Latest Investment Decisions News

WIN Metals has lodged two major Western Australian permit applications covering the proposed restart of its Radio Gold Project. The milestone advances the project toward construction, but funding, approvals and a final investment decision remain outstanding.

Bannerman Energy has completed CNOL’s US$320.4 million strategic investment in the Etango uranium project, giving the joint venture approximately US$303 million in cash and a debt-free construction pathway. The project now moves towards a Final Investment Decision and full-scale construction targeted for Q4 2026.

Tungsten Mining has appointed Jefferies Australia to pursue strategic investors for its Watershed tungsten project, adding a global investment bank to a funding campaign already covering debt, offtake and government support. The move expands the options around a project with a reported A$1.309 billion pre-tax NPV8, but no funding deal or Final Investment Decision has been secured.

Australian Rare Earths has converted Koppamurra from an exploration story into a defined rare earths development case, with an A$858 million after-tax PFS NPV and a maiden Ore Reserve. The next test is less geological than financial: the company must fund the path from pilot processing to construction while carrying a material going-concern warning.

Cobalt Blue has cleared important technical and regulatory hurdles at its Kwinana refinery, but the pre-revenue developer says further funding is needed and auditors flagged material uncertainty over its ability to continue as a going concern. The company reported an A$8.797 million loss for FY2026 despite ending the year with A$4.265 million in cash.

VRX Silica has assembled much of the commercial and regulatory case for Arrowsmith North, including 960,000 tonnes per annum of binding offtakes and a reported A$179.2 million project NPV. The harder test now is funding construction while final approvals, logistics contracts and a final investment decision remain outstanding.

EcoGraf’s preliminary review has identified potential to lift Epanko Stage 1 production from 73,000 to 87,600 tonnes per annum, while reducing first-10-year C1 costs by 5.8%. The higher-output case remains subject to further engineering, financing work and a Final Investment Decision.

KALiNA Power returned to profit in FY2026 after booking A$19.6 million from the sale of a 180 MW Alberta load allocation linked to Meta. The company now has A$12.3 million in cash and four gas-fired power projects targeting about 900 MW, but future progress depends on fresh capital and project approvals.

Comet Ridge now controls the entire Mahalo Gas Hub after completing its Santos buyout, but the annual report flags a material uncertainty over funding and a potential $28.7 million CleanCo settlement. The company is targeting a final investment decision while remaining pre-production and reliant on further finance.

Core Lithium has moved Finniss from care and maintenance back into active mining, with first spodumene concentrate produced after year end and a December-quarter shipment targeted. The restart leaves the company with A$181.8 million in cash, but also a substantial execution task ahead as Grants ramps up and BP33 is developed.

The ACCC has determined that I Squared Capital's proposed acquisition of oOh!media may proceed by scheme of arrangement, removing a major regulatory condition. Approval from Australia's FIRB, New Zealand's OIO and oOh!'s shareholders is still required before completion.

Bannerman Energy has moved its Etango uranium project materially closer to construction after completing a A$124 million placement and clearing conditions for its CNOL strategic investment. The project is advancing on site, but full-scale construction still depends on Final Investment Decision and completion of the joint venture documentation.