The Pre-Start

  • NST ($37B) - Northern Star said KCGM commissioning issues left October output at 15.3koz gold and the operation is tracking to the lower end of 550–650koz in FY27, while Hemi secured primary Federal and State environmental approvals

  • RRL ($5.2B) - Regis reported a fatality at Duketon South; operations resumed except the Rosemont plant, which remains suspended during investigations

  • IGO ($4.0B) - IGO ended mining at Nova, delivering 21.3kt Ni (vs 19–20kt) and $3.90/lb payable Ni costs (vs $4.25–5.00), plus 9.5kt Cu and 765t Co; sale to Global Lithium Resources expected within weeks

  • FFM ($1.3B) - FireFly extended mineralisation outside the MRE at Green Bay Copper-Gold, incl. 16.4m at 9.2% CuEq from 456m

  • TCG ($959m) - Turaco awarded a ~$20m engineering/procurement contract to GR Engineering for Afema, Côte d’Ivoire

  • RXL ($782m) - Rox fired its first stope at United North with Youanmi plant construction on schedule for first gold mid-CY27

  • ASL ($351m) - Andean Silver drilling outlined multiple shoots within 1km of plant at Cerro Bayo Silver-Gold project for restart studies | ▲ 7%

  • WTM ($324m) - Waratah drilling at Spur, links to Essex outside the MRE, with 7.5m at 8.09 g/t Au from 191.5m

  • MMI ($249m) - Metro shipped 752kwmt of bauxite in October, taking YTD to 4.8Mwmt, with shipment guidance at 6–6.5Mwmt

  • MM1 ($222m) - Midas reported 14m at 3.86% Cu from 60m at Hartbeespoort in the Otavi Copper project, Namibia

  • BHM ($193m) - Broken Hill set a maiden Exploration Target at the Centenary orebody, Rasp mine, of 13.2–17.1Mt at 8.4–12.5% ZnEq and 291–432 g/t AgEq, in addition to 4.8Mt inferred resources at 9.2% ZnEq | ▲ 6%

  • ARR ($178m) - American Rare Earths started a pilot plant to produce NdPr oxide, then NdPr metal from Halleck Creek, targeting Q1 CY27

  • GG8 ($176m) - Gorilla reported 9m at 7.9 g/t gold from 242.9m at the Sovereign deposit, and confirmed a near-surface lateritic gold zone at Happy Jack within the North Kalgoorlie Hub | ▲ 8%

  • ELT ($153m) - Elementos secured a General Interest declaration for Oropesa Tin in Spain, enabling land reclassification for the AAU

  • ZEO ($136m) - Zeotech upgraded the Toondoon Kaolin MRE to 45.6Mt at 31.8% Al₂O₃, 8.8% Fe₂O₃, 43.4% SiO₂, up 124%

  • GBR ($124m) - Great Boulder reported 8m at 39.9 g/t gold from 58m at Golden Treasure, enabling a combined resource with Jubilee | ▲ 13%

  • IVR ($115m) - Investigator Silver reported 10m at 2,662 g/t Ag from 78m at Paris, outside the DFS pit

  • GBM ($88m) - GBM hit 50m at 2.01 g/t gold from 246m outside Lone Sister MRE; MRE update due this month | ▲ 6%

  • ARN ($80m) - Aldoro validated a direct ambient‑pressure rock‑to‑MREC flowsheet at Kameelburg, producing 47.5% TREO MREC and 79.2% strontium carbonate

  • PHO ($73m) - PhosCo's updated Scoping Study for the Gasaat phosphate project in Tunisia returns NPV₁₀ US$732m, IRR 52% and 1.7-year payback on US$199m capex for 1.4Mtpa 30–33% P₂O₅ concentrate

  • CRI ($59m) - Critica achieved 91.9% gallium and 84.7% scandium extraction at Jupiter Rare Earth Elements, no by-product value in $2B NPV₈

  • CTO ($59m) - Citigold's EGM rejected all resolutions to change the board, including the bid to remove chair Mark Lynch | ▲ 14%

  • DAL ($52m) - Dalaroo hit 13m at 2.67 g/t gold from 87m, 1.3km from discovery at Bondoukou Gold Ridge, Côte d’Ivoire | ▼ 23%

  • ORD ($34m) - Ordell reported 46m at 1.01 g/t gold from 32m at McNabs East, WA, MRE due this quarter

