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Registered by Australia Post PP 643938/0071. No pages or articles in this publication may be reproduced in any form without the consent of the publisher. This includes photographs either taken by Paydirt Media staff or provided by other parties.PAYDIRT (ISSN 1445-3436)Published byPaydirt Media Pty Ltd.A.C.N. 063 985 133Head Office: Suite 9, 1297 Hay St, West PerthWestern Australia 6005P.O. Box 1589, West PerthWestern Australia 6872Phone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 [email protected]: Editor: Dominic PiperDeputy Editor: Michael WashbourneSenior journalist: Rhonda MalkinJournalist: Michael CameronArt director: Nick BrownAdvertising:Advertising manager: Richa FullerSubscriptions: Vinitha ChityalaPhone: (+61 8) 9321 0355Facsimile: (+61 8) 9321 0426Pre-press and printing:Vanguard Press, 26 John St,Northbridge WA 6003Member of:Paydirt MediaExecutive chairman: Bill RepardFinance manager: Giovanny JeffersonAccounts/administration: Vanessa CaleConferences: Angelique Julien,Paula Fujita263212 NEWSLynas Rare Earths managing director Amanda Lacaze has announced her retirement from the company she has led for more than a decade. We look back on her transformational leadership, which saw Lynas go from struggling developer to outrider of the rare earths revolutionCOVER The Bendigo goldfield in Victoria has become synonymous with fleeting promise, with explorers delivering initial high-grade gold hits but finding it difficult to follow up. However, Falcon Metals believes it may well have cracked the code and can get its Blue Moon discovery to hang together. Rhonda Malkin joined managing director Tim Markwell on site to investigate the company’s progressSOUTHERN STATES Falcon isn’t the only explorer up and about in Victoria. After two decades on the outer, the state’s more accommodating approach to exploration is paying dividends. We look at the explorers ramping up activity in Victoria and also head across the Bass Strait to find a similar revival in TasmaniaIPOs It may not go down as a classic vintage but after several moribund years, the resources IPO market showed signs of life in 2025. In our annual survey, we look at the new floats which caught investors’ attention while also reading the signs about what 2026 could bring for the listings spaceSKILLS From the boardroom to the toolbox, mining sector recruitment is a very different beast to 30 years ago. We look at the issues taxing skills and recruitment in the Australian resources sector, from finding the right fit for junior company leadership, to cross-border agreements designed to educate a new generation of mining professionalsCONTENTSMember of:263243in support of Australia’s mining industrymaroomba.com.au63Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
PAGE 4 FEBRUARY 2026 AUSTRALIA’S PAYDIRTIf it was an Australian or African setting, it would be at the end of the long drought. If it was in cooler climates, it was the end of the big freeze. Regardless, the narrative was the same – animals which had been hanging on in a landscape devoid of sources of nourishment were suddenly treated to a deluge (or milder temperatures) which brought with it new life.As the rains come, you soon see youngsters frolicking in the pools of water, herbivores grazing on the plentiful plant life and predators enjoying a bounty of prey opportunities.I’m sure everyone can see where I’m going with this allegory. After a long, barren, dry spell, the junior mining space finds itself in that moment of abundance. The drought is broken and there is currently a deluge of money rushing towards the sector. Where last year it was restricted to gold, in the early weeks of 2026 it appears to be spreading through base and even battery metals.The world is full of opportunities but given the current state of global politics, where any single event could bring it all crashing down, companies don’t have long to take advantage of the season.Exactly how to take advantage is open for debate and every small company has its own strategy. I’d say, these strategies fall into three broad categories – the ones who build immediate value, the ones which set themselves up for multiple cycles and the ones who manage to set themselves up personally.I’ll set aside the latter category for now as I don’t want to give too much oxygen to a group of companies and executives who are a stain on the sector but I’m sure every reader has come across examples of these “lifestyle miners” throughout their time in the industry.Of the other two categories, the first is currently dominated by gold miners. Just a few years ago it would have been laughable to suggest a company could build a mining operation on a sub50,000oz gold resource. In 2026, there are nearly a dozen companies who have taken FID on this sized deposit or less and appear to be ready to make good money out of it. This is not to be dismissive or sceptical of such an approach. If you have the means to get into production and generate positive cash flow, thus avoiding further shareholder dilution, why wouldn’t you? The question is whether getting into production becomes a means to an end or something more fundamental.While long-term investors will probably welcome a small return on their investment, few are in the junior market to make a 10-15% return. Most would rather see companies take advantage of supportive market