| The Sunday Wrap |
| Kamoa View |
| Theme: The Cost Of Not Producing Yet |
| Producers Are Recycling Capital While Developers Pay Up To Reach It |
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| Capstone is selling Cozamin, a producing mine, to redeploy the proceeds into its larger Chile and US copper pipeline. Artemis is sequencing Mt Todd's construction spend behind cash flow from its own Blackwater EP2 expansion instead of raising fresh capital for it now. AIC funded its Mt Cuthbert bolt-on largely through a placement to an existing major shareholder. Three different transactions, one common thread: each company is moving on capital it already controls. |
| Osisko, still pre-production at Cariboo, priced US$600M of notes at 9.25% to refinance and fund construction. Highlander's US$330M facility for Corani is still a mandate for Natixis to arrange, with credit approval and due diligence outstanding before it closes. Bannerman needed a Chinese state-backed partner, CNNC's CNOL, to reach a debt-free construction path at Etango at all. Coupon, conditionality and a share of the project are what it costs to fund growth before the cash flow arrives. |
| Copper's run toward a fresh record, with Shanghai and London warehouses both emptying out this week, explains why buyers can justify writing the cheques in the first group and why lenders are underwriting the second. CATL's Jianxiawo mine, treated as a key swing factor for lithium carbonate supply, is only now restarting its approval process after being shut down, a reminder that tight physical markets can turn on a single asset's paperwork as much as on demand. Capital is finding both routes to growth this week, whichever balance sheet is paying for it. |
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| CATL Jianxiawo Lithium Mine Restarts EIA Approval Process |
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| CATL's Jianxiawo lithium mine in Yichun, Jiangxi Province, has restarted its environmental impact assessment approval process, after the previous acceptance announcement was revoked over compliance questions with the construction unit's public disclosure website. Yichun Times New Energy Mining Co Ltd published a pre-approval disclosure on 18 September for the Zhenkouli (Yifeng County) to Jianxiawo (Fengxin County) project, opening a public comment window. The mine, one of the world's largest single lithium mica operations, has been treated as a key swing factor for lithium carbonate supply since it was shut down. |
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| Mysteel |
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| Cameco May Turn US$2.1B Into US$24B With Westinghouse Listing This Fall |
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| Westinghouse is targeting a valuation above US$50 billion and could file for a US IPO as soon as October, implying a value above US$24.5 billion for Cameco's 49% stake against the US$2.1 billion it paid in 2023. Westinghouse has identified a pipeline of up to 91 AP1000 reactors over 20-plus years, and a separate deal gives Washington a rising participation interest if it commits to at least US$80 billion of new US reactor construction before January 2029. |
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| The Northern Miner |
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| Australia Gold Output Holds Near Decade Average |
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| Australian gold output held near its decade average at 303 tonnes, about 9.7 million oz, in the year to June, according to Surbiton Associates, even as seismic disruption at Newmont's Cadia cut quarterly production by 60,000 oz. Newmont's Boddington led all producers at 563,000 oz for the year, while Northern Star's Super Pit expansion to 27 million tonnes annual throughput is already commissioning. High copper prices are also reshaping gold-copper economics, with Evolution's Northparkes posting an AISC of minus A$10,696/oz on copper credits in the June quarter. |
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| The Northern Miner |
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| Copper Price Closes In On New Record As Shanghai, London Warehouses Empty Out |
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| Comex December copper rose as much as 1.6% to US$6.8710/lb on Tuesday for a sixth straight gain, closing on the US$6.8885 record settlement of 9 September, while LME three-month metal added 0.7% to US$14,766/t. SHFE warehouse stocks have fallen 70% since early June and Shanghai cathode inventories dropped to 43,900 tonnes last week, the lowest since 2023, with imports going straight to fabricators ahead of Chinese holidays. In London, cash flipped to a US$62/t premium over three-month from an US$86 discount a week earlier, and cancelled warrants reached 122,150 tonnes, 48% of metal on warrant. |
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| MINING.com |
