The Pre-Start
Golden Horse’s diamond drilling program confirmed mineralisation of 28.7m at 3.8g/t Au from 192m at Hopes Hill, with a second rig fast-tracked (GHM)
Lunnon gold released assays from infill RC drilling, with a hit of 20m at 12.29g/t Au from 13m at Lady Herial the pick of the bunch (LM8)
Cyclone Metals undertook restructuring of company’s management were Mr Paul Berend will transition from CEO of Cyclone to CEO of Iron Bear (CLE)
Resources & Energy Group announced a maiden resource estimate at Gigante Grande of 1.39Mt at 0.91g/t Au for 40koz over 700m long, 300m wide and at a depth of 120m open pit design (REZ)
Iltani reported assay results from Orient-Silver-Indium Project with a hit of 62m at 90.3g/t Ag Eq from 97m, completing its 9 RC hole program (ILT)
Maronan Metals shared a PEA on the Starter Zone of its underground project, comparing a standalone facility vs toll treating, with the latter delivering an NPV8 of $362m and IRR of 67% on 5.4Moz AgEq production pa (MMA)
American Rare Earths completed test mining at Halleck Creek, with ore now being used to assess various comminution methods (ARR)
Yandal is in halt pending the released of further drilling results (YRL)
Presentations were shared by Kingston, Dateline, & Unico Silver
High Grade It
The QLD govt’t is set to offer coal miners financial relief to help survive the coal price downturn, but insists that will not include changes to the state’s royalty regime (AFR)
Gold powered to a record in the week’s opening session after flows into ETFs hit a three-year high (AFR) Retail is coming
Berkshire increased its holdings in Mitsui to more than 10% on a voting-rights basis (Bloomberg)
Congo will not 'auction' its mineral resources to the US, president Felix Tshisekedi has said (Reuters)
Barrick shares are on their biggest tear in 5 years on prospects that Fourmile will become a major new mine, labelled a “gamechanger” by analysts (Bloomberg)
Short on bandwidth to unlock those ounces? From mine management to engineering to rehab work, Blue Cap Mining has the experience, so you just have to cash the cheque.
Wheelin’ n Dealin’
China's largest non-SOE gold producer, Chifeng, sees no ceiling for already sky-high prices and is on the lookout for overseas acquisition targets, its CEO said (Nikkei)
Dataroom has reported Gold Fields is likely to sell its $1.1B Northern Star stake after closing the Gold Road deal (Australian)
Forrestania will invest $1.9m at 2.2c per share in Kula Gold, while also picking up tenements with an inferred resource of 100koz Au near Edna May (FRS)
Rattlin’ the Tin
Mineral Resources announced pricing of its US$700m unsecured notes at 7% refinancing its existing rate from 8.125% (MIN)
The Trump administration is “re-evaluating” a $2.3B loan approved by President Joe Biden for the development of Thacker Pass (Mining.com)
Impact Minerals received firm commitments for a $4m placement (IPT)
White Gold Corp announced a C$20m private placement (WGO.V)
Canyon Resources is in halt to raise capital (CAY)
Word on the Decline
As Gold Fields prepares to monetise its Northern Star stake, it’s worth hypothesising what’s next for the major gold miner
We suspect the bankers will be pitching for Gold Fields to acquire Westgold - here’s why:
Gold Fields’ new CEO, Mike Fraser, has done all the easy things already
St Ives is less appealing without some better feed over time
We already know that Gold Fields attempted to interlope the Karora acquisition: they know Beta Hunt helps here
Gold Fields also likely knows that Ramelius will take all of the Westgold portfolio that they have no interest in (Murchison ops)
Yes, there is an obvious question of funding for Gold Fields should they act on this… And JSE paper doesn’t get deals done (remember Yamana anyone?)
But we think convertibles solve this issue if Gold Fields are motivated enough to act…
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
The bargain basement revival (Dryblower) Are mining juniors back??
Aussie August Fund Performance (MrQuick) Some super thought-provoking commentary after the stats
1 idea in 200 words (Romano Sala Tenna) Pitching Metro Mining (MMI)
MinRes’ US debt deal an important confidence test (AFR Chanticleer) “Early expectations debt will cost mid-7% pa”
Were you forwarded this email from someone else?
Today’s Top Tweet
Gold bull market about to get wild. Too bad if your not long from Jan/February 2024 like me
— #MARKETS FULL OF R3TARD5 (#@ShitValueFund)
11:17 PM • Sep 22, 2025
It's that stage of the cycle.
— #Ben Kramer-Miller (#@TheWealthMiner)
1:59 PM • Sep 22, 2025
Gold $GLD Fund Flows are now positive.
Probably nothing.— #Brandon Beylo (#@marketplunger1)
8:25 PM • Sep 22, 2025
Devil’s in the Detail
Hats off, well done 👏👏
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