The Diggers & Dealers Mining Forum 2026

This year's program showcases the diversity of Australia's mining industry, with companies spanning gold, copper, lithium, rare earths, uranium, vanadium, silver and other critical minerals. The line-up includes established producers alongside emerging explorers and developers, providing delegates with insights into project pipelines, capital allocation, operational performance and the outlook across a range of commodities.

As global markets continue to navigate economic uncertainty, geopolitical tensions and evolving energy and critical minerals policies, investors will be watching closely for commentary on project development, financing conditions, M&A activity, operating costs and supply chain resilience. Discussions are also expected to focus on how mining companies are positioning themselves for long-term growth while responding to changing market conditions and investor expectations. These themes, together with exploration success, project execution and strategic partnerships, are likely to shape many of the conversations both on stage and throughout the networking events.

Our team is on the ground in Kalgoorlie covering the key developments throughout the forum. Below are the key themes and insights emerging from Day 1, including the discussions shaping sentiment across the gold, battery minerals and critical minerals sectors.

Day 1: Geopolitics, gold and renewed confidence shape the opening day

Day 1 of the forum featured 21 corporate presentations from some of the sector's largest producers alongside emerging developers and explorers. Proceedings commenced with a keynote address from former Treasurer and Australian Ambassador to the United States Joe Hockey, who framed many of the discussions that followed by highlighting Australia's growing strategic importance in an increasingly fragmented global economy and the need for secure critical mineral supply chains. Major presentations from Northern Star Resources, Evolution Mining, Firefly Metals, Ora Banda Mining, Centaurus Metals and Antipa Minerals followed before delegates gathered at the Clarke Energy Cocktail Party to continue discussions well into the evening.

Across the presentations, several consistent themes emerged around gold, critical minerals, capital discipline, project financing and improving market confidence.

Global uncertainty shapes the conversation

Joe Hockey's keynote established one of the defining themes of the day, highlighting how global geopolitical developments are increasingly influencing investment decisions across the resources sector. He spoke about Australia's growing strategic importance as a trusted supplier of critical minerals to Western economies as governments seek to diversify supply chains and reduce reliance on China. The potential for greater government-backed financing and investment support was also identified as an opportunity to unlock private capital and accelerate Australian project development.

Those themes were reflected in a number of corporate presentations, particularly among critical minerals developers, which highlighted the increasing importance of secure Western supply chains and strong government relationships.

Gold remains the sector's foundation

Gold was once again the dominant commodity of the day. Evolution Mining, Minerals 260 and Antipa Minerals all suggested the current pricing environment reflects structural rather than cyclical factors, pointing to central bank buying, de-dollarisation and ongoing geopolitical uncertainty as drivers of long-term demand. Ora Banda Mining reported record full-year production of 141,000 ounces in FY26 and available liquidity of approximately $468 million, while Antipa Minerals highlighted that strong project economics at current gold prices support the case for stand-alone development at its Minyari Dome gold-copper project in the Paterson Province.

The strength of the gold price continues to underpin strong cash generation and healthy balance sheets, giving producers the flexibility to reinvest in growth while maintaining disciplined capital allocation.

Organic growth over M&A

One of the clearest themes emerging from the major producers was a continued preference for disciplined, internally funded growth.

Northern Star Resources, Evolution Mining and Ora Banda Mining all highlighted expansion opportunities within their existing portfolios, supported by operational improvements and structural cost reductions. Northern Star Resources outlined plans to structurally reset costs at its KCGM operations through a renewables programme, positioning the operation as a multi-decade production platform. Ora Banda Mining presented its internally funded “DRIVE to 300” growth strategy which included construction of a new 3.0 Mtpa processing plant alongside its existing Davyhurst mill, with commissioning expected in the March quarter of 2028.

Rather than pursuing transformational acquisitions, presenters emphasised delivering value through project execution and maximising the potential of existing assets.

Supply chain security remains in focus

Building on the themes raised in Hockey's keynote, Larvotto Resources and Encounter Resources highlighted the increasing strategic importance of commodities including antimony, tungsten and niobium as governments seek to establish more resilient supply chains. Both companies emphasised the importance of government engagement and strategic relationships as Western economies continue to prioritise supply chain security. FireFly Metals reinforced the copper supply narrative, presenting its 80 million tonne Green Bay Copper-Gold Project in Newfoundland, Canada, as a near-term pathway to mid-tier copper production supported by approximately $250 million of existing operational infrastructure.

Battery minerals showing renewed optimism

Battery minerals also featured prominently, with signs that market sentiment is improving.

