The Pre-Start
Bannerman announced 2 initial offtake agreements with North American utilities for 1mlb (total) of uranium over 5 years (2029-2033) (BMN)
Vulcan has signed a supply contract for Phase One of Lionheart with Canadian electrochemistry company NESI (VUL)
Standard Lithium shared DFS results for its SW Arkansas project, with first production targeted for 2028 at an initial rate of 22.5ktpa of Li2CO3. NPV8 of US$1.3B & IRR of 18.2% on total capex of US$1.4B, assuming a selling price of US$22.4k/t (SLI.NY)
Silver X shared PEA results for Nueva Recuperada, with an NPV5 of US$439m and IRR of 69% on initial capital of US$82m for a 14-year life for 6.2Moz of AgEq pa (AGX.TO)
DWER has granted Part V works approval for VRX’s Arrowsmith, following the recent enviro & mining approvals (VRX)
Auric completed processing for the last parcel of Jeffreys Find ore, giving it total sales of 1.5koz (AWJ)
West African shared a new presentation (WAF) No change on Kiaka included
High Grade It
PM Albanese said he had a warm and constructive conversation with President Trump that canvassed co-operating on critical minerals & economic opportunities (AFR)
Gold could rally to ~US$5,000/oz if the Fed’s independence were damaged & investors shifted a small portion of holdings to bullion, Goldman’s said (Bloomberg)
Federal taxpayers contributed almost $50m towards Fortescue’s failed plan to build a green hydrogen gigafactory are still to repay the money (Australian)
Copper fell for a second day on the LME, down to US$9,926/t as base metals staged a broad retreat (Bloomberg)
Chinese lithium producer Qinghai Salt Lake said compliance investigations in Qinghai province into mining licences are part of a new trend of stricter supervision (Reuters)
Energy giant Shell could exit Australia's longest-running LNG export project in the NW Shelf as it ruthlessly streamlines its global portfolio (Australian)
Thinking of spreading your bets from those gold stock wins? Check out Jarra’s Childcare Trust - because the price of babies and property never stops going up.
Wheelin’ n Dealin’
Elemental Altus Royalties will merge with EMX Royalty Corp with EMX shareholders to receive 0.2822 Elemental Altus shares per EMX share (ELE.V) this comes just a few days after Elemental agreed to pay A$80m for the Laverton royalty… If royalty acquisition is determined by whoever has the lowest cost of capital, there's a new $1B RoyaltyCo out of this and their backer, Tether, has a lower cost of capital than Franco
Zijin’s public spin-off of its international gold business could fetch more than US$3B in a Hong Kong listing (Bloomberg)
Peak Rare Earths announced that Shenghe increased the cash consideration payable via the scheme, offering 44.3cps. Declared best & final (PEK) Up 25% to 42c
Rattlin’ the Tin
Concurrent with the Elemental Altus merger, Tether will subscribe for US$100m in new shares of Elemental at C$1.84/sh (ELE.V)
Amarc announced Freeport has elected to proceed to stage 2 of the earn-in at JOY, British Columbia, committing C$75m to lift its interest by 10% (AHR.TO)
Golden Sky & Boliden signed a C$20m earn-in agreement for the combined Rayfield-Gjoll Cu-Au Property in British Columbia (AUEN.TO)
Word on the Decline
We’re just going to leave these two things here:
Amanda Lacaze’s comments from Lynas’ earnings and capital raise call
Neo Performance Materials slide
Why punt on a “new US project” when you can instead buy an established downstream incumbent?
Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.
In the Weeds
Inside the secretive trading giant minting fortunes for its employees (AFR) On Vitol, which has returned US$20B to senior staff in the past 3 years…
Trader Ferg on his latest portfolio positioning (Substack) Oil, coal, uranium, PGMs, junior gold etc.
The sparkle is fading in Africa’s diamond heartland (FT) Where does the diamond decline leave Botswana?
Steel From Start to Finish (US Steel YouTube) A ripping old promo vid, showing the mine to finished product flow
The Next Inflationary Surge is About to Begin (GoRozen)
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Devil’s in the Detail
@moneyofminepod @TRAVmoneyofmine Christian Easterday, blink twice if you need help!
— #Teague Investments (#@teagueinv)
6:17 AM • Sep 4, 2025
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Gold Miners That Actually Compound (Greg Orrell)
Stocks covered: AEM.NY, B.NY, NEM, AUC, CYL, STN, IAG.NY, LUG.TO, ARTG.C, ORE, WAF, RSG, AAUC.TO