The Pre-Start
DPM announced a combined inferred MRE of 84Mt at 0.97 g/t gold and 1.02% copper at its Dumitru Potok, Rakita North & Frasen prospects in eastern Serbia (DPM)
Endeavour Mining unveiled a discovery target of 12-15Moz of resources over the next 5 years, at an average discovery cost of <US$40/oz (EDV.TO)
Exxaro shared that coal output is expected to hold flat at 39.5Mt, adding that its manganese transaction expects to completed early next year (EXX.J)
Wildcat and the Nyamal native title holders signed an agreement over WC8’s Tabba Tabba (WC8)
Talga has applied for a $180m grant from the Swedish Energy Agency, with an outcome expected in Q1 CY26 (TLG)
Odyssey Gold shared assays from its latest Tuckanarra drilling, hitting 19m at 13.7g/t from 61m and 14m at 13.6g/t from 158m (ODY)
High Grade It
Vale & Glencore are considering jointly developing a US$1.6-2B copper project on their neighbouring Sudbury properties, to churn out 880kt pa over 21 years (Bloomberg)
China has issued the first batch of new rare earth export licences that should accelerate shipments to certain customers (Reuters)
Vale has cut its 2026 outlook for iron ore production by 5Mt, as demand cooled and supply from new mines in Africa entered the market (FT)
Mali has recovered US$1.2B in arrears from mining companies following a sweeping audit, its finance minister said (Reuters)
Glencore’s ferrochrome unit in South Africa will shutter two plants and cut jobs because of soaring electricity prices (Bloomberg)
Britain has no plans to match the US in supporting domestic rare earth co.’s with a price floor to cut China reliance, its industry minister said (Reuters)
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Wheelin’ n Dealin’
Perseus has made a scrip offer for Predictive, which has been deemed superior to the proposed Robex-PDI merger. PRU will issue 0.136 new shares for every PDI share, implying consideration of 77.8c per share (PRU) PDI up 20%; PRU down 5%; RXR down 15%. Non-Perseus PDI shareholders to own 18.4% of Perseus. Robex has a matching right
OM Holdings announced meaningful progress had been made on the sale of its 26% interest in Ntsimbintle to Exxaro, with close expected in early 26’ (OMH)
Rattlin’ the Tin
Vulcan is raising A$1.08B via a placement and entitlement offer, as part of a $3.9B financing package to fund phase one of Lionheart (VUL, AFR) FID on Phase 1 - a $3.9B financing. We can’t remember a larger project financing by a single asset developer… Inflation-adjusted, maybe Fortescue? This is huge
Ausquest is raising $6m at 4.7c (AQD) expanded 20,000m drill program at the Cangallo porphyry copper-gold discovery in Peru
EQ Resources is raising $25m at 5c to repair its balance sheet (EQR) Oaktree to convert $7.25m of its existing royalty loan balance at the offer price
Polymetals raised $34m via a placement at 87c (POL)
DevEx raised $35m to underpin its NT uranium acquisition and fund growth (DEV)
Ascot announced a C$150m placement, while restructuring its Nebari debt (AOT-H.TO)
Sunrise received firm commitments for a placement to raise $19m at $4.90 (SRL)
Word on the Decline
Two weeks, two near-identical dilemmas. Anglo, mid-deal acquiring Teck, rejected BHP’s sizeable premium bid. Predictive, mid-deal acquiring Robex, accepted Perseus’s premium bid. Same setup, similar premiums, opposite boardroom instincts.
The volatility in Robex is wild. Source: Focus
If we were PDI shareholders, would we want Robex to match? Absolutely. A much larger slice of the faster-growing pie
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
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