The Pre-Start
Newmont signals it will enforce JV transfer restrictions and is pressing Barrick to fix six years of declining performance at Nevada Gold Mines (NEM)
PLS has signed a 2-year binding offtake with Canmax to supply 150ktpa spod con, with a 12-month extension option, a US$1,000/t floor price and a US$100m unsecured interest-free prepayment (PLS)
NexGen’s Part 2 CNSC commission hearing for federal approval of Rook I commenced on Feb 9, representing the final regulatory step (NXG)
Northam Platinum is reported an output lift of 4% for the half, while revenue jumped 60% as costs lifted 7%. Operating profit grew by 440% (NPH.J)
Elevra signed a non-binding MoU to supply Mangrove up to 144kt pa of spod con from North American Lithium over an initial 5-year term starting 2028 (ELV)
Santana declared an extensional Exploration Target at Rise & Shine of 3.6Mt at 1.9 g/t to 7.7Mt at 2.8 g/t Au (SMI)
Silvercorp delivered Q3 record US$132.9m operating cash flow (SVM.TO)
Boab Metals received final Part V Works Approval for Sorby Hills, enabling progression to construction and finalisation of mine-site engineering (BML)
Drilling at Great Boulders Side Well extended mineralisation below the 1Moz resource, with hits including 15.3m at 8.9 g/t Au from 125m (GBR)
Waratah’s geometallurgical tests from the Spur Au-Cu project returned >90% combined gold recovery (90-97%), gravity 15-45% and cyanidation 51-74%, with coarse gold to 688 µm (WTM)
Indiana’s AC drilling at Minos gold project intersected 18m at 1.2 g/t gold from 10m (inc. 3m at 3.6 g/t), defining a mineralised splay off the Lake Labyrinth Shear Zone (IDA)
Ordell’s Barimaia gold project RC drilling at McNabs East returned multiple shallow intercepts including 19m at 2.3 g/t Au from 53m and 2m at 23.7 g/t Au from 79m (ORD)
Viridis has appointed Ramon Soares as CFO (VMM)
BUMA increased its stake in 29Metals to 20.9% (29M)
High Grade It
US hedge funds are cranking up their take-downs of ASX-listed companies after NexGen emerged as the latest short seller target (AFR)
Chinese copper buyers are extending their break over the Lunar New Year as near-record prices chill industrial demand (Bloomberg)
BHP's Vicuña could double investment in Argentina copper project to $800m in 2026, executive say (Reuters)
Mexican authorities said at least 5 workers from Vizsla Silver have been found dead, after 10 people were abducted from the Panuco project (Bloomberg)
The US is using offtake deals & state-backed funding to compete in the short term with China in securing African minerals supply, experts stated (Reuters)
China’s largest steelmaker accused Aussie rival InfraBuild of making baseless & self-serving claims to convince the government tariffs are needed (AFR)
DRC will enforce a long-dormant rule mandating local employee mine ownership, potentially reshaping ownership of major copper producers (Bloomberg)
Chilean state miner Codelco authorised investments of $3.9B according to an unpublished government decree approving its 2026 budget (Reuters)
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Wheelin’ n Dealin’
De Beers is likely to be sold to a public-private consortium, according to Anglo boss Duncan Wanblad, with a timeline set for completion this year (FT)
Rattlin’ the Tin
NextSource launched a C$25m LIFE offering at C$0.425 to fund the UAE Battery Anode Facility, and update the Molo report (NEXT.TO)
Falcon Energy Materials lauched a C$25m placement (FLCN.TO)
Graphite One launched an offering of C$30m at C$1.75 to fund AAM plant design (GPH.V)
Bunker Hill launched a C$25m LIFE offering at C$0.18 alongside a C$5m warrant exercise, with proceeds for mine ramp up (BNKR.V)
Word on the Decline
Given John Deniz just posted a +294% year, can you blame us for copying his ideas? In fact, we’ll even copy his thinking for our M&A theory of the day. This one is from Paragon’s January monthly update
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Lion Selection shared a new presentation
How World-Class Copper-Gold Discoveries Are Made (Lowell YouTube) John Forwood, Bruce Rohrlach & Malcolm Norris
Hedging alert: Locking in gold at US$5000/oz looks awfully attractive (Dryblower)
Just the Beginning (Myrmikan Research) Always worth reading for precious metals investors
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Today’s Top Tweet
Devil’s in the Detail
Australia’s Resource Minister Madeleine King shared some punchy comments at the US’ Critical Minerals shindig late last week that we think are worth sharing.
“It would be good for the Europeans to get involved more actively rather than sitting back and admiring the problem – which has been deeply frustrating.”
“They understand the problem – whether they will act is another matter.”
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