OceanaGold reported new drilling results from its Wharekirauponga project in New Zealand in late September 2026, highlighting multiple wide, high-grade gold intercepts that reinforce the continuity of the southern high-grade EG Vein and associated hanging-wall structures. Drilling has accelerated with five active rigs, and promising intercepts outside the current resource model point to a potentially larger, better-defined mineralized system that could influence future resource classification and project planning. The company's narrative projects $2.2 billion in revenue and $764.2 million in earnings by 2028, requiring 12.7% yearly revenue growth and a $388.4 million earnings increase from $375.8 million today. The update comes as OceanaGold plans the April 2027 retirement of CEO Gerard Bond, who is set to stay on as a Special Advisor for six months. Before this Wharekirauponga update, the most pessimistic analysts were still penciling in about US$2.6 billion of revenue and US$1.4 billion of earnings by 2029.
Galliford Try Wins Place on £3 Billion West Midlands Framework
Galliford Try Holdings PLC has landed a spot on the latest £3 billion Constructing West Midlands Framework, selected for the major works lot covering projects over £10 million. Connecting Excellence Group Plc has completed its first acquisition, buying James Gray Recruitment, and has grown its Bitcoin holding to over 81 coins, worth around £5.25 million. Bradda Head Lithium Ltd has intersected visible spodumene mineralisation in all three of its first Whistlejacket holes in Arizona, with lab assays now the next key test. Tower Resources PLC has secured a one-year extension to its exploration licence at Thali in Cameroon and is now working towards a drilling campaign targeted for Q2 2027. Premier African Minerals Ltd has raised around £1.2 million to restart operations at its Zulu Lithium project in Zimbabwe, with the plan now focused on processing ore already sitting on the stockpile.
GFRD.LSE · Demand · Positive Won a place on the £3 billion Constructing West Midlands Framework for major works over £10 million.
PREM.LSE · Capital · Positive Raised around £1.2 million to restart operations at its Zulu Lithium project.
TRP.LSE · Regulation · Positive Secured a one-year extension to its Thali exploration licence in Cameroon, enabling a drilling campaign.
Connecting Excellence Group Plc · Capital · Positive Completed its first acquisition, buying James Gray Recruitment, and grew its Bitcoin holding to over 81 coins.
BHL.LSE · Technology · Positive Intersected visible spodumene mineralisation in all three first Whistlejacket holes, a positive exploration result pending assays.
Coeur Mining Sets Record US$158 Million 2026 Exploration Budget
Coeur Mining outlined a record US$158 million exploration program for 2026, with US$24 million allocated to New Afton and US$18 million to Rainy River in Canada. The company reported past exploration results showing extended mineralization and higher-than-expected gold and copper intercepts at its New Afton K-Zone and East Picrite Trend, alongside growth-focused drilling across underground and near-surface targets at Rainy River. The record budget underscores how aggressively Coeur is pursuing potential resource growth and mine-life extension, sharpening the tension between funding aggressive drilling and managing cash flow. The step-up in exploration follows Coeur's move into shareholder returns with a new dividend and a large buyback authorization in early 2026, a balance the company is trying to strike between capital returns and a sizable spend on potential resource growth. Coeur's narrative projects US$5.1 billion in revenue and US$1.5 billion in earnings by 2029, yielding a US$23.95 fair value and 36% upside to its current price, while some of the lowest ranked analysts project about US$5.4 billion of revenue and US$1.9 billion of earnings by 2029 and may now see the exploration push as increasing execution and cost risk.
Tanzania Renews Barrick North Mara Mining Licenses for 15 Years
The Government of Tanzania has renewed the Special Mining Licenses for Barrick Mining Corporation's North Mara Gold Mine for another 15 years, the company announced. The renewal allows North Mara to keep investing in the mine, its people, and its communities for the long term. Since Barrick took over operations in 2019, Tanzanian nationals have come to make up 96% of the workforce of approximately 3,000 in the country, with 47% drawn from communities surrounding the mines. Barrick has injected approximately $5.3 billion into the Tanzanian economy since 2019, including $1.2 billion in 2025 alone through taxes, royalties, salaries, dividends and local procurement, while more than 90% of procurement is sourced from Tanzanian registered companies. Barrick and the Government of Tanzania established Twiga Minerals in 2019 to operate the North Mara and Bulyanhulu mines together, with the Government holding a 16% interest in each mine and the two partners splitting the economic benefits equally.
Eldorado Gold Secures Permanent Grid Power at Skouries Mine in Greece
Eldorado Gold Corporation reported that its Skouries mine in northern Greece has been successfully energized after completing and receiving approval for a permanent connection to the Greek national power grid. The connection secures a long-term electricity supply for ongoing processing and mining activities as the project advances toward expected commercial production in the fourth quarter of 2026. The company said the grid link materially reduces a key infrastructure risk for Skouries and clarifies the path toward bringing its planned gold and copper output into Eldorado's broader production mix. The milestone follows the first copper gold concentrate from Skouries on 8 September 2026, confirming that commissioning is already underway while power security is now in place. Eldorado's narrative projects $4.5 billion in revenue and $1.5 billion in earnings by 2029, requiring 30.0% yearly revenue growth and a roughly $0.9 billion earnings increase from $618.1 million today, with a CA$71.91 fair value implying 32% upside to its current price.
Collective Mining Hits High-Grade Tungsten-Gold Zone at Apollo in Colombia
Collective Mining announced assay results from four diamond drill holes at its Guayabales Project in Colombia, including the first intersection of a high-grade tungsten-gold zone in schist outside the southern margin of the Apollo breccia body. The newly identified zone is hosted in a largely untested schist unit extending more than 1,000 meters vertically, introducing a fresh exploration target that could materially influence how investors think about the scale and metal mix of the broader Apollo system. The company also confirmed it remains funded for its 2026 drilling plans. The discovery reinforces Apollo's exploration upside but does not change the near-term focus on resource growth and metallurgical de-risking, nor the central risk that cost outcomes from future engineering work could still disappoint. A recent integrated processing flowsheet for Apollo outlines how gold, silver, copper and tungsten could be recovered through separate dor and concentrate streams, tying metallurgical progress to future cost assumptions and projected net margins.
