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- Rumour Mill Swirls on BGL Suspension Extension
Rumour Mill Swirls on BGL Suspension Extension
Gold Road plays defence whil Develop reassures the market
The Pre-Start
Bellevue requested a voluntary suspension of its shares until the end of next week to allow more time to release an updated production guidance announcement (BGL)
Hudbay Minerals released its annual R&R statement + production outlook, with copper & gold output expected to average 144kt & 253koz respectively over the next 3 years (HBM.TSX)
Gold Road shared underground drill results from 13 infill holes at Gruyere, which indicated the consistency and continuity of the orebody (GOR)
Allied Gold reported 4th quarter production of 100koz at an AISC of US$1,708/oz, resulting in US$50m in operational cash flow (AAUC.TSX)
Imperial Metals reported 2024 production of 28kt Cu and 57koz Au leading to cash earnings of C$211m (III.TSX)
Develop released a market update to address rumours concerning its mining services division’s relationship & contract with Bellevue Gold (DVP)
Matsa executed a binding mining services term sheet to mine the Devon Pit gold mine, which is expected to start immediately (MAT)
Aurelia received approval to modify haulage rates up to 600ktpa to the Peak plant (AMI)
True North Copper responded to an ASX query letter in relation to the company’s half-year report (TNC) Suspension on TNC shares subsequently lifted
Administrators of Strandline have extended the convening period for the second meeting of creditors (STA)
Omai Gold released assays from its project in Guyana, with a standout hit of 10.4g/t over 10.5m (capped at 70g/t) from 400m (OMG.TSXV)
Tivan provided an update on progress towards finalising a proposed JV with Sumitomo on its Speewah fluorite project (TVN)
Ryder Capital increased its stake in BCI Minerals to ~10.4% (BCI)
Datt Capital increased its stake in Koonenberry Gold to ~11.3% (KNB)
Josef El-Raghy increased his stake in Marvel Gold to ~9.7% after participating in the recent placement (MVL)
NRW appointed a new CFO in former Perenti CFO, Peter Bryant (NWH)
Global Lithium, Barton Gold and Dreadnought shared new presentations
High Grade It
MinRes is facing Qantas-like negative hysteria, said L1 Capital’s Mark Landau, who’re the company’s largest shareholders, excluding Ellison (AFR)
Rio has officially been dragged to the Fair Work Commission in what could spark the first union deal at a mine in WA’s Pilbara for more than 30 years (West)
Peter Dutton fired a salvo on energy prices ahead of Albanese’s May 3 election announcement, with a promise to force more export gas into the domestic market (AFR)
Jiangxi Copper reported full-year earnings that narrowly missed estimates and warned of ongoing volatility in the market (Bloomberg)
Minerals Council chief Tania Constable said the prospect of Teals or Greens having say in power should ‘send shivers down WA’s spine’ (West)
Sweden will offer public loans to fund new nuclear power projects as the nation seeks ways to meet an expected surge in demand for electricity (Bloomberg)
Regal-backed mining financier Taurus has reportedly seen two dealmakers, James Black & Martin Boland, hand in their resignations (AFR Street Talk)
A rebel Congo River Alliance leader has said a DRC-US minerals deal won’t bring peace & will undermine US credibility (MNN)
British Columbia’s new framework requiring consultation with First Nations before registering mining claims misses the mark for consulting with Indigenous groups, First Nations have said (NM)
Activists are raising concerns over an iron ore mine set for construction by Grange Resources at the doorstep of the Stirling Range National Park (West)
Get your tickets to what’ll no doubt be a cracking event, the RRS Gather Round Conference, which is just a few short weeks away!
Wheelin’ n Dealin’
Gold Road released a letter to shareholders regarding its rejection of Gold Fields’ proposal to acquire the company (GOR) this letter is more promising grounds for value negotiation with GFI in our opinion
Hudbay Minerals consolidated its ownership of Copper Mountain by agreeing on a deal with Mitsubishi to acquire its 25% interest for US$4.5m upfront and ~US$40m in deferred & contingent cash payments (HBM.TSX)
Rattlin’ the Tin
Word on the Decline
See the spread in DEG/NST momentarily blow out to the widest it’s been for some time, this morning. So is the read-through that Gold Road is shopping its DEG stake hard?

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.
In the Weeds
Rumourtrage aplenty at Bellevue Gold (AFR’s Rear Window)
Australia digs in as top destination for mining listings (Reuters)
Part 1 of Hopgood Ganim’s Mining Project Lifecycle Series (HG)
Macquarie's Viktor Shvets rewrites rules of investing, warns world on brink of upheaval (Livewire)
L1 Capital Long Short Strategy Update (Webinar) Timestamps for commentary on MinRes & the new gold fund
Today’s Top Tweet
Its remarkable (despite an underground scoping study being in progress below an open pit mine) that $GOR can't estimate true widths or even produce drill sections for this announcement. Would you like to borrow my protractor and ruler?
— Chuck Chunder (@ChuckChunder007)
9:49 PM • Mar 27, 2025
Classic defence tactic, Chuck!
Devil’s in the Detail
It’s not often the same announcement makes this section of the newsletter two days in a row… But on second glance at yesterday’s announcement from Core Lithium, we’re pretty sure the counterparty to this deal was MinRes’ subsidiary, CSI.

It’s relatively small change but MinRes appears to have sold their on-site crusher for ~$20m…
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