The Pre-Start
WAF ($3.4B) - West African guided 2026 output at 430-490koz gold with AISC under US$1,900/oz and flagged H2 dividends/buybacks, while updating a 10-year plan averaging 533kozpa
ELV ($1.4B) - Morella completed 20 RC holes at Mt Edon, intersecting 84m pegmatite from 18m (11 holes >30m), with assays due in coming weeks
FML ($668m) - Focus’ annual report showed it sold 49koz gold in 2025, reported $301m revenue and $272m NPAT, and closed with $160m cash
SMI ($643m) - Santana secured Komatsu build slots for the Bendigo‑Ophir fleet (NZ$115m) to enable construction start, under an OEM‑financed lease, pending the Fast‑track Approval decision due 29 Oct 2026
SGQ ($443m) - St George signed an MoU with Tecnicas Reunidas to test RARETECH processing, with a licence and plant design to be negotiated if viable
MTM ($413m) - Metallium signed a 10-year offtake with Indium Corp for recovered gallium & germanium, with formula-based pricing but no minimum purchase obligations | ▲ 6%
ASL ($391m) - Andean Silver reported new assays at Cerro Bayo, including 11.4m at 144 g/t AgEq at Temer
INR ($384m) - Ioneer won a US District Court ruling upholding the BLM-approved mine plan for Rhyolite Ridge | ▲ 16%
A1M ($367m) - AIC Mines lifted combined Eloise reserves 14% to 10.2Mt at 1.9% Cu (191kt) and MRE to 31.2Mt at 2% Cu, with Jericho reserves at 7.1Mt at 1.8% Cu and stoping targeted from June '26
ATR ($264m) - Astron released a BFS for Donald Phase 1 showing post-tax NPV₈ $462m and 15.6% IRR on $450m capex, with up to $300m senior debt under negotiation and FID targeted in Q2 2026 | ▲ 6%
TSO ($158m) - Tesoro reported 26m at 2.3 g/t gold from 278m at Ternera, with infill drilling ~85% complete and an updated MRE due mid CY26
DLI ($143m) - Delta produced 99.8% Li₂CO₃ from Mt Ida mica concentrate with 86% lithium recovery and ~97% Rb₂CO₃ with 67% recovery, and will incorporate rubidium byproduct revenue into financial modelling
GPR ($135m) - Geopacific gained CEPA approval to amend the Environment Permit for Woodlark to a 3.5Mtpa configuration ahead of the DFS
KAI ($125m) - Kairos shareholders approved a 1-for-15 consolidation and a name change to Pilbara Gold (ticker PGL)
GBE ($87m) - Globe Metals & Mining is in halt pending release of BFS results
MMA ($82m) - Maronan said 35% holder Red Metal will seek approval to in-specie distribute ~73m MMA shares to its shareholders, retaining ~15m
AVL ($79m) - Australian Vanadium advanced its V-NOMAD electrolyte production technology for batteries, appointing Sedgman, and is targeting the proposed Kalgoorlie VBESS as an initial deployment
ENX ($62m) - Enegex's maiden AC at Kalama Bave (Côte d’Ivoire) returned 24m at 3.7 g/t gold from surface
AWJ ($58m) - Auric posted $5.2m NPAT on $21m revenue in FY25, generated $6.5m free cash flow and closed with $6.5m cash
LMG ($53m) - Latrobe Magnesium received US$2m prepayment from US distributor Metal Exchange to fund Phase 1B commissioning of its Latrobe Valley demonstration plant
IMA ($46m) - Image produced 174kt HMC at AISC $394/t in FY25, posted a $83m net loss after $53m impairments, ended with $7.7m cash and guided to 170-190kt in FY26
PXX ($46m) - PolarX reported 9.1m at 6.4 g/t gold and 1.7 g/t silver from 90m at Ridgeline, defining mineralisation over 800m within a 3.6km anomaly
PTR ($37m) - PTR first 1t bulk sample from Rosewood delivered 91.3% HM recovery to 90.8% HMC with preliminary products grading 55.4–84.2% TiO₂; A 3t composite is under test, and a maiden MRE is due Q2 2026
CST ($34m) - Castile has begun bench-scale testing for the Rover 1 BFS pilot plant to generate gold, copper, bismuth and cobalt samples for prospective customers and financiers
VKA ($33m) - Viking produced a 63.6% WO₃ concentrate via gravity at 42.4% recovery from Linka, with rougher flotation on tails
CPN ($32m) - Caspin elected not to exercise its option to acquire 80% of Weethalle following Phase 2 drilling
