The Pre-Start
GMD ($6.6B) - Genesis reported 280Mt at 2.1 g/t gold (18.9Moz) resources and 73Mt at 1.9 g/t (4.4Moz) reserves, up 29% and 19%
SX2 ($2.6B) - Southern Cross Gold awarded PYBAR the exploration decline at Sunday Creek, targeting year-end completion of a 680m decline and 1.2km of lateral development
CYL ($1.4B) - Catalyst completed the Trident open pit; starting underground decline, first ore CY27 and 60kozpa planned
PMT ($1.1B) - PMET had its Shaakichiuwaanaan ESIA deemed complete, while bulk sample and Hydro Quebec power applications are under review
SGQ ($472m) - St George extended mineralisation ~240m north of its Araxa resource, with a 200m step‑out intersecting 19m at 5.7% TREO from 8m
BTR ($417m) - Brightstar reported 7m at 17.7 g/t gold from 138m at Sandstone
HCH ($381m) - Hot Chili reported 164m at 0.43% CuEq from 185m at La Verde
AAR ($297m) - Astral logged visible gold in two diamond holes 360m below Theia MRE at Mandilla
AGE ($191m) - Alligator Energy's Samphire ISR trial delivered ~70% uranium recovery in ~70 pore volumes; PLS averaged 115 mg/L for the BFS
ARL ($145m) - Ardea's Goongarrie Nickel Hub was named in the Australia–Japan critical minerals cooperation statement
DRE ($97m) - Dreadnought reported 7m at 49.9 g/t gold at Metzkes Find, outside 2023 MRE
LNQ ($78m) - LinQ hit 114m at 1.19 g/t AuEq from 144m at Dam, extending strike to 400m
CRI ($73m) - Critica appointed DRA Global to deliver a scoping study for Mt Lindsay, assessing an underground tin/tungsten development concept
CAE ($69m) - Cannindah confirmed a Southern Shoot at Cannindah Breccia, with 44m at 2.78% CuEq from 214m
FEG ($46m) - Far East Gold updated the Idenburg MRE to 7.8Mt at 3.1 g/t gold (780koz), from 4.1Mt at 4.1 g/t (540koz)
GA8 ($44m) - GoldArc's grade-control at Mt Stirling returned 6m at 3.29 g/t gold; BML Ventures funding program under a 50/50 profit share
LEX ($42m) - Lefroy updated the Mt Martin MRE to 9.1Mt at 1.6 g/t gold (460koz), up 5%; scoping study starts this quarter
CP8 ($42m) - Canadian Phosphate secured a 5‑year permit for Wapiti, enabling 56 holes and a 500t sample for Q4 2026 resource update
MRZ ($35m) - Mont Royal will test adding a fluorspar circuit to the Ashram PFS after prior work produced 97.8% CaF₂ concentrate
NMT ($33m) - Neometals had the Reiche appeal dismissed by the Full Federal Court, upholding the earlier judgment in its favour
EVR ($30m) - EV Resources advanced dry commissioning at Tecomatlan’s grinding circuit, two of three mills online, targeting antimony output by end CY26
DYM ($30m) - Dynamic extended the Cognac West gold system to ~300m depth, with 4m at 1.5 g/t from 311m
High Grade It
Rio Tinto plans to cut 20% of its Perth white-collar workforce (West)
Whitehaven in dispute with TaiPower over Narrabri coal supply contract following inconsistent performance (AFR)
Premier Coal seeks new supply deal with Synergy amid 120 job cuts in WA (West)
Sibanye-Stillwater halts its Kloof operations after fatal shaft incident (Mining.com)
China halts sulfuric acid exports, impacting global copper production due to sulphur management issues (Mining.com)
RRL ($5.3B) - Regis will merge with Vault via a scrip scheme; VAU shareholders get 0.6947 new RRL shares each for 49% of a +700kozpa, (~11% premium) debt-free gold group - Who really believed those succession plans anyway! More below, call live now
Forrest’s Wyloo to offload its 60% stake in WA rare earths project Yangibana, with BofA hired (AFR)
Word on the Decline
Well, consider us surprised by today’s merger between Vault and Regis. And as long-term believers that the “Battle for Leonora” would have the finale it deserved, there’s still hope
Vault has a fiduciary out in the docs - something that never used to be customary but is becoming more and more common. In practice, Genesis can still have a crack, however unlikely that may be now
But how beautiful would a contested battle be here…

Right before sending, listening live on the call and Jim says “it might give us the ability to do larger things now” or words to that effect…
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
KCN ($1.7B) - Kingsgate director Peter Warren sold $318k on-market, now holds 150k shares
MI6 ($1.6B) - Minerals 260 director Luke McFadyen bought $60k of shares on-market
CLA ($33m) - Celsius terminated exec director Neil Grimes' agreement and launched an investigation over unauthorised instruction to transfer Sodor's MMCI shares to Socialej
In the Weeds
Fortescue's Pilbara data centre dream (Dryblower)
The Iran war is back on, and a red line for markets was just crossed (AFR Chanticleer)
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Devil’s in the Detail

At least they didn’t put all the assets on a map in the exact same slide…

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