The Pre-Start

  • MC2 ($914m) - Marimaca advanced the Marimaca Oxide Deposit with Q4-targeted sectorial permits, signed a 100% renewable PPA framework (~US$93/MWh) and secured grid-connection approval

  • CXO ($680m) - Core Lithium reported 74m at 1.32% Li₂O from 209m at Blackbeard within the Finniss lithium operation

  • AS1 ($241m) - Asara reported maiden RC assays from Sogosogoba at the Kada gold project, Guinea, including 38m at 2.1 g/t gold from 48m

  • BRL ($84m) - Bathurst reported a Midland Line rail closure for ~3 weeks; FY27 export volumes unchanged but shipment timing may shift

  • WCN ($75m) - White Cliff completed a 20-for-1 consolidation

  • ALV ($25m) - Alvo reported pXRF REE clays at Florence, Bluebush IAC HREE, incl. 5.7m at 1,393 ppm XREO from 1m | ▲ 6%

  • NMT ($22m) - Neometals updated Ironclad MRE to 250kt at 3.9 g/t gold for 31koz at Barrambie; native title meeting 19 Nov

  • VRC ($22m) - Volt Resources received the first US$225k of a US$5.4m, 24‑month US Department of War contract to progress high‑purity graphite R&D and refinery development

High Grade It

  • Wall St gets $2.5T AI reality check with historic rout of tech stocks (WSJ) BHP, Rio leading ASX down 1% this morning

  • Gold surpasses $4,100 as USD and Treasury yields decline (Bloomberg)

  • Germany's Friedrich Merz calls for Europe to stockpile critical raw materials (Reuters)

  • Codelco's chair proposes restructuring to restore confidence after scandal (Bloomberg), while it halts the Andina mine in Chile after tailings spill threatens Blanco River (Mining.com)

  • S32's Worsley alumina refinery faces strike by ETU and AMWU members next week (West)

  • Indonesia cracks down on Arif Kurniawan's operations, boosting nickel prices 3.8% to $16.3k/t (Mining.com)

  • Trafigura-led creditors take 70% loss on Congo miner Chemaf’s debt (Bloomberg)

  • Lula's election win hampers US access to Brazil's rare earths (Reuters)

A message from SLR Consulting

Nature called. Here’s how Perth-based miner answered.

https://www.slrconsulting.com/apac/projects/supporting-gold-road-to-adopt-the-taskforce-on-nature-related-financial-disclosures-tnfd/

We helped Gold Road (part of Gold Fields) get ahead on nature-risk reporting. We mapped its exploration sites, and screened them against global water and biodiversity risk tools. Then, we ranked the risks that mattered most, from water scarcity to protected wildlife areas.

Dig into the details →

Wheelin’ n Dealin’

SS&C Intralinks
  • FRS ($691m) - Forrestania declared its off-market bid for Zenith unconditional and now holds 63.9% voting power; offer closes 12 Nov and won’t be extended

  • ALR ($192m) - Altair will sell subsidiary Cobalt X to unlisted Nexum Resources for 7m shares at 20c ($1.4m) | ▼ 7%

  • HAS ($49m) - Hastings issued 23m shares at $0.50 to Enuo for 49% of a Thailand hydromet plant; 8m escrowed | ▼ 7%

Rattlin’ the Tin

  • AEV ($38m) - Avenira raised $49m in a rights issue to fund Wonarah phosphate DSO, with $85m debt facilities expected to fund it | ▲ 8%

  • YRL ($31m) - Yandal completed T1 of its $9m placement, raising $7.1m at 7.5c

Word on the Decline

  • It's not just Canva discovering it has more boxes on the org chart than it needs.

  • Word reaches us BHP Technology is getting a shake-up, with functions moving out of the central structure to report directly into the mining assets.

  • We're told the WAIO restructure is expected to land before Christmas, with more redundancies en route.

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

Ownership & Oversight

  • PLS ($8.4B) - AusSuper bought $98m of PLS shares, lifting to 14.2%

  • RMS ($6.3B) - Ramelius director Fiona Murdoch bought 15k shares at $3.41

  • AUE ($231m) - Aurum Chair Richard Simpson retired on 30 Oct

  • TSO ($164m) - Aegis took a 9.4% stake in Tesoro, buying $1.3m of shares

In the Weeds

  • SOHN H&M: Marathon’s Robert Mullin picks Harbour Energy (AFR)

  • Unlocking WA’s $401B resources pipeline can tame inflation and save jobs (Australian) Op-ed by Aaron Morey, CMEWA chief

  • San Francisco Bay Area attracts $2.1B in mining tech startup funding, 35% globally (Mining.com)

  • Is the Nuclear Rush About to Hit a Wall? (Catalyst) Podcast with Mike Alkin

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Devil’s in the Detail

  • Last I checked, A$5,000/oz gold less A$2,222/oz AISC equals A$2,778/oz, not the A$2,829/oz of “free cash flow” Barton Gold is advertising. And that's before capex and tax.

Barton Gold presentation today

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