conditions to set themselves up for prolonged growth. This is where the smartest – and bravest – will look beyond the short term and set themselves up to negotiate future droughts. If juniors can apply their funds, whether equity injections or mining revenues, to building longer-term assets, they have the potential to become a completely different kind of company.The favourable weather is never around for very long but the best companies ensure they make the most of it and some of the ASX’s great junior and mid-tier success stories were forged in such times. Among the current crop of mid-tier miners, Northern Star Resources Ltd, Evolution Mining Ltd, Sandfire Resources Ltd, IGO Ltd and PLS Ltd all built their long-term outlook during short windows of opportunity in their respective sectors, starting out as juniors but with strategies to take them into the mid-tier. By focusing on the longer-term, they were able to deliver enduring value to shareholders – and other stakeholders – rather than When I was young, my favourite part of any nature documentary was that moment when the long, harsh season broke and a new cycle of life [email protected] @DominicPiperSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
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The proposed tie-up between Rio Tinto Ltd and Glencore SA could require asset sales to secure regulatory approval from China, where there are longstanding concerns about resource security and market concentration.The two mining giants revealed last month that for the second time in two years they were in early merger talks – potentially creating the world’s largest mining company with a market value of more than $US200 billion.But analysts and lawyers said the scale of their sales to China means any deal will need approval from Beijing, as have past mining mega-deals such as Glencore’s $US35 billion purchase of Xstrata in 2013.China’s antitrust regulator is likely to be concerned about a combined entity’s concentration in copper production and marketing as well as iron ore marketing, several analysts and lawyers told Reuters. Beijing may also see an opportunity to force asset sales to friendly entities, they added.Even before the Glencore talks were made public, Rio Tinto had already been exploring an asset-for-equity swap aimed at trimming the 11% holding of its biggest shareholder, state-run Chinalco. Rio Tinto’s Simandou iron ore mine in Guinea and Oyu Tolgoi copper mine in Mongolia were among the assets of interest to Chinalco, sources said then.To get the Glencore deal over the line, assets in Africa are especially likely sales candidates as Latin America has become less accepting of Chinese investment, according to Glyn Lawcock, an analyst at Barrenjoey in Sydney.“China will see this as an opportunity to squeeze out assets,” he said.Glencore has been here before. In 2013, Chinese regulators forced the Swissbased company to sell its stake in the Las Bambas copper mine in Peru, one of the world’s largest, to Chinese investors for nearly $US6 billion in exchange for blessing its takeover of Xstrata.“The Las Bambas deal is still looked at as a very successful solution and it’s going to be a potential playbook that regulators can draw on,” a China-based partner at an international law firm said on condition of anonymity.Glencore also agreed to sell Chinese customers minimum quantities of copper concentrate at certain prices for just over seven years as Beijing was concerned the merged group would have too much power over the copper market.Copper assets are in even higher demand today given the metal’s role in the green transition and artificial intelligence. Rio Tinto and Glencore are shifting their focus to the metal, as are rival miners inPAGE 6 FEBRUARY 2026 AUSTRALIA’S PAYDIRTRio, Glencore deal to attract Chinese scrutiny NEWSHow Glencore and Rio Tinto’s core assets stack up RIO TINTO: Copper GLENCORE: CopperMines/Projects Location Ownership 2024 Production (Rio Tinto shareKennecott (refined) U.S. 100% 193,000 tonnesEscondida (refined Chile 30% 414,000 tonnesand mined)Oyu Tolgoi (mined) Mongolia 66% 142,000 tonnesBingham Canyon (mined) U.S. 100% 123,000 tonnes** Rio Tinto’s share of refined and mined copper production in 2024 was 872,000 tonnes. RIO TINTO: Iron Ore GLENCORE: CoalMines/Projects Location Ownership 2024 Production (Rio Tinto shareKamoto Copper DRC 70% 190,600 tonnesMutanda Mining S.A.R.L DRC 95% 33,900 tonnesCollahuasiCopper Chile 44% 245,800 tonnesLomas Bayas Chile 100% 74,100 tonnesAntamina Copper & Zinc Peru 33.8% 144,700 tonnesAntapaccayCopper Peru 100% 145,800 tonnes** Glencore also produces copper from Mount Isa, Australia, and the Kidd mine in Canada. Glencore’s total copper production in 2024 was 951,600 tonnes.Steelmaking coal 2024 production (Mt)Canadian steelmaking coal 12.5Australian steelmaking coal 7.4 Mines/Projects Location Ownership 2024 Production (Rio Tinto shareHamersley mines Australia * 224.8Hope Downs Australia 50% ~21Robe River - Robe Valley Australia 53% 16.8Robe River - W.Angelas Australia 53% 15.6Iron Ore Co. of Canada Canada 58.7% 9.4Rio Tinto is the world’s largest producer of iron ore. It produced 287.7 million tonnes (Mt) of iron ore in 2024. The following are its assets: Glencore produced 119.5 million tonnes of coal at its assets in 2024. The company produces and exports seabornetraded thermal and steelmaking coal in its mines in Other commodities:Glencore trades over 60 commodities, including such as cobalt, nickel, zinc, lead, ferroalloys, aluminium, iron ore, gold, and silver, as well as crude oil, and natural gas. (NOTE: Ownership and production numbers are based on 2024 figures).Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Gold prices may be strong, but mining has never been harder to run.More complexity. More pressure. Less tolerance for error.Why leaders choose GotSafe Media1 Because complexity breaks alignment, not intentAs operations get deeper and more fragmented, leadership intent gets diluted fast.Messages compete with:• operational pressure• contractor turnover• systems overloadGotSafe Media helps leaders cut through that noise with short, focused videos and Corporate communications that make priorities clear, repeatable, and easier to act on: across sites, roles, and shifts.Our team brings real safety, ESG and Communications experience with over two decades, to ensure it reflects ground work and your organization achievements to the world.The Mining Industry choses GotSafe Media, always.Your Business strategy is sound. Is execution complexity hurting results?gotsafemedia.com2 Because results now depend on visibility and trustToday, results are judged not only by output, but by how responsibly operations are run.Boards, investors, regulators, and communities want to see:• how people are being equipped,• how expectations are set,• your ESG outcomes.We help you pull real work and real outcomes into engaging stories that make sense internally and can be clearly understood externally. Visibility supports confidence, capital, and license to operate.A no-risk way to test itYou commission one clearly defined asset or campaign.If, within 60 days, it’s not fit for real-world use in your operation, we’ll provide two structured revisions at no additional cost.Clear scope.Clear timeframe.No sunk-cost pressure.Brand Media CommunicationHealth & Safety ExpertAmanda Amaral0432 367 160Angelo Porrovecchio0409 998 865AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 7cluding Australia’s BHP Ltd.Chinese regulators will also be examining a planned $US53 billion copper-focused merger between Anglo American plc and Teck Resources Ltd, according to Teck chief executive Jonathan Price.Copper’s rising importance is politicising the metal. The White House has alluded to China’s dominance over the supply chain as a direct threat to national security and it remains to be seen how it would react to major mineral asset sales to Chinese interests.A combined Rio Tinto-Glencore would market about 17% of global copper supply, according to Lawcock, although analysts at Barclays say the share of mine production is only 7.5% and unlikely to trigger major antitrust concerns.Nonetheless, politics has doomed deals before.US chipmaker Qualcomm walked away from a $US44 billion deal to buy NXP Semiconductors in 2018 after failing to get approval from Chinese regulators in what was seen as a response to the trade war then underway between Washington and Beijing. The inability to get Chinese regulators on board similarly sank Nvidia’s proposed takeover of Arm Ltd.In previous resource deals, however, Beijing has given approval as part of a bargain. A year before the sale of Las Bambas, Beijing required major changes to a tie-up between Japan’s Marubeni and US grain merchant Gavilon, citing food security concerns.“Clearly this would be a long, complicated deal from a regulatory approval perspective,” Mark Kelly, chief executive of advisory firm MKI Global Partners, wrote in a note, “and the presence of Chinalco on Rio’s shareholder register always complicates this picture further”. – ReutersSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
PAGE 8 FEBRUARY 2026 AUSTRALIA’S PAYDIRTWinsome Resources Ltd managing director Chris Evans insists his company’s impending exit from the Canadian lithium scene is not a death knell for Australian explorers in the Land of Maple.As lithium shows the first signs of awakening from its two-year slumber, Winsome has agreed to combine with TSX-listed LiFT Power Ltd as part of a complex deal consolidating ownership of the neighbouring Adina and Galinée projects within a larger Canadian-based company.It also comes just five months after Winsome sensationally walked away from a deal to acquire the mothballed Renard diamond plant as a viable processing solution for its flagship Adina lithium project, citing prevailing market conditions and difficulty locking in a strategic partner before the August deadline.Winsome appeared destined to remain one of the hardy survivors of the Australian-Canadian lithium community which grew dramatically five years ago amid the surge in critical minerals prices. Evans conceded Adina’s best chance of becoming an operational mine now lay in the hands of a bigger group based closer to the project.“As a small cap, standalone entity, particularly in a foreign jurisdiction, to finance and permit a project is always going to be challenging,” he told Paydirt. “That’s not just in Canada, I think it applies universally across the world.“We’ve now reached a point where we’re about to enter this feasibility stage, so having local partners and a local presence and be listed on the exchange over there is going to be super important.