| The Sunday WrapKamoa ViewTheme: Existing Holders Set The TermsThe French State, Hebang And Metals X Are Each Moving To Deepen Their Exposure To Companies They Already BackA common theme across this week's transactions is the role existing shareholders are playing in funding projects, strengthening balance sheets and pursuing acquisitions. In France, the Government is looking to increase its holding in Eramet to as much as 49% through a planned EUR 500 million (USD 560.5 million) rights issue. We are seeing something similar with Avenira, where its major shareholder and offtake partner, Hebang, has committed up to AUD 85 million (USD 59.1 million) for the Wonarah Phosphate Project, with repayments deferred for the first two years. Metals X is taking a different approach, looking to acquire the remaining shares in First Tin through a preliminary cash offer of 15 pence per share.M&A activity has also continued, with buyers increasingly looking at assets that complement their existing operations. SSR's USD 464 million acquisition of Roxmore would bring the Converse Gold Project into its portfolio, just 6 km from its Marigold operation. Discovery is following a similar path, paying USD 55 million to consolidate ownership of the Fuller property and Paymaster. Not every deal is getting across the line, however, with Northern Star rejecting Gold Fields' AUD 38.7 billion cash and scrip proposal.There is also plenty of capital coming into the sector through public markets. Silver Tiger has closed a CAD 100.05 million (USD 70.4 million) raising, while Wiluna's AUD 180 million (USD 125.1 million) IPO bookbuild has reportedly been completed at the bottom of its pricing range. With Metals X facing a 6 November deadline and Eramet targeting its rights issue before year-end, the coming weeks should provide a better indication of how much support existing shareholders are prepared to put behind these transactions. |
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| Commission Selects 46 New Strategic Projects To Bolster The EU's Supply Of Critical Raw MaterialsThe European Commission selected 46 new Strategic Projects across 16 Member States under the Critical Raw Materials Act, drawn from 102 applications. The list spans eight extraction, 11 processing, 19 recycling and eight integrated projects across 15 of the 17 strategic raw materials, including 12 on nickel, 10 on cobalt, seven on lithium, four on rare earths and three on tungsten. Combined with last year's 60 projects, the Commission says the pipeline could fully meet its 2030 extraction benchmarks for lithium, nickel, rare earths, magnesium and tungsten.European Commission |
| Gold Fields Executives Head To Perth As Northern Star Prepares Defensive Mine SalesGold Fields executives fly into Perth from South Africa later this month and stay through to November for site visits, with talks with Northern Star possibly on the agenda after it rejected an A$38.7 billion cash and scrip bid valuing it at A$27 a share. Sources say Gold Fields needs to return close to A$30 a share to get a deal done. Northern Star is preparing defensive non-core sales of Carosue Dam, Jundee, Kanowna Belle and Bronzewing, with Ramelius Resources the most likely buyer for Carosue Dam at about A$800 million.The Australian |
| China Coal Prices At Three-Year High With Little Relief In SightChina's benchmark power-station coal price hit 1,004 yuan a tonne on Monday, according to the China Coal Transportation and Distribution Association. That is its first four-figure level in two years and a gain of a quarter since mid-July. Domestic output is down more than 3% in the year through August after safety curbs that followed a deadly Shanxi mine collapse in May, while Indonesian shipments have fallen on Jakarta's output cuts and El Niño drought limiting barge loads.The Edge Malaysia |
| Blackouts Hit Indian Factories As Coal Crunch Feeds Into EconomyIndian factories, smelters and households face blackouts and rising energy costs as coal stocks plunge. As of 10 October, almost half of India's coal-fired plants held less than a quarter of required feedstock, according to the power ministry. The grid ran an average shortfall of nearly 4 GW a day in the first 10 days of October, and Coal India spot auction premiums jumped to 94% over base price in September from 59% in August.Economic Times |
| Chinese Lithium Prices Tumble On EU Demand ConcernsThe most active lithium carbonate contract on the Guangzhou Futures Exchange touched 104,680 yuan a tonne, its weakest since 17 December 2025, and ended daytime trade down 11.8% at 104,740 yuan, its steepest daily fall since March. The slide followed a China-EU deal that could cut Chinese hybrid car exports to the bloc by more than half. Prices have halved from a 33-month high of 209,880 yuan hit on 13 May.Mining.com.au |