AUQ ($27m) - Alara shipped its copper concentrate from Sohar after delays from regional disruptions, with Al Wash-hi Majaza operating at nameplate
High Grade It
Rio suffered a $1.1B export hit from cyclones (AFR) Guidance maintained
Aluminium nears a 4-year peak after Iran attacks Middle East smelters (Reuters)
The ATO is probing the Greenbushes lithium mine for transfer pricing amid another huge profit (West)
Vale is aiming to boost its business in India by ramping up shipments as China’s star fades (Mining.com)
Energy giants warn Labor: don’t tax us into a power crunch or impact will be worse than current petrol, diesel shock (Australian)
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Wheelin’ n Dealin’
Rio Tinto bankers up for infrastructure sale; eyes on Pilbara power assets (AFR)
RSG ($2.7B) - Resolute signed a non-binding MoU with state-owned Nimba Mining to evaluate and potentially co-develop gold projects in Guinea, with a 90-day assessment and JV formation envisaged
HAS ($111m) - Hastings signed a binding term sheet with Enuo to acquire a fully permitted hydromet MREC plant in Thailand for up to US$15m, targeting Q4 CY26 first MREC from third-party feedstock and ramp to 30ktpa, with Hastings to hold board majority
Rattlin’ the Tin
DBI ($2.5B) - Dalrymple Bay refinanced $1.1B of debt at a 1.6% margin (vs 3.3%), targeting ~$75m interest savings to 2030 | $103m in early repayment costs.. (offset by a $27m tax benefit)
LIN ($1.4B) - Lindian is in a halt pending an announcement on a placement
FWZ.C (C$882m) - Fireweed announced a C$61.5m placement at a 9% premium to last close, with a strategic investment from JX Advanced Metals & the Lundin Family, respectively holding 5% and ~23% of the company
CBE ($84m) - Cobre completed a $60m raise at $0.15 to fund the Sierra Atacama mine acquisition
ADN ($46m) - Andromeda's cornerstone equity funding has been delayed by Middle East conflict with no timeframe or assurance of completion, triggering $3m cost cuts
CAM.V (C$43m) - Agnico Eagle has purchased C$7.6m of Cascadia Minerals stock via a placement, equating to 14% of the company
Word on the Decline
We think a good number of explorers are waiting for producers to acknowledge fuel tightness first, before revealing the delays to their drill programs. Contractors and rigs are quietly migrating up the food chain, prioritising the miners who pay the consistent bills
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
What's wrong with gold (Alyosha) Keep an open mind. Gold fell for 2 years after Desert Storm, bottomed in 1999 & didn’t see its Jan 1991 highs for 12 years… Nothing is wrong with gold. It is the only market that’s always right.
The Cascade (Campbell Ramble) Great run thru of the petrochemical flowchart
Gold squeezed by selling pressure and rising costs (Dryblower) Discusses Turkey selling 10% of its gold reserves for ~US$8B
The Mining Efficiency Gap: Why High Prices Are No Longer Enough - Pt 2 (Kenfucian)
WTO; Iran, AI and Rare Earths; Politics & Foghorns; Lynas, Neo, NCM, Mkango, USARE, and the lot (TREO)
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Today’s Top Tweet
Ownership & Oversight
AII ($6B) - Almonty CEO Lewis Black and director Daniel D’Amato sold 2.5m shares each on‑market at US$15.25 (US$38.1m each) | ▼ 5%
EQR ($1.6B) - EQ Resources appointed Michael Nossal as non-exec chair
MC2 ($1.1B) - Marimaca appointed Zenon Wozniak as independent NED and named Giancarlo Lagomarsino as independent chair
NMG ($489m) - New Murchison appointed Mark Adams as a NED
HRZ ($240m) - Cindy Deng acquired $12.6m of Horizon Minerals, to 14.6%
VMM ($232m) - JGP Global sold $5.2m of Viridis shares on-market
TER ($182m) - TerraCom director Mark Ludski resigned effective immediately
MRD ($37m) - Mount Ridley director David Wall bought $177k on-market
Our Latest Show
How Capital Cycles Create 100 Baggers In Plain Sight
A conversation with Django Davidson, PM at the US$8B investor Hosking Partners, to discuss the capital cycle framework & opportunities in mining