The Pre-Start
Freeport provided updated guidance for Grasberg, with GBC still expected to restart in Q2 2026, with guided output 10% lower than Sept’s estimate. 2027-29 copper production was lowered 8% on aggregate, with gold down 5% (FCX.NY)
Equinox Gold achieved commercial production at Valentine, with the plant operating at 80% of nameplate over the past 60 days (EQX.NY)
Robex reported Phase 1 grade-control drilling at Sabali South, Kiniero, with 10m at 30.1g/t from 12m, the model showing 11.15% more tonnes and first gold on track for Q4 2025 (RXR)
Vulcan claimed strong drilling performance at Phase One Lionheart, confirming 440m Buntsandstein thickness, ~183 mg/L lithium-in-brine and improved permeability, with production test planned (VUL)
Larvotto’s met testwork at Hillgrove achieved 90% tungsten recovery and a 16× concentrate grade increase, indicating a simple processing circuit could produce a saleable tungsten con with further optimisation underway (LRV)
Wildcat reported Bolt Cutter Central assays from 20 RC holes, extending the Harry pegmatite swarm to at least 900m strike (WC8)
Sheffield will provide its share of a $6.5m contribution to KMS before end-Nov to support Thunderbird amid working capital constraints, as lenders Orion & NAIF discuss a debt restructure ahead of the 31 Dec repayment (SFX)
Silver Mines' geometallurgical diamond drilling at Bowdens returned the largest mineralised intercept since 1989; 116m at 245g/t Ag from 75m (SVM)
American Rare Earths updated the Cowboy State Mine MRE to 547Mt at 1,000ppm TREO, converting ~64Mt to indicated (AAR)
Goyder-backed DevEx has appointed Marnie Finlayson as Managing Director commencing December 1st (DEV)
High Grade It
Proxy advisers ISS and Glass Lewis are split on the MinRes vote for share bonuses dangled in front of Bundey and Ellison (West)
Gina Rinehart dumps major lithium stocks in huge pivot to rare earths (Australian) Sold Albemarle, Lithium Americas & Lithium Argentina
At least 32 people were killed in the DRC, after a bridge at an artisanal copper-cobalt mine collapsed due to overcrowding, following gunfire (Al Jazeera)
Steel giant BlueScope has joined the chorus calling for government action on gas to save manufacturing (Australian)
China's exports of batteries and battery energy storage systems (BESS) have hit a record in 2025, soaring by 24% year-to-date versus 2024 (Reuters)
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Wheelin’ n Dealin’
Canada says Anglo American’s pledges to secure Teck Resources deal “not enough” (WSJ)
EMR Capital is believed to be reviving its sale plans for its Ravenswood gold mine in Queensland for 2026, after last year’s failed sale (Australian)
Rattlin’ the Tin
NexMetals closed a C$80m public offering, with Condire becoming a 9.9% shareholder (NEXM.TO)
Anson is in a trading halt to raise $10m at 8c, with investors collecting a 1-for-2 free attaching option (ASN)
Brokers are after $100m at $2 a share for the IPO of BMC Minerals, confirming the range previously indicated by the AFR
Word on the Decline
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Now Mick’s response when we asked him about Barrick last week makes a good bit of sense! We would be surprised if he is not Elliott’s pick to take the reins.
In the Weeds
China’s debt shock is coming. Our high house prices won’t protect us (AFR Chanticleer) Talk of Chinese stimulus, overcooked Aussie house prices
The Definitive Rare Earths Pub Quiz (Strictly Boardroom)
The moment that led to a $750m coal fortune and a Ferrari obsession (AFR) Matt Latimore
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Devil’s in the Detail
We do really appreciate the attribution Citi. But next time it’s “Money of Mine”. Also we reckon the stock rallied on Fourmile, not our niche newsletter 😂
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Stocks mentioned: MLX, MGX, ELT, 1SN.L, NC1, NST, TAM, A1M, MMA, TNC, FEX, AFM.V, CUSN.L, RMR.L, SRZ