The Pre-Start
AngloGold Ashanti reported free cash flow of US$920m, on US$1.4B in operating cash flow. It now has net cash of US$450m, while declaring a US 91c dividend (US$460m total). It produced 768koz (AGA.NY)
Liontown will host its first Metalshub auction for 10kt of spod con on 19 Nov to digitise spot sales and improve price transparency (LTR)
Marimaca received environmental approval for its Marimaca Oxide deposit (MC2)
SSR announced an initial 12-year LOM for CC&V with an NPV5 of US$824m (using US$3,240/oz gold). The operation has produced 85koz since it was purchased Feb 2025 (SSR.TO)
29Metals awarded a 4-year underground mining contract to Byrnecut for the Gossan Valley project at Golden Grove. First ore on track for end of 2026 (29M)
Atlantic Lithium has submitted the Ewoyaa mining lease, marking the final permitting step ahead of potential financing & offtake (A11)
Strickland's Gradina extensional drilling returned a record 702.5m continuous mineralisation, remains open southeast, with a maiden MRE in late‑2025 (STK)
GBM reported first drill results at Lone Sister, returning 52m @ 2.8g/t Au from 299m (part of 182m @ 1.55g/t from 189m), extending mineralisation outside the current MRE (GBZ)
WIN released its scoping study for Butcher’s Creek, forecasting 3.3Mt at 2g/t Au for 200koz with a 9-year LOM. It has an NPV8 of $143m, IRR of 25%, with capex of $142m (WIN)
Brightstar intersected 10m at 9.8g/t Au from 57m at its Linden Giant prospect (BTR)
Horseshoe completed its RC infill drilling at Motters Copper Oxide zone, confirming shallow mineralisation with a best hit of 40m at 1.18% Cu from surface (HOR)
Ballymore’s first RC drilling at Torpy’s Cooked Creek completed two holes intercepting lead-zinc mineralisation of 6m at 18% Sphalerite and 13% Galena from 87m (BMR)
High Grade It
Banks are having to recast their lithium forecasts to account for an “imminent surge” in battery storage demand that is turbocharging a rally (AFR) PLS trading near ~10x revenue, LTR largest EV outside ALB bid
ASIC has launched Federal Court action against AVZ Minerals and two directors over alleged failures to disclose critical information (Australian)
Class action lawyers & funders have almost tripled their proposed cut of a $110m settlement against BHP over the collapse of its Samarco Fundão dam (AFR)
BHP’s in-house labour company has been ordered to pay ~$100k in penalties for unreasonably requiring 85 coal miners to work over Christmas (Australian)
Nuclear power will receive most of the money from the U.S. Energy Department’s loan office as part of a push to ensure new reactors are built (NM)
Chinese-owned Karara Mining faces an ATO probe after posting $803m loss despite shipping millions of tonnes of iron ore to its parent (Australian)
The Tasmanian gov’t ordered an immediate halt to Hellyer Gold Mines over unpaid debts to the crown (Pulse Tasmania)
There’s never been a better time to take advantage of latent gold assets. If you’re stretched and need a high-quality team to make your life easier, call Blue Cap
Wheelin’ n Dealin’
MinRes will sell 30% of its operational lithium business (Wodgina & Mt Marion) under a new JV, which will house the 50% ownership of each asset. POSCO will pay US$765m ($1.2B) for the stake (MIN, AFR) Up 9%, note broker consensus NAV on MinRes’ lithium business was A$2.7B and the deal values it at A$3.9B. We think it’s a ripping deal for MinRes.
Teck held talks about a combination with Vale's base metals unit before agreeing to merge with Anglo (Bloomberg) We love the goss that comes out from these Information Circulars
Skylark has acquired a portfolio of gold assets in Côte d’Ivoire, including the 1.8g/t 364koz Zaranou gold project for total consideration ~$6m and ~$1.5m debt settlement (SKM)
Rattlin’ the Tin
Word on the Decline
As Bellevue has put some runs on the board in recent months, we’ve been wondering what might have been a roadblock for any of the parties that took a look in the data room
One thing that we’ve heard a couple of times is the 15-year contract with Zenith Energy for the hybrid power station has been a hindrance for parties with their own, bigger mill. We think that contract is take-or-pay which doesn’t bode well for synergies from re-routing the ore!
Bellevue doesn’t have to do a deal, especially if they can string together some strong quarters
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
MOFCOM No. 62 Affects La, Ce, NdPr; American RE Roulette: Lynas, Energy Fuels, Phoenix Tailings, Rainbow (The Rare Earth Observer Substack)
Rick Rule interviews Lukas Lundin (YouTube) A 2017 interview with the late great
Argentina’s libertarian President Javier Milei is now trying to turn a land best known for Malbec and steak into a powerhouse in the world’s booming copper industry (WSJ)
How the world’s biggest mining project is a win for China (FT’s Big Read) Another huge (and interesting) write-up… Simandou PR in overdrive
Equinox Gold Thesis Update (Massif Capital)
Inside an Australian Gold Mine! (Aaron Witt) Inside Capricorn’s Karlawinda
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Today’s Top Tweet
Devil’s in the Detail
Since July 1, 2022, the lithium price is down 83%. PLS is up 55% and trades at >10x revenue.
…something something about equity markets being forward-looking, not backwards-looking.
We’ve stopped trying to rationalise valuations (for now) and just accepted the pockets of what seems to be absurdity on paper.
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