CNL · Technology · Positive First high-grade tungsten-gold intersection in untested schist at Apollo expands the exploration target and metal mix, reinforcing upside.
Lundin Mining Fair Value Rises to CA$42.54 as Analysts Split on Targets
Lundin Mining's fair value estimate has been raised to CA$42.54 from CA$41.45, with fresh analyst price targets clustering in the low to mid CA$40s. Scotiabank lifted its target to C$44 from C$42 while keeping an Outperform rating, and Barclays moved to C$43 from C$42 with an Equal Weight rating. Morgan Stanley adjusted its target to C$39.90 from C$38.20, maintaining Equal Weight, while TD Securities set a C$42 target, trimmed from C$43, but reiterated a Buy rating. On the bearish side, JPMorgan carries an Underweight rating with a SEK 209 target, revised from SEK 215, and a C$32 target, while Canaccord shifted to Hold from Buy with a C$39 target, adjusted from C$40. The updated fair value model uses revenue growth of 80.08% versus the earlier 70.86%, a net profit margin of 24.63% versus 24.32%, a future P/E of 26.92x versus 27.29x, and a discount rate of 7.93% versus 7.84%.
0RQ9.LSE · Capital · Positive Analysts raised Lundin Mining's fair value estimate to CA$42.54 and clustered price targets in the low-to-mid CA$40s, with several upward revisions.
Aris Mining Completes Soto Norte ESIA, Begins Colombia Community Engagement
Aris Mining has completed the Environmental and Social Impact Assessment for its Soto Norte gold-copper project in Santander, Colombia, and in 2026 began formal community engagement across three municipalities ahead of submitting the ESIA and environmental license application. The company said Soto Norte lies outside the Santurbán Páramo and its buffer zone, and it aligned the ESIA and consultation process with Colombia's regulatory framework and the Escazú Agreement. The milestone follows the ANM's July 29, 2026 approval of the modified technical mine plan for Soto Norte, which confirmed regulators have reviewed the project's geology, reserves and mine design but does not replace the need for an environmental license before construction or mining can begin. Aris Mining's narrative projects $2.2 billion revenue and $688.8 million earnings by 2029, requiring 19.9% yearly revenue growth and a $404.1 million earnings increase from $284.7 million today, with a CA$41.53 fair value implying 66% upside. Some of the lowest estimate analysts had assumed about US$2.0 billion of revenue and US$797.7 million of earnings by 2029 while still citing Soto Norte's lengthy permitting and heavy ESG commitments as reasons for caution.
ARIS · Regulation · Positive Aris Mining completed the Soto Norte ESIA and began formal community engagement, advancing the project toward the required environmental license under Colombia's regulatory framework.
Endeavour Silver's Guanacevi Mill Offline About Three Weeks After Mechanical Fault
Endeavour Silver has reported a mechanical problem with the primary ball mill at its Guanacevi Mine, with the unit expected to remain offline for roughly three weeks while repairs proceed. Processing capacity is temporarily reduced, with the regrind circuit running at about 600 tonnes per day against ordinary throughput of roughly 1,100 tonnes per day, though mining activity on site continues. The disruption has weighed on the shares, which are down 20.45% over the past 30 days and 7.83% over the past week, even as the 1-year total shareholder return stands at 13.95% and the 3-year total shareholder return is approximately three times the initial value. Endeavour Silver last closed at CA$12.25, while the most followed narrative anchors on a fair value of CA$19.30 using an 8.1% discount rate, a gap that frames the stock as 37% undervalued. That bullish case rests on the Terronera mine nearing commercial production, optimization of recoveries on track, and potential expansion of the Kolpa mine to 2,500 tonnes per day in 2026, but it also leans heavily on Terronera ramping smoothly and on Guanacevi avoiding further mechanical setbacks. A contrasting view comes from the current P/E, with Endeavour Silver trading on 38.7x earnings versus a Canadian Metals and Mining average of 15.5x and an estimated fair ratio of 18.9x.
Endeavour Mining Posts Record US$1.16 Billion Free Cash Flow, Returns US$301 Million
Endeavour Mining generated record free cash flow of about US$1.16 billion in fiscal 2025 and US$761 million in the first half of 2026, allowing it to maintain a net cash balance sheet. Those cash flows funded a record US$301 million returned to shareholders in the first half of 2026, including an interim dividend of roughly US$0.95 per share. The company's Assafou definitive feasibility study outlines a large, relatively low cost project in Côte d'Ivoire with a 16 year mine life, and the key question is whether future Assafou capex and any changes to Ivorian royalties or taxes could dilute the current dividend and buyback story. Endeavour's narrative projects US$6.2 billion in revenue and US$1.9 billion in earnings by 2029, yielding a CA$95.74 fair value and 18% upside to its current price, while some analysts had assumed revenue of about US$7.6 billion and earnings of roughly US$2.6 billion by 2029. Heightened West African royalty and tax discussions remain a risk to how much of the cash windfall reaches shareholders.
B2Gold Reports Positive 2026 Back River Drilling Results and New Tattuk Zone
B2Gold Corp. reported positive results from its 2026 Back River Gold District exploration program in Nunavut, Canada, backed by a US$51 million budget and more than 35,000 m of drilling focused on infill, resource definition, and regional target generation. The program confirmed high-grade mineralization at the Llama deposit and yielded the new Tattuk discovery at Goose, which the company says underscores the district's potential to contribute materially to future mine planning and resource growth options. The update mainly reinforces the Goose Mine resource story rather than changing the key near-term catalyst, which remains Goose ramp-up, or the biggest current risk, which is still cost and execution pressure at Goose and in higher-risk jurisdictions like Mali. The quality and convertibility of new ounces at Llama, Nuvuyak and Tattuk will influence whether Goose can offset permitting and cost risks tied to projects such as Fekola regional and Gramalote. B2Gold's narrative projects $3.7 billion revenue and $1.8 billion earnings by 2028, with a CA$8.60 fair value implying 16% upside to its current price, while some of the lowest analysts assume revenue growth of only about 5.4 percent a year and US$1.4 billion of earnings by 2029.
