The Pre-Start
Greatland produced 86koz at AISC of $2,196/oz, generated $406m cash flow and closed with $948m cash, while completing the Havieron feasibility study (GGP)
Emerald updated the Dingo Range gold project MRE to 40.9Mt at 1.1g/t Au for 1.41Moz, including 24.2Mt at 1.4g/t Au for 1.12Moz, with the project now fully permitted and drilling ongoing (EMR)
West African produced 112koz (62koz from Kiaka) at AISC of US$1,561/oz in Q4, generating A$389m in operating cash flow. It spent $159m in growth capital over the quarter. Guidance to come this Q (WAF)
Develop’s Woodlawn ramp-up aims for steady-state production in the March quarter after a record 59kt Dec throughput, while Sulphur Springs metallurgical drilling returned 203.9m at 1.8% Cu. Cash retreated $24m to $179m (DVP)
Boss drummed 456klb (up 18%) with IX production of 406klb (up 8%), leaving it confident in reaching guidance of 1.6Mlb. It has revised AISC costs lower to US$40-42/lb. Cash & liquid assets declined $4m to $208m (BOE)
Coronado reported FY25 saleable production of 16Mt, average mining cost $97.5/t (down 9%), completed $150m Buchanan and $105m Mammoth expansions, and refinanced an ABL Facility for $265m (CRN)
Elevra’s recoveries dipped to 62% with spod production declining 15% to 44kdmt (SC4.9). Operating costs were flat at US$812/t, while cash closed at US$81m. Production guidance was revised down with costs up (ELV) Down 11%
Southern Cross intersected 559m at 2.1 g/t gold (uncut) across 16 vein sets at the Rising Sun prospect at Sunday Creek (SX2)
Meeka generated mine operating cash flow of $24m, building cash and gold to $67m after growth capital of $20m. It produced 9.1koz at $2,365/oz AISC (MEK)
Metro shipped a record 6.2Mwmt in CY25, & 2.06Mwmt in Q4, halted production on 3 January with 165kwmt stockpile and held $57m unrestricted cash (MMI)
Syrah produced 34kt natural graphite at Balama in the quarter, sold 29kt at US$577/t (CIF), held US$77m cash at quarter end and is assessing partnering and loan restructuring options (SYR)
Marimaca’s drilling at Pampa Medina intersected broad oxide extensions, including 162m at 0.61% Cu from 220m (including 12m at 2.02% Cu) (MC2)
Auric started toll processing of the second Munda campaign at Lakewood mill, and expects first gold sales in February (AWJ)
Sheffield said Sheng Feng (related party of Yansteel) has taken over Orion’s US$110m facility while debt restructure talks with NAIF and Sheng Feng continue (SFX) While the West talks…
Aurum reported further diamond drill intercepts at BMT3 in the Boundiali gold project, Côte d’Ivoire, including 6.9m at 7.22 g/t and 17m at 2.64 g/t (AUE)
Benz's Icon trend within the Glenburgh project returned infill intersections, including 13m at 29 g/t gold from 60m and 9m at 28 g/t from 84m (BNZ)
True North updated the Wallace North resource to 2Mt at 1.28% Cu and 0.77 g/t Au (25 kt Cu, 50 koz Au), supporting Cloncurry pre-feasibility studies (TNC)
Sunshine's grade control drilling at Liontown returned multiple near-surface hits, including 30m at 6.68 g/t Au. An initial mining study is due in Feb 2026 (SHN)
Bryan Quinn will step down as Aurelia MD & CEO, staying until end of July 2026 while the board searches for a successor (AMI)
High Grade It
Vale's Fabrica and Viga operations have been suspended following two water overflow incidents (Reuters) ~8Mtpa of iron ore combined
Gold rose as geopolitical uncertainty underpinned safe-haven demand, while silver surged 8% to hover near all-time highs (Reuters) 8% - that is not normal!