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| Panama's Giant Copper Mine Is Too Valuable To Waste |
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| Bloomberg Opinion columnist Juan Pablo Spinetto argues First Quantum's Cobre Panama is too valuable to leave idle, nearly three years after the Supreme Court ruled the law approving its contract unconstitutional in late 2023. That ruling followed mass protests over a concession rushed through the National Assembly and the mine's environmental impact, capping a period of discontent over inflation, corruption and the then government's handling of the pandemic. |
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| Bloomberg |
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| US Eyes Up To US$7 Billion For Argentina Mining, Energy |
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| The US Export-Import Bank plans to finance up to US$7 billion of Argentine critical minerals and energy projects over two years, according to a document seen by Reuters, including loans for companies buying US-made equipment. The package was slated for announcement in New York during the UN General Assembly, while the US-Argentina critical minerals agreement announced in February still awaits ratification by Argentina's Congress. Mining minister Luis Lucero has put potential 2036 exports at 580,000 tonnes of lithium and 1.64 million tonnes of copper a year. |
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| MINING.com |
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| Tungsten West, Elmet Ink US$1.8 Billion Offtake Deal For Hemerdon Mine |
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| Tungsten West (TUN) signed a binding eight-year offtake with Elmet Technologies for 1,000 tonnes per annum of contained WO3 from its Hemerdon mine in Devon, valued at over £1.4 billion (US$1.8 billion) at prevailing prices. The deal builds on the UK National Wealth Fund's up to £71 million investment in Tungsten West and its exclusive right to negotiate up to 50% of Hemerdon's annual production. The mine supplied tungsten through both World Wars before closing in 1944. |
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| MINING.com |
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| Osisko Gold Group (OGG) prices an upsized US$600M offering of 9.250% senior secured notes due 2031 to refinance existing project debt and advance construction at the Cariboo Gold Project, British Columbia |
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| The offering was increased from a previously announced US$500M, priced at 100.0% with interest paid semi-annually from 1 April 2027, and is scheduled to close 30 September 2026. Approximately US$120.9M of net proceeds will repay and terminate the existing project loan facility with funds advised by Appian Capital Advisory, with the balance funding an interest reserve and a disbursement account for Cariboo, and the notes guaranteed by Osisko subsidiaries expected to include Barkerville Gold Mines Ltd. |
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| Highlander Silver (HSLV) mandates Natixis Corporate & Investment Banking to lead a fully underwritten US$330M senior secured project finance facility for construction of the Corani Silver Project, Peru |
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| The seven-year facility requires Highlander to establish a company-funded cost overrun facility of up to US$100M before first draw, with final amounts still subject to credit approval, definitive documentation and completion of technical, financial, environmental and social due diligence, and closing targeted for the first quarter of 2027. Highlander has retained 100% of Corani's offtake rights and acquired the project through its business combination with Bear Creek Mining. |
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| Bannerman Energy (BMN) completes its US$320.4M strategic investment and joint venture with CNNC Overseas Limited (CNOL) for the Etango Uranium Project, Namibia |
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| CNOL's proceeds comprise a US$294.5M investment into Bannerman Energy (UK) Ltd, the joint venture holding company, alongside a US$25.9M reimbursement paid directly to Bannerman, with CNOL taking 45% of the JV (which owns 95% of Etango) for underlying economic ownership of 52.25% Bannerman, 42.75% CNOL and 5% One Economy Foundation on a loan-carried basis. The deal clears a debt-free path to construction, with the two partners funding future capex and operating costs pro rata to their 55%/45% equity interests and CNOL committed to a life-of-mine offtake for 60% of Etango's yellowcake production. |
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| Artemis Gold (ARTG) to acquire 100% of Vista Gold (VGZ) in an all-share transaction valued at approximately US$427M, adding the feasibility-stage Mt Todd gold project, Northern Territory, Australia |
