AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 51Tailored drilling solutions to complex problemsASX: MC2Listing date: December 11IPO amount: $10 millionDay 1 return: Down 22%Share price performance: 15.5-18cComment:One of the last IPOs of 2025, Moonlight met a stilted reception from the market but was still trading at a respectable 16.5c/share at the time of print. Diatreme Resources Ltd shareholders were entitled to a priority offer of up to $3 million with participants also receiving a free attaching option worth 30c with a three-year expiry period. The offer came courtesy of Moonlight’s flagship Clermont gold project in Queensland which was previously held by Diatreme. Moonlight’s other assets include the MacDonnell Ranges and Moonlight rare earths-uranium projects in the Northern Territory, the Fox Hill rare earths project in NSW and the Drysdale uranium project in WA.Moonlight Resources Ltd ASX: ML8Key personnel:Bin Guo (non-executive chairman),Greg Starr (managing director),Simon Kidston (non-executive director),Tim Kennedy (non-executive director)Listing date: August 8IPO amount: $75 millionDay 1 return: Up 7.6%Share price performance: $1.14-2.31Comment:Another Canadian-based group looking to tap Australian interest in Africa, Orzeone poured first gold from its expanded 2.5 mtpa plant at Bombore in Burkina Faso on December 15. Commercial production is expected to be declared this quarter. In 2026, the company has forecast output of 185,000oz with expansion work continuing to ultimately lift production to 250,000 ozpa. Orezone shares were halted less than a month after hitting the bourse when fellow Burkinabe producer West African Resources Ltd received a letter from the Government seeking an increased share of production, but the Vancouver-based company quickly confirmed it had not received such a request.Orezone Gold Corp ASX: OREKey personnel:Patrick Downey (president),Sean Harvey (chair),Julian Babarczy (director),Tara Hassan (director)Tim Kennedy (non-executive director)PC Gold came to market with almost 1 moz of defined gold resource at Spring Hill in the Northern Territory Listing date: October 21IPO amount: $13.35 millionDay 1 return: 14.8%Share price performance: 21-49c Comment:Within a matter of hours of its shares officially opening for trade, the company announced visible gold had been intersected in two diamond holes at the Lasagne Zone, directly along strike from the 821,000oz defined resource at its Spring Hill project in the Northern Territory. The move prompted an ASX query letter, with the company later reaffirming it was in the midst of an exploration programme at the time of its IPO, having undertaken a seed raising of $1.4 million in April 2025. A dual listing on the Frankfurt Stock Exchange was also completed in November, with the company attracting “unprecedented” interest from European investors seeking greater exposure to advanced gold projects.PC Gold Ltd ASX: PC2Key personnel: Ash Pattison (executive chair), Robert Jewson(non-executive director),John Lewis (non-executive director)Listing date: October 29IPO amount: $10 millionDay 1 return: Down 10.5%Share price performance: 15-31c Comment:Despite gold first being discovered in the area in 1855, the Tumbarumba goldfield of NSW has not been subject to any modern exploration – until now. Ahead of its IPO in October, Right managing director Graham Howard told Paydirt’s sister publication GMJ the company believed “a very large hidden goldfield that everyone had missed” was waiting to be tested with the drill bit. First assays from the maiden 4,800m campaign at the flagship Pilot project were due at the time of print.Right Resources Ltd ASX: RREKey personnel:Chris Brown (non-executive chair),Graham Howard (managing director),Lauren Robinson (executive director)ASX: GGR
PAGE 52 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIPOsListing date: June 5IPO amount: $120 millionDay 1 return: Up 14.9%Share price performance: $3.20-6.98 Comment:The largest IPO of last year will soon disappear from the bourse after agreeing to merge with Guinean neighbour Predictive Discovery Ltd. Robex shareholders will own about 46.5% of the enlarged group, to rebranded as PDI Gold Ltd and led by seasoned West African project builder Matthew Wilcox. Despite a competing bid from Predictive major shareholder Perseus Mining Ltd almost thwarting the proposed union, an amended merger agreement was approved by Robex shareholders on December 30, just days after the company poured first gold from its Kiniero project.Robex Resources Inc ASX: RXRKey personnel:Jim Askew (chairman),Matthew Wilcox (managingdirector), John Dorward(non-executive director)Robex managing director Matthew Wilcox (left) with the first gold bar poured from the Kiniero mine in GuineaListing date: October 30IPO amount: $10 millionDay 1 return: Up 43%Share price performance: 26.5-46c Comment:Until now, the opportunities for Australian investors to play the US state of Montana have been limited and largely unkind, headlined by Sandfire Resources Ltd’s decadelong struggle to permit its Black Butte copper project. Some recent legislative changes and the introduction of a pro-resource government served as the catalyst for Sentinel to IPO its near-1 moz Columbia gold project. The story appears to be resonating with ASX investors given the company’s strong finish to 2025 despite a lack of major news flow.Sentinel Metals Corp Ltd ASX: SNMKey personnel:Mark Williams (non-executive chair), Matt Herbert(managing director), Simon Dahrouge (executive director)Listing date: June 17IPO amount: $10 millionDay 1 return: Up 9.5%Share price performance: 34-82cComment:A DFS on the company’s flagship Wuudagu project in WA’s Kimberley region is scheduled for completion this quarter, laying the foundations for VBX to become the country’s next major bauxite producer. Environmental and Native Title submissions are also being prepared, both the product of more than six years of meticulous work completed by the VBX team prior to the IPO. The company started 2026 on a positive note, reporting the discovery of bauxite containing higher alumina and lower silica quantities outside of the existing resource area.VBX Ltd ASX: VBXKey personnel:George Lloyd (non-executive chairman),Ryan de Franck (managing director),Vivienne Powe (non-executive director)Listing date: July 18IPO amount: $7.5 millionDay 1 return: Up 59%Share price performance: 31c-$1.01Comment:Given its connections to niobium behemoth WA1 Resources Ltd, it’s no surprise the market placed high expectations on Tali to quickly emulate the whirlwind success of its West Arunta stablemate. Shares surged almost 200% in the weeks following its impressive first day of trade and continued to hover just below the $1 mark until late November when initial drilling results across five key prospects failed to deliver on the hype. Tali has gone back to the drawing board with more target generation and other greenfields-type work planned for 2026.Tali Resources Ltd ASX: TR2Key personnel:Mark Savich (non-executive chairman), Rhys Bradley (managing director), Tom Lyons (non-executive director), Paull Parker (non-executive director)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 53Tailored drilling solutions to complex problemsTechnology still key for TemasTemas Resources Corp wants to give the La Blache polymetallic property in Quebec a resource boost but sees a novel processing method as its real X-factor.Temas completed 2,302m of diamond drilling at La Blache – 100km north of the township of Baie-Comeau – in November and was expecting results from the recent drilling and 181 re-assayed historical drill holes early this year.The company is looking to improve the economics of its Farrell-Taylor massive oxide resource after the 2024 PEA placed post-tax NPV at $C6.8 billion and IRR at 55.1%. Temas wants to incorporate two more resources acquired last year into La Blache’s global sum, currently composed of Farrell-Taylor’s 108.8mt @ 17.83% titanium, 0.32% vanadium and 59.4% iron endowment with another two critical minerals – gallium and scandium – showing promise.Temas chief executive Tim Fernback told Paydirt even though the company had been focused on building its mineral portfolio of late, the other side of the business – several patents over a proprietary processing technology known as Regenerative Chloride Leaching (RCL) – would not drop off the radar. Fernback pointed out the capital raising advantage of there being limited options on the ASX in terms of companies with plans for downstream integration.“The investors that we attract on the Australian market are mostly the high-net worths and institutional shareholders – the Terra Capital [Management]s of the world,” Fernback said.“They’re participants at our cap table right now and they are very much interested in our mineral exploration project, particularly the titanium side because they have had success with good rutile and ilmenite deposits in Australia in the past. “What I think makes them really interested in our company is the technology side. We have 11 distinct patents in metallurgy which are part of a platform technology we have developed. We acquired the entity that holds those patents but we have been involved with that entity for a long time. They’ve effectively been a subsidiary; we just consolidated the ownership of that entity so we 100% own the entire platform.”The RCL platform uses a closed loop flowsheet to extract critical, precious, base metals, PGMs and rare earths at a 30-65% cost reduction, according to the Temas website.Fernback said RCL represented the company’s blue-sky potential and La Blache, its underlying value. With the titanium market slated by many for supply line disruptions (Russia and China dominate titanium supply chains and Ukraine is a key producer of the critical mineral for the European market), testing RCL for titanium metallurgy specifically was a priority for Temas. Fernback said its value to the critical minerals industry as a whole was unquestionable.“We use it for our own purposes but we’ll be using it for other third parties as well, who will be licencing it or joint venturing, so I would say it will be a significant revenue generator for the company in the future,” Fernback said.“We’re a bit of an anomaly because we have that vertical integration of our company in that we’re looking to spend money on both initiatives, both business units. We are a bit unique in that area. “We are a titanium exploration company but we are also assisting other titanium exploration companies, I would say we have different employees in the met/tech side of our business than in our mining exploration side, so we are effectively running it as a separate business within our company.“We are going to put the knowledge we gain from the third-party evaluations into additional IP and patenting for ourselves to build a bit of a technology moat around the company.”Fernback described Temas’ acquisition of the original developer of RCL as opportunistic. “When we were working on our titanium property in Canada, we started acquiring neighbouring property and those properties were owned by, for want of a better term ‘failed’ mining companies, which had advanced them quite a bit but then wanted to sell,” Fernback said.“We came across a Canadian-based research hub that was previously sponsored by the Canadian Government for the last 50-plus years and they were really a repository for all this information. That research lab was privatised and we acquired a spin out company.“So, it was really opportunistic that we were able to acquire the knowledge – the platform technology. That was about five years ago and we have been improving on it ever since.” – Michael CameronTemas will incorporate two resources on La Blache’s expanded mineral licence into the project’s next studyTemas Resources CorpASX: TIOListing date: October 27IPO amount: $11 millionDay 1 return: Up 26%Share price performance:15-35.5cKey personnel: Kyler Hardy(executive chairman), Tim Fernback (chief executive)
Chillagoe checks outNimble junior Green & Gold Minerals Ltd (GG1) will lean on a larger and potentially higher-grade resource as the focal point of upcoming negotiations for first access to the mothballed Mungana mill in Far North Queensland.GG1 has flagged an update to the Chillagoe project’s existing inferred resource of 32,400oz @ 1.1 g/t gold and 387,000oz @ 13 g/t silver before the end of next month after the company’s first drilling campaign since its October ASX debut delivered in spades.Drilling at the main Mt Wandoo prospect reportedly extended mineralisation south of the defined resource area while bolstering the western trend where no gold mineralisation was previously recognised by past explorers.One drill hole also extended a high-grade shoot near the centre of the modest Mt Wandoo resource, intersecting 12m @ 5.9 g/t gold from 59m, just 28m from a historical hit of 4m @ 12.7 g/t gold and 5 g/t silver from 88m, indicating potential for high-grade ounces to be added inside the resource model footprint.Best intercepts were 6m @ 11.1 g/t gold from 38m (including 1m @ 44.8 g/t from 42m), 12m @ 5.9 g/t gold from 59m (including 2m @ 32.5 g/t from 59m) and 19m @ 2.9 g/t gold from 36m (including 2m @ 24.4 g/t from 36m).Silver results were still pending at the time of print.GG1 managing director Quentin Hill said the company had raced the clock to complete as much drilling as possible before Queensland’s wet season forced tools to be downed.“We have a clear plan to accelerate development of these projects – it was key to our offering in the IPO – we needed to get enough drilling done so that we could upgrade the resource and provide a meaningful mining study during the wet season,” Hill told Paydirt.“Our plan is to add ounces quickly and the best way to do that is with some high grades. We had three intersections at over 50 grammetres and we’re hoping for a material boost to the resource from those high-grade results.“To be able to put out such terrific results just nine weeks since listing is really encouraging and validates at least one prong of our growth strategy, being that near-term development opportunity.”The impending resource update will form the basis of a mining study assessing options to process the Chillagoe ore at one of several nearby processing facilities, headlined by Mungana’s 600,000 tpa gravity and flotation mill which last operated in 2023.Mungana has previously accepted ore from Mt Wandoo, which sits on granted mining leases.GG1 has also been encouraged by initial tests which have delivered an eight-times uplift in gold recoveries on material from Chillagoe, about 165km west of Cairns and 20km west of the project’s namesake township. Hill said the company planned to speak with the mortgagee in possession of the Mungana assets about potential toll treatment arrangements once the mining study is finalised, including completion of all metallurgical testing.“There are many [processing] options on the table for us, but with Mungana being idle and the closest, it’s certainly the key compelling opportunity for us and for them,” he said.“The largest creditors are in control of that asset and we know they’re looking for options to monetise so we’re seeking to deal with them.”Hill said the past production history of the Chillagoe area would prove a major advantage for GG1 as it looks to monetise prospects such as Mt Wandoo, Little Wandoo, Sentinel and Dingo in the years ahead.“Our operating philosophy is to run lean, be respectful and do things with purpose – and that’s exactly what we’ve been doing, even before we listed,” he said.“When we were private, we weren’t doing things to please the market. We were doing things to advance the development proposition, which means you’re doing the baseline environmental, you’re doing the metallurgy studies and you’re exploring how you can monetise it.“It’s not a happy coincidence, it’s part of a systematic plan. And now that we’re listed and have increased access to capital, our shareholders get to benefit from that early work.”Drilling results from Sentinel and Dingo were also expected at the time of print with the company recently beginning earlystage exploration at its Nutgrove rare earths project near Toowoomba. Hill said portfolio growth was also on the cards for GG1 in 2026. “We’re looking to leverage Mt Wandoo as a leading player in the region,” he said. “We think there’s a real opportunity to grow shareholder value in the area and we want to be at the tip of the spear.“We’re always looking to build out the portfolio and deepen our pipeline of projects. The area is rich in gold, silver, copper and tin.” – Michael WashbourneGreen & Gold Minerals LtdASX: GG1Listing date: October 8IPO amount: $5.67 millionDay 1 return: Up 46%Share price performance:16-39cKey personnel: Quentin Hill (managing director), Anthony Bellas (non-executive chair), Suzanne Yeates (chief financial officer)PAGE 54 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIPOsA resource update for the Chillagoe gold project is expected before the end of the March quarter