“I think the Aussie foray into Canada is still very valid, but you’ve got to pick your time, maybe focus just on the early stages, but then you’ve got to bring in the local partners, which is what we’re doing.”Under the binding scheme implementation deed signed on December 15, Winsome shareholders are set to retain 35.3% of the combined group if the proposed merger completes as expected in April. The enlarged Li-FT will trade on both the TSX and ASX.The deal values Winsome at $131 million on a fully diluted in-the-money basis and is subject to various conditions being satisfied, including Li-FT obtaining a 75% controlling interest in the Galinée property. Quebec Government mineral exploration subsidiary SOQUEM will retain the other 25%.Both the Winsome and Galinée transactions have the support of Li-FT strategic shareholder Avenir Minerals Ltd, the dedicated critical minerals arm of major gold producer Agnico Eagle Mines Ltd. Avenir also boasts extensive permitting, operati n g a n d construction expertise in Quebec.Evans said consolidating the Adina and Galinée tenure was the best way to grow the resources beyond the existing 80mt.“Our pit is somewhat constrained by that [Galinée] boundary immediately to the south-east, but it’s clear that the mineralisation on their property is a continuation of ours,” he said.“Having that property as part of the Adina project provides a real opportunity to open it up for scale.”Li-FT already has a strong foothold in Canada via its flagship Yellowknife project in Northwest Territories where an inferred resource of 50.4mt @ 1% lithium has been defined. The company is also raising $C40 million alongside the transactions to fund “aggressive” exploration and development of Adina-Galinée.Evans suggested the corporate moves could also bring Renard back in play as the likely processing pathway for AdinaGalinée, having maintained Winsome remained the facility’s “natural owner” despite recently terminating the call option agreement first signed back in April 2024.“What [the Li-FT merger] allows us to do is continue negotiating on Renard from a position of strength because we’ll now have a strategic partner sitting at the table with us,” he said.“We’ll also be able to work out if the processing at Renard is still appropriate given we’ll have a potentially bigger resource. It REGIONAL ROUND-UPNo losers in Winsome dealWinsome has agreed to combine with Li-FT, consolidating the Adina and Galinée lithium projects in Quebec, CanadaSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
www.capdrill.com AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 9De Beers has attracted interest from several business groups and African governments as parent Anglo American plc looks to offload its stake in the firm, the diamond giant’s chief executive told Reuters.Botswana, Angola and Namibia – all major diamond producers – have expressed interest in acquiring equity in De Beers, alongside “a number of businessled groups”, chief executive Al Cook said, stopping short of commenting on the status of talks or the names of some of the interested parties.Reuters reported in June, citing sources, that billionaire Anil Agarwal, Indian diamond groups and Qatari investment funds were among those that had shown interest in De Beers.Anglo American, which owns 85% of De Beers, has valued the diamond producer at about $US4.9 billion.When asked about who it would prefer as the company’s new owner, Cook said the focus was not on identity but on alignment with its long-term strategy, including its emphasis on natural diamonds, partnerships with producer nations and growth in key markets.De Beers is sharpening its focus on India, which Cook called “a tremendously important market”. He expects demand for natural diamonds in the country to double, with the market for the precious stone hitting $US16.7 billion by 2030.The group opened its fifth Forevermark store, its largest store globally, in Mumbai in December and plans to expand the network to 25 outlets by the year-end, with a long-term goal of crossing 100 stores.De Beers, whose revenue slid 13% to $US1.95 billion in the first half of 2025 due in part to low prices, is banking on rising self-purchases in India as demand globally has shifted away from a gifting-led model.The group is also doubling down on its Element Six business, which brought in about $US300 million in revenue last year by supplying synthetic diamond wafers to data centres for their use as heat conductors. It discontinued its lab-grown diamond jewellery brand Lightbox last year. – ReutersAfrican states, businessgroups eyeing De BeersAnglo American is weighing up divestment options for its 85% stake in African diamond producer De BeersAFRICAGhana will scrap long-term mining investment stability agreements and double royalties under sweeping reforms, the regulator in Africa’s top gold producer told Reuters, as it seeks to capture more benefits from surging bullion prices.The changes are part of a broad overhaul aimed at balancing investor confidence with the Government’s push to reap greater rewards from mining, Isaac Tandoh, acting chief executive of the Minerals Commission, said in an interview in Accra.African governments are tightening mining rules to cash in on high prices, often raising royalties and local content – shifts that have periodically triggered clashes with global miners over costs and contract certainty.In Ghana, the world’s sixth-biggest gold producing country, stability and development agreements