The Pre-Start

  • S32 ($22B) - South32 lifted the Sierra Gorda ore reserve 61% to 1,100Mt at 0.39% Cu, 0.016% Mo and 0.06 g/t Au, extending reserve life ~5 years to 2045

  • YAL ($7.6B) - Yancoal revised the CY26 cap on coal sales to Glencore to US$750m (from US$350m) after H1 sales of US$215m

  • RMS ($7.5B) - Ramelius lifted reserves 79% to 70Mt at 1.9 g/t for 4.3Moz Au, after a 1.6Moz maiden Never Never underground reserve; resources 260Mt at 1.7 g/t for 14Moz

  • WGX ($6.0B) - Westgold's Scoping Study outlines Meekatharra Expansion Plan to lift capacity to 2.9Mtpa for ~$100m, adding ~47kozpa gold with 9‑month payback

  • SX2 ($3.3B) - Southern Cross reported 0.3m at 1,466 g/t gold from 886.7m at Rising Sun

  • DBI ($2.6B) - Dalrymple Bay reported H1 EBITDA of $150.5m (+4.7%) and declared a 6.75cps distribution; TY-26/27 distribution guidance remains 28.6cps

  • FFM ($1.5B) - FireFly released a PEA for the Green Bay project showing NPV₇ ~$2.2B, 42% IRR and C1 US$2.1/lb for a 1.8Mtpa case producing 50ktpa CuEq, with a 4.6Mtpa option at NPV₇ ~$3B

  • MAD ($1.4B) - Mader posted $1B revenue and $65.4m NPAT with $35.7m net cash in FY26, guiding to at least $1.1B revenue and $72.5m NPAT in FY27

  • BTR ($549m) - Brightstar logged visible gold over 400–500m tonalite at Two Mile Hill, Sandstone, with host >300m wide at 700m depth | ▲ 8%

  • SMI ($532m) - Santana said the Expert Panel on its FTA sought a 10-day pause before deciding Bendigo–Ophir gold project consents

  • SGQ ($439m) - St George lodged the EIA/RIMA, commencing permitting at Araxá

  • WTM ($258m) - Waratah extended Consols mineralisation at Spur by 75m and hit 12.7m at 1.4 g/t gold from 44m

  • HRN ($210m) - Horizon Gold confirmed an 800m extension at Howards, Gum Creek gold project, WA, 6m at 5.6 g/t Au from 70m

  • AGE ($200m) - Alligator Energy hit 1.9m at 0.032% eU₃O₈ from 100.9m at Big Lake Uranium, confirming roll-front system with palaeochannel open ~12km

  • ZEO ($179m) - Zeotech's zeoteCH₄ landfill cover cut methane emissions 92% versus controls in a six‑month Qld trial, per Griffith University's final report

  • ENR ($120m) - Encounter reported 33.7m at 3.8% Nb₂O₅ from 39m at Green, Aileron; diamond drilling commenced at Emily | ▲ 20%

  • CAY ($108m) - Canyon said lender AFG suspended credit-facility drawdowns pending a review, as its IBC urges take no action on A2MP's 5c bid

  • BH6 ($104m) - Broken Hill Gold in trading halt pending White Dam results

  • CRS ($79m) - Caprice reported 7m at 4.5 g/t gold from 239m at Vadrians, extending the system at the Island Gold project | ▼ 7%

  • ASN ($74m) - Anson confirmed a 2.5km mineralised palaeochannel linking McCoy Group and Cactus Rat at Yellow Cat, though most holes returned only minor, sub-economic mineralisation | ▼ 7%

  • VMC ($67m) - Venus reported 43m at 1.44 g/t gold from 164m at Bellchambers, extending mineralisation beneath the current MRE

  • ESR ($67m) - Estrella in halt pending ASX query and exploration update

  • ANX ($59m) - Anax lifted Mons Cupri MRE to 6.3Mt at 1.4% CuEq (87.2kt CuEq), up 24%, with a reserve update next quarter

  • WCN ($55m) - White Cliff extended Danvers 1 at Rae Copper to 4.8km of mineralisation, with 14.5m at 1.49% Cu from 167m | ▲ 6%

  • FEG ($52m) - Far East Gold completed a scoping study for Idenburg’s Sua but withheld economics as the study relies on inferred resources

  • YRL ($49m) - Yandal reported 17.5m at 2.3 g/t gold from 127.5m at Arrakis, confirming a new domain within Ironstone Well-Barwidgee | ▲ 10%

