The Pre-Start
Kazatomprom is planning on lifting uranium output 9% this year (to ~73mlb) on the back of Budenovskoye’s ramp up. It produced 67mlb over 2025, realising a price of US$65/lb (KAP.L)
G2 Goldfields shared updated Oko numbers, underscored by a 1.6Moz at 3.24g/t (indicated) & 1.9Moz (inferred) resource. The PEA outlined a 14-year operation averaging 228koz at US$1,232/oz, after capex of US$554m. NPV5 came to US$2.48B with a 38% IRR (GTWO.TO) Down 4%
Medallion received final EPBC approval for Ravensthorpe, enabling final development planning, subject to completion of the proposed Forrestania acquisition and remaining secondary WA approvals (MM8)
Theta Gold’s revised feasibility study for the TGME gold project forecasts $1.4B post-tax free cash flow from a 6.1Moz resource, with a 13-year life of mine and first production targeted Q1 2027 (TGM)
Solstice’s initial assays from five Phase 1 RC holes at the Nanadie Cu-Au project returned wide intercepts, including 62m at 1.55% Cu, 0.66g/t Au to EOH and 97m at 0.73% Cu, 0.30g/t Au (SLS) Up 50%+
Matsa completed campaign 2 processing in Jan, treating 51kt and delivering 23 gold doré bars (~$25m) to the Perth Mint, with campaign 3 processing in March (MAT)
NRW has been awarded a Bulk Earthworks contract by Rio at West Angelas valued at $175m (NWH)
Aurelia appointed Graeme Hunt as non-executive chair, effective 23 Feb (AMI)
New presentations were shared by Polymetals, AIC Mines and Rox
High Grade It
Trump is set to launch a strategic critical minerals stockpile with US$12B in seed money, in a bid to insulate manufacturers from supply shocks (AFR)
Gold and silver fell as the reversal of a record-breaking rally in precious metals extended into a second week (FT) 2% recovery early this AM, silver bouncing 4%
South African stocks tumbled the most since March 2020, falling along with precious metals (Bloomberg)
Regis revives $1B McPhillamys gold mine made ‘unviable’ by Plibersek intervention (AFR)
People were still queuing up to buy gold in Singapore, even as prices plummeted, showing the extraordinary resilience in retail demand for precious metals (Bloomberg)
Tired of the wild volatility in resources? Invest in Exceed Capital’s SP property trust - a prime Queensland office with 8%+ p.a. projected monthly cash returns.
Wheelin’ n Dealin’
DGR clarified that its board, excluding Nicholas Mather who abstained, reviewed Jiangxi's takeover offer for SolGold, with a majority finding it inadequate, and DGR has yet to finalise its voting position (DGR)
Glencore is close to engaging Citi as its lead investment bank on its potential acquisition by Rio Tinto (Reuters)
The Algerian President inaugurated a 950km railway built in collaboration with China that’s key to exploiting vast iron ore deposits (Mining.com)
Rattlin’ the Tin
Word on the Decline
A worthy thread from the Koala out this morning on the Eldorado deal. On this point:
The Koala speculates there is about to be a wave of M&A consolidation in the gold space and Eldorado was not finding takers among peers that believed in the Greece/Turkey growth profile. So was shaping up to be the one without a dance partner when the music started
On the flip-side: we can speculate on one gold miner that will have more than its fair share of dance partners to choose from: G Mining. Word on the Decline is they have been asked to the dance.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Hirschmann Capital 2025 (Letter) Commentary on gold equity valuations, historic outcomes for nations with high gov’t debt. Prefers equities over bullion
December 2025 Australian Fund Performance (Mr Quick) Resources funds beating most others
How Australia’s mining barons tried to sway the federal election (AFR) Hancock and the coal industry group
Platinum, Gas, Oil, Copper, & Equity Risk (Paulo Macro)
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