The Pre-Start
GGP ($8.1B) - Greatland lifted group reserves 62% to 5Moz Au and 196kt Cu
VAU ($4.6B) - Vault paid $31.2m to close its remaining 10.2koz gold hedges at $2.8k/oz, funded from $728m cash, leaving it fully unhedged
SX2 ($2.4B) - Southern Cross Gold fired first cut on exploration decline at Sunday Creek, to scale to 24 rigs
CIA ($2.2B) - Champion Iron produced DR-quality iron ore at Bloom Lake and signed an agreement, with first sale expected in Q3 CY2026
ELV ($2.0B) - Elevra Lithium broke ground on Stage 1 at North American Lithium, targeting a 15–20% capacity increase by mid‑CY27
MLX ($1.2B) - Metals X updated the Renison MRE to 21.8Mt at 1.38% Sn (300kt), with a reserves update due Q3 2026
BNZ ($835m) - Benz Mining hit 27m at 15.33 g/t gold from 229m at Icon | ▲ 8%
BC8 ($671m) - Black Cat lifted the Trojan MRE to 5.7Mt at 1.1 g/t Au (202koz) and updated Imperial to 1.7Mt at 1.6 g/t Au (84koz) for Kal East
BMN ($667m) - Bannerman Energy signed a water supply agreement with NamWater and bulk earthworks 92% complete at the Etango uranium project
MM1 ($216m) - Midas drilled first core holes at Deblin within the Otavi Copper project, Namibia, intersecting 37m of visual copper sulphides from 367m
AUE ($210m) - Aurum reported 6.5m at 13.4 g/t gold from 272m at BDT2, Boundiali, with an MRE update targeted end Q3
AAR ($207m) - Astral Resources extended Theia at the Mandilla Gold project, WA, 350m below pit base, 22m at 0.63 g/t gold from 714m | ▲ 6%
ORN ($206m) - Orion Minerals reported 4m at 4.6% Cu from 323m at Flat Mine East
ETM ($117m) - Energy Transition Minerals' Kvanefjeld Rare Earth Element exploration licence extension in Greenland was refused | ▼ 29%
TKM ($109m) - Trek Metals reported visual manganese in 15 holes at Kuro, incl. 17m semi‑massive from 9m; drilling expanded to IP highs | ▲ 16%
BCM ($96m) - Brazilian Critical Minerals trading halt pending BFS results
NNL ($79m) - Nordic Resources at Kopsa reported 58m at 0.61 g/t Au and 0.18% Cu from 353m; MRE due Q3 2026
FLG ($66m) - Flagship Minerals completed metallurgical drilling and trenching at the Isidora Gold project, Chile, to supply leach testwork inputs for the PFS
LM8 ($65m) - Lunnon Metals set a 25–30Mt at 1.5–2.5 g/t Au (1.2–2.4Moz Au) exploration target at the Foster-Baker gold project in St Ives, WA, and approved a $13m FY27 program for 43km of drilling
WCN ($47m) - White Cliff Minerals reported visible chalcopyrite in all holes at Hulk, extending the copper footprint to ~3.7km strike and ~6.3km² | ▲ 7%
High Grade It
Mining bosses ramp up IR fight over pro-union discrimination bill (Australian)
ASX puts mining companies on notice over embellishing performance (AFR)
WA Labor premier Cook sides with Leinster, caught up in BHP’s nickel shutdown (Australian)
Some Fortescue iron ore cargoes held up as CMRG talks stall (Bloomberg)
Rinehart's Hancock begins production at $840m McPhee in the Pilbara (West)
Lithium producers bet on battery storage as demand shifts beyond EVs (Reuters)
Fortescue faces class action over alleged sexual harassment at Pilbara worksites (The West)
DRC plans to train 20,000 armed guards for mine protection (Bloomberg)
Chinese brokerages seek LME membership to enhance global metals influence (Reuters)
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Gold hotshot Forrestania buys Ramelius’s Edna May for $300m ($200m cash + $100m shares) (AFR) subject to at least $200m raise
Zambia’s state-owned miner seeks to revive London listing (FT) ZCCM also considering increasing its free float to as much as 25%, from 7% today
PAF ($4.8B) - Pan African issued 102.6m new shares/CDIs to Emmerson holders under the scheme, taking total voting rights to 2,436.3m
FRS ($603m) - Forrestania will acquire 100% of Edna May from Ramelius for $300m ($200m cash, $100m scrip), including the 2.9Mtpa mill and 945koz Au resources, targeting a 1H 2027 restart, subject to a ≥$200m equity raise
CBE ($304m) - Cobre secured an option from Vision Global Investments to buy 100% of 25 concessions (6,820ha) adjoining the Sierra Atacama copper project for staged US$2.1m over three years
TRE ($279m) - Toubani will acquire 19.9% of Avanti Gold via a share-swap issuing 72.9m shares and 36.4m options at $0.60 expiring Jul '29
VMC ($55m) - Venus Metals sold the Copper Hills tenement (E45/6437) for $75k plus a 1% NSR
Forrestania Resources acquires Edna May gold mine from Ramelius Resources for $300m in cash and shares (AFR)
CZR Resources to merge with Zuleika Gold in $44.8m scrip deal, 16% premium (The West)
Canada and Japan discuss joint stockpiling of critical minerals to reduce China dependency (Mining.com)
AS1 ($261m) - Asara placed 30.7m shares at $0.125 after Barbet cut to 4.9m, keeping its $60m placement intact
TGM ($243m) - Theta Gold Mines raised $27m via a $0.18 placement (14.3% discount) and option exercises, satisfying a condition for the US$90m bond drawdown to fund TGME
KGL ($206m) - KGL Resources secured $180m at $0.20 (25.2% discount) in a conditional placement to fund Jervois Copper build | ▼ 13%
WWI ($180m) - West Wits repaid the Nebari facility, enabling close of the R875m loan from Absa and Nedbank to fund Qala Shallows
STM ($47m) - Sunstone raised $10m at $0.175 (14.6% discount) to fund Ecuador exploration, with DGR Global cornerstoning 50% to take 10% | didn’t DGR say they’d buy back their own stock last week!?
Savannah Resources plans secondary listing in Lisbon or Australia to fund Barroso lithium project (Bloomberg)
Word on the Decline
We got a little excited when Toubani announced an African gold deal this morning. For a moment we wondered whether Cora Gold had finally been dragged to the altar.
The logic is obvious: southern Mali, oxide ounces, shared operating know-how and a register that should, in theory, understand the prize. Alas, not today. The word is Toubani has tried, but one Cora holder is less enthusiastic than the spreadsheet.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
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