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 55Tailored drilling solutions to complex problemsAriana spruiksChinese sidekick Ariana Resources plc says its new Chinese partner will make all the difference at the Dokwe project in Zimbabwe.Ariana restarted RC drilling at Dokwe – 110km north-west of Bulawayo – in January after a short hiatus, the company pleased to have locked away a binding deal with Hongkong Xinhai Mining Services Ltd before Christmas.Xinhai has an extensive local foothold in the Southern African country where it has designed and built the 2 mtpa Bikita lithium spodumene processing plant for Sinomine Resources Group and is also working on its own gold processing operation in Gweru, 220km south-west of Harare.Ariana managing director Kerim Sener told Paydirt he was extremely pleased with the company’s new compadre. Under the terms of the agreement, Xinhai will commit $3 million funding but Sener said the Chinese company’s local metallurgical expertise should prove particularly advantageous.“We’re now working with Xinhai on structuring the metallurgy testwork programme – that will lead into the formal feasibility study which will also involve Xinhai,” Sener said.“They are a very robust group that has been successful in developing multiple processing plants. At these, they have progressed through the design and build phases very rapidly and successfully but importantly, they have done this in Africa and specifically, Zimbabwe. “That is the key takeaway – they have expertise in Zimbabwe.”Ariana was about 3,200m through a 4,000m RC drilling campaign at the time of print. The programme was designed to test the peripheries of some of Dokwe’s main deposits, as well as several outlying prospect areas. With Xinhai’s financial assistance – the agreement included a $8 million cash injection in the form of CDIs valued at 30c plus a signing fee of $500,000 – Sener said the programme would likely be lengthened to give Ariana a head start on further study work.“We’ve only got the one RC rig on site but we’ve lined up a preferred contractor to get diamond drilling under way – a lot of that will be to get samples for the metallurgical test work,” Sener said. “Xinhai also has their own rig in Zimbabwe and they indicated it can be made available. Having two diamond rigs on site will allow us to speed up the metallurgical part of the programme – so there’s no delay in our getting on with the feasibility study proper. We aim to complete it before the end of the year.”Dokwe received a PFS back in 2022 and Ariana released a study update last year integrating Dokwe North – the primary orebody with Dokwe Central, 2km to the south. Dokwe Central hadn’t featured in previous studies.“We also looked at different mining and processing rates last year to assess other options about how the project would be developed and it enabled us to draw some high-level conclusions about how we want the project to proceed into the feasibility study,” Sener said. “But, before we got too far down the road with a study, we wanted to start work on another RC drilling programme. “On the western flank of Dokwe Central, there’s an area we’re testing at the moment, there’s also a target out towards the eastern side of Dokwe Central a little bit further away that we now refer to as the Sinkwe prospect.“Then to the south of that we have the Siduli Pan prospect, that hasn’t been drilled yet but that forms part of the exploration drilling and broader target area.”Ariana last year made the leap over to the ASX from the London Stock Exchange, the company motivated by cooling investor confidence in mining stocks on the UK bourse. Sener said it had been a good move.He said the average Australian not only understood the mining and exploration sectors in far greater detail than their British counterparts but more often than not, had skin in the game due to the country’s superannuation-based pension system.“The way the pension schemes are structured in Australia, a large part of people’s pensions are in the resources sector, whether they like it or not,” Sener said.“That is definitely a positive and because of that, I think there is a broader understanding of mining across the general population – what it means to go out and find, then extract mineral resources.“I think in the UK mining is generally perceived as a 19th century industry. Almost an old-fashioned thing.” – Michael CameronAriana Resources Plc ASX: AA2Listing date: September 10IPO amount: $11 millionDay 1 return: Up 6.9%Share price performance:25-39cKey personnel: Kerim Sener (managing director), Michael de Villiers (chairman), Michael Atkins (deputy chairman)Ariana expects to extend a RC drilling programme under way at Dokwe
IPOsLinQ lights upMacquarie ArcAlengthy copper-gold intercept at the Gilmore project has captured the attention of investors with an eye on the porphyry-rich Macquarie Arc, New South Wales.LinQ Minerals Ltd shares climbed 37% on the day the company announced a hit of 144m @ 1 g/t gold equivalent at its Dam prospect – 345km west of Sydney – in January. The value of LinQ shares continued to rise on the back of another plus-140m grading 1.01 g/t hit at Dam a week later. The initial intersection came from step-out drilling about 110m along strike from a previous intercept at Dam of 167m @ 1.87 g/t gold equivalent, verifying the possibility of a 300m strike above 100 gram-metres. LinQ executive chair Clive Donner told Paydirt LinQ and Alkane Resources Ltd – owner of the Boda-Kaiser gold-copper project – were the only two companies on the Macquarie Arc with projects with a good chance of making it to the study phase. He said the market’s quick reaction to LinQ’s drill results confirmed there were plenty of eyes on the district.“I think the market probably just didn’t believe, and still may not believe fully, what we’ve got and we have an elephant,” Donner said.“My real goal in the short term is to keep drilling and educate the market about what we’ve got and eventually investors will realise… because there are a lot of large companies talking to us. They like what we have and clearly we have scale, size, jurisdiction, the right rocks in the right place with the right metals.”The results came just over a month after last year’s Phase 1 drilling highlighted potential for continued downward dipping gold and copper mineralisation south of the project’s historical Gidginbung open pit – 600m west of Dam.The Phase 1 results included two stepout holes 80m and 160m south of the pit intersecting 21m @ 2.72 g/t gold equivalent from 149m, including 3m @ 9.46 g/t and 21m @ 3.03 g/t gold equivalent, including 5m @ 12.69 g/t.Donner said Gidginbung and Dam had the potential to kick-start initial production with early indications of shallow mineralisation suitable for a low-cost operation. He said LinQ intended to gauge the opportunities presented by Gilmore’s host of easily accessible prospects, courtesy of the project’s extensive dataset compiled over its four decade-long exploration history. The company doesn’t intend to waste the “huge head start” this gave it but did intend to investigate several targets beneath the 600m wide area of Devonian sediment between the Giginbung pit and Dam once “low-hanging fruit” had been picked.“We have got Devonian cover, which are younger rocks and the question is, “can we drill and find targets in the ore division host rocks beneath that?” Donner said.“There has been a handful of holes drilled by Newcrest that encountered potential ore grade mineralisation underneath the Devonian cover historically that were not followed up on because they had to stop at the tenement boundary. We’ve now consolidated all that ground and we will be following up on some of those things.“We have so many targets to choose from that we have to prioritise what we have. We will be prioritising the low-hanging fruit at Dam and Gidginbung, where recent drilling has shown strong potential for continuity to the north. There is definitely strong potential for continuity to the south.”With at least one resource upgrade expected in the coming year, Donner said far from adding volume to the sacrifice of grade, early impressions suggested the quality of Gilmore’s mineral endowment could be boosted through previously untapped extensions. “We’ll bring updates to the market as we see fit but we’re looking to increase [the resource] classification, we’re looking to extend the resource and actually, as part of that drilling strategy, we’re looking for higher grade replacement ore which is always welcomed in a development because you can get higher cashflow and a quicker payback,” Donner said.“Some of the drill results that we have announced are evidencing higher grades than the global average in the Southern Zone – so I think that strategy is working for us.“We’re looking at doing a feasibility study in the southern end, we’re calling it a Southern Zone starter, primarily using those two deposits.“But 10-12km north of the Gidginbung/Dam epicentre, we’ve got another three deposits which are all truckable and railable down to the south. There’s rail, water and power running all through the projects, so infrastructure is very good.“We want to advance the feasibility and keep drilling and, depending on what’s coming back from the drill results, we’ll focus on accelerating that drill programme – there is a lot of news flow coming.” – Michael Cameron PAGE 56 FEBRUARY 2026 AUSTRALIA’S PAYDIRTDam is 600m east of Gilmore’s historical Giginbung open pitLinQ Minerals LtdASX: LNQListing date: June 27IPO amount: $10 millionDay 1 return: Down 5.1%Share price performance:13-41.5cKey personnel: Clive Donner (executive chair), Harrison Donner (executive director), Geoff Jones (non-executive director)
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 57SUSTAINABILITY‘Amazon of iron’ rescues Pilbara assets from limboIt might seem a huge stretch to draw comparisons to a fledgling Amazon Inc but Melbourne-based technology company Metal Logic hopes to do for the iron ore and steel industries what the now $US2.5 trillion multinational has done for the world of online shopping.Metal Logic has developed and commercialised a modular and scalable array smelting technology which can process low-grade iron ore through to a clean crude steel product, and potentially beyond.It is a solution which the company believes not only allows existing operations to continue below typical cut-off grades but unlocks a multitude of stranded iron ore deposits, particularly those throughout the Pilbara which routinely fail to meet the requisite grade specifications.Metal Logic executive director Joel Nicholls said the company’s informal moniker as the “Amazon of iron” reflected the journey it was embarking on.“We’re not just a smelter, we’re a platform,” he told Paydirt.“If you step back and think of Australia as a quarry to the world, over half of the iron ore we ship to China and beyond is waste. This platform steps into the value chain and changes that whole equation, which I think is one way Australia will maintain its relevance as some of these iron ore developments in Africa and other places come online.“Certainly, there’s a massive impetus right now for the large iron ore miners to deal with their Scope 3 emissions. Until now, their focus has been on productivity and efficiency within the pit and then across logistics solutions around minimising energy and delivering outcomes on green iron or green steel.”The company’s smelting technology relies on thermodynamic efficiency to minimise costs and lower emissions, currently operating at around 8,000 MJ/t compared to the 13,000 MJ/t average for a standard blast furnace.Nicholls said thermodynamics were the key to unlocking the modular pathway. Metal Logic has successfully scaled down what was previously a tennis court-sized smelter to something resembling a commercial refrigerator.“We’re looking at a process which that takes about 90 minutes to do the same amount of work as your average eighthour blast furnace, which is part of the reason that you can really modularise this stuff down and make it small,” he said.“That approach, at this point in time, enables us to be about 20% lower carbon than a traditional black steel or blast furnaceproduced steel and about 60-100% more cost-effective than some of the green steel proponents that are out there today.“If you can produce a green steel product, be it crude steel or finished product, that is competitive or matched with today’s prices in the steel market – and it’s a lowemission or a zero-emission product – you’ve got a completely captive market. At the end of the day, these purchasers just don’t want to pay more. Our feedback is they’re really not interested in paying a green premium, they want to substitute like-for-like, just with lower emissions.”Metal Logic recently secured a “strategic” piece of land near Port Hedland in a bid to expose its modular smelting capability to customers in the Pilbara. The site is within 20km of railways used by prolific producers such as BHP Ltd, Hancock Iron Ore and Fortescue Ltd.Nicholls said the smelting technology was a potential game-changer for many low-grade iron deposits otherwise destined for the scrapheap.“Direct-reduced iron, as it currently exists, typically requires a 65-66% Fe product, so that sort of puts some of these resources in the Pilbara in limbo,” he said.“In our process, we utilise ore down to 50% Fe. We don’t actually have a cut-off grade per se. We can use hematite, magnetite, goethite, whatever the ore mineralogy is, and we can take that from an iron ore product through to an end product.“We don’t require a green premium or a carbon border adjustment mechanism to make this economic either, and we’re certainly not reliant on government subsidies. We haven’t taken $1 from government to go down this path.”Metal Logic will also look to scale up from its initial 1 mtpa setup over the course of the next 12 months with Nicholls floating the potential for mass smelter production in due course.“Think of this as effectively an iterative process, or the path of least resistance to creating a crude steel product that can be fed into things like rebar facilities,” Nicholls said. “We’re not shooting for the end game straight away, there’s certainly demand for providing a billet or an ingot that can be fed into an existing rebar facility.”Nicholls said the company was still open to receiving product samples from Australia and overseas to confirm ore suitability for the smelting technology. – Michael WashbourneJoel NichollsSample of the first pig iron created via Metal Logic’s modular smelter