| France To Become Eramet's Top ShareholderFrance will lift its Eramet stake to up to 49% from 27% during a €500 million capital increase, buying part of the Duval family's 37% holding to become the largest shareholder. The raise, flagged in February to repair a slump in earnings and a jump in debt, is planned between Eramet's third-quarter sales release on 29 October and year-end. Chair and interim CEO Christel Bories said the state will stay below 50% of capital and voting rights, and the clearer register should help recruit a new chief executive after Paulo Castellari was fired this year.Mining.com.au |
| South America's Copper Boom Faces A US$170B Reality CheckGEM Mining Consulting warns that Andean copper plans may not deliver the output governments expect, noting that much of Chile's US$104.5 billion 2025 to 2034 pipeline is brownfield work that sustains existing output. On GEM's illustrative scenarios, Peru's plan to add one million tonnes a year by 2032 delivers about 700,000 tonnes of net growth if existing mines decline 2% annually, and about 570,000 tonnes at 3%. The IEA's 2026 base-case pipeline already points to a roughly 25% shortfall against primary copper requirements by 2035, and a US EXIM framework of up to US$7 billion for Argentina is not an approved mine loan.Mining.com |
| Profits And Cash Hit Record Levels In 2025, But Productivity Has Stalled. Closing That Gap Is The Industry's Next TestMcKinsey's Global Materials Perspective 2026 values productivity improvements at US$450 billion to US$750 billion a year across mining and metals, or 15 to 25% of the industry's US$3.1 trillion of 2025 revenue. Mining productivity is stagnating again as capital productivity drags the total, with capital intensity rising on deeper pits and declining ore grades. Steel and thermal coal fell from 65% of metals and mining revenue in 2021 to 49% in 2025 as value shifted toward gold and copper, and data centre capacity is set to grow from 84 GW to nearly 600 GW by 2040.McKinsey & Company |
| US Project Vault Set To Unleash A$1.45 Billion In LoansProject Vault, the US Government-backed critical minerals stockpile, is preparing up to US$1 billion (A$1.45 billion) in first-round loans to US manufacturers, Bloomberg reports, with more than a dozen firms in the first tranche and borrowers not named at this stage. It is backed by a US$10 billion loan from the Export-Import Bank of the United States and nearly US$2 billion of private capital, and Glencore and Mercuria have committed US$500 million each. Fastmarkets reports market sources questioning the commercial model and the lack of clarity on pricing, including whether there is a price floor.Mining.com.au |
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| Eramet (ERA) confirms plans to launch a €500M (~US$560.5M) rights issue in Q4 2026, backed by a strategic investment from the French StateEramet calls the raise necessary to restore its financial position, strengthen its equity base and maintain compliance with its bank covenants. The French State's APE will take up its 27.1% pro-rata share and buy all or part of Sorame-CEIR's rights, capped so that its effective voting rights stay at or below 49%. That would make the APE the largest shareholder, with Sorame-CEIR second. |
| Wiluna Mining completes the bookbuild for its A$180M (~US$125.1M) IPO at 65 cents a share ahead of its return to the ASXThe price sits at the bottom of the 65 to 85 cent range and implies a market capitalisation of about A$472M, with listing expected on or about 22 October. Proceeds are earmarked for debt reduction, exploration drilling and infrastructure upgrades, and the offer is reportedly led by Argonaut and Barrenjoy. Reported holders after listing include Byrnecut at 29.5% and Franco-Nevada as a new 5% investor. |
| Silver Tiger Metals (SLVR) closes its C$100.05M (~US$70.4M) bought deal offering of units, including full exercise of the over-allotment option, to advance the El Tigre Project, Sonora, MexicoThe syndicate, led by Stifel Canada as sole bookrunner, sold 100,050,000 units at C$1.00, each with one common share and one-half of a warrant exercisable at C$1.35 for 24 months. The total includes the full exercise of the over-allotment option on the C$87M base offering. Proceeds will fund exploration and development at El Tigre, a silver and gold heap leach project under construction, plus working capital and general corporate purposes. |
