Risk-On Mood for Investors as Trade Deal Nears

New Hope rumoured to be circling Coronado, Aussie exploration spend hits multi-year low

June 10, 2025

The Pre-Start

  • Coronado secured up to US$150m in additional liquidity from Stanwell for additional coal supply of 800ktpa over 5 years, starting 2027 (CRN)

  • Entrée on Friday announced a pause in Oyu Tolgoi underground development, outlining its disappointment that it wasn’t able to achieve a timely licence transfer (ETG.TO) Transfer delays hit Rio hard; Entrée stock down 15% since

  • Sovereign shared that a Japanese titanium producer, Toho, has validated Kasiya rutile for high-spec applications (SVM)

  • Ora Banda reported new drill results from Riverina Deeps, Waihi, and Little Gem, including 1.7m @ 76.4g/t (Riverina) and 8.7m @ 9.3g/t from a new zone at Waihi (OBM)

  • Emmerson shared a scoping study update White Devil, converting over 60% of the 611koz resource into the pit shell at an A$4,000/oz gold price. Study to be completed in July, with permitting underway (ERM)

  • Bowen Coking Coal announced it’ll transition Burton to owner-operator (BCB)

  • Kanmantoo produced 1kt of copper whilst achieving numerous records in May (HGO)

  • Meeka shared extensional drilling at Turnberry Central, claiming the results are likely to expand and extend the Stage 1 open pit (MEK)

  • Elevate Uranium shared drilling results from its Marenica project, intercepting shallow granite-hosted mineralisation (EL8)

  • Perseus announced that Amanda Weir has resigned as COO, with Brett Hartmann assuming responsibilities whilst PRU considers options (PRU)

  • Genesis published a new presentation

High Grade It

  • US-China talks were set to extend to a 2nd day in London as officials sought to defuse a dispute that’s widened from tariffs to rare earths restrictions (Reuters)

  • Aussie exploration spend was the weakest in almost 4 years in Q1, as companies scaled back their activity amid weaker commodity prices (AFR)

  • Departing Rio chief Jakob Stausholm said there’s no bad blood with chairman Dominic Barton (AFR)

  • Chinese exports of rare earths rose 23% in May from the previous month, ahead of key trade talks (Bloomberg)

  • Copper production from Rio’s OT will not increase as rapidly or efficiently as expected, as tensions with Mongolia force Rio to make major changes (AFR)

  • Donald Trump's move to double tariffs on aluminium imports has heightened the risk of a full-blown scrap war with the EU (Reuters)

  • Fortescue confirmed that the head of its hydrogen division was among those to lose their jobs in a recent round of cuts (AFR)

  • Coal India, the world’s largest coal-producing company, is reopening more than 30 mines and launching up to 5 more on greenfield sites this year (FT)

  • Zambia has held talks with carmakers to entice suppliers to build EV components plants near its copper mines (Bloomberg)

  • China cut thermal coal imports by 18% yoy as low-priced domestic coal chipped away at overseas purchases & renewables hit demand (Reuters)

  • Bulge bracket gold traders at top banks posted their best performance in 5 years in the first quarter, in part thanks to the US arbitrage opportunity (Bloomberg)

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Wheelin’ n Dealin’

  • Dataroom has put forward that Vault and Regis are leading the running for Bellevue (Australian)

  • New Hope is believed to have held discussions with Coronado about potential rescue options, speculating on a refinancing or acquisition (Australian)

  • St Barbara now holds 14.4% of Geopacific following its exchange with Patronus (SBM)

Rattlin’ the Tin

  • The IDC of South Africa has approved a US$35m loan to fund the TGME underground gold mine jointly, expected to form part of the debt funding (TGM)

  • Talon Metals announced an upsized C$39m financing (TLO.TO)

  • FireFly announced raising proceeds of $100m at $1/share (FFM)

  • Tali Resources is pressing ahead with an IPO, seeking $7.5m with a market cap of $23.5m (AFR)

  • Prodigy Gold launched a partially underwritten entitlement offer to raise up to ~$6m (PRX)

  • Caravel has secured a $15m loan facility from Regal’s royalty fund (CVV)

  • S2 Resources has raised $3.5m to further exploration (S2R)

  • Southern Palladium is in a trading halt, pending announcement of a capital raise (SPD)

Word on the Decline

Even refractory is sexy when gold is +A$5,000/oz. We think Aphrodite is one of the better undeveloped projects that never gets talked about (and yes, there’s a road to move).

And at the risk of sounding way out of our depth, we always wondered if the ore would be suitable to go through Kanowna Belle’s roaster...?

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

In the Weeds

  • An oldie but a worthy listen: Interview with Adam Lundin and Jack Lundin (Spotify, Apple) great insight into the multigenerational mining family

  • There’s some small-cap activism underway at RoyaltyCo TNR Gold and the battleground is Twitter, which makes for some popcorn reading (Twitter)

  • Basic mining terminology with Mr M (YouTube)

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Today’s Top Tweet

Devil’s in the Detail

Have you ever seen a public company study announced where the production is as low as 12koz gold? Neither. Until today…

Catch up on our latest episode

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How Northern Star Became Australia’s Biggest Gold Miner

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