PAGE 58 FEBRUARY 2026 AUSTRALIA’S PAYDIRTWe Build, We Maintain, We ExcelTough projects, in tough places,delivered by tough peoplewww.myraagroup.comWe prioritise local hiring, skills transfer, and longterm employmentopportunities.Empowering communities through training,mentorship, and realindustry experience.We partner with local suppliers andsubcontractors tomaximise regional [email protected] advocacy group has filed a lawsuit in Washington accusing Apple of using minerals linked to conflict and human rights abuses in the DRC and Rwanda despite the iPhone maker’s denials.International Rights Advocates – IRAdvocates – previously filed a lawsuit against tech firms including Tesla, Apple and other companies over cobalt sourcing, but US courts dismissed that case last year.French prosecutors also dropped DRC’s case against Apple subsidiaries in December over conflict minerals, citing lack of evidence. A related criminal complaint in Belgium is still under investigation.Apple denied any wrongdoing in response to DRC’s lawsuits, saying it had instructed its suppliers to halt the sourcing of material from DRC and neighbouring Rwanda.Apple said it “strongly disputes” the latest allegations that the company is benefiting from forced labour and unsafe mining practices in Africa, calling the claims “baseless”.An Apple spokesman said that 99% of the cobalt in Apple-designed batteries comes from recycled sources, and that this underscores the company’s push to cut reliance on mined material.He added that as conflict escalated in eastern DRC in 2024, the company instructed suppliers to stop sourcing material from DRC and Rwanda.Apple’s Supplier Code of Conduct enforces “the industry’s strongest sourcing standards” and pledges continued transparency in public reporting, the spokesman added.IRAdvocates, a Washington-based nonprofit that tries to use litigation to curtail rights abuses, said in the complaint filed in the Superior Court of the District of Columbia that Apple’s supply chain still includes cobalt, tin, tantalum and tungsten linked to child and forced labour as well as armed groups in DRC and Rwanda.The lawsuit seeks a determination by the court that Apple’s conduct violates consumer protection law, an injunction to halt alleged deceptive marketing, and reimbursement of legal costs, but does not seek monetary damages or class certification.The lawsuit alleges that three Chinese smelters – Ningxia Orient, JiuJiang JinXin and Jiujiang Tanbre – processed columbitetantalite metallic ore, or coltan, that UN and Global Witness investigators allege was smuggled through Rwanda after armed groups seized mines in eastern DRC. The lawsuit links the material to Apple’s supply chain.A University of Nottingham study published in 2025 found forced and child labour at Congolese sites linked to Apple suppliers, the lawsuit said.Ningxia Orient, JiuJiang JinXin and Jiujiang Tanbre did not immediately respond to requests for comment.DRC, which supplies about 70% of the world’s cobalt and significant volumes of tin, tantalum and tungsten – used in phones, batteries and computers – did not immediately respond to a request for comment. Rwanda also did not immediately respond to a request for comment.Apple has repeatedly denied sourcing minerals from conflict zones or using forced labour, citing audits and its supplier code of conduct. It said in December that there was “no reasonable basis” to conclude any smelters or refiners in its supply chain financed armed groups in DRC or neighbouring countries.Congolese authorities say armed groups in the east of the country use mineral profits to fund the conflict that has killed thousands and displaced hundreds of thousands. They have tightened controls on minerals to choke off funding, squeezing global supplies.Apple says 76% of cobalt in its devices was recycled in 2024, but the IRAdvocates lawsuit alleges its accounting method allows mixing with ore from conflict zones. – Maxwell Akalaare Adombila and David Lewis, Reuters Apple sued over DRC conflict minerals
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 59Fortescue has delivered its first BYD battery energy storage system to North Star JunctionG L O B A LCOMPANYPROFILEw w w . m y r a a g r o u p . c o mSKILLED PEOPLE. PRECISION PROJECTS. SUSTAINABLE PERFORMANCE.BUILT BY EXPERTS,BACKED BYEXPERIENCEEND-TO-END SMEIPP EXCELLENCEPROVEN WORKFORCEADVANTAGEGLOBAL EXPERTISELOCAL PRESENCELASTING IMPACTFortescue Ltd has started constructing its Nullagine wind project in the Pilbara, marking a major milestone in the company’s plan to reach its “Real Zero” target.Nullagine is Fortescue’s first operational wind development, establishing a foundation for a broader portfolio of wind capacity to be rolled out over the balance of this decade. It also forms part of the company’s Pilbara renewable energy programme, with construction of the 190MW Cloudbreak solar farm powering towards completion with over 300,000 solar panels installed as of last month. The 133MW Nullagine project will see 17 wind turbines installed, incorporating Nabrawind’s self-erecting tower technology following Fortescue’s recent acquisition of the company. Supplied by Envision Energy, a global green technology leader, the turbines are designed for low-wind environments and engineered to withstand extreme weather, including cyclones.Envision will subcontract Nabrawind to integrate its Nabralift self-erecting tower system, delivering a hub height of 188m, setting a new global benchmark for onshore wind and unlocking significantly higher energy yield.A Nabrawind-integrated turbine of this design has already been installed as a prototype at an Envision testing facility in China, to be relocated to the Pilbara in June.Fortescue metals and operations chief executive Dino Otranto said industrial-scale renewable energy would replace diesel and gas under the company’s “Real Zero” vision.“Wind – alongside solar and batteries – provides the dependable, low-cost power we need to electrify our haul trucks, drills, processing plants and rail across the Pilbara,” he said.“The Nullagine wind project will feed directly into Pilbara Energy Connect [PEC], strengthening supply by balancing daytime solar with strong night-time and seasonal wind generation.“With Cloudbreak solar well advanced and large-scale batteries already delivered at North Star Junction [NSR], this is a baseload renewable energy system that’s being built, tested and delivered in real operating conditions.”By 2030, Fortescue plans to deploy 2-3GW of renewable energy generation and battery storage, including a portfolio of wind and solar projects across the Pilbara, subject to land access and regulatory approvals.Fortescue delivered its first-ever largescale battery energy storage system (BESS) to NSJ in December. This installation was the first in a planned 4-5 GWh rollout of the large-scale storage systems required to decarbonise Fortescue’s energy supply over the coming years.Powered by BYD’s advanced “Blade Battery” technology, the NSJ BESS will store renewable energy generated during the day and supply green power to Fortescue’s PEC network at night.The installation comprises 48 energy storage containers, providing a total capacity of 250MWh and capable of delivering up to 50MW of power for five hours.Designed to provide critical grid stability, the BESS is a major step toward replacing fossil fuels with renewable energy.“We’re fundamentally changing the way we power our mines,” Otranto said. “These systems let us store solar power and use it when we need it most, helping us cut diesel and gas and run our sites on renewable energy.”Fortescue’s next BESS installation will be at Eliwana, with a 120 MWh system scheduled for delivery and installation in early 2026.More than 460km of transmission lines have also been built as part of the PEC project.Winds of change continue at Fortescue
SUSTAINABILITYPAGE 60 FEBRUARY 2026 AUSTRALIA’S PAYDIRTBHP listens to Pilbara child hearingBHP Ltd has partnered with the Ear Science Institute Australia to trial a new ear health initiative in the East Pilbara.The Healthy Ears on Country programme will introduce a surgical fast-track model designed to break down barriers to critical ear surgery by providing fast and easy access to car by streamlining access to surgery in the Pilbara. The programme will see regular chartered group flights from communities such as Jigalong, Punmu, Parnngurr and Kunawarritji to Port Hedland, so patients can access surgery quickly and return home within three days – supported by familiar health staff.The impact has been remarkable, with almost 100% attendance for surgery since the model started.Ear Science Institute Australia chief executive and Adj/Assoc Professor – UWA, Sandra Bellekom said: “With our strong and longstanding partnership with Puntukurnu Aboriginal Medical Service [PAMS], Ear Science is proud to support families to navigate the complex ear and hearing health pathway – including access to surgery, in a culturally safe way, with the pure intent of helping kids reach their full potential.”Ear disease affects around 60% of Aboriginal children before 12 months of age, often leading to hearing loss, speech and language delays and challenges at school if left untreated. Some of the surgeries performed include procedures like inserting tiny tubes (grommets) to drain fluid and repairing eardrum perforations (myringoplasty) which help restore hearing and prevent infections. PAMS nurse Taffy Nherera has travelled with patients on the charter flights and said the initiative had changed lives. “In these remote communities, people don’t ask for help,” she said. “Often patients feel like if they go away, they won’t come back, it’s a strong fear they face.”The partnership funding from BHP also provides for equipment, training of local Aboriginal health professionals and logistics to support PAMS to deliver culturally safe care on country.“The work that Ear Science and PAMS do for the community is truly life changing,” BHP principal community Newman Megan Ewing said. “Building strong, resilient communities is at the heart of BHP and backing local solutions like this makes real impact possible.”Rio provides Amazon with low-carboncopperAmazon Web Services (AWS) will become the first customer for Rio Tinto Ltd’s innovative copper bioleaching technology, Nuton® Technology.Under the two-year agreement, AWS will use the first Nuton copper ever produced in components of its US data centres, while also providing cloud-based data and analytics support to accelerate the optimisation of Nuton’s proprietary bioleaching technology at the Johnson Camp copper mine.Data centres use copper in a wide variety of applications, including electrical cables and busbars, windings in transformers and motors, printed circuit boards, and heat sinks on processors.The process produces 99.99% pure copper cathode at the mine gate and removes the need for traditional concentrators, smelters and refineries, significantly shortening the mine-to-market supply chain.Nuton is projected to use substantially less water and have lower carbon emissions compared with conventional concentrator processing routes, while also recovering value from ore previously classified as waste.“This collaboration is a powerful example of how industrial innovation and cloud technology can combine to deliver cleaner, lower-carbon materials at scale,” Rio Tinto Copper chief executive Katie Jackson said. “Nuton has already proven its ability to rapidly move from idea to industrial production, and AWS’s data and analytics expertise will help us to accelerate optimisation and verification across operations.Amazon chief sustainability officer Kara Hurst said the programme fitted with the company’s goal to reach net zero carbon by 2040.“This collaboration with Nuton Technology represents exactly the kind of breakthrough we need – a fundamentally different approach to copper production that helps reduce carbon emissions and water use,” she said. “As we continue to invest in next-generation carbon-free energy technology and expand our data centre operations, securing access to lower-carbon materials produced close to home strengthens both our supply chain resilience and our ability to decarbonise at scale.”Woodside,Bechtel buildPilbara contentWoodside Energy Ltd’s massive Scarborough energy project is having a direct flow-on to Pilbara business, already delivering more than $215 million to local firms.Together with its contractors, Woodside has signed up more than 170 Pilbarabased businesses and 69 Indigenous businesses across Australia since project inception across the Pluto Train 2 and Pluto Train 1 modifications work scopes.Bechtel, the EPC contractor for the Pluto Train 2 project, has partnered with Ngardimu, a JV led by Yindjibarndi-owned Yurra and Sims Metal. Ngardimu has been engaged since July 2025 to deliver scrap metal collection and recycling services for the project.To date, over 870t of recyclable materials from Pluto Train 2 have been redirect- BHP is partnering with the Ear Science Institute Australia to provide fast-tracked ear surgeryfor children in Pilbara communities
