Author: Chloe Coutinho

PLS lands lithium price floor deal  PLS (ASX: PLS) has secured an offtake deal with Canmax through mid-CY28 that includes a price floor of $1400/t (US$1000/t) for spodumene from the Pilgangoora operation. Subject to receipt of a $140m (US$100m) prepayment, the supply of 150ktpa of spodumene concentrate will commence in CY26.The price floor bodes well for lithium, which has seen a sharp rebound to more than $2800/t (US$2000/t) of spodumene after sinking to lows of around $800/t (US$600/t) in mid-2025. A price floor mechanism has been recognised by government and private enterprise alike, especially as more details of Australia’s Critical Minerals Strategic Reserve have come to light. Federal Resources Minister Madeleine King has previously flagged the government’s consideration of a price floor as the reserve has been taking shape. As recently as early February, Minister King confirmed that Australia would build a pricing mechanism within the Critical Minerals Strategic Reserve."We will work to make sure Export Finance Australia has the right financial tools to be able to introduce price floors, and that may be through offtake agreements, for instance,” she said. "The reason for it is we need to be able to set a price that makes projects competitive and, quite frankly, investable. “The government has that financial backing that provides the heft at the start of a project and then as that investment comes in, which we expect it will... the government can then move out of that space.” Price floors have also been used in the US, with rare earths producer MP Materials entering a public-private partnership with the US Government. Notably, the package included a price floor commitment of $154/kg (US$110/kg) for the company’s neodymium-praseodymium products stockpiled or sold with the goal of reducing vulnerability to non-market forces. While details of Australia’s price floor for critical minerals have yet to eventuate, PLS has taken it into its own hands with the Canmax deal. Under the agreement, PLS has the option to extend the agreement for an additional 12 months, beyond the initial two-year term, and supply a further 150kt. PLS can meet the commitment from its Pilgangoora operation, including either the Pilgan plant or Ngungaju plant or a combination of both. The miner says the floor price mechanism provides downside protection against market volatility while preserving full exposure to price upside. “This agreement builds on our established relationship with Canmax and reflects both the quality and consistency of Pilgangoora’s spodumene and PLS’ proven capability as a reliable, large-scale operator,” PLS managing director and chief executive Dale Henderson said. “The US$100m interest-free prepayment and floor price structure demonstrate strong commercial confidence in our product and performance, while preserving full exposure to price upside. “The agreement strengthens our near-term liquidity and preserves operational flexibility through optional volumes, supporting disciplined production and sales decisions as lithium market fundamentals continue to improve.” 

Recent drilling and surface sampling activities at Sky Metals’ (ASX: SKY) Tallebung tin project have identified significant extensions of the known mineralisation, outlining new mineralised positions east and south?east of the current footprint.

High-grade gold discovered in the Murchison Golden Dragon Mining’s (ASX: GDR) exploration program has intersected high-grade gold close to surface at an advanced gold target within the greater Cue gold project in WA. The first phase of reverse circulation (RC) drilling confirms both the presence and continuity of a high-grade zone within a broader mineralised system at the Coodardy target. Golden Dragon says this support the interpretation that Coodardy forms part of a larger, coherent gold-bearing system with significant potential for expansion. Managing director Simon Buswell-Smith comments on the results. “The high-grade results combined with the significant results from the other recent drillholes, bodes extremely well for potential future open pit development at Coodardy,” he said. “The primary focus of the next phase of exploration will be testing this high-grade zone north and south in poorly tested areas to extend the mineralisation.  “The team has interpreted the high-grade zone to plunge to the north into the fresh rock which would be a very exciting development if confirmed as we expect. “This is the first time in many decades where ownership of the entire strike length is owned by one company, which is a game changer for Coodardy and we are now in a position to unlock the broader potential of this system.” More drilling is planned to commence this month with primary focus to test along strike at Coodardy and other nearby advanced target. 

Tivan upgrades Speewah estimate  Tivan (ASX: TVN) has updated the mineral resource estimate (MRE) for its Speewah fluorite project, with an increase of 16% in tonnage and 6% in contained calcium fluoride. This follows completion of the stage one drilling program at the project completed in Q4 that delivered about 23km of drilling.  The drilling supports the feasibility study (FS) for the project scheduled for completion later this month. Tivan says the MRE update has reaffirmed Speewah as one of the largest high-grade fluorite resources globally, enhancing the integrity of the resource and supporting updated mine planning and production scheduling that will be undertaken as part of the definitive feasibility study (DFS) that will commence following completion of the FS. Tivan executive chairman Grant Wilson says the upgraded MRE will strongly support the progression of Speewah, as Tivan builds a new, critical export sector for Australia and strengthens the resilience of vital supply chains in Asia. “Speewah is now confirmed as a world-class Fluorite resource, rare in the western hemisphere, in terms of size, grade, depth, mineralogy and proximity to port,” he said. “Beyond the significant uplift in tonnage, we have achieved a step-change in data integrity, that will strongly support the definition of ore reserves later this year.  “Our improved knowledge base materially increases our conviction in further resource expansion, that will support life of mine extension at the DFS stage and beyond. “Speewah is also now the most transparently reported fluorite deposit in the world. Transparency is a hallmark of Tivan and the JORC code is a bedrock attribute of Australia as a Tier 1 mining jurisdiction.  “We will maintain these same standards of excellence as we define the Sandover fluorite resource, enabling our strategic partners in Japan to proceed with confidence over a long-term horizon.” Speewah now hosts a JORC (2012) compliant Indicated and Inferred Resource of 43.2mt at 8.3% calcium fluoride (2% calcium fluoride cut-off grade) containing 3.6mt calcium fluoride.  The MRE update includes a high-grade component of 9.6mt at 20.6% calcium fluoride (10% calcium fluoride cut-off grade) containing 2mt calcium fluoride. 

