The Pre-Start
EDV.T (C$20B) - Endeavour produced 1.2Moz at an AISC of US$1,433/oz. FY26 guidance is for 1,090-1,265koz at an AISC of $1,600-1,800/oz. It generated US$1.15B in free cash flow, up ~270%, while net debt reduced to US$158m
NXG ($11.4B) - NexGen received final federal approval from the CNSC for Rook I, enabling construction after its FID
TVN ($873m) - Tivan will provide up to $1m grant to CLC to fund community development. Molyhil scoping study on track for April
WWI ($359m) - West Wits will consolidate securities 10-for-1, cutting ordinary shares to 432m from 4.3B
HRZ ($277m) - Horizon has ordered long-lead items, including a pre-leach thickener and SAG and ball mill motors, to fast-track conversion of Black Swan
BKB ($130m) - Black Bear's drilling at Shafter returned 9.1m at 240 g/t silver from 214m outside the MRE
PL9 ($39m) - Prairie Lithium reports building construction at Pad #1 underway after piles and grade beams installed, advancing monetisation of its 4.6Mt LCE resource with 100% of initial lithium output sold
NFM ($26m) - New Frontier's scout RC at Harts Range returned 1,237 ppm WO₃ over 4m (incl. 1m at 4,860 ppm)
GW1 ($20m) - Greenwing updated the Que River scoping study using higher spot metals prices, showing ~40% NSR uplift and lifting conceptual discounted cash flows to ~$90–$100m while targeting a two‑stage open‑pit pathway
High Grade It
Australia, Canada sign new deals on critical minerals, with Australia joining the G7 alliance (Reuters)
The Trump administration and Venezuela's state mining company finalised a deal to sell gold to US markets (Bloomberg)
Vizsla Silver said two more of the 10 workers taken from its project site in Concordia, Mexico have been confirmed dead (Mining.com)
Wheelin’ n Dealin’
Glencore has stepped into a heated dispute about the future of Eurasian Resources Group, and proposed to support a little-known Kazakh entrepreneur’s US$1.4B purchase of a 40% stake (FT)
Rattlin’ the Tin
Word on the Decline & Top Tweet
We have been hearing about tightening conditions in the tantalum market from traders. One told us they received an unsolicited bid from a major refiner this week, offering roughly double January prices, and about 50% more than just before the Chinese New Year.
And the refiner asked for the material to be flown in! The market is tiggght.
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In the Weeds
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Ownership & Oversight
29M ($681m) - AustralianSuper sold $11m of 29Metals, cutting its stake to 13.7%
WWI ($359m) - West Wits director Rudi Deysel sold 3.8m shares on-market to satisfy tax liabilities from ESOP share conversion, leaving him with 12.6m shares
AEE ($138m) - Mike Alkin’s Sachem Cove ceased to be a substantial holder in Aura Energy after totalling $1.6m
KSN ($93m) - Deutsche Balaton ceased to be a substantial shareholder of Kingston, selling a $6m stake at 11.5c
BRX ($24m) - Belararox appointed Will Dix as CEO, promoted Christian Blaser to GM Exploration and Chris Gale transitions to NED
Devil’s in the Detail
Take a read of the deal announcement between TMRC and USA Rare Earth. To us, it has a curious omission.
Major shareholder Navajo Transitional Energy Company, is nowhere in the voting support list. In US mergers, approval typically requires just 50.1% of outstanding shares. Herding small holders is painful, so locking up a block that size before announcing would normally be step one.
And yes, Navajo of the Navajo Nation….
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There's No Value in Gold Right Now (Will Thomson)
Stocks mentioned: EQX.TO, LUN.TO, AFM.TO, LRV, MAG, HBR.L