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 61ed from landfill, while investment in local Indigenous communities has produced positive results by preparing individuals for employment in construction roles.Ngardimu has recently implemented a trainee programme for employees gaining on-the-job metal recycling experience.“Through relationships with businesses like Ngardimu, Bechtel keeps finding new ways to support local communities while making our projects more sustainable,” Bechtel senior project manager for Pluto Train 2, Corey McGovern, said.“We’re pleased Bechtel are engaging Ngardimu. This work scope reflects Woodside’s values – respect, environment and care for community,” Paul Baker, Pluto expansion project manager, said. “We strongly support local content, economic outcomes, positive social contributions and sustainable local supply chains which deliver direct benefits to our host communities.”Monash delivers battery recycling breakthroughResearchers at Monash University have developed a breakthrough method to recover high-purity nickel, cobalt, manganese and lithium from spent lithium-ion batteries using a mild, sustainable solvent. Only 10% of spent lithium-ion batteries are currently fully recycled in Australia, the remainder often ending up in landfill, where toxic substances can leach into soil and groundwater, gradually entering the food chain and posing long-term health risks. Current recovery methods are often limited, relying on high temperatures or hazardous chemicals to extract only some elements, however, the Monash team’s new method addresses these challenges by using a novel deep eutectic solvent (DES) combined with an integrated chemical and electrochemical leaching process. Dr Parama Chakraborty Banerjee, principal supervisor and project lead, from the Department of Chemical and Biological Engineering, said the approach achieved more than 95% recovery of nickel, cobalt, manganese and lithium even from industrial-grade black mass which contains mixed battery chemistries and common impurities like graphite, aluminium and copper. “This is the first report of selective recovery of high-purity nickel, cobalt, manganese and lithium from spent battery waste using a mild solvent,” Banerjee said.“Our process not only provides a safer, greener alternative for recycling lithium-ion batteries but also opens pathways to recover valuable metals from other electronic wastes and mine tailings.” Parisa Biniaz, PhD student and co-author, said the breakthrough was a major step closer to a circular economy for critical metals and reduces the environmental impact of battery disposal.“Our integrated process allows high selectivity and recovery even from complex, mixed battery black mass,” Biniaz said. “The research demonstrates a promising approach for industrial-scale recycling, recovering critical metals efficiently while minimising environmental harm.”Monash’s role as a leading sustainable metal production centre has been further reinforced by it being chosen as the home for the ARC Research Hub for Smart Process Design and Control.The Hub brings together researchers from Monash, Macquarie University, University of Queensland, UNSW and Western Sydney University, alongside industry partners including Rio Tinto Ltd, Baowu Steel and China Steel Corporation, to develop smarter, low-emission steelmaking processes while supporting the long-term resilience and competitiveness of Australian iron ore.Hub director, Professor Sankar Bhattacharya, from Monash’s Department of Chemical and Biological Engineering, said the Hub would create smarter, cleaner and more efficient steelmaking processes.“This Hub will create smarter, cleaner and more efficient steelmaking processes,” Bhattacharya said. “By combining simulation, AI and industrial testing we can transform one of the world’s most critical industries to use diverse Australian ore while keeping Australia at the forefront of sustainable innovation.”Woodside and Pluto Train 2 EPC contractor Bechtel are partnering with Indigenous JV Ngardimu on a scrap metal collection and recycling servicePhD student Parisa Biniaz and Dr Parama Banerjee in the lab, where the Monash team developed a greener method to recover critical metals from spent lithium-ion batteries
Paydirt editor Dominic Piper (right), with FireFly’s Darren Cooke (centre) and Juan Gutierrezat the company’s Green Bay copper-gold project in Newfoundland, Canada#paydirtmedia #magazines #conferencesWherever we are...trend with us
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 63Dwindling project pipeline threatens job growth outlookAustralia’s mining and energy workforce bounced back strongly from 2024, but a recent report has warned that weakening project pipelines, mounting red tape and tougher global competition for investment pose the greatest threats to job growth in the years ahead.Published by the Australian Resources & Energy Employer Association (AREEA), the Resources and Energy Workforce Forecast: 2025–2030 revealed 96 major projects – collectively valued at $129.5 billion – will be brought into production between now and the end of the decade, creating demand for 22,279 new operating jobs.However, the forecast increase of 7.1% to 2030 is the lowest five-year outlook in more than half a decade. It is also down on the 2024 prediction of 27,070 jobs from 108 projects and the 2023 estimate of 28,260 jobs from 103 projects. AREEA chief executive Steve Knott AM said the latest forecast demonstrated the mining and energy sector’s “critical” contribution to Australian economy but cautioned against poor policy choices. “Iron ore, coal and gas remain the bedrock of our export earnings, taxes and royalties,” he said. “Without this sector, there would be no federal surpluses and no reliable funding for hospitals, schools, Medicare or aged care.“Yet governments seem intent on burying the golden goose in regulatory red tape, lawfare and workplace relations experiments that make investors think twice about putting their money into Australian projects.“Heightened climate activism, shifting policy settings, extended approval timelines and mounting red tape are all adding uncertainty to long-term planning and risk delaying critical developments.”Traditionally the powerhouse of the national mining and energy workforce, Western Australia saw its pipeline fall from 48 projects and more than 11,000 jobs in 2024 to 42 projects and about 8,924 jobs in 2025. New South Wales slipped even more substantially, with 11 projects forecast to create 3,290 jobs across 2025-2030, down from 19 projects and 5,412 in 2024.Queensland’s forecast of 4,412 from 17 projects was back in line with 2023 predictions, but Knott warned those gains could be short-lived amid a growing threat of job losses in the coal industry.“The royalty regime, among the highest in the world, is eroding investor confidence and putting long-term coal operations at risk,” he said. “If production contracts or projects are wound back prematurely, any new workforce gains could be wiped out. This would not only cost Queensland thousands of jobs but also weaken one of its most important revenue streams for funding services and infrastructure.”Paydirt spoke to a number of recruitment and mining education experts about the trends in the jobs market and potential skills shortages in the sector. Read more over the next six pages.SKILLSPaydirt editor Dominic Piper (right), with FireFly’s Darren Cooke (centre) and Juan Gutierrezat the company’s Green Bay copper-gold project in Newfoundland, Canada#paydirtmedia #magazines #conferencesWherever we are...trend with us
SKILLSPAGE 64 FEBRUARY 2026 AUSTRALIA’S PAYDIRTMaroomba answers ownskills boarding callPerth’s domestic airport has become so synonymous with the FIFO workers who make up 83% of intrastate travel that it has light heartedly become known as the high-vis capital of Australia, with its domestic gates flooded with a sea of fluorescent yellow and orange work wear.While the majority are boarding the planes of major airlines Qantas and Virgin to travel to the big iron ore and oil and gas operations of Rio Tinto Ltd, BHP Ltd, Fortescue Ltd and Woodside Energy Ltd, the charter specialists have carved out a unique offering for smaller mining companies, landing directly onsite as either an ad hoc or scheduled services. These services have become the backbone of WA’s mining industry, supporting exploration companies and small and mid-tier miners to gain access into areas where the major airlines won’t land. Maroomba Airlines celebrated 40 years of services in WA last year and with it, has a clear mandate for transformation to support the next generation of FIFO workers and exploration discoveries.And, just like its mining clients, the airline is on a continuous innovation push to find attract a new workforce to the sector.Maroomba chief executive Laura Benger has been at the helm for just 18 months and is a staunch advocate for change, recently winning the 2025 Icons of Change International Award. Benger has an innate appreciation for the pressures facing the company, with FIFO and mining executive numbers primed to double or treble in the coming years.“We look at ourselves as partners and extensions of their business,” Benger explained to Paydirt. “We’re moving their most precious commodity, which is their people and we see that as an enormous privilege to be able to do that.“We’re getting ourselves future fit, ready to meet this demand in terms of the skill set of our people, in terms of our fleet capability, in terms of our readiness to meet that demand. [Maroomba] is positioning the business now and in the next few years to really tackle that demand head on and remain the No.1 choice for charter airlines in the country.” Adapting to the rapidly growing number of people needed on site will see Maroomba add to its fleet of aircraft as well as flight and groundcrew numbers. Benger believes the key to maintaining its on-time performance of 96% (omitting uncontrollable delay events) in the face of increased flights will require staff who aspire to a career in aviation.Although Maroomba has already added another two aircraft its fleet in the past 12 months and with larger aircraft set for imminent arrival, the company views highlevel recruitment drives as the answer for increased demand and future growth. “There are a lot of people out there with technical capability, but we’re really focused on bringing the right people into the business with the right mindsets and behaviours,” she said. “We believe that’s what’s going to drive operational excellence.“There are a lot of people that are very passionate about aviation, and we’re focused on trying to nurture that and bring people through to have a full career in aviation from front line level jobs all the way through to executive roles.”Finding and maintaining qualified groundcrew is not only an important function for maintenance of the company’s fleet, Maroomba crews also conducts maintenance of several other airline fleets. In fact, Maroomba maintenance crews train Qantas aircraft maintenance engineer apprentices. “They’ve spent the past couple of months in our hangar, building up their skills while we carried out a heavy in house maintenance check - a major program we previously sent overseas,” she said. “It’s been a fantastic initiative, not only because it trains Australian workers but also because it strengthens the local talent pipeline.“The fact that Qantas trusts us to train their people really speaks to the standard we operate at from a maintenance perspective.”As one of the few charter operators authorised to land on nearly any gravel strip, Maroomba is well positioned to maintain its long standing status as the go to carrier for the WA mining industry. – Rhonda MalkinLaura Benger
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 65Operational leaders a rare commoditySurging commodity prices might be incentivising the development of multiple projects like never before, but it is also very rapidly draining the existing shallow pool of available operational talent.International executive recruitment firm Acacia has been inundated in recent months with mandates from companies seeking general managers, chief operating officers and non-executive directors with combined backgrounds in both operations and project development.Operational leadership roles accounted for more than 30% of Acacia’s placements across the last two years.Acacia director Laura Grierson said an operational talent crunch had emerged, noting that competition between companies for the same scarce skillset is intensifying, particularly in the bustling gold sector.“Because there hasn’t been a huge amount of projects brought online over the last few years, it’s become a really tricky space in the sense that everybody wants someone who has done it recently, but when we ask them what kind of recent projects we could find someone from, there just aren’t the examples,” Grierson told Paydirt.“A lot of it is international, too, so what we’ve had to do is just be really, really global in our searches. I think 68% of our operational work last year was with companies with overseas assets and a lot of that was from international companies targeting Australian expats.“How we’ve gone about that is we’ve literally had to map out the market globally and just continue to stay in touch with that operational talent but also consult to our clients on what remuneration needs to look like, especially to compete with some of those international operators.”Acacia recorded a 38% increase in placements of manager-level roles reporting into the C-suite last year, many of those coming from single-asset developers and fledgling producers.Grierson said the shortage of operational leads had forced companies to more widely embrace new talent.“We coach our clients to be really clear on what are the key outcomes of a role and what are the key things you need someone to deliver, because they don’t necessarily need to have done all of them as the lead,” she said.“You have to be flexible. Look at what level of exposure they’ve had to [a specific role] before. They may not have been solely accountable for it in other roles but they may have been in a team that’s delivered a certain project or worked under someone who’s delivered it.“I think that’s where recruitment, more broadly, is going and needs to be going. It should be much more skill-based than experience-based and even education-based. There’s a lot less reliance on those olden days of what university you went to or how many years of experience you have. It’s about what skills do you have, what capability do you have, and can those skills and capabilities deliver the outcomes for the employer.”Acacia also observed this expertise gap amid the increased demand for operationalfocused non-executive directors.One of the firm’s recent searches of company boards across the ASX mining and metals space identified just 27 independent non-executive directors with a mining engineering background. Most of that group were also found to be at capacity or conflicted.Last year, just 26 mining engineers were appointed to ASX-listed company boards, compared to 57 geologists.“That pool is incredibly tiny, but so many companies now, given they’re all moving into this development/ops phase, are needing that skillset at board level,” Grierson said.“If someone is currently sitting at an executive operational level but wanting to transition into a board role, it would be a very good time to be making that move because it looks like there will be a lot of opportunity to pick up those kind of board roles over the next few years.”Acacia is also experiencing an uptick in mandates from the exploration sector with an average of 12 per month through the back end of last year, up from the usual 7-8 during a traditional commodity cycle.“We’ve had six potential roles come in over the last three days, quite a few of those were exploration roles,” Grierson said in early January.“The other area that’s been really busy is the CFO space, which was to be expected, with all of these projects moving into the development pipeline and companies needing to raise money. “It’s actually quite interesting tracking the demand for these skillsets from exploration, finance, development and ops, to really see where the market might be heading in the next few years.”Grierson said companies were also more comfortable dealing with uncertainty after two years of fluctuating commodity prices, when executive roles largely fell back into the stereotypical “safe pair of hands”.“When times are a bit tough and lots of things are shifting politically, people do bunker down and look to that safe pair of hands, but it feels like we all just need to get comfortable with the fact there’s going to be constant change and surprises and uncertainty,” she said.“People just want to move things forward. So, as much as everyone would like that safe pair of hands, you’re not always going to be able to find someone who’s done it all before.” – Michael WashbourneLaura Grierson