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| Vista Gold shareholders will receive 0.0966 Artemis Gold shares for each share held, a 29% premium to the 20-day volume-weighted average price of both companies to 18 September 2026, paid entirely in shares with no cash or new debt. Mt Todd holds 9.1Moz Measured and Indicated plus 1.4Moz Inferred Mineral Resources (foreign estimate, reported under NI 43-101/S-K 1300, not JORC) and key approvals for a 50,000tpd processing facility, with construction spending deferred until after Artemis's Blackwater EP2 expansion, targeted for mid-2028, and existing Artemis shareholders retaining approximately 95% of the combined group. |
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| Luca Mining (LUCA) to acquire Capstone Copper's (CS) Cozamin copper-silver-zinc-lead mine in Zacatecas, Mexico, for total consideration of up to US$385M |
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| Capstone will receive US$275M in upfront cash subject to customary closing adjustments, US$15M in Luca shares at closing and US$35M in deferred consideration on the first anniversary, plus up to US$60M in contingent cash tied to annual average copper prices. Cozamin has forecast production of roughly 20,000t of copper and 1.3Moz of silver a year through 2030, with Capstone redirecting proceeds toward its Chile and US copper growth pipeline. |
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| AIC Mines (A1M) to acquire 100% of Materra Metals, owner of the Mt Cuthbert Copper Project in northwest Queensland, for A$120M (~US$86.6M) from Dragon Field International and other Materra shareholders |
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| The consideration comprises A$100M in new AIC Mines shares, approximately 125.8 million shares at A$0.795, and A$20M cash, funded in part by a A$70M placement to major shareholder Hawke's Point Resource Finance at the same price. Mt Cuthbert holds a resource of 18.7Mt at 1.3% Cu for 246,000t of contained copper across five granted-lease deposits, lifting AIC's total copper resource base by approximately 39% and sitting 150km northwest of its Eloise mine. |
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| Copper Giant Resources (TSXV:CGNT) |
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| 804m at 0.56% CuEq from 150m |
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| Mocoa, Putumayo, Colombia |
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| Koryx Copper (TSXV:KRY) |
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| 681m at 0.34% CuEq from surface |
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| Haib, Namibia |
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| Andina Copper (TSXV:ANDC) |
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| 322m at 0.51% Cu from 74m |
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| Cobrasco, Chocó, Colombia |
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| Southern Silver Exploration (TSXV:SSV) |
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| 35.0m true width at 399 g/t AgEq from 198m |
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| Cerro Las Minitas, Durango, Mexico |
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| Aurum Resources (ASX:AUE) |
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| 2.63m at 76.74 g/t Au from 195.2m |
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| Boundiali, Côte d'Ivoire |
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| Week-on-Week |
Price |
% |
| Gold | US$4,286.70/oz | -2.06% |
| Silver | US$64.01/oz | -3.40% |
| Platinum | US$1,751.00/oz | -2.51% |
| Palladium | US$1,240.00/oz | -3.35% |
| Rhodium | US$9,450.00/oz | +5.00% |
| Copper | US$14,765.00/t | +1.62% |
| Nickel | US$16,320.00/t | +1.65% |
| Zinc | US$3,981.00/t | -0.72% |
| Lead | US$1,900.00/t | +1.71% |
| Aluminium | US$3,228.00/t | -1.74% |
| Tin | US$53,875.00/t | +0.51% |
| Iron Ore | US$97.14/t | -0.44% |
| Manganese | US$4.30/dmtu | -0.87% |
| Uranium | US$89.70/lb | 0.00% |
| WTI Crude* | US$92.44/bbl | -1.64% |
| Lithium | US$21,756.40/t | -0.15% |
| Cobalt | US$39,640.00/t | -1.20% |
| Molybdenum | US$92,594.02/t | 0.00% |
| Antimony | US$15,607.24/t | -0.66% |
| Tungsten | US$153,463.47/t | -2.09% |
| Niobium‡ | US$958.52/t | -0.06% |
| Neodymium | US$154.85/kg | -0.45% |
| Praseodymium† | US$177.62/kg | -0.72% |
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Prices sourced from Pulse Intelligence, week-on-week to Friday 25 September 2026 (Saturday close not yet available at time of writing). *WTI Crude sourced from Investing.com. †This price feed updated fewer than five times in the preceding two months; the change shown reflects a small number of discrete repricings rather than continuous movement. ‡Quoted basis under review.
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This 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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