The Pre-Start
NEM ($162.1B) - Newmont shared its 2025 annual report, underscored by US$7.3B in free cash flow
AU.NY (US$43B) - AngloGold unveiled its Arthur project with a maiden 4.9Moz reserve, ~500koz pa production over 9 years, sub-$1,000/oz AISC, NPV5 up to ~US$3.4bn at $3,500/oz gold
NIC ($4.1B) - Nickel Industries suspended all operations at Hengjaya pending an investigation into a fatality
VUL ($1.6B) - Vulcan closed FY25 with €518m cash after a €2.2B financing and FID for Lionheart, with construction underway toward first lithium in 2028
SLX ($1.5B) - Silex licensee GLE secured preliminary approval for up to US$99m in Kentucky incentives for the planned Paducah Laser Enrichment Facility, and was separately selected for up to US$28m in DOE funding
ERA ($1.2B) - ERA said further funding will likely be required by Q3 2027 to meet Ranger rehab obligations, as Pit 3 capping lags plans
FRS ($436m) - Forrestania appointed Polaris (with Mincore) to design, supply and install a new CIL at Lake Johnston, targeting Nov 2026 commissioning, under a contract up to ~$58m (payable mainly in scrip at a 12% premium)
ADV ($73m) - Ardiden reported 7m at 16.1 g/t gold from 131m at Astoria in the Rouyn corridor
UM1 ($39m) - Unity Metals reported maiden assays from Ngot Central in Cambodia, with 4.9m at 3.2 g/t gold from 35m | ▲ 16%
ABX ($26m) - ABx, via 83%-owned ALCORE, submitted the EER for its Bell Bay hydrogen fluoride pilot and targets commissioning in late Q3 2026 after a scope expansion
DUR ($631m) - Duratec was awarded the plug and abandonment services with Lihir Gold in PNG
High Grade It
BHP strike just the start for iron ore industry, ETU boss Adam Woodage has said (Australian)
Barrick delayed its Pakistan mega mine, Reko Diq, as the Iran conflict rattles the region (FT)
Full speed ahead on Qld’s Taroom Trough oil amid fuel security fears (AFR) Shell, Omega, Elixir, Beach, Tri-Star
The Chilean gov’t said that it had removed the head of state miner ENAMI, with no explanation provided (Mining.com)
Glencore has given Eskom less than a week to accept revised power terms to its South African ferrochrome smelters running (MMX)
Indonesia has lifted sanctions on Agincourt to resume operations at Martabe gold mine (Mining.com)
Ivanhoe Atlantic secures Liberian approval for Kon Kweni iron ore transport (Mining.com)
France to invest in Australian critical minerals projects, says resources minister (Reuters) Viva la rare earths!
Wheelin’ n Dealin’
L1 has opposed Eldorado Gold's acquisition of Foran Mining citing cost and risk concerns (G&M)
Guinea & Emirates Global Aluminium has reached an agreement to resolve last year’s seizure of the miner’s local unit (Reuters)
WR1 ($89m) - Winsome lodged the scheme booklet for its acquisition by Li‑FT, Independent Expert deeming it not fair but reasonable
Rattlin’ the Tin
WGX ($5.3B) - Westgold says spin-out Valiant Gold listed after a $75m IPO at $0.25, with Westgold holding 44.0% under 24-month escrow | ▼ 5%
Word on the Decline
In the last week, Zhaojin Capital (investment vehicle of Zhaojin Mining) has hoovered up >5% stakes in two ASX gold juniors: Meeka and Kairos.
Meanwhile, punters are taking risk-off. The most long-term thinking capital in the room is showing its view on the future. Pay attention.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Canberra wants Tomago saved – just not all on its dime (AFR)
Sorry Clive, but your human rights haven’t been breached (Margin Call)
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Ownership & Oversight
CRN ($528m) - Coronado CEO Douglas Thompson resigned effective 31 Mar, with Exec Chair Gerry Spindler appointed interim CEO and director Greg Pritchard as chair
POL ($234m) - Jupiter sold $3m of Polymetals, cutting its stake to 11.6%
KAI ($104m) - Zhaojin Capital became a substantial holder in Kairos Minerals with 11.6% | ▲ 6%
IR1 ($33m) - IRIS Metals director Kevin Smith has resigned effective 22 Mar
VML ($32m) - Vital Metals appointed Alexius Chan as Non-Exec Chair, with Lisa Riley continuing as MD and CEO
Devil’s in the Detail
Money of Mine’s rule of thumb: the probability of another recap rights issue in 12 months is directly proportional to the number of ‘Key Risks’ slides in the cap raise deck…
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