04 Nov 2026 - Canadian Gold Output Jumps While Total Global Supply Falls

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Ivanhoe Mines

Ivanhoe Mines cut 2027 Kamoa-Kakula copper guidance (100% basis) to 300,000 to 350,000 tonnes from 380,000 to 420,000 tonnes, and lifted the 2027 C1 cash cost range to US$2.50 to US$3.00 a pound from US$2.10 to US$2.50. The slower ramp-up reflects stoping on the eastern side of Kakula slipping from the fourth quarter of 2027 to late in the first quarter of 2028 and a lower maximum mining rate at Kakula, with higher diesel prices and lower grades behind the cost change. Third-quarter profit was US$45 million, a Phase 4 expansion targets about 500,000 tonnes a year, and the updated life-of-mine plan is due in March 2027.

London Stock Exchange

Kazatomprom produced 7,216 tU on a 100% basis in the third quarter, up 12% year on year, taking nine-month output to 20,508 tU, up 10%. It reiterated 2026 guidance of 27,500 to 29,000 tU on a 100% basis. Group sales rose 25% to 6,444 tU in the quarter at an average realised price of US$81.50 a pound of U3O8, up 18%.

GlobeNewswire

REalloys and the US Army have signed a non-binding term sheet for a heavy rare earth processing facility on about 200 acres at Tooele Army Depot in Utah, covering dysprosium and terbium. The proposed enhanced use lease runs 50 years with a 25-year renewal option, and the Army would hold a right of first offer on product with no obligation to buy. A definitive lease remains subject to conditions including rent terms, environmental reviews, a foreign ownership review and project financing, and either party can terminate if they are not met within 18 months.

Felix Gold

Felix Gold has received firm commitments for a two-tranche placement of about $7.25 million at $0.12 a share, a 14.3% discount to the last close, with demand above the $6.5 million target. Largest shareholder MDF Global (11.4%) has committed $2.0 million and directors $0.3 million, both subject to shareholder approval, and a share purchase plan of up to $1 million follows at the same price. Proceeds fund Treasure Creek mine permitting and economic study, Frontier refinery site selection and permitting, 2026 drilling results and an updated gold resource estimate.

Rare Earths Norway

Rare Earths Norway has made a final investment decision on a pilot plant to demonstrate an integrated route from Fen Complex ore to rare earth oxides, with operations due to start in the third quarter of 2027. The pilot has a total budget of €24 million, including €5.4 million from Innovation Norway and €1.9 million from the Telemark Development Fund, and will be built in an existing industrial facility at Ulefoss. The company is targeting extraction from the Fen Complex in the early 2030s, while the Norwegian Government aims to complete its state-led zoning process by the end of 2027.

Listcorp

Waratah Minerals reported a maiden JORC resource of 82.9 million tonnes at 1.2 g/t gold for 3.1 million ounces across the Spur and Consols zones, 27% Indicated and 73% Inferred, from 175 holes for 72,890 metres. The resource covers about 2 km of the 6 km Spur Gold Corridor, and a separate Exploration Target of 5.1 to 10.4 million ounces at 0.6 to 0.9 g/t gold is conceptual, with insufficient exploration to estimate a resource. Waratah plans about 50,000 metres of drilling over six months with 12 rigs operating, targeting a 5 million ounce resource update.

The Australian

The Australian reports Ramelius Resources has engaged investment bank Barrenjoey to pursue Northern Star's Carosue Dam gold mine in Western Australia. The reported $800 million valuation is a media estimate, not confirmed consideration. The report comes as Northern Star has rejected a takeover proposal from Gold Fields.

Aegis Hedging

Copper fell below US$14,000 a tonne on the London Metal Exchange on Tuesday to an 11-week low, sinking as much as 3.2% to US$13,883 as a technology stock selloff clouded the demand outlook. RBC Capital Markets said the slide is forcing a fresh look at the AI demand case that has underpinned copper's rally. The metal is still up about 12% this year, with uncertainty over US tariff plans for refined metal and the risk of renewed US-Iran conflict also weighing.

Indonesia ESDM

Indonesia's Energy and Mineral Resources Minister Bahlil Lahadalia said nickel has fallen to about US$15,800 a tonne, below US$16,000, because of oversupply, and the government is preparing to tighten production controls through the RKAB work plan and budget process. He put global demand at about 3.5 million tonnes a year against an oversupply of almost 800,000 tonnes, and urged producers to hold back output while acknowledging there would be protests. Bahlil pointed to coal, where the same RKAB approach cut output while lifting prices and state revenue.

Miningmx

Gold industry all-in sustaining costs rose 22% year on year to a record US$1,930 an ounce in the second quarter, up 8% on the first quarter, according to the World Gold Council. The annual pace is the fastest since the first quarter of 2013, driven by higher energy and consumables costs and rapidly rising sustaining capital. Global mine output still rose 3% to a third-quarter record of 1,071 tonnes, with the council expecting another record year.

Listcorp

BPM Minerals' first two RC holes at the Clyde prospect, part of the 6 km Bonnie & Clyde soil anomaly at its Forelands project in Western Australia, returned downhole intercepts of 4m at 20.57 g/t gold from 39m including 1m at 73.33 g/t, and 8m at 9.23 g/t from 71m including 1m at 64.71 g/t, both in FLRC125. The other hole, FLRC124, returned no significant result. Mineralisation sits in basement rock beneath 15 to 30 metres of cover and is open along strike and down dip, with 38 RC holes completed at Bonnie & Clyde and 36 more at the laboratory.