Cash Bleed Confirmed as BGL Suspension Drags On

Markets tumble with resources no exception; Global miners hold their hands out for gov't aid

The Pre-Start

  • Bellevue extended its suspension, adding that 25.7koz were produced over the Q. Cash fell from $81m to $49m. Mining rates exceeded processing rates, resulting in a stockpile build and a lower-than-anticipated head grade, also partly a result of mining at the edges of the ore body, according to the company (BGL)

  • SSR Mining’s CDIs on the ASX will be suspended from the close of today to facilitate the company’s ASX removal (SSR)

  • Gorilla Gold updated on Mulwarrie drilling, with mineralisation of 5m @ 14.9g/t from 248m intercept, 200m down plunge from a recent hit (GG8)

  • Benz Mining released initial results from maiden drilling at the Zone 126 target at its Glenburgh gold project, including 11m at 19.9g/t Au from 274m (BNZ)

  • Havilah shared DHEM survey results from Mutooroo, while discussions with JX Advanced Metals are underway to fund a PFS & an option to buy (HAV)

  • Maple Gold provided assays from Douay, Québec, returning an intercept of 2.05g/t over 108.6m, including 4.93g/t over 17m (MGM.TSXV) Up 36%

  • Elementos released a DFS and maiden ore reserve on its Oropesa tin project in Spain (ELT)

  • The Takeovers Panel received an application from Emu NL concerning an alleged association in the context of an upcoming board spill meeting (EMU)

  • Tolu Minerals provided an exploration update on its Mt Penck project (TOK)

  • Paradice increased its shareholding in Bannerman Energy to ~7.2% (BMN)

  • Vulcan shared a new presentation

High Grade It

  • Investors braced for further pain across global markets as US stocks and the dollar suffered their worst day in years after the latest tariff measures sparked a global flight to haven assets (Bloomberg) S&P down 4.9%, Nasdaq down 5.5%

  • Glencore set July deadline for Mt Isa underground copper ops shutdown (MNN)

  • Glencore has demanded a gov’t handout for its struggling Mt Isa copper smelter and Townsville copper refinery, making it the latest global company seeking a bailout following a rescue of the Whyalla steelworks (AFR)

  • Commodity prices posted their biggest one-day collective slump in more than 2 years after tariffs ignited speculation that a slowing global economy (Bloomberg)

  • Albanese will use Australia’s sought-after critical minerals to push for Trump to lift tariffs on the country as the PM battles toughness perceptions (West)

  • Markets brace for severe economic shock from Trump’s tariff storm (AFR)

  • Peter Dutton’s has a $100m pitch to WA’s junior miners, proposing to reinstate the Junior Minerals Exploration incentive (West)

  • Gold stocks surge as US tariffs push bullion to record high (CB)

  • The US is in talks to invest billions in the DRC and wants to help end a conflict raging in the country's east, Trump's senior adviser for Africa said during a visit on Thursday (Reuters)

  • Activist Palliser has hearkened back to the disastrous Alcan deal as investors vote on scrapping Rio Tinto dual-listing (West)

  • The US remains committed to funding the Lobito rail corridor, to help transport critical minerals out of the central African copperbelt, despite Trump's aggressive spending cuts, a US diplomat said (Reuters)

Wheelin’ n Dealin’

  • The second court hearing for Northern Star’s proposed acquisition of De Grey has been scheduled for April 16 (DEG)

  • Asara Resources completed the sale of its non-core Kouri and Babonga gold projects in Burkina Faso to BIC West Africa (AS1)

  • Mining consolidation to speed up as Chinese demand growth slows (Reuters)

Rattlin’ the Tin

  • Minerals 260 completed their $220m capital raising to fund the acquisition & advancement of the Bullabulling gold project (MI6) Set to recommence trading on 10 April

  • KGL Resources completed its entitlement offer, raising ~$4.2m before costs (KGL)

Word on the Decline

  • The more we ask around about Ravenswood, the more we are sceptical that the sale process will attract a bid close to the value expectations of EMR, at least from any Australian miner

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In the Weeds

  • Rio Tinto’s fresh deck arguing against the unification of the DLC structure is worth reading (Rio Tinto)

  • Also worth reading, Larry Fink’s 2025 annual Chairman’s Letter (Blackrock) lots on nuclear within!

  • Trump’s tariff shock is smashing markets. The worst could be yet to come (AFR Chanticleer)

  • Commodity traders snap up assets and tighten grip on global supply chains (FT)

  • What the new US$3,000 era for gold means for investors (Livewire)

  • Rio Tinto’s agitator sneaks payment in the fine print (AFR’s Rear Window)

  • Tin, an overlooked critical metal, is enjoying a boom (Economist)

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