BTG · Technology · Positive Positive 2026 Back River drilling results confirmed high-grade mineralization at Llama and yielded the new Tattuk discovery at Goose, supporting resource growth.
BHP Unit Wins El Seguro Copper Exploration Contract in Argentina
Impulsa Mendoza has awarded Public Tender No. 2/2026 to Cerro Quebrado S.A., a BHP Group company, granting it an exploration contract with a purchase option for the El Seguro copper project in Argentina's Malargüe Western Mining District. The award gives BHP a second route into the district alongside its alliance with Kobrea Exploration, deepening its copper exploration exposure in a single emerging Andean jurisdiction. The contract sits alongside BHP's recent production and guidance updates, in which copper output in FY2026 fell 3% year on year to 1,952.8 kt and 2027 copper guidance was set below 2026 levels. BHP's narrative projects $56.1 billion in revenue and $13.3 billion in earnings by 2029, with a fair value of A$61.02, while some of the lowest ranked analysts assumed revenue would fall to about US$52.5 billion by 2029 even as earnings rose to roughly US$11.7 billion.
BHP.LSE · Supply · Positive BHP's Cerro Quebrado unit won the El Seguro copper exploration contract with a purchase option, expanding its copper resource base in Argentina
Cerro Quebrado S.A. · Supply · Positive Cerro Quebrado S.A., a BHP company, was awarded the El Seguro copper exploration contract with a purchase option
COPPER · Supply · Positive BHP's new copper exploration contract in Argentina signals potential future copper supply growth
Onsemi announced a new agreement to acquire Synaptics for $123 a share in cash, revising the all-stock deal disclosed in June after an unsolicited competing proposal. Advanced Micro Devices said it would acquire World Labs, an AI model and research lab, in an all-stock transaction valued at nearly $8.2 billion. Hormel Foods agreed to acquire Brakebush Brothers, a value-added chicken provider, from the Brakebush family for approximately $1.055B, with the deal expected to close in the first quarter of fiscal 2027. Lynas Rare Earths agreed to acquire Australian peer Meteoric Resources in an all-stock deal valued at A$968M, or $672M. Mattel soared 19% after a report that the toymaker has recently received takeover interest from Authentic Brands, while Walgreens private-equity owner Sycamore is near a deal to sell the U.K. pharmacy chain Boots for close to $9 billion, including debt.
Torex Gold Reports High-Grade San Miguel Feeder Zone at Morelos
Torex Gold Resources Inc. reported strong drilling and exploration results across the Morelos Property, including the San Miguel corridor, Media Luna, ELG Underground, and regional targets such as Atzcala and El Naranjo. A particularly important development is evidence of a vertically continuous, high-grade mineralized feeder zone along the San Miguel fault, which could meaningfully influence how Torex sequences and optimizes future production at Media Luna and surrounding areas. The company reaffirmed 2026 production guidance of 420,000 to 470,000 ounces AuEq, a target that stronger grades at Media Luna and ELG Underground, combined with the emerging high-grade potential along the San Miguel corridor, could help support. Torex's narrative projects $2.2 billion revenue and $713.1 million earnings by 2029, requiring 6.4% yearly revenue growth and about a $110.6 million earnings increase from $602.5 million today. Three Simply Wall St Community fair value estimates for Torex range from CA$71.40 to CA$92.82, against a CA$92.36 fair value estimate implying 33% upside to the current price.
0VL5.LSE · Technology · Positive High-grade San Miguel feeder zone drilling results could improve production sequencing and support 2026 guidance at Morelos
Aris Mining Completes Environmental Assessment for Soto Norte Project
Aris Mining has cleared a key permitting hurdle for its Soto Norte gold copper project in Colombia by completing its Environmental and Social Impact Assessment and beginning formal community engagement ahead of an environmental licence application. The milestone follows earlier approvals on the mine plan and clarifications to Colombian regulatory protections. The company's shares have returned 15.19% year to date and posted a very large 3 year total shareholder return, though the 30 day share price return has eased 8.37%. Analysts see a narrative fair value of CA$41.53 against a last close of CA$24.95, with the gap linked to project build out and operating scale. The ongoing expansion at the Segovia operations, with the new second ball mill increasing processing capacity by 50% and a targeted production ramp up to 300,000 ounces in 2026, is described as a driver of sustained revenue growth and structurally higher operating margins.
ARIS · Regulation · Positive Aris Mining completed the Environmental and Social Impact Assessment and began community engagement, clearing a key permitting hurdle for the Soto Norte gold-copper project.
GOLD · Supply · Positive Progress toward permitting and build-out of Aris Mining's Soto Norte gold-copper project signals potential future gold supply from the mine.
Guangda Special Materials Earnings Call Addresses Employee Stock Ownership and AI Applications
Guangda Special Materials held its 2026 semi-annual earnings briefing online on September 30, responding to questions about artificial intelligence applications, the employee stock ownership plan, product expansion, and raw material price fluctuations. The company's 2026 semi-annual report shows operating revenue of 2.323 billion yuan, down 8.36 percent year on year; net profit attributable to the parent company of 12.34 million yuan, down 93.33 percent; non-GAAP net profit attributable to the parent company of 11.32 million yuan, down 93.67 percent; net operating cash flow of negative 231 million yuan; and a main business gross margin of 13.37 percent, down 7.31 percentage points from the same period last year, mainly affected by reduced new installed capacity in the downstream wind power industry. Regarding the progress of the employee stock ownership plan that investors are concerned about, the company responded that within six months after approval by the shareholders' meeting, the management committee of the employee stock ownership plan will complete the purchase of underlying shares through methods such as buying the company's A-shares on the secondary market, and the company will complete the position building gradually during the building period based on market conditions. On artificial intelligence, the company said the relevant applications are still in the evaluation and testing stage, have not formed large-scale applications, and have no material impact on company performance. In terms of product expansion, the company has passed the international aerospace quality management system certification AS9100D, and its production technology for high-purity superalloy electroslag ingots has been applied in fields such as aircraft engines and gas turbines. Homogeneous fine-grained superalloy forgings have been supplied in batches to aircraft engines, rocket engines, and gas turbines. The aerospace superalloy UNS N07041 has achieved batch supply, and the company has carried out cooperation with relevant customers in the aerospace field and achieved batch supply.