Liontown highlighted the recovery in spodumene pricing, noting the SC6 spot price has increased by approximately 360% since June 2025 to around US$2,210 per tonne. The company said the stronger pricing environment has enabled a transition from capital preservation to reinvestment, supported by net cash flow of $137 million during the fourth quarter of FY26.

While sentiment around nickel remained more measured, Centaurus Metals, presenting its fully permitted Jaguar Nickel Sulphide Project in Brazil, maintained a positive long-term outlook as market fundamentals continue to strengthen. The company noted that it has secured a maiden offtake agreement with Glencore and is targeting a final investment decision by the end of Q3 2026.

Financing conditions continue to improve

Several pre-production companies, including Minerals 260 and Centaurus Metals, reported strong engagement from debt providers, with multiple financing proposals currently under consideration. Larvotto Resources, which has already secured $150 million in project debt and is commencing production this month, demonstrated the ability of quality critical minerals projects to attract financing support.

The level of lender interest suggests financing markets are becoming increasingly supportive of quality development projects, particularly those aligned with long-term demand for gold and strategically important minerals.

Looking ahead

The opening day demonstrated that while strong commodity prices continue to underpin confidence across parts of the sector, the conversation has broadened beyond traditional mining fundamentals. Geopolitics, supply chain resilience and disciplined capital allocation are increasingly shaping investment decisions alongside operational performance and project execution.

As the conference continues, it will be interesting to see whether these themes remain dominant and what further insights emerge on investment, project development and the outlook across Australia's resources sector.

Day 2: Execution, scale and delivery move into focus

Day 2 of the Diggers & Dealers Mining Forum featured 2 corporate presentations spanning gold, rare earths, uranium and other critical minerals (with an appearance from an iron ore producer).

Across the presentations, several consistent themes emerged around production growth, disciplined capital allocation, exploration investment and the increasing importance of project execution. As more projects move into development simultaneously, companies are also navigating a more competitive environment for contractors, equipment and skilled labour, placing greater emphasis on operational delivery.

Producers focus on delivering growth

One of the strongest themes to emerge from Day 2 was the confidence among established producers in growing production inorganically from existing asset portfolios.

Ramelius Resources outlined its strategy to increase production to approximately 525,000 ounces per annum by FY30 through the expansion of its Mt Magnet operations and development of the Dalgaranga and Rebecca-Roe projects.

West African Resources presented a similar strategy as it progresses towards becoming a 500,000-ounce-per-year producer through its Sanbrado and Kiaka operations in Burkina Faso.

The presentations reflected a broader trend emerging across the gold sector, with many producers are now concentrating on extracting greater value from existing portfolios by expanding operations, increasing processing capacity, near-mine exploration programs and extending the life of existing mines.

Execution becomes the key differentiator

While commodity prices continue to provide a supportive backdrop, Day 2 highlighted that successful execution is becoming increasingly important.

Several presenters acknowledged that the next phase of growth will depend not only on project quality but also on the ability to deliver developments on time and within budget. As multiple Australian gold projects move into construction, demand for engineering capability, contractors and skilled labour continues to increase, creating additional pressure across the sector.

Rox Resources is an example of this shift through its Youanmi Gold Project, which is now fully permitted and progressing towards construction following the securing of project financing. With first production targeted for mid-2027, the company's focus has shifted from project approvals and funding towards construction, underground development and operational readiness.

Mark Zeptner noted that the rush to develop and construct gold operations in Western Australia has materially increased the demand for contractors, which is increasing costs and build times.  Given the number of projects looking to come online over the next 12-24 months, engaging contractors is anticipated to be bottleneck, with early engagement with preferred contractors increasingly becoming important to successful project delivery.

Exploration continues to underpin long-term value

Exploration remained another consistent theme throughout the day.

Rather than viewing exploration as a discretionary investment during periods of strong commodity prices, several companies presented it as a core component of long-term value creation. Near-mine exploration and resource conversion continue to provide opportunities to improve mine plans, extend operating lives and maximise the value of existing infrastructure.

Ramelius highlighted significant exploration programmes across its operating centres, while West African Resources continues to invest heavily in drilling around both Sanbrado and Kiaka as it seeks to expand resources alongside production growth.

Gold continues to dominate…but don’t forget about iron ore

Given the strength of the gold price, it was no surprise that gold producers, developers and explorers continued to dominate the forum. The gold thematic is perhaps best reflected by the Perth Mint’s world record gold bar that was on display at the forum.  Weighing in at 521.2kg at 99.999% purity, the $100 million gold bar was a popular photo opportunity for Forum delegates.

Critical minerals presentations reinforced themes raised on Day 1 around supply chain resilience, strategic commodities and government support for projects aligned with Western critical minerals strategies. Alkane's exposure to antimony highlighted the growing importance of projects capable of supplying commodities that are increasingly viewed as strategically significant alongside traditional precious metals.

