The Pre-Start
Regis reported its biannual exploration update at Duketon & Tropicana, with ongoing drilling returning multiple significant intersections that extend mineralisation, and support several underground targets (RRL)
Wia reported further assays from 8,118m of drilling at Kokoseb gold project, including 81m at 5 g/t Au, and high-grade hits such as 22m at 14.9 g/t (WIA)
Chalice released a PFS for its Gonneville project, boasting an initial 23-year life and a two-stage open-pit phase. NPV8 of $1B, pre-production capital of $820m, with revenues spread: Pd 51%, Ni 22%, Cu 17% (CHN) Full Feas due 1H CY27, Stock down 8%
Antipa’s batch seven drilling at Minyari included 32m at 1.5 g/t gold from 88m at RPS and deep hits, including 0.3m at 6.9 g/t gold from 1,234m (AZY)
Meteoric noted that its preliminary environmental licence has been included on the state council agenda for Dec 19 (MEI)
Benz reported extensions to Zone 126 at Glenburgh, including 15m at 12.7g/t from 850m and new lens 5 discovery of 2m at 16.8g/t from 528m (BNZ)
St George's rare earths & niobium project returned 115m from surface at 3.34% TREO and 0.34% Nb2O5, the thickest high-grade intercept to date (SGQ)
Great Boulder’s Side Well RC assays include 1m at 481 g/t Au from 129m, 3m at 7.9 g/t from 62m and 24m at 1.4 g/t Au from 76m (GBR)
Yandal's Arrakis diamond drilling returned 17.7m at 1.4 g/t Au, extending mineralisation approximately 120m below earlier RC intercepts (YRL)
Sun Silver is in a trading halt pending an announcement regarding a mineral resource upgrade (SS1)
Cygnus hit a wide zone of mineralisation with a 28.9m at 2.5g/t AuEq intercept from 247m (CYG)
Kairos signed a Mining Agreement with Nyamal Aboriginal Corporation for the Mt York gold project (KAI)
Macmahon confirmed an incident at the Fosterville gold mine resulted in the death of an employee (MAH)
Franklin became a substantial holder in Boab Metals, acquiring a 7.4% stake (BML)
High Grade It
China’s central bank added to its gold reserves for a 13th straight month, lifting by 30koz (Bloomberg)
Australian Government lawyers secured an ‘extraordinary’ 30-year suppression order burying evidence behind Plibersek’s decision to block a Regis McPhillamy’s gold mine (Australian) Straya
Top lithium producer Albemarle rose the most among peers after UBS analysts said now is the time to buy (Bloomberg)
Need extra modelling power that speeds things up and keeps you moving? Model Answer brings in professionals who get mining & know how to produce results.
Wheelin’ n Dealin’
The US government & Swiss trader Mercuria each announced up to US$1B in fresh funding for minerals ventures in the DRC (FT) US DFC will provide up to US$1B for the Lobito railway and support new marketing JV between Mercuria and Gécamines’ that gives US companies a right of first refusal to its metals
Wiluna Mining administrators’ bid to waive some conditions in managing the mining company has been dismissed, as Mark Creasy-backed AIM withdraws its intervention in the dispute (BN) base case IPO full steam ahead
Venus recommends shareholders reject QGold's unsolicited on-market 17cps offer, citing “the Company has since received multiple approaches from third parties expressing interest in purchasing some or all of the royalty” (VMC) as we wrote last week, RoyaltyCo’s can pay up for the Youanmi 1% NSR
PacificOne Capital will be joining Jefferies with the Metals & Mining team to be jointly led by Christoph Hinder & Michael Willoughby (Jefferies)
Rattlin’ the Tin
Felix Gold completed an $18m placement at $0.36 per share (FXG)
True North Copper raised $12.5m via a placement of 25m shares at $0.50 to fund drilling at the Mount Oxide project and regional programs in 2026 (TNC)
Astral is raising $50m at 20cps to expand near mine growth and finalise the Mandilla gold project DFS (AAR)
Torque is in a trading halt pending finalisation of a bought-deal funding arrangement (TOR)
Locksley raised $17m via a placement at $0.24 (LKY)
Talga is in a halt pending a capital raising (TLG)
Word on the Decline
Consensus seems to be that Robex won’t come back with a more enticing offer for Predictive now that Perseus has emerged in poll position for the Battle for Bankan
Recall that Robex has 5 business days to match (effectively until lunch time Thursday). But we have a hunch that you should not rule out a new proposal being tabled by the Guinean mine-building neighbours
It poses the question - what split of the pro forma would be enough to be called “superior” by Predictive’s board? We suspect 55% PDI / 45% RXR should be close to the mark
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Melbourne Mining Club: Jake Klein & Peter Ker (YouTube)
Australia’s energy sins: the truth behind our soaring power bills (Australian)
Inside the Mega Mines Powering Our World! (Aaron Witt)
How this fundie returned 50% in 2025 (AFR) “Thanks to a commodity bull run”
No miners? "You're missing out", says Firetrail’s Matthew Fist (Livewire)
Were you forwarded this email from someone else?
Today’s Top Tweet
Devil’s in the Detail
We listened to the Rio Tinto Capital Markets Day call and the Vale Capital Markets Day calls over the weekend. And if you have the time, they are well worth listening to.
Tbh we are big fans of the strategy that has come out of Simon Trott to date. It’s no wonder Rio is at all time highs.
Vale is poised incredibly well too. The majors are in great shape and that’s very good for the industry.