SKILLSPAGE 66 FEBRUARY 2026 AUSTRALIA’S PAYDIRTExecutive recruitment veteran David Pennock can tell from one simple action whether an untried candidate is ready for the challenge of running a junior miner or explorer.Across almost two decades sourcing high-calibre professionals to lead mining and exploration companies, Pennock has rarely headhunted outside of his expansive network of contacts and no longer advertises for positions he is mandated to fill. Experience has taught him that if someone has what it takes to be a chief executive or managing director, or be a senior member of any leadership team for that matter, they will seek him out.“If someone hits me up and says they want to be a CEO, it means they’re backing themselves and they’re ready,” Pennock told Paydirt.“Whereas if I’m the one hitting them up and asking ‘do you want to be a CEO?’, if they haven’t really thought about it, more often than not it means they’re not ready and they wouldn’t know where to start.“Being the MD of a junior is hard work and you really need understand how tough it actually is to run a junior company. You’ve got to be really hungry for the challenge and have a bit of fire in your belly to take it on because the odds are against you in this game – we’ve all heard that stat about only 5-10% of juniors actually make it – so if you want to do it, you really need to have thought about it.”Pennock – managing director of West Perth-based family business Pennock Executive Recruiting – also rarely recruits people from the majors to helm junior companies if they have not spent considerable time working in the smaller end of town.“Because they’re used to doing business a certain way, there’s some out there that still think people will just give you money and you have an endless bank account,” he said.“Until you’ve actually made it, you’ve got to be really strategic about how you spend and manage your money or you’ll blow the company up. You can’t just sit back and earn a salary either, the job requires you to roll up your sleeves and make something happen.”The opportunities for first-time chief executives and managing directors are predicted to open up over the next few years with prices for most commodities trending positive and the flow of IPOs through the final months of 2025 expected to continue for at least the first half of 2026.Pennock nominated the likes of Adam Oehlman (African Gold Ltd), Casper Adson (Lion Rock Minerals Ltd) and Zane Padman (Siren Gold Ltd) as some of the better-performing first-time leaders over the past 12 months. Not only did the trio gain invaluable experience inside juniors after earlier stints with a larger company, they also boasted “all-rounder” skills beyond their main field of expertise such as geology and metallurgy.“Because we’ve just been through a tough period, a lot of people are really looking to all-rounders,” Pennock said.“They can be technical, corporate, potentially more hands-on than your typical MD. I’ve always been a firm believer that you should be wearing as many hats as you can when you’re running a junior explorer, because you’re not making money at the end of the day and you need to be able to make what money you have last as long as you can.”Pennock said there was a noticeable acceleration in recruitment activity through the course of 2025, beginning with mandates for key management personnel in emerging gold developers or producers and culminating in some signs of life from the beleaguered critical minerals sector.“The first six months of last year was pretty quiet for juniors, it was basically all about the gold miners,” he said.“Gold miners were the only ones making money, that makes it really easy to recruit the best people. At the same time, I was still getting quite a few calls from people looking for jobs, saying there’s not a huge amount out there, which I found a little bit surprising, but that seems to have turned around in the last 4-5 months.“Even though the market for critical minerals has started picking up a bit over these last couple of months, I still don’t believe recruitment in that space has taken off just yet. Quite a few companies are trying to position themselves for a crack at US critical minerals, so it will be interesting to watch how that plays out.”The final months of last year also saw a smorgasbord of capital raisings completed by juniors now cashed up for the next cycle, but Pennock suggested the flow of funding was also yet to translate across to the recruitment space.“Even though it feels like we’re in a bit of a boom with all these companies raising money, people aren’t jumping in straight away to put on full-time staff,” he said.“People haven’t forgotten that only 5-6 months ago the market was pretty average, so they’ll keep using consultants or whatever they’ve already got, basically keeping all things tight until they can be sure it’s real.” – Michael WashbourneRules of engagement for rookie chiefs
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 67Argentinians eager to tango with WASMSeveral Argentine provinces want Australia’s best mining school to remind locals of the sector’s potentially valuable contribution to the country’s economic revival.Curtin University’s Western Australian School of Mines (WASM) signed agreements with the Argentine provinces of Mendoza and San Juan last year to help grow their mining-specific skillsets and enhance the industry’s public image. WASM head of school Mark Buntine told Paydirt it was crucial for provincial governments to demonstrate the follow-on economic benefits mining could have for the wider community.“The provincial governments are interested because they see that to not just maintain but to grow the social licence, they need to demonstrate the citizens of those provinces can have successful careers and salaries and so forth,” Buntine said.“If they approve a mining operation and the workforce is effectively an expat FIFO workforce, that social licence will diminish. They [the Government of Mendoza] are investing in making sure that whatever sort of financial barriers would typically prevent students from coming here and studying are tackled head on.”Along with an MoU signed with the Government of Mendoza and its state-funded Universidad Nacional de Cuyo (UNCuyo), WASM also agreed to “facilitate education of students from the province to work in the development of the San Juan [province] mining industry”. WASM plans to offer a cross-institutional master’s degree in Mineral Exploration and a dual degree in Engineering from UNCuyo with a bachelor’s degree in Engineering (Hons) from Curtin University. Both qualifications will require at least two years of full-time study in both WA and Argentina. Buntine said the UNCuyo agreement would inform WASM’s next moves in San Juan, where it signed a similar accord with the public Universidad Nacional de San Juan (UNSJ).Students will receive financial assistance from the Argentine provinces to help cover the costs of living and studying full-time while abroad, a move Buntine said was crucial to ensuring skills gained in WA would make their way back to Argentina. “The [university] fees in Australia are high, the cost of living in Australia is high and it’s a challenge financially for students to come here,” Buntine said.“If this was purely an academic arrangement between Curtin and the provincial universities, we would likely attract only one or two students per year if we were lucky, so the provincial governments’ involvement is really important for them to be able to underpin the financial side of things. This is about how we at WASM can help develop the human capital in the western provinces of Argentina.“Provincial governments can also reinforce the development of human capital in the nascent Argentinian mining sector by providing bonded scholarship support. This would impose a requirement on scholarship recipients to return to develop their careers in Argentina, further strengthening the social licence and human capital development agendas.”Buntine said the first cohort of Argentine students was expected to begin studies in Australia in the next calendar year, pending final approvals from UNCuyo expected to be signed off in the next few months.He said while any university would welcome the prospect of a privately funded scholarship, the exceptional quality of undergraduate students typical of South America meant they would likely be offered a job in Australia upon graduation and be tempted to stay. “Bonded scholarships were not uncommon here in Australia before the Whitlam Government made university free, one way in which young people got a university education was through bonded scholarships to become teachers. State governments would routinely pay the fees for students to come to universities and study an education degree. In return, they were required to work as teachers in the public education system for a number of years. It was a bedrock of the teacher education system in Australia for many years.”Buntine said WASM’s desire to grow its presence in Latin America stemmed from the need for “grassroots” mining education in the region, particularly in jurisdictions like Mendoza.“We are helping the Argentinians develop the very, very early stages of a mining industry which means undergraduates,” Buntine said.President of the Argentine Chamber of Commerce, Dario Bongiovanni, told Paydirtsuch opportunities for Australian universities and educational institutions in Argentina faced stiff competition from Canada. A TSX delegation visited Mendoza late last year and Bongiovanni said Australian educators would do well to expediate their efforts in the country.WASM senior programme manager John O’Neill was not worried. He said its reputation internationally was strong enough to generate plenty of interest in collaboration from other provinces in Argentina, as well as other South American Asian and the Middle Eastern jurisdictions, demonstrated by a warm reception at the PERUMIN 37 mining convention in Arequipa, Peru last year.“There were a number of other universities in Peru at the education pavilion with booths like ours, including the Colorado School of Mines, but we were the ones in demand at a far greater rate than anyone else,” O’Neill said.“I am going to Saudi Arabia with some colleagues in a few weeks, Egypt has approached us as well as India, Indonesia, Cambodia and Vietnam. There is a raft of countries which, if we had more arms and legs, we could promptly do more at a quicker pace but we want to get this right. “So, we’re doing it slowly and carefully and getting it right from the beginning, meaning here and at UNCuyo, which will be the first cab off the rank.” – Michael CameronMendoza Vice Governor Dr Hebe Casado spoke at Paydirt’s 2024 Critical Battery Minerals Conference
SKILLSPAGE 68 FEBRUARY 2026 AUSTRALIA’S PAYDIRTGeopolitical riskreaches critical massfor workersWorkplaces operating in high-risk jurisdictions are being urged to speed up responses to global security and health scares to protect staff as geopolitical tensions escalate at pace.The warning comes as part of a 2026 Risk Outlook report by global health, security, and travel risk management advisor International SOS.International SOS compiled data from a survey of its security advisory board senior health and security leaders in October. The results showed risks are emerging faster than organisations can cope with. Almost one in six respondents in the survey believed risks were emerging faster than they could deal with, while 74% said the timescale for making critical decisions in real time was getting shorter. Swift geopolitical shifts in the past 12 months alone have left many organisations running to catch up with changes in dynamics to ensure staff are protected by accelerated security and health challenges. International SOS France senior security advisor Christophe Suptil said the increased pace made new demands on risk management professionals.“Chief security officers have to be more agile to be able to shift quickly to address new and unexpected risks,” Suptil said. Security and medical teams which once had time to debrief after major incidents are now faced with overlapping threats which come in waves, stretching organisational resilience and capacity. Many employees related that their responsiveness had been worn down by successive challenges from extreme weather events, new conflicts, fresh developments in existing ones, social unrest and cyber threats. The top drivers of uncertainty in global risks were geopolitical tension at 47%, cybercrime at 27%, political instability and economic instability and trade disruption, all at 26%. Confounding the risks for organisations is the need to separate “weak signals” and prioritise early signs of a security threat or threshold when action is needed. The report suggested security personnel could be underutilising new AI datafiltering and pattern-finding, deeming the technology as unreliable, with only 6% ranking AI as an important factor in helping to manage risk. Financial constraints also appear as a factor in AI adoption with many organisations cutting budgets leaving about three quarters of security and health specialists doing more with less funding. The capacity to verify risk information at speed is cited as a core solution to increasing response rates, however only 20% of respondents believed they could achieve a positive outcome.Anticipating new risks and having access to time-sensitive risk intelligence were identified by respondents as the areas of highest importance but also where they had the least confidence in their performance. They highlighted organisational culture, procedural complexity and information overload as brakes on their ability to respond, as well as resource constraints.International SOS global security director Cvete Koneska said intelligence-led planning would be crucial in 2026 alongside rapid response and conceded the window of opportunity to react and protect workforces had narrowed. However, she believed increased AI adoption would assist organisations to remain agile.“Businesses can do absolutely nothing to affect how quickly things happen, but what they can do something about is their ability to prepare better, to anticipate change,” Koneska said. – Rhonda Malkin“Businesses can do absolutely nothing to affect how quickly things happen, but what they can do something about is their ability to prepare better, to anticipate change.
