Falcon swoopson BendigoVictoria, Tasmania spotlightIPO ReviewSkills focusSKILLS THAT MOVEYOU FORWARDFROM VOCS TO ADVANCED DIPLOMAS.ACA Training makes upskilling simple, flexible and effective.We deliver nationally recognised training for mining and civil construction — from VOCs to Advanced Diplomas — with minimal disruption to operations.As a fully online RTO, mobile assessments and real-time reporting give managers instant evidence, full oversight and confidence in compliance.Build capability or advance your career with practical, industry-led training from ACA Training.MINING – SURFACE EXTRACTIONNationally recognised training for equipment operators, delivering practical skills and verified competencies for modern mine sites. Equipment units are available individually for accredited training or VOCs, allowing workers to build skills progressively toward a full qualification.SAFETY & LEADERSHIPPractical safety and leadership training for supervisors and emerging leaders in high-risk environments. Flexible delivery allows units to be completed individually or as full qualifications, helping businesses strengthen capability and meet compliance needs.VOCFast, practical VOCs for experienced operators and trades teams. Fully documented and audit-ready, units can be completed individually or together, online or on mobile — delivering compliance without disrupting operations.TRAIN SMARTER. PROGRESS FASTER. CHOOSE ACA TRAININGRTO No.52924www.aca-training.com.auFebruary 2026 VOLUME 1. ISSUE 345 $11.95 ISSN 1445-34369 771445 34300701 Australia’s Paydirt February 2026
Tel: (08) 9303 2334Email: [email protected] Process Control(MPC) Pty LtdUnit 3, 30 Furniss RoadLansdale WA 6065Contact us now for a full product brochure or to locate a stockist near youHigh rate, gold, silver and copperassaying with the PAL-1000and AssayTab technologiesBottle RollsLaboratory TumblersLaboratory CentrifugeDTOX Cyanide Waste Water TreatmentLow cost, high rateand accurate metals assaying chemicals and technologyHome of LeachWELLTM theoriginal and premiercyanide leaching agent for the gold, silver and copper mining industries
Registered by Australia Post PP 643938/0071. No pages or articles in this publication may be reproduced in any form without the consent of the publisher. This includes photographs either taken by Paydirt Media staff or provided by other parties.PAYDIRT (ISSN 1445-3436)Published byPaydirt Media Pty Ltd.A.C.N. 063 985 133Head Office: Suite 9, 1297 Hay St, West PerthWestern Australia 6005P.O. Box 1589, West PerthWestern Australia 6872Phone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 [email protected]: Editor: Dominic PiperDeputy Editor: Michael WashbourneSenior journalist: Rhonda MalkinJournalist: Michael CameronArt director: Nick BrownAdvertising:Advertising manager: Richa FullerSubscriptions: Vinitha ChityalaPhone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 0426Pre-press and printing:Vanguard Press, 26 John St,Northbridge WA 6003Member of:Paydirt MediaExecutive chairman: Bill RepardFinance manager: Giovanny JeffersonAccounts/administration: Vanessa CaleConferences: Angelique Julien,Paula Fujita263212 NEWSLynas Rare Earths managing director Amanda Lacaze has announced her retirement from the company she has led for more than a decade. We look back on her transformational leadership, which saw Lynas go from struggling developer to outrider of the rare earths revolutionCOVER The Bendigo goldfield in Victoria has become synonymous with fleeting promise, with explorers delivering initial high-grade gold hits but finding it difficult to follow up. However, Falcon Metals believes it may well have cracked the code and can get its Blue Moon discovery to hang together. Rhonda Malkin joined managing director Tim Markwell on site to investigate the company’s progressSOUTHERN STATES Falcon isn’t the only explorer up and about in Victoria. After two decades on the outer, the state’s more accommodating approach to exploration is paying dividends. We look at the explorers ramping up activity in Victoria and also head across the Bass Strait to find a similar revival in TasmaniaIPOs It may not go down as a classic vintage but after several moribund years, the resources IPO market showed signs of life in 2025. In our annual survey, we look at the new floats which caught investors’ attention while also reading the signs about what 2026 could bring for the listings spaceSKILLS From the boardroom to the toolbox, mining sector recruitment is a very different beast to 30 years ago. We look at the issues taxing skills and recruitment in the Australian resources sector, from finding the right fit for junior company leadership, to cross-border agreements designed to educate a new generation of mining professionalsCONTENTS43Member of:263243in support of Australia’s mining industrymaroomba.com.au63Falcon swoopson BendigoVictoria, Tasmania spotlightIPO ReviewSkills focusSKILLS THAT MOVEYOU FORWARDFROM VOCS TO ADVANCED DIPLOMAS.ACA Training makes upskilling simple, flexible and effective.We deliver nationally recognised training for mining and civil construction — from VOCs to Advanced Diplomas — with minimal disruption to operations.As a fully online RTO, mobile assessments and real-time reporting give managers instant evidence, full oversight and confidence in compliance.Build capability or advance your career with practical, industry-led training from ACA Training.MINING – SURFACE EXTRACTIONNationally recognised training for equipment operators, delivering practical skills and verified competencies for modern mine sites. Equipment units are available individually for accredited training or VOCs, allowing workers to build skills progressively toward a full qualification.SAFETY & LEADERSHIPPractical safety and leadership training for supervisors and emerging leaders in high-risk environments. Flexible delivery allows units to be completed individually or as full qualifications, helping businesses strengthen capability and meet compliance needs.VOCFast, practical VOCs for experienced operators and trades teams. Fully documented and audit-ready, units can be completed individually or together, online or on mobile — delivering compliance without disrupting operations.TRAIN SMARTER. PROGRESS FASTER. CHOOSE ACA TRAININGRTO No.52924www.aca-training.com.auFebruary 2026 VOLUME 1. ISSUE 345 $11.95 ISSN 1445-34369 771445 34300701 Australia’s Paydirt February 2026Cover image: Falcon Metals managing director Tim Markwell on site in Bendigo, Victoria
PAGE 4 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIf it was an Australian or African setting, it would be at the end of the long drought. If it was in cooler climates, it was the end of the big freeze. Regardless, the narrative was the same – animals which had been hanging on in a landscape devoid of sources of nourishment were suddenly treated to a deluge (or milder temperatures) which brought with it new life.As the rains come, you soon see youngsters frolicking in the pools of water, herbivores grazing on the plentiful plant life and predators enjoying a bounty of prey opportunities.I’m sure everyone can see where I’m going with this allegory. After a long, barren, dry spell, the junior mining space finds itself in that moment of abundance. The drought is broken and there is currently a deluge of money rushing towards the sector. Where last year it was restricted to gold, in the early weeks of 2026 it appears to be spreading through base and even battery metals.The world is full of opportunities but given the current state of global politics, where any single event could bring it all crashing down, companies don’t have long to take advantage of the season.Exactly how to take advantage is open for debate and every small company has its own strategy. I’d say, these strategies fall into three broad categories – the ones who build immediate value, the ones which set themselves up for multiple cycles and the ones who manage to set themselves up personally.I’ll set aside the latter category for now as I don’t want to give too much oxygen to a group of companies and executives who are a stain on the sector but I’m sure every reader has come across examples of these “lifestyle miners” throughout their time in the industry.Of the other two categories, the first is currently dominated by gold miners. Just a few years ago it would have been laughable to suggest a company could build a mining operation on a sub50,000oz gold resource. In 2026, there are nearly a dozen companies who have taken FID on this sized deposit or less and appear to be ready to make good money out of it. This is not to be dismissive or sceptical of such an approach. If you have the means to get into production and generate positive cash flow, thus avoiding further shareholder dilution, why wouldn’t you? The question is whether getting into production becomes a means to an end or something more fundamental.While long-term investors will probably welcome a small return on their investment, few are in the junior market to make a 10-15% return. Most would rather see companies take advantage of supportive market conditions to set themselves up for prolonged growth. This is where the smartest – and bravest – will look beyond the short term and set themselves up to negotiate future droughts. If juniors can apply their funds, whether equity injections or mining revenues, to building longer-term assets, they have the potential to become a completely different kind of company.The favourable weather is never around for very long but the best companies ensure they make the most of it and some of the ASX’s great junior and mid-tier success stories were forged in such times. Among the current crop of mid-tier miners, Northern Star Resources Ltd, Evolution Mining Ltd, Sandfire Resources Ltd, IGO Ltd and PLS Ltd all built their long-term outlook during short windows of opportunity in their respective sectors, starting out as juniors but with strategies to take them into the mid-tier. By focusing on the longer-term, they were able to deliver enduring value to shareholders – and other stakeholders – rather than just a short-term sugar hit.Once the inevitable downturn came, they were future-proofed to withstand the drought and are fit enough to flourish now that the rains are here again.It took foresight, bravery and professionalism from each of these companies to set themselves up for their conversion from marginal juniors to established mid-tiers. I’ll be watching to see which of the current crop of juniors are capable of emulating them. When I was young, my favourite part of any nature documentary was that moment when the long, harsh season broke and a new cycle of life [email protected] @DominicPiperYour refiningpartner of choiceThe Perth Mint is one of just seven global referees for the LBMA, the leading authority on precious metals markets and standards, reinforcing our status as one of the world’s most trusted refiners.As part of our dedication to innovation and excellence, we’re modernising processes in gold and silver refining. Our advanced refining operations will boost production capacity, enhance safety standards, and scale sustainable practices for long-term impact, keeping us at the forefront of technology among global refiners.Discover what makes us Australasia’s refining partner of choice. perthmint.com/refine
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The proposed tie-up between Rio Tinto Ltd and Glencore SA could require asset sales to secure regulatory approval from China, where there are longstanding concerns about resource security and market concentration.The two mining giants revealed last month that for the second time in two years they were in early merger talks – potentially creating the world’s largest mining company with a market value of more than $US200 billion.But analysts and lawyers said the scale of their sales to China means any deal will need approval from Beijing, as have past mining mega-deals such as Glencore’s $US35 billion purchase of Xstrata in 2013.China’s antitrust regulator is likely to be concerned about a combined entity’s concentration in copper production and marketing as well as iron ore marketing, several analysts and lawyers told Reuters. Beijing may also see an opportunity to force asset sales to friendly entities, they added.Even before the Glencore talks were made public, Rio Tinto had already been exploring an asset-for-equity swap aimed at trimming the 11% holding of its biggest shareholder, state-run Chinalco. Rio Tinto’s Simandou iron ore mine in Guinea and Oyu Tolgoi copper mine in Mongolia were among the assets of interest to Chinalco, sources said then.To get the Glencore deal over the line, assets in Africa are especially likely sales candidates as Latin America has become less accepting of Chinese investment, according to Glyn Lawcock, an analyst at Barrenjoey in Sydney.“China will see this as an opportunity to squeeze out assets,” he said.Glencore has been here before. In 2013, Chinese regulators forced the Swissbased company to sell its stake in the Las Bambas copper mine in Peru, one of the world’s largest, to Chinese investors for nearly $US6 billion in exchange for blessing its takeover of Xstrata.“The Las Bambas deal is still looked at as a very successful solution and it’s going to be a potential playbook that regulators can draw on,” a China-based partner at an international law firm said on condition of anonymity.Glencore also agreed to sell Chinese customers minimum quantities of copper concentrate at certain prices for just over seven years as Beijing was concerned the merged group would have too much power over the copper market.Copper assets are in even higher demand today given the metal’s role in the green transition and artificial intelligence. Rio Tinto and Glencore are shifting their focus to the metal, as are rival miners inPAGE 6 FEBRUARY 2026 AUSTRALIA’S PAYDIRTRio, Glencore deal to attract Chinese scrutiny NEWSHow Glencore and Rio Tinto’s core assets stack up RIO TINTO: Copper GLENCORE: CopperMines/Projects Location Ownership 2024 Production (Rio Tinto shareKennecott (refined) U.S. 100% 193,000 tonnesEscondida (refined Chile 30% 414,000 tonnesand mined)Oyu Tolgoi (mined) Mongolia 66% 142,000 tonnesBingham Canyon (mined) U.S. 100% 123,000 tonnes** Rio Tinto’s share of refined and mined copper production in 2024 was 872,000 tonnes. RIO TINTO: Iron Ore GLENCORE: CoalMines/Projects Location Ownership 2024 Production (Rio Tinto shareKamoto Copper DRC 70% 190,600 tonnesMutanda Mining S.A.R.L DRC 95% 33,900 tonnesCollahuasiCopper Chile 44% 245,800 tonnesLomas Bayas Chile 100% 74,100 tonnesAntamina Copper & Zinc Peru 33.8% 144,700 tonnesAntapaccayCopper Peru 100% 145,800 tonnes** Glencore also produces copper from Mount Isa, Australia, and the Kidd mine in Canada. Glencore’s total copper production in 2024 was 951,600 tonnes.Steelmaking coal 2024 production (Mt)Canadian steelmaking coal 12.5Australian steelmaking coal 7.4 Energy coal 2024 production (Mt)Australian semi soft coal 3.3Australian thermal coal (export) 54.1Australian thermal coal (domestic) 6.5South African thermal coal (export) 11.7South African thermal coal (domestic) 4.9Cerrejon thermal coal 19.1Mines/Projects Location Ownership 2024 Production (Rio Tinto shareHamersley mines Australia * 224.8Hope Downs Australia 50% ~21Robe River - Robe Valley Australia 53% 16.8Robe River - W.Angelas Australia 53% 15.6Iron Ore Co. of Canada Canada 58.7% 9.4** * Includes 100% of production from Hamersley Iron’s Pilbara mines; holds 54% stake inEastern Range mine, with the entire output attributable to Rio.Other commodities:Rio Tinto produces and markets a range of commodities, including aluminium, lithium, borates and titanium dioxide, as well as diamonds and salt.Rio Tinto is the world’s largest producer of iron ore. It produced 287.7 million tonnes (Mt) of iron ore in 2024. The following are its assets: Glencore produced 119.5 million tonnes of coal at its assets in 2024. The company produces and exports seabornetraded thermal and steelmaking coal in its mines in Canada, Colombia, South Africa and Australia. Here are its coal assets:Other commodities:Glencore trades over 60 commodities, including such as cobalt, nickel, zinc, lead, ferroalloys, aluminium, iron ore, gold, and silver, as well as crude oil, and natural gas. (NOTE: Ownership and production numbers are based on 2024 figures).