| Avenira (AEV) secures up to A$85M (~US$59.1M) in term and working-capital facilities from Hebang for the Wonarah Phosphate Project, Northern TerritoryThe facilities comprise an A$50M term facility and an A$35M working-capital revolving facility from Hebang Biotechnology (Hong Kong) Investment, Avenira's major shareholder and strategic offtake partner. The eight-year term carries interest at the Reserve Bank of Australia cash rate target with no additional margin, with principal and cash interest deferred for the first two years and interest capitalised in that period. Avenira expects the facilities to fully fund Wonarah through first shipment and ongoing direct shipping ore operations. |
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| SSR Mining (SSRM) signs a definitive agreement to acquire Roxmore Resources (RM) and its Converse Gold Project in Nevada for an equity value of approximately US$464MRoxmore shareholders will receive C$6.75 per share in cash, a 27% premium to the 9 October TSX close and 47% to the 20-day VWAP, plus shares in a new exploration company holding Rattlesnake Hills, Shabu River and Newton. That company will be funded with US$10M in cash and owned 85.01% by former Roxmore shareholders and 14.99% by SSR, and the US$464M excludes its value. Converse sits 6 km from SSR's Marigold complex in Nevada, and SSR will fund the cash component from its existing cash position. |
| Metals X (MLX) submits a preliminary, non-binding cash offer for First Tin (1SN) at 15 pence a share, valuing it at about £81.3M (~US$107.6M)The offer covers the shares Metals X does not already own, with Metals X last reported as First Tin's largest shareholder at 29.95%. First Tin's board, excluding the two Metals X nominees, is considering the approach. Under the UK Takeover Code, Metals X must announce a firm intention to bid or confirm it will not by 5.00 pm on 6 November, and there is no certainty an offer will be made. |
| McEwen (MUX) agrees to sell its Fuller and Paymaster properties in Timmins, Ontario, to Discovery Mining (DSV) for US$55MConsideration is US$5.0M in cash and US$50.0M in Discovery shares, with the share number set off the five-day VWAP ahead of closing. The sale covers the wholly owned Fuller property, McEwen's 60% interest in the Paymaster joint venture, which gives Discovery 100% of Paymaster, and a surface rights parcel. Closing is subject to customary conditions, including TSX approval of the share issuance. |
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| Power Minerals (ASX:PNN)91m at 7.72% TREO from surfaceMorro do Ferro, Minas Gerais, Brazil |
| Many Peaks Minerals (ASX:MPK)188.9m at 3.58 g/t Au from 633mFerké (Ouarigue), Côte d'Ivoire |
| Lux Metals (TSXV:LXM)19.5m at 17.57 g/t Au from 220.5mLa Grande (Zone 32), Québec, Canada |
| Amara Minerals (ASX:AM3)102.3m at 2.29 g/t Au from 140.5mApollo, Victoria, Australia |
| Encounter Resources (ASX:ENR)44m at 1.72% Cu from 8.1mYeneena (Tyrell), Western Australia, Australia |
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| Week-on-Week | Price | % |
| Gold | US$4,165.52/oz | -0.68% |
| Silver | US$56.97/oz | -6.30% |
| Platinum | US$1,639.50/oz | -3.18% |
| Palladium | US$1,114.50/oz | -3.13% |
| Rhodium | US$9,150.00/oz | +1.67% |
| Copper§ | US$14,367.31/t | -1.87% |
| Nickel | US$15,370.00/t | -2.10% |
| Zinc | US$3,696.30/t | -2.77% |
| Lead | US$1,886.68/t | -0.16% |
| Aluminium | US$3,008.50/t | -1.54% |
| Tin | US$50,125.00/t | -2.57% |
| Iron Ore | US$90.90/t | +0.24% |
| Manganese§† | US$4.31/dmtu | 0.00% |
| Uranium | US$90.00/lb | +0.17% |
| WTI Crude* | US$101.84/bbl | +10.88% |
| Lithium§ | US$15,264.27/t | -16.51% |
| Cobalt | US$39,345.00/t | +0.25% |
| Molybdenum§ | US$91,974.17/t | -0.81% |
| Neodymium§† | US$141.58/kg | 0.00% |
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| Prices sourced from Trading Economics, week-on-week to Friday 16 October 2026; Tin, Cobalt and Uranium are Thursday 15 October closes. §Converted to the table's units: copper from US$/lb at 2,204.62 lb per tonne; manganese, lithium, molybdenum and neodymium from Trading Economics' CNY quotes at CNY 6.6921 per US$ (16 October), with percentage changes as quoted in CNY. †Trading Economics shows no change over the week, so 0.00% may reflect a stale feed. |
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| Website | LinkedIn | Instagram | YouTubeThis newsletter is for general information, education and entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice. Seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur. |
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