paydirt.com.auMeet the Team at IndabaBill RepardExecutive ChairmanDominic PiperEditorMichael WashbourneDeputy EditorAngelique JulienConference ManagerRicha FullerHead of Advertising4 - 6 September 2019Perth,Western Australia15 October 2019Perth,Western AustraliaBooth1A509-12 February 2026
MINING SERVICESPAGE 70 FEBRUARY 2026 AUSTRALIA’S PAYDIRTACA brings training platform of the futureEliminating the laborious elements of assessment and certification while placing the power back in the hands of employers and employees; it feels like ACA Training’s training app has come at just the right time for the mining industry. The brainchild of training expert Peter Milne, The ACA Training App offers mining companies and their workforce a simplified, transparent platform to carry out online training and verification of competence (VOC) assessments. “As a training platform, it is entirely electronic, totally transparent and completely incorruptible,” Milne explained to Paydirt. “All work is completed electronically on personal and mobile devices, with results stored securely in the cloud. This digital system ensures that data is accessible, accurate, and up to date.” ACA registered its system in 2020 and has spent the subsequent six years refining the app through consultation with leading Australian exploration firms. “We started with exploration drilling because it is what we know,” Milne said. “And the response was very good. Major drilling contractors were very helpful during our beta testing phase and when we launched Version 1.0, the industry jumped at the idea. Users were actually asking for more functionality so we have slowly added to the app over time. Every time we onboard a new client, we offer free functionality upgrades to suit their own modus operandi. It is all about giving people what they want.” Milne said there were several advantages to using the ACA training app, from its user-friendly interface to the integrity of the data it produces. “It is that simplicity and transparency which are its best attributes,” he said. “For companies, the app resolves the logistical challenge of sending assessors to stand in the line of fire in high-risk environments ticking boxes by eliminating traditional paper-based training and assessments and the associated cost and safety risks. “Instead, students complete all assessments through the portal, uploading photos, videos and other evidence through the app. Even in remote locations, the app stores the data and uploads once connected to the cloud.” Client companies are provided a dedicated portal which enables them to track the progress of employees, ensuring compliance and performance standards are met. “It means there is actual real evidence of employees’ progress,” Milne said. “They can see everything employees are doing; tasks completed, who marked it, what marks they received and all time/date stamped. All of which allows for comprehensive investigations and in-depth data analysis of worker activities.” For employees, the ACA app offers familiarity and a degree of autonomy traditional training platforms cannot provide. “The feedback we get from students is that they love it because it is simple and accessible on their phones,” Milne said. “Much of the entry-level demographic in the mining industry is one that disliked school, hate pens and paper but have a phone in their hands all the time, it is really designed with those people in mind.” In making the training process more accessible, ACA is finding the app is aiding companies with retention rates. “Worker retention has increased at every level among the companies who have been using the app,” Milne said. “It allows people to take responsibility for their own learning and the feedback we get is that it fosters a sense of pride and self-worth because it is easy to follow your progress through the portal. “We also allow every student to go at their own pace, we don’t hold anyone back.” Milne said the app had been initially targeted at entry level and Cert II and III students in the exploration sector but have already branched out into surface extraction, civil construction and trenchless technology industries. It now also includes online VOC assessments aligned to units of competence. “We have continued to evolve and have adapted the app for non-accredited uses,” Milne said. “These include short-task VOC assessments, unit of competence VOC assessments, refresher courses, and company inductions. “By broadening the app’s functionality, ACA Training has made it easier for companies to integrate training and assessment into their daily operations, offering a practical tool for companies of all sizes.” Milne continues to assess where the training app could be applied in the future. “We are focused on expanding its reach, allowing more companies across the mining industry to benefit from these cuttingedge solutions to gain benefit from tomorThe ACA training interface is easy to navigate row’s training today.”The ACA app takes away the need for paper without sacrificing transparency
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 71Blyx opens up new world of door dataThe application of cutting-edge monitoring and data capture technology is leading miners to consider new productivity, cost and wellbeing improvements with products designed for seemingly niche applications opening up previously unattainable or even unimaginable gains.It is this notion which is driving Blynd Data’s rollout of its Blyx access control platform. Even chief executive Nellie Zar admits the foundations surrounding Blyx’s launch are already being superseded by clients’ desire to push the technology further.“The underlying platform and technology is the same for every client, but the individual problems, challenges and goals they are addressing are different in each case,” Zar told Paydirt. At its core, Blyx combines an access control system with an environmental controller into a single flexible platform which allows facilities management to control access, monitor air conditioning and track environmental conditions to make the guest experience safer and more comfortable and ensure the facility is operating at maximum efficiency.The access control system allows facilities management to monitor and control room access, meaning guests can have confidence there will not be unwanted entries from cleaners, maintenance or anyone else while they are in the room.The combination of the Blyx environment controller’s human detection function with the Blyx access control system means staff can use the live data on the Blyx app facility map or the card reader on the room to identify whether rooms are in use.“No need to knock, guess or interrupt – they can simply glance at the dashboard and know which rooms are currently occupied,” Zar said. “It becomes more than a door sign – it becomes part of a connected, proactive system that respects guests’ rest.”The reliability of the system can give guests more confidence in their safety. “Having worked in the industry for a long time, I have first-hand experience of that safety aspect,” she said. “For women on mine sites, that can be the biggest fear, people walking into the room, either because they thought it was unoccupied or for any other reason.”The system also eliminates uncertainty around lost or missing room keys.“With standard systems, if you lose your card someone else could use it, the access control is linked to the card,” she said. “Our design controls the door, not the card, meaning we can instantly cut the code between key and door.“The same system can be applied to physical master keys. We can tag items so they can be followed around the facility in real time. You can see where the keys have been and where they are right now. Alerts can also be customised to notify when keys leave site, legitimately or otherwise.”Having successfully launched, Zar and potential clients began extrapolating Blyx’s potential. “We realised very early that by combining the access control system with the environmental controllers we could improve energy usage from in-room air conditioners,” she said. “In so many situations, energy wastage is solved by taking something away from the guest – control over aircon settings for instance – but we recognised we could improve energy wastage while not sacrificing the guest experience. “By identifying when someone is in the room, or when they are going to return, we can influence the performance of the aircon, turning the temperature higher when unoccupied and reducing it when they are returning to their room. Not only does this save on power consumption, by linking it to the Blyx app, it means the guest can control it as well, their concerns are met and energy is being saved.”Blyx is already in discussions with clients to roll out the concept in other areas of facilities management.“It is about making data visible to make better decisions, whether that’s through monitoring physical assets such as keys or the use and performance of air con units,” Zar said. By linking room access control to the Blyx app, facilities management can use the software for a host of applications. “When the app is used for room access it can become a valuable communication hub because we know each guest will see notifications,” she said. “Management and guests can relay information such as emergency communication, flight disruptions or even dietary requirements.“Management can understand who is on a flight and, more importantly, who is missing. The same concept can be applied to muster points or people working in remote locations. It is not about who’s at site, it becomes about who isn’t and a system wide check can be quickly applied to see whether an individual’s card or phone has been presented at the room, the mess, etc.”Nellie Zar
MINING SERVICESPAGE 72 FEBRUARY 2026 AUSTRALIA’S PAYDIRTGetting marketingsavvy safety messageIn an era when almost every mine site employee has their own strategy for enduring rather than embracing health and safety briefings, companies are finding it increasingly hard to effectively communicate health and wellbeing strategies.“In reality, we have people sitting through slide decks full of jargon, acronyms and policy language that simply doesn’t translate to the job they’re doing that day,” GotSafeMedia cofounder Amanda Amaral told Paydirt. “That kind of communication might tick a compliance box, but it doesn’t improve attitude. And in high-risk environments like mining, this can be costly.”Amaral knows whereof she speaks, having worked as a health and safety professional in the oil and gas sector for two decades where she had first-hand experience of the effectiveness of communications campaigns.“I’ve walked onto vessels with a head-office PowerPoint in hand, only to have crews laugh before the first slide,” she said. “Not because they didn’t care about safety, but because the message had no connection to their reality.” Amaral’s experience alone would not be enough to make GotSafeMedia a standout but when combined with fellow company founder Angelo Porrovecchio’s two-decade career in marketing and visual communications, it offers a unique proposition.“The company was born from our respective experience in safety in the oil and gas sector and marketing and advertising,” Amaral explained. “We started the company with the idea that safety in the mining sector required innovation in its communication strategies. “We treat corporate health and safety communication the same way a consumer brand treats market research,” Porrovecchio added. “We ask what’s landing, what’s being ignored, and where confusion or frustration exists. Only then do we design the message.”Designing the message also includes understanding modern forms of communication.“We can’t keep communicating the same way and expect different outcomes,” Amaral said. “New generations absorb information visually, quickly and emotionally. If safety and corporate messages don’t reflect that, it gets ignored.”Companies are beginning to acknowledge the shifting expectations, according to Amaral.“There’s a difference between telling people what you stand for and letting them see it,” she said. “Rather than producing polished ESG narratives detached from operations, companies are beginning to recognise the value of showing how environmental efforts and safety is lived on site, through authentic, human-centred communication that translates across cultures.”At the centre of GotSafeMedia’s approach is short, sharp, well-crafted videos.“These are not a creative add-on, but a strategic safety and ESG communication tool,” Amaral said. “Each campaign starts with listening, from leadership through to boots on the ground, to understand where confusion, disengagement and your best efforts in ESG exist. “Video works because it mirrors how people actually consume information today. When it’s done properly, with real workers, real sites and clear messaging, it is far more effective than a written procedure ever will. “These videos are not generic. Each campaign starts with consultation across leadership, HSE teams and frontline workers.”GotSafeMedia is confident its approach can be adopted to support broader ESG goals.“External stakeholders increasingly want to see how ESG including safety culture is lived, not just how it’s reported,” Amaral said. “When companies use authentic storytelling, especially video, it strengthens both internal and external credibility.”While cost pressures remain a reality across the sector, Amaral argues that effective communication delivers a measurable return.“Solving small problems of engagement avoids larger problems emerging which will cost you money down the line,” she said. “Effective communication allows you to earn your licence to operate and eases the compliance burden but more importantly it creates a crew which feels accountable and inclusive.“Our job as safety professionals isn’t to talk at people. It’s to understand how work is really done and communicate in a way that people actually hear.”Amanda AmaralAngelo Porrovecchio
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 73Mint’s history informstechnological leapThe remarkable rise and rise in the price of gold has dramatically altered the landscape of Australia’s gold industry and one of its oldest institutions is adapting to the “new normal” both publicly and behind the scenes.The sight of queues snaking around The Perth Mint’s East Perth headquarters has become a regular occurrence in the last 18 months as investors look to get their hands on physical bars, coin collectors eye up additions to their portfolios and members of the public look to cash in on unwanted gold jewellery. This has led to unprecedented demand across the West Australian Governmentowned organisation, but Mint chief operating officer Dion Paunich told Paydirt that demand would be met by the Mint’s commitment to innovation. “At the Mint, we do everything, from refining and shipping to collector coin sales and tourism and we have a commitment to growth and innovation which runs through all of that,” Paunich said. “The gold price has changed our thinking, both in the immediate and long term. On the customer side, we are seeing an unprecedented amount of people at the gates, up from typically 5,000-6,000 a week to 10,000 in the peak period. So, in the short term we have redesigned the site to support customers and we are looking at longer term investment for enhancing the customer experience.”Away from the buying public, the Mint has invested heavily in new refinery equipment which has seen its standards raised across environment and safety. The investment includes new lines of pyrometallurgical melting units and automated casting, making the refining process safer, cleaner, higher quality and more efficient.“The introduction of the PAM [pyrometallurgical advanced melting] unit has the Mint on our way to becoming one of the most advanced refineries globally,” Paunich said. The PAM melts doré under a vacuum in an enclosed chamber, eliminating the need for large-scale chlorine use.“The PAM means we can reduce our reliance on Miller Chlorination, making it safer and more environmentally friendly,” Paunich said. “And the enclosed vacuum chamber reduces our people’s exposure to molten metal.”In the casting lines, the Mint has rolled out new fully automated bar casting technology, reducing operator risk and increasing consistency and efficiency.Automated bar casting technology produces cast bars faster without manual handling. It means no open furnace or hand pour risk and increases energy efficiency. “Not only does automation deliver safety and productivity gains but it has also improved the bar quality,” Paunich said. “Reject rates have significantly reduced and the look of the bars is much better. It produces a superior finish in terms of smoothness and consistency. They are some of the best I’ve ever seen.”The automated bar casting produces a range of precision crafted bars of varying sizes, including – 1oz, 5oz, 10oz and 1kg for gold and 10oz, 100oz and 1kg for silver. The innovation drive is far from finished. Paunich said the Mint was partnering with Italian precious metals refining technology group IKOI to reduce energy consumption and acid exposure in electrolytic gold refining by reducing the time it takes to put gold through the electrolysis process.Paunich said the innovation drive had added benefits. For Mint employees, not only did it make the working environment safer, it offered professional development opportunities.“With all these innovations, the safety of our people is paramount and we are seeing the removal of our people from risk associated with molten metal, chemicals and manual handling,” he said. “But the innovations offer exposure to advanced technology, opening up career pathways. It means we are able to provide them future development opportunities.”The advances are also apparent in the Mint’s assay laboratory, one of the most advanced in the precious metals world and one of only seven labs globally to achieve referee status with the London Bullion Market Association.Paunich said the combination of innovation and responsible practices meant the Mint was a trusted partner for gold miners.“Miners coming to the Mint are using assays unparalleled in the world and creating value from doré in a safe, sustainable, highquality way,” he said. “There is trust in the whole value chain from the first assay to finished product, which is then shipped all around the world.”The new pyrometallurgical advanced melting units installed in The Perth Mint refinery make the refining process safer and more environmentally friendlyDion Paunich
