China Stimulus: Disappointment or Delight?

Barminco & NRW grab new contracts, Leo sticks to the scrip

The Pre-Start

  • Barminco secured a $157m underground contract extension with IGO at Nova (PRN)

  • New World has submitted its Aquifer Protection Permit for its Antler copper project in Arizona and expects major permits to be secured by Dec 2025 (NWC)

  • Leo Lithium ended the quarter with $82m cash. Net proceeds from the 1st tranche payment of US$161m will distributed to shareholders in January (LLL)

  • Snowline Gold returned 433.5m at 2.1g/t Au from 19m at its Rogue project in Canada’s Yukon (SGD.V)

  • K92 produced 44koz AuEq, on track to hit guidance, from ore running at a head grade of 13.8g/t AuEq (KNT.T) The stock jumped 16% post quarterly

  • NRW were awarded a development contract by BHP at the Jimblebar mine valued at c. $109m, running until Q2 2026 (NWH)

  • Beacon Minerals produced ~5.2koz for the September quarter at Jaurdi, sold at an average sale price of A$3,696/oz (BCN)

  • Ausbil has become a substantial holder in IGO, holding just over 5% (IGO), while Aussie Super popped up with a 5.1% stake in MinRes (MIN)

  • Royalty companies:

    • Triple Flag had record revenue in the quarter of US$73.7m from 29.7k gold equivalent ounces (TFPM.T)

    • Sandstorm’s revenue for the three months to 30 September was US$47m from 21.1k gold equivalent ounces (SSL.T)

High Grade It

  • China’s finance minister has planned a fiscal briefing for Saturday as investors look for additional stimulus measures (Bloomberg)

  • Traders hold high hopes for Beijing’s second chance’ stimulus bazooka (AFR)

  • A little less conversation, a little more action is needed if Rio is to win a perennial argument about its clunky dual-listed company structure (AFR)

  • China’s top miner is set to spend US$24b on coal-to-oil project in Xinjiang (Bloomberg)

  • Production at Adriatic’s Vares silver project in Bosnia & Herzegovina has been unaffected by serious storms in the country (BN)

  • Sources say India’s Adani Group is planning 10GW overseas hydro-electric projects (Reuters)

  • Market strategists say the record Aussie market run hinges on whether China will deliver a big enough spending package this weekend (AFR)

  • French energy group EDF is seeking to raise up to £4b to help fund construction of UK’s Hinkley nuclear plant (Bloomberg)

  • FMG’s head of carbon & climate told a conference that the state is not incentivising decarbonisation enough, warning investment dollars are being lost overseas (BN)

  • Copper rebounded from a two-week low with eyes on China briefing (Bloomberg)

  • Trouble battery maker Northvolt will be able to pay its taxes that fall due on Oct. 14, answering to mounting speculation (Reuters)

  • U.S. inflation eased to a new three-year low but is cooling more slowly than expected (WSJ)

  • Nickel true believers claim the future is “unarguably positive” at Paydirt’s nickel conference this week (Mining News)

Wheelin’ n Dealin’

  • Rio’s $9.9b acquisition of Arcadium looks likely to succeed and could trigger further deals in the sector (CB)

  • Rio learns to stop worrying and love the commodity cycle (MiningNews)

  • RBC analyst reckons Rio needs to materialise about US$2.7b of unapparent value from Arcadium to make the takeover worth it (West)

  • Rex Minerals shareholders voted in favour of the scheme with MACH, who received FIRB approval for the deal (RXM)

  • Zeta Resources is being compulsorily acquired by its major shareholder UIL (holds 95%), to be completed by mid month (ZER)

  • Unico Silver completed the Joaquin Silver acquisition, paying US$2m in upfront consideration with US$10m in contingent payments (USL)

  • NexGold and Signal Gold have agreed to merge, NexGold shareholders retain 71% of the proforma and the debt of the two companies restructured (NEXG.V, SGNL.TO) pitched as +200kozpa developer

Rattlin’ the Tin

  • Neometals closed a $4m raising at 9c (NMT)

  • Talisker announced $21.5m in funding, comprising a royalty, con notes and placement, used to advance the Bralorne gold project in BC (TSK.TO)

  • Mayur Resources is in a trading halt as it “finalises the funding structure for the Central Lime project” (MRL)

Word on the Decline

  • Apparently Wesfarmers is looking for more lithium, not less…

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In the Weeds

  • Acquisitive miners like Rio should remember size isn’t everything (AFR)

  • Rio Tinto make a multibillion-dollar bet against China (Bloomberg)

  • Rio Tinto’s real prize: Arcadium’s lithium extraction technology (Reuters)

  • ASX mining & energy stocks want more China stimulus, but when and how much is coming? (Livewire)

  • Michigan and the EV Mandate Backlash (WSJ op-ed)

  • China Wars: Return of the Contras Addendum (Le Shrub)

  • The Era of Rolling Blowouts, China, Oil, Gold (Paulo Macro)

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