The Pre-Start

  • AII ($7.4B) - Almonty CDIs suspended today; ASX delisting 1 Sep

  • WGX ($6.5B) - Westgold produced 387koz gold in FY26, delivered $1.1B underlying EBITDA and $480m NPAT, closed with $939m treasury, declared a 10cps fully franked dividend and approved a $50m buy-back

  • CIA ($2.0B) - Champion Iron recorded a second strike on its remuneration report (36.5% against), but the conditional spill resolution failed

  • MLX ($1.7B) - Metals X's Renison (50%) produced 5.7kt tin-in-concentrate in H1; it reported $104m NPAT and closed with $374m cash

  • ELV ($1.7B) - Elevra produced 198kt spodumene con in FY26, booked US$202m revenue and US$44m NPAT, ended with US$255m cash, and guided FY27 output at 198–210kt with unit costs US$880–950/dmt

  • ZIM ($1.6B) - Zimplats reported US$277m NPAT in FY26 on 598koz 6E sales (down 2%) and unit cash costs of US$1.1k/oz, closing with US$58m cash and US$35m borrowings | ▲ 6%

  • SBM ($817m) - St Barbara reported $490m statutory NPAT driven by a $500m deconsolidation gain, recorded a $29m underlying loss, closed with $475m cash, and declared a 5c dividend | ▲ 14%

  • AIS ($711m) - Aeris produced 23kt Cu, 40.6koz Au in FY26; revenue $703m, NPAT $179m; cash $165m, no debt

  • JMS ($511m) - Jupiter reported $38m NPAT and declared a $0.0075 final dividend

  • SLS ($334m) - Solstice extended Nanadie mineralisation to >700m and 500m below MRE: 43.3m at 0.91% Cu, 0.35 g/t Au from 762m | ▲ 6%

  • HAV ($290m) - Havilah targets a dividend and capital return by CY26 from Sandfire proceeds, closing with $41m cash and $97m investments

  • NVA ($286m) - Nova shipped plant equipment to Port MacKenzie, Alaska, enabling construction of an antimony facility, with production targeted in 2027

  • HGO ($254m) - Kantra (formerly Hillgrove) completed a 15:1 consolidation

  • SS1 ($233m) - Sun Silver secured a 50 AFY water right for Maverick Silver, Nevada, while pursuing a 2,000 AFY permit

  • CY5 ($190m) - Cygnus reported 20.3m at 4.2 g/t AuEq from 399m at Copper Rand, Quebec, 200m along strike of the mine

  • GML ($181m) - Gateway defined a 7km gold trend at Ward, with 40m at 0.5 g/t gold from 92m

  • OMH ($169m) - OM Holdings returned to profit with US$26m NPAT in H1, reporting US$87m EBITDA, US$49m cash and US$181m borrowings

  • AGD ($94m) - Austral produced 11.6koz AuEq in H1, generating US$16m NPAT, closing with US$20m cash and US$1.7m net debt

  • ASN ($73m) - Anson produced 99.6% lithium carbonate from Green River brine, confirmed by SGS North America, exceeding 99.5% EV grade

  • AUQ ($43m) - Alara dispatched its 61st copper concentrate shipment from Al Wash-hi Majaza via Sohar Port, Oman: 1,063wmt containing 216t Cu

  • AGC ($41m) - Australian Gold and Copper reported 21m at 0.4 g/t Au and 6.4% Pb+Zn from 229m at Evergreen, NSW

High Grade It

  • South32 CEO Matt Daley scraps dividend policy to focus on copper growth (AFR)

  • Lithium operators in WA restart mines and resume expansions as spodumene prices hold (BN)

  • MinRes eyes copper deals as Ellison pockets $17m dividend windfall (AFR)

  • Copper price drops 3% from record as China's demand concerns weigh (Mining.com)

  • BHP to cut up to 10% of workforce at Pilbara's Mining Area C due to autonomous trucks (West)

  • Zinc slips from four-year high as LME spreads indicate tighter supply (Bloomberg)

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Wheelin’ n Dealin’

  • EVN ($32B) - Evolution acquired QIC's 13.7% in Carnaby at the scheme ratio, becoming largest holder

  • BOL.STO ($24B) - Boliden to acquire controlling stake in Nexa Resources, a Zn & Ag producer in Brazil & Peru, with Votorantim to own 7% after close. Implies US$2B value on Nexa

  • VAU ($7.2B) - Vault satisfied the ACCC condition for its Genesis merger

  • ZNC ($59m) - Zenith received a Takeovers Panel declaration of unacceptable circumstances over the Forrestania bid; final orders pending

  • Sandfire hires RBC to sell Black Butte copper project in Montana (Australian)

  • L1 backs OceanaGold's $776m bid for AusGold despite Jeremy Raper's opposition (AFR)

  • Northam Platinum shares surge 11% on unnamed producer's takeover interest (SMM)

Rattlin’ the Tin

  • STN ($309m) - Saturn upsized its SPP to raise $21m at 40c, accepting all applications and taking its recent equity raising to $121m

  • FAL ($145m) - Falcon raised $30m at $0.60 to fund Blue Moon drilling

  • BHM ($140m) - Broken Hill raised $90m at 76c to fund Centenary decline & Pinnacles growth, and agreed a US$30m zinc offtake-tied facility

  • BKB ($100m) - Black Bear raised $12.5m at 55c to fund Shafter Silver drilling

  • Cyclic Materials secures $75m to expand US rare earth recycling operations (Mining.com)

Word on the Decline

  • Welcome to FY26 earnings season…

  • Where every non-copper miner wants to be a copper miner.

  • And the copper miners… want to be zinc miners?

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

Ownership & Oversight

  • AAI ($19B) - Alcoa officer Tammi Jones filed to sell 15.6k shares (US$791k)

  • RRL ($6.5B) - Regis CEO Jim Beyer vested 423k performance rights into shares, taking his holding to 1.2m

  • KGL ($397m) - KGL appointed Gerard Hutchinson as independent NED

  • PC2 ($351m) - PC Gold appointed director Matthew Scully as John Menzies and John Lewis resigned

  • SS1 ($233m) - Andrew Dornan sold $4.2m of Sun Silver, trimming to 7.3%

  • CRS ($73m) - Jupiter lifted its stake in Caprice to 8.3% after buying $913k of shares

  • LLM ($69m) - Harvest Lane bought $1m of Loyal Metals shares, lifting its stake to 18.3%

In the Weeds

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Devil’s in the Detail

Westgold

  • And management appears happy to lead by example…

  • Then curiosity got the better of us, so we wandered into the remuneration report. Some KPIs, it seems, are more equal than others.

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