OBITUARYPAGE 74 FEBRUARY 2026 AUSTRALIA’S PAYDIRTDoug McGay carved amining life in Mongoliaand RussiaOne of the world’s largest copper targets was transferred from one mining giant eventually to another by the action of the former Kalgoorlie-based identity because he saw its potential while an associate did not.McGay sold his successful survey company McGay Surveys in 1988 to head firstly to Indonesia and then Mongolia, where in managing exploration there for Harrod Minerals, owned by London luxury store Harrods, he and his UK chief were summoned by BHP Ltd’s Mongolian team.At the time BHP, had this foundling Oyo Tolgoi (Turquoise Hill) discovery and was looking to sell. The Harrod’s executive was cool on copper and said no, but McGay saw enormous scope and asked if he could pass details to an old associate.The answer was yes, so he contacted old working ally Doug Kirwan, living in Bangkok, and Kirwan passed on the information to Robert Friedland of Ivanhoe Mines Inc who purchased the project, undertook deeper drilling to reveal a copper monster with gold and base metal credits.Rio Tinto Ltd initially bought a project stake of 9.95% for $US303 million then warrants for more than $US500 million to near half ownership and began investing in Ivanhoe itself, including $C73 million for a then 49% controlling stake.Today, Rio owns 66% of the project and the Mongolian Government has the balance and a recent assessment put the contained metal as 2.7mt contained copper, 1.7 moz gold, 1.9mt silver and 205,000t of molybdenum.This activity would only have involved a few months of the 22 years McGay spent in Mongolia, taking in a latter two years in far western Russia.Unfortunately, in December my mate Doug passed away in Sir Charles Gairdner Hospital from chronic kidney problems that had seen him return to Perth about five years earlier with his Mongolian wife Oggi – who had been interpreter at many of the companies he had run – and also his daughter Sasha.After a failed attempt at a kidney transplant Doug went into a long coma and when he awoke, I decided to write a book “From Paddy Hannan to Genghis Khan” to help his recovery.I first met Doug in Kalgoorlie when McGay Surveys was in growth mode including working for a Japanese company keen on uranium targets in Western Australia’s vast desert country. His travel companion was his dog Krishna who on at least one journey amused customers at the Broad Arrow pub by sitting on a bar stool along with other thirsty beer-drinking customers.I often stayed with Doug in his Kalgoorlie home with first wife Karen and three growing boys, and when I launched Resource Information Unit (RIU) as a listed company in 1976, he was an inaugural director but resigned a few years later when he decided to go to Indonesia, and then Mongolia.While in Kalgoorlie he teamed up with colourful prospector and entrepreneur Armand Beaudoin and followed him to Indonesia but after the Bre-X scandal which transformed Indonesia from a magnet to a bad smell, he joined Armand in Mongolia.About four years into his stay in Mongolia, I wrote an article for Canada’s Northern Miner describing Doug as an Australian ambassador in the country, for he had encouraged the Government to support exploration and procedures ideal for foreign capital and investment. He also pushed for lifting the qualifications and skills of Mongolians, many of whom ended up working for Doug.I had also known a motivation he used for local staff was to have camel races with the male and female jockeys decked out in their traditional best.Companies he ran included the local Harrods Minerals, explorer Batu Mining and London-listed Petro Madad. Joining him in setting up that company was an old schoolmate from Narrogin, Clyde Evans, who became a bank manager and helped Doug on financial issues for various projects. Clyde also gave the key eulogy at Doug’s funeral in Subiaco.Doug also worked for Ivanhoe when it owned Oyu Tolgoi.In the last two years spending a lot of time in far west Russia, he joined American geologist Tom Bowens with his private company IG Copper in setting up some major copper-rich targets, that produced fabulous results and drew the attention of the foreign mining press, including the Malmyzh deposit, which by 2018 had a resource of 1.661bt @ 0.34% copper and 0.17 g/t gold for 12.45 blb and 9.11 moz respectively.The project was sold for $US200 million.Doug also invested successfully in IG Copper’s North American projects but years later Tom hit a political snag with ongoing exploration in Russia when after the attacks on Ukraine, American investments in Russia were made null and void.Attending his funeral were many goldfielders, one Mongolian geologist, old friends from Narrogin and those in the surveying business. His pallbearers included sons Damian and Bruce and grandson Daniil from Tomsk, Russia.Despite being ill and on regular dialysis treatment, Doug was kept going by his loyal wife Oggi who kept him home instead of a nursing facility, while his bright daughter Sasha excelled in her studies.– Ross LoutheanDoug McGay during his days in MongoliaMcGay’s companion Krishna orders another round of beers at the Broad Arrow pub in the Eastern Goldfields in 1972
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Develop locks inWaihi workDevelop Global Ltd has secured a $200 million underground development contract at the Waihi North project in New Zealand to establish access tunnels.TSX-listed gold and copper producer OceanaGold Corp owns the 1.2 moz Waihi North along with four other operating mines, including Haile mine in the US, Didipio in the Philippines and Macraes, on New Zealand’s Southern Island, the country’s largest gold mine.The five-year contract at Waihi North is scheduled to begin in the first half of the year. Develop has started mobilisation activities which include the establishment of a local workforce to complement Develop’s in-house team.“This contract reflects the strength and depth of our mining services division, which includes some of the most experienced underground mining specialists,” Develop managing director Bill Beament said. “We are delighted to be working with such a highly regarded multi-national mining house as OceanaGold and we look forward to combining the skills and experience of our people with a strong local workforce.”AT4 kicks off UtahcampaignAmerican Tungsten and Antimony Ltd (AT4) has appointed a drilling contractor at its Antinomy Canyon project in Utah after receiving the nod from local authorities for an initial diamond campaign.Energold Drilling USA agreed to test its Salt and Pepper target with a circa 1,650m Phase 1 diamond drilling programme focused on an outcropping tuff horizon where samples have previously returned results of 33.2% and 29.4% antimony. AT4 (formerly Trigg Minerals) secured permission from the Utah Division of Oil, Gas and Mining (DOGM) to construct 24 drill pads and drill within the company’s patented mining claims.“This first phase of drilling will help inform our assessment of potential pilot-scale mining activities in 2026,” AT4 managing director Andre Booyzen said. “We have a good relationship with the folks at the Utah Division of Oil, Gas and Mining and are appreciative of their support. “We are pleased to appoint Energold Drilling, a top-tier contractor with a global reputation for working in challenging terrain. Their use of heli-portable rigs greatly lowers our environmental impact. It allows us to access the high-grade ‘Salt n Pepper’ tuff targets above the canyon walls – areas that have historically yielded exceptional grades but have lacked modern drill testing.”Iron Mine in Mt Holland box seatIron Mine Contracting will begin a 39-month contract at the Mt Holland lithium operation in Western Australia’s Wheatbelt region this month.Perth-based Iron Mine agreed to carry out drill, blast, load and haul, run-of-mine management services for Covalent Lithium, a Wesfarmers Ltd/SQM JV, late last year. The work will require mobilisation of equipment and some 220 employees for the project’s production ramp up.Mt Holland is the second major lithium operation on the contractor’s order book, having supported development at Liontown Resources Ltd’s Kathleen Valley lithium operation in the Northern Goldfields since 2022. Iron Mine chief executive Clinton Keenan said the deal recognised the value of the company’s local experience. “Integrity in everything we do is our key, and ensuring the integrity of mining our client’s orebody is what we achieve,” he said. “The competitiveness of our company’s owned-asset strategy is increasingly being valued by mining companies, and that is evident in this award from Covalent.“As a privately owned contractor, we are investing in people and equipment ahead of the curve, maintaining an agility to deliver what our mining clients require from their mining services provider.”Protecting Directors. Together.Liberty-Protecting-Directors_PayDirt_StripAds_NIBA2024_Top_and_Bottom_2024.indd 1 5/12/2024 12:23 pmPAGE 76 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSIGNED, SEALED & DELIVEREDDiscover moreWe’re Australia’s leading D&O insurer for the Mining and Resources industry. Ranging from junior explorers through to the largest producers, talk to your insurance broker about how Liberty can support your business through all stages of the mining cycle.Protecting almost half of Australia’s listed mining and energy companiesDevelop agreed to build access tunnels at Waihi North
Protecting Directors. Together.Liberty-Protecting-Directors_PayDirt_StripAds_NIBA2024_Top_and_Bottom_2024.indd 1 5/12/2024 12:23 pmDiscover moreWe’re Australia’s leading D&O insurer for the Mining and Resources industry. Ranging from junior explorers through to the largest producers, talk to your insurance broker about how Liberty can support your business through all stages of the mining cycle.Protecting almost half of Australia’s listed mining and energy companiesThiess aids Harmony copper questThiess has signed a new agreement at the Eva copper mine in Queensland valued at some $700 million.The contract details bulk earthworks, workshop construction and mining services over a five-year term. Early-stage work has begun with bulk earthworks and civil works undertaken on site near the regional centre of Cloncurry since May 2025. The contract is due to expire in 2031.Thiess said the deal supported local procurement, new-to-industry and indigenous workforce development, community engagement and safety – values aligned with that of Eva owner Harmony Gold Ltd.“Through the Eva Copper Alliance, Thiess and Harmony combine their strengths in a single, integrated framework - leveraging technical expertise, proven industry experience, and shared values to achieve common objectives,” Harmony chief development officer Johannes Van Harden said.“Our joint project delivery team is fully aligned and committed to operational excellence, with a clear focus on executing the project on schedule and within budget.” Neometals measures BML collabNeometals Ltd has signalled its interest in negotiating a profit-sharing JV with Kalgoorlie-based contractor BML Ventures Pty Ltd at the Ironclad gold deposit in the Murchison.The companies inked a non-binding letter of intent in December, detailing plans for an open cut operation funded and managed by BML with the profits split 50/50 after cost recovery.The circa 250,000t @ 1.6 g/t gold for about 13,000oz Ironclad resource is expected to be updated next month using the results of a 42-hole infill and extension campaign. No commitments were made by either party under the terms of the deal apart from exclusivity and confidentiality provisions.“We have had a long history with their principals, and their demonstrated capability gives us strong confidence in realising Ironclad’s potential and provides a clear, fully funded pathway toward early production,” Neometals managing director Chris Reed said of BML. “This partnership significantly de-risks development, enables early value creation, and supports the long-term growth strategy for [the wider] Barrambie [gold project] and Neometals.”QX scours MadabapotentiaQX Resources Ltd has appointed New Resolution Geophysics to survey the Madaba uranium project in Tanzania, speeding the company’s understanding of untested areas and identifying potential extensions.QX plans to combine the results of highresolution, heli-borne radiometric surveys over high priority areas at Madaba on 100m line spacing with historical drill hits such as 15m @ 612 ppm uranium from 4m (including 3m @ 2,465 ppm from 10m) and 16m @ 337 ppm uranium from 4m (including 4m @ 1,082 ppm from 8m). The surveys will aim to improve on the 1km-spaced surveys completed by the Tanzanian Government in the 1970s and 1980s with the digitisation of historical drilling and trenching data ongoing.QX hopes the survey will paint a clearer picture of Madaba’s potential to resemble the sandstone-hosted 125 mlb uranium @ 300ppm Nyota uranium deposit, about 250km to the south-west.“The helicopter-borne radiometric survey at Madaba is the ‘low-hanging fruit’ for unlocking significant value at the project,” QX executive chair Maurice Feilich said.“With high-resolution survey data, coupled with the ongoing digitization of historical data, we are going to be well placed to undertake on-ground exploration. The company, via its Tanzanian consultants, has engaged with the relevant authorities for permitting and approvals of the survey. We look forward to getting the program under way early in 2026.”AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 77Theiss won the Eva construction contract
