The Pre-Start

Endeavour produced 911koz at US$1,362/oz AISC, leaving it on track to meet guidance. It reduced gross debt by US$425m to US$678m. The Assafou project DFS remains on track for Q1 2026 (EDV.TO)
Lithium Americas shared that 80% of the detailed engineering at Thacker Pass is complete, with 700 personnel on site as construction ramps up (LAC.TO)
DPM reported US$148m in Q3 free cash flow. Vareš’s integration is tracking well, with a focus on achieving 850ktpa by year-end 2026, while next year’s production is now expected to be better than previously anticipated (DPM)
Predictive released a technical report for the Bankan gold project (PDI)
Argent Minerals' drilling at Kempfield intersected 201m of mineralisation, including 100m @ 180g/t AgEq and 11.9m @ 492g/t AgEq (ARD)
New presentations were shared by Black Rock Mining, Galan, Magnetic & Black Canyon

High Grade It

Rio Tinto will stop working on the development of Jadar in Serbia two decades after discovery, with the project falling victim to the cost-cutting(AFR)
Chinese battery stocks surged as CATL’s deal with an energy storage-system manufacturer stoked investor excitement about the sector (Bloomberg)
The ATO has returned with a new probe into MinRes and its founder, Chris Ellison (AFR), while a company jointly owned by MIN & Destec has accused Ellison of breaching his duties as a director (BN)
The Guangzhou Futures Exchange will publish details of PGM stockpiles when it launches China’s first derivatives market for the precious metals (Bloomberg)
BHP will learn whether it’s liable for potentially billions of dollars more for the Mariana disaster in Brazil when a UK court hands down a ruling today (AFR)
Zimbabwean lithium miners have asked the government to defer taxes on concentrates until the end of 2026 (Bloomberg)

Horizon will divest its 100% interest in the Lake Johnston Project to Forrestania for $35m ($30m cash and $5m in shares), subject to conditions including Forrestania's capital raising and completion by January 2026 (HRZ) paid $30m for POS 12 months ago and now sold the “non core” component for $35m, very tidy
Vizsla Copper announced the acquisition of the Palmer VMS project in Alaska, while launching a placement for up to C$25m (VCU.V)

Barrenjoey courts mining royalty, teeing up meetings for the $24b Lundin Mining (AFR)
Rox revealed that L1 Capital cornerstoned its raise, investing $60m of the $200m (RXL)
Unico Silver is raising $40m at 55c (USL)
Cyprium refinanced its US$27m senior secured loan with Nebari, replacing Glencore, extending maturity to 2029 (CYM)
Silver Tiger announced a C$40m bought deal financing (SLVR.C)
Ivanhoe Electric received credit approval for a $200m credit facility to support Santa Cruz copper project development (IE.NY)
Forrestania requested a trading halt pending a proposed capital raising, to fund its Lake Johnson deal (FRS)

With Forrestania paying up for Lake Johnston, they’re short-odds favourite to end up taking Wesfarmers’ Mt Holland gold assets
And speaking of Wesfarmers + Mt Holland, we are increasingly certain that Covalent Lithium expansion announced in the first quarter next year - which included doubling the site’s processing capacity

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

White House "Fact Sheet" Changes (TREO)
The quiet gold rush testing NZ’s appetite for mining wealth (NZH) A dive into all current NZ goldies
Mark Landau's best investment decision (Livewire) Insight into one of Australia’s best fundies
Submission to the WA Parliament on the benefits of uranium (Doc)

Were you forwarded this email from someone else?

Only Rio could put something that never lived into palliative care.

You can’t put an undeveloped project into “care and maintenance”. It’s not a thing.

New episode out tonight at 5pm