The Pre-Start
Teck hosted investors at Quebrada Blanca, reiterating plans to produce an incremental 175kt of copper from the asset (TECK.NY)
Almonty’s Q3 report outlined Sangdong construction being substantially completed, with ramp-up underway (AII)
Caravel has reported a strategic mine plan updated, choosing parameters that will be part of its DFS, which is currently in process (CVV)
EQ Resources’ Barruecopardo mine achieved a monthly tungsten production record in October on higher throughput and process optimisations (EQR)
29Metals reported resource extension drilling at Golden Grove including 9.7m @ 1.5% Cu, 2.6% Zn, 1.0g/t Au, 18g/t Ag (29M)
Theta Gold Mines has ordered two ball mills for its TGME gold project in South Africa (TGM)
True North Copper reported intercepts from Mt Oxide which extend strike to more than 500m, including 103m @ 0.53% Cu, 0.1% Co, 2.6 g/t Ag from 19m (TNC)
Sumitomo will exit two of the four JV areas with Hammer Metals, which will see the Mount Philp and Even Steven areas revert to 100% Hammer (HMX)
Tivan has identified a manganese-barite gossan at the Sandover fluorite project, up to 44.5% Mn from rock chips (TVN)
Image Resources responded to an ASX query, pointing to an ABC article that mentioned the company, titled “Australia supplying China with critical mineral vital for hypersonic missiles & its nuclear program” (IMA) The stock closed up 33%… you can’t make this up
Horizon Gold has increased its mineral resource for Gum Creek 8% to 38Mt @ 1,89g/t Au for 2.30Moz gold (HRN)
Brightstar has made key appointments, John Croall, Daniel Jolley and Julie Budrey (BTR)
High Grade It
China agreed to allow US-bound exports of three critical metals (gallium, germanium & antimony) as part of its trade truce (Bloomberg)
Glencore plans to close its Horne smelter, Canada's largest copper metal-producing operation, due to environmental issues and upgrades costs (Reuters) Canadian bail out incoming?
The sudden surge in lithium prices is forcing funds that have long bet against the sector to race and cover shorts (AFR) Spod up 21% in a fortnight to US$977/t
Mark Creasy’s private company suffered a drop in profit in a year when lithium deals dried up & FIRB scrutiny foiled an iron ore deal (Australian) $20m profit
Iron ore dropped on concerns about China’s economic outlook, as a gauge of the country’s manufacturing activity expanded less than expected (Bloomberg)
Searching for the right end-to-end mining solution? Blue Cap are the partner you’ll want to look after everything from mine management to site rehabilitation.
Wheelin’ n Dealin’
Activist fund Palliser Capital has intensified pressure on Rio Tinto to mount a "now or never" counterbid for Teck, urging the giant to unify its dual-listed structure and spin off its base metals business (Reuters) See previous Unify Rio prezzo
Pacific Nickel has entered an agreement to sell its interest in the Kolosori nickel project in Solomon Islands to Green Rock Limited for $1… (PNM) not a typo. Ok there’s a small royalty too…
Coeur is acquiring New Gold in a US$7B deal, forming a business with 7 North American precious metals assets. The combined entity would produce 20Moz Ag, 900koz Au & 100mlb Cu from 2026 (1.25Moz AuEq). The bid was a 16% premium on New Gold’s closing price. The scrip deal will see New Gold own 38% of the pro forma (CDE.NY)
Not an ideal market reaction to your acquisition…
Rattlin’ the Tin
Rio2 received the 4th and final deposit payment from Wheaton for the construction of Fenix in Chile (RIO.TO)
Gold Fields is acquiring a 12% stake in Founders Metals via a C$50m strategic placement (FDR.V)
Golden Globe Resources completed its $8.5m IPO and has been admitted to the official list of ASX (GGR)
Battery Age Minerals raised $5.5m (BM8)
Word on the Decline
When page 1 of the quarterly reads like this, Word on the Decline writes itself…
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In the Weeds
China’s Massive African Mine Threatens to Upend Iron Ore Market (Bloomberg) Unbelievable photos & charts of Simandou
The global energy industry needs annual investment of $4T as demand increases, according to Adnoc (Bloomberg) US$4T…
Macquarie’s Compliance Crackdown Led to an Oil Trader Exodus (Bloomberg) A peek into the commodity trading powerhouse
Artificial Intelligence-Backed Securities Part III (Le Shrub)
Were you forwarded this email from someone else?
Today’s Top Tweet
For sake of transparency, I’ve sold half of my $min.ax position today at a smidge under $50. Remaining position will be kept for immediate future. Couple of thoughts from here.
— #MinRes Onslow Shipments (Moz) (#@onslowshipping)
12:53 PM • Nov 3, 2025
Hats off to Moz👏 Plus some good dialogue on the Coeur acquisition here:
Devil’s in the Detail
You’ve got to hand it to Mandrake. They’re the first miner to vertically integrate imagination!
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Smart Money is Buying the Dip in Copper and Gold
Stocks mentioned: DVP, RMS, WGX, GGP, LTR, BOE, LRV, UAMY.NY, PLS, ALB.NY, CRN, PPTA.TO. AEM.TO, ARU, MM8, AIS