The Pre-Start

  • MEK ($354m) - Meeka began ore development at Judy North (96koz at 5.4 g/t gold), with stoping at Wilber due this quarter

  • AUE ($226m) - Aurum received environmental approvals for Boundiali mining licence applications, a prerequisite for licence grant; PFS due this quarter

  • VTM ($163m) - Victory joined the US Defense Industrial Base Consortium, gaining access to DoD funding programs for North Stanmore | ▲ 7%

  • GBR ($122m) - Great Boulder confirms Mulga Bill–Eaglehawk continuity at Side Well, indicating >2.5km pit potential; 21m at 7.24 g/t gold from 99m | ▲ 7%

  • DRE ($109m) - Dreadnought secured a mining lease over Metzkes Find at Illaara, enabling open-pit development; current resource 15koz at 6.8 g/t gold

  • LSA ($63m) - Lachlan Star reported 6.2m at 8.6 g/t gold from 47m at New Waverley

  • BCA ($60m) - Black Canyon extended Wandanya mineralisation 300m north and to 800m cross‑strike, with 8m at 34.1% Mn from surface

  • AWJ ($58m) - Auric lifted Munda MRE to 4.2Mt at 1.4 g/t gold (192koz), up 32%; scoping study on Munda/Burbanks underway

  • NMR ($52m) - NMR milled 24.1kt in April, highest since restart; new Podosky and Blackjack Mid Pit feed to begin May/June | ▲ 9%

  • KZR ($49m) - Kalamazoo outlined a 1.7–2.6Mt at 3.4–5 g/t gold UG Exploration Target (240–380koz) at Peake

  • FUN ($33m) - Fortuna retracted Q4 2025 REE prices, saying they lacked a reasonable basis and should not be relied on

  • HMX ($31m) - Hammer reported 124m at 2.2% CuEq from 186m in Kalman resource drilling; more assays pending to underpin scoping study

  • KNB ($27m) - Koonenberry defined a third structure at Enmore gold, with rock chips to 87 g/t at Queen of Sheba; drilling planned

  • AUQ ($25m) - Alara dispatched its 42nd copper concentrate shipment from Al Wash-hi Majaza: 1,321 wmt containing 0.2kt copper and 0.2koz gold

High Grade It

  • BHP to review rare earths potential at Olympic Dam under $23B agreement (AFR)

  • Gina Rinehart lashes Labor’s ill thought-out’ capital gains tax ramifications (Australian)

  • Perth Mint reports $40B in bullion exports, surpassing the previous record of $31B (BN)

  • Mt Holland lithium mine has been approved to double output to 4.4Mt (Bloomberg) Here comes supply

  • A gas explosion at Liushenyu coal mine has marked China's worst mine disaster in 17 years, with a death toll of 82 ​(Reuters)

  • Indonesia to lay out new commodity export policy soon, official says (Bloomberg)

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Wheelin’ n Dealin’

  • FRS ($778m) - Forrestania will acquire 100% of the Newington gold project from Midas for $1.5m in shares upfront plus deferred payments

  • CRN ($369m) - Coronado will sell 100% of the Logan Mining Complex to Phoenix Coal for nominal cash with liabilities assumed

  • Ravenswood is set to come back to market next year after its rescue (Australian) EMR & GEAR contributed $65m each, + $450m debt & US$440 royalty financing

  • Nature Energy Solutions acquires 39.3% of Eurasian Resources Group in Kazakhstan (Mining.com)

  • Aluminium Corp of China invests US$1B in Guinea alumina plant for raw material exports (Bloomberg)

  • Nathan Tinkler to become chairman of White Energy with $15m coal deal (AFR)

Rattlin’ the Tin

  • LML ($29m) - Lincoln raised $3.1m at 1.2 to fund Minbrie drilling

  • TAS ($20m) - Tasman raised $4.1m at 4.1c to fund Parkinson Dam drilling | ▲ 32d%

  • Lefroy raises $3.6m for Mt Martin gold deposit scoping study (The West)

Word on the Decline

  • Eyes on the Cobar in the not-too-distant future. We think there’s at least one more near-term deal to emerge in the infrastructure-heavy region of NSW

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.

Ownership & Oversight

  • FMG ($67B) - Fortescue director Elizabeth Gaines will step down; Sigrid Kaag to join as NED

  • EUR ($695m) - European Lithium bought $1.7m of CuFe shares, now 16.7%

  • RXL ($591m) - L1 bought $6.5m of Rox shares, lifting its stake to 19.1%

  • MMA ($88m) - Perth Capital bought $474k of Maronan shares, lifting its stake to 10.3%

  • ESR ($69m) - Estrella appointed Robert Mencel as MD; Chris Daws becomes NED

  • RMI ($60m) - Ven Capital bought $611k of Resource Minerals International

  • AGR ($51m) - Aguia director Warwick Grigor acquired 25m shares at 2c for $500k plus 25m options via early note/loan conversion

In the Weeds

  • Inside the online army fighting the gas tax war (and it’s not over) (AFR) Deep dive read. “It’s not going away. It’s going to keep building”

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Devil’s in the Detail

  • Pits being constrained at A$7k (AWJ.ax) - what a time to be alive!

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