NST ($36B) - Northern Star sold 364koz gold at AISC $3.2k/oz as KCGM mill tie-in completed and commissioning commenced; guidance maintained. Cash fell $35m | KCGM positive, Pogo negative, late FY27 Hemi FID

YAL ($8.3B) - Yancoal produced 9.4Mt saleable coal (attributable) in Q3 at $170/t realised, cash +$340m QoQ, and secured NSW approval for HVO extension, with federal sign-off due Q4 | Higher diesel pushing cost guidance

WGX ($4.7B) - Westgold produced 98koz gold at AISC of $2.9k/oz ($3.1k margin), with cash up $101m and guidance maintained at ~405koz at ~$3.2k/oz

PMT ($595m) - PMET plans to release in Q4 CY26 an updated Shaaki’ MRE, a CV5 Li-Ta FS and a CV5–CV13 Li-Cs-Ta PEA

29M ($560m) - 29Metals produced 4.2kt copper and 2.0kt zinc at Golden Grove, cash -$60m QoQ to $128m with guidance maintained | ▼ 11% | ‘CC funding options well progressed’ - GG copper output ~25% below expectations

CBE ($332m) - Cobre will buy ~150kt at ~0.65% Cu from ENAMI for US$9/t to lift SX‑EW utilisation at Sierra Atacama

PC2 ($327m) - PC Gold reported 33m at 2.2 g/t gold from 252m at the Spring Hill gold project, NT

KAN ($255m) - Kantra (old Hillgrove) produced 3.4kt copper at AISC $5.4/lb, cash $44m (+$12m QoQ), with 2026 guidance on track

ENR ($140m) - Encounter hit 45m at 1.2% Nb₂O₅ from 88m at Joyce, confirming a >400m continuous zone at Aileron

GBM ($93m) - GBM reported 92–99% gold recovery into rougher flotation concentrate from 309 and Lone Sister at Twin Hills

LNQ ($76m) - LinQ reported visual HSE and porphyry mineralisation over 429m from 321m to 750m in first hole at Gidginbung South, Gilmore project, NSW | ▲ 43%

MRD ($63m) - Mt Ridley's Selectro test on ASQ's bauxite recovered 95% gallium, with 92% aluminium and 97% iron in a single leach | ▲ 6%

DRE ($57m) - Dreadnought received a $180k EIS grant for RC drilling at Nina Tungsten at Mangaroon

GA8 ($34m) - GoldArc received amended Mines Department approval at Mt Stirling, adding a western haul road and expanded camp

ASIC says it did visit MinRes offices during two-year probe (AFR)

CATL reports earnings below estimates amid rising concerns over battery demand outlook (Bloomberg)

Regis & Bellevue face 30% cost increase due to rising diesel prices (AFR), while Northern Star’s gold sales dropped 16% as costs rose 21% (West)

Trafigura forecasts copper demand for AI could hit 3Mt by 2028 (Bloomberg)

BHP commits $1.1B to Chilean mine, aims to double Australian copper output by 2040 (AFR), with plans for a $25B expansion in South Australia (Australian)

Chinese nickel producers, including Tsingshan and GEM, plan to discuss cutting Indonesian output amid weak prices (Bloomberg)

Gold Fields urged to sweeten $40B bid for Northern Star as acquisition costs rise (AFR)

Shenghe is selling 51% stakes in four Chinese rare earth smelting and separation businesses to state-owned China Rare Earth Group for US$248–271m (Reuters) Deal excludes overseas investments, including MP Materials

GL1 ($264m) - Global Lithium extended the Lopal sale cut-off to 31 Dec for the Marble Bar Lithium project (up to $14.9m)

MAT ($46m) - Matsa received the final $45m from AngloGold, completing the sale of 5 Lake Carey gold tenements (total $70.1m) and granting a 12‑month right of first refusal over Fortitude North

PLS ($9.4B) - PLS priced US$700m 8% senior unsecured notes due 2032 | Its $600m offering in April was priced at 6.875%

NIC ($3.0B) - Nickel Industries secured a US$245m non-recourse, 7‑year SOFR+2% facility for its 46%-owned Excelsior Nickel Cobalt HPAL, permitting shareholder distributions

NEO.TO (C$1.2B) - Neo Performance project Gauss was selected with a grant of up to €126m

Lithium Africa considers $60m financing offer for Springbok lithium project in South Africa (Mining.com)

Cornish Metals seeks financing for South Crofty tin mine restart in the UK (Mining.com)

Devon was meant to make Matsa Resources a producer. Instead, its shares have been frozen since 21 August. The 2025 feasibility study promised 4.6 g/t and a $60m surplus. Old workings riddled the pit, the mill got less than half the grade, and Matsa posted a $39.4m annual loss.

Now the fight is over what’s left. Matsa Gold, the subsidiary in administration, holds Fortitude and the Fortitude North discovery. Contractor Blue Cap wants the court to let it pay out lender Deutsche Balaton and take its security. The administrators dispute Blue Cap’s receivers’ appointment.

Deutsche Balaton is a 22.6% shareholder, senior lender and funder of the administration. Its loan charges a whopping 25% p.a. but because it can take repayment in gold priced at no more than A$5,750/oz, the accounts put the effective interest rate at an eye-watering 113% on the first tranche.

Mid-crisis, an AngloGold deal worth up to A$101m became a fixed $55m, with AngloGold also getting first right of refusal on Fortitude North. $30m of it goes straight to Deutsche Balaton.

The administrators’ own disclosures reveal the board weighed two “solvent proposals” in early September. Shareholders haven’t been told who made them.

Our low-confidence bet: Matsa uses AngloGold’s cash to buy Fortitude back from its own administrators. How hard Blue Cap fights sets the price. Next hearing is today.

DRR ($2.1B) - Deterra director Alex Morrison resigned effective 19 Oct

EQR ($1.4B) - EQ Resources director Michael Nossal bought $298k of shares

LIN ($749m) - L1 bought $10.2m of Lindian shares, lifting its stake to 12.6%

BM1 ($329m) - L1 took a 6.0% stake in Ballard via $10.8m of purchases

HAV ($265m) - Maptek emerged with a 10.3% stake in Havilah after buying shares at 18c under a corrected 2024 form | why now?

ORN ($233m) - Orion CFO Peet van Coller left; Stephen Rowse interim

Busting Bureaucratic Bureaucracy (Strictly Boardroom)

Why metals supply chains are becoming more connected (LinkedIn) A post by Trafigura’s head of Metals & Minerals, Gonzalo De Olazaval

“Growth capital”

Yesterday, Regis reported $76m of 'growth capital' at Duketon, where production fell 10% QoQ.

Today, 29Metals reported $28m of 'growth capital' at Golden Grove, where copper production fell 30% QoQ.

Calling it “sustaining” might be more appropriate but would reveal ~A$5,000/oz costs at Duketon and US$9.30/lb costs at Golden Grove.

Much easier to grow the definition than the production.