The Pre-Start

  • RMS ($7.6B) - Ramelius secured Works Approval for Roe, leaving only Mining Act approvals, with Rebecca early works to begin

  • PDI ($4.9B) - PDI Gold updated MRE to 176Mt at 1.22 g/t gold (6.9Moz) and probable reserves of 4.8Moz

  • LIN ($1.1B) - Lindian halted pending Malawi clarification on mining law changes impacting Kangankunde

  • SBM ($1.0B) - St Barbara's updated PFS for the 15-Mile Processing Hub lifts gold reserves 17% to 1.44Moz, outlines AISC US$1,098/oz, capex C$289m and NPV₅ $1,705m at US$3k/oz; FS brought forward to Q3 FY27

  • G6M ($805m) - Group 6 produced 88,911 MTU WO₃ in FY26 and reported $148m NPAT, closing cash $49m | ▲ 5%

  • BTR ($637m) - Brightstar reported 79Mt at 1.4 g/t Au at Sandstone (3.6Moz), lifting group resources to 110Mt at 1.5 g/t Au (5.2Moz)

  • MEK ($419m) - Meeka reported FY26 29koz gold at AISC $3k/oz, $51m NPAT, with Andy Well UG ramping and Turnberry UG development to start in Oct '26

  • PC2 ($398m) - PC Gold reported 29.7m at 4.3 g/t gold from 332m at Spring Hill, extending mineralisation 30m down dip

  • DTR ($273m) - Dateline said the US DOJ, has sought a stay of the preliminary injunction to allow operations to resume at Colosseum, pending appeal, with a hearing in late Oct | ▲ 37%

  • BML ($255m) - Boab executed a binding HOA with RE:GROUP for mining at Sorby Hills, with mining to start by 1 March 2027

  • SKY ($189m) - Sky Metals reported 17m at 0.7% Sn, 0.03% WO₃ and 14.8 g/t Ag from 26m at Tallebung, including 4m at 2.44% Sn from 28m

  • GBR ($180m) - Great Boulder halted pending ASX price/volume query and assays

  • GHM ($169m) - Golden Horse drilled 4m at 73.3 g/t gold from 88m at Hopes Hill

  • TER ($144m) - TerraCom trading halt pending FY26 results; material impairments flagged in South Africa and Australia

  • DEV ($142m) - DevEx renewed the access agreement over some ELs at Tin Camp Creek, releasing $1.8m escrow to Alligator Energy

  • EGR ($127m) - EcoGraf secured a South Korea patent for its HFfree purification of battery‑anode and recycled graphite | ▼ 7%

  • AGD ($110m) - Austral reported 95m at 1.10 g/t AuEq from 1m at Los Nanos, Guanaco, Chile | ▲ 7%

  • LM8 ($75m) - Lunnon sold 9.6koz gold under its Lady Herial OPA in FY26, ended with $22m cash after repaying a $6m loan, and set a $13m FY27 budget for 43km of drilling

  • ZNC ($51m) - Zenith reported first RC assays from Dulcie Central at Consolidated Dulcie including 3m at 2.48 g/t gold from 130m; all six initial holes intersected mineralisation

  • COD ($49m) - Coda corrected head-grade figures in its Elizabeth Creek PFS metallurgy; extraction results unaffected, averaging 94.4% Cu and 95.9% Ag

  • CAE ($43m) - Cannindah entered a trading halt pending an updated MRE

  • COB ($39m) - Cobalt Blue contracted by Glomar to deliver Project Infinity PEA workstreams for a US refinery for US$150k | ▼ 6%

  • ILT ($37m) - Iltani reported 25m at 146 g/t AgEq from 114m at Orient West; Orient Silver-Indium MRE update due Q4 CY26

  • RIM ($36m) - Rimfire broadened Murga metallurgy to test atmospheric leaching via column and agitated tank leach, with Oct–Nov results due

  • CAV ($34m) - Carnavale lodged mine development and clearing permits for the Kookynie Gold project with the BFS due Oct '26

