The Pre-Start
MAH ($1.4B) - Macmahon executed an LOI with Wolfram (Bumi) to restart the Mt Carlton mine, with early works underway and surface mining targeted from April 2026 under an anticipated 33-month contract worth ~$250m
LIN ($1.2B) - Lindian opened the Tipume accommodation camp at Kangankunde, began mobilising staff, targeting full 90-person capacity by mid-April and supporting construction ramp-up toward Q4 2026 first production
SBM ($696m) - St Barbara said PRC & PNG approvals for the Lingbao & Kumul Simberi transactions are complete, targeting early‑April completion to trigger FID on the New Simberi Gold project | ▼ 6%
TVN ($692m) - Tivan said its Speewah fluorite project is listed in a Japan–US Joint Fact Sheet, with studies targeting 150ktpa acid-grade (>97% CaF₂) from FY28, positioning it for potential government-backed financing and offtake
MMI ($375m) -Metro reported that Bauxite Hills has restarted post cyclone Narelle with mining resumed
RNU ($170m) - Renascor intersected 16m at 901 ppm cobalt from 85m at Bulloo Creek
AGE ($169m) - Alligator Energy commenced uranium extraction at the Samphire recovery trial
MKR ($146m) - Manuka executed an LOI with Macmahon to provide full open-pit mining services at the Wonawinta silver project (5-year ~$190m contract)
ARL ($118m) - Ardea said its Kalgoorlie nickel project has been included in the Japan–US Joint Fact Sheet
FXG ($113m) - Felix Gold secured Alaska DNR approval to extract ~1.5kt of stibnite ore via a bulk sampling trench at NW Array within the Treasure Creek antimony project | ▲ 9%
VHM ($94m) - VHM will advance Goschen development at 5Mtpa (replacing 1.5Mtpa), refreshed capex due by June ahead of a mid-year FID | ▼ 6%
SNM ($56m) - Sentinel said the Montana DEQ EA is complete with a 15‑day public comment period now open for the Columbia gold-silver project
BEZ ($46m) - Besra validated a dissident shareholder requisition and rescheduled the special meeting to 17 Jun (AWST) to vote on board changes
KZR ($41m) - Kalamazoo reported initial assays from Mt Olympus, highlighted by 43.8m at 3.4 g/t gold from 93m
SNG ($26m) - Siren Gold reported initial infill assays at Sams Creek including 4.8m at 4.39 g/t gold from 54m
High Grade It
ASX stocks tumbled as Trump delivered a 48-hour ultimatum to Iran (AFR) Gold’s worst week in 4 decades, RBA cash rate to hit 4.8% by year end, US bond yields jumping
The Australian energy minister said the gov’t was “aware” of 6 fuel tankers that had been cancelled/deferred out of an average of 81/month (AFR)
Rio has disbanded its decarbonisation unit under sweeping changes implemented by Simon Trott (Australian) Sign of the times…
Global carmakers retreat en masse from EV plans (FT)
Australia’s mineral & petroleum exploration companies are hoarding a record $12B in cash reserves after a tidal wave of funds flowed into the sector (AFR)
World faces gas supply cliff edge as Gulf’s final LNG shipments approach ports (FT)
Wheelin’ n Dealin’
Andrew Forrest has veto powers over a key asset in the sale of BHP’s nickel business, owning the tenements on which the Kambalda concentrator sits (Australian)
MEK ($471m) - Zhaojin Capital (associate of Zhaojin Mining) became a substantial holder in Meeka with 5.7% voting power
AUE ($212m) - Perseus acquired 9.9% of Aurum Resources for $24m at $0.60/share via AUE's $29m placement, citing proximity of Boundiali to Perseus' Sissingu & Bago operations in Côte d’Ivoire | ▼ 8%
ARN ($81m) - Aldoro completed the sale of its 100% Wyemandoo project to Coppermoly for $100k cash and said it will focus on the Kameelburg niobium-REE carbonatite project
NMT ($46m) - Neometals will acquire 51% of Utah Brine Corp for the Utah Brine lithium/potash brine venture by funding up to US$2m over 3yrs
Rattlin’ the Tin
TOK ($345m) - Tolu secured $24m via a convertible note at $1.625/share from Petrindo and Petrosea, while it renews its share issuance capacity
CTM ($302m) - Centaurus received a non-binding LOI from BNDES for US$190m under its FINEM program to fund construction and infrastructure at Jaguar
VTX ($40m) - Vertex Minerals is in a trading halt pending a capital raise
KLI ($14m) - Killi raised $1.4m at a 24% discount, cornerstoned by Nev Power (who will become Chair), Steve Parsons and Michael Naylor | ▲ 130%... at least something’s green today
Word on the Decline
We know the entire market is in shambles. But here’s something from recent history that is worth recalling.
Remember in early 2025 when all the junior copper names sold off together? It wasn’t long until the well-capitalised strategic buyers stepped in and started acquiring the companies at relatively decent value (Xanadu, New World, MAC Copper, etc)
Well, for the myriad of copper acquisitive entities out there, valuations just got a hell of lot more attractive.
ASX copper juniors, 2025 dip vs 2026
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
What the Heck Happened to Gold (Campbell Ramble) Breaking down its 10% drop
Not our war (Alyosha) “Gold at $4k has a margin of safety… Silver at ~$60 is compelling for a hodl. If you have been waiting for a dip, what are you waiting for!?”
Anglo Teck - Is it really a merger of equals? (Mining Valuation)
Iran could crack markets this week, 25% plunge ‘definitely possible’ (AFR Chanticleer)
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Today’s Top Tweet
Ownership & Oversight
WHC ($7.7B) - Paul Flynn sold $8.7m Whitehaven shares after exercising 736k performance rights
SRG ($1.6B) - SRG Global non-exec director Alan Rule resigned effective Friday; separately, directors Linda O'Farrell, Kerry Wilson and Amber Banfield bought shares on-market
FEX ($233m) - Fenix director John Welborn bought 300k shares on-market
SNM ($56m) - Perennial lifted its stake in Sentinel to 6.8%
DES ($39m) - Tony Poli acquired $5.4m of DeSoto, lifting his stake to 12.3%
ZAG ($33m) - Annie Guo sold $1.2m of Zuleika Gold shares off-market, reducing her stake from 12.7% to 9.5%