• Trump’s administration signalled openness to de-escalating its China trade war, while considering slashing tariffs by ‘more than half’ (AFR)

• The Albanese gov’t will effectively help underwrite the development of critical minerals projects through the establishment of a strategic reserve, with $1.2b earmarked (Reuters)

• Newmont posted its highest quarterly costs in at least nine years, with AISC hitting US$1,651/oz, though profit topped estimates (Bloomberg)

• The last remaining member of MinRes’ ethics committee has quit the miners’ board just a week after the exit of two other directors (AFR)

• Panama’s President said his gov’t is studying options to restart the nation’s flagship copper mine without the need for congressional approval (Bloomberg)

• Who are the frontrunners to replace BHP’s Mike Henry? (West) Internal frontrunners named: Geraldine Slattery, Vandita Pant, Ragnar Udd

• Bets are off that BHP will return for Anglo amid Mike Henry’s exit (Australian)

• Copper gained 2%, pushing higher with other metals, as the US signalled a more conciliatory tone toward China (Bloomberg)

• Lindian has asked police to drop the charges against two Chinese nationals who were trespassed, stating ‘we don’t want to fight China’ (Australian)

• Receivers have taken charge of privately-run Northern Iron just one week after the miner appointed voluntary administrators (MNN)

• Clive Palmer is willing to clear the way for CITIC to continue operating after suffering a Supreme Court setback, with his royalty claim rejected (Australian)

• Spot gold slipped 3% to $3,310/oz as tariff worries eased (Reuters)

• Sayona & Piedmont agreed on amendments to their merger agreement (SYA), while also providing an update on regulatory approvals for the deal (SYA)

• Capricorn agreed to acquire the Ninghan gold project off Sabre, covering 77km², located contiguous to of Mt Gibson. It’ll pay upfront $1.6m, mostly in stock, plus a 1% NSR royalty & a further $1.75m in deferred payments (CMM)

• Sierra Metals agreed on a deal whereby Alpayana will pay C$1.15/share, a 3% lift of its rejected hostile bid. The all-cash bid values Sierra at ~C$240m (NM)

• Impact Minerals will acquire 50% of the newly formed Alluminous, which acquired 100% of HiPurA (administrators appointed) which owns the HiPurA HPA processing technology previously developed & owned by ChemX (administrators appointed) (IPT)

• Victory Metals received a LoI from the US EXIM for up to US$190m in project financing for the development of its North Stanmore project in WA (VTM) ahh yes, one of those “non-binding letters of interest”…

• We couldn’t help but notice a familiar name in the sell-down of Serabi Gold shares. Following the sale of 19.9% to Brazillian PE group Starboard earlier in the month, Greenstone Resources II LP trimmed its remaining 5.2% holding overnight

• Reading “Greenstone” piqued our interest because we used to read the PE group’s name everywhere. Now it’s been years since we've seen their name. We weren’t even sure of the status of the funds…

• With 20 seconds of research, we found this SEC filing from last month suggesting Greenstone’s Fund II had a gross asset value of US$148m and Fund I US$42m. The Serabi stake will crystalise ~US$36m of that

• And if those SEC filing numbers are accurate, there’s more value left for LPs than we hastily would have assumed…

• When the dust settles, we think Greenstone’s story will make for an excellent case study in business school: Why private equity does not work in mining.

• Modern-Day Asset Management Business w/ Anthony Deden (YouTube) A long-form interview from a few years back, well worth its time

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