The Pre-Start
Gold Fields revealed an ambitious set of targets, including growing gold production at 2.5-3Mozpa by 2030, at their capital markets day (GFI.JSE) Implies 6% CAGR. Dividend payout will now be FCF-linked. A new US$500m buyback and special divvie were also unveiled
NexGen shared PCE geochemical assay results, returning 10.5m at 11.3% U3O8, 55m up dip from previous high-grade hits (NXG)
Deep Yellow appointed Zebra Kasete as Managing Director - Namibia, HeadCo MD position still vacant following the abrupt exit of John Borshoff (DYL)
Regis increased Buckingham-Wellington probable ore reserves to 251koz, extending Duketon North life. First ore to be processed at Moolart Well in Q4 FY26. Duketon growth capital raised to $205–$215m (RRL) Up 6%
Rox’s DFS for the Youanmi gold project supports a 4.4 Mt at 4.8 g/t Reserve (674koz), 7‑year mine life averaging 117kozpa, AISC A$1,978/oz and $383m pre‑production capital (RXL) cap raise details below
Orezone reported Q3 production of 23koz, EBITDA of US$29m & cash of US$85m. Stage 1 hard-rock expansion is 85% complete with first gold expected in Dec (ORE)
Delta Lithium updated the Mt Ida MRE to 14.8Mt at 1.21% Li2O and 0.42% Rb2O, with a maiden high-grade rubidium resource. It added downstream processing studies show ~90% Rb2O recovery in mica pre-float (DLI)
Mt Gibson extended its share buy‑back of up to 10% of issued shares, renewing the period to 30 November 2026 (MGX)
Kingston updated its Mineral Hill MRE, increasing total resources 29% to 10Mt, with 60% in measured and indicated (KSN)
Torque reported step-out RC drilling at the HHH deposit (Paris camp), returning 5m at 15.2 g/t from 149m, with DHEM surveys to commence (TOR)
Broken Hill Mines’ Pinnacles extension drilling returned 4.4m at 36.5% ZnEq or 1,013g/t AgEq, with significant Au–Cu overprint (BHM)
Waratah reported new diamond-drill assays extending gold mineralisation at Spur and Consols, highlighting multiple high-grade intercepts (WTM)
High Grade It
China for decades has sought to manipulate global minerals prices, using its control as an economic weapon, a US House of Rep’s committee said (Reuters)
Investors are backing Australian critical minerals co.’s as Trump’s planned tariffs on Chinese exports gain momentum, despite earlier legal concerns (Australian)
Tether is hiring two HSBC senior precious metals traders to build its US$12B gold reserve (Bloomberg)
Global oil and gas demand will rise for the next 25 years if the world does not change course, the IEA has said (AFR)
Ryan Stokes said the federal gov’t should scrap its signature climate policy, claiming that the safeguard mechanism acts as a “de facto tax” (Australian)
PLS is open to joining a US lithium-processing partnership that would be fed by the company’s mines in Australia or Brazil, its CEO said (Bloomberg)
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Wheelin’ n Dealin’
MinRes will continue its asset sale plans after Posco offered it $1.2B for 30% of its lithium business, according to Dataroom (Australian) Bald Hill process ongoing
The world’s biggest miners are set to trigger a wave of asset sales (Australian) S32 to consolidate Gemco, BHP selling nickel, Rio selling non-core assets (borates, titanium), Cannington for sale
Sandfire may earn 80% of Havilah's Kalkaroo for A$105m upfront (70% scrip, 30% cash) and A$105m after a PFS including a minimum 20km drilling program, with SFR committing A$30m regional exploration (SFR) SFR flat, HAV +25%
PMET will acquire the Pikwa Property in Quebec's James Bay region from Azimut & SOQUEM, consolidating over 70km of greenstone trend (PMT)
Rattlin’ the Tin
Genmin is raising $10m to advance its Baniaka iron ore project in Gabon towards FID (target mid 2026) and Greg Lilleyman moves to Exec Chair (GEN) plus $8m director debt converts to equity at the same terms
Sunrise Energy Metals is in a trading halt to raise capital (SRL)
GBM signed an 18-month MOU with its largest shareholder, Wise Walkers, to progress preparations for a possible Hong Kong secondary listing (GBZ)
Word on the Decline
Hoover House in 3, 2, 1…
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In the Weeds
Louis Vincent Gave published an article (non-paywalled) on the end of the US-China Cold War and what that means for global financial markets (Gavekal)
AIBS™️ - Part IV (Le Shrub) Allocating more to mining, energy. Buying Valterra
Jeff Currie sees gold bull market broadening through commodities (YouTube) 8min vid. Good confirmation bias. Calls US$15k/t copper in 2-3 years.
IEA’s bullish oil outlook is a nod to Trump, wake-up call for world (Reuters op-ed)
MinRes lands friendly Korean to blast away debt doubters (AFR Chanticleer)
On The Tape pod (YouTube) Luke Gromen: Gold is the cheapest asset available
Rio’s activist investor shows it pays to be a pest (AFR Rear Window)
Spruce Point Capital Management released a short report on IperionX (Spruce Point) IPX stock halted
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Tom Woolrych’s 10 rules of resource investing are only semi-joking.
Devil’s in the Detail
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