The Pre-Start
LTR ($7.2B) - Liontown began early works & procurement for the KV expansion, pre‑FID spend up to $77m with FID in Q1 FY27
RMS ($7.1B) - Ramelius posted 38koz gold at AISC $2.2k/oz, cash+gold $607m (-$87m QoQ), and raised FY26 AISC guidance to $1,900–2,050/oz
WGX ($5.8B) - Westgold produced 93koz gold, treasury +$202m QoQ to $856m; AISC $2.9k/oz; FY26 guidance maintained with costs at top end
CMM ($5.2B) - Capricorn produced 30.4koz gold in Q3, closing cash +$50m QoQ to $508m; FY26 115–125koz guidance tracking to upper end
NIC ($4.4B) - Nickel Industries delivered US$136m adj. EBITDA (cash -US$149m QoQ), producing 30kt nickel (RKEF) and 2.2kt nickel + 237t cobalt in MHP
BGL ($2.5B) - Bellevue produced 40.7koz gold (AISC $2.6k/oz), closed cash and bullion $181m (+$16m QoQ), with FY26 guidance unchanged at 130–150koz
SMR ($2B) - Stanmore produced 3.2Mt saleable coal, ending cash US$166m, and raised FOB cash cost guidance to US$98–103/t
ZIM ($1.9B) - Zimplats quarterly 6E production fell 56% QoQ to 76koz on smelter maintenance
MI6 ($1.7B) - Minerals 260 awarded ATCO a $59m contract to build a 400‑person village at Bullabulling
CYL ($1.6B) - Catalyst produced 26.1koz gold at AISC $2.9k/oz, cash $277m (+$39m QoQ); guidance 100–110koz maintained but AISC raised to $2.8k–$3k/oz
SBM ($798m) - St Barbara sold 12koz (produced 13.5koz) at an AISC of $4.3k for $12m in cash flow from Simberi
MEK ($427m) - Meeka produced 6.1koz gold, cash $50m (+$13m QoQ)
29M ($394m) - 29Metals ended the quarter with $223m cash and FY26 guidance was lowered as Xantho Extended restart works were deferred to Dec
TM1 ($345m) - Terra confirmed a 172m PGE₃-Cu-Ni intercept at Southwest at 1.1 g/t PGE₃, 0.11% Cu and 0.15% Ni
SYR ($265m) - Syrah produced 24kt graphite at Balama cash US$52m (-US$25m QoQ)
GG8 ($256m) - Gorilla reported two gold discoveries at Comet Vale, including 16m at 4.2 g/t, with further samples pending
HRN ($243m) - Horizon extended Omega down-plunge >120m with 14m at 2.9 g/t gold from 337m
SPD ($222m) - Southern Palladium delayed its Bengwenyama DFS to Q4 2026
GRR ($197m) - Grange produced 555kt iron ore pellets, closing cash $284m
RNU ($163m) - Renascor began full-plant commissioning of its PSG facility
KSN ($78m) - Kingston sold 2koz gold and 75.6koz silver at AISC $3.1k/oz; cash +$0.5m QoQ
JLL ($66m) - Jindalee faces a US federal court challenge to BLM approval of the McDermitt EPO
AWJ ($62m) - Auric produced 9koz gold at Munda and closed with $42m cash (+$36m QoQ), now planning the Munda Main Pit
ORD ($54m) - Ordell reported 22m at 2.6 g/t gold from 70m at McNabs East
EPM ($53m) - Eclipse reported 208Mt at 0.72% TREO at Gronnedal
WGR ($44m) - Western Gold extended its toll milling agreement with Wiluna Mining by 6 months
LEX ($43m) - Lefroy recovered 1.4koz gold from first Lucky Strike milling; cash $1.4m (-$0.4m QoQ), runway 1.7 quarters and BML facility drawn
LAT ($32m) - Latitude 66 defined two >500m lodes at Tin Dog, with drilling incl. 8m at 3.0 g/t gold; 22 holes pending
High Grade It
The UAE is quitting the OPEC and OPEC+ next month after nearly 60 years of membership (BBC)
Vale posted disappointing Q1 results as operational pressures more than offset higher prices and volumes (Bloomberg)
Huayou cuts output at the Huafei Nickel Cobalt plant in Indonesia due to rising sulphur costs (SMM)
Chile introduces tax cuts and faster permits to boost mining growth (Mining.com)
Congo’s president ordered an audit of copper & cobalt export revenues (Reuters)
China clears BHP iron ore stockpiles at ports after negotiation resolution (Bloomberg)
Zijin invests US$1.5B to expand La Arena copper-gold mine in Peru (Reuters)
At our Thermal Conversion mining tyre recycling facility in Chile, we convert tires back to their base elements so high-value feedstock — virtually 100% of the tire — can be reused.
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Wheelin’ n Dealin’
MEI ($529m) - Meteoric secured assignment of Caldeira tenements from Togni, which gains a board seat nomination and a conditional option over up to 30% of MREC on take-or-pay terms
Tony Sage orchestrates asset shuffle between Critical Metals and European Lithium (Australian)
Boroo considers acquiring the defunct Eagle gold mine in Yukon, entering exclusivity (WFP)
Ecuador signs US$1.7B mining deal with China's CMOC for Los Cangrejos (MM)
Rattlin’ the Tin
ARU ($1.6B) - Arafura executed cornerstone equity agreements with EFA and KfW for ~$230m
Barrick prepares North American IPO, names leadership team for spinout, which’ll be led by COO Tim Cribb (Investing.com)
Rare Earths Americas targets US$368m IPO valuation while raising ~US$52m (Reuters)
Word on the Decline
Bankers had been running a process for Carnaby and their Greater Duchess copper project in Queensland, which we think might have fizzled. Bids were due last week, but we don’t think any bona fide party remains in the process.
The key issue? Carnaby’s PFS numbers look remarkable on paper, 398% IRR and only $11m upfront capex! The catch is, it relies on processing through the Mount Isa copper concentrator.
Unfortunately for Carnaby, processing plants that are shut are much more difficult to process ore through.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
NEM ($178B) - Newmont CTO Francois Hardy retires 30 Jun; Erin Workman to act from May
ALK ($2.2B) - GMT Capital ceased to be a substantial holder of Alkane
MAH ($1.7B) - Macmahon appointed Arief Sidarto as NED
DLI ($169m) - Delta NED Josh Thurlow (MinRes nominee) resigned; board not seeking a replacement
MLG ($112m) - MLG’s Murray Leahy became exec chair, with Mark Hatfield CEO
MDX ($71m) - L & Y Investment Holdings became a substantial holder in Mindax, acquiring $2.7m of shares for an 8% stake
DES ($44m) - Aigle Royal lifted its Desoto stake to 14%
In the Weeds
Big Gold: The Strategy that Wasn't (Strictly Boardroom)
Fastmarkets - Stellar Li: Driving BYD’s EV story (FM)
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