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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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)
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
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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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Today’s Top Tweet
Devil’s in the Detail
Pits being constrained at A$7k (AWJ.ax) - what a time to be alive!