Gold prices may be strong, but mining has never been harder to run.More complexity. More pressure. Less tolerance for error.Why leaders choose GotSafe Media1 Because complexity breaks alignment, not intentAs operations get deeper and more fragmented, leadership intent gets diluted fast.Messages compete with:• operational pressure• contractor turnover• systems overloadGotSafe Media helps leaders cut through that noise with short, focused videos and Corporate communications that make priorities clear, repeatable, and easier to act on: across sites, roles, and shifts.Our team brings real safety, ESG and Communications experience with over two decades, to ensure it reflects ground work and your organization achievements to the world.The Mining Industry choses GotSafe Media, always.Your Business strategy is sound. Is execution complexity hurting results?gotsafemedia.com2 Because results now depend on visibility and trustToday, results are judged not only by output, but by how responsibly operations are run.Boards, investors, regulators, and communities want to see:• how people are being equipped,• how expectations are set,• your ESG outcomes.We help you pull real work and real outcomes into engaging stories that make sense internally and can be clearly understood externally. Visibility supports confidence, capital, and license to operate.A no-risk way to test itYou commission one clearly defined asset or campaign.If, within 60 days, it’s not fit for real-world use in your operation, we’ll provide two structured revisions at no additional cost.Clear scope.Clear timeframe.No sunk-cost pressure.Brand Media CommunicationHealth & Safety ExpertAmanda Amaral0432 367 160Angelo Porrovecchio0409 998 865AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 7cluding Australia’s BHP Ltd.Chinese regulators will also be examining a planned $US53 billion copper-focused merger between Anglo American plc and Teck Resources Ltd, according to Teck chief executive Jonathan Price.Copper’s rising importance is politicising the metal. The White House has alluded to China’s dominance over the supply chain as a direct threat to national security and it remains to be seen how it would react to major mineral asset sales to Chinese interests.A combined Rio Tinto-Glencore would market about 17% of global copper supply, according to Lawcock, although analysts at Barclays say the share of mine production is only 7.5% and unlikely to trigger major antitrust concerns.Nonetheless, politics has doomed deals before.US chipmaker Qualcomm walked away from a $US44 billion deal to buy NXP Semiconductors in 2018 after failing to get approval from Chinese regulators in what was seen as a response to the trade war then underway between Washington and Beijing. The inability to get Chinese regulators on board similarly sank Nvidia’s proposed takeover of Arm Ltd.In previous resource deals, however, Beijing has given approval as part of a bargain. A year before the sale of Las Bambas, Beijing required major changes to a tie-up between Japan’s Marubeni and US grain merchant Gavilon, citing food security concerns.“Clearly this would be a long, complicated deal from a regulatory approval perspective,” Mark Kelly, chief executive of advisory firm MKI Global Partners, wrote in a note, “and the presence of Chinalco on Rio’s shareholder register always complicates this picture further”. – Reuters
NEWSPAGE 8 FEBRUARY 2026 AUSTRALIA’S PAYDIRTAntimony, gallium and rare earths will be the initial focus of Australia’s proposed critical minerals strategic reserve, after the Federal Government released further details of the policy in January.The interventionist move was launched last year following ongoing conversations between Australia and several allies designed to curb China’s growing dominance of critical minerals.While Australian demand for critical minerals is negligible, the country has emerged as a key source of the raw materials, however most of this production is currently tied up in offtake agreements with Chinese groups. New sources – particularly in smaller markets such as rare earths, antinomy and gallium – suffer from a lack of compelling project economics which make it difficult to fund development through traditional debt and equity markets.Under the plan, the strategic reserve will operate by securing rights to minerals produced in Australia and on-selling those rights to meet demand with the intention of strengthening global supply chains for trading partners.“The reserve will support Australia’s collaboration with international partners to diversify critical minerals supply chains, including the United States, Japan, Republic of Korea, Europe, Canada and the UK,” the Department of Industry, Science and Resources said in a statement. “The Government will advance consultation with international partners on developing collaborative efforts to maximise the impact of the CMSR on global supply chains.”The reserve includes $1 billion for transactions to be drawn from the expanded $5 billion Critical Minerals Facility, which provides government-backed loans and equity support for projects. A further $185 million has been allocated for selective stockpiling of minerals, where required, and other implementation costs.The Government is expected to table legislation this year which will hand Export Finance Australia (EFA) additional powers to effectively support the reserve. Future transactions under the reserve will be led out of the Department of Industry, Science and Resources, in close partnership with EFA.“In a rapidly changing world, the Strategic Reserve is all about safeguarding Australia’s future prosperity,” Australian Treasurer Jim Chalmers said. “Ensuring we have a reliable reserve of these critical resources will strengthen supply chains and help to stabilise critical minerals markets. This means a more reliable supply of the resources we all need for the future.“The world needs critical minerals – Australia has plenty of them and our critical minerals reserve will help us weather global economic uncertainty and help to boost trade and investment.”Federal Resources Minister Madeleine King said the strategic reserve would provide vital support to Australian critical minerals mining and processing projects, placing the country at the “centre of efforts to build stable and reliable supply chains”.“From defence applications to clean manufacturing, critical minerals are at the heart of our economic and national security,” she said. “The Strategic Reserve’s initial focus on antimony, gallium and rare earths will give added certainty to Australian projects, help attract further investment and help the sector deal with potential future market disruptions.”Mining industry groups were cautious in their praise for the legislation with the Association of Mining & Exploration Companies (AMEC) saying it was looking forward to seeing the finer details around how the strategic reserve would be implemented.“While the Government has announced the strategic reserve will operate by securing rights to minerals produced in Australia and on-selling those rights to meet demand, specific financial mechanisms to help implement the [reserve] did not form part of the announcement,” AMEC said in a statement. “AMEC understands details of potential financial tools are still under consideration by the Government.”AMEC is recommending a production scheme model designed following a report conduction by Mandala Consulting last year.AMEC’s recommended model, the Rare Earths Production Scheme (REPS), leverages a Contract for Difference model with a price collar, similar to the existing Capacity Investment Scheme. Under the REPS, the Government covers any gap when the spot price falls below an agreed floor and receives a negotiated proportion of revenue when the spot price rises above an agreed ceiling.“The model minimises risks to taxpayers and aligns with the government’s policy objectives,” AMEC said. Canberra launches strategic stockpile“The world needs critical minerals – Australia has plenty of them and our critical minerals reserve will help us weather global economic uncertainty and help to boost trade and investment.Jim Chalmers
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PAGE 10 FEBRUARY 2026 AUSTRALIA’S PAYDIRTNEWSUS President Donald Trump has opted for now against imposing tariffs on rare earths, lithium and other critical minerals, and instead ordered his administration to seek supplies from international trading partners.The move defers a decision on duties that could further roil the US economy, especially while the Supreme Court is deliberating the legality of Trump’s tariffs. By acknowledging the country is far from being self-reliant for its critical minerals needs, though, it may rankle the domestic mining sector.Trump ordered US Trade Representative Jamieson Greer and Commerce Secretary Howard Lutnick to “enter into negotiations with trading partners to adjust the imports of [critical minerals] so that such imports will not threaten to impair the national security of the United States.”The negotiations, Trump said, should promote the use of price floors for critical minerals, a step long sought by Western miners and policymakers. G7 finance ministers and those from other major economies like Australia met in Washington in January to discuss such a step, for example.If Greer and Lutnick’s negotiations are not successful, Trump said he would consider setting minimum import prices for critical minerals or “may take other measures”, without elaborating.Trump is essentially agreeing to a recommendation by Lutnick, who last April launched a national security review under Section 232 of the Trade Expansion Act of 1962 and in October submitted his findings to the president.Lutnick’s report found that the US is “too reliant on foreign sources” of critical minerals, lacks access to a secure supply chain, and is experiencing “unsustainable price volatility” for the materials, with all those factors fuelling a “significant national security vulnerability that could be exploited by foreign actors”.It was not immediately clear why Trump waited until January to act on Lutnick’s report.China is a top global producer of more than half of the 54 minerals considered critical by the US Geological Survey, for example, and has been curtailing exports in the past year amid its trade dispute with Washington. The country is also a major refiner of critical minerals.“Mining a mineral domestically does not safeguard the national security of the United States if the United States remains dependent on a foreign country for the processing of that mineral,” Trump said in the order.US Treasury Secretary Scott Bessent used the G7 meeting to urge other countries to step up their efforts to reduce reliance on critical minerals from China.Together, the G7, plus India and Australia who were also invited, accounts for 60% of global demand for critical minerals.“Urgency is the theme of the day. It’s a very big undertaking. There’s a lot of different angles, a lot of different countries involved and we really just need to move faster,” a US official told Reuters.Bessent had said before the conference he had been pressing for a separate meeting on the issue since a G7 leaders summit in Canada in June, where he delivered a rare earths presentation to gathered heads of state from the US, Britain, Japan, Canada, Germany, France, Italy and the EU.Leaders agreed to an action plan at the summit to secure their supply chains and boost their economies, but Bessent has grown frustrated about the lack of urgency demonstrated by attendees, the official said.Aside from Japan, which took action after China abruptly cut off its critical minerals supplies in 2010, G7 members remain heavily dependent on critical minerals from China, which has threatened to impose strict export controls.China dominates the critical minerals supply chain, refining between 47% and 87% of copper, lithium, cobalt, graphite and rare earths, according to the International Energy Agency. These minerals are used in defence technologies, semiconductors, renewable energy components, batteries and refining processes.“The United States is in the posture of calling everyone together, showing leadership, sharing what we have in mind going forward,” the official said. “We’re ready to move with those who feel a similar level of urgency ... and others can join as they come to the realisation of how serious this is.”The official gave no details on what further steps were planned by the Trump administration, which is pushing forward to boost domestic production and reduce reliance on China through agreements with Australia, Ukraine and other producers.The US signed an agreement with Australia in October aimed at countering China’s dominance in critical minerals that includes an $US8.5 billion project pipeline. The deal leverages Australia’s proposed strategic reserve, which will supply metals like rare earths and lithium that are vulnerable to disruption.The official said there had been progress, but more work was needed. “It’s not solved,” they added.Canberra has said it has subsequently received interest from Europe, Japan, South Korea and Singapore.Last month’s meeting came days after reports that China had begun restricting exports – Ernest Scheyder, ReutersTrump seeks overseas deals, not tariffs for critical minerals
PAGE 12 FEBRUARY 2026 AUSTRALIA’S PAYDIRTTrailblazer retires:Lacaze to leave LynasOne of the most popular industry leaders of the past decade has called time on her colourful executive career.Amanda Lacaze is set to officially retire as managing director and chief executive of Lynas Rare Earths Ltd on July 1, exactly 12 years to the day since her surprise appointment to lead what remains the world’s largest producer of rare earths outside China.“I’ve loved every day of my 12 years at Lynas,” she said in a statement announcing her planned departure on January 13.“It has been a great privilege to lead the company from a troubled startup to an ASX50 company. I am extremely proud of our achievements over this time. I am leaving the company in good hands with a fabulous team with unique skills and knowhow, and a balance sheet to support future growth plans. “Having successfully concluded the ‘Lynas 2025’ capital investment programme and launched the ‘Towards 2030’ growth strategy, it is the right time to make this transition.”Lynas has initiated a formal search for a new chief executive of a business now valued at almost $16 billion. When Lacaze first stepped into the hot seat in July 2014, the Sydney-based miner’s market cap was barely $400 million with many commentators predicting the end was nigh for both individual and company given the sharp collapse in rare earths prices three years prior.Lacaze was widely considered a surprise choice for the role given the notable lack of mining experience on her resume. At the time of her original appointment as a nonexecutive director in December 2013, she was introduced as the managing partner of MLC Consulting, a business she founded which provided strategic advice on telecommunications, logistics, food and manufacturing industries, with her “particular area of expertise” being strategic marketing and pricing.Speaking to Paydirt in July 2022 – just a month before Lynas was crowned Digger of the Year at the annual Diggers & Dealers Mining Forum in Kalgoorlie – Lacaze recalled how she approached the naysayers.“I remember someone wrote something at one stage which basically said, ‘well, what would I know about rare earths?’,” she reflected.“I remember saying at the time, ‘well, I didn’t think anyone was born knowing about rare earths but I would learn’. And there were plenty of other things I brought to the table, including really understanding how to run a business and how to get the best out of the people who were in the business.”Universally admired for her quick wit and humour, especially during quarterly reports and formal speaking engagements, Lacaze has consistently called out China’s purported manipulation of rare earths prices. In 2019, she suggested the Asian powerhouse was trying to steal mining and processing IP from Lynas, which had now significantly expanded its market distribution globally.“The reason why China focused on us was not for the resource, it was not just for the valueadding that we do; it was for all the downstream jobs that go with it,” she told a West Australian Mining Club luncheon.“From 2025, they’re looking at no more export of rare earths except in value-added form, which is either a motor or a car. So, we have a terrific opportunity because the West has been on the heroin drip of cheap components for a very long time and this has exposed us.“Our manufacturing supply chains are exposed because we’ve got big gaps in it and this is why it is exciting. This is why we have an opportunity to do it today, differently from the way we have done it before, and we’re really very excited about it.”In recent years, Lacaze has also used her profile to promote greater diversity in the broader resources sector, including more women in leadership roles, declaring it essential to building successful businesses.“You simply get to build a better team if you recruit from 100% of the talent pool,” she told this publication in May 2023. “If you cut groups out because they don’t look the same as the people you’ve already got there, you end up fishing in a very small pool and you’re not going to get as many skills into your business. Add to that, if you recruit people with different industry experience – and bear in mind, there is no one who knew how to run a rare earths factory – you will find novel solutions and better ways of doing things than if you’ve got people who have just always done it one way and keep on always just doing it one way.“It’s not something that we do because we want to sort of tick a box, it’s something that we do because it makes our business better.”Lynas chair John Humphrey hailed Lacaze’s “outstanding” contribution to “our people and our company”.“This company was in a very difficult position when Amanda took on the role of CEO,” he said. “It is thanks to Amanda’s hard work, drive and tenacity that Lynas is today a leading rare earths producer and critical supplier to global manufacturing supply chains.“This provides an excellent foundation for the company’s continued growth and development.” – Michael WashbourneNEWSTo present, exhibit or attend as a delegate please contact Angelique Julienon (+61) 8 9321 0355 or email [email protected]“I’ve loved every day of my 12 years at Lynas.
Paydirt’s Critical Battery Minerals Conference will bring together key stakeholders from across the globe, including miners, explorers, investors, offtakers, financiers and governments to discuss the future of supply chains essential to the clean energy transition.Amidst resurgent global demand for lithium, nickel, cobalt, graphite, rare earths and other critical minerals, this event offers a vital platform for insight, connection and strategy.With Australia playing an increasingly central role in global supply chains, the conference facilitates in-depth dialogue between industry, academia and government on market trends, policy and project development.graphitelithiumtin cobaltnickelcoppermanganesevanadium rare earthsTo present, exhibit or attend as a delegate please contact Angelique Julienon (+61) 8 9321 0355 or email angelique@paydirt.com.aubatterymineralsconference.comREGISTRATION OPENJoin us for Australia’s only event dedicatedto the development of the critical minerals industryCRITICALMINERALSPerth,Western AustraliaB ATTERY21-22 April 2026SCAN TOREGISTER
PAGE 14 FEBRUARY 2026 AUSTRALIA’S PAYDIRTNEWSForrestania Resources Ltd continues to consolidate opportunities around its West Australian gold hubs, the latest move being the acquisition of the mothballed Lake Johnston nickel plant from Horizon Minerals Ltd.A former prolific nickel producer, Lake Johnston sits just 60km from Forrestania’s namesake gold project. The company will begin a study to refurbish and convert the 1.5 mtpa flotation and comminution circuit into a gold plant. The deal also delivers power infrastructure, workshops, laboratories and camp. The deal with Horizon – which acquired the plant as part of its merger with Poseidon Nickel – is valued at $35 million. Given the company has estimated a $200 million price tag for an equivalent plant, , Forrestania appears to have bagged a bargain.Forrestania chairman David Geraghty told Paydirt the Lake Johnston acquisition was in keeping with the company’s focus on transitioning from explorer to gold producer in 2026. “The crushing and grinding circuit down at Lake Johnson is fit for purpose to do 3.2 mtpa, not 1.4 mtpa as per the nameplate for nickel sulphide,” Geraghty said. “A lot of people say if you don’t have 1 moz you don’t really have anything to justify a plant, I guess we are racing towards it, and we will continue to consolidate in this area and get bigger and better.“We’ve done British Hill [64,625oz gold resource] first, we’ve got the option over the Hyden ground – which is the Two Ladies – and have done a maiden resource for Lady Lila [40,513oz gold],” Geraghty said. “Both of those will have further resource upgrades in the next month or two.”Drilling has restarted at Lady Lila, with rigs expected to complete about 1,300m of drilling and holes planned to the north and south of the existing resource. Having successfully tested and confirmed the historical gold drilling results and demonstrated consistent, open mineralisation at depth and along strike in the phase-2 programme, Forrestania is to test the extent of the mineralisation along strike (north-south) and at depth in the current drill programme.“This diamond drill programme will allow the necessary metallurgical and geotechnical understanding of the geology and the orebody on the newly granted mining lease,” Geraghty said. “As a qualified metallurgist, I appreciate the need to fully understand orebodies as projects transition from exploration to development and mining operations.“The results will be used by MBS Environmental for the statutory submissions for the development of Lady Lila which we aim to submit in late 2026.”At a proposed 115,000 ozpa production rate, the free cash flow from Lake Johnston, could be about $20 million a month. Forrestania is also looking at Ramelius Resources Ltd’s Edna May mill, which is on care-and-maintenance, if it goes up for sale. Geraghty said the company planned to divest its copper and lithium assets to focus solely on its gold assets, having signed a swap agreement with Catalina Resources Ltd in january for the exchange of the Laverton gold and Breakaway Dam copper projects. “We will produce gold in the lowest cost quartile in WA, and we think we can do that with our very shallow, low-cost mining that we’ll have compared to others, we’re not building from scratch,” he said. “It’s too early to be diverse and I prefer to be the expert in one thing than jack of all trades in three commodities. “We’re not getting caught up in the hype – you’ll see all our transactions are at very sensible numbers.” Forrestania has begun converting approvals at Lake Johnston from nickel to gold, expected to take up to six months, and if other opportunities aren’t adopted will focus solely on the mill conversion. “Lake Johnston was the step in, concreting a secure production path,” he said. “Other than going through some minor statutory compliance on modifications we have a very clear path to production.”With a leadership change in mid-2025 under its belt, Forrestania will look to add further experience to its board in the transition from explorer to producer. “We will be adding experienced board members to the team to add strength to the board and also operating experience over the next few months.”As well as Lake Johnston, Forrestania has moved to take control of Kula Gold Ltd and its 80%-owned Mt Palmer project in Southern Cross and in January it added the Gibraltar tenements to its Coolgardie hub in exchange for $2.5 million of shares. The project – held in private hands – has been mined since the 1920s and contains several historical stockpiles. – Rhonda MalkinConsolidation gains momentum at ForrestaniaA new drill programme is set to test the extent of mineralisation at Lady Lila
