The Pre-Start
EVN ($26.9B) - Evolution moved to $42m net cash with $1.4B cash (+$404m QoQ) on $406m group cash flow, producing 170koz gold and 11kt copper, FY26 guidance maintained | ▲ 7%
TVN ($771m) - Tivan extended its MoU with Sumitomo on the Molyhil tungsten project to 30 June 2026
BOE ($664m) - Boss Energy cut FY26 production guidance at Honeymoon to 1.4–1.5Mlb U₃O₈ (from 1.6Mlb) and costs seen at the upper end of guidance | ▼ 11%
SMI ($660m) - Santana Minerals intersected the first silicified breccia at CIT ~750m down‑plunge (13.9m at 1.1 g/t gold from 181m), while a RAS step‑out hit 12.0m at 1.5 g/t from 815m, defining mineralisation to 2.3km down‑plunge
LRV ($593m) - Larvotto said the Hillgrove antimony-gold development remains on time and budget, drew US$31.5m under its Nordic Bond, kept Mod 5 to lift plant capacity to 525kt/y on track, and targets wet commissioning in Aug
STK ($592m) - Strickland Metals reported a 1.3Moz AuEq Indicated MRE at Shanac (30Mt at 1.3g/t), lifting total to 5.4Moz AuEq (160Mt at 1.0g/t)
FRS ($540m) - Forrestania's maiden RC drilling at Wozi, Malawi returned 16m at 0.42% Nb₂O₅ from 52m
BTR ($428m) - Brightstar withdrew the 4-5Mtpa plant capacity, production growth and MRE/Ore Reserve targets for Sandstone
VYS ($353m) - Vysarn said its JV Kariyarra Water Scheme has been shortlisted to RFP Stage 2 by Water Corporation to supply bulk water to Port Hedland
XRF ($251m) - XRF Scientific reported March quarter revenue $15.8m and PBT $3.7m (+13.8% and +10.7% PCP)
SS1 ($237m) - Sun Silver appointed Ausenco to lead concept and internal scoping work for the Maverick Silver project in Nevada
ADNC.V (C$234m) - Andina Copper hit 232m at 0.68% Cu, 75ppm Mo from 38m
WTM ($222m) - Waratah Minerals extended mineralisation at Consols with new drilling including 54m at 1.88 g/t gold from 446m
SPD ($201m) - Southern Palladium's DFS metallurgical work at Bengwenyama indicates 65% chrome recovery vs 30% in the OPFS and supports adding DMS
EL8 ($123m) - Elevate Uranium declared a maiden 29.5Mt at 155 ppm U₃O₈ Inferred MRE at Namib IV, lifting Koppies to 76.2Mlb U₃O₈ and Namibia to 106Mlb
ARN ($108m) - Aldoro Resources intersected 387m at 0.96% TREO in DD004E at Kameelburg
AON ($78m) - Apollo Minerals identified historical intercepts near the unmined Veronique at Couflens (France), including 20.0m at 1.4% WO₃
KSN ($77m) - Kingston Resources' underground infill drilling at SOZ, Mineral Hill, hit 21.4m at 1.22% Cu, 2.7% Pb, 1.96% Zn, 43 g/t Ag and 0.46 g/t Au from 38.6m
OR3 ($49m) - ORE Resources' Phase 4 RC at the Miriam gold project’s Forrest prospect returned 25m at 2.82 g/t gold from 170m (incl. 5m at 11.22 g/t)
HAR ($48m) - Haranga drilled two deep holes at the Lincoln gold project intersecting alteration, veining and sulphides >150m below the decline; assays and a maiden JORC MRE due late April–early May
ADN ($42m) - Andromeda Metals completed Early Works at Great White, saying equity to reach FID for Stage 1A+ is about $40m
AR3 ($36m) - Australian Rare Earths has prepared 30t of Koppamurra ore for shipment to ANSTO’s new pilot facility
High Grade It
Chinese iron ore truce reports bolster BHP, with several steel mills relaxing the unofficial ban (AFR)
CEOs have warned Trump’s push to build a US$12B stockpile threatens distortions and could cause a ‘massive overhang’ (FT)
China's lithium battery exports jump 50% amid Middle East energy-supply crunch (Bloomberg)
Rio Tinto, BHP, and Fortescue face decarbonisation challenges at Pilbara mines (BN)
Mithril Silver and Gold CEO John Skeet shot at by Mexican gangsters near Copalquin project (Australian)
Indonesian nickel processors cut battery-feed output by 10% due to sulphur shortage (Mining.com)
Nornickel develops palladium catalyst for Li-S batteries, targeting EV market demand (Reuters)
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Wheelin’ n Dealin’
Yancoal is set to acquire an 80% stake in the Kestrel coal mine in a deal worth up to US$2.4B (YAL, AFR, Australian) US$1.85B upfront plus up to US$550m price-linked contingent payments funded by cash and a US$1.2B facility, targeting Q3 2026 completion subject to FIRB/ACCC and Mitsui pre-emptive waiver
Antofagasta explores entry into Argentina's copper sector, considering Glencore's El Pachón project (Mining.com)
Glencore regains ownership of Access World due to unpaid vendor financing (Mining.com)
American Eagle launches C$31m takeover offer for Pacific Booker Minerals (Globe)
Rattlin’ the Tin
AKN ($33m) - AuKing Mining entered a trading halt pending announcements on a proposed project acquisition and capital raise
Canadian Copper secures C$96m to advance Murray Brook project in New Brunswick (Mining.com)
Rare Earths Americas files for IPO to advance US and Brazil projects (Mining.com)
Word on the Decline
Asara worth a look with Jeff Quartermaine stepping on as Chair. The Robex proximity is obvious, but we don’t see them tripling down on Guinea before diversifying outside the country.
Elsewhere in Africa, the development names we’re watching as M&A targets include WIA Gold, which we have heard is running a process plus Turaco Gold, who is making key development hires, and Many Peaks.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
The Cascade: What Oil Feeds (Campbell Ramble)
Let’s go Nuclear! (Fred’s Corner) On the uranium investment case
Charlie Aitken predicts BHP will surpass Commonwealth Bank as Australia's largest company due to copper (The West)
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