The Pre-Start

Vault released guidance of 332-360koz at ~$2,750/oz AISC, plus ~$310m in capex and exploration. Output over the following 2 years is guided to ~375koz & ~385koz (VAU) FY26 softer than expected - but stock has rallied 7%
Santana has intersected the RAS axis ~250m down plunge, returning 10.9m at 3g/t from 591m, with another hit returning lower grades (SMI)
Following 2 years of suspension, Leo Lithium has been removed from the ASX official list (LLL)
Yandal claimed its latest results confirmed the Arrakis discovery, with a hit of 54m at 1.2g/t from 108m to the end of hole (YRL) Up 62%
Carnaby hit 7m at 9.3% CuEq from 415m from its first exploration hole at Trek 1 (CNB) Up 12%
Auric will commence a toll milling campaign totalling 60kt at Lakewood in October (AWJ)
Brighstar received approvals for open-pit mining at Lord Byron (BTR)
Locksley shared antimony metallurgical recoveries of 82.9-85.9% from samples that graded 9.6% Sb (LKY) Up 14%
Ballard issued infill results from Baldock, with the program 60% complete (BM1)
Torque released step-out assays from drilling at the southwest of Paris, hitting 6m at 7.1g/t gold from 265m (TOR)
Nick Woolrych has been appointed MD & CEO at Peel (PEX)
Lynas shared a new presentation

High Grade It

China has ordered steel mills to stop buying BHP's Jimblebar iron ore as Beijing plays hardball in price negotiations with Australian miners (Australian)
Two bodies have been recovered in the search for 7 Freeport Indonesia workers trapped underground at Grasberg since Sept 8 due to heavy mudflows (Reuters)
PM Albanese has left negotiations with Glencore of a $600m rescue plea for Mt Isa to ministers, with discussions coming to a head this week (Australian)
The frontrunner to be BHP’s next CEO, Geraldine Slattery, lashed out at QLD Premier Crisafulli & the LNP gov’t over a lack of “courage and vision” (Australian)
India is considering setting up a strategic reserve of critical minerals for emergency use in defence manufacturing (Reuters) More evidence of our new paradigm
China’s shipments of rare-earth magnets to the US dropped in August, even as overall exports continued to rebound (Bloomberg)
Mercuria has become the first major commodity house to launch physical trading in uranium (Reuters)
Solar manufacturers, the largest industrial consumers of silver, are set to reduce use of the metal for the first time in years amid a scorching rally (Bloomberg)
The DRC will allow some cobalt exports to resume from next month, with quotas replacing a months-long ban on shipments (Bloomberg)

When you need drilling done right - fast, reliable and with samples you can trust - K-Drill is the crew to call. Get in touch with the team here.

BlackRock-owned GIP has held talks with BHP to discuss acquiring some of its infrastructure assets that span ports, railway lines and desalination plants (AFR)
The Hastings-Wyloo agreement has seen all precedent conditions met, with the outstanding notes cancelled (HAS)
Global Lithium sold its stake in Kairos, realising $7m (GL1)

MinRes has launched a US$700m offering of senior unsecured notes due 2031 to refinance its existing US$700m senior unsecured notes due May 2027 (MIN)
RareX is in halt as it finalises proposed funding arrangements (REE)
TG Metals has raised $4m to further its Van Uden gold project (TG6)
Trigg is in a trading halt pending announcement of an acquisition and strategic placement (TMG)

An interesting article out of The Australian this morning on the dynamics at Glencore’s Mt Isa copper operations
While the pitch for a government bailout is in full force, we think the Swiss multinational is advancing a range of options at the copper hub
Keep in mind that Glencore’s Mount Isa mining operation (MICO) closed in July
So it makes sense that Glencore would be trying to lure a better operator to earn a stake in the complex: use your imagination here…
Lots of moving parts, including the government action. But the operation is prime for a transaction in our opinion

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Gold Road investors’ 100-fold return marks end of line for $3.7B miner (AFR)
Angela Bennett unmasks brother Julian Wright’s secret legal backers (Australian)
Steve Mandel Interview (Spotify, Apple) Not mining specific, but a fantastic listen for investors
Porsche’s EV Pullback Highlights Cracks in German Auto Empire (Bloomberg)
Saudi Arabian miner Maaden to ‘blow people’s hair back’ with growth push (FT)
Rare Earth Observer’s thoughts on US tariffs, Peak’s bargain sale & Metallium (TREO)