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 15Cash flow generation for gold producers is tipped to reach “unprecedented” heights in 2026 as the precious metal continues its record surge amid “Trump-inspired instability”.That’s the advice of veteran stock-picker Warwick Grigor who, like many analysts, sees nothing stopping the gold price from continuing to climb for at least the next 12 months, probably longer.Gold soared some 66% in 2025, finishing the year at a record $US4,325/oz, marking the best annual price gain for the safe-haven commodity since 1979.“There is not much doubt that the gold price will continue to rise during 2026,” Far East Capital’s Grigor wrote on January 17 for his long-admired weekly wrap of the ASX resources sector.“Sure, there will be volatility and some people are already saying that gold is a sell, but you would have to be very brave to exit gold just now.“For much of 2025, the ASX market for gold stocks was somewhat reserved, almost as if the market was still sceptical or too cautious. Yet, the trend was firmly established and continued. As we have said previously, this is a structural change in the way gold is being treated, it is not just another cycle.”Grigor also has no doubt what continues to fuel the surging gold price, charting its rise back to megalomaniac US President Donald Trump’s return to the White House in January last year.“The more hand grenades that Trump throws into the news flow, the more the gold price responds,” Grigor said.“Trump-inspired instability is underpinning strength in the gold price… and we have another three years to go with Trump. The mind boggles.“For a country that prides itself on not having a king, Trump is making a decent fist of being a regent.”With Grigor and others anticipating the gold price could nudge and even surpass $US5,000/oz this year, the question turns to what producers will do with the extra cash they are expected to generate from their operations.“The implied profitability in the gold sector is huge, and getting huger,” Grigor said.“Profit margins for existing producers and many new ones will be strong and cash flow will be unprecedented.”One of those companies preparing to join the ranks of gold producer later this year is Star Minerals Ltd, which is gearing up to start mining its modest but high-grade Tumblegum South project in Western Australia from next month.Star received mining approval for the 45,000oz @ 2.28 g/t deposit from the WA Government in December, having previously inked a right-to-mine agreement with MEGA Resources and Bain Global Resources for project funding, mining, extraction and haulage services at Tumblegum South, about 40km south of Meekatharra.Bain is the finance arm of mining contractor MEGA, as well as a 9.7% shareholder of Star.Under the agreement, Bain (via MEGA) will provide up to $20 million working capital, with the future production profits to be shared on 50:50 basis with Star. It also remains subject to an ore purchase agreement being signed with a nearby processing facility.Star managing director Ashley Jones said Tumblegum South was a prime example of a stranded asset without an attached processing solution now “coming into their own”.“You’re a function of the gold price and that’s made all these deposits really viable and really quite interesting,” Jones told Paydirt.“All the mills around us are trying to put through as much dirt as possible, but they’re running out and they’re hungry for more. Everybody therefore benefits if we can bring something viable to the table.”Milling options within a 100km of Tumblegum South include Andy Well, Bluebird and Tuckabianna while the likes of Kirkalocka, Mt Magnet, Plutonic and Wiluna are within 200km.Star previously completed a scoping study in March 2024 targeting production of circa 16,000oz over 18 months, generating cash flow of just under $20 million at an assumed gold price of $3,800/oz.From his company’s perspective, Jones said partnering with Bain and MEGA took “a hell of a lot of risk” out of the development and operation of the project.“The biggest risk for us would be to go and raise $15 million and then something happens in those first two months, whether it be a cyclone event and you get water in the pit, but then your $15 million runs out and you’re going back to the market and diluting your shareholders again,” he said.“A small project takes almost the same amount of resources as a big project. That’s why essentially handing over the keys to MEGA is so important because they’ve got the team there and they’re operating four other areas, so they’re paying an engineer to look at four sites, not one.“For us to do it in-house, you would again be using shareholder money to get someone in, as opposed to using somebody who can share those costs across multiple projects.”Alongside the mobilisation of mining equipment to site, Star also plans to resume exploration drilling at Tumblegum South to chase potential extensions.Jones said the company was also quietly beginning to scour for other production opportunities, potentially from within bigger groups which may be seeking to dispose of stranded assets ideal for Star’s skillset.“We’ll look at anything that keeps our partnership with MEGA going but first priority is to do this one well and get into production,” he said. – Michael WashbourneStranded starsno moreStranded assets such as Tumblegum South are becoming increasingly appealing to hungry processing plants as the gold price continues to rise
MANAGING THE OPTICS OF ENFORCEMENTEnforcement against sovereigns requires a careful blend of legal strategy and diplomacy. Mining companies frequently remain active or aspirational investors in the regions where disputes arise. A coordinated approach that balances firm legal action with thoughtful stakeholder communication can preserve long-term relationships while ensuring commercial interests are protected.ENFORCEMENT AS A CORE COMPONENT OF MINING INVESTMENT STRATEGYAs geopolitical tensions and resource nationalism continue to shape the mining landscape, enforcing arbitral awards has become a critical strategic consideration. Arbitration remains the most effective mechanism for resolving high-stakes mining disputes, but its value depends on the real-world ability to convert awards into monetary recoveries.By integrating enforcement planning into investment decisions and partnering with specialist firms like Burford when appropriate, mining companies can ensure that their rights are not only recognised but realised. In today’s environment, an enforceable award is more than a legal outcome; it is a cornerstone of capital protection and long-term project certainty.The mining sector has always operated at the intersection of geology and geopolitics, but that intersection is becoming increasingly turbulent. As governments revisit concession terms, impose new local-content rules and assert greater control over strategic mineral assets, mining companies are turning more frequently to international arbitration to protect their investments. Yet the value of an arbitral award ultimately lies in its enforceability: what is most valuable is neither the tribunal’s reasoning nor the symbolic vindication but rather the concrete ability to convert an award into a monetary recovery. For miners operating in complex jurisdictions, understanding the enforcement landscape is no longer a niche legal concern. It is a fundamental component of project risk management.A SHIFTING ENFORCEMENT ENVIRONMENTInternational arbitration has long been valued for the predictability and global enforceability of its awards under the New York Convention. However, in the mining sector, where disputes often intersect with national politics and high-value natural resource interests, states are becoming more assertive in resisting enforcement.Delays through jurisdictional objections, public policy arguments and strategic attempts to shield state assets have become more common. While such tactics seldom prevail substantively, they can substantially prolong an already demanding process, diminishing the net value of a favourable award. Enforcing arbitral awardsin an era of heightenedresource nationalismhttps://www.burfordcapital.com | [email protected] AND MANAGING ENFORCEMENT RISKGiven the capital intensity and extended time horizons of mining projects, enforcement readiness must begin long before a claim is filed. Two strategic pillars are essential:• Selecting an arbitration seat with strong judicial support: Seats such as London, Singapore, Paris and Geneva offer courts that support arbitral integrity and resist political interference. For projects in higher-risk jurisdictions, the arbitration seat is as important as the concession terms themselves.• Strategic investment structuring through protective treaties: Proper corporate structuring to benefit from favourable bilateral investment treaties or multilateral regimes offers an alternative pathway, particularly ICSID arbitration, which provides a self-contained enforcement mechanism less dependent on domestic courts.THE BARRIER OF SOVEREIGN IMMUNITYEnforcement against states or state-owned entities must often overcome claims of sovereign immunity, especially regarding assets used for governmental rather than commercial purposes. The distinction sounds clear in theory but is heavily litigated in practice. Claimants must therefore build evidence demonstrating the commercial character of targeted assets. Courts are increasingly adept at examining attempts by states to cloak commercial assets with sovereign immunity through restructuring or nominal reclassification, yet navigating this landscape requires both patience and precision.Christiane Deniger is a Director with responsibility for assessing and underwriting legal risk as part of Burford’s investment team, focusing on investorstate and international commercial arbitration.New York | London | Chicago | Washington | Singapore | Hong Kong | DubaiHOW COMPANIES LIKE BURFORD CAPITAL CAN ASSISTThe growing complexity, cost and duration of enforcement has created a critical role for specialist finance and legal asset recovery firms. Companies such as Burford Capital, one of the world’s leading providers of legal capital and enforcement expertise, can play a decisive role for mining companies facing entrenched sovereign resistance.Funding the enforcement process: Enforcement, especially multijurisdictional enforcement against sovereigns, is expensive. Burford offers non-recourse financing to cover legal fees, asset tracing work and enforcement actions. This allows claimants to pursue recovery without diverting capital from core operations or project development. Specialist funders bring in-house expertise in global asset identification, investigative analysis and coordinated enforcement campaigns across multiple jurisdictions. This expertise often exceeds what is available to many claimants or even their external counsel.Risk transfer and monetisation options: Companies like Burford can purchase a portion of, or fully monetise, an award, giving claimants immediate liquidity while the funder assumes enforcement risk. This can be transformative for companies with pressing capital needs or those seeking to de-risk.Increased leverage in settlement negotiations: The involvement of a well-resourced, specialist enforcement partner often changes the settlement dynamic. States may be more inclined to negotiate when they understand the award creditor has both the financial backing and technical capability to engage in a sustained enforcement effort. In short, specialist funders do not merely provide capital; they bring strategy, capability and persistence, often shifting the enforcement landscape in favour of the award creditor.
MANAGING THE OPTICS OF ENFORCEMENTEnforcement against sovereigns requires a careful blend of legal strategy and diplomacy. Mining companies frequently remain active or aspirational investors in the regions where disputes arise. A coordinated approach that balances firm legal action with thoughtful stakeholder communication can preserve long-term relationships while ensuring commercial interests are protected.ENFORCEMENT AS A CORE COMPONENT OF MINING INVESTMENT STRATEGYAs geopolitical tensions and resource nationalism continue to shape the mining landscape, enforcing arbitral awards has become a critical strategic consideration. Arbitration remains the most effective mechanism for resolving high-stakes mining disputes, but its value depends on the real-world ability to convert awards into monetary recoveries.By integrating enforcement planning into investment decisions and partnering with specialist firms like Burford when appropriate, mining companies can ensure that their rights are not only recognised but realised. In today’s environment, an enforceable award is more than a legal outcome; it is a cornerstone of capital protection and long-term project certainty.The mining sector has always operated at the intersection of geology and geopolitics, but that intersection is becoming increasingly turbulent. As governments revisit concession terms, impose new local-content rules and assert greater control over strategic mineral assets, mining companies are turning more frequently to international arbitration to protect their investments. Yet the value of an arbitral award ultimately lies in its enforceability: what is most valuable is neither the tribunal’s reasoning nor the symbolic vindication but rather the concrete ability to convert an award into a monetary recovery. For miners operating in complex jurisdictions, understanding the enforcement landscape is no longer a niche legal concern. It is a fundamental component of project risk management.A SHIFTING ENFORCEMENT ENVIRONMENTInternational arbitration has long been valued for the predictability and global enforceability of its awards under the New York Convention. However, in the mining sector, where disputes often intersect with national politics and high-value natural resource interests, states are becoming more assertive in resisting enforcement.Delays through jurisdictional objections, public policy arguments and strategic attempts to shield state assets have become more common. While such tactics seldom prevail substantively, they can substantially prolong an already demanding process, diminishing the net value of a favourable award. Enforcing arbitral awardsin an era of heightenedresource nationalismhttps://www.burfordcapital.com | [email protected] AND MANAGING ENFORCEMENT RISKGiven the capital intensity and extended time horizons of mining projects, enforcement readiness must begin long before a claim is filed. Two strategic pillars are essential:• Selecting an arbitration seat with strong judicial support: Seats such as London, Singapore, Paris and Geneva offer courts that support arbitral integrity and resist political interference. For projects in higher-risk jurisdictions, the arbitration seat is as important as the concession terms themselves.• Strategic investment structuring through protective treaties: Proper corporate structuring to benefit from favourable bilateral investment treaties or multilateral regimes offers an alternative pathway, particularly ICSID arbitration, which provides a self-contained enforcement mechanism less dependent on domestic courts.THE BARRIER OF SOVEREIGN IMMUNITYEnforcement against states or state-owned entities must often overcome claims of sovereign immunity, especially regarding assets used for governmental rather than commercial purposes. The distinction sounds clear in theory but is heavily litigated in practice. Claimants must therefore build evidence demonstrating the commercial character of targeted assets. Courts are increasingly adept at examining attempts by states to cloak commercial assets with sovereign immunity through restructuring or nominal reclassification, yet navigating this landscape requires both patience and precision.Christiane Deniger is a Director with responsibility for assessing and underwriting legal risk as part of Burford’s investment team, focusing on investorstate and international commercial arbitration.New York | London | Chicago | Washington | Singapore | Hong Kong | DubaiHOW COMPANIES LIKE BURFORD CAPITAL CAN ASSISTThe growing complexity, cost and duration of enforcement has created a critical role for specialist finance and legal asset recovery firms. Companies such as Burford Capital, one of the world’s leading providers of legal capital and enforcement expertise, can play a decisive role for mining companies facing entrenched sovereign resistance.Funding the enforcement process: Enforcement, especially multijurisdictional enforcement against sovereigns, is expensive. Burford offers non-recourse financing to cover legal fees, asset tracing work and enforcement actions. This allows claimants to pursue recovery without diverting capital from core operations or project development. Specialist funders bring in-house expertise in global asset identification, investigative analysis and coordinated enforcement campaigns across multiple jurisdictions. This expertise often exceeds what is available to many claimants or even their external counsel.Risk transfer and monetisation options: Companies like Burford can purchase a portion of, or fully monetise, an award, giving claimants immediate liquidity while the funder assumes enforcement risk. This can be transformative for companies with pressing capital needs or those seeking to de-risk.Increased leverage in settlement negotiations: The involvement of a well-resourced, specialist enforcement partner often changes the settlement dynamic. States may be more inclined to negotiate when they understand the award creditor has both the financial backing and technical capability to engage in a sustained enforcement effort. In short, specialist funders do not merely provide capital; they bring strategy, capability and persistence, often shifting the enforcement landscape in favour of the award creditor.
PAGE 18 FEBRUARY 2026 AUSTRALIA’S PAYDIRTWinsome Resources Ltd managing director Chris Evans insists his company’s impending exit from the Canadian lithium scene is not a death knell for Australian explorers in the Land of Maple.As lithium shows the first signs of awakening from its two-year slumber, Winsome has agreed to combine with TSX-listed LiFT Power Ltd as part of a complex deal consolidating ownership of the neighbouring Adina and Galinée projects within a larger Canadian-based company.It also comes just five months after Winsome sensationally walked away from a deal to acquire the mothballed Renard diamond plant as a viable processing solution for its flagship Adina lithium project, citing prevailing market conditions and difficulty locking in a strategic partner before the August deadline.Winsome appeared destined to remain one of the hardy survivors of the Australian-Canadian lithium community which grew dramatically five years ago amid the surge in critical minerals prices. Evans conceded Adina’s best chance of becoming an operational mine now lay in the hands of a bigger group based closer to the project.“As a small cap, standalone entity, particularly in a foreign jurisdiction, to finance and permit a project is always going to be challenging,” he told Paydirt. “That’s not just in Canada, I think it applies universally across the world.“We’ve now reached a point where we’re about to enter this feasibility stage, so having local partners and a local presence and be listed on the exchange over there is going to be super important.“I think the Aussie foray into Canada is still very valid, but you’ve got to pick your time, maybe focus just on the early stages, but then you’ve got to bring in the local partners, which is what we’re doing.”Under the binding scheme implementation deed signed on December 15, Winsome shareholders are set to retain 35.3% of the combined group if the proposed merger completes as expected in April. The enlarged Li-FT will trade on both the TSX and ASX.The deal values Winsome at $131 million on a fully diluted in-the-money basis and is subject to various conditions being satisfied, including Li-FT obtaining a 75% controlling interest in the Galinée property. Quebec Government mineral exploration subsidiary SOQUEM will retain the other 25%.Both the Winsome and Galinée transactions have the support of Li-FT strategic shareholder Avenir Minerals Ltd, the dedicated critical minerals arm of major gold producer Agnico Eagle Mines Ltd. Avenir also boasts extensive permitting, operating and construction expertise in Quebec.Evans said consolidating the Adina and Galinée tenure was the best way to grow the resources beyond the existing 80mt.“Our pit is somewhat constrained by that [Galinée] boundary immediately to the south-east, but it’s clear that the mineralisation on their property is a continuation of ours,” he said.“Having that property as part of the Adina project provides a real opportunity to open it up for scale.”Li-FT already has a strong foothold in Canada via its flagship Yellowknife project in Northwest Territories where an inferred resource of 50.4mt @ 1% lithium has been defined. The company is also raising $C40 million alongside the transactions to fund “aggressive” exploration and development of Adina-Galinée.Evans suggested the corporate moves could also bring Renard back in play as the likely processing pathway for AdinaGalinée, having maintained Winsome remained the facility’s “natural owner” despite recently terminating the call option agreement first signed back in April 2024.“What [the Li-FT merger] allows us to do is continue negotiating on Renard from a position of strength because we’ll now have a strategic partner sitting at the table with us,” he said.“We’ll also be able to work out if the processing at Renard is still appropriate given we’ll have a potentially bigger resource. It may be we do the processing there in the early years but end up building a bigger plant at Adina. “We’ve got all this optionality, without having to commit or decide right now how it fits into the plans.”Upon completion of the transaction, Evans will join the Li-FT board as a nonexecutive director, while Winsome executive director Simon Iacopetta will continue as a strategic advisor to ensure a smooth handover.Evans, who floated Winsome on the ASX in late 2021, said any personal feelings he held over the merger outcome were irrelevant.“I’ll obviously be very fond of Winsome as an organisation because I’ve been here from the start, but I’m a shareholder and you’ve got to put aside sentimentality around the brand because this is the best option to achieve what we wanted to do,” he said.“There will always be an argument for standing alone, but this deal significantly de-risks the development of Adina and will be key to our success in the region and in the coming lithium cycle.”Winsome has also sold the offtake rights it held over Power Metals Corp’s Case Lake project in Ontario to Albemarle Corp for $5 million but has retained its 15.8% shareholding in the TSX-listed junior, which is targeting production of first caesium oxide later this year. – Michael WashbourneREGIONAL ROUND-UPNo losers in Winsome dealWinsome has agreed to combine with Li-FT, consolidating the Adina and Galinée lithium projects in Quebec, Canada
