The Pre-Start
MinRes has completed Onslow road upgrades, with haulage resuming at normal speeds. It added that despite works ongoing in August, the project shipped 3.2Mt over the month (MIN)
Argentina endorsed a US$2.7B investment for McEwen’s development of Los Azules, approving its participation in RIGI (MUX.NY) Up 6%
Westgold will share its 3-year outlook and host a webinar at 9am AWST on Wed (WGX) Just don’t try the link…
Burgundy Diamond Mines has gone into suspension as it continues to work towards a financial package to secure its ongoing viability (BDM)
Cobre produced copper cathode from bench-scale tests of Ngami ore, hitting peak extraction efficiencies of ~85% (CBE)
Dreadnought hit 140m at 0.9% TREO from 307m in a 4-hole program at Stinger (DRE)
Aurum shared narrow high grades gold hits from its Boundiali gold project in Côte d’Ivoire, including 5m at 10.8g/t from 82m (AUE)
Broken Hill completed main lode underground development (>1,000m) while drilling 63 holes at its Blackwoods and British deposits (BHM)
S2 shared an exploration update, intersecting mafic intrusions at West Murchison while picking up further tenure at Jillewarra (S2R)
Nimy announced an MoU with M2i Global for the sale of gallium into the US (NIM)
Black Rock Mining will commence early works at its Mahenge graphite project (BKT)
Annual reports were shared by Rox and Polymetals
High Grade It
Australian PM Albanese touts minerals reserve ahead of Trump talks (Bloomberg)
Silver producers rocketed on the ASX on Friday after the price of the precious metal cracked a 14-year high (AFR)
Kim Beazley warned that the national security implications of only China producing critical minerals are so extreme Australia should invest in the sector and not worry over profits (West) ah yes investing without a return, it’s called a “donation” (using other people’s money!)
Mercuria has pulled back from a giant aluminium trade that drew scrutiny from the LME, made in part on a Ukraine peace deal bet (Bloomberg)
Dividend season for the ASX peaked last week with $15.5B in payouts, as FMG was crowned the strongest dividend stock of the past decade (AFR)
The Nuclear Company said it has signed a strategic agreement with U.S. steelmaker Nucor Corp to boost the country's nuclear power supply chain (Reuters)
The Grasberg mine accident has heightened fears of copper supply disruptions, though the impacts could be cushioned by weakening demand (SMM)
At least 100 people are feared dead following the collapse of a gold mining pit in Nigeria’s Zamfara State, survivors and residents said (Mining.com)
Fortescue goes on Chinese green tech spree, buys 400 zero-emission haul trucks in deal with XCMG (BN)
It’s your last chance to sign up for Model Answer’s industry-leading modelling course! Put yourself in the box seat for a pay bump this week on Oct 2 & 3
Wheelin’ n Dealin’
Rattlin’ the Tin
The AFR added colour to Hillgrove & Tesoro’s respective $20m and $30m raisings (AFR)
West Wits Mining executed definitive loan agreement with Nebari, the initial tranche is US$12.5m of a total US$35m facility (WWI) SOFR+8.5% plus warrants, WWi says it is now fully funded
Northern Dynasty receives $12m from its royalty investor as US government talks continue (Mining.com)
Peel has raised ~$19m in a share placement (PEX)
Firebird has raised $6m via a share placement (FRB)
Yandal is in halt to raise capital (YRL)
Matsa is in a trading halt to raise capital (MAT)
Word on the Decline
It’s a public holiday in WA… So we’re taking the day off from the rumour mill
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Why the golden age of value investing is over (AFR) Written by investor Guy Spier, on the disruption AI will bring to investing
Zijin becomes world’s No. 3 miner after reaching US$100B valuation (Mining.com)
MacroVoices #499 Luke Gromen (YouTube) Gold views discussed
Were you forwarded this email from someone else?
Today’s Top Tweet
The Freeport $FCX Mud Rush Tragedy - What happened?
A🧵
On the 9th Sep this year, an unprecedented, sudden mudrush consisting of at least 800,000 tonnes of rock & water washed into the underground workings of its Grasberg block cave mining operation from the cave. 1/9— #Neil Ringdahl (#@NeilRingdahl)
10:25 PM • Sep 26, 2025
Another banger thread from Neil
Devil’s in the Detail
The screenshot doesn’t do this justice..
Westgold’s 3-yr outlook webinar announcement this morning left out the most important detail… A link to the webinar!
…and Fortescue with the 6-finger AI hand..
Catch up on our latest episode
🟢Spotify | 🟣 Apple Podcasts | 🟥 Youtube
Inside a $3.8B Gold Deal + The US Wakes Up
Stocks mentioned: GOR, GFI.NYSE, DEG, YRL, SMI, FAL, LAC.NYSE, UAMY.NYSE, HBM.TO, GLEN.L, MIN, DRR, VOXR.TO, LYC, NEO.TO, MDKA.IDX, CAY, REE