Weekly Wrap - 08 Nov 2026

SUNDAY 8 NOVEMBER 2026

The Weekly Wrap

Kamoa View

Theme: Strategic Capital Moving Into A Tightening Copper Market

Copper Assets Are Attracting Buyers, But The Market Isn’t Rewarding Miners

Ivanhoe cut 2027 Kamoa-Kakula guidance to 300,000 to 350,000 tonnes from 380,000 to 420,000 tonnes, Cochilco cut Chile’s 2026 production forecast, and Codelco’s chairman put 2026 output closer to 1.2 million tonnes after finding 42,100 tonnes of artificially inflated production. Copper traded at US$14,251 a tonne on the LME on Monday, yet the eleven copper producers in the MINING.COM TOP 50 lost US$69 billion in October, part of a US$226 billion fall for the index after gold dropped 6.6% to US$3,884, its worst October since 2008. Supply is tightening faster than share prices reflect.

Buyers with balance sheets are acting on that gap, each in a different way. Freeport’s board approved US$4.5 billion to expand Bagdad, with first production targeted for mid-2030. Hudbay agreed to subscribe to Pecoy Copper’s placement at a 10% premium to the 10-day VWAP, and Agnico Eagle received about 20% of Vizsla as payment for its Delta and Helm Bay projects. ACG agreed to pay US$220 million in its own shares for Blue Moon Norway and the Nussir copper mine, while Chinese overseas mineