The Pre-Start
Lundin Gold’s quarterly showed production of 122koz from Fruta Del Norte, processing 484kt at 8.9g/t, with recoveries of 88% (LUG.TO)
First Majestic produced 7.7Moz AgEq (3.5Moz Ag, 35koz Au + Zn & Pb), up 96% on last quarter with the Los Gatos integration nearly complete (AG.NY)
Dundee said the integration is going well Vareš, while it produced 64koz gold & 8kt copper from its Chelopech & Ada Tepe operations, both on track to hit guidance (DPM)
Kingsgate’s published group reserves of 1.5Moz gold & 51Moz silver, with the inaugural SE complex resource containing 0.55Moz Au & 4.2Moz Ag (KCN)
Alkane produced 36koz gold & 198t of antimony in the Sept quarter, while closing with cash & liquids of $191m, following a $45m debt repayment & $25m in merger costs (ALK) $25m in transaction costs?! Output softer than expected
Centaurus was granted a mining lease for Jaguar, the final key regulatory step (CTM)
Black Rock Mining has broken ground for its Mahenge graphite project in Tanzania (BKT)
Susan Ferrier & Colin Moorhead have joined the MinRes board, while Zimi Meka will retire (MIN)
Perenti commenced a succession process that’ll see MD & CEO Mark Norwell step down in 2026 (PRN)
Franklin has emerged as a 5% shareholder of Silver Mines (SVL)
Greatland shared a new presentation
High Grade It
China tightened its rare earth export controls, expanding restrictions on processing technology and spelling out its intention to limit exports (Reuters)
The rally in U.S. rare-earth plays got a boost after a China curb on exports of the minerals (Bloomberg) MP up 10%, USA RE up 15%
The transport safety watchdog has documented how 7 tugs saved a fully-loaded FMG carrier from disaster after its main engine suddenly failed (Australian)
Zambia is poised for record copper production this year, bolstering its standing as a key global supplier just as prices surge (Bloomberg)
Mining services provider BIS Industries is plotting a transformation away from coal, with an eye on iron ore and gold, as well as an IPO (Australian)
NY-based Flagship Gold has signed a partnership agreement with Mali's state-owned miner to restart production at the Morila gold mine (Reuters)
Wheelin’ n Dealin’
Rattlin’ the Tin
Citi & Macquarie launched a $688m block trade in dual-listed Capstone Copper for major investor Hadrian (AFR)
Toubani unveiled a $395m financing for Kobada, raising $242m via an 11.1% gold stream, $26m options exercise & $125m placement at 40c (TRE, AFR) post placement, EEA will become a ~35% shareholder in Toubani and is the party writing the US$160m gold stream…. deeeep pockets and what a partner EEA is proving to be to African project developers
Arafura upsized its SPP, accepting all offers to take ~$10m (ARU)
Pacgold upsized its raising to $13m for its White Dam Gold project (PGO)
DeSoto completed a $14m placement for drilling in Guinea’s Siguiri basin (DES)
Boab Metals is in a trading halt to raise capital (BML)
Dreadnought completed an $18m raise (DRE)
Guanajuato Silver announced a bought deal offering of C$43m (GSVR.TO)
Osisko Development increased its bought deal offering to C$60m (ODV.TO)
Word on the Decline
Something’s stirring off Onslow. We believe that a dredging vessel has quietly begun sweeping the seabed at the Port of Ashburton: right over the zone MinRes would need for its next phase of expansion
Officially, it’s a “port maintenance campaign” or simply a dredging survey. But we believe “sweeping” has started already
It appears to us a lot like early groundwork for a bigger throughput push, many of us recall the public 50Mtpa ambitions of the iron ore project for a hot minute
If going in that direction, they’ll eventually need to duplicate the port shed and transhipper berth to make that tonnage work, so this could be the first physical sign the plan’s moving ahead quietly…
Moz’s CE tat coming soon…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
The Rare Earth Observer (TREO) MOFCOM regs, US govt, China RE centralisation… If you read anything about rare earths today, it needs to be this
Basically, these announcements are a pie in the face of all the foolish “NdPr-only” rare earth hopefuls. Any rare earth project that does not turn out the full range of separated lanthanides plus yttrium has become useless.
Why Rare Earths Are China’s Trump Card in Trade War With US (Bloomberg)
Gold’s Record Rally Is Helping China Challenge Trump and the Dollar (Bloomberg Big Take)
BHP CEO Mike Henry on CNBC - Talking copper
Were you forwarded this email from someone else?
Today’s Top Tweet
You’ve gotta listen to this one with the sound on 🔊🔊
Alright, spiced up the #WA1 update with some @plumfeeler cooked up lyrics
Deposit seems boxed in, with a dyke shooting off to the NW (you are welcome ENR) #Niobium
— #🅿🅴🆃🅴 (#@Pete__Panda)
7:46 AM • Oct 9, 2025
Devil’s in the Detail
A good friend of Money of Mine who spends more time than us reading public company announcements has a giant pet peeve: red squiggly underline in announcements.
We aren’t as disturbed by this phenomenon… Except in the case below where it makes absolutely zero sense why “operations” gets the red squiggle….
Catch up on our latest episode
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Australia’s Most Successful Gold Explorer
We had the privilege of sitting down with legendary explorationist, Ed Eshuys, widely credited with the Plutonic, Bronzewing and Jundee gold discoveries.
New episode out tonight at 5pm