• Canada’s federal gov’t is extending a national security review of Paladin’s acquisition of Fission, further delaying the deal (Bloomberg)

• Global Lithium has succeeded in delaying its AGM, giving FIRB more time to investigate allegations of covert Chinese influence (AFR)

• Aluminium resumed gains on concerns global supplies will tighten following China’s removal of an export tax rebate (Bloomberg)

• Rio Tinto, Panguna stakeholders to address mine legacy impacts at roundtable (RIO)

• The Wagner Group has earned over $2.5b from illicit gold mining since the invasion of Ukraine, says report by the World Gold Council (Mining.com)

• Trafigura was accused by Swiss prosecutors of channelling bribes to an Angolan official through a network of ex-employees (Bloomberg)

• BHP to spend up to $14b on Chilean copper expansion (Mining.com)

• A plunge in water levels at the world’s largest man-made reservoir, which has left Zambia & Zimbabwe without power for hours, shows why they need to diversify their energy sources, according to a top official (Bloomberg)

• Abu Dhabi’s IRH is in talks about buying an indirect stake in one of the world’s biggest tin producers, Alphamin (Bloomberg)

• CBMM, Echion open world’s largest niobium anode production plant in Brazil (Mining.com) set for 2kt per year of XNO, equivalent to 1 GWh of Li-ion cells

• Paladin said the national security review into its acquisition of Fission has been extended until 31 December 2024 and clearance under the Investment Canada Act is still uncertain (PDN)

• Sayona will merge with Piedmont in a transaction that will see each company retain 50% of the proforma and an additional $150m equity injected. RCF will contribute $69 million in a conditional placement (SYA)

• EMR and GEAR will look to sell Ravenwood, the mine they’ve sunk more than $800m into, with Azure & UBS on the ticket (AFR)

• The scheme vote in the Brightstar-Alto tie-up got over the line with 99.98% voting in favour of the deal, meaning DELPHI / Patronus were supportive in an impressive 77% turnout (AME)

• Rio Tinto has moved to 98% interest in ERA and all signs point to compulsory acquisition from here (RIO)

• Tungsten Mining has acquired the Mt Mulgine project from Minjar for $3.3m (TGN)

• Osisko Metals announced a C$100m bought deal financing as John Burzynski joins as Executive Chairman (OM.V)

• Labyrinth raised $19.5m while its Mulwarrie should complete end of the month (LRL)

• Troilus Gold shared it had signed two Letters of Intent for up to US$500m from Scandinavian export credit agencies Finnvera & EKN (TLG.T)

Let’s run the ruler over the Paladin-Fission deal once again with Canadian regulators now extending the approval timelines at the exact same time as NexGen has moved its own permitting process forward.

We struggled to understand why Fission’s Chinese shareholder, CGN, could be the cause for the Canadian government to block a deal where Paladin acquires it. Wouldn’t the deal neatly dilute the Chinese ownership? The best explanation we could get to that question was this.

The deal has had everything: a stupidly tight shareholder vote (which included allegations of a fudged count), regulator hold-up, landowner support reneging, geopolitical influence, acquirer underperformance, and now allegations of misrepresentation of reserves too. From the mouth of Rick Rule overnight:

Jesus. How are the M&A arbs playing this one?

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

• Are parts of the lithium industry suffering from headinsanditis? (BMR)

• The energy transition will be much cheaper than you think (AFR)

• We found Samuel Terry Asset Management’s annual letter an interesting read (STAM) “We welcome corporate managers, who are interested in addressing undervaluation through shareholder alignment strategies, to reach out to us.”

• Uranium: A Drama in the Making (Goehring & Rozencwajg)

• This one flew under our radar yesterday but BHP’s investor presentation uploaded for a Chilean copper site visit is worth reading (BHP)

• Rio’s push to protect women is making both sexes angry (AFR’s Chanticleer)

• Does the Significant Price Increase Signal Reversal in the Lithium Hydroxide Market? (SMM)

Were you forwarded this email from someone else?

All information in this newsletter is for education and entertainment purposes only and is of general nature only. The Money of Mine team are not financial professionals. Money of Mine are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional, along with considering any relevant Product Disclosure Statement. Money of Mine does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. Money of Mine strives to ensure the accuracy and currency of the information contained in this newsletter but we do not make any representation or warranty that it is accurate, reliable or up to date. Any views expressed by the hosts of Money of Mine are their opinion only and may contain forward looking statements that may not eventuate. Money of Mine will not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of information in this newsletter. Information relating to our Privacy Policy is available online here.