typically lock in tax and royalty terms for 5-15 years in exchange for investments of about $US300-500 million for mine builds and expansions.Companies must also extend mine life by at least three years and lift output by more than 10%, among other conditions, to qualify for renewal.Newmont Corp, AngloGold Ashanti plc and Gold Fields Ltd currently operate under stability agreements. They did not immediately respond to requests for comment.Tandoh said the changes, to be written into law, mean Newmont’s stability agreement – which expired in December – would not be renewed. Similar arrangements held by AngloGold Ashanti and Gold Fields will be phased out when they lapse in 2027.A draft bill expected to go to Parliament by March proposes royalties starting at 9% and rising to 12% if gold hits $US4,500/oz or higher, roughly double the current 3-5% range. The reforms also include tougher local content rules for in-country procurement and support for Ghanaian firms.“Renewal of [investment stability agreements] is not going to happen,” Tandoh said during the interview in January. “Renewal is conditional, not automatic.”Development agreements will be scrapped entirely as they have been abused, he said.“We’ve seen companies use revenue from Ghana to buy mines elsewhere while refusing to pay even basic obligations like contributions to district assemblies. That cannot continue.”Ghana to double royalties, drop stability agreementsSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
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PAGE 12 FEBRUARY 2026 AUSTRALIA’S PAYDIRTFalcon scored twice on the drilling front at Blue Moon in December, first reporting a wide zone of mineralised quartz grading 6.5m @ 33 g/t gold from 832m and 3.4m @ 16.9 g/t gold from 855m with a second delivered in the days before Christmas returning 2.75m @ 41.9 g/t from 605.3m.The result added to Falcon’s growing confidence that Blue Moon could be something more than the classic high-grade but narrow Bendigo prospect. Managing director Tim Markwell believes the drilling success of 2025 at Blue Moon is validation of the company’s long-held belief the northern extension of the prolific Bendigo goldfields has undergone only limited exploration or drilling since the gold boom of the early 1850s.Markwell said the December intercepts extending mineralisation 200m north along strike from the discovery hole of 1.2m @ 543 g/t gold made earlier in the year, only added to this belief. The drill hole was further away from the hinge zone, and Markwell told Paydirt the market “probably missed the significance of that zone”.“Not only was it a 6.5m zone but it was also 33 gram-metres with some very highCOVERA renewed sense of resolve has seeped into Bendigo’s exploration scene, spurred by gold’s record price run and a recent string of high-grade gold hits at Falcon Metals Ltd’s Blue Moon prospect, which could go some way to dispelling the myths surrounding the iconic Victorian goldfield Falcon out toprove Blue Moon is far froma one offSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 13rate intervals and lots of free gold,” he said during the site visit. “So that to us was the most significant hit we’ve seen to date because it was the first indication that there was scale potential on the Blue Moon prospect.“We knew we needed to drill east or west of the discovery hole. Drilling to the east was a little tough to get a drilling position but in the west we were able to access through wedges from some of the previous drill holes in the parent hole.”The discovery of Blue Moon in August represented the biggest milestone for Falcon since it’s $30 million spin out from Chalice Mining Ltd in December 2021 with three Victorian assets – Pyramid Hill, Viking and Mt Jackson gold projects.The impetus for exploration at the Blue Moon prospect in the Pyramid Hill project was ignited in December 2021 after an eight-year moratorium was lifted by the Victorian State Government on select licences to allow for new and highly prospective tenements.Pyramid Hill surrounds the historical 22 moz Bendigo goldfield. Falcon considers Blue Moon to be a down-plunge extension of the Garden Gully anticline, a core part of the saddle reefs which made Bendigo one of the world’s richest goldfields from the 1850s, producing as much as 5 moz of gold over a century of operation.Markwell expressed incredulity at the lack of exploration in the northern extension of Garden Gully in the last decade but is thankful because the oversight granted Falcon the opportunity to swoop. “Fortunately, at that time no one really paid attention to Bendigo because everyone was focused on Fosterville [gold mine] and what was happening at the Swan Zone with the incredible discovery that Kirkland [Lake Gold now part of Agnico Eagle Mines Ltd] made,” he said. “But that was when [Falcon exploration manager] Doug Winzar said he felt the northern extension had never been properly explored. The Blue Moon prospect has delivered visible gold within exceptionally high-grade interceptsBendigo’s rich gold mining history has often been a millstone for modern explorers but Falcon Metals is prospering in the iconic fieldSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