  • OD6 ($34m) - OD6 joined the US Defense Industrial Base Consortium, enabling its Quinn fluorspar project to pursue US gov’t funding and partnerships

  • VKA ($30m) - Viking Mines proposes appointing Hall Chadwick as auditor after Horizon Nexus resigned, subject to AGM and ASIC consent | ▲ 8%

  • BOA ($27m) - BOA intersected 22m at 3.1% Cu from 250m at Ricci Lee, part of the Neds Creek copper project, WA | ▲ 19%

High Grade It

  • BHP faces $70B lawsuit over Brazil's 2015 Mariana dam disaster as law firm dispute erupts (Australian)

  • Gina Rinehart's Hancock incurs $680m loss on rare earths investments, including Lynas & MP (AFR)

  • Indonesia appoints ex-BHP engineer Luke Mahony to oversee $100B coal and nickel trade (AFR)

  • KoBold president Josh Goldman urges African governments to cut red tape for faster mining investment (Reuters)

  • China to import 10Mt of US coal in 2027 and 2028, easing trade tensions (Bloomberg)

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Wheelin’ n Dealin’

SS&C Intralinks
  • NST ($32B) - Northern Star rejected a conditional, non-binding scheme proposal from Gold Fields offering 0.3125 Gold Fields shares plus $7.25 cash per share (implied $27/share on 11 Sep), citing undervaluation and onerous terms | ▲ 9%

  • AAR ($335m) - Astral will pay $9.1m to WIN Metals to secure tenure and mineral rights (excluding lithium) over Mandilla Gold's footprint

  • MAT ($46m) - Matsa received a $10m deposit from AngloGold under the $55m sale of Lake Carey tenements, with $45m due at completion

  • CRR ($28m) - Critical secured exclusivity to acquire 90% of the Greenstars Gold project in Suriname for US$750k plus 2.5m shares | ▲ 13%

  • Gold Fields said to express interest in buying Northern Star (Bloomberg) What kicked it off

Rattlin’ the Tin

  • MI6 ($2.3B) - Minerals 260 opened an SPP to raise up to $30m at 88c

  • CEL ($351m) - Challenger secured US$24m of convertible debentures (11% coupon, $2.72 conversion), with US$15m to settle in Oct and US$9m subject to shareholder approval

Word on the Decline

  • The bigger takeaway from Gold Fields’ rejected $38.7 billion proposal may be that Northern Star is now firmly in play.

  • NST has acknowledged several approaches over the past year and now a global major has put an actual control price on the company. Every prospective buyer now knows roughly where negotiations begin.

  • Gold Fields may ultimately win, but its scrip-heavy proposal could struggle if its own currency weakens, creating an opening for a rival with stronger paper. Think Yamana, where Gold Fields flushed the asset into play only for Agnico and Pan American to ultimately take it home.

Agnico waiting for GFI stock response

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Ownership & Oversight

  • PDN ($4.6B) - Sprott ceased to be a substantial holder in Paladin, selling $13m

  • WAF ($4.2B) - First Sentier took a 5.8% stake in West African

  • ILU ($2.7B) - Iluka director Peter Smith resigned effective 23 Sep

  • WIA ($792m) - Wia Gold appointed Jamie Day NED; Andrew Pardey will retire

  • BMC ($791m) - L1 bought $8m of BMC shares, lifting its stake to 15.9%

  • LOT ($156m) - Sprott bought $2m of Lotus shares, lifting its stake to 13.4%

  • NXM ($33m) - Nokomis bought $2.8m of Nexus shares, lifting its stake to 14.2%

In the Weeds

  • Elliott forces board changes at Northern Star amid ongoing strategic push (AFR)

  • A Guide to the Klondike & the Yukon Gold Fields (Internet Archive) An 1897 book on braving the north to find riches

  • Market Huddle: Ahmed Husain (YouTube) Guest is long AI + gold/coal miners

  • Who is Going to Fund Mauritania's First Uranium Mine? (Boundless Discovery)

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