Valterra Platinum Fair Value Raised to ZAR 1,373.14 as Analysts Split
Simply Wall St's updated fair value estimate for Valterra Platinum has moved from ZAR 1,344.81 to ZAR 1,373.14, with the revision accompanied by split analyst commentary on the stock. On the bullish side, Berenberg keeps a Buy rating with a 7,500 GBp price target, RBC Capital maintains an Outperform rating with a 7,200 GBp target, and Jefferies starts coverage with a Hold rating and a ZAR 1,250 target, citing expectations for improving fundamentals and higher EBITDA while waiting for a better entry point. On the bearish side, Barclays cuts Valterra Platinum to Underweight from Equal Weight with a ZAR 1,260 target, pointing to valuation and limited upside to current volume guidance, while JPMorgan keeps an Underweight rating even after lifting its target to US$67. The model update also shows the projected ZAR revenue decline moderating from 4.92% to about 4.13%, the expected net profit margin easing from 20.56% to about 19.70%, the future P/E multiple shifting from 21.4x to about 22.4x, and the discount rate edging higher from 18.73% to about 18.84%.
VALT.LSE · Capital · Neutral Analysts are split on Valterra Platinum as its fair value estimate was raised to ZAR 1,373.14 amid mixed ratings and targets.
BARC.LSE · Capital · Neutral Barclays cuts Valterra Platinum to Underweight from Equal Weight with a ZAR 1,260 target.
JEF · Capital · Neutral Jefferies starts coverage on Valterra Platinum with a Hold rating and ZAR 1,250 target, an analyst action on the stock.
JPM · Capital · Neutral JPMorgan keeps an Underweight rating on Valterra Platinum while lifting its target to US$67.
RY · Capital · Neutral RBC Capital maintains an Outperform rating with a 7,200 GBp target on Valterra Platinum.
B2Gold Goose Mine Crushing Upgrades Target 4,000 Tons Per Day by 2027
B2Gold Corp. said its newly commissioned mobile crushing plant at the Goose mine has averaged more than 3,000 tons of ore throughput per day since mid-August, in line with plan. The company is now proceeding with Phase 1 upgrades to the fixed crushing plant, adding a run-of-mine mass-flow bin and apron feeder, a new larger jaw crusher and a rock breaker, which is expected to reach a sustained average of 3,200 tons per day; the additional crushing plant cost around $16 million and the Phase 1 upgrades are expected to cost $11 million. A Phase 2 upgrade to the fixed crushing plant is scheduled for the first half of 2027 and is expected to lift average crushing capacity to a design throughput of 4,000 tons per day. The Goose mine remains on track for 2026 annual production guidance of 170,000-200,000 ounces, with third-quarter production expected in line with the first quarter and fourth-quarter 2026 production expected to be the strongest of the year. B2Gold also reported positive results from its Back River Gold District exploration drilling program, which has a 2026 budget of $51 million, more than half allocated to the Goose Mine to infill Inferred Mineral Resources at the Llama deposit and Nuvuyak zone, and has completed 27,493 meters of drilling as of August-end toward a plan to drill more than 35,000 meters in 2026.
Freeport Reports Q3 2026 Copper Production of 830 Million Pounds, In Line With Expectations
Freeport reported third-quarter 2026 consolidated copper production of approximately 830 million pounds, in line with expectations, with slightly better international results offsetting slightly lower U.S. output. Consolidated gold production of approximately 230 thousand ounces also approximated expectations, but timing changes at PT Freeport Indonesia deferred roughly 60 thousand ounces of refined gold from the third quarter into the fourth quarter. As a result, Freeport expects third-quarter consolidated copper sales to approximate its July 2026 estimate of 750 million pounds, while gold sales are expected to approximate 100 thousand ounces, below the July estimate. Consolidated unit net cash costs are now expected to come in about 5% above the July 2026 estimate of $2.00 per pound of copper, mainly on lower by-product credits from the deferred gold sales, and the company estimates its third-quarter consolidated average realized price will exceed $6.50 per pound of copper. At the Grasberg minerals district, mill throughput averaged approximately 140,000 metric tons of ore per day, about 67% of normalized rates prior to the September 2025 incident, and PTFI's smelter in Eastern Java re-commenced operations in late August 2026, with Freeport still targeting 80% of capacity in mid-2027 and near full capacity by year-end 2027.
FCX · Supply · Negative Q3 copper/gold output in line but gold sales deferred and unit cash costs ~5% above July estimate on lower by-product credits, with Grasberg throughput only ~67% of normalized rates.
GOLD · Supply · Negative Timing changes at PT Freeport Indonesia deferred roughly 60 thousand ounces of refined gold from Q3 into Q4, cutting Q3 gold sales to ~100 thousand ounces.
COPPER · Supply · Neutral Freeport's Q3 copper production of 830 million pounds was in line with expectations, with slightly better international results offsetting lower U.S. output.
Algoma Steel Guides for 65% Drop in Q3 Shipments After Turbine Outage
Algoma Steel warned it expects Q3 steel shipments of roughly 145K tons, down from more than 419K tons a year earlier, after a turbine outage at its Lake Superior Power generating facility in Ontario constrained production. The Canadian producer guided for adjusted EBITDA of negative $10M to negative $20M, a figure that includes a $50M-$55M benefit from an expected capacity utilization adjustment. The turbine has since been replaced and is operating at full power, the company said. CFO Michael Moraca said the outage temporarily constrained electric arc furnace production and was expected to affect shipment volumes, adding that third-quarter results reflect those impacts, including lower shipment volumes and a less favorable sales mix. Shares fell 2.4% post-market Thursday following the guidance.
ASTL · Supply · Negative Turbine outage at its Lake Superior Power facility constrained electric arc furnace production, cutting Q3 shipments to ~145K tons from 419K and guiding to negative EBITDA.
