The Pre-Start
Lynas and Noveon announced an MoU aimed at scaling rare earth permanent magnet supply in the U.S. (LYC)
Liontown amended its Ford loan and offtake agreement, with principal and interest payments opushed out a year, and volumes reduced (LTR)
Develop updated its Sulphur Springs project numbers, underscored by a pre-tax NPV8 of $921m and pre-tax IRR of 59%. It’ll need upfront capital of $329m, with the plant right-sized to 1.5Mtpa (DVP) Up 6%
WA1 published Luni infills assays as the company defines the high-grade zones. Best hits included 36m at 2.9% from 36m and 20m at 4% from 29m Nb2O5 (WA1)
K92 produced 44koz of AuEq over the quarter, processing 137kt of ore at 11.2g/t AuEq (KNT.TO) Up 11%
Larvotto released further assays from drilling need the Hillgrove plant, with hits including 30m at 3.3g/t AuEq from 104m (LRV)
Broken Hill Mines has commenced mining and processing of the Blackwoods ore body of Main Lode (BHM)
Brazilian Rare Earths signed a 10-year heavy rare earth offtake deal with Carester for up to 150tpa, who’re building a seperation plant in France (BRE)
Firefly shared its latest round of drill results from Green Bay, with infill work hitting intercepts including 4.4m at 19.5% CuEq from 205m (FFM)
PMET’s inital testwork to produced a caesium concentrate showed a potential pathway, with CV13 ore sorted to 11.9% Cs2O at 88% global recovery (PMT)
Andean Silver shared drill hits including 3.9m at 779g/t AgEq from 160m (ASL)
Arras Minerals hit 457m at 0.63g/t AuEq from surface at its Elemes project (ARK.V) Up 21%
Dateline received an ASX query after its stock fell 25% yesterday on no news (DTR) Our go-to barometer for the frothiness of this market
Medallion added to its team, with Tony James moving to COO amongst several additions (MM8)
Gorilla added to its board and leadership team, with Craig Jones, Daniel Kendal & Jarrod Ramadan joining (GG8)
Cathy Moises has joined Saturn Metals as a NED (STN)
A new presentation was shared by Marimaca
High Grade It
Glencore, which is in line to receive hundreds of millions of dollars in subsidies for its Mt Isa smelter, paid below Australia’s corporate tax rate last year, raising questions (AFR), while the smelter still faces challenges, with its survival now tied to the fate of the struggling Phosphate Hill operation (Australian)
Teck cut output guidance at Quebrada Blanca by ~60kt in Chile, which will see production impacted through to 2028 (Bloomberg)
Silver prices shot to a record high, buoyed by gold's bull run and growing investor demand, hitting $49.57/oz (Reuters)
Mercuria’s new metals division is up by around $300m in trading profits so far this year, following an aggressive expansion (Bloomberg)
Palladium surged nearly 10%, its biggest advance since May 2023, as gains across precious metals accelerated with investors piling into havens (Bloomberg)
SS&C Intralinks is the world leader for secure collaboration in the mining and natural resources sector. Companies of all sizes, strategic transations, JVs, capital raising or highly sensitive file sharing outside of their firewall. Intralinks keeps your data secure and the deal moving - find out more.
Wheelin’ n Dealin’
South32 has reportedly tapped Macquarie to sell its $1B Cannington silver mine as the metal soars to record highs (Australian) you read it here a month ago though…
Anglo American defends due diligence on $50bn merger as Teck cuts copper forecasts (FT)
Grupo Mexico rules out higher bid for Citi’s Banamex, weighs IPO (Bloomberg)
Rattlin’ the Tin
Word on the Decline
Resource Capital Funds has been in Global Advanced Metals for over a decade
GAM is one of the world’s few vertically integrated tantalum producers, owning Greenbushes and Wodgina’s tantalum rights and refining assets in the US and Japan
Private equity doesn’t hold on forever. Its playbook is to nurture technical minerals assets, then sell into structural tailwinds
With critical minerals front of mind and tantalum prices quietly firm, the setup looks right for an exit
But given the strategic importance of GAM, we wouldn’t be surprised to see a government co-investment vehicle in the mix…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Green light for Hancock Prospecting’s $250m West Perth office (BN)
How Silver Flooded the World (UT Substack) A wicked read for those interested in silver, currencies, crypto, debasement & history
Labor pours fuel on smelter bonfire with Glencore’s Mt Isa bailout (AFR)
Luxury Fortescue jet hits governance turbulence with top shareholder association urging greater transparency (West)
Trader (YouTube) The iconic doco that made Paul Tudor Jones’ name as he forecasted the 87’ crash. Somehow hilarious & insightful at the same time.
Were you forwarded this email from someone else?
Today’s Top Tweet
All my stuff is green.
This is not a normal experience for mining investors. 🤣
— #Matt Warder (#@mfwarder)
6:06 PM • Oct 8, 2025
Devil’s in the Detail
Grasberg, Quebrada Blanca, Kamoa-Kakula, El Teniente, Cobre Panamá, Las Bambas, Constancia.
Copper supply everywhere is being erased from the forecasts.
Teck’s updated guidance following review of QB
About 18 months ago, we remember when Groote Eylandt went down overnight. We loaded up JMS expecting the supply disruption to drive a beautiful manganese price queeze. It didn’t exactly play out that way. It turns out manganese supply is incredibly responsive.
Guess what, copper supply isn’t…
Catch up on our latest episode
🟢Spotify | 🟣 Apple Podcasts | 🟥 Youtube