LYC ($18B) - Lynas will submit an updated EIA for its proposed Malaysia expansion after request from the Department of Environment

ILU ($3.4B) - Iluka signed a 4-year take-or-pay offtake from 2028 with “a global automaker” for 1,200t of magnet rare earth oxides, for US$155m minimum, EFA confirmed access to the full A$1.65bn government loan, while Civmec has won the SMPEI contract to complete construction (now over 50% built)

CYL ($1.6B) - Catalyst updated the Trident MRE to 6.2Mt at 5.4 g/t gold for 1.1Moz

LYL ($734m) - Lycopodium was awarded a $196m EPCM contract for Resolute’s Doropo project, including a 4.9Mtpa processing plant

LRV ($670m) - Larvotto set an initial Exploration Target for the Midas Lode of 4Mt at 5.2 g/t AuEq (656koz AuEq)

INR ($430m) - Ioneer entered non-binding LOIs with KIND and Hyundai Engineering for Rhyolite Ridge FID | ▲ 16%

TRE ($295m) - Toubani reported 53m at 3.67 g/t gold from 87m at the Kobada gold project, with an MRE update starting Q3 2026

GG8 ($242m) - Gorilla drilled 2m at 5.9 g/t gold from 18m at Lady Margaret, and 7.6m at 5.1 g/t from 251m

SKY ($223m) - Sky flagged an updated Tallebung MRE within a fortnight, with drilling returning 34m at 0.27% tin, 0.03% tungsten and 57.7 g/t silver from 39m

ELT ($175m) - Elementos gained Overriding Public Interest status for the Oropesa tin project in Andalucia, clearing path for water licensing and permitting

RNU ($127m) - Renascor began processing graphite through its HF‑free PSG plant in Adelaide, SA, to validate battery‑grade production and generate samples

GML ($109m) - Gateway Mining defined a ~4km gold-mineralised trend at Great Western, with 1m at 89 g/t silver from 33m

DRE ($80m) - Dreadnought lifted the Metzkes Find MRE to 150kt at 5.2 g/t Au for 24.9koz (84% indicated), open pit study underway

ASN ($79m) - Anson appointed Baker Hughes to complete wellfield engineering at Green River Lithium, Utah, to support a 10ktpa lithium carbonate development

E25 ($78m) - Element 25 took delivery of a logwasher for the Butcherbird expansion, targeting 1.1Mtpa manganese concentrate and Q1 CY2027 mechanical completion/commissioning

OR3 ($65m) - Ore Resources is evaluating DSO/domestic sales at the Kangaroo Hills Lithium project after drilling hit 34m at 1.11% Li₂O from 77m

DRX ($58m) - Diatreme's 103Mt at 99.0% SiO₂ MRE at Casuarina lifts group silica sand resources to 633Mt

EV8 ($56m) - Everlast completed its first 109t mineral sands export from Gaibandha, Bangladesh

PTR ($43m) - PTR Minerals announced a maiden MRE for the Rosewood Titanium project, SA: 463Mt at 8.8% HM (40.6Mt HM; 57% indicated) | ▼ 17%

VRX ($30m) - VRX received WA backing for a land swap at the Muchea Silica Sand project to enable a replacement mining lease | ▲ 7%

Rinehart, SQM, & Creasy plans over Andover firm over target of 1.1Mt annually (Australian)

Chinese lithium prices drop on speculation over CATL's Jianxiawo restart (Bloomberg)

Gold Fields negotiates with Ghana to renew Tarkwa mine leases expiring in April (MiningMX)

Malaysian regulators block Lynas refinery expansion in Pahang, affecting rare earths processing capacity (West)

China imports 163 tons of gold in May, highest since March 2024 (Bloomberg)

TCG ($575m) - Turaco secured a 12‑month option to acquire 100% of permit from Pioneer for US$100k in shares

ERM ($213m) - Emmerson's scheme with Pan African is effective; ERM suspended today

PEX ($143m) - Peel’s scheme with Aeris to acquire 100% is legally effective; shares suspended today

Exxaro in advanced talks for copper investment, aiming for 60% non-coal earnings by 2030 (MiningMX)

Fortescue partners with CMB-TECH for dual-fuelled ammonia bulk carrier in Pilbara (BN)

Sinda seeks US$345m in US IPO for its Mexico silver-gold development project, supported by a concurrent Fresnillo placement for up to 5% ownership (Bloomberg)

GENM.TO (C$238m) - Generation announced the Canada Infrastructure Bank received internal credit approval for a subordinated debt facility of C$200m

ALR ($185m) - Altair raised $28m at 4.3c, with Endeavour taking 9.9%, to fund Guyana exploration

HAS ($74m) - Hastings raised $1m at 36.5c via a placement to Malaco | ▲ 9%

Gladiator raises US$25m led by BlackRock for Yukon drilling campaign (Mining.com)

Mining IPOs are not rare. Proper, grown-up development project IPOs are.

Yet here we are. Lumina Metals came at roughly C$1.35bn market cap, raising C$406m for its Polish copper-silver pitch. Sinda is seeking ~US$235m at a valuation near US$2bn for its Mexico silver-gold discovery. Sunshine Silver raised US$270m around a US$1.9bn valuation. BMC arrived on the ASX at about ~A$550m…

It’s not purely a “this part of the cycle” phenomenon. The corporate breadcrumbs are the tell. Fresnillo buying up to 5% of Sinda at the IPO price is not community service. KGHM hovering around Lumina through a concentrate supply intention is not a cultural exchange program.

In mining, this is called optionality. In most other industries, it is called letting someone else pay for the hard part.

NVA ($279m) - Nova appointed Avrohom Geller, Craig Bentley, Chris Gerteisen, Chaim Berger and Richard Beazley as directors

FEX ($191m) - Fenix appointed Jenn Morris and Michael Gollschewski as independent NEDs

GBR ($124m) - Franklin built a 6.8% stake in Great Boulder

PGO ($55m) - Pacgold NED Keelin Chestnutt resigned

AUZ ($43m) - Australian Mines appointed Andrew Nesbitt MD and added NEDs Cristian Moreno and Michael McNeilly

Gina Rinehart's next move (Dryblower) Listing Rinehart Co…

This will age well…