Volunteers keep WA trail in top shape  A team from Alcoa Australia’s (ASX: AAI) Willowdale bauxite mine recently lent a hand to refresh a section of the iconic Munda Biddi Trail in WA. Stretching more than 1060km from Mundaring to Albany, the Munda Biddi is a world-class long-distance off-road cycling trail.  Senior community relations advisor Scott Hansen says Alcoa Australia has proudly supported the Munda Biddi Trail Foundation (MBTF) for 25 years through funding and employee volunteering. “Alcoa has a long-running partnership with the foundation, a not-for-profit association which supports the maintenance and promotion of the trail,” he said. Recently, employees rolled up their sleeves to clean up a section of the trail near the northern part of Alcoa Australia’s Willowdale Larego mine area. Their efforts included branch trimming, raking and blower vaccing to ensure the trail remains safe and accessible for riders. “Our employees are proud to help maintain this popular trail,” Mr Hansen said.“It’s a great way to give back to the community and keep the trail safe and functional for cyclists.” Alcoa Australia’s involvement with the trail dates back to its planning in 2000, when the company worked with the foundation to determine a safe, practical and enjoyable route and provide on-the-ground help to make the trail a reality.Since then, Alcoa Australia has continued to consider the trail through mine planning processes, including the recent expansion of a Mining Avoidance Zone (MAZ) around Dwellingup. The expanded MAZ is adjacent to several designated conservation areas and includes recreational tracks and trails, including sections of the Munda Biddi Trail, Bibbulmun Track and Nyingarn Bidi Loop. If future mine planning indicates any interactions with the trail, Mr Hansen says Alcoa consults with the MBTF and the Department of Biodiversity, Conservation and Attractions to discuss options that ensure access is not restricted.Past consultation has resulted in Alcoa Australia building dedicated infrastructure such as tunnels and bridges to provide safe, continuous access for riders through operating mine regions. “Our overarching principle is to maintain continuous access for trail users and we want to ensure this world-class trail remains available for generations to come,” Mr Hansen said.MBTF executive officer Therese Logue says the trail’s ongoing success is founded on strong collaboration across both community and corporate sectors, including a longstanding 25-year partnership with Alcoa Australia. “The continued support of Alcoa extends beyond industry operations, with staff actively contributing their time and skills,” she said. “Their hands-on involvement builds a sense of stewardship, directly helping to preserve this iconic trail. “Through partnerships like these, the trail will continue to flourish, and the provision of vital resources help the foundation empower its volunteers to enhance and maintain a high-quality trail experience for all riders.”  

Trump launches $17b critical minerals stockpile amid China risk The US has unveiled a $17.2b (US$12b) strategic critical minerals stockpile, aiming to reduce industry reliance on China and protect manufacturers from supply disruptions.Dubbed “Project Vault”, the reserve will be backed by $2.8b (US$2b) in private sector financing and up to $14.3b (US$10b) from the US Export-Import Bank (EXIM).US President Donald Trump says the stockpile will ensure American businesses and workers are not harmed by shortage, as the US looks to avoid a repeat of last year’s Chinese export restrictions on rare earths."Project Vault is designed to support domestic manufacturers from supply shocks, support US production and processing of critical raw materials, and strength America’s critical minerals sector," EXIM chairman John Jovanovic said.EXIM says initial indications of participation from original equipment manufacturers include Clarios, GE Vernova, Western Digital and Boeing. Suppliers servicing Project Vault include Hartree Partners, Mercuria Americas, and Traxys.The announcement lands shortly after Australia confirmed its $1.2b Critical Minerals Strategic Reserve would initially focus on gallium, antimony and rare earths elements.Federal Resources Minister Madeleine King is now heading to Washington to hold talks with the Trump Administration, international partners and industry as Australia looks to strengthen cooperation on critical minerals and rare earths.Minister King will represent Australia at a US-led Critical Minerals Dialogue of ministers, hosted by US Secretary of State Marco Rubio, and will take part in an industry forum as part of efforts to secure critical minerals supply chains.Minister King says the meetings will be a chance to discuss Australia’s Critical Minerals Strategic Reserve and the Federal Government’s wider support for the critical minerals sector as both countries work to implement the Australia-US Critical Minerals and Rare Earths Framework signed last October.