BofA Raises Copper Forecast 20% to $12,000, Names Top Mining Picks
BofA Securities raised its long-term copper price forecast by 20% to $12,000 per ton for 2026 and updated its mining sector rankings, upgrading BHP to Buy with a price objective of A$68 and naming the world's largest copper producer its top pick among large-cap mining stocks. Glencore was rated Buy with a price objective of GBp650, with BofA highlighting its copper growth options and monitoring a potential Australian listing for the diversified miner. Norsk Hydro received a Buy rating with a price objective of NOK98, which BofA described as offering interesting risk-reward characteristics for the pure-play aluminum company. Antofagasta maintained its Buy rating with a price objective of GBp4700, with the bank noting roughly 30% volume growth potential. BofA also trimmed its 2027 aluminum forecast by 5% to $3,625 per ton, and cautioned that investors should be prepared for potential drawdowns of 10% to 20%, noting that during China's super cycle from 2002 to 2008 markets experienced multiple corrections despite overall upward trends.
BHP.LSE · Capital · Positive BofA upgraded BHP to Buy with an A$68 price objective and named it top pick among large-cap miners.
0Q11.LSE · Capital · Positive BofA initiated a Buy rating on Norsk Hydro with a NOK98 price objective, citing attractive risk-reward for the pure-play aluminum company.
ANTO.LSE · Capital · Positive BofA maintained its Buy rating on Antofagasta with a GBp4700 price objective, noting roughly 30% volume growth potential.
GLEN.LSE · Capital · Positive BofA rated Glencore Buy with a GBp650 price objective, highlighting its copper growth options.
Greenland Mines Ltd announced the successful completion of its more than two-month 2026 field program at the Skaergaard Project in southeast Greenland, a campaign the company describes as one of the largest and most comprehensive modern multidisciplinary efforts undertaken at the site. The program completed 4,480 meters of diamond drilling across 17 holes, including the first large-diameter HQ core ever recovered at Skaergaard, and extracted more than 105 tons of bulk material from mapped and channel-sampled gold and palladium-platinum mineralized horizons, an unprecedented scale-up from the two approximately 800-kilogram historical mini-bulk samples. The company's July 2026 S-K 1300 Mineral Resource Estimate reported 15.00 million ounces PdEq in Indicated Mineral Resources and 17.49 million ounces PdEq in Inferred Mineral Resources, covering only approximately one-quarter to one-third of the intrusion hosting the defined precious-metal horizons. Greenland Mines said potential vanadium-bearing titanomagnetite, iron and gallium value streams are being evaluated alongside the palladium-platinum-gold flowsheet, with gallium occurring throughout Skaergaard's mineralized horizons, though no economic credit is currently assigned to these potential by-products. The campaign also delivered the first integrated mining-oriented geotechnical, structural, LiDAR, high-resolution aeromagnetic, ground-penetrating radar and environmental baseline programs across priority development areas, with the data intended to advance Skaergaard toward metallurgical flowsheet development, mine planning and an Initial Assessment, the S-K 1300 equivalent of a Preliminary Economic Assessment.
Liberty Gold Receives Final US$2.6 Million TV Tower Payment, Completing US$8.5 Million Sale
Liberty Gold Corp. has received the final staged payment of US$2.6 million from the previously announced sale of its 72.1% interest in the TV Tower copper-gold project in Biga Province, northwest Türkiye, completing the total US$8.5 million consideration payable under the transaction. The company said the sale converted a non-core asset into non-dilutive capital, allowing it to keep its focus on advancing the Black Pine Oxide Gold Project in southeastern Idaho. Since the sale was announced in 2024, Liberty Gold has completed a feasibility study for Black Pine and is advancing the project through formal mine permitting, with Black Pine designated a Covered Project under the U.S. federal FAST-41 program. President and CEO Jon Gilligan said the final payment completes the monetization of a non-core asset and adds US$2.6 million to the treasury, and that engineering, permitting and financing work is advancing to support a disciplined construction decision.
0V46.LSE · Capital · Positive Received final US$2.6M payment completing the US$8.5M TV Tower sale, converting a non-core asset into non-dilutive capital for Black Pine.
Southern Copper Carries Positive Earnings ESP Ahead of Next Report
Southern Copper is positioned for another earnings beat when it reports next, according to Zacks Investment Research. The miner has topped estimates in each of its last two quarters, with an average surprise of 5.25%. In the most recent quarter it posted earnings of $2.01 per share against a Zacks Consensus Estimate of $1.97, a surprise of 2.03%, after delivering $1.92 per share versus an expected $1.77 in the prior quarter, a surprise of 8.47%. Southern Copper currently has an Earnings ESP of +8.00% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time.
SCCO · Capital · Positive Zacks flags Southern Copper with a positive Earnings ESP of +8.00% ahead of its next report, pointing to another earnings beat.
Zacks Investment Research, Inc. · Capital · Neutral Zacks is the research firm issuing the positive Earnings ESP and Rank #3 (Hold) call on Southern Copper, but the article is about the miner, not Zacks itself.
Newmont's Positive Earnings ESP Points to Another Beat on October 22, 2026
Newmont Corporation, the gold and copper miner in the Zacks Mining - Gold industry, holds a positive Earnings ESP of +6.16% ahead of its next quarterly report, scheduled for release on October 22, 2026. The company has topped estimates by 21.27% on average over the last two quarters, including a 2.44% surprise in the last reported quarter with earnings of $2.1 per share versus the Zacks Consensus Estimate of $2.05 per share, and a 40.10% surprise in the prior quarter with earnings of $2.9 per share against an expected $2.07 per share. The positive Earnings ESP, combined with a Zacks Rank #3 (Hold), suggests another beat is possibly around the corner, as Zacks research shows stocks with this combination produce a positive surprise nearly 70% of the time. Investors should note that a negative Earnings ESP reading is not indicative of an earnings miss, but it does reduce the predictive power of the metric.
