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
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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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)
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
The Impending Market Bust – or Boom! (Strictly Boardroom)
20 Stocks for 20 Years (Blind Squirrel) Energy/Mining takes places 1-7
Raleigh Finlayson & Tim Goyder (Finding the Front)
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Today’s Top Tweet

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.



