The Pre-Start
SFR ($8.6B) - Sandfire delivered 38.9kt CuEq in Q1 FY27, closed with $342m net cash (-$11m QoQ)
PRU ($7.2B) - Perseus produced 92.6koz gold at AISC of US$2,035/oz, closing with US$900m cash and bullion (-US$134m QoQ), with FY27 guidance maintained at ~450koz at US$1,835–2,070/oz
SMR ($2.3B) - Stanmore produced 3.4Mt coal in Q3, net debt -US$53m to US$19m; declared a 2.2 US cents interim dividend
FFM ($1.1B) - FireFly reported a VMS discovery at Green Bay, with 22.5m at 2.5% CuEq from 109m at Mount Joy | ▲ 5%
KCN ($1.0B) - Kingsgate said the Chatree mine Plant 1 incident is insured, with most proceeds expected in 2027
SBM ($938m) - St Barbara ended Q1 with $416m cash, kept the Touquoy restart on track to begin stockpile processing by end Q2 FY27, and brought the 15‑Mile Processing Hub FS forward to Q3
ELV ($660m) - Elevra produced 55kt spodumene concentrate at NAL, sold 58kt at US$1,276/dmt (FOB) with US$780/dmt unit costs, closing cash US$319m (+US$63m QoQ) | ▲ 6%
AMI ($645m) - Aurelia hit 10m at 1.3% copper and 113.3 g/t gold from 58m at the Peak South mine
CHN ($343m) - Chalice began copper and nickel offtake talks, with the Gonneville FS on track for Q3 CY27 and an 8-week pilot starting November; cash $53m
WC8 ($343m) - Wildcat released the Tabba Tabba DFS, outlining post-tax NPV₈ $1.5B against $774m pre-prod capex, 600ktpa SC5.5 by year 3, C1 US$570/t, AISC US$709/t, and 48.3Mt probable reserves at 0.97% Li₂O
DTR ($285m) - Dateline said a US court heard applications to stay the August injunction over Colosseum pending appeal, reserved decision; operations remain suspended | ▼ 16%
AAR ($244m) - Astral reported Theia Stage 1 infill at the Mandilla, averaged 1.51 g/t gold across 65 holes and returned 15m at 7.54 g/t from 95m
KAN ($239m) - Kantra lifted reserves at Kanmantoo to 5.2Mt at 0.85% Cu + 0.20 g/t Au, up 31% YoY in tonnes, including a maiden 740kt Emily Star reserve
STK ($143m) - Strickland said it has no undisclosed information and linked recent trading to Serbia's election, noting its Rogozna project
WWI ($135m) - West Wits produced 112oz gold, cash -$14.9m QoQ to $17.1m, with a post-quarter second senior-loan drawdown lifting cash to $36m
LFT ($134m) - Li-FT Power reported 56m at 1.4% Li₂O from 187m at the Adina-Galinée lithium project, Québec
CML ($50m) - Connected acquired historical data for Bailundo Carbonatite, Angola, with 227m at 2% TREO from surface | ▲ 14%
HMG ($45m) - Hamelin reported 11m at 20.2 g/t gold from 17m at the Day Dawn gold project, WA
AGY ($38m) - Argosy upgraded the JORC MRE at Rincon, Salta, to 790kt at 348mg/L Li₂CO₃, and lifted the exploration target to 390–1,030kt at 377–425mg/L Li₂CO₃
RIM ($30m) - Rimfire reported 15-week scandium recoveries of 22.7% and 15.2% from Murga leach tests, and closed with $1.7m cash
High Grade It
Gold rush pushes ABC Bullion revenue to $38b, delivering bumper profit (AFR)
Congo's government removes SAEMAPE head amid crackdown on artisanal mining (Bloomberg)
Chile's copper industry faces disruptions from El Niño storms ahead of peak season (Bloomberg)
Lula wins surprise fourth term in Brazilian elections (Bloomberg), putting rare earths in Trump’s crosshairs (Mining.com)
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TCG ($686m) - Turaco in trading halt pending an acquisition and capital raise
CNB ($207m) - Carnaby shareholders approved Evolution’s 0.0682-for-1 scrip scheme, pending court approval on 29 Oct
OP Gold Capital outbids Freeport for 60-sq-km exploration block in Cesar, Colombia (Mining.com)
BTR ($626m) - Brightstar raised $82m at 50c to accelerate Sandstone, with Genesis cornerstoning $30m for 5.4% | ▼ 8%
ATR ($249m) - Astron entered a trading halt pending a project financing announcement
AEV ($43m) - Avenira's $49m rights issue is 90% subscribed, with <$2m shortfall; 60% holder Hebang is participating to fund Wonarah DSO
TZN ($39m) - Terramin raised $26m at 1.8c via its rights issue, with a further $1.7m shortfall application lodged
Word on the Decline
We've recently written about deal rumours involving both SSR Mining and B2Gold. Our latest intel has the two joining forces for a tilt at OceanaGold.
There's some logic to it. SSR, having refocused on the Americas, would find plenty to like in Haile, OceanaGold's 250kozpa South Carolina operation. B2, already operating Masbate in the Philippines, would be a natural home for Didipio.
That leaves Macraes and Waihi in New Zealand, neither an obvious fit.
We realise we've now linked both buyers to more deals than they can possibly consummate. Somewhere we're wrong. Diversification applies to rumour mongering too.
Got Word on the Decline? Reply or email [email protected]. We will always take your privacy seriously.
Ownership & Oversight
IGO ($3.6B) - Schroders, TIAA and TCIM built a 5.1% stake in IGO, buying $127m of shares
EQR ($1.4B) - Wonongarra/Andrew Forrest bought $23.2m of EQ Resources shares, lifting to 18.1% | ▲ 6%
RTR ($53m) - Rumble NEDs Michael Smith and Matthew Banks resigned
YRL ($34m) - Yandal appointed Sevan Gore non-executive director
CPN ($28m) - Farjoy/Tim Robertson bought $369k of Caspin shares
In the Weeds
Maritana: A Cash Box With the Keys (Quokka)
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