The Pre-Start

Vault’s 2025 R&R statement showed a 31% increase in ore reserves with 4Moz and 3% lift in resources to 12Moz, adopting a $4,500/oz (up from $3,500/oz) gold price and a 0.3g/t cut-off grade (previously 0.4g/t) (VAU)
Gold Road’s cost guidance has risen $200/oz to $2,600-$2,800/oz, with a production downgrade (330-355koz to 310-320koz), as a result of issues with primary crusher maintenance, conveyor belt failures & less than expected ore from the mine (GOR)
Northern Minerals released a DFS on the Browns Range project, showing a post-tax NPV₈ of $74m and IRR 10% at US$636/kg Dy oxide (NTU)
Wildcat shared diamond hole results from Bolt Cutter Central (10km from Tabba Tabba), hitting lithium in a stacked pegmatite system (WC8)
St Barbara has applauded improvements in Nova Scotia permitting, withdrawn a Supreme Court appeal, and started investigating a re-opening of Touquoy to treat stockpiles (SBM)
Ballard has claimed a new gold discovery at Neptune, 7km east of Baldock, with hits of 23m @ 1.8g/t from 21m and 7m @ 5.8g/t from 113m (BM1) Up 10%
Theta Gold Mines has kicked off construction for the TGME gold mine in South Africa, with commissioning on track for the end of CY26 (TGM) major shareholders covering near-term costs in exchange for TGM options
GBM has regarined 100% ownership of Mt Coolon following Newmont’s decision to withdraw from the 2022 Farm-in agreement (GBZ)
Lindian’s Zac Komur has become an exec director, leading Kangankunde project delivery, with site early works nearing completion (LIN)
Clara Resources has updated the mineral resource on the Ashford coking coal project to 14.5Mt total, 2.5Mt of which is in the measured category (C7A)
Infill drilling at Lunnon’s Lady Herial gold deposit returned 26m @ 6.37g/t Au (LM8)
New presentations were shared by Ramelius, Westgold, Vault, Northern Minerals, Boab, Resolute & St Barbara

High Grade It

Native title custodians say they have “serious concerns” with a plan by Hancock to build a new mine at Mulga Downs and are yet to give their consent to the project (AFR)
BHP has committed to a second Port Hedland upgrade in pursuit of 305Mtpa iron ore threshold (West)
Freeport said operations at its Grasberg mine in Indonesia remain suspended as the company continued efforts to rescue 7 workers trapped underground (Mining.com)
Lundin Gold said CEO Ron Hochstein will step down in November after 10 years and make way for former Filo boss Jamie Beck (NM)

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Wheelin’ n Dealin’

Emeco has caught the eye of a US suitor as its share price surges 46%, while its major shareholder, Black Diamond Capital seeks an exit strategy (Australian) EHL commented that it may be in such discussions, having received unsolicited interest from several potential acquirers (EHL) Up 7%
Teck’s Norman Keevil Jr. is a chief proponent of a merger with Anglo, reportedly seeking a deal before it was “too late” (Bloomberg)
Liontown & IGO are apparently interested in parts of BHP’s up-for-sale Nickel West businesses, though the major wants to sell the unit as a whole (West)
MMG is confident of winning European approval for a $500m deal to buy Anglo’s nickel assets, despite concerns about Beijing’s minerals dominance (FT)
Dataroom has reported that Middle East wealth funds are targeting Aussie lithium mines, with MinRes’ assets mentioned (Australian)
Neometals completed the sale of its LiB recycling business interests (NMT)

Rattlin’ the Tin

West Wits wrapped up a $17.5m placement (WWI)
Javelin Minerals is in a trading halt pending announcement of a material contract and capital raising (JAV)
Belararox completed an $8.5m raise (BRX)

Word on the Decline

So interpret this how you choose...
We hear that Ivan Glasenberg is back at Glencore in some capacity. Our sources suggest the 10% shareholder of the major has been showing up on occasion in internal virtual meetings

Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.

In the Weeds

Recycling pioneers race to close the rare earths scrap gap (Reuters op-ed)
Small-cap veteran Ben Griffiths knows a bull market when he sees one (AFR) “Almost all conditions are in place for an extended rally”

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