PAGE 14 FEBRUARY 2026 AUSTRALIA’S PAYDIRTSOUTHERN STATESThe tick of approval for an exploration decline at the Sunday Creek goldantimony project near Melbourne has seen Southern Cross Gold Ltd become the most recent beneficiary of the Victorian Government’s recent change of heart.Southern Cross secured permission to execute a work plan to build an underground exploration decline at Sunday Creek – 60km north of the Victorian capital – in November. The decline will allow the company to “execute precision drilling” to define the resource along strike and at depth.Resources Victoria permitted four mines in the four months to December but Southern Cross managing director Michael Hudson described the improving sentiment towards mining as “granular”. He told Paydirt the exact location of any mining or exploration projects was still crucial to a project’s chances of approval.“You don’t want to be mining within 20km of a health spa full of rich lawyers who go to Melbourne every Saturday for a massage but if you are surrounded by down-to-earth tradies who have 200 acres and want jobs, for the most part the local communities are supportive,” Hudson said.“We’ve operated under low-impact exploration, which is part of the Mining Act here. That means you only need to give a week’s notice and if you don’t cut down a tree bigger than your forearm and stay on the existing tracks, you can be out there drilling within a week.“In Western Australia, you’re waiting years sometimes to get a drill rig on the ground with all the Native Title regulations. In Victoria, Native Title still applies on crown land but not on freehold land of course.”Southern Cross owns most surface rights in and around Sunday Creek. A meeting with Agnico Eagle Mines Ltd – the State’s largest gold miner at the Fosterville mine east of Bendigo – soon after being awarded the tenements resulted in the company’s decision to take ownership of the surrounding land.“The guys at Fosterville came to site early on and we asked them, ‘what is the best piece of advice you have for us?” Hudson said.“They said, ‘just buy as much [land] as you can’.”Sunday Creek’s regulatory approval came as the Victorian Government identified critical minerals as a key pillar of its plans to reboot its stuttering economy. Pre - mier Jacinta Allen said the sector could contribute more than $1 billion in royalties to state coffers and support more than 7,000 jobs, but Hudson was far less optimistic about the future of Australia’s nascent antimony industry.Sunday Creek hosts a notable potential gold endowment, however, and Southern Cross set an exploration target of 1.7-2.6 moz gold in March last year. Allen also singled the project out at a Committee for Economic Development of Australia (CEDA) speech in November, a move Hudson considered indicative of ongoing support.“I’ve got no long-term optimism about the antimony price – it will go the way of lithium, nickel and cobalt – put whatever small market there and the Chinese will ramp the price then crash it, right? Who is going to open a lithium mine in Australia today and what price are you going to use?” Hudson said.“That will of course happen with antimony as well, but the key with this deposit is it’s a gold deposit with an antimony by-product and if you look at the cut-off grade, its 80% recoverable values in the gold and 20% in the antimony.“Larvotto [Resources Ltd] is a bit the reverse but you can do the calculations Cautious optimism at Sunday CreekSouthern Cross bought most of the land surrounding Sunday Creek on Agnico Eagle’s adviceSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 15Alkane Resources Ltd managing director Nic Earner is backing the Costerfield gold-antimony mine to challenge the company’s enduring Tomingley operation for flagship status in the coming years.Located 50km east of Bendigo, Costerfield was largely hidden from Australian investors for the best part of two decades until August last year when Alkane assumed control of the operation upon completing its $1 billion merger-of-equals with TSX-listed Mandalay Resources.Since 2007 – two years before Mandalay’s acquisition of former owner AGD Operations – Costerfield has produced more than 500,000oz gold and become one of the Western World’s largest producers of antimony.Costerfield churned out 19,402oz gold and 465t antimony (or 21,178oz gold equivalent) in the first five months under Alkane’s watch, just over half of the output from the company’s long-running Tomingley mine (40,424oz gold) in New South Wales over the same period.Despite the large gap in production volume between the two assets, Earner sees no reason why Costerfield can’t compete with Tomingley for flagship status, albeit on different metrics.“Tomingley, because it’s entering the tail end of its capital programme and already has seven years [of mine life] ahead of it with projected strong cash flows, is quite clearly the flagship operation at the moment,” he told Paydirt.“We want the free cash flow [from Costerfield] to match that of Tomingley. Absolutely, it has the potential to do that once we extend the mine life out there. We and the team at Costerfield all believe we can lift the production rate in time, but the biggest focus for now is extending that reserve life.