The Pre-Start
Franco-Nevada posted quarterly adjusted EBITDA of US$427m on 125k GEOs sold (up 29%), with many financial records broken (FNV.TO)
Vault will transition KoTH open pit to owner-operator mining from 1 January 2027, expanding fleet and material movements (c.35% increase) (VAU)
Resolute issued an update given Mali concerns, noting Syama continues to operate without disruption, while it looks to address logistical challenges (RSG) Down 10%
Lundin Gold reported what it dubbed its best porphyry grades to date, expanding the mineralised corridor and confirming large-scale potential (LUG.TO)
Minerals 260 reported assays from 107 drill holes at Bullabulling, extending mineralisation at depth with high‑grade intercepts including 10m @ 10.9 g/t (Phoenix) & 5m @ 21.7 g/t (Dicksons). Resource update early Dec (MI6)
Alphamin announced a CAD 4c dividend (AFM.V)
Petratherm’s met test work on Rosewood bulk samples produced high-quality HMC with 91–98% HM grade and 86–95% recoveries, confirming coarse, Ti-rich mineralisation (PTR)
Southern Cross Gold has promoted Michael Frame to CFO effective immediately, replacing Nick DeMare, who’ll stay with the business (SX2)
Kalamazoo released a scoping study for Mt Olympus, outlining recoverable gold of 524koz with a ~6 year LOM at AISC $2,183/oz. Using a base case of A$4,500/oz, the NPV8 is $249m & 34% IRR, after $208m in capex (KZR)
Aya shared a PEA on Boumadine, showing an NPV5 of US$1.5B and IRR of 47%, using a US$2,800/oz gold price. It would produce ~400kozpa for the first 5 years, after capex of $446m (AYA.TO) Down 8%. See top tweet below
WIN intercepted gold mineralisation, with a best hit of 1m at 33.9g/t from 27m at its Radio Gold project (WIN)
Patronous extended gold mineralisation 1.5km north with a best hit of 13m at 3.7g/t Au from 28m at Merlin (PTN)
Rox will fire the first decline cut at United North this week after Byrnecut mobilisation, with site infrastructure advancing, DFS due this month (RXL)
Locksley signed an MoU with Hazen Research to secure US toll processing and advance pilot plant design, commercial studies and sample production (LKY)
West Coast Silver’s follow-up 1,300m diamond program at Elizabeth Hill has intersected native silver in two holes and silver-bearing minerals in four of the first five holes (WCE)
Odyssey Gold shared its latest Tuckanarra hits, with a headline of 9m at 3.8g/t from 37m (ODY)
Mont Royal has relisted following its merger with Commerce Resources (MRZ)
Lion Selection has ceased to be a substantial shareholder in Brightstar (BTR)
High Grade It
QLD said Fortescue hasn’t repaid $66m in taxpayer funds for its abandoned hydrogen plant, as the federal gov’t refuses to reveal the status of its $45m hand-out (Australian)
South32 is rolling out redundancies at its Perth headquarters amid a wave of job cuts sweeping through the State’s mining industry (West)
UBS warned that retail investors who’ve piled into rare earth stocks should tread carefully, because previous rallies in the sector have proved short-lived (AFR)
AusSuper said MinRes is back on track after it bought $50m of stock (Australian)
The closure of Rio’s Bell Bay aluminium smelter has been averted for at least 14 months after the Tasmanian gov’t agreed to extend a power contract temporarily (AFR)
Copper extended a decline from a record as Codelco eased supply concerns (Bloomberg)
A two-month-old fuel blockade by al Qaeda-linked militants has all but paralysed the capital of Mali (Reuters) Miner’s increasingly disrupted
Wheelin’ n Dealin’
The EU has launched an in-depth probe into MMG’s US$500m purchase of Anglo’s Brazilian nickel business due to concerns it threatens the bloc's stainless-steel industry (Bloomberg)
Medallion executed ancillary agreements with IGO for the proposed Forrestania acquisition, including mineral rights + royalty and option deeds (MM8)
Rattlin’ the Tin
Endura (formerly Federation) secured $150m in new equity funding to finance the development of the Snowy River gold mine (Endura) 9.9% shareholder Orion has also provided an undrawn facility and credit-approved term sheets from an Australian commercial bank
Austral will be reinstated to ASX trading today, following recapitalisation and a $40m capital raising at $0.05/sh (AR1) funds assisted acquiring the Rocklands project. Stock trading 4.8c
Galan received the final $10m tranche from Clean Elements, completing the $20m placement to fund Phase 1 construction at Hombre Muerto West (GLN)
Word on the Decline
Anglo American has made it clear it plans to divest its manganese business, which includes its 40% stake in the Samancor JV.
Normally, the partner gets a good deal through JV pre-emptive rights.
But this time South32, which owns the other 60% and operates the Groote Eylandt, Wessels, and Mamatwan mines, looks content to sell these assets too.
If both majors are willing sellers, there’s room for a new entrant to emerge as a serious global manganese player almost overnight. Any takers?
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
60 years of Western Australian nickel (Strictly Boardroom)
What the world’s biggest mine means for Australia's iron ore empire (AFR Explainer) Cracking article with interactive maps & video fly overs
Were you forwarded this email from someone else?
Today’s Top Tweet
Another “Divergence Case” we see…
As folk wiser than yours truly have put it: it takes 10X as much effort to refute bullshit as it takes to produce it.
So I'll just leave you with their gold price sensitivity table, which gives you the "NPV" of Boumadine at $17,000/oz gold and $200/oz silver.
$AYA.to
— #Ben Kramer-Miller (#@TheWealthMiner)
12:16 PM • Nov 4, 2025
Devil’s in the Detail
Interesting peer comps slide in Kalamazoo’s deck this morning.
If the pack has caught up to Magnetic, at some stage, the relative value will work for Genesis to move on it. MAU is 35% down from its May highs. GMD is 25% up over the same period.
Catch up on our latest episode
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Smart Money is Buying-the-Dip in Copper and Gold
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