www.capdrill.com www.capdrill.comAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 19De Beers has attracted interest from several business groups and African governments as parent Anglo American plc looks to offload its stake in the firm, the diamond giant’s chief executive told Reuters.Botswana, Angola and Namibia – all major diamond producers – have expressed interest in acquiring equity in De Beers, alongside “a number of businessled groups”, chief executive Al Cook said, stopping short of commenting on the status of talks or the names of some of the interested parties.Reuters reported in June, citing sources, that billionaire Anil Agarwal, Indian diamond groups and Qatari investment funds were among those that had shown interest in De Beers.Anglo American, which owns 85% of De Beers, has valued the diamond producer at about $US4.9 billion.When asked about who it would prefer as the company’s new owner, Cook said the focus was not on identity but on alignment with its long-term strategy, including its emphasis on natural diamonds, partnerships with producer nations and growth in key markets.De Beers is sharpening its focus on India, which Cook called “a tremendously important market”. He expects demand for natural diamonds in the country to double, with the market for the precious stone hitting $US16.7 billion by 2030.The group opened its fifth Forevermark store, its largest store globally, in Mumbai in December and plans to expand the network to 25 outlets by the year-end, with a long-term goal of crossing 100 stores.De Beers, whose revenue slid 13% to $US1.95 billion in the first half of 2025 due in part to low prices, is banking on rising self-purchases in India as demand globally has shifted away from a gifting-led model.The group is also doubling down on its Element Six business, which brought in about $US300 million in revenue last year by supplying synthetic diamond wafers to data centres for their use as heat conductors. It discontinued its lab-grown diamond jewellery brand Lightbox last year. – ReutersAfrican states, businessgroups eyeing De BeersAnglo American is weighing up divestment options for its 85% stake in African diamond producer De BeersAFRICAGhana will scrap long-term mining investment stability agreements and double royalties under sweeping reforms, the regulator in Africa’s top gold producer told Reuters, as it seeks to capture more benefits from surging bullion prices.The changes are part of a broad overhaul aimed at balancing investor confidence with the Government’s push to reap greater rewards from mining, Isaac Tandoh, acting chief executive of the Minerals Commission, said in an interview in Accra.African governments are tightening mining rules to cash in on high prices, often raising royalties and local content – shifts that have periodically triggered clashes with global miners over costs and contract certainty.In Ghana, the world’s sixth-biggest gold producing country, stability and development agreements typically lock in tax and royalty terms for 5-15 years in exchange for investments of about $US300-500 million for mine builds and expansions.Companies must also extend mine life by at least three years and lift output by more than 10%, among other conditions, to qualify for renewal.Newmont Corp, AngloGold Ashanti plc and Gold Fields Ltd currently operate under stability agreements. They did not immediately respond to requests for comment.Tandoh said the changes, to be written into law, mean Newmont’s stability agreement – which expired in December – would not be renewed. Similar arrangements held by AngloGold Ashanti and Gold Fields will be phased out when they lapse in 2027.A draft bill expected to go to Parliament by March proposes royalties starting at 9% and rising to 12% if gold hits $US4,500/oz or higher, roughly double the current 3-5% range. The reforms also include tougher local content rules for in-country procurement and support for Ghanaian firms.“Renewal of [investment stability agreements] is not going to happen,” Tandoh said during the interview in January. “Renewal is conditional, not automatic.”Development agreements will be scrapped entirely as they have been abused, he said.“We’ve seen companies use revenue from Ghana to buy mines elsewhere while refusing to pay even basic obligations like contributions to district assemblies. That cannot continue.”Ghana pioneered stability agreements in the early 2000s, helping unlock billions of dollars of foreign investment that helped it overtake South Africa as Africa’s top gold producer.Newmont’s Ahafo pact, for example, set a 32.5% corporate tax rate and a sliding royalty of 3-5% (rising to 3.6-5.6% in forest reserve areas), with duty and VAT relief on qualifying inputs. The extension was tied to a minimum $US300 million investment and targets on output, mine life and Ghanaian employment, a revised 2015 agreement seen by Reuters showed.Tandoh said Newmont had sought an extension, but the Government aimed to phase out the regime in favour of broader rules that “indigenise” more value at home and enforce stricter compliance.He said authorities were “listening” to concerns from smaller and new projects about the proposed royalty increase and would aim for a formula that preserves investment while lifting revenue when prices are high.Tandoh rejected suggestions the tougher terms would scare off capital. “They operate under harsher conditions elsewhere and still make profits. Mining is about numbers,” he said.The Ghana Chamber of Mines did not immediately respond to requests for comment. – ReutersGhana to double royalties, drop stability agreements
PAGE 20 FEBRUARY 2026 AUSTRALIA’S PAYDIRTInvestor conversations have pivoted dramatically for Capstone Copper Corp in the two years since the Americas-focused company arrived on the ASX.What were once concerns over Capstone’s ability to execute its strategy have now morphed into how quickly the largest pureplay copper producer on the ASX can deliver its next phase of growth, specifically via the Mantoverde Optimised and Santo Domingo projects in Chile.Speaking to Paydirt during an Australian roadshow late last year, Capstone chief executive Cashel Meagher welcomed the different lens now being applied by investors, even though the exact reasons behind the shift in sentiment are not quite clear to the company.“I don’t know if it’s maturation on the ASX or it’s a signal that we’re truly moving into a copper bull market where people are looking forward to copper production versus being assured of guidance or today’s production,” he said.“We just met with about nine different funds and certainly the question has overwhelmingly left concern around the immediate execution of projects to there now being a much larger focus on our organic growth profile.“There’s a lot more questions around our Santo Domingo project, which is our next major leg of growth, how we’re going to finance it, how the partnership process came to be and what are some of the other opportunities we’re pursuing. There’s also a lot of interest in our exploration across the Mantoverde region and some of the growth options we have at our Pinto Valley asset [in Arizona].”This month marks the second anniversary of Capstone’s admission to the ASX, complementing its primary listing on the TSX. The company’s decision to start trading on the bourse followed BHP Ltd’s $9.6 billion takeover of storied producer Oz Minerals in mid-2023, creating a sizeable void on the Australian copper scene.Roughly 27% of Capstone’s total shares on issue are now trading on the ASX with the company commanding a market cap of circa $11 billion. Its shares peaked at $15.14 late last year, having increased almost 90% since bottoming out in April after a rollercoaster first year on the ASX. Meagher said the decision to undertake a dual listing could only be described as “very successful”.“We’ve since been included on the ASX200, our CDI count is around 200 million on the exchange now and we have REGIONAL ROUND-UPCapstone grows production, shareholder confidenceCapstone is the largest pureplay copper producer on the ASXComplete Mining Services [email protected] | www.capdrill.comEXPLORATION & PRODUCTION DRILLINGLOAD & HAUL SERVICESGEOCHEMICAL ANALYSIS LABORATORIES (MSALABS)INTEGRATED DRILLING TECHNOLOGIESNORTH AMERICA
www.capdrill.com www.capdrill.comAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 21LATIN AMERICAabout a quarter of our shares here in Australia,” he said.“It’s a very important community for us and I think there’s still a number of funds for us to target to join the Capstone story. We remain encouraged by the prospects of the investor community here.“That was certainly put to the test and they flew past with flying colours because we had a couple of sell downs by a few major shareholders that placed quite a few shares here, but they were lapped up by the investor community in Australia, who we all know are very knowledgeable in the resource space.”Capstone was expected to achieve its consolidated 2025 production guidance of 220,000-255,000t at the time of print, reaffirming its status as the largest copper producer on the ASX outside of the majors. The wheels are in motion for the company to grow organically into a plus-400,000 tpa producer in the near term. A proposal to increase the concentrator throughput at Mantoverde from 32,000 tpd to 45,000 tpd was sanctioned during Q3 2025, with the $US176 million brownfields expansion project – referred to as Mantoverde Optimised – set to deliver an additional 20,000 tpa copper and 6,000 ozpa gold to Capstone’s production profile over the next 25 years.Capstone has also laid the foundations to bring the nearby Santo Domingo project onstream, striking an agreement with long-term major shareholder Orion Resource Partners to divest 25% ownership for up to $US360 million. The agreement includes an option for Capstone to reclaim full ownership once commercial production is achieved and also encompasses the Sierra Norte project, about 15km north-west of Santo Domingo.A July 2024 feasibility study flagged a $US2.3 billion capex requirement to develop Santo Domingo, which is set to deliver average production of 106,000 tpa copper over a 19-year mine life, generating a posttax NPV of $U1.7 billion with IRR of 24% and three-year payback.Meagher said Orion was the ideal partner for Santo Domingo, about 35km northeast of the existing Mantoverde operations.“Obviously if you’re going on a big adventure, you want to go with friends – and there’s been no stronger friend to Capstone than our major shareholder over the last number of years,” he said.“Orion, being a private equity firm with a certain requirement of return of capital to their limited partners, we know their focus is economic and they know our management team well, so there’s a lot of comfort. They also recently announced various MoUs with the UAE and some of the government agencies in the US and we believe that will be advantageous to our project financing in the future. We also think Santo Domingo potentially ticks the box for unconventional means of financing with more competitive rates.“One of the key things to us is this buyback option that exists to our call on commercial production for a period of time where we need to meet their minimum hurdle rate. It’s a trade secret of sorts, but it seems pretty reasonable to us to buy back the 25% post-commercial production. Most mining companies don’t get that option over a long-life asset that is coveted by both parties.”Meagher conceded many other shareholders needed convincing of the merits of the deal.“It’s taken a bit of discussion and digestion, to be honest with you,” he said.“Because people just look for the metrics they typically look at, this is a different deal but what’s unique, of course, is the buyback and what people needed to understand is the incredible value that comes with that, particularly if you truly believe you’re in a bull market and that copper assets are scarce.“It’s just a win-win-win because any appreciation in the asset value, which might be from appreciation in copper price, or might be from this diamond drilling that we’re undertaking at Sierra Norte and Santa Domingo currently to enhance the copper production profile, is all to Capstone’s account in that buyback. It’s tremendous value to have pre-negotiated in a JV.”Capstone has also started evaluating the next major phase of growth beyond Mantoverde Optimised, potentially via the addition of an entire second processing line that could double throughput to circa 90,000 tpd.With a heavy focus on organic growth, Capstone had about 20 drill rigs turning across its portfolio at the end of last year, including seven at Mantoverde and six at Santo Domingo. However, Meagher said the company would be foolish not to keep one eye on any inorganic opportunities that may emerge.“Opportunities for inorganic growth are rare in our business,” he said. “The copper space isn’t a huge space, so anytime assets become available we always try and look at them. If nothing, it’s industrial tourism. “Our primary strategy and focus is to grow through organic means. It’s the reason why these companies [Capstone Mining and Mantos Copper] were put together a few years ago because there’s a synergistic nature in that Copiapó region and the individual assets themselves have great growth opportunities that we can pursue, so we’re not beholden to M&A to be able to meet our growth ambitions.“We just need to execute and if those [inorganic] opportunities come by and they’re accretive to the Capstone shareholders, then we’ll pursue them.” – Michael WashbourneComplete Mining Services [email protected] | www.capdrill.comEXPLORATION & PRODUCTION DRILLINGLOAD & HAUL SERVICESGEOCHEMICAL ANALYSIS LABORATORIES (MSALABS)INTEGRATED DRILLING TECHNOLOGIES
PAGE 22 FEBRUARY 2026 AUSTRALIA’S PAYDIRTREGIONAL ROUND-UP ASIA-PACIFICMinerals Exploration Ltd (MEX) shed its uranium legacy with a new moniker just as it acquired a prospecting permit for the Invincible gold project in the Otago Goldfields of New Zealand’s South Island.Formerly known as Uvre, the company was previously the vehicle for Delta Lithium Ltd’s non-core US uranium assets, listing on the ASX in 2022 after a $6 million IPO. However, limited exploration success in the yellowcake space prompted a pivot into gold.The company acquired the Waitekauri gold project on New Zealand’s North Island in mid-2025 before adding Invincible to the mix later in the year, completing a transformation which reunited some MEX directors with assets from their past.“Jason [Beckton] and Peter [Zitnan] had been looking at New Zealand and working there [on behalf of MEX non-executive chair Norman Seckold] looking at the opportunities in the gold space,” MEX executive director Brett Mitchell told Paydirt. “They viewed it as being underexplored for a couple of decades due to environmental policies. “[They] put this package of assets together [as epithermal gold experts] about 2-3 years ago and Norm came in and backed them. He’s taken six exploration projects into production in his lifetime and is also executive chair of Alpha HPA [Ltd] and Nickel Industries [Ltd].”Seckold’s gold experience extends deep into New Zealand from his time as nonexecutive chair of Santana Minerals Ltd when it bought the Rise and Shine project on the South Island, a project Beckton was also involved in during its early days. “That’s why, when Jason and Peter brought him these projects, he [Seckold] jumped on it,” Mitchell said.Both Waitekauri and Invincible sit within two major goldfields which have produced gold for more than 150 years with the North Island Hauraki goldfields commonly known as “the Kalgoorlie of New Zealand”. OceanaGold Corp produces about 200,000 ozpa from the Macraes and Waihi mines in the district.MEX began a maiden nine-hole drill programme at the 58sq km Waitekauri project in October, targeting untested outcropping epithermal occurrences at the Scotia South gold prospect. Sovereign and Jubilee are the two other key prospects at Waitekauri, which is only 1km west of the 12 moz Waihi gold mine.MEX’s Invincible project includes the historical Oturehua mine, also known as Golden Progress mine, which like Waitekauri, has not been mined since the late 1890s. The company recently announced 12.1 g/t gold from rock chip samples discovered at Oturehua, confirming the potential of the region. Exploration work is planned to continue through the first half of the year. “We’ve got to do some stream sediment sampling, some mapping and initial groundwork and then we’ll convert it to an exploration permit,” he said. “It will probably take about 3-4 months and then hopefully we’re in a position in Q2 2026 where we’re drilling at Invincible.” A dual listing on the NZX in October will provide MEX with access to local equity investors in New Zealand, although its $5.4 million in cash reserves is expected to service most of the immediate exploration goals. “[The NZX listing] just made logical sense, not only from a capital markets perspective but from a validation of our commitment to New Zealand projects being there for the longer term,” Mitchell said. “On top of that the dual listing, cost, process and timing is the most efficient and cost-effective I’ve ever been involved with.”Efficiency on the NZX appears to be reflected in the policies of the nation’s Government with the National Party, led by Prime Minister Christopher Luxon taking a considerably pro-mining stance. “They [the Government] don’t have many levers to pull in terms of different industries so that’s why they’ve moved to this,” Mitchell said. “The gold mining industry is one of the few key industries they’ve got – there’s gold, coal, strong dairy and primary production in sheep as well as tourism, but that’s about it.”Mitchell reiterated MEX’s vision to become a mainstay of New Zealand’s thriving gold sector.“There’s no changing back, for a number of reasons,” he said. “We are committed to gold in New Zealand because it’s a Tier-1 jurisdiction globally and it’s not as if we’re inventing the wheel or opening up a new industry in New Zealand.“[Also], there’s a lot of exploration assets that haven’t had work done on them in the last 20-30 years, which would have been done 10-20 years ago if they were sitting here in Western Australia.”– Rhonda MalkinMEX makes New Zealand gold concreteNew Zealand’s South and North Islands are ripe for gold exploration
www.capdrill.com www.capdrill.comThe latest assay results from the Orion project highlighted potential for both grade and scale AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 23EUROPEOsmond Resources Ltd’s third drill hole at the Orion project in Spain has returned heavy mineral intercepts that extend mineralisation at least 1.7km from the company’s initial discoveries. The results are expected to underpin a rapid programme of follow-up drilling, metallurgical test work and studies aimed at fast-tracking a maiden resource to supply critical minerals to the EU. A primary heavy-mineral layer encountered in drill hole SOR-02 confirmed continuity of prospective seams across Zone 1 and points to larger-scale heavy mineral accumulation than initially estimated, including rutile and zircon, plus rare earth element (REE) signatures.Some of the best results included 1.5m @ 15.92% titanium (15.7% rutile, 6% ilmenite), 5.67% zirconium (9.8% zircon), 1,225 ppm hafnium, 1.15% TREO, and 0.3% MREO (1.7% monazite) from 108.75m. Osmond’s first drill hole also delivered robust results in mid-November with 3m @ 10.39% titanium, 3.51% zirconium dioxide, 756 ppm hafnium oxide, 0.72% TREO (including 0.19% MREO) from 108.45m. Osmond was kept busy last year expanding the Orion project area by about 160% to 228sq km, filing three new permit applications abutting existing tenements and completing key corporate steps, including the staged acquisition of Iberian Critical Minerals.The latter was designed to consolidate tenure and local operating capacity ahead of larger-scale works to de-risk the play and provide room for the planned 15-hole maiden drilling campaign, of which nine holes have already been completed. This work will be funded from a $66 million placement completed in January.Osmond managing director Anthony Hall told Paydirt channel sampling had already provided clear answers.“The outcrops in theory are drill holes on the outside of the seabed,” Hall said. “We’ve probably got 16 drill holes already done – I don’t think people really understand that if you do a channel sample down one of those outcrops, it’s similar to a drill hole. “The average grade of those drill holes was about 14% rutile and we’re seeing very similar grades.”Of particular interest was a high-grade subset with one hole returning 1.8m @ 19% rutile, highlighting Orion’s potential.“The highest-grade rutile project globally is Balranald which is Iluka’s [Resources Ltd] project in Dubbo – that’s 3.7% rutile in situ,” he said. “So, 19% is greater than five times the highest-grade project globally – I think we’re now able to say that this has the potential for grade and scale.”With a 230sq km tenement and targeting a 3m seam, Osmond could be looking at a back of the envelope resource estimate of 2bt, however Hall was quick to assert the resource wouldn’t be derived from one seam.“There are areas that have been eroded away as a result of the glaciers going through,” Hall said. “If 5% of our area is the 3m seam at the same grades as our first hole, we have 100mt of some of the most spectacular mining project that you’re likely to see.“So, I would like to think that we should be confident that there should be more than 5% of that 228sq km that will have 3m of mineralisation.” By the end of April, Osmond is expected to have drilled enough holes to establish a meaningful resource estimate with a view to completing a scoping study. The company has advanced metallurgical testwork in parallel with drilling to shorten the path to a scoping study and to identify early viable flowsheet options.“We sent 350kg samples to SGS in Canada 18 months ago, so we have progressed the met testworks since then,” he said. “Those testworks sit on the critical path to complete a scoping study.“Instead of sending drill hole samples and getting the testwork done, we effectively sent the outcrop samples which are consistent now with the drill holes.”While assaying for rare earths is a priority, Osmond has also been testing the project’s abundant silica fractions for silicon-metal potential to create multiple product streams from the same mining and processing infrastructure. Favourable metallurgical results could further improve project economics.– Rhonda MalkinOsmond on track for EUcritical minerals supplyOsmond managing director Anthony Hall (far right) on site in Spain with chief geologist Fernando Palero, advisor Pedro Rodriguez and project director Gonzalo Mayoral