Citadel is joining the trading rush by taking a step into industrial metals after years of avoiding the sector (Bloomberg)
Citigroup expects spot silver prices to hit a record $150/oz within three months, extending a historic rally (Mining.com)
Wheelin’ n Dealin’
Rio & Glencore merger talks have been strained by the problem of how to account for the multi-billion dollar civil penalties that Glencore may be forced to pay if it’s successfully sued over historic bribery and corruption claims (AFR)
Glencore tops the list of European companies identified by M&A experts as potential takeover targets for 2026 (Bloomberg)
ACG chief executive Artem Volynets said the London-listed company aims to become a ‘western supplier’ of copper, as it works on 10 potential deals (FT)
Wiluna Mining hoping third time’s a charm for namesake mine as new stewards eye ASX listing (West)
India's Vedanta to sell 1.59% Hindustan Zinc stake worth US$500m (Reuters) Vedanta holds 61.84% of the zinc and silver miner
Century Aluminium is poised to take a 40% stake in a planned US smelter by EGA, the first US-built primary aluminium plant in 50 years (Reuters)
Ivanhoe Electric and SQM have formed a TyphoonTM exploration partnership in Chile where SQM funds US$9 million over 3 years and IE can earn a 50% JV interest on any copper discovery exceeding one million tonnes (IE.TO)
The owners of Turkey’s biggest open-pit copper mine (Gokirmak) mandated Goldman Sachs to sell their Acacia Mining (Bloomberg) seeking ~US$1 billion
Rattlin’ the Tin
Chinese miners accelerate bond issuances to build war chests for growth and deals (Bloomberg) CMOC and Jiangxi Copper have announced a combined US$4.8 billion worth of bond issuance in January alone and Inner Mongolia Xingye Silver & Tin is considering a dollar bond
Artemis Gold has commenced a C$450m offering of senior unsecured notes due 2031 as it refinances its RCF (ARTG.V)
Toubani received a credit-approved term sheet from Coris for a US$73m senior facility and US$10m mezzanine, totalling over US$80m, to partly replace the EEA gold stream (TRE)
Silver X is raising C$60m through a 10% 5-year secured convertible debenture, to fund development as it scales Nueva Recuperada (AGX.V)
Eric Sprott is investing US$40m into Highlander Silver at C$6.80 a share to accelerate development of San Luis and Corani (HSLV.TO)
Osisko Development is raising US$125m at US$3.54 a share in a bought deal to fund reserve conversion at Cariboo (ODV.V)
Aldebaran raised C$35m at C$3.25 a share with a concurrent insider placement, funding a PFS for the Altar copper gold project (ALDE.V)
Erdene is raising C$25m at $8.90 a share to fund exploration outside its MMC alliance, including the Khuvyn Khar copper porphyry system (ERD.TO)
IsoEnergy closed a C$57m bought deal and a C$25m NexGen private placement at C$15/sh to advance Larocque East while allowing NexGen to maintain its 30% stake (ISO.TO)
Gold X2 secured a C$116m strategic financing package, bringing in AngloGold Ashanti at 9.9% and Hess Capital via a $23m placement to advance the Moss Gold project (AUXX.V)
Chesapeake closed a $C17m bought deal and a C$2.8m Eric Sprott private placement to advance Metates, Lucy and its oxidative leach technology (CKG.V)
Trident launched a C$15m bought deal to fund exploration and resource growth in Saskatchewan’s La Ronge gold belt (ROCK.V)
International Tower Hill Mines closed a US$115m upsized equity raise, including a US$40m private placement to Paulson & Co to advance the Livengood gold project in Alaska (ITH.TO)
Ascot Resources announced the closing of the final tranche of a placement to raise C$175m (AOT.V)
Word on the Decline
It’s funny what a precious metals bull market does. Lately, we have heard several suggestions that at least one mining major is re-evaluating their (lack of) gold exposure.
We’re a long way from any deal materialising. But wild.
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Northern Star shows that a lot can go wrong in a boom (Dryblower)
Is copper the next big shortage? (Report)
Gold Measures the Real Value of other Assets (Myrmikan Research)
BHP has returned to the top of the ASX. 4 charts say it doesn’t matter (AFR) Why BHP has displaced CBA at the top of the ASX (Australian)
G Mining Ventures: A Mine Building Giant Dressed as a Junior Gold Developer (Commodity Compass)
Tether Is Shaking Up the Gold Market (Bloomberg)
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