The Pre-Start

Oceanagold released exploration results from its Haile gold mine in the US, where it had a hit of ~29m at 18.3g/t from 489m at Ledbetter Phase 4 (OGC.TO)
Ora Banda shared its annual R&R statement, with resource standing at ~27Mt @ 2.4g/t for 2.1Moz, and reserves up 24% to 3Mt @ 2.4g/t 236koz. Gold price used rose marginally to A$2,500/oz (OBM)
K92 announced a significant expansion of its Arakompa deposit, in a batch of 24 assays, recording a hit of 690m at 0.3% CuEq from 297m (KNT.TO)
Boab has appointed Russell Taylor as project director for Sorby Hills (BML)

High Grade It

Iron ore's rally is clashing with sluggish Chinese steel demand, leaving mills squeezed even as the nation's construction season traditionally picks up at this time of year (Bloomberg)
Ray Dalio said gold might be a way to shield investors from unhealthy markets, overburdened with debt (Reuters)
Gold has surged ~5% this month, hitting an all-time high of $3,674/oz, and has set more than 30 nominal records in 2025 (Bloomberg)

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Wheelin’ n Dealin’

Leo Lithium has signalled that it is likely to return the Tranche 2 funds to shareholders instead of using them for M&A (LLL) LLL’s very valuable Goulamina royalty now in play for the RoyaltyCos
Another Australian IPO prospect has fallen away following the announced sale by American Industrial Partners of Molycop to Tega Industries for US$1.5B (Australian)
Barrick agreed to sell its last gold mine in Canada, Hemlo, for as much as US$1.1B (US$875m cash + $50m in shares upfront, remainder contingent), to Carcetti Capital (B.NY, Bloomberg)
Underground mining product maker AC Industries, which supplies ventilation ducting and makes ~$15m annually, is eyeing a $100m+ takeover (AFR)

Rattlin’ the Tin

Carcetti's financing package for the acquisition of Hemlo from Barrick will consist of US$400m from a gold stream to Wheaton Precious Metals, US$415m equity financing and US$200m in bank debt (WPM.NY)
Foran Mining has been approved to earn up to C$70m in transferable royalty tax credits through the Government of Saskatchewan's CMPII (FOM.TO)
Ionic Rare Earths announced a capital raise for up to $7m (IXR)
F3 Uranium announced an increased bought deal offering for C$17m (FUU.TO)

Word on the Decline

Expect Newmont to announce the sale of the Coffee development gold project next week.
We haven’t been able to figure out the buyer.

Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.

In the Weeds

Here’s how fundies traded the earnings season (AFR) Top 10 most bought stocks of August, including: PLS MIN BOE BHP & WDS
How a remote copper pit led to the biggest mining deal in a decade (FT)
The great scandium boom of last Friday (AFR) A 1998 article in the legendary Pierpont column, just for those getting carried away with SRL
Is this the best value gold miner on the ASX? (Livewire) Pitching Emerald
Twiggy’s young recruits fired before they even join Fortescue family (Rear Window)

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Today’s Top Tweet

Gold producers in Q3 2025:
— #Oliver Groß (#@minenergybiz)
8:20 AM • Sep 11, 2025

Devil’s in the Detail

Remember the great IPO boom in 2021/22? According to RFC Ambrian, 85% of them delivered negative returns to investors. Keep this in mind when you think you’ve got to participate in the hottest IPO or cap raise this FOMO szn.