RRL ($5.5B) - Regis produced 83koz gold in Q1, generated $146m (including $51m break fee from Vault), and closed with $1.3B cash and bullion | ~22% of guidance midpoint (‘2^nd half weighted’)

EMR ($4.5B) - Emerald produced 20.3koz gold at AISC ~US$1.2k/oz, closing $541m (+$60m QoQ), with FY27 guidance maintained at 100–115koz

SX2 ($3.1B) - Southern Cross reported 2.7m at 178 g/t gold from 662m at Golden Dyke, extending mineralisation 30–50m west

MLX ($1.8B) - Metals X reported 1.8m at 7.13% Sn from 374m at Ring River, extending Renison South Bassett mineralisation by 200m

RXL ($878m) - Rox began stope planning at United North with preparation works complete, after assays & grade control confirmed ~125m strike extensions | ▲ 6%

FRS ($754m) - Forrestania reported a maiden MRE at Tampia: 4.6Mt at 1.5 g/t gold for 223koz (0.5 g/t cut-off)

KAN ($299m) - Kantra Copper said Coburn can be processed at Kanmantoo with >90% Cu and >50% Au recoveries, supporting the PFS

BGD ($268m) - Barton reported assays at Tunkillia, including 53m at 2.51 g/t gold from 60m; PFS targeted in Q1 CY27

AUE ($258m) - Aurum defended its 30 Sep cleansing notice in an ASX query response, saying Boundiali assays were only finalised later that day

AGE ($179m) - Alligator extended the Blackbush mineralised trend by ~1km at the Samphire uranium project, with 5.2m at 0.15% eU₃O₈ from 65m | ▲ 6%

TER ($144m) - TerraCom's auditor highlighted a material uncertainty over going concern as it reported a $156m loss after $104m non-cash impairments; it signed term sheets for a US$20m coal prepayment (US$10m on execution)

RNU ($140m) - Renascor produced 99.97% carbon-purified spherical graphite at its HF-free demonstration plant in Adelaide, validating the process at scale

SRZ ($136m) - Stellar extended Severn 150m at Heemskirk with 3.9m at 0.82% Sn from 206m towards Montana

ASN ($70m) - Anson said Utah incentives lift the Green River Lithium project's post-tax NPV₈ to US$1B (+US$150m), with pre-tax NPV₈ now US$1.5B

PNN ($61m) - Power confirmed pyrochlore hosting niobium at Santa Anna, Brazil, averaging 68.8% Nb₂O₅ (max 73.9%), to guide met testwork

QML ($61m) - QMines drilled 16.7m at 1.0% Cu and 1.2 g/t Au from 23.3m at Mt Chalmers, ~20% above the 2024 model

NMR ($58m) - Native Mineral Resources delivered Q3 refined gold outturn 2.3koz (+84% QoQ) at Blackjack, with 1.1 g/t grade and 94.7% recovery

BOA ($48m) - BOA confirmed >400m continuity at Ricci Lee (WA) with 10m at 3.6% copper from 31m | ▲ 15%

ORD ($39m) - Ordell reported 23m at 1.6 g/t gold from 77m at McNabs East, with Barimaia gold MRE due this quarter

DAL ($29m) - Dalaroo's maiden RC at the Bondoukou Gold Ridge project, Côte d’Ivoire, returned 18m at 7.3 g/t gold from 63m | ▲ 33%

Codelco investigates potential double counting of copper production for 2024 and 2025 (Bloomberg)

China warned Australia that interventions in the local gas sector have damaged its reputation (AFR)

‘Zero justification’: Mining industry demands David Crisafulli scrap QLD uranium ban (Australian)

Trafigura and partners to invest $300m in Zambia-Congo power link for copper access (Bloomberg)

WA Mines Minister Daniel Pastorelli defers royalty payments for Yilgarn Iron, Kimberley Metals and Gold Valley (West)

ALS.TO (C$3.9B) - Altius entered exclusivity following a non-binding proposal to acquire TNR Gold, while lifting its stake to 12.7%

LFT ($185m) - Li-FT satisfied the last condition for its Renard option, with ministry approval releasing the C$12m fee; it advanced C$18m for care and maintenance under a C$1 purchase option to Jun '28

FMR ($44m) - FMR exercised its option to acquire 100% of the Los Warbos project in Chile for US$150k plus 200k shares

AWJ ($41m) - Auric completed the $9.5m acquisition of the Union Jack mining lease, adding an inferred 3.1Mt at 1.0 g/t Au (102koz)

CZN ($25m) - Corazon exercised its option to acquire 80% of the Feather Cap gold project for $600k upfront and $1m deferred

IRH bid for Kenmare to secure titanium for Abu Dhabi (Bloomberg) Kenmare shares +41%; non-binding cash with no explicit offer price

EGR ($138m) - EcoGraf raised $4.7m at 22.2c to finalise Epanko debt | ▼ 22%

TOR ($137m) - Torque is raising $25m at 19c per share

PHO ($87m) - PhosCo signed an MOU with STUDI International for the Gasaat Phosphate project in Tunisia, and will raise $1.4m at 15c

KZR ($53m) - Kalamazoo raised $10m at 18c (29% premium) to fund Ashburton gold PFS, with Muqasab taking 9.9%

Gemcorp partners with Madagascar to raise $5B for energy and mining (Bloomberg)

Our issues with the creative liberties taken by “independent experts” are well documented. But surely the minimum requirement is to value the assets and tell shareholders what each one is worth. Apparently not in Vault’s scheme booklet.

BDO has taken the peculiar route of valuing Vault’s four mines, then apparently feeding the individual answers through a paper shredder and presenting shareholders with one A$3.6B lump.

Even brokers, who approach valuation with considerably more artistic freedom, manage to show a sum-of-the-parts. The independent expert has valued the ingredients, then only told shareholders the price of the cake.

Why do we care? Because we want to know what Sugar Zone and Deflector is worth on Vault’s internal model. They will almost certainly be sold on the other side of the deal.

MM8 ($464m) - Industry Super built a 5% stake in Medallion

CBE ($427m) - Australian Retirement Trust took a 5.0% stake in Cobre, buying $19.7m of shares

AS1 ($262m) - L1 bought $8.5m of Asara shares, taking its stake to 5.0%

PSC ($201m) - Prospect directors Sam Hosack and Ian Goldberg bought $201k and $47k of shares, respectively

HTM ($26m) - High-Tech appointed Cristian Moreno exec director, Patrick Burke chair and Michael McNeilly NED; will execute an 11.9% special crossing

Shipping Is the Bottleneck (Commodity Compass)

Quiet IPO Boom? (Strictly Boardroom)

For the first time, we can thank the auditor of Rand Mining for allowing us to deduce the actual bullion on account for the company (and hence also Tribune Mining) who notoriously have market their bullion at cost and not disclosed the number of ounces.

If you want to save yourself a calculator, it implies Rand has 32koz on hand and Tribune’s is 3x Rand hence 96koz. Yes, their market caps are less than their gold backing.