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PAGE 26 FEBRUARY 2026 AUSTRALIA’S PAYDIRTFalcon scored twice on the drilling front at Blue Moon in December, first reporting a wide zone of mineralised quartz grading 6.5m @ 33 g/t gold from 832m and 3.4m @ 16.9 g/t gold from 855m with a second delivered in the days before Christmas returning 2.75m @ 41.9 g/t from 605.3m.The result added to Falcon’s growing confidence that Blue Moon could be something more than the classic high-grade but narrow Bendigo prospect. Managing director Tim Markwell believes the drilling success of 2025 at Blue Moon is validation of the company’s long-held belief the northern extension of the prolific Bendigo goldfields has undergone only limited exploration or drilling since the gold boom of the early 1850s.Markwell said the December intercepts extending mineralisation 200m north along strike from the discovery hole of 1.2m @ 543 g/t gold made earlier in the year, only added to this belief. The drill hole was further away from the hinge zone, and Markwell told Paydirt the market “probably missed the significance of that zone”.“Not only was it a 6.5m zone but it was also 33 gram-metres with some very highrate intervals and lots of free gold,” he said during the site visit. “So that to us was the most significant hit we’ve seen to date because it was the first indication that there was scale potential on the Blue Moon prospect.“We knew we needed to drill east or west of the discovery hole. Drilling to the east was a little tough to get a drilling position but in the west we were able to access through wedges from some of the previous drill holes in the parent hole.”The discovery of Blue Moon in August represented the biggest milestone for Falcon since it’s $30 million spin out from Chalice Mining Ltd in December 2021 with three Victorian assets – Pyramid Hill, Viking and Mt Jackson gold projects.The impetus for exploration at the Blue Moon prospect in the Pyramid Hill project was ignited in December 2021 after an eight-year moratorium was lifted by the Victorian State Government on select licences to allow for new and highly prospective tenements.Pyramid Hill surrounds the historical 22 moz Bendigo goldfield. Falcon considers Blue Moon to be a down-plunge extension of the Garden Gully anticline, a core part of the saddle reefs which made Bendigo one of the world’s richest goldfields from COVERA renewed sense of resolve has seeped into Bendigo’s exploration scene, spurred by gold’s record price run and a recent string of high-grade gold hits at Falcon Metals Ltd’s Blue Moon prospect, which could go some way to dispelling the myths surrounding the iconic Victorian goldfield Falcon out toprove Blue Moon is far froma one off
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 27the 1850s, producing as much as 5 moz of gold over a century of operation.Markwell expressed incredulity at the lack of exploration in the northern extension of Garden Gully in the last decade but is thankful because the oversight granted Falcon the opportunity to swoop. “Fortunately, at that time no one really paid attention to Bendigo because everyone was focused on Fosterville [gold mine] and what was happening at the Swan Zone with the incredible discovery that Kirkland [Lake Gold now part of Agnico Eagle Mines Ltd] made,” he said. “But that was when [Falcon exploration manager] Doug Winzar said he felt the northern extension had never been properly explored. It was hard to believe, but I agreed Doug should peg it.”By mid-2023, Falcon had been granted a 174sq km exploration licence and began its maiden drill programme two years later, hitting a high-grade quartz vein containing visible gold in 1.2m @ 543 g/t from 544m in exactly the area it had identified as neglected. The market immediately liked what it saw, sending the Falcon share price from a pre-drilling 12c, to as high as $1, before settling at the current 80c (time of print). The share price run was the strongest indication yet Falcon had gone someway to convincing sceptics Bendigo could offer up a modern gold mine.The response led Falcon to approach the market for further exploration funding with a $20 million capital raising completed in August 2025. “I think that was a real strong endorsement of what we have and the management team, so that support does bring other support,” Markwell said. “Franklin topped up – they actually jumped up to 8.9% [recently], they’ve bought another million shares over the last month.“Jupiter [Asset Management] came on the register in a big way, and they are our largest shareholder at 9%, and we’ve The Blue Moon prospect has delivered visible gold within exceptionally high-grade interceptsBendigo’s rich gold mining history has often been a millstone for modern explorers but Falcon Metals is prospering in the iconic field
COVERPAGE 28 FEBRUARY 2026 AUSTRALIA’S PAYDIRTgot Paradise [Microcap Fund Australia] and McKenzie [Financial Corp] and [Tim] Goyder. That raising put some really good names on the register and has given us the cash to step up the activity at Blue Moon and get a second rig going.”If the results helped dispel some of the assumptions, the very fact Falcon could get a drill rig turning at all also disproved another widely held belief that it was near impossible to get on the ground in Victoria, a state notorious for its slow, labyrinthine permitting system.Gaining drill access has actually been smooth sailing for Falcon because, according to Markwell, of Blue Moon’s location inside the Bendigo Regional Park, which has become degraded public space as a former mining area dating the 1850s. The old-timers left the site unrehabilitated, with shafts, mullock dumps and tailings dams scattered throughout the northern extension of Bendigo. With Falcon’s mandate to undertake low impact exploration, approvals were relatively easy to achieve. “We’ve now got seven approved drill pads and that should give us the next 18 months to two years of drilling along the strike of the Garden Gully anticline,” Markwell said.“We’ve got 2km of strike to explore and we’ve got these parallel structures as well which will need to go to the next level of approval which is work plans.” There can be few gold projects in Australia so close to an historic field but with so little modern exploration.Bendigo Mining controlled the entire goldfield in the 1990s and 2000s but was focused on increasing production, not regional exploration, offering Falcon a rare opportunity and there appears to be abundant scope for new discoveries.Combining Bendigo Mining’s historical with high-resolution scans of old sections, recently completed by the State Government, has provided further information about the geology and what was stoped during previous mining. Winzar said the combination helped to build a very clear picture.“In this northern end there’s a lot of gold in the Garden Gully anticline, the classic saddleries,” Winzar said. “But there’s also this fold in the east limb where a lot of highgrade mineralisation occurred away from the main fold.“That’s why when we’re drilling, we’re targeting close to the hinge, but on the eastern side, and we’re just trying to hit “We’ve now got seven approved drill pads and that should give us the next 18 months to two years of drilling.Falcon has adapted to Victoria’s stricter regulations - including noise disturbance - without losing momentum at the drill rig (this page and across)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 29those veins so that we can track them back, to hopefully, where it gets larger.”3D models from the historical work, together with old mine plan discovered in the local library by a historian, proved invaluable for digitising additional plans from the northern end of the goldfield. The work provided visibility over historical structures and targets which were developed and mined for use on Falcon’s permit to assist during drilling.“You’ve got these fairly deep holes out to 800-900m, and you’ve got to get every bit of information from them,” Winzar said. “We were able to get a whole lot of information by trying to put together the jigsaw puzzle and that really helps us with our targeting. When we put that together with what we are seeing from the drill core, we will hopefully start to map these structures between drill holes across the section.“More importantly, as we do our 200m step-out drilling for the next couple of kilometres, we can hopefully work out what’s to the south of us and what it might be doing to the north of us.”Falcon will work diligently over the next 18 months of drilling at the Garden Gully anticline with the 200m step-out holes to map the structure of “significant geology”. If the work pans out as planned, an exploration target could be placed on the Garden Gully line, with further drilling leading to a maiden resource but the company needs to ensure it is on top of the mineralisation in the first instance. “We can accelerate towards some eastwest infill holes at some point if we think that there’s a zone that’s significant,” Winzar said. “You don’t want to start infill drilling the first thing you get because it might not be the best thing you see, you have to make sure what you are infilling is the best bit.”Markwell is mindful of the generous amount of time Falcon has up its sleeve to show strike extent and finding a zone that warrants taking that extra step to do infill drilling. At the same time, the company will also be assessing nine other parallel reefs shown to be gold bearing with significant “You don’t want to start infill drilling the first thing you get because it might not be the best thing you see.
historical mines, including New Chum and Hustler reefs.The additional drill opportunities are expected to contribute to an evolving story at Falcon, one which the company aims to prove the Garden Gully line continues along strike. In fact, the historical data shows there could be another 6km of strike to test and upgrade to resource targets and eventually a resource. “This is a very high pedigree, worldclass gold system that produced gold consistently,” Markwell said. “Although it was nuggety, it was high-grade and continuous along strike, so once you’re in one, you can follow it fairly confidently for a long way.“In a bigger mining sense, it had quite consistent production of gold ounces. It just has high grade so you might get quite high variability in a short space. It has traditionally been 12-15 g/t for a very long time. If we keep getting these high-grade hits, I think people will start to realise that what we have here is what Bendigo was famous for, which is just being a major gold producing belt.”Support for those high-grade discoveries by the State Government also appears to have been on the increase since Falcon listed on the ASX. At the time, Victoria was renowned as a graveyard for mining start-ups, with only a select few mines approved in recent decades.That period also saw Fosterville begin to hit its straps with the Swan Zone discovery. In 2020-2021 it was widely regarded as one of the most profitable gold mines in the world due to the high-grade material being produced. Fosterville’s success was a catalyst for a shift in the State Government’s attitude towards mining in Victoria. “It was a bit of a slow turnaround, but what we’ve seen in the last year is three mineral sands mines get fairly significant Government approvals with Astron [Corp Ltd], WIM Resource [Pty Ltd] and VHM [Ltd],” Markwell said. “We’ve also had two exploration declines approved on retention licenses for Catalyst’s [Metals Ltd] Four Eagles project and Southern Cross’s [Gold Ltd] Sunday Creek.“I think the Victorian Government is definitely very supportive of getting the mining industry back on its feet in a bigger way.”If this support from the State Government continues, particularly in the gold sector, the Bendigo goldfields could be on its way to reclaiming its heyday of the 1850s.“People forget how good Bendigo was,” he said. “I think if it wasn’t consigned to history, [it could have continued],” he said. “Bendigo Mining had a crack at it in the 90s which didn’t work out due to a number of reasons, they were mining deep ore under the middle of the town and there were a few flaws in what they were doing. “In the meantime, Fosterville turned into one of the world’s great orebodies with the Swan Zone. They were mining very high-grade, free-milling ore for quite some time and making an insane amount of money.“That really reminded people of what Victoria can achieve, this famously high grade. There’s no reason why Bendigo can’t get back to what it was, but a modern version.”To prove Bendigo’s revival has legs, Falcon will have to confirm two fundamental assumptions; that Blue Moon can be taken to resource stage, and that, contrary to its name, the discovery isn’t a rarity.Falcon’s 2025 work programme was designed around beginning to lay the groundwork for both. As well as the Blue Moon discovery, it included systematic work on regional targets at Pyramid Hill and Loddon Vale with soil and reconnaissance drilling suggesting prospectivity across the broader tenure Follow-up programmes on these prospects will be important. Having shown the Blue Moon high-grade mineralisation is repeatable, proving Blue Moon sits on a larger folded reef system will turn these nearby corridors into pipeline targets for additional discoveries and resource growth. Challenges remain, chiefly proving continuity beyond narrow high-grade shoots and defining the geometry required to convert remarkable intercepts into a mineable resource. Understanding Bendigo’s structural controls – the plunge hinge geometry and stacked saddle reefs – will be a priority. But given the strong start and deliberate regional work programme, Falcon believes it has a strategy to link the early wins to a broader pipeline of targets. If the remainder of 2025-26 campaign delivers additional stacked reef intersections Falcon could move from a strong single-hole story to a sustained resource development opportunity. If achieved, it could rip up many of the assumptions the modern industry has long held about this most iconic of Australian goldfields.– Rhonda MalkinCOVERPAGE 30 FEBRUARY 2026 AUSTRALIA’S PAYDIRTFalcon geologist Carmen Winzar inspects the Blue Moon core. The company has expansive drilling plans for 2026
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 31A historic steam battery used during the 1950s to crush gold ore from small parcels“That [Fosterville] really reminded people of what Victoria can achieve, this famously high grade. There’s no reason why Bendigo can’t get back to what it was, but a modern version.
PAGE 32 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATES Victoria and Tasmania:Reviving a forgotten mining past
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 33After years as the black sheep of the family, there is a sense Victoria and Tasmania are being welcomed back into the Australian mining fraternity, with bipartisan support for the sector on both sides of the Bass Strait. Resources developments have been few and far between in the southern states over the last decade but with the emergence of critical minerals strategies in both, mining companies in Victoria and Tasmania are growing increasingly confident of a new era of investment. In October, the Victorian Government approved an exploration tunnel at Catalyst Metals Ltd’s Boyd’s Dam gold JV with Hancock Prospecting in Bendigo before issuing a similar permit in November for Southern Cross Gold Ltd’s Sunday Creek gold-antimony project near Kilmore.The exploration decline approvals followed the issuing of major licences for Astron Ltd’s Donald mineral sands project and the work plan for VHM Ltd’s Goschen rare earths-mineral sands project (see pages 36-37). “Critical minerals are the future and we’re backing the industry in Victoria – while protecting the environment and our communities,” Victorian Premier Jacinta Allan said on issuing of the permits. Minerals Council of Australia executive director – Victoria James Sorahan said the permits were good news for the resources industry and the state of Victoria. “The approval of the exploration tunnel at Sunday Creek, along with October’s approval of the Catalyst/Hancock Prospecting joint venture Boyd’s Dam gold project, sends a clear message that Victoria is open for business in advanced minerals exploration approvals for deeper mineral deposits,” he said. To the south, the Tasmanian Government continues to clear the pathway towards exploration and ultimately development.“I think some investors still have that perception Tasmania is a closed shop, but I can certainly say from my three years with the company that both of the major parties in Tasmania are very supportive of the resources sector,” Flynn Gold Ltd managing director Neil Marsten told Paydirt. “We’ve had great support from not only the Minister and the Government but the community in general.”
PAGE 34 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESThe tick of approval for an exploration decline at the Sunday Creek goldantimony project near Melbourne has seen Southern Cross Gold Ltd become the most recent beneficiary of the Victorian Government’s recent change of heart.Southern Cross secured permission to execute a work plan to build an underground exploration decline at Sunday Creek – 60km north of the Victorian capital – in November. The decline will allow the company to “execute precision drilling” to define the resource along strike and at depth.Resources Victoria permitted four mines in the four months to December but Southern Cross managing director Michael Hudson described the improving sentiment towards mining as “granular”. He told Paydirt the exact location of any mining or exploration projects was still crucial to a project’s chances of approval.“You don’t want to be mining within 20km of a health spa full of rich lawyers who go to Melbourne every Saturday for a massage but if you are surrounded by down-to-earth tradies who have 200 acres and want jobs, for the most part the local communities are supportive,” Hudson said.“We’ve operated under low-impact exploration, which is part of the Mining Act here. That means you only need to give a week’s notice and if you don’t cut down a tree bigger than your forearm and stay on the existing tracks, you can be out there drilling within a week.“In Western Australia, you’re waiting years sometimes to get a drill rig on the ground with all the Native Title regulations. In Victoria, Native Title still applies on crown land but not on freehold land of course.”Southern Cross owns most surface rights in and around Sunday Creek. A meeting with Agnico Eagle Mines Ltd – the State’s largest gold miner at the Fosterville mine east of Bendigo – soon after being awarded the tenements resulted in the company’s decision to take ownership of the surrounding land.“The guys at Fosterville came to site early on and we asked them, ‘what is the best piece of advice you have for us?” Hudson said.“They said, ‘just buy as much [land] as you can’.”Sunday Creek’s regulatory approval came as the Victorian Government identified critical minerals as a key pillar of its plans to reboot its stuttering economy. Premier Jacinta Allen said the sector could contribute more than $1 billion in royalties to state coffers and support more than 7,000 jobs, but Hudson was far less optimistic about the future of Australia’s nascent antimony industry.Sunday Creek hosts a notable potential gold endowment, however, and Southern Cross set an exploration target of 1.7-2.6 moz gold in March last year. Allen also singled the project out at a Committee for Economic Development of Australia (CEDA) speech in November, a move Hudson considered indicative of ongoing support.“I’ve got no long-term optimism about the antimony price – it will go the way of lithium, nickel and cobalt – put whatever small market there and the Chinese will ramp the price then crash it, right? Who is going to open a lithium mine in Australia today and what price are you going to use?” Hudson said.“That will of course happen with antimony as well, but the key with this deposit is it’s a gold deposit with an antimony by-product and if you look at the cut-off grade, its 80% recoverable values in the gold and 20% in the antimony.“Larvotto [Resources Ltd] is a bit the reverse but you can do the calculations on that.”Larvotto received the green light to develop the Hillgrove antimony-gold project in New South Wales last year. Hudson said the bones of an economically-viable development were present at Sunday Creek thanks to the project’s gold dominant mineral endowment and its geological similarity to the Costerfield gold-antimony mine – Australia’s only producing antimony mine 43km to the north-west.“The two minerals [antimony and gold] are intimately associated with each other, and we would be mining both of them together. In terms of the process, we could get about 40-50% of the gold off in the gravity conc and then antimony is hydrophobic, so it floats like the bejeebus,” Hudson said.“We plan to supress the pyrites so we get a nice clean antimony-gold conc. That takes 30-40% of the gold and then we would end up with 10-15% in that pyrite. We’ve got about 80% free gold, which is a bit different to Larvotto.“We’re very similar in metallurgy to Costerfield, which is a gold mine but also the Western World’s largest antimony mine.” – Michael CameronCautious optimism at Sunday CreekSouthern Cross bought most of the land surrounding Sunday Creek on Agnico Eagle’s advice
