began refurbishing its fully permitted Dutch Mountain mill in Utah to restart tungsten processing in ~6 months for US$400k, with initial feed planned from Fraction Lode | ▲ 6%
ARN ($88m) - Aldoro reported 1.2% TREO over 525m at Kameelburg
AGD ($87m) - Austral guided to 27–33koz GEOs in 2026 | ▲ 9%
TZN ($74m) - Terramin released a revised 2Mtpa study for Tala Hamza outlining a 20-year mine producing 178ktpa zinc con & 33ktpa lead con, capex US$415m, AISC US$0.61/lb, post-tax NPV₈ US$640m (IRR 23%), with early works underway and Algerian bank debt nearing completion | ▲ 13%
LKY ($63m) - Locksley said Rice University’s DES optimisation on Mojave project feed is targeting >99% purity antimony
WCN ($36m) - White Cliff will return capital via an in-specie distribution of 165.1m Hydrocarbon Dynamics shares (1 HCD for every 15.6 WCN) | ▲ 8%
FZR ($18m) - Fitzroy received A$12.3m from Endura to buy out its 1–3% Snowy River royalty, but is holding funds in escrow while verifying whether the option was validly exercised before a “decision to mine” potentially voided it
High Grade It
Big miners push ACCC for permission to collaborate on fuel (AFR)
Donald Trump said the US could ‘take the oil in Iran’ (FT)
Rio demanded a Trump tariff refund, not disclosing how much it wanted (AFR)
Opportunistic buyers are emerging in gold after the biggest selloff in years, helping to keep bullion's 3-year bull run intact (Bloomberg)
Wells Fargo doubled down on gold despite slump (Mining.com)
Vale extended the exhaustion date of 25Mtpa+ Itabira iron ore complex to 2053 (Mining.com)
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Wheelin’ n Dealin’
Indian conglomerate Vedanta will break up into 5 listed companies early next month, according to founder and chair Anil Agarwal (FT) Al, Zn, Oil & Gas, Steel & Power
Anglo has short-listed 3 parties for its $5B+ QLD coal sale, with 2 Indonesian groups going head-to-head against Stanmore (Australian) BUMA, Dilmar
IGO ($5.8B) - IGO will acquire the remaining 49% of Copper Wolf in Arizona from Buxton for $6.1m cash
HAS ($92m) - Hastings is in a trading halt pending an acquisition announcement
TNR.V (C$48m) - Eucalyptus Resources acquired 8.1m shares of TNR Gold at $0.18, lifting its stake to 12.6%, with activist intent to influence board, strategy, and potentially pursue further share purchases or a proxy campaign 🐨
COB ($42m) - Cobalt Blue formed a consortium with Glomar Minerals to progress feasibility and piloting for a ~200ktpa US plant
Rattlin’ the Tin
ALK ($2B) - Alkane executed a $110m RCF and $40m CIF with ANZ, CBA, Macquarie and Westpac, with no mandatory gold hedging and freeing cash currently tied to performance guarantees
DTR ($1.9B) - Dateline is in a trading halt pending a capital raise announcement
LSA ($46m) - Lachlan Star is raising $6m at 12c
Word on the Decline
Hastings is in a halt pending an acquisition… Around a month ago, we heard that Wyloo were willing sellers of their majority share in Yangibana… So our first assumption here is that Hastings has struck a deal to buy Wyloo’s 60%
It will take a huge funding effort from Hastings, and we haven’t seen term sheets for a raise floating around yet. So maybe we’re jumping the gun and it’s something more mundane. Or maybe our hunch is right.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Kodachrome (Kopernik) As always, a worthwhile read with timeless lessons
Mad Max: Hormuz Warrior (Geopolitical Cousins) BCA Iran dashboard
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Ownership & Oversight
PLS ($16B) - PLS director Robert Nicholson bought $125k of shares on-market
DVP ($1.4B) - Chester became a substantial holder in Develop at 5.1%
C79 ($841m) - Chrysos director Rob Adamson sold $525k of shares
A4N ($784m) - Alpha HPA director Robert Williamson bought 150k shares on‑market for $80k
GHM ($117m) - Golden Horse director Nicholas Anderson bought $20k of stock, adding to last week’s buying by directors
Devil’s in the Detail
Toubani settling EEA’s capital gains bill…? Only in Mali…
Toubani Annual Report
Our Latest Show
How Capital Cycles Create 100 Baggers In Plain Sight
A conversation with Django Davidson, PM at the US$8B investor Hosking Partners, to discuss the capital cycle framework & opportunities in mining