Agnico Eagle Mines Eyes Another Earnings Beat With Positive ESP
Agnico Eagle Mines is positioned to potentially beat earnings estimates again when it reports on October 28, 2026, according to Zacks Investment Research. The gold mining company has topped estimates in each of its last two reports, with an average surprise of 6.06% over that span. In the most recent quarter, Agnico posted earnings of $3.05 per share against the Zacks Consensus Estimate of $2.89 per share, a surprise of 5.54%, while the prior quarter delivered earnings of $3.4 per share versus an expected $3.19 per share, a surprise of 6.58%. The company currently carries a Zacks Earnings ESP of +6.05% alongside a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. Agnico Eagle Mines belongs to the Zacks Mining - Gold industry.
Great Western Mining Appoints John Arthur as CFO as Max Williams Retires from Board
Great Western Mining Corporation PLC has appointed John Arthur as Chief Financial Officer with immediate effect, while Max Williams, Finance Director since November 2019, is retiring from the Board but will remain as Company Secretary. Mr. Arthur is an accountant with over 20 years of experience across finance disciplines, having previously held CFO roles at AIM-quoted IOG plc and UK Main Market-listed Aminex PLC, and earlier spent eight years at Seven Energy, a private equity-backed Nigerian oil and gas company. He is a Fellow of the Association of Chartered Certified Accountants and holds a BSc (Hons) in Applied Economics and Accounting from the University of Plymouth. Chairman Brian Hall thanked Mr. Williams for his contribution over the past seven years and said Mr. Arthur's experience of financing transactions will be particularly valuable as the company advances the Defender Tungsten Project in Nevada towards a maiden Mineral Resource Estimate. Great Western Mining is an exploration and development company focused on strategic minerals across several 100%-owned claim groups in Mineral County, Nevada, and also holds the Huntoon Copper Project, which hosts a JORC-compliant resource of 4.3 Mt at 0.45% Cu.
GWMO.LSE · Capital · Positive Appoints experienced CFO John Arthur, whose financing-transaction experience is flagged as valuable for advancing the Defender Tungsten Project
Amaroq Ltd. has completed its 2026 resource drilling programme at the Nanoq Gold Project in South Greenland, with 4,728.9 metres of core drilling across 33 holes focused on infill drilling of the Central Zone to support a planned maiden Mineral Resource Estimate, alongside step-out drilling to the south and at the West 1 target. Approximately 88% of holes intersected visible gold and copper sulphides similar to that observed in 2024 and 2025, with assay results still pending. Metallurgical test work by SGS Lakefield indicates Nanoq mineralisation is amenable to processing at the Nalunaq facility, with total gold recoveries of approximately 97 to 99% using the existing flow-sheet. Construction has also commenced on the Nanoq beach landing facility and starter access track, improving access to the mineralised area. CEO Eldur Ólafsson said the results provide the basis for bulk sampling Nanoq ore at Nalunaq towards the end of 2027 or into 2028, and for further resource and exploration drilling.
AMRQ.LSE · Technology · Positive Amaroq completed 2026 drilling at Nanoq with 88% of holes hitting visible gold/copper sulphides and 97-99% gold recoveries confirmed by SGS, advancing the project toward a maiden resource estimate and bulk sampling.
SGS Lakefield · Demand · Positive SGS Lakefield's metallurgical test work confirmed 97-99% gold recoveries for Nanoq mineralisation, a direct services engagement for the company.
GOLD · Supply · Positive Amaroq's high-grade drilling results and strong recoveries at Nanoq point to potential new gold supply, a supportive signal for gold.
Rio Tinto secures Bell Bay Aluminium operations through 2031
Rio Tinto, the Tasmanian government, and the Australian Government have reached an agreement to secure the ongoing operation of Bell Bay Aluminium in northern Tasmania through to the end of 2031. Under the arrangements, Hydro Tasmania will continue supplying electricity to Bell Bay Aluminium until 31 December 2031, while the Australian and Tasmanian Governments will provide additional support to continue operations as Tasmania's energy system evolves. That additional support is intended to help maintain Bell Bay Aluminium's international competitiveness and its ongoing contribution to the Tasmanian economy. Rio Tinto Aluminium & Lithium CEO Jérôme Pécresse said the agreements will provide Bell Bay Aluminium with an operating pathway through to 2031, and increased certainty for the company's people, suppliers and the northern Tasmanian community.
RIO.LSE · Regulation · Positive Rio Tinto secures government-backed agreement keeping Bell Bay Aluminium operating through 2031, providing certainty for its Tasmanian smelting operations.
Hydro Tasmania · Demand · Positive Hydro Tasmania will continue supplying electricity to Bell Bay Aluminium until end-2031, locking in a long-term power customer.
SET notifies CITY of possible delisting after revenue below 100 million baht for 3 consecutive years
The Stock Exchange of Thailand has notified that the securities of City Steel Public Company Limited, or CITY, may be subject to delisting after audited financial statements for 2024 to 2026 showed the company's operating revenue remained below 100 million baht for three consecutive years, under the SET's regulations on delisting of listed securities issued in 2021. The SET will announce that CITY meets the grounds for possible delisting starting from 1 October 2026, and will post an NC sign while maintaining an SP sign to prohibit trading of the company's securities. CITY must disclose its plan to remedy the possible delisting grounds, together with a timeframe and rehabilitation guidelines, to shareholders and investors by 1 November 2026. Once the plan is fully disclosed, the SET will allow trading of the securities for one month, after which trading will be prohibited again until the company resolves the delisting grounds. CITY is required to complete the remedy of the possible delisting grounds within three years from 1 October 2026, otherwise the SET may proceed to delist CITY's securities.
CITY.BK · Regulation · Negative SET notified CITY of possible delisting after revenue stayed below 100 million baht for three consecutive years, with trading suspended and a three-year remedy deadline.