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 35Alkane Resources Ltd managing director Nic Earner is backing the Costerfield gold-antimony mine to challenge the company’s enduring Tomingley operation for flagship status in the coming years.Located 50km east of Bendigo, Costerfield was largely hidden from Australian investors for the best part of two decades until August last year when Alkane assumed control of the operation upon completing its $1 billion merger-of-equals with TSX-listed Mandalay Resources.Since 2007 – two years before Mandalay’s acquisition of former owner AGD Operations – Costerfield has produced more than 500,000oz gold and become one of the Western World’s largest producers of antimony.Costerfield churned out 19,402oz gold and 465t antimony (or 21,178oz gold equivalent) in the first five months under Alkane’s watch, just over half of the output from the company’s long-running Tomingley mine (40,424oz gold) in New South Wales over the same period.Despite the large gap in production volume between the two assets, Earner sees no reason why Costerfield can’t compete with Tomingley for flagship status, albeit on different metrics.“Tomingley, because it’s entering the tail end of its capital programme and already has seven years [of mine life] ahead of it with projected strong cash flows, is quite clearly the flagship operation at the moment,” he told Paydirt.“We want the free cash flow [from Costerfield] to match that of Tomingley. Absolutely, it has the potential to do that once we extend the mine life out there. We and the team at Costerfield all believe we can lift the production rate in time, but the biggest focus for now is extending that reserve life.“Last quarter, Costerfield did nearly 12,000oz [gold equivalent] and its costs were typically running at $2,500/oz, so you’re making about $3,500/oz on a conservative basis. Whereas Tomingley did 22,000oz on similar [costs] so absolutely the potential is there.”Costerfield rarely had more than a 2-5 year outlook during Mandalay’s 16-year reign with new owner Alkane committed to chasing potential extensions at the likes of True Blue and Brunswick South.Mapping out a longer future at Costerfield is essentially the only major change that Alkane has made to the operation since the handover on August 5 last year, with Earner remarking at the similarities between how his company and Mandalay were running their respective sites for years prior to coming together as one.“Both Mandalay and Alkane ran quite distributed management styles, so a small head office and a general manager with a high degree of functionality on site,” he said.“Integrating all that with the senior management of Alkane has been relatively simple. The main things have been around stuff like how we allocate capital across the sites, particularly where should our exploration money be going.“Certainly, the Alkane mode of doing things has always been to look further ahead, that’s the main difference, having that long-dated view of the mine. Call it an Alkane stamp if you want, but that’s why we’re looking to build out what a seven-year Costerfield might look like, for example.”Given the company’s proven ability to navigate the regulatory landscape in NSW, Earner does not expect it will take Alkane long to find its feet in Victoria. In fact, he is finding the two states rather similar in more ways than one.“One of the features of the Victorian context – and this applies particularly to people in and around Bendigo and Ballarat – is the landholder density is quite high, which quite a few people find the same in NSW, so the complexity that comes with all that stuff has been almost identical,” he said.“From a regulatory regime perspective, the standards that we’re working to are also really similar. We’re still establishing our relationship with the Victorian regulator. Obviously when you’ve had a mine that’s been running since 2009, there’s different historical issues that the regulator has been happy or unhappy with, so we’re working very hard to make sure we’re aligned with Resources Victoria. “Because there’s only four active mines in Victoria, you’ve got a small team who you can approach and ask questions and develop personal relationships to understand what they want. New South Wales has lost a bit of that advantage because there’s so many mines there now, particularly when you take into account all the coal mines and quarries. In no way should that be interpreted as saying the standards are more or less lax, what it means is you can more easily go to someone and say, ‘hey, we’re doing this, is that on your radar?’.”Alkane also inherited the Björkdal gold mine in Sweden as part of the Mandalay merger, with the underground operation producing just shy of 10,000oz over the recent December quarter.Earner is proactively preparing for another busy 12 months, even hinting at the possibility of more corporate deals for his expanding company.“I would love to be able to do more M&A, it’s a pretty volatile environment for that at the moment, but it’s about making sure we’re aligned for value and seeing where we land on that,” he said.“I still expect a very productive and cash flow positive year, especially if gold hangs anywhere near where it’s been for these last six months. We’ve got a lot of stuff going on at all three mines, plus a rehabilitation project in Canada, so it’s going to be a super busy year, hopefully one just as dynamic as last year.” – Michael WashbourneAlkane tips Costerfield for higher honoursAlkane has made a strong start to its stewardship of the Costerfield mine near Bendigo
PAGE 36 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESFirst concentrate production from Goschen is on track for the back end of 2027Development of Australia’s next major rare earths production centre could begin in a matter of months.VHM Ltd is targeting a mid-year FID for its Goschen rare earths and mineral sands project after securing the final approval needed to formally kick off construction and mining activities in Victoria’s Loddon Mallee region.Should the Melbourne-based company continue hitting the scheduled milestones on its proposed development timeline, Goschen will almost certainly produce its first batches of concentrate before the end of next year.VHM could adopt a staged approach to development – a 1.5 mtpa project which scales up to 5 mtpa after three years of production – or fast-track the permitted 5 mtpa operation. Capex for the latter is estimated at $439 million, marginally higher than the total amount required for the former option which commands $196 million for the first phase and $241 million for the second.Project funding negotiations will continue over the coming months with VHM eager to build on the momentum of receiving non-binding and conditional letters of support for circa $380 million of debt contributions from Export Finance Australia (EFA) and the US Export-Import Bank (EXIM).Despite the intense global demand for rare earths, VHM has 100% of its product stream available for offtake after terminating its former agreement with Shenghe Resources early last month. Goschen is forecast to produce up to 8,300 tpa rare earth concentrate and 131,000 tpa zircon and titania heavy mineral concentrate under the full-scale development scenario.VHM chief financial officer Ben McCormick said while export credit agencies would primarily support commercial funding arrangements, offtake agreements were key to unlocking other aspects of the negotiations. “Offtake will be a key cornerstone of the financing,” he said. “Once we lock that in, the rest will start to fall into place. “We’re still speaking with quite a wide variety of offtake partners, whether they be Australian, US, Japanese or European. We’ve also just appointed Macquarie Capital to assist us with our offtake strategy and we are aiming to complete that process as quickly as possible.“Obviously that will then support the export credit funding which is potentially a large piece of the funding pie. We’re very pleased the EFA has provided letters of support for up to $75 million and US EXIM for up to $US200 million. The commercial banks will be in the mix as well and then there will be an equity piece. Ideally, we want equity to be a minimal piece of the pie, but we’ll see where we end up with the government support, offtake funding and the commercial banks.”McCormick moved into his current role on October 1 after joining VHM at the start of last year. His appointment coincided with the arrival of new chief executive Andrew King whose background in logistics could prove crucial as the mining operation at Goschen starts to take shape.King said the project boasted all the right ingredients to be developed and remain successful once in production.“If you look at a map of where the project is, someone from almost any background – let alone mine – only has to look at that north-west part of Victoria and see you’ve got railway lines running down either side of the project,” he said.“That railway line runs into the Port of Melbourne, giving you to access other ports along the southern coast of Australia. There’s also a siding at Ultima, just 20km from the front gate of the mine. We also have substantial and very well-established towns at Swan Hill and Kerang, so all the infrastructure you need to make a project like this work.“Initially, we will be self-sufficient in our power generation but there’s a huge amount of renewable development going on in that north-west area of Victoria. So, as we look out to the future of the project, we think there’s a great opportunity for us to tap into that renewable energy supply.”King said the company also intended to source most of its future mining workforce from the local communities where possible.VHM signed cooperation MOUs with the Gannawarra and Swan Hill shire councils soon after completing its IPO in early 2023.“So often you see these big mining projects sitting out in the middle of Australia, in the middle of nowhere, whereas we will now offer a great opportunity for employment for people within those communities to be able to drive to work,” he said.“There are existing mining professionals in those communities that we know already fly in, fly out to Western Australia and up to Queensland. We will be offering them the opportunity to work much closer to home.”King also heaped praise on the Victorian Government for supporting the company through its permitting journey culminating last November with approval of the work plan for Goschen.“They delivered what they said they were going to deliver and were very consistent in their messaging all the way through,” he said. “It all adds to what’s a very compelling story for the Goschen project. We’re finding there’s quite a few doors opening for us once people understand that we have all our permits in place and we’re ready to go.” – Michael WashbourneVHM has FID in its sights
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 37With FID imminent, Astron Ltd expects its strategic realignment with a wellheeled US bedfellow to show the true value of the Donald rare earths project in Victoria.The complete financing package for “shovel-ready” Donald – 300km north-west of Melbourne – was all but finalised when the company spoke to Paydirt in January, save for the receipt of a credit-approved term sheet. In September last year, the final terms of a JV between Aston and New York-listed Energy Fuels Inc included the issuance of $US3.5 million worth of Energy Fuels shares, an interest free loan of $8.6 million to fund Donald’s development, converting to a 3.2% stake in the JV. This loan will progressively increase to the value of $183 million with Energy Fuels’ stake building to 49%, covering the bulk of the equity funding required for the Phase 1 development. Under the terms of the deal, Energy Fuels also stands to receive a 100% share of the 229,000 tpa heavy rare earths concentrate offtake for 43,000 tpa zircon and 99,000 tpa ilmenite, including 7,200 tpa of valuable heavy rare earths concentrate over the project’s 42-year life. Rare earths concentrate from Donald is expected to feed the Energy Fuels’ White Mesa mill in Utah, complementing feedstock from another asset developed by an ASXlisted mineral sands miner – Base Resources – acquired by the US company in 2024. Energy Fuels completed an upsized $US700 million offering of 0.75% convertible notes due 2031 just one week after ratifying its deal with Astron. Astron managing director Tiger Brown said the strategic value of Donald’s rare earths endowment should not be underestimated.“We expect when production comes online in late 2027, we will be one of the first value chains with significant quantities of heavy rare earths – dysprosium and terbium in particular, which are now subject to export controls in China,” Brown said.“We’re well placed to take advantage of and increasingly bifurcated market, especially as it related to the heavy rare earths. “At the moment, in the US, there still isn’t a viable option that has commercial quantities of those heavies. MP [Materials Corp] doesn’t do them and Lynas [Rare Earths Ltd] doesn’t have heavy rare earths, they are currently reprocessing their tailings to try to get commercial quantities. Whereas the proven xenotime we have in our deposit will be able to represent an ongoing source of those [heavy rare earths].”The Donald DFS was updated last July, showing a pre-tax real NPV of $837 million and an IRR of 22.1%. Phase 1 uses just 17% of the total Donald resource (inclusive of the nearby, earlier stage Jackson rare earths and mineral sands project) with a total capex of $439 million, including $31 million contingency. Annual revenue was $291 million and EBITDA averaged $118 million.Cost blowouts and overambitious construction schedules were the two key concerns Brown said formed the core of economic remodeling.“We’ve designed our packages to have fixed price contracts as much as we can and we have also done a lot of the engineering design work early to decrease what is unknown – as a result, we can focus on the execution piece,” Brown said.“We want to give ourselves a not-tooaggressive construction timetable – allowing ourselves 23 months, or effectively 21 months of construction, to get up to commissioning and beyond. “We think that is a pretty conservative timetable with contingencies and weather contingency allowances.”Astron received approval from the Victorian Government for the Donald work plan in June, followed by a conditional letter of support from Export Finance Australia (EFA) for senior debt project financing of up to $80 million the day after the was project was granted Australian Major Project Status in October. Brown, who joined the company in 2018, said the attitude toward mining and exploration in Victoria had changed noticeably in his time. He praised Resources Victoria’s pragmatic updating of regulations and policies, focus on rebuilding trust in the community and provision of more transparent frameworks which clarified what the State expected from explorers, developers and miners.“We, as proponents, can’t be the ones telling the communities, ‘yes, there are rules and regulations in place’,” Brown said. “The Government has to re-establish trust that there are checks in place and that the [compliance] officers are going to go out there.“That trust they are trying to rebuild in the community is really helpful for us overall as an industry.”Energy Fuels also entered into a scheme implementation deed with to acquire Australian Strategic Materials Ltd (ASM) for about $447 million last month. ASM is owner of the development-ready 75.18mt @ 0.74% rare earths Dubbo project and metal and alloy processing Korean Metals Plant facility south of Seoul. – Michael CameronAstron prepares Donald for lift-offAstron’s work plan at Donald was approved by the Victorian Government last JuneTiger Brown
PAGE 38 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESAmid attempts to enhance the Henty gold mine in Tasmania, Kaiser Reef Ltd’s new leader said Australian gold companies were in danger of repeating past mistakes.Kaiser Reef acquired Henty last May with plans to streamline and extend the operation using its strong cash position – $43.1 million as of the start of the year – brought on by record gold prices. With the historical Maldon gold project in Victoria pegged as the next asset to receive a makeover, managing director Brad Valiukas – appointed in October last year – told Paydirt more Aussie gold producers should start taking the opportunities to future proof their businesses more seriously.“The last time the gold price was high, the investor perception was that everybody blew it, [gold companies] didn’t keep that money or didn’t put it in the bank or use it for something else,” Valiukas said.“I don’t think companies have embraced that observation and even Kaiser Reef is not quite there yet in terms of execution, but that is because we still have a bit of a gold mine to pay back.”With gold production at Henty slightly down in the December quarter, Valiukas was not worried, saying once the company was free of debt, fortifying against market volatility would be his priority.“It would be a very forward-looking statement to say at this stage whether we would do [a share buyback], or post a dividend, or do another acquisition – I don’t know. For anything to be announced, we have to get there first,” Valiukas said.“I think we will do a combination of banking some of the cash but also investing back in the company – we’re doing that now. By swapping out mobile crushers for a fixed crushing plant at Henty – it has operated with mobile crushers for 20 years – we will take $10/t off everything that goes through the process plant, plus we will increase capacity, making us more resilient and able to operate at a lower cutoff grade.”Kaiser Reef’s operational redesign at Henty also involves a debottlenecked production decline via a bypass and the exclusive use of efficient twin jumbos. The company’s larger trucks and loaders had started arriving on site but at surface, Valiukas said, Henty’s ROM pad would need to be expanded before the underground could be ramped up. Even with the operation “not quite where [Kaiser Reef] wants to be yet”, Valiukas said Henty was “not far out of date, time or our expectations”.At Maldon, Kaiser Reef rounded out last year with drilling at the project’s Union Hill historical mine waste dumps. Valiukas said there was no point waiting to mine the 410,000 cubic metre, 0.6 g/t dumps, especially after the company achieved 90% recoveries from 3,567t of material at 1.6 g/t last November. He said Union Hill was only the beginning of his vision for Maldon. “Taking a step right back, the company is focused on Union Hill and although we’ve talked about it, there is a much bigger gold project at Maldon,” Valiukas said.“Union Hill is one of six mines that got to a decent size but there is quite a big footprint at Maldon. We will still do the Union Hill underground at the Eagle Hawk reef target – we will chip away at that but we are certainly not going to rush it.“There is a much bigger picture and a much bigger play there.”Kaiser Reef’s permitting journey at Maldon, although not smooth, had failed to shade Valiukas’ assessment of Victoria’s mining potential. He said the State was “certainly” a jurisdiction in which Kaiser Reef would contemplate purchasing other assets but said the company would only look at permitted, operational projects.“In Victoria, our assessment would obviously take into account where exactly an asset is located and what it is, but mostly it would come down to whether it is operating – 100%,” Valiukas said.“The strategic value of having an operating processing plant is huge – if you look at how long it’s taken for other guys just to get approvals for declines, think about how long it would take for us to get approval for a cyanide-using process plant or a tailings dam.” – Michael CameronKaiser tells ASX goldies to wise upKaiser Reef is optimising underground production at HentyMaldon’s established processing infrastructure is key to the asset’s future
Materially higher metal prices have enticed Stavely Minerals Ltd to dust off an incomplete scoping study for its namesake copper-gold project, four years after pausing development plans for one of Victoria’s biggest discoveries of the past decade.Stavely recently undertook a review of the unpublished economics for the potential development of the Thursday’s Gossan and Cayley Lode deposits, determining there was “compelling incentive” to revive the scoping study using current metal prices and capital costs.Copper (up 27%), gold (up 122%) and silver (up 150%) are presently trading materially higher than the prices assumed in the financial model which Stavely applied to the project in 2022. At the time, the company conceded it could only deliver a “neutral” financial outcome after factoring in the likely development and operating costs.Stavely had completed most of the key workstreams required for a scoping study when it was quietly shelved in 2022, including delineating total resources of 210,000t copper, 100,000oz gold and 3.2 moz silver, plus open pit and underground stope optimisations.While the company is prohibited from reporting any financial metrics under ASX guidelines, Stavely executive chair Chris Cairns hinted current metal prices had greatly enhanced the project’s development credentials.“The project certainly does benefit from increased metal prices, there’s no question about that,” he told Paydirt.“It obviously comes down to a cost versus revenue equation. The revenue side of things has really been turbocharged, whereas I think the cost scenario hasn’t changed that much in the past 3-4 years. It’s escalated a bit, but not to the extent that the metals prices have taken off like a shot.“To a degree, it’s a bit frustrating that I can’t communicate to the market the quantum in terms of dollars that the updated pricing had on the project viability. We’re going to have to complete all of our work before we can demonstrate reasonable basis to the ASX that we can put out financial numbers.”Stavely has tentatively pencilled in midyear as the target date for the unveiling of the updated scoping study which will encompass a new resource estimate and optimised open pit and underground stope designs.Cairns said the study would also assess the viability of a larger project than the one which was being prepared in 2022.“If we can bring more material into the mix, we could potentially go for a higher throughput, more metal realised per year, greater revenue streams, all those sorts of things,” he said.“Metal prices have been good to us, but I think the project will also benefit from additional scale. That’s why we’ve been running these dual copper-gold and gold-only exploration strategies the last few years.”Stavely loomed as the market’s next potential darling when it discovered the highgrade Cayley Lode in September 2019, with shares soaring as much as 520% in the immediate aftermath. The breakthrough find was reported just weeks after Alkane Resources Ltd made the Boda-Kaiser discovery in New South Wales and came six months before the likes of De Grey Mining (Hemi) and Chalice Mining Ltd (Julimar) similarly caught fire with investors.Despite losing momentum due to the COVID pandemic and fluctuating metal prices over the next six years, Stavely stubbornly refused to down tools in western Victoria for any prolonged period, with Cairns adamant there is still a large porphyry waiting to be discovered below the Cayley Lode.“We’ve had some thoughts for some time as to how we might apply a different approach to this porphyry search, because we did spend quite a bit of time and quite a bit of money looking for the porphyry at depth,” he said.“It’s a complicated structural setting – 500 million years old and a lot of low-angle thrust faulting. It’s difficult to follow the mineralisation through these thrust faults, so there may be an approach that doesn’t cost us too much in terms of re-analysing material that we’ve already got, to try and geochemically fingerprint it through these low-angle faults. “I think that’s something we’ll likely introduce into our exploration strategy at depth. It’s just one of the opportunities we’re looking at to find additional material. The whole area remains relatively unexplored and highly fertile.”Cairns also remains confident the company will be able to achieve regulatory clearance for the project in due course, noting a “palpable change of attitude” in Victoria over recent years.“I’ve seen a couple of presentations from government representatives where their key message was ‘we are open for business’, but I don’t think most investors have really caught up with that yet,” he said.“Victoria has demonstrated that they can approve projects with some of these heavy mineral sands mines and critical mineraltype developments you’ve seen recently. I think it’s a very good indication that they want people to really get on with things over there.“Realistically, the approvals process in Victoria is probably not as mature as it would be in a jurisdiction like Western Australia, for example, but our interactions with the department and the vast majority of people on the ground over there have been fantastic. We’ve always really enjoyed operating in Victoria.” – Michael WashbourneStavely reheats frozen scoping studyStavely is resurrecting a scoping study on its namesake project in western VictoriaAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 39