  • GWR ($47m) - GWR said the Takeovers Panel declined proceedings on Jeremy Raper's association/beneficial ownership allegations; issues referred to ASIC

  • VTX ($41m) - Vertex won approval for 24/7 operations at Reward gold, NSW, enabling an October 2026 ramp-up

  • OD6 ($41m) - OD6 Metals re-assays at Horseshoe, Nevada, lifted grades (+12.9% CaF₂ avg), incl. 50m at 79.3% CaF₂, superseding 8 Jul results

  • S2R ($40m) - S2 Resources deferred aircore at Jillewarra, pending drilling and heritage approvals, while scheduling October drilling at Warraweena to test T37 gold and Lilyfield copper | ▼ 5%

  • MRD ($40m) - Mount Ridley in trading halt pending scandium MRE update

  • WGR ($28m) - Western Gold said Wiluna deferred third-party tolling at its mill and it is seeking further information | ▼ 19%

  • CZN ($24m) - Corazon set a maiden Exploration Target at the Two Pools Gold project of 1.4–2.2Mt at 1.6–1.9 g/t gold (72–132koz)

  • DSM ($21m) - Desert Minerals posted a maiden 265Mt at 1,006 ppm Li MRE for Scotty Lithium, including 140Mt indicated

High Grade It

  • Soaring data centre demand brings NSW electricity squeeze forward by years (Australian)

  • Zijin warns of up to 57kt copper shortfall at Kamoa-Kakula after Congo mine flood (Mining.com)

  • PLS poised for big bet on lithium as output hits record high (AFR)

  • MMG restarts Las Bambas after fatal accident investigation (Mining.com)

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Wheelin’ n Dealin’

  • FRS ($652m) - Forrestania extended its bid for Zenith Minerals to 7 Sep

  • LLM ($68m) - Loyal received WA court approval for Bumi's 100% scheme

  • CZR ($52m) - CZR despatched bidder's statement for a takeover of Zuleika, offering 0.1742 CZR shares per Zuleika share

  • ORP ($48m) - Orpheus Uranium flagged a delay to completing the Oobagooma Uranium project acquisition, citing third‑party agreement transfers still pending

  • Agnico Eagle Mines acquires Quebec junior stake for $41m, expanding Abitibi footprint (Mining.com)

Rattlin’ the Tin

  • AEV ($38m) - Avenira launched a 3-for-2 renounceable rights issue to raise up to $48.9m at $0.006 to fund Wonarah Phosphate development

  • Indian government to sell up to 6% stake in Hindustan Copper via OFS (Reuters)

  • White Rock Lithium shares surge 35% on ASX debut, raising $6m for Banana project in Quebec (West)

  • US Ex-Im Bank boosts loan for Ivanhoe's Santa Cruz copper project to $1.1B (Mining.com)

Word on the Decline

  • These numbers for Pan African’s medium-term outlook on Tenant Creek potential seem ambitious to us. 10-15kt copper pa would likely be easier if they owned 100% of CuFe.

Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.

Ownership & Oversight

  • FMG ($55B) - Fortescue appointed Sigrid Kaag as director

  • WHC ($6.4B) - Whitehaven director Mick McCormack bought $74k of shares

  • PAF ($5.9B) - Allan Gray lifted its stake in Pan African to 5.1%

  • EQR ($1.9B) - EQ Resources appointed Nicole Brook and Taki Dermedgoglou (Forrest nominee)

  • AUC ($814m) - L1 bought $11.4m of Ausgold shares, lifting its stake to 9.1%

  • BMC ($742m) - L1 bought $21.3m of BMC shares, lifting its stake to 14.9%

  • CNB ($275m) - Trium Capital took a 5.1% stake in Carnaby after buying $13.5m of shares

  • FEX ($200m) - Craig Douglas Mitchell sold $2.9m of Fenix shares, reducing his holding to 9.7%

  • AKM ($112m) - Aspire appointed Chen Li as independent non-executive director

  • LM1 ($29m) - Forrestania lifted its stake in Leeuwin to 11.5%

  • TG6 ($28m) - Forrestania added $636k of TG Metals shares

In the Weeds

  • Metal & Mining Gigacycle: Parsing Metal Demand at the Source (RCF) Metal-by-metal breakdown

  • Gold explodes as debt bombs drop (Dryblower)

  • Bill Beament - How I Made It (AFR)

  • Alara (AUQ) – why does it trade at 1x FCF? (Raper Capital)

  • James Chessell talks to Simon Trott (AFR)

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