The Pre-Start
Emerald's Dingo Range drilling returned notable intercepts, including 5m at 18.26 g/t Au (Freeman's Find) and 19m at 1.62 g/t Au (Stables), while Cambodia drilling at Memot and Okvau returned high-grade hits (EMR)
Catalyst reported K2 deposit grade control drilling with multiple high-grade intercepts, including 10m at 47.8 g/t Au, and confirms resource 81koz at 3.6 g/t and reserve 20koz at 4.3 g/t ahead of FY26 production (CYL)
Stanmore reported a record Dec quarter with ROM 6Mt, saleable production 3.9Mt and sales 4Mt, full-year saleable 14Mt, and net debt down to $33m (SMR)
Alkane reported record quarterly production of 44koz AuEq, site operating cashflow $133m and cash and bullion $246m; while sharing drilling from Storheden & Tomingley (ALK)
New Murchison generated $72m cash in the quarter, held $92m cash, sold 22.8koz, and reported drilling from the Lydia prospect (NMG)
Toubani’s Kobada project has the necessary approvals & is on track for Q1 2026 construction. Financing includes a $45m tranche pending 13 Feb approval (TRE)
Turaco shared extensional drilling from Adiopan, which defines the northern limit of the 1Moz Asupiri resource, with hits including 42m at 2.76g/t from 44m (TCG)
Ausgold reported assays from 55 holes at Katanning, with step-out results extending mineralisation beyond the 2.44Moz resource, including 10m at 2.24 g/t from 346m (AUC)
Gorilla Gold resumed drilling at Mulwarrie with two rigs and reported extensional assays, including 3.4m at 12.5 g/t Au and 6.2m at 2.2 g/t Au (GG8)
Brightstar is advancing a PFS from the Sandstone project and targeting a maiden ore reserve, with the study due in the Sept Q (BTR)
Hillgrove has signed a binding tailings processing agreement with Heavy Minerals to extract and sell garnet from Kanmantoo, receiving 15% gross revenue (reducing to 5% post-closure) and a guaranteed $500k p.a (HGO)
Red Hill’s maiden diamond drilling at the Anabama Cu-Au project confirmed mineralisation, including 20m at 0.6% copper and 0.2 g/t gold from 313m (RHI)
Sunshine’s Liontown shallow gold resource rose 14% to 108koz as a mining study considers 0.8Mt at 4.3g/t Au for 108koz and 803koz Ag, while Sybil drilling returned 4.4m at 57.5g/t Au (SHN)
VBX’s DFS metallurgical optimisation at the Wuudagu bauxite project increased product mass recovery by 23% to ~73% at +3.35mm and by 34% to ~80% at +1mm, improving potential annual production capacity by 20–30% (VBX)
PC Gold received approvals to re-open the 427m Spring Hill adit (PC2)
Soul Patts reduced its interest in Aeris from 24.1% to 19.5% after selling 54.8m shares (AIS)
High Grade It
Asian mining stocks climbed with metals prices as investors rotated into hard assets, driven by a weakening dollar and growing unease (Bloomberg)
Gold charged past $5,000/oz for the first time while the yen surged (Reuters)
China will allow foreigners to invest in domestic nickel & lithium futures, part of its efforts to boost its influence in global commodities markets (Bloomberg)
BHP warned of a productivity ‘drag’ as it escalates its fight against pay equality orders to the High Court (Australian)
Forget the gold bullion rush, Chinese buyers are clamouring for copper (AFR)
Tin retreated from a record after the SHFE announced restrictions on positions for some clients (Bloomberg)
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Wheelin’ n Dealin’
USA Rare Earth is set to receive a US$1.6B funding package from the Department of Commerce, comprising US$277m in federal funding and US$1.3B in a senior secured loan (Mining.com, USAR)
Goldgroup will acquire Gold Resource Corp in an all-scrip deal with a merger ratio equivalent to US$2.25 per GORO share, valuing the equity at US$372m on a FDITM basis (GORO) 39% premium, pro forma silver dominant revenue
Pasofino Gold is set to be acquired by Mansa Resources in an all cash deal for C$0.90/sh and Mansa has agreed to lend up to US$10m to Pasofino at 12% (VEIN.V) C$142m equity value, 23% premium. Mansa already holds 51%
Orezone will acquire the Casa Berardi gold mine in Quebec from Hecla Mining for US$352m upfront and deferred plus up to US$241m contingent consideration, including issuance of 65.8m Orezone shares and partially funded with a US$100m Franco-Nevada gold stream (ORE) stock up 13%
European Lithium will acquire 100% of US-based Velta Holding, a titanium company with Ukrainian assets, in an all-scrip deal for approximately 173.0m EUR shares (~$52m) subject to due diligence (EUR)
Boab completed the acquisition of Yuguang’s 25%, moving to 100% ownership of the Sorby Hills after paying $12.5m and agreeing deferred payments of $10.5m (BML)
Alta Copper shareholders approved Fortescue’s C$1.40 cash acquisition (FMG)
Newmont has the first right of refusal if Barrick tries to sell its stake in Nevada Gold Mines (Reuters)
Rattlin’ the Tin
Word on the Decline
Four chunky gold deals in 24 hours. Allied Gold, Gold Resource Group and Pasofino have all been acquired while Orezone buys a project in Canada to avoid a similar fate?
We find Zijin’s acquisition of Allied Gold particularly interesting:
A skinny premium (5.4% to last); conditional on Investment Canada Act approval which is particularly uncertain at best… Is this deal announcement designed to flush out competition? The C$220m break fee hurts.
But Allied’s own announcement included a comprehensive 600 words about the strategic process they have run since 2024. So we would assume any rival bidders would be up to speed on the assets…
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In the Weeds
Silver Moon (Campbell Ramble) It feels like a matter of when, not if, governments start building strategic silver reserves
Mineral War (Tomasz Nadrowski) Former pod guest Tomasz has released his book on “China’s Quest for Weapons of Mineral Destruction”
Miners turn to bacterial ‘bugs’ to extract copper as prices soar (FT)
We have another bubble. This one’s silly – and strangely logical (AFR) Silver
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Devil’s in the Detail
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