Deep hole directional drillingDiamond core drillingSpecialist engineering servicesMine infrastructure drillingReverse circulation drillingRemote exploration servicesDRILL BITSLa Verde revealsspicy prospectHot Chili Ltd may have found another Atacama giant to rival its flagship Costa Fuego project in Chile after making a long intercept 30km to the south.Diamond drilling at its La Verde discovery intersected 495m @ 0.38% copper and 0.1 g/t gold from 3m, including 37m @ 0.51% copper and 0.13 g/t gold from 202m and 123m @ 0.5% copper and 0.13 g/t gold from 289m.The company was expecting more results from a further six diamond holes in January. Hot Chili managing director Christian Easterday said the results added weight to assertions the discovery could be the high-grade core of a bulk tonnage porphyry.“Against a strong backdrop of record copper and gold prices, the reporting of wide, near-surface, copper-gold intercepts from a new major discovery underscores the strategic significance of La Verde to Hot Chili,” he said.“Costa Fuego is one of a limited number of independent, large-scale, near-term, meaningful copper projects globally, which is highly leveraged to copper price. For every $US0.10/lb increase in copper price above $US4.30/lb, project NPV increases by about $US100 million. These latest La Verde drill results further amplify Hot Chili’s leverage to rising commodity prices.”Strickland underscores Shanac promiseDrilling at Strickland Metals Ltd’s Rogozna gold project in Serbia has put its cornerstone Shanac deposit in the box seat for a noteworthy boost towards the end of the quarter.Strickland hit bulk tonnage and “highgrade” gold zones at the flagship project – 300km south of Belgrade – with a diamond drilling campaign late last year. Notable intercepts of disseminated gold mineralisation included 37.2m @ 1.1 g/t gold equivalent from 284.4m and 113.4m @ 1.7 g/t from 451m, including 28m @ 2.7 g/t from 532.4m were made along a southwestern extension. Higher grade hits beyond the resource footprint to the east returned 2m @ 10.9 g/t gold equivalent from 471.5m and 5.3m @ 4.3 g/t from 500.7m.“The latest drilling has returned wide zones of bulk-tonnage style mineralisation in the central part of the deposit, with two additional holes confirming extensions of the known mineralisation on the eastern side of the southern part of the deposit,” Strickland managing director Paul L’Herpiniere said.“We are pleased to see that the latest holes have also provided further definition of the higher-grade zones within the deposit, with the results to contribute towards an updated resource for Shanac, which remains on track to be reported later this quarter.”St George shoots from outside the boxSt George Mining Ltd has inched closer to a substantial upgrade at the Araxa rare earths-niobium project in Brazil as broad intercepts outside the resource footprint pour in.Assays received last month show an area of shallow mineralisation to the northwest which could give any future mining operation an economic shot in the arm. The company hit 100.6m @ 4.82% rare earths and 0.64% niobium from surface, including 25.5m @ 6.55% rare earths and 1.17% niobium from 15m, 11.9m @ 9.19% PAGE 78 FEBRUARY 2026 AUSTRALIA’S PAYDIRTDrilling at La Verde has identified its potential to rival Costa Fuego
Deep hole directional drillingDiamond core drillingSpecialist engineering servicesMine infrastructure drillingReverse circulation drillingRemote exploration servicesAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 79rare earths and 0.90% niobium from 50.1m, 120.25m @ 3.33% rare earths and 0.42% niobium from surface, including 18.95m @ 3.82% rare earths and 0.43% niobium from 61.45m and 4m @ 7.25% rare earths and 0.26% niobium from 92m.St George has extended drilling indefinitely into the new year and was awaiting results from 32 holes at the time of print. Three diamond rigs remain on site to carry out more resource definition drilling.“We are very pleased to see rare earths and niobium mineralisation consistently starting from surface and with very high grades prominent in the top 20m from surface – such as 10m @ 6.94% rare earths from surface and 6m @ 7.51% from 6m,” St George executive chair John Prineas said.“This style of deposit, we believe, will be very likely to support a low-cost open pit mine which can quickly access high-value mineralisation… the potential commercial advantage of mineralisation starting from surface cannot be underestimated.”Peel homes in on NombinniePeel Mining Ltd has intercepted both shallow oxide gold and deeper primary mineralisation at a key prospect near Cobar in New South Wales.The company intersected 7m @ 2.11 g/t gold from 52m, 15m @ 2.52 g/t from 15m and 6m @ 0.62 g/t from 41m, 5m @ 1.52 g/t from 25m and 13m @ 1.33g/t gold from 147m at the Nombinnie gold prospect, about 23km south-east of its Wagga Tank project.The results back up previous gold intercepts of 33m @ 2.47 g/t from 52m and 26m @ 0.55 g/t from 29m at the prospect, leading Peel to interpret mineralisation as structurally controlled and open along strike and at depth. Plans for more drilling are under way.“These additional positive results confirm Nombinnie as an exciting and emerging gold target,” Peel managing director Nick Woolrych said. “The combination of shallow, highgrade oxide mineralisation and deeper primary gold zones provides strong encouragement for future drilling and highlights the scale potential of the area. We look forward to advancing this prospect as part of our broader growth strategy in the Cobar Basin.”Dateline’s Colosseum barnstorm continuesDateline Resource Ltd finished off a strong 2025 at the Colosseum project in California where drilling all but confirmed the continuity of a felsite breccia pipe to the north-east. Several “wide and open” intercepts suggest gold mineralisation extends outside the resource area. Every hole the US-focused company drilled last year reached a downhole depth of 300m without exiting the interpreted breccia pipe.Intersections at Colosseum’s North Pit historical open pit from outside known areas of mineralisation included 295.64m @ 1.04 g/t gold, 105.15m @ 1.24 g/t, 300.21m @ 0.66 g/t, 297.17m @ 0.68 g/t and 67.36m @ 1.01 g/t, 31.09m @ 0.75 g/t Au, 61.26m @ 1.18 g/t, all from surface, and 58.52m @ 0.69 g/t Au from 15.24m.Dateline managing director Stephen Baghdadi said Colosseum was in line for a resource update but not before the company had a fuller idea of how far extensions continued.“These consistently strong intercepts at the North Pit and surrounding areas confirm that wide zones of gold mineralisation extend beyond our current mineral resource boundaries, highlighting significant expansion potential,” Baghdadi said. “The integration of a recently completed IP survey with our MT data will create a powerful targeting tool for the diamond core drilling programme, which aims to test the further extent of the targets both laterally and at depth.”Colosseum may host gold north of a historical open pit
Transforming the gold exploration process Explore smarter, discover fasterPAGE 80 FEBRUARY 2026 AUSTRALIA’S PAYDIRTMark Calderwood has resigned as a non-executive director of Eastern Resources Ltd due to an increasing workload with other entities, including his primary role as managing director of Midas Minerals Ltd.Belltree Corporate’s Jack Dowland has been appointed chief financial officer of both FMR Resources Ltd and Codrus Resources Ltd. Aguia Resources Ltd has appointed Brazil-based Tim Hosking as managing director, just two months after joining the company as chief executive. Warwick Grigor has transitioned to non-executive chairman.Christian Barbier has joined South Harz Potash Ltd as a non-executive director. The former Allkem and Iluka Resources Ltd sales and marketing executive replaces outgoing board member Dr Reniout Koopmans who departs after seven years with the company.International Graphite Ltd has hired graphite industry expert Aidan Nania as an executive director. Nania is a founder and director of Arctic Graphite AS, a JV partner in the company’s expandable graphite project in Europe, and is also a non-executive director of Axel REE Ltd.Zhongyi (John) Zhang has been appointed an executive director of Antilles Gold Ltd, serving the board as the nominee of Shandong Xinhai Mining Technology & Equipment Inc.Justin Clyne will resign from the board of Resouro Strategic Metals Inc upon the appointment of a new Australianbased director.Scott Williamson has resigned as managing director of Blackstone Minerals Ltd, having served in the role since the company’s IPO in early 2017. Chairman Geoff Gilmour will perform an executive leadership role while the company undertakes a process to identify and appoint a replacement. Meanwhile, geologist Greg Cunnold has joined the Blackstone board as a non-executive director.Renowned exploration geologist Ziggy Lubieniecki has joined GoldArc Resources Ltd as executive technical director, having consulted the Leonora-focused company over the past year. He is best known for his pivotal role at Gold Road Resources where he is credited with the discovery of the Gruyere deposit.Maronan Metals Ltd has hired Lindi Lochner as chief financial officer and Mark Brown as compliance and contracts manager.Estrella Resources Ltd has appointed Robert Mencel as chief executive, transitioning to managing director by June 30. Long-serving incumbent Chris Daws will step into a business development role on the same date.Nigel Broomham will step down as chief executive of Battery Age Minerals Ltd on March 20 after two years in the role. The company has initiated a formal search for his replacement.Bayan Mining and Minerals Ltd has appointed Nathan Kong as chief executive, with executive director Fadi Diab transitioning to a non-executive role. The company has also hired industry veteran John Ganser as a technical consultant.Almonty Industries Inc has appointed seasoned financial and capital markets executive Guillaume Wiesenbach de Lamaziere as chief development officer.John Vander Ploeg has joined Brazilian Rare Earths Ltd as chief financial officer. He previously held senior finance roles at Arcadium Lithium where he led key accounting and reporting workstreams for the $US10 billion merger with Livent.Taiton Resources Ltd has elevated exploration manager Shane Tomlinson to its board as executive technical director. Noel Ong has resigned as a director.EcoGraf Ltd has appointed John Ciganek as general manager, corporate development. Meanwhile, non-executive director Keith Jones has resigned for personal reasons.COMINGS AND GOINGSAccelerated Discovery & Ore Body Knowledge InnovationsdetectORE™: for same day gold (Au) results to <20 ppb by pXRF.RokBot™: automated pXRF multi-element (& detectORE™ gold) analysis system for objective rock, regolith & alteration identification & classification plus pathfinder & commodity geochemistry. [email protected] | portableppb.comGold and Multi-element results, on-site, anywhere for fit-for-purpose decisions.Western AustraliaInnovator of the Year 2023 OverallWinner Mark CalderwoodNoel OngNigel BroomhamScott Williamson
Transforming the gold exploration process Explore smarter, discover fasterMetalsTech Ltd has appointed Zilong (Chris) Dai, Trevor Benson, Michael McKeown and Stuart Hutchin as new directors. Cliff Fitzhenry has retired from the board to focus on his primary role as chief executive of Tusker Minerals Ltd.Vertex Minerals Ltd has appointed former Aurelia Metals Ltd boss Jim Simpson as a non-executive director. Declan Franzmann has retired from the company after four years to pursue other interests.Maja McGuire has been appointed interim managing director of Kuniko Ltd following Antony Beckmand’s resignation. Perth-based McGuire was previously a non-executive director of the company. Beckmand will stay on as chief executive until March 19 to allow an orderly transition.John Van Der Wielen has succeeded Sam Walsh as chair of Gold Corporation, the operator of The Perth Mint. He was previously chief executive of health insurance group HBF and chair of Crown Perth. Walsh departs after almost seven years in the position.Former Ausgold Ltd managing director Matthew Greentree headlines a newlook board at Besra Gold Inc. Greentree has been elected as a non-executive director alongside David Potter and John Blake, who has assumed the chairman’s role.James Warren has resigned as chief executive of Augustus Minerals Ltd with his duties to be assumed by general manager exploration Andrew Ford and executive chairman Brian Rodan until a permanent replacement is appointed.Zambian uranium explorer Atomic Eagle Ltd has appointed Phil Hoskins as chief executive after Daniel Major vacated the role due to personal reasons. Hoskins steps up from his role as the company’s corporate development manager. Chris Bath has also succeeded Abby Macnish Niven as chief financial officer.Infini Resources Ltd has appointed Pamela NaidooAmeglio as an independent non-executive director. She most recently served as ANSTO’s group executive, nuclear operations nuclear medicine and previously held senior leadership roles at South32 Ltd, BHP Ltd, Rio Tinto Ltd and De Beers.Middle Island Resources Ltd has appointed Peter Spiers as chief executive. The founding Orbis Gold boss was executive chairman of Serbia-focused Konstantin Resources, which was recently acquired by Middle Island. Spiers was also previously group manager, business development at WMC Resources.Barbara Duggan has joined Indiana Resources Ltd as head of exploration. She is credited with adding circa 500,000oz to the resource inventory in the Gidgee Gum Creek greenstone belt, discovering two new magmatic nickel-copper systems in Western Australia and contributing towards the discovery of 1mt nickel in the Agnew-Wiluna greenstone belt.Horizon Minerals Ltd has appointed Christian Price as general manager, corporate development. Price was previously an executive director at Nimy Resources Ltd and has held senior operational management roles at other listed explorers and producers, including Gold Fields Ltd.Former long-serving Western Areas boss Daniel Lougher has joined the board of uranium-focused Alligator Energy Ltd. Lougher led Western Areas for a decade until its takeover by IGO Ltd in 2022, before being appointed managing director of St Barbara Ltd and facilitating the sale of the Gwalia mine to Genesis Minerals Ltd.Golden State Mining Ltd has appointed former MACA Ltd managing director Chris Tuckwell as a non-executive director. The veteran engineer was also chief operating officer and country manager of Ausdrill Ltd’s African Mining Services division and current sits on the boards of Great Boulder Resources Ltd, Albion Resources Ltd and Arrow Minerals Ltd. Meanwhile, Greg Hancock has stepped down as chair.AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 81Transforming the gold exploration process Explore smarter, discover fasterAccelerated Discovery & Ore Body Knowledge InnovationsdetectORE™: for same day gold (Au) results to <20 ppb by pXRF.RokBot™: automated pXRF multi-element (& detectORE™ gold) analysis system for objective rock, regolith & alteration identification & classification plus pathfinder & commodity geochemistry. [email protected] | portableppb.comGold and Multi-element results, on-site, anywhere for fit-for-purpose decisions.Western AustraliaInnovator of the Year 2023 OverallWinner Matthew GreentreePhil HoskinsDan LougherBarbara Duggan
Nvidia Corp has corrected an online typo greatly overestimating the amount of copper needed to build “hyperscale” AI datacentres.The company changed a technical blog in January after the error was noticed by several online news outlets. The original post on Nvidia’s Developer blog anticipated for every 1GW datacentre built using a 54VDC power distribution unit – technology Nvidia is actively trying to replace – 500,000t of copper busbars would be required. The number was redacted to 200t – roughly equivalent to 500,000lb – after comments pointed out the “highly unrealistic” estimation may have been caused by a unit conversion error.McKinsey reported AI data demand to reach 68GW by next year in an article last August, a figure which approaches the total power consumption of the US state of California.Some 11.1 mt more copper than global production in 2024 would be needed to build the data centres needed to meet this demand were the original post accurate. African Gold 66Agnico Eagle 18, 27, 34Aguia 80Albemarle 18Albion 81Alkane 35, 39, 56Alligator 81Almonty 80Alpha HPA 22Alphamin 41Anglo American 19AngloGold 19Antilles 80Ariana 55Arrow 81Astron 30, 33, 37AT4 76Atomic Eagle 81Augustus 81Aurelia 80Ausgold 80Avenir 18Axel 80B2Gold 40Ballard 48Battery Age 80Bayan 80Besra 81BHP 20, 57, 60, 74, 81Black Horse 44-45, 49Blackstone 80BMC 44, 47BRE 80Capstone 20-21, 47Catalina 14Catalyst 30, 33Chalice 26, 39Codrus 80Covalent 76Dateline 79De Beers 19Delta Lithium 22, 48Desert Minerals 49Develop 76Diatreme 51DPM Metals 49Eastern Res. 80EcoGraf 80Elementos 41Energy Fuels 37Estrella 80Everlast 45, 49Evolution 4Exultant 45, 49Falcon 26-31First Tin 41Flynn 33, 42FMR 80Forrestania 14Fortescue 57, 59Fortuna 40Genesis 48, 81Glencore 6-7, 47Gold Fields 19, 81GoldArc 80Golden Dragon 50Golden Globe 45, 50Golden State 81Great Boulder 81Greatland 44, 46Green & Gold 45, 54Greentech 41Hancock 33, 48, 57Harmony 77Horizon Min. 14, 81Hot Chili 78IGO 4, 81Iluka 23, 80Indiana 81Infini 81Int. Graphite 80Ionic Minerals 49Ivanhoe 74Kaiser Reef 38Kula 14Kuniko 81Larvotto 34Li-FT 18LinQ 45, 56Lion Rock 66Liontown 76Loyal 49Lynas 12, 37Marimaca 50Maronan 80Metals X 41MetalsTech 81MEX 22Midas 80Middle Island 81MinRes 48MP Materials 37Moonlight 45, 51Neometals 77Newmont 19, 46Nickel Ind. 22Nimy 81Northern Star 4OceanaGold 22, 76Orezone 51Osmond 23PC Gold 51Peel 79Perseus 52PLS 4Power Metals 18Predictive 52QX 77Ramelius 14, 48Resouro 80Right 45, 51Rio Tinto 6-7, 60, 61, 74, 81Robex 44, 52Sandfire 4, 47, 52Santana 22Sentinel 45, 52Sinomine 55Siren 66South Harz 80South32 81Southern Cross 30, 33,34SQM 76St Barbara 81St George 78-79Star 15Stavely 39Stellar 40Strickland 78Taiton 80Tali 44-45, 52Teck 7Temas 53Tusker 81Vertex 81VBX 52VHM 30, 33, 36WA1 52West African 51WIM 30Winsome 18Woodside 60-61Yunnan Tin 41INDEXLEFTFIELDPAGE 82 FEBRUARY 2026 AUSTRALIA’S PAYDIRTNvidia typo overstates copper crisisGlobal AI data centre power demand could reach 68GW by next year
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