Ivanhoe Electric Updates Santa Cruz Copper Study With 24-Year Mine Life and 18.7% IRR
Ivanhoe Electric has released an updated Preliminary Feasibility Study and Technical Report Summary for its Santa Cruz Copper Project, prepared under SEC S-K 1300 rules and replacing the June 2025 report. The new study outlines a 24-year mine life with average life-of-mine cash costs of US$1.47 per pound and an after-tax internal rate of return of 18.7%, underlining the project's potential to generate positive cash flow. The company also recently appointed a new Chief Operating Officer and a dedicated Senior Vice President of Operations and Santa Cruz General Manager, both effective September 1, 2026. The updated study reinforces the project's positive cash flow profile but does not meaningfully change the near-term picture, where the key catalyst remains steady progress toward 2029 first production and the biggest risk is further cost inflation or delays that might force additional funding needs. Ivanhoe Electric's narrative projects $3.1 million revenue and $514.7 thousand earnings by 2029, requiring 1.1% yearly revenue growth and an earnings increase of about $34.9 million from -$34.4 million today.
Lundin Mining Boosts Buyback by US$100 Million as Share Count Rises
Lundin Mining Corporation reported that its issued and outstanding common shares with voting rights rose by 22,173 to 851,359,558 as of September 30, 2026, an increase from August 31, 2026 resulting from the exercise of employee stock options and the vesting of employee share units. The company said it did not purchase any shares for cancellation under its Normal Course Issuer Bid program during that period. Under its shareholder distribution policy, Lundin Mining is committed to allocating up to US$150 million in annual share buybacks through the NCIB program, and its Board of Directors has approved an increase of up to US$100 million to the share repurchase program for the remainder of 2026. So far during 2026, the company has acquired 6,098,494 common shares at an average cost of approximately C$35.70 per share. Lundin Mining is a Canadian mining company headquartered in Vancouver with three operating mines in Brazil and Chile, and its shares trade on the Toronto Stock Exchange under LUN and on Nasdaq Stockholm under LUMI.
Rio Tinto and Australian Governments Secure Bell Bay Aluminium Operations Until 2031
Rio Tinto, the Tasmanian Government and the Australian Government have reached agreement to secure the ongoing operation of Bell Bay Aluminium in northern Tasmania through to the end of 2031. Under the arrangements, Hydro Tasmania will continue supplying electricity to the smelter until 31 December 2031, and the Australian and Tasmanian Governments will provide additional support to continue operations as Tasmania's energy system evolves, helping maintain Bell Bay Aluminium's international competitiveness and its contribution to the Tasmanian economy. Rio Tinto Aluminium & Lithium Chief Executive Jérôme Pécresse said the agreements provide an operating pathway through to 2031 and increased certainty for workers, suppliers and the northern Tasmanian community. Bell Bay Aluminium, 100 percent owned by Rio Tinto, began operating in 1955 as the first aluminium smelter in the Southern Hemisphere and produces about 190,000 tonnes of aluminium a year, supporting about 550 full-time employees and more than 1200 indirect jobs while spending about A$260 million annually with 180 suppliers. The smelter's current power supply arrangement with Hydro Tasmania was due to end on 31 December 2026.
RIO.LSE · Regulation · Positive Agreement with Tasmanian and Australian governments secures Bell Bay Aluminium's power supply and operations through 2031, providing certainty for Rio Tinto's smelter.
Bell Bay Aluminium · Regulation · Positive Government agreements and continued Hydro Tasmania electricity supply secure the smelter's operations until end-2031.
Hydro Tasmania · · Neutral Hydro Tasmania is only mentioned as the electricity supplier continuing to serve the smelter; no independent impact on it is described.
Osisko Gold Closes US$600 Million 9.250% Senior Secured Notes Offering
Osisko Gold Group Inc. has completed its previously announced offering of US$600 million aggregate principal amount of 9.250% senior secured notes due 2031. The notes mature on October 1, 2031, are non-callable for the first two years, and pay interest semi-annually in arrears on April 1 and October 1, beginning April 1, 2027. Net proceeds were approximately US$578.0 million after deducting initial purchasers' discounts and commissions and estimated offering expenses, with the initial purchasers buying the notes at 98.25% of principal. Of that net proceeds total, approximately US$120.8 million was used to repay all amounts outstanding and terminate all commitments under the company's senior secured credit facility with Appian Capital Advisory Limited, while the remainder funded a segregated interest reserve account covering the first five interest payments on the notes and a segregated disbursement account to advance the Cariboo Gold Project. The notes are fully and unconditionally guaranteed by certain subsidiaries, including Barkerville Gold Mines Ltd., which holds the Cariboo Gold Project in British Columbia, and are secured by a first priority lien on the company's and each guarantor's property. Chairman and CEO Sean Roosen said the offering, alongside other available capital, fully funds the company through commercial production anticipated in 2029.
OGG · Capital · Positive Completed US$600M senior secured notes offering, repaying its credit facility and fully funding the Cariboo Gold Project through commercial production.
Barkerville Gold Mines Ltd. · Capital · Positive Named as a guarantor holding the Cariboo Gold Project, which the note proceeds will advance.
Alamos Gold's Island Gold District Lifts Output Toward 530,000 Ounces a Year
Alamos Gold's Island Gold District produced 128,700 ounces of gold in the first half of 2026, up 4% year over year, including record second-quarter production of 67,500 ounces. The district's strength offset lower output at the Young-Davidson mine, helping Alamos Gold produce 130,600 ounces in the second quarter, in line with its revised quarterly guidance of 130,000-135,000 ounces. The Ontario district, made up of the Island Gold and Magino mines with 8.2 million ounces of proven and probable gold reserves, is expected to drive production to more than 530,000 ounces per year for 10 years post-expansion at some of the lowest costs in the industry. Underground mining rates at the district averaged a record 1,550 tons per day in the second quarter, while the Magino mine's milling rates averaged a record 8,900 tons per day, and the district is on track to produce 290,000-310,000 ounces in 2026. Alamos Gold expects its overall production to reach around one million ounces annually by 2030, with the Island Gold District as a key driver.
US Antimony Reports Third Quarter MIL-SPEC Antimony Shipments to Defense Logistics Agency
United States Antimony Corporation announced an update on its third quarter delivery of Military Specification antimony ingot shipments to the Defense Logistics Agency under its existing $245 million sole-source supply contract. USAC is the sole producer of MIL-SPEC antimony ingots, which are more than 99.6% pure, in the Western Hemisphere. Antimony flake feedstock from the company's joint partner's Bolivian Hydrometallurgical facility landed at the Thompson Falls smelters during the third quarter, and its roughly 99% purity is expected to significantly improve the efficiency of the company's gas-fired furnaces. Chairman and CEO Gary C. Evans said the company is fulfilling the first significant delivery of a finished product in its nearly 60 year history, and that processing has begun on Stibnite Hill, Montana, antimony material mined late last year and this year, which now totals in excess of 400,000 pounds and is stockpiled at Radersburg, Montana.