PAGE 40 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESThe precious metals may have taken all the headlines in 2025, a more prosaic commodity enjoyed an equally unprecedent year, one which Tasmanianfocused Stellar Resources Ltd is ready to take full advantage of.LME tin prices hit $US50,000/t in January, having been less than $US30,000/t at the start of 2025. It has been a remarkable run, fuelled by demand from the electronics industry – which according to the International Tin Association, accounts for more than half of all tin demand – and a clampdown on messy tin mining in Asia. Stellar’s shares broadly matched tin’s rise over 2025, but more importantly the company is using the trend to assert itself in a quest to turn its Heemskirk tin project into a top 10 global producer. “We came in less than two years ago with a new board and management team and our whole aim is to become a top 10 global tin producer, with the PFS aiming for 3,000-3,500 tpa of tin production, that’s about 1% of global supply,” Stellar managing director Simon Taylor told Paydirt. “That is why the project is a standout asset, in one of the standout tin provinces in the world.”Taylor is leading a board which has a strong development and transactional record, much of it in the very different climate of West Africa. Taylor himself was managing director of West African explorer Oklo Resources prior to its takeover by B2Gold Corp, and a non-executive director of Chesser Resources until it was acquired by Fortuna Mines Inc. Executive director Andrew Boyd was also at Oklo, as well as another ASX-listed West African success story bought by B2Gold, Papillon Resources, and Tanzanian uranium explorer Mantra. With them sits chairman Mark Connelly, renowned for his development and transaction expertise across numerous juniors and mid-tier players in Australia and Africa. How that experience is applied to Tasmania’s West Coast will define Stellar’s 2026. Taylor said the priority was to complete a PFS within the next six months.“We’ve said to the market we want that PFS done in the first half of this year,” he said. “All the metallurgy is under way, all the engineering is under way. The only thing which may change the timeline is the drilling because we are getting some very good intersections which we want to drop into the study work. The drilling is the slowest part because they are fairly deep holes from wedge holes at surface.”It is the archetypal “good problem to have”, drilling results which are so promising that the study warrants delay to ensure ongoing drilling results are captured and the current 7.5mt @ 1.04% for 77,900t contained tin resource is updated. The December quarter saw hits of 51.4m @ 0.55% tin from 529.6m (including 11m @ 1% and 5m @ 1.33%) and 25m @ 0.38% tin from 539m (including 4m @ 1.26% and 2m @ 1.92%). Taylor said those results and a further 12,101m across 28 holes and wedges supported “high expectation” of a resource expansion and upgrade this year. Heemskirk bears close resemblance to the nearby Renison tin mine, one of the world’s most iconic tin assets. “The geology is very, very similar geology to Renison, with the source of the tin being these Devonian granites which sit 1-1.3km underground,” Taylor said. “We know from gravity surveys that we’re basically drilling through altered sediments and volcanics sitting above the granites and you get a whole lot of structures which run off the granite, that’s your fluid pathway – shears and vein sets. “Like Renison, it produces a very clean concentrate, pyrite-dominated mineralogy, and you can see that in the metallurgy we’ve done.”In December, metallurgical testwork showed high tin recoveries of 75%, producing concentrates of 40-50% tin using a sequential gravity and sulphide-removal flowsheet.Like the recent drilling, the metallurgical testing will be plugged into the PFS, meaning there are likely to be enhancements on size, product quality and economics on the previous scoping study, published in September 2024.“We’re going from 1,900 tpa to 3,500 tpa production and we’ve got a much higher tin price,” Taylor said. “There’ll be some other upside as well with technology. The last time studies were done, we didn’t include any ore sorting but that has proved successful at Renison in getting rid of waste before it goes through the plant.“It means you get an upgrade on your tin value, so there is savings there as well.”Although the rising tin price has further improved the economics, Taylor said the company wouldn’t be distracted by outside factors.“It is about sticking to the plan,” he said. “You get cycles in commodities, our job is to make sure we’ve got a robust project that will make really good money in good cycles and withstand lower cycles. That came out in the scoping study. This is a great project with a low AISC.” – Dominic Piper and Rhonda MalkinStellar brews up enticing projectStellar’s Heemskirk project (centre) is nestled in the hills surrounding the historical mining centre of Zeehan (in the background)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 41After years of supplying up to 5% of the world’s tin from the mine, Metals X Ltd is pulling on multiple levers to extend the Renison operation’s mine life and create a generational, low-cost asset.Metals X – which owns Renison through a 50% JV with Yunnan Tin Group and Greentech Technology International Ltd – has ambitions to extend the Tasmanian operations through a two-pronged approach, involving expansion into the Ringrose area, 700m from the Renison mine, and a review and update of a DFS on its tailings retreatment project. Ongoing infill and extensional drilling at Ringrose has defined a mineralised zone extending 300m along strike and 250m down-dip. The drilling was integrated into the resource in July, contributing 888,000t @ 1.33% tin to the 20.8mt @ 1.4% for 292,000t tin global resource, and 249,000t @ 1.2% for 3,000t to reserves. . Metals X executive director Brett Smith said the results followed record tin production of 2,899t of tin in concentrate, during the second quarter of 2024, driven by higher grades and greater recoveries.“The life-of-mine plan shows [a] 10-year plus mine allowing us to make long-term plans for the operation,” Smith said. “It is pleasing to see the Ringrose orebody included into the mine reserves – continued investment in near-mine exploration has the potential to further increase the mine life, especially within the Ringrose area.”Ringrose is considered to have the highest-grade intercepts in the tin world, only beaten by Alphamin Resources Corp in the DRC. Given it is just 700m from existing infrastructure, Metals X will only need to take a decline out before adding ventilation, meaning it will be relatively quick and costeffective to bring into production compared to deeper sections of Renison.“It’ll also come with some cost benefits because you’re mining it 200m below the surface, not 500m or 600m,” Smith said. Metals X has topped up depletion at Renison to maintain the 10-year mine life, a fact Smith told Paydirt was “unusual”.“Each year we’ve basically topped up what we’ve mined and being an underground mine, to do the drilling and replenish much more than that – not a lot of people do it,” Smith said. “It’s quite unusual for an underground mine to have a 10-year plus mine life and we’ve managed to maintain that since I came in and took over management of the company.”With mine depletion in hand, Metals X is predicted to spend about $20 million a year on near-mine exploration and has already picked up some additional tenements in the area.“It’s much easier to develop things which are in our existing mining concession,” he said. “Being able to do stuff within a granted mining concession is a big plus in terms of the speed to develop and add extra capacity.”With almost $300 million of cash available, Metals X won’t have any capital constraints for the foreseeable future, particularly as expenditure is shared with the JV partner. Adding to its enviable cashflow position is its AISC average of $26,300/t of tin since 2024.The company has also made moves to buy out its Hong Kong-based partner Greentech, offering to acquire all issued shares of Greentech at HK$0.28/share in October 2024. The Greentech and Yunnan share ownership for the other 50% of the JV, with Greentech owning 80% and Yunnan owning 20%, meaning a successful bid from Metals X would buy another 40% of the income stream from Renison. Although the first move was unsuccessful, Metals X is positioning to make further bids.Further exposure to tin was achieved in May last year through a $5 million investment in Elementos Ltd’s Oropesa tin project in Spain and Cleveland tin project in Tasmania, as well as an increased investment in First Tin plc to 30% with its projects in New South Wales and Germany. The investments handed Metals X a 19.98% stake in Elementos, along with two board seats, making it both Elementos’ and First Tin’s largest shareholder.“Elementos’ Oropesa will be the third tin mine to be developed globally – [First Tin] will be the next one after Spain to get into production,” Smith said. Metals X also awarded its FEED package to GR Engineering Services Ltd on Rentails, which will include a design to construct a new tailings reprocessing facility to process 2.4 mtpa of Renison tailings. The FEED package is expected to be finalised in Q3 2026 and FID is due later in the year. – Rhonda Malkin Unique approach strengthens Metals X tin upsideBrett SmithAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 41
PAGE 42 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESLike so many in the industry, Flynn Gold Ltd was not expecting the gold price to embark on a record surge when it published the maiden exploration target for its flagship Golden Ridge project in north-east Tasmania.When Flynn began preparing what would become its 3.5-4.5mt @ 3-4 g/t gold for 449,000-520,000oz exploration target in early 2024, the gold price was not even half of its current value. With no clear signs of a potential pullback on the horizon, the company has started to revisit aspects of the project previously excluded from its original assumptions.Flynn managing director Neil Marston said a revised exploration target for Golden Ridge was on the agenda for the second half of the year.“Because the exploration target was based on it being a high-grade vein system, only selective veins were included,” he told Paydirt. “Of course, when you apply that thematic, you cut out some lower-grade material but now we’re thinking maybe we shouldn’t be discounting it completely.“The decision to pull together that exploration target was done pretty much at the beginning of 2024 when the gold price was around $US2,200/oz… so we’re going to recut the exploration target and our resource modelling around the thematics of a higher gold price.”Over the past year, Flynn has largely focused on expanding the intrusive-related gold system at Golden Ridge, which now extends for 9km. Recent drill hits such as 2.5m @ 6.3 g/t gold from 37.3m (including 0.3m @ 22.2 g/t and 0.25m @ 35.1 g/t) and 1.8m @ 1.9 g/t from 43.2m (including 0.3m @ 9.9 g/t) at the Double Event prospect are not included in the current exploration target. Double Event is just 1km north of the high-grade Trafalgar discovery where Flynn has dedicated most of its time and attention in recent years. Marston said the drilling recently completed there had all but validated the expanded search space at Golden Ridge.“It was written about historically in pretty glowing terms by the state geologist in about 1900,” he said. “We saw signs of some mineralisation there so we went and did some soil sampling and trenching last year to expose the vein set up before we put in nine holes for about 670m.“In some of those holes, we got some really nice intersections, just reinforcing to us the potential of that whole 9km corridor. Our soil sampling had also identified other areas at Grenadier and Big Penny [at opposite ends of the corridor] but we’ve got to assess them methodically to see if they can be established as deposits we can one day hopefully go and start mining.”Flynn has also starting exploring the Mangana tenements about 30km south of Golden Ridge. Although still early days, Marston is already contemplating the project as satellite feed for future mining operations up the road.“We’re basically looking at a hub-andspoke-type arrangement with potentially multiple deposits feeding into something at Golden Ridge,” he said.“That’s very easy to support, particularly if you’re mining reasonably high-grade material. Trucking costs are almost inconsequential these days, as we’re now seeing in Western Australia, where people are mining stranded pits and trucking them to processing plants over great distances which were unthinkable even just two years ago.”Flynn could also report a resource for its Firetower gold-tungsten-cobalt project in the coming months. An extensive resampling programme was recently completed on the historical core which was never previously assayed for its tungsten and cobalt content. Results from that work were due at the time of print.Marston said the company was incentivised to review tungsten potential with prices for the niche critical mineral more than doubling in the past year.“To use a ‘fire’ term, it could go raging pretty quickly with the tungsten price the way it is at the moment,” he said.“The tungsten grade seems to be getting higher at depth. Fortunately we’re permitted to go and do some more drilling at Firetower, we’re just looking at the logistics of getting one of our rigs across there.“There’s enough drilling at Firetower, we believe, for us to put out a resource and potentially include an exploration target as well. Whether we get to a point where we can do a gold equivalent or tungsten equivalent resource, that’s something we may follow up once do some met testwork on recoveries of tungsten.”As one of the few junior explorers flying the flag for the Tasmanian resources sector, Flynn also hopes to make some inroads on the permitting front in 2026 to put to bed any remaining perceptions the Apple Isle is not open for business.“Permitting is always a question on a lot of people’s lips, especially when you find something, they want to know how you’re going to get it into production,” Marston said.“I think some investors still have that perception Tasmania is a closed shop, but I can certainly say from my three years with the company that both of the major parties in Tasmania are very supportive of the resources sector. We’ve had great support from not only the Minister and the Government but the community in general. “It’s quite a well-known fact that over 60% of Tasmania’s revenue comes from mining. The industry is a very big employer over on the west coast and the east coast [where Flynn is focused] has been watching and waiting for new things to happen.” – Michael WashbourneFlynn to recapture discounted goldFlynn has started exploring the Mangana tenements about 30km south of its flagship Golden Ridge project
Late rush kicks off new IPO cycleAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 43IPOs928 3262412362221323It may not have had the rampant fervour of 2021 or 2018 but 2025 offered a revival of sorts for the flagging ASX resources IPO market. After a desultory few years for new listings, some 23 companies made it to the bourse last year, indicating market enthusiasm for commodities in the faceof a host of macroeconomic shifts.2016$6.1m2017$6.07m2018$43.4m2019$7.08m2020$7.46m2021$15.7m2022$9.37m2023$9.99m2024$33.6m2025$22.2mVOLUME OF IPOsYEAR ON YEAR PERFORMANCEIPOsAVERAGE IPO RAISING
PAGE 44 FEBRUARY 2026 AUSTRALIA’S PAYDIRTA rebound...of sortsLast year saw a reversal of a three-year trend of dwindling new resources listings, falling from 123 in 2021 to just 13 in 2024. The 2025 figure of 23 has only been exceeded in five years in the previous decade. The in-year trend could also point towards a stronger 2026 for new floats. While there was only one listing up until May 31, there were 18 in the back half of the year (with two also having arrived on the ASX in June). Commodity prices ran rampant throughout the year and investors who enjoyed bonanza returns from their holdings in established gold and copper players appeared willing to reinvest in the higher-risk IPO market towards the end. Prices have only continued their climb at the start of 2026, suggesting there could be more “punt money” available to the IPO market in the first half of the calendar year.Much will likely depend on macro trends, both economic and geopolitical as conflicts across the globe and US President Donald Trump’s increasingly unpredictable foreign and fiscal policies set investors on edge.Ten is thenew fivePerhaps more encouraging than the volume of IPOs was the amount of cash each was able to net from investors, with an average of $24.35 million. Even by withdrawing the largest single capital raising, Robex Resources Inc’s $120 million, the average was $9.5 million, a sizeable increase on previous years.In 2024, the 13 entrants raised a combined $437 million, but $325 million of this came from one IPO (MAC Copper), meaning the other dozen averaged just $8.6 million between them.The average was similar for the preceding decade and could, like the second-half trend, be an indication of upward momentum in the IPO market.At the height of IPO fever in 2021, 83 of the 123 floats raised $10 million or less, with many raising the minimum $5 million, suggesting IPOs were easier to get away but enabled companies to list with lower quality portfolios. This year’s median figure was $10 million, indicating many of those companies coming to market are doing so with more advanced assets and stronger investor backing. StronginternationalflavoursAs with gold in the commodity group, Western Australia will always remain the most popular destination among new IPOs. The 2025 crop had seven companies focused on WA and while four other Australian jurisdictions were represented – including three each in New South Wales and Queensland – there was a distinct international trend to the list.Four of the companies listed with largely North American portfolios – including BMC Minerals Inc with its assets in the Yukon – with a further three boasting African assets and two from Europe. As well as showing the appetite for greater jurisdictional risk among companies, the geographic spread also betrays a trend among international groups to choose the ASX over other exchanges.Of the new listings, two originated in London and six started on the TSX, including the year’s three biggest listings – Robex, BMC and Greatland Resources Ltd. Having once played second fiddle to the Toronto exchange, those dual listings suggest the ASX remains alluring to international players as the strongest resources board globally. More upthan downThe performance post listing may encourage those investors to return to the IPO market when the opportunity arises in 2026.Of the 15 companies which posted Day 1 positive gains, the average increase was 29.62%. Of those who couldn’t hold their listing price, the average loss was only 9.52%, reinforcing the idea that new floats have been about quality assets, not market opportunity. The best performers posted plus-50% gains, with Tali Resources Ltd setting off on a 200% gain in the first weeks after listing but disappointing drilling results towards the end of the year saw a subsequent pullback in the West Arunta explorer. The second strongest performance came from Black Horse Minerals Ltd which is earning up to 80% of the historical Mt Egerton gold mining district near Ballarat, Victoria.The Black Horse recipe is perhaps the perfect one for post-listing success – tightly held share register, in-vogue commodity and jurisdiction and immediate, positive news flow. Now all the David Frances-led company needs to do is maintain that enthusiasm through 2026.It wasn’tall yellowBlack Horse was far from alone as a precious metals entrant on the ASX.IPOsAPPROVEDCOMPANYISO 9001Quality Management SystemsAPPROVEDCOMPANYISO 14001 Environmental Management SystemsIPOs
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 45As is usual, and completely unsurprisingly given where the spot price has gone, gold was the dominant commodity among the new floats with 17 of the companies holding gold assets or at least prospects in their portfolio. Copper – another metal to enjoy a barnstorming finish to 2025 – as mentioned in eight of the prospectuses, with a mix of the yellow and red metals increasingly popular as explorers hedge their bets, particularly when hunting for IOCG complexes.Perhaps more unexpected given the headlines garnered during the year was the lack of critical minerals projects in the IPOs. That only one company listed with lithium assets is understandable given the rebound in spodumene prices didn’t gain momentum until late in the calendar year. However, the geopolitical debate around rare earths, antimony, gallium and other critical minerals could’ve been expected to generate more interest, but the lack of interest in the commodities among the new floats suggests there is still a disconnect between political rhetoric around alternative supply chains and the capital required to build them out. APPROVEDCOMPANYISO 9001Quality Management SystemsAPPROVEDCOMPANYISO 14001 Environmental Management SystemsAPPROVEDCOMPANYISO 9001Quality Management SystemsAPPROVEDCOMPANYISO 14001 Environmental Management SystemsWe understand this country. Nationally Accredited with decades of experience. Safe, Innovative and Efficient.Proven Track Record for Successfully delivering exploration projects across diverse Australian terrains.Client-Focused Approach, Tailored drilling solutions designed to meet unique project requirements.Environmental Responsibility, Committed to sustainable practices that minimise site impact.If you’d like to learn more about our industry-leading drilling capabilities or discuss how we cansupport your next project, contact us...Tailored drilling solutions to complex problemsWINNERS & LOSERS DAY 1 PERFORMANCEIPO INTERESTS BY COMMODITY1 - Gold2 - Copper3 - Base metals4 - Bauxite5 - Silver6 - Critical Minerals7 - Lithium123456 7-30% -20% -10% 20% 40% 60%-5.10%-10.5%-22%-5%-5%LNQRREML8GGR10X10% 30% 50%SNMEV8GG1TR2BHL43%43%46%59.6%56%LinQ MineralsMoonlight Res.Golden Globe MetalsExultant MiningSentinel MetalsEverlast MineralsGreen & Gold MineralsTali ResourcesBlack Horse MineralsRight Resources
