The Pre-Start

Barrick revealed updated PEA data on its Fourmile discovery in Nevada, suggesting a 25-year mine life, producing 600-750koz pa of gold at a LOM AISC of US$650-750/oz (B.NY) jezuz this is what you call Tier 1
Meteoric released rare earth pilot test work program results, claiming consistent magnet recoveries of 70% (MEI)
Larvotto has commenced the plant upgrade at its Hillgrove Antimony-Gold project, focusing on secondary crushing and tailings filtration (LRV)
Prospect has extended copper mineralisation at Kabikupa, with new assays showing a strike exceeding 1km, as part of its Phase 2 drilling programme (PSC)
Metal Hawk shared hits from a recently completed 55-hole program, with various narrow hits at the Thylacine prospect (MHK)
Hillgrove published drilling results from Emily Star, including a hit of 6.3m at 1.76% Cu and 0.12g/t Au from 425m (HGO)
Andromeda shared scoping study results, assessing the economics of producing HPA. Under its assumptions, the project shows an NPV₁₀ of $1B, on $155m of upfront capex, while earning an 85% margin (ADN)
Jupiter increased its stake in Falcon Metals to 8.97% (FAL)
New presentations were released by PMET & Evolution

High Grade It

The QLD deputy premier has labelled BHP ‘un-Australian’ over job cuts and its plan to shut down a training academy (AFR) Not an insult to be used lightly!
Anglo has followed BHP’s lead in cutting 200+ jobs at its QLD coal division (AFR) All of one day after BHP took the heat
BHP has bowed to union pressure by agreeing to thrash out a new enterprise agreement covering more than 400 workers at its WA iron ore port (West)
Federal Coalition regional powerbrokers are pressing the Crisafulli gov’t to review Queensland’s controversial coal royalty regime after job cuts (Australian)
Hong Kong plans to boost the city's gold storage facilities to deepen integration between the Asian hub and mainland China (Bloomberg)

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Ivanhoe Mines is in ongoing talks with sovereign funds after Qatar investment, Friedland says (Reuters) Suggesting opening doors in muslim countries, citing elsewhere in Africa and Asia - titanium projects in Ukraine of interest but not while Russian conflict
Boardroom bunfight kicks off between Leo Lithium and major shareholder Firefinch (West) 17.5% shareholder, Firefinch, is moving for a Board tilt to make Leo distribute funds to shareholders instead of spending on an acquisition
Santos announced that the XRG Consortium has withdrawn its indicative proposal to acquire the company (STO) Down 12%

Ivanhoe announced a US$500m private placement to Qatar Investment Authority at C$12/sh (IVN.TO, QIA) QIA will own 4% of Ivanhoe, CITIC and Zijin have the right to maintain their pro rata ownership
Midas Minerals wrapped up a $11.5m raising to advance its Otavi copper project (MM1)
Silver47 announced the closing of its C$23m raising (AGA.V)
NioCorp announced the pricing of a 10m share offering, raising US$50m (NB.N)

It might be surprising to learn that Rio Tinto did not conduct orebody due diligence on Arcadium before making its US$6.7B acquisition of the company. We were surprised when we were told this. So we checked the information circular and verified it for ourselves…

Keep in mind that Arcadium was a portfolio of expansion and growth projects. So we would have thought a thorough technical due diligence workstream would be critical given the public data’s insufficiency in capturing the risk of the growth.
Apparently not, Rio raced through confirmatory DD in just 6 days.

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Why BHP chief Mike Henry is shutting mines in Queensland (Australian) “Our business is one of constant crisis, interrupted by brief periods of intense success”

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