The Pre-Start
St Barbara pre-reported its Q4 numbers, with gold production of 14.6koz (full year: 51koz) and closing unrestricted cash, bullion & investments of $97m (SBM)
Collective Mining drilled 397m at 2.62g/t AuEq from surface at Apollo, Colombia (CNL.TO) Stock rose ~5%
B2 shared PFS numbers for its Colombian gold project Gremalote, with a 11-year life mining 0.96g/t & producing 177kozpa at an AISC of US$985/oz. It has an NPV5 of US$941m and an IRR of 22% after US$740m in capex (BTO.TO)
Sayona shared results from 116 drillholes from its 2024 Moblan campaign, with an updated resource to come this year (SYA)
Wesdome produced 43koz for the quarter, keeping it on track for full year guidance (WDO.TO) Stock dipped 5%
Mako Mining produced 11koz with cash increasing US$10m to US$29m, after capex and exploration spend (MKO.TO)
Many Peaks released 7 diamond holes results, confirming extensions along strike and at depth, with assays including a hit of 87m @ 1.67g/t from 221m (MPK)
Silver Mines has submitted all info to NSW authorities for the redetermination of its Bowdens development application (SVL)
Jupiter lifted is Polymetals stake to 12.8% (POL)
Newmont’s CFO Karyn Ovelmen has resigned, with an interim appointment made while a search process takes place (NEM)
High Grade It
BHP said it’s signed preliminary deals with CATL & BYD to explore opportunities in battery development for mining equipment & transport (Reuters)
Vitol signed its first multi-year financing deal for metals, with a US$240m, 4-year prepay deal for 6Mt of iron ore with a Brazilian producer (Bloomberg)
The key iron ore players in Australia’s and its biggest customer are on the same page about the importance of “green iron”, according to PM Albanese (West)
MA Financial has warned gold investors that the easy wins for producers tracking the soaring commodity price may already be in the rearview mirror (AFR)
Bowen Coking remains locked in talks with its financiers to stave off a liquidity crisis that could mean the loss of 500 jobs (Australian)
Zimbabwe’s biggest diamond miner is cutting 400 jobs, weighed down by a global downturn in the market for natural gems (Bloomberg)
Unions have praised Rio while accusing a contractor of a cover-up amid an investigation into a “near-decapitation” at an iron ore wharf in WA (West)
Lockheed Martin is in talks with mining companies to allow exploitation of its Pacific seabed licensing areas (FT)
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Wheelin’ n Dealin’
The Takeovers Panel has declined to make a declaration of unacceptable circumstances after Kinterra’s objections to New World’s placement to CAML (NWC)
Rattlin’ the Tin
Word on the Decline
The merged Westgold and Karora have mostly worked through the kinks of the deal now, while Ramelius is close to completing its takeover of Spartan
Additionally, the gold price has traded in a similar range for over a quarter now
So, could we be close to another deal(s), maybe even some that provide synergies?
While not the most original, the time feels right for a tie-up between Westgold and Pantoro, with an expansion of Higginsville already in the works
In time, could that see Westgold’s Cue assets make their way to Ramelius?
Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.
In the Weeds
Dryblower: Is uranium the next metal to be “Trumped”? - Trump, the commodity sector’s best friend?
The greatest ever copper trade (Damien Klassen) Is the copper pitch too good?
Missing the boat on a big ASX mining play (Joel Fleming) Lessons from missing opportunities in resource investing… don’t be too cute on entry price!
US rare earth pricing system is poised to challenge China's dominance (Reuters)
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Today’s Top Tweet
With Le Shrub’s post - Commodities & Monkey Memory Cycles
“Commodities & Monkey Memory Cycles”
-We revisit the Theory of Rolling Ponzis, to establish the length of the Memory Cycle for Monkeys
-We discuss important developments in Commodities
-Finally, we go through our Market Outlook & Portfolio Positioning🌳
shrubstack.com/p/commodities-…— #Le Shrub🌳🔥🇺🇦 (#@agnostoxxx)
8:13 AM • Jul 13, 2025
Devil’s in the Detail
Putting the past years strong performance in context
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