“Last quarter, Costerfield did nearly 12,000oz [gold equivalent] and its costs were typically running at $2,500/oz, so you’re making about $3,500/oz on a conservative basis. Whereas Tomingley did 22,000oz on similar [costs] so absolutely the potential is there.”Costerfield rarely had more than a 2-5 year outlook during Mandalay’s 16-year reign with new owner Alkane committed to chasing potential extensions at the likes of True Blue and Brunswick South.Mapping out a longer future at Costerfield is essentially the only major change that Alkane has made to the operation since the handover on August 5 last year, with Earner remarking at the similarities between how his company and Mandalay were running their respective sites for years prior to coming together as one.“Both Mandalay and Alkane ran quite distributed management styles, so a small head office and a general manager with a high degree of functionality on site,” he said.“Integrating all that with the senior management of Alkane has been relatively simple. The main things have been around stuff like how we allocate capital across the sites, particularly where should our exploration money be going.“Certainly, the Alkane mode of doing things has always been to look further ahead, that’s the main difference, having that long-dated view of the mine. Call it an Alkane stamp if you want, but that’s why we’re looking to build out what a seven-year Costerfield might look like, for example.”Given the company’s proven ability to navigate the regulatory landscape in NSW, Earner does not expect it will take Alkane long to find its feet in Victoria. In fact, he is finding the two states rather similar in more ways than one.“One of the features of the Victorian context – and this applies particularly to people in and around Bendigo and Ballarat – is the landholder density is quite high, which quite a few people find the same in NSW, so the complexity that comes with all that stuff has been almost identical,” he said.“From a regulatory regime perspective, the standards that we’re working to are also really similar. We’re still establishing our relationship with the Victorian regulator. Obviously when you’ve had a mine that’s been running since 2009, there’s different historical issues that the regulator has been happy or unhappy with, so we’re working very hard to make sure we’re aligned with Resources Victoria. “Because there’s only four active mines in Victoria, you’ve got a small team who you can approach and ask questions and develop personal relationships to understand Alkane tips Costerfield for higher honoursAlkane has made a strong start to its stewardship of the Costerfield mine near BendigoSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
PAGE 16 FEBRUARY 2026 AUSTRALIA’S PAYDIRTA rebound...of sortsLast year saw a reversal of a three-year trend of dwindling new resources listings, falling from 123 in 2021 to just 13 in 2024. The 2025 figure of 23 has only been exceeded in five years in the previous decade. The in-year trend could also point towards a stronger 2026 for new floats. While there was only one listing up until May 31, there were 18 in the back half of the year (with two also having arrived on the ASX in June). Commodity prices ran rampant throughout the year and investors who enjoyed bonanza returns from their holdings in established gold and copper players appeared willing to reinvest in the higher-risk IPO market towards the end. Prices have only continued their climb at the start of 2026, suggesting there could be more “punt money” available to the IPO market in the first half of the calendar year.Much will likely depend on macro trends, both economic and geopolitical as conflicts across the globe and US President Donald Trump’s increasingly unpredictable foreign and fiscal policies set investors on edge.Ten is thenew fivePerhaps more encouraging than the volume of IPOs was the amount of cash each was able to net from investors, with an average of $24.35 million. Even by withdrawing the largest single capital raising, Robex Resources Inc’s $120 million, the average was $9.5 million, a sizeable increase on previous years.In 2024, the 13 entrants raised a combined $437 million, but $325 million of this came from one IPO (MAC Copper), meaning the other dozen averaged just $8.6 million between them.The average was similar for the preceding decade and could, like the second-half trend, be an indication of upward momentum in the IPO market.At the height of IPO fever in 2021, 83 of the 123 floats raised $10 million or less, with many raising the minimum $5 million, suggesting IPOs were easier to get away but enabled companies to list with lower quality portfolios. This year’s median figure was $10 million, indicating many of those companies coming to market are doing so with more advanced assets and stronger investor backing. StronginternationalflavoursAs with gold in the commodity group, Western Australia will always remain the most popular destination among new IPOs. The 2025 crop had seven companies focused on WA and while four other Australian jurisdictions were represented – including three each in New South Wales and Queensland – there was a distinct international trend to the list.Four of the companies listed with largely North American portfolios – including BMC Minerals Inc with its assets in the Yukon – with a further three boasting African assets and two from Europe. As well as showing the appetite for greater jurisdictional risk among companies, the geographic spread also betrays a trend among international groups to choose the ASX over other exchanges.Of the new listings, two originated in London and six started on the TSX, including the year’s three biggest listings – Robex, BMC and Greatland