  • AW1 ($34m) - American West Metals set an Exploration Target for Storm Copper of 110-214Mt at 0.59-1.02% Cu, containing 646kt-2.2Mt Cu

  • OD6 ($30m) - OD6 secured FAST-41 status for the Quinn Fluorspar project in Nevada, providing coordinated permitting timetable and milestone tracking | ▲ 9%

  • LEX ($24m) - Lefroy's Lucky Strike mining remains on hold pending approvals, with resumption targeted March quarter '27

  • WCE ($23m) - West Coast Silver trading halt pending Elizabeth Hill Silver MRE

  • OZM ($20m) - OzAurum reported an MRE for Cross Fault of 933kt at 1.1 g/t Au (34koz), lifting Mulgabbie North to ~294koz

High Grade It

  • Rio, BHP approve a further $208m in Resolution funding (MN)

  • Forrest tasks Dino Otranto with decarbonising Fortescue by 2030, starting at Eliwana in the Pilbara (AFR)

  • Congo asserts US minerals deal must focus on project outcomes, not agreements (Reuters)

  • Zambian gov’t raises mining dividend tax to 15% amid fiscal deficit plans (Bloomberg)

  • BHP's upgraded railcar dumper at Port Hedland crushes several iron ore carriages (BN)

  • Trafigura buys large copper volumes in Asia amid China's supply crunch, tripling spot premiums (Bloomberg)

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Wheelin’ n Dealin’

SS&C Intralinks
  • MLX ($1.5B) - Metals X's deadline to declare a firm offer for First Tin was extended to 20 November

  • FRS ($778m) - Forrestania agreed to buy up to 750kt of gold ore over 24 months from Dundas' Rockland Gold project

  • EUR ($636m) - European Lithium delists at close today

  • CAY ($90m) - Takeovers Panel ordered A2MP to correct disclosure on the lapsed Canyon bid: funding/strategy, DFS inputs

  • NMR ($49m) - Native Mineral Resources executed a JV with Citigold over 40 gold tenements at Charters Towers | ▲ 15%

  • QML ($42m) - QMines entered binding contracts to buy 25 freehold parcels for $5.5m adjoining the Mt Chalmers copper-gold project in Qld

  • SKM ($39m) - Skylark will earn up to 97% of Amie and Yaou gold projects in Côte d’Ivoire via earn-ins, starting with 51% for US$2m over 4 years

  • Canadian Uranium explores acquisitions as Rook II exploration progresses in Saskatchewan (Mining.com)

Word on the Decline

  • Something curious at Maronan's AGM last week. The usually uncontroversial 7.1A placement mandate was voted down. Kinterra's fingerprints all over it

  • Kinterra already has participation rights protecting its Maronan stake from dilution. So why oppose extra placement capacity to fund the project? Perhaps to make it harder for another suitor to enter the fray

  • Recall Kinterra's battle for New World Resources, when it successfully challenged a placement to rival bidder CAML

  • At this point, we reckon it's blindingly obvious Kinterra wants the lot here too. Sooner rather than later

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

Ownership & Oversight

  • SX2 ($2.5B) - Darren Morcombe / Springtide bought C$858k of Southern Cross shares

  • PNR ($1.3B) - Regal net sold $12m of Pantoro shares

  • BTR ($789m) - Fourth Sail took a 6.9% stake in Brightstar

  • WC8 ($343m) - Wildcat named Fiona Van Maanen interim chair as Jeff Elliott resigned as non-exec chair and director

  • AZY ($338m) - Copia bought $3.5m of Antipa shares, lifting its stake to 19.3%

  • PNN ($72m) - European Lithium took a 7.2% stake in Power Minerals

In the Weeds

  • This fundie is betting on an even bigger boom than AI (AFR) Darko Kuzmanovic

  • Is Lithium Approaching a Bottom Before Its Next Big Rally? (Rock Stock)

  • Keep coal firing and start up nuclear to power data centres (Fin op-ed) Bridget McKenzie, Nationals leader in the Senate

  • Positioning in Copper, Palladium, & Wheat is Simply Incredible (Paulo Macro)

  • Why a new women’s podcast collects mining royalties (AFR Rear Window) MCA ad bucks

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Devil’s in the Detail

  • At this point, why stop at WA? There's perfectly good ore in Queensland.

Forrestania announcement today

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