UAMY · Demand · Positive USAC is fulfilling MIL-SPEC antimony ingot shipments to the Defense Logistics Agency under its $245M sole-source supply contract, a concrete product order.
Aris Mining Completes Soto Norte ESIA, Launches Community Engagement
Aris Mining Corporation has completed preparation of the Environmental and Social Impact Assessment for the Soto Norte gold-copper project in Santander, Colombia, and will begin community engagement ahead of submitting the ESIA and its environmental license application. Community meetings are scheduled for October in Matanza, Suratá and California, after which the company will incorporate feedback before finalizing the ESIA. The redesigned project carries high-grade mineral reserves of 4.6 million ounces of gold at an average grade of 7.0 g/t Au, an initial 22-year mine life, and a 3,500 tonnes per day mill, of which 750 tpd is dedicated to processing material from local miners. Average gold production is estimated at approximately 203,000 ounces per year from owner-mined ore over years 1 to 21, including approximately 263,000 ounces per year during years 2 to 10, and the project is expected to generate an estimated US$2.6 billion in income taxes and US$393 million in royalty payments to the Colombian government based on the 2025 Prefeasibility Study base case gold price assumption of US$2,600 per ounce. Aris Mining said recent government actions removed key regulatory constraints: the La Baja permanent reserve was revoked, the Temporary Reserve Area reverted to its original expiry of March 4, 2027, and the Santurbán Páramo delimitation process will continue under applicable constitutional, legal, technical, environmental and participatory requirements. The National Mining Agency approved the modification to the Programa de Trabajos y Obras for mining concession 0095-68 on July 29, 2026, though construction and mining may not commence until the required environmental license is obtained.
ARIS · Regulation · Positive Aris Mining completed the Soto Norte ESIA and can proceed toward its environmental license application after key regulatory constraints were removed.
Namib Minerals unit secures $6.5M BancABC term loan for Redwing Mine
Namib Minerals announced that its wholly owned subsidiary, Bulawayo Mining Company (Private) Limited, has secured a non-dilutive $6.5M new term loan facility from African Banking Corporation of Zimbabwe Limited, or BancABC. The new debt facility is in addition to the company's existing term loan and overdraft lines with BancABC, with all credit facilities now consolidated into a single unified structure to optimize working capital and liquidity. Net proceeds from the $6.5M facility will fund Step 3 of the Redwing Mine development, following the early completion of Step 1 dewatering and the fully funded Step 2 Definitive Feasibility Study, which aims to upgrade and extend the asset's resource base. The remaining balance for Step 3 is expected to be funded through the company's broader sequenced financing strategy, with further market updates anticipated in due course.
NAMM · Capital · Positive Namib Minerals' subsidiary secured a $6.5M non-dilutive term loan from BancABC to fund Step 3 of the Redwing Mine development.
Bulawayo Mining Company Limited · Capital · Positive Bulawayo Mining Company, the wholly owned subsidiary, obtained the $6.5M term loan facility to fund Redwing Mine Step 3 development.
African Banking Corporation of Zimbabwe Limited · Capital · Positive BancABC extended a new $6.5M term loan facility and consolidated all credit facilities into a unified structure for the borrower.
ArcelorMittal Targets $961M Expansion of Brazil's Pecém Steel Mill
ArcelorMittal SA is aiming to reach a final investment decision by the end of the year on a 5B-real ($961M) expansion of its Pecém steel mill in Brazil, according to Bloomberg News, citing Jorge Oliveira, Chief Executive Officer of the company's Brazilian operations. Speaking on the sidelines of a steel conference in São Paulo, Oliveira said the proposed project would add a hot-rolled coil production line with an annual capacity of 1.5M tons at the facility in the northeastern state of Ceará. The capital expenditure plan reflects ArcelorMittal's strategy to move up the value chain in South America by transforming Pecém's primary slab output into higher-margin rolled steel products. If approved by the board before year-end, construction would mark one of the largest industrial steel investments in the region in recent years.
MT.AS · Capital · Positive ArcelorMittal targets a $961M capex expansion of its Pecém mill, adding a 1.5M-ton hot-rolled coil line to move up the value chain.
Western Region Gold subsidiary Xinjiang Meisheng concentrator halts production for about 45 days
Western Region Gold announced on the evening of September 30 that the concentrator of its wholly owned subsidiary Xinjiang Meisheng Mining has implemented a temporary production halt because the combined second- and third-phase tailings pond project needs to connect with the first-phase dam. The halt is expected to last about 45 days, and the timing for resuming production remains uncertain. Xinjiang Meisheng's main products are gold products such as gold concentrate. In 2025, its net profit included in the consolidated statements was about 176 million yuan, accounting for 38.07 percent of the company's net profit and making it an important source of profit. However, in the first half of 2026, its net profit was 16.5806 million yuan, and its share of the company's net profit had fallen to 3.03 percent. The announcement showed that Xinjiang Meisheng's total assets in 2025 were about 3.675 billion yuan, accounting for 25.58 percent of the company's total assets, and its operating revenue was about 1.688 billion yuan, accounting for 12.44 percent of the company's operating revenue. From January to June 2026, its total assets were about 3.319 billion yuan, accounting for 24.50 percent of the company's total assets, and its operating revenue was about 700 million yuan, accounting for 6.34 percent of the company's operating revenue. Western Region Gold's semi-annual report showed that during the reporting period the company achieved operating revenue of 11.043 billion yuan, up 119.62 percent year on year, and net profit attributable to shareholders of the listed company of 547 million yuan, up 315.67 percent year on year. The company plans to implement an interim dividend for the first time, distributing a cash dividend of 0.50 yuan per 10 shares before tax, totaling about 45.55 million yuan before tax.
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