Resources Ltd. Having once played second fiddle to the Toronto exchange, those dual listings suggest the ASX remains alluring to international players as the strongest resources board globally. More upthan downThe performance post listing may encourage those investors to return to the IPO market when the opportunity arises in 2026.Of the 15 companies which posted Day 1 positive gains, the average increase was 29.62%. Of those who couldn’t hold their listing price, the average loss was only 9.52%, reinforcing the idea that new floats have been about quality assets, not market opportunity. The best performers posted plus-50% gains, with Tali Resources Ltd setting off on a 200% gain in the first weeks after listing but disappointing drilling results towards the end of the year saw a subsequent pullback in the West Arunta explorer. The second strongest performance came from Black Horse Minerals Ltd which is earning up to 80% of the historical Mt Egerton gold mining district near Ballarat, Victoria.The Black Horse recipe is perhaps the perfect one for post-listing success – tightly held share register, in-vogue commodity and jurisdiction and immediate, positive news flow. Now all the David Frances-led company needs to do is maintain that enthusiasm through 2026.It wasn’tall yellowBlack Horse was far from alone as a precious metals entrant on the ASX.IPOsIPOsSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 17As is usual, and completely unsurprisingly given where the spot price has gone, gold was the dominant commodity among the new floats with 17 of the companies holding gold assets or at least prospects in their portfolio. Copper – another metal to enjoy a barnstorming finish to 2025 – as mentioned in eight of the prospectuses, with a mix of the yellow and red metals increasingly popular as explorers hedge their bets, particularly when hunting for IOCG complexes.Perhaps more unexpected given the headlines garnered during the year was the lack of critical minerals projects in the IPOs. That only one company listed with lithium assets is understandable given the rebound in spodumene prices didn’t gain momentum until late in the calendar year. However, the geopolitical debate around rare earths, antimony, gallium and other critical minerals could’ve been expected to generate more interest, but the lack of interest in the commodities among the new floats suggests there is still a disconnect between political rhetoric around alternative supply chains and the capital required to build them out. APPROVEDCOMPANYISO 9001Quality Management SystemsAPPROVEDCOMPANYISO 14001 Environmental Management SystemsAPPROVEDCOMPANYISO 9001Quality Management SystemsAPPROVEDCOMPANYISO 14001 Environmental Management Systems Nationally Accredited with decades of experience. Safe, Innovative and Efficient.Proven Track Record for Successfully delivering exploration projects across diverse Australian terrains.Client-Focused Approach, Tailored drilling solutions designed to meet unique project requirements.Tailored drilling solutions to complex problemsWINNERS & LOSERS DAY 1 PERFORMANCEIPO INTERESTS BY COMMODITY1 - Gold2 - Copper3 - Base metals4 - Bauxite5 - Silver6 - Critical Minerals7 - Lithium123456 7-30% -20% -10% 20% 40% 60%-5.10%-10.5%-22%-5%-5%LNQRREML8GGR10X10% 30% 50%SNMEV8GG1TR2BHL43%43%46%59.6%56%LinQ MineralsMoonlight Res.Golden Globe MetalsExultant MiningSentinel MetalsEverlast MineralsGreen & Gold MineralsTali ResourcesBlack Horse MineralsRight ResourcesSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
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 a n d cop -per 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 PAGE 18 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)Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 19SUSTAINABILITY‘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 Joel Nicholls straight away, there’s certainly demand for Sample of the first pig iron created via Metal Logic’s modular smelterSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
MINING SERVICESPAGE 20 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 tomorrow’s training today.”The ACA training interface is easy to navigateThe ACA app takes away the need for paper without sacrificing transparency Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
AUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 21Blyx 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 Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
DRILL 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 22 FEBRUARY 2026 AUSTRALIA’S PAYDIRTDrilling at La Verde has identified its potential to rival Costa FuegoSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Deep hole directional drillingDiamond core drillingSpecialist engineering servicesMine infrastructure drillingReverse circulation drillingRemote exploration servicesAUSTRALIA’S PAYDIRT FEBRUARY 2026 PAGE 23rare 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 pitSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
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 23INDEXLEFTFIELDPAGE 24 FEBRUARY 2026 AUSTRALIA’S PAYDIRTNvidia typo overstates copper crisisGlobal AI data centre power demand could reach 68GW by next yearSecure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!
Secure your Paydirt subscription and view the magazine in full every monthSubscribe to read this article.Sign up today!