It is important to not forget that iron ore remains a critical component of the Western Australian mining industry (and the economy more broadly). The Executive Chairman of Fenix Resources, John Welbgorn delivered a presentation where he noted that he believed that Fenix was the only iron ore producer in attendance at the Forum and expressed Fenix’s ambition to be the new Western force in iron ore.

Looking ahead

The second day of Diggers & Dealers reinforced the confidence evident on the opening day, but with a noticeably stronger focus on delivery.

While favourable commodity prices, improving financing conditions and geopolitical developments continue to underpin confidence across parts of the sector, the conversation has increasingly shifted towards execution. Whether through expanding existing operations, integrating acquisitions or bringing new mines into production, companies are now being judged less on ambition and more on their ability to deliver.

As the forum enters its final day, it will be interesting to see whether these themes continue to dominate discussions and what further insights emerge around project development, capital allocation and the outlook for Australia's mining sector.

Day 3: Confidence endures, discipline prevails

As Diggers & Dealers Mining Forum 2026 drew to a close, the final day provided an opportunity to reflect on the themes that consistently emerged throughout the conference. While strong gold prices and critical minerals dominated many of the presentations, discussions across the week also highlighted a sector balancing confidence with caution. Companies remain optimistic about long-term demand, but continue to take a disciplined approach to capital allocation, project development and growth as they navigate an increasingly uncertain global environment.

Confidence in gold remains strong

Gold remained the dominant topic throughout the conference, with many producers signalling confidence in the outlook for the commodity.

One notable near-term trend was the continued focus on maintaining unhedged positions, or reducing existing hedging arrangements, reflecting a positive view of the gold price. Beyond gold, market sentiment was also positive towards silver and copper.

Another consistent observation was that mining operations are becoming larger and increasingly require greater milling capacity to support future production. Against that backdrop, companies continue to assess acquisition opportunities as a means of achieving scale to unlocking operational efficiencies and build resilience.

Scale brings resilience

One of the most anticipated presentations of the day came from Genesis Minerals, regarding the proposed merger with Vault Minerals.

While the transaction creates a combined gold producer with an implied value of approximately $12.6 billion, discussions extended beyond the size of the merged entity. A recurring theme throughout the conference was that scale provides flexibility. Larger, diversified operations are better positioned to manage cost pressures, allocate capital efficiently and respond with flexibility should the gold price retreat. That broader message resonated well beyond a single transaction and reflected a growing emphasis on building resilience, rather than simply pursuing growth for growth's sake.

Optimism tempered by discipline

Although confidence across the sector remains strong, conversations throughout the conference suggested companies are approaching the next phase of investment with measured optimism.

While current gold prices continue to support project development, some attendees observed that it would not take a significant decline in commodity prices for some projects to become uneconomic. Against a backdrop of ongoing macroeconomic uncertainty, long-term capital expenditure decisions are becoming increasingly difficult to assess.

That cautious approach is also creating opportunities for innovation, with mining service providers promoting portable and modular infrastructure solutions designed to reduce upfront capital commitments while providing greater operational flexibility.

Critical minerals continue to build momentum

Critical minerals remained firmly on the agenda throughout the week, reflecting their growing strategic importance within global supply chains.

Australian Vanadium's presentation highlighted the potential role of vanadium flow batteries in supporting the rapidly growing electricity demands of data centres. As artificial intelligence and digital infrastructure continue to expand, the need for reliable, high-cycle backup power systems could create a significant long-term market for vanadium-based energy storage.

The discussion complemented themes raised earlier in the week around antimony, tungsten and other strategically important minerals, reinforcing the growing focus on securing resilient supply chains and diversifying sources of critical minerals.

Sustainability continues to evolve

Compared with previous years, sustainability featured less prominently throughout the conference. However, it has by no means disappeared from the conversation.

Bellevue Gold noted growing interest from jewellery buyers in ‘green gold’, reflecting increasing attention to provenance within parts of the market. More broadly, discussions suggested that reducing reliance on diesel is increasingly being viewed through both a sustainability and commercial lens. Beyond emissions reduction, companies are recognising the operational benefits of improving energy security and reducing exposure to fuel supply disruptions and geopolitical events.

Alternative pathways to capital

Another emerging discussion throughout the conference centred on capital markets.

Several market participants observed growing interest among junior explorers in the National Stock Exchange of Australia (NSX) as a potential alternative listing avenue to the ASX. While still an emerging trend, the conversations reflected the ongoing search for flexible funding pathways as smaller companies continue to navigate challenging equity market conditions.