PAGE 46 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIPOsGreatland Resources Ltd appears set to resist the temptation of the equity markets to finalise its funding strategy for development of Western Australia’s largest underground gold mine.Alongside the release of the long-awaited feasibility study for its Havieron gold-copper discovery on December 1, Greatland confirmed it had negotiated new corporate debt commitments totalling $500 million with its lending syndicate despite generating $885 million of cumulative operating cash flow in just 10 months since taking control of the nearby Telfer operation.Now capped at $7.65 billion, Greatland could seemingly fund Havieron’s $1.065 billion capex requirement through ongoing cash flow from Telfer and its existing cash reserves ($948 million as of December 31), potentially covering any shortfall via an equity raising, but managing director Shaun Day said the company had determined debt was the best option on the financing table.“Our approach at Greatland is very much about shareholder returns,” Day told Paydirt.“We’re in a unique position where, effectively, the operations of Telfer will be funding the development of Havieron – that’s a tremendous position to be in. In addition to that, we’ve had five Tier-1 banks come in and provide us this seven-year corporate facility.“There’s not another seven-year corporate facility in the mid-cap space. It is the best debt product in the market and that is a reflection, I think, of the capabilities of Greatland but also the quality of our long-life, lowcost Havieron asset. Those banks all undertook due diligence on Greatland so it gives you a bit of an indication of their view on the platform we’ve put together.”The $500 million debt commitment is comprised of two revolving credit facilities of $250 million and $225 million with respective five-year and seven-year tenors plus a $25 million contingent instrument facility. Foundational lenders ANZ, HSBC and ING have now been joined by NAB and Westpac in the syndicate.Greatland was previously in possession of a non-binding letter of support for $775 million of debt funding, signed in September 2024 when the acquisition of Telfer from Newmont Corp was first announced. Day attributed the company’s substantial cash position as the primary reason for scaling back to $500 million.Telfer’s acquisition cost ($540 million) was repaid within seven months of Greatland being handed the keys to the Pilbara operation and regaining 100% ownership of the Havieron project, about 45km to the east.Since its initial discovery in 2018, Havieron has widely been viewed as the highgrade saviour for the hungry Telfer processing plant. The feasibility study confirmed as much with production of 226,000 ozpa gold and 9,600 tpa copper at a low AISC of $1,610/oz anticipated over the forecast 17-year life.The study also projected pre-tax annual cash flow of $739 million and assumes Havieron as the sole feed to the Telfer mill. Greatland has committed just over $200 million for plant modification and upgrades to accommodate the new ore but those works are not expected to interrupt ongoing operations.“Principally what we’re doing is putting in a new carbon-in-pulp and tails leach facility, but we’re leaving the existing CIL circuit in place,” Day said. “We’ll continue to run Telfer through that and at a certain point, once construction is complete, we’ll plumb in the new circuit and then all of it will run through that new module, which we think will deliver those higher recoveries at Havieron [86.6%] but also deliver potentially higher recoveries from the Telfer material. We think that’s one of the unnoticed benefits of the Havieron construction.”Greatland’s acquisition of Telfer was the catalyst for the company to finally commit to an ASX listing, having been domiciled in London but headquartered in Perth for the best part of a decade.Barely a month after its shares began trading down under on June 24, Greatland raised the ire of both investors and the corporate watchdog after downgrading its FY26 guidance from 300,000-340,000oz in its prospectus to 260,000-310,000oz at an increased AISC range of $2,600-2,800/oz.Those sins were seemingly forgiven by the end of the September quarter when the company bettered its own expectations with output of 80,890oz gold and 3,366t copper at an AISC of $2,155/oz for the period. Those feats were again surpassed in the December quarter with production of 86,273oz gold and 3,528t copper adding almost $200 million to the company’s bank account.“We took over an asset from Newcrest which was pretty unique in terms of they stopped deposition into the tails dam and they mined for 12 months on stockpiles and, of course, you only reconcile that ore when you put it through the mill,” Day said.“It’s a pretty unique situation where you’ve got 12 months of unreconciled ore and, as we’ve put that through the mill, it has been a little bit different to what we thought. But it’s still been a tremendous acquisition for Greatland and the September quarter was extraordinarily strong, running above the top end of guidance. “We understand we need to deliver [more of those strong results] as part of our engagement with the market, but we think delivering the Havieron study was another really positive step and it effectively means the transition from Newcrest to us is now complete.” – Michael Washbourne Debt still having its day at GreatlandGreatland directors Jimmy Wilson, Shaun Day, Elizabeth Gaines and Mark Barnaba Greatland Resources LtdASX: GGPListing date: June 24IPO amount: $50 millionDay 1 return: Up 34%Share price performance:$6.46-11.62Key personnel: Mark Barnaba (non-executive chair), Elizabeth Gaines (deputy chair), Shaun Day (managing director)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 47Tailored drilling solutions to complex problemsAn advanced North American project, boasting precious and base metals, with offtake secured and financiers lining up – it is hard to think of a company more apt for an IPO on the ASX in 2025 than BMC Minerals Ltd. In a year defined by established companies traditionally focused on North American markets heading to Australia, BMC made one of the biggest splashes, raising $100 million (the second largest maiden offering of 2025) as it looks to march its Kudz Ze Kayah (KZK) project in the Finlayson Lake region of Yukon towards development next year.BMC managing director Michael McClelland said the decision to choose the Australian bourse had been immediately vindicated by the post-listing share performance.“Our performance has been outstanding,” he told Paydirt. “I wouldn’t have thought we’d be up more than 70%, it has exceeded all expectations. Obviously a lot of that is to do with metals prices with silver, copper and zinc all going extremely well, but the project itself has been warmly received by Australian investors.”While KZK and McClelland can both be found on Canada’s Pacific coast, BMC does have an innate Australian flavour. The company was founded by a Perth group a decade ago and the board retains plenty of antipodean components.“We have a significant board and management presence in Australia,” McClelland said. “Our chairman Stephen Michael has a lot of experience in this market.”Confirming the ASX as its preferred destination was the relative performance of companies who wouldn’t usually head down under.“Capstone Copper [Corp] was a nice benchmark for us, they came to the ASX and were very successful,” McClelland said. “The ASX has quite a bit of liquidity, an understanding of mining and its economics and significant institutions and fund who are required to invest on it.”Having settled on the Australian exchange, BMC spent much of 2025 laying the groundwork for its eventual December listing. “BMC was relatively unknown prior to the IPO process but we put in significant effort in making the story known along with lead broker Barrenjoey and joint brokers Argonaut and Morgans,” McClelland said.The story is an obviously compelling one, with last year’s feasibility study confirming annual production of 7.8 moz silver @ 138 g/t, 57,000oz gold @ 1.3 g/t, 14,000t copper @ 0.9%, 107,000t zinc @ 5.8% and 25,000t lead @ 1.7% over a nine-year mine life. Capex was estimated at $US492 million and AISC at $US11.83/oz silver equivalent, leading to pre-tax NPV of $US835 million and IRR of 42%. Those figures mean KZK stands as one of the most attractive polymetallic projects on the ASX.“We see parallels to past prolific polymetallic/base metals assets which generated strong returns for shareholders – Vares for Adriatic, Nova-Bollinger for Sirius and DeGrussa for Sandfire [Resources Ltd],” Morgans analyst Ross Bennett said.McClelland believes there is more to come. “We anticipate being 12-18 months from FID depending on permitting,” he said. “In the meantime, we will also be working on exploration – there is a 35,000m programme planned – and engineering, tightening the screws in the feasibility study.”On the refinement of the feasibility study, McClelland said the company was eager to consider the pit shells with updated metals prices and look at movement in capex and opex.“The run-up in the gold price also changes perspectives and it would be remiss of us not to look at the life-of-mine gold recoveries – which are currently around 65% – and see if we can get those up into the 70s or 80s, any changes will likely pay for themselves,” he said. “Plugging in current commodity prices could also alter the pit shells.“The bones of the project are there, it is essentially about how we optimise what we have.”Those bones include offtake agreements with Glencore, Trafigura and Korea Zinc over the first five years of production, with those groups and others expected to play a hand in securing project finance. “I think financing it is going to be the easiest part,” McClelland said. “There is a lot of interest because of the high-grade economics of KZK.”To stick to its timeline, BMC needs to receive its outstanding permits this year. The company is awaiting three final permits but the process has been held up by a judicial decision which requires the Yukon and federal governments to further consult First Nations groups about the economic impact of project development.“A judicial review in 2024 deemed the governments had to consult with the First Nations groups. That is looking to wrap up this quarter which will get us back to permitting and from there it will be 12-18 months to FID,” McClelland said.There are few new floats which hit the ASX with such a schedule but it is a reflection of a decade of behind-the-scenes efforts by BMC.“We have been at this project for 10 years, we are not a fly-by-night junior,” McClelland said. “We have spent the capital and we have a good understanding of the deposit.”– Dominic PiperBMC taps into Aussie love for CanadaThe BMC board on the company’s first day of tradingBMC Minerals LtdASX: BMCListing date: December 12IPO amount: $100 millionDay 1 return: Up 25%Share price performance:$2.25-2.93Key personnel: Steven Michael (nonexecutive chairman), Michael McClelland (managing director), Natalia Streltsova (non-executive director)
PAGE 48 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIPOsRetail investors were expected to lead Ballard Mining’s spin out of Delta Lithium Ltd’s cast-off gold assets but the company was surprised to find fundies chiefly behind the $30 million float.Managing director Paul Brennan told Paydirt Ballard’s liberation of the Mt Ida project’s gold endowment – 100km west of Leonora – from Delta’s critical minerals ambitions was expected to stir up retail interest. He was pleasantly surprised to find the country’s best known institutional investors knocking at the door.“The ECMs – the professionals, they thought the IPO would be largely driven by the retails but it wasn’t, we had a lot more institutional support than we thought we would,” Brennan said.“It was probably down to a combination of factors and timing was one – the gold price was very high. There was recycling of capital and this is just my casual observation but for some of these instos, their mandate does not allow them to invest in ASX100 or ASX200 companies. So as Genesis [Minerals Ltd] or Ramelius [Resources Ltd] and a whole bunch of other gold companies’ revenues go up, there is potentially some profit taking and coming down to the junior end.“We had some reasonably big names take a chunk of the IPO: IFM [Investors] and 1832 [Asset Management] both took a chunk, MinRes [Mineral Resources Ltd] and Hancock [Prospecting] followed their money via their Delta investment. There were a bunch of funds in Perth like Nero [Resource Fund] or Precision [Opportunities Fund Ltd] plus Collins St [Asset Management], OC Funds [Management] and Perennial [Partners].”Ballard kicked off the new year with an announcement detailing its growth and development strategy, centred on beefing-up Mt Ida’s 930,000oz @ 4.1 g/t Baldock resource via depth extensions. The release predicted a resource update before the end of the quarter with further milestones of plus-1.5 moz and 2 moz targets also set, to come from systematic exploration of 53 targets – both extensions of existing resources and regional prospects – at Mt Ida.Baldock is about 7km south-west of the 53,000oz Kestrel and 40,000oz West Knell deposits on the 13km Ballard fault. Brennan said previous drilling to just 350m depth at Baldock failed to realise the project’s potential. Geological similarities and physical proximity to the Agnew and Riverina gold mines, which have produced over 220,000oz and 90,000oz respectively in recent years, had Brennan confident of further upside from Mt Ida’s known areas of mineralisation and beyond.“The easiest stuff is at Baldock, so four rigs are going to be sitting on top of Baldock and we’re going to have one just working its way through the regional exploration targets,” Brennan said.“The regional stuff is slow and we will need to be patient, so one phase of drilling will inform the next and the geologists will need some thinking time but we already know that there is six years of mine life at Baldock. It is fully permitted so it makes sense to leverage off that as much as we possibly can.“That’s two years open pit and four years underground and once you get your declines going in and your primary air vent, your backbone of power and water and so forth, everything from that point becomes incremental so it makes sense to sweat the asset.”Brennan predicted a good year for IPOs and said gold would be the obvious target commodity for explorers new to the bourse. He said the Ballard offering was priced conservatively to reward investors already familiar with Delta and Mt Ida but also to be sure enough funding would be available for the company to get on the board and extract Mt Ida’s full potential.He railed against what he described as “penny dreadfuls limping from one capital raising to the next” but also how much capital had to be set aside for administrative and regulatory requirements. “Just take a decent lick of capital and have a crack,” Brennan said. “If it’s not there, assess your other options and move on to the next one, we’re not sending space shuttles to the moon. The definition of ore is something you can extract for a profit.“But then again, to list a company, the hurdles you have to jump through with the ASX and with ASIC are high – our legal bill was $500,000-600,000.” – Michael CameronInstos gate-crash Ballard debutBallard’s exploration schedule includes targets on the Ballard fault such as NeptuneBallard Mining LtdASX: BM1Listing date: July 14IPO amount: $30 millionDay 1 return: Up 39%Share price performance: 34.5-75cKey personnel: Simon Lill (non-executive chair), Paul Brennan (managing director), Stuart Mathews (non-executive director)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 49Listing date: December 2IPO amount: $8 millionDay 1 return: Up 56%Share price performance: 31.5-42c Comment:Led by former Mawson West boss David Frances, the company is earning up to 80% of the historical Mt Egerton gold mining district near Ballarat by spending $4 million over five years on exploration and development. Mt Egerton is one of only eight gold mines in Victoria to have produced more than 1 moz from primary rock or non-alluvial sources. While production records exist from 1903, it is believed to have started at least five decades prior. Both geophysics and diamond drilling kicked off immediately following the company’s promising ASX debut.Black Horse Mining Ltd ASX: BHLKey personnel:Peter Wall (non-executive chairman),David Frances (managing director),Charles McHugh (non-executive director)Listing date: October 21IPO amount: $5 millionDay 1 return: Up 22%Share price performance: 20-28c Comment:Spun out of Loyal Metals Ltd which committed to its recently acquired Highway Reward copper project in Queensland. Desert’s gold and lithium portfolio lacks enough up-to-date exploration to rival neighbouring world-class assets in two of the globe’s best mining districts, Western Australia and Nevada. The Scotty lithium project is 330km from Tesla’s Reno gigafactory and borders Ionic Minerals Ltd’s Bonnie Claire property. Bonnie Claire’s “unique” geology – with lithium compounds appearing to be hosted in fine grain clay, silt and sand pore space – allowed Ionic to delineate a 3.4bt @ 1,013 ppm for 18.3mt lithium deposit from just nine drill holes. Desert is undoubtedly hopeful it can replicate its Canadian peers’ success.Desert Minerals Ltd ASX: DSMKey personnel:Peretz Schapiro (chairman),Adam Ritchie (non-executive director)Listing date: September 18IPO amount: N/ADay 1 return: N/AShare price performance: $30.45-51.99Comment:One of the most famous names in the global mining industry has finally landed down under, albeit under a different moniker. The company formerly known as Dundee Precious Metals made its ASX debut just days after completing its rebrand and $US1.3 billion takeover of Bosnian silver producer Adriatic Metals. Headquartered in Toronto, DPM now boasts three producing assets (Ada Tepe, Chelopech, Vares) in the Balkans region with a further two (Coka Rakia, Timok) in the development phase.DPM Metals Inc ASX: DPMKey personnel:Juanita Montalvo (chair),David Rae (president),Dr Nicole Adshead-Bell (independent director)Listing date: September 23IPO amount: $6 millionDay 1 return: Up 43%Share price performance: 25-73c Comment:Arguably the most peculiar new float of the past year, Everlast is eyeing near-term production from its Gaibandha mineral sands project in Bangladesh. Prior to listing, the company defined an indicated and inferred resource totalling 375mt at its flagship asset. Work continues to initially be focused on trial production from established wet and dry plants. Management has also hailed Bangladesh as an “underexplored and favourable” operating jurisdiction.Everlast Minerals Ltd ASX: EV8Key personnel:Paul Qian (executive chair),George Edwards (non-executive director),Gregg Starr (non-executive director)Listing date: December 11IPO amount: $5 millionDay 1 return: Down 5%Share price performance: 17-20c Comment:Exultant wasted no time after its December debut, kicking off field work at the Black Hammer copper-gold project in the Macquarie Arc, New South Wales, just a week after listing. Taking 76 rock chip samples from the Two Mile Creek, Porters Retreat, AC, Watsons and Hughes copper prospects before Christmas, Exultant was expecting initial results early in the new year. The company also took rock chips from the underexplored Peak View base metals project on the Lachlan Fold Belt but at the time of print was yet to start work on the Deep Dykes project in WA.Exultant Mining Ltd ASX: 10XKey personnel:Brett Grosvenor (executive chairman),Lincoln Ho (non-executive director),Alan Armstrong (non-executive director)Tailored drilling solutions to complex problemsBlack Horse started diamond drilling at the Mt Egerton gold project near Ballarat in December Reconnaissance field work was Exultant’s first priority post listing
PAGE 50 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIPOsListing date: April 2IPO amount: N/ADay 1 return: N/AShare price performance: $9.70-13.10Comment:The only new admission to the bourse across the first five months of 2025, Chile-focused Marimaca was also an outlier in the sense it did not trade a single share on the ASX until September when it tapped Australian investors for $80 million to progress development of its namesake copper oxide project. Still domiciled on the TSX, the company offered 100 common shares in the form of CHESS depository interests, each at an issue price of $6, to comply with ASX listing requirements. Chilean regulators approved the company’s EIS in November, putting Marimaca on course to begin construction in the second half of 2026.Marimaca Copper Corp ASX: MC2Key personnel:Hayden Locke (president),Michael Haworth (chair)Chile-focused Marimaca was the sole new listing across the first five months of 2025Listing date: October 29IPO amount: $5 millionDay 1 return: Up 11.8%Share price performance: 17.5-23.5c Comment:Within six weeks of listing, Golden Dragon started and finished the first phase of its maiden RC drilling programme at Coodardy, one of the most advanced targets at its Cue gold project in WA’s Murchison region. Drilling reportedly returned the “right ingredients” for gold mineralisation with the full results expected at the time of print. A much larger drilling programme is also planned for early 2026 and will likely target other key prospects such as Stockyard and Curtis Find.Golden Dragon Mining Ltd ASX: GDRKey personnel:Simon Buswell-Smith (managing director),Rhoderick Grivas (non-executive chair)Listing date: October 31IPO amount: $8.5 millionDay 1 return: Down 5%Share price performance: 12.5-20c Comment:A trimmed Golden Globe was admitted to the ASX after a late-2023 false start. The company started a 4,000m diamond and RC drilling programme at the Dooloo Creek gold project in south-east Queensland with a new targeting strategy based on widespread copper and gold anomalies. Grades of 28.8 g/t gold at its Northern Gold target, 51.7 g/t at Eastern Breccia, 39.5 g/t at Silver Plain and 43.9 g/t at its True Blue prospect have Golden Globe optimistic about the potential of the project to resemble the Mt Leyshon gold mine near Charters Towers. The initial campaign is expected to run about two months.Golden Globe Resources Ltd ASX: GGRKey personnel:Colin McMillan (managing director),Patrick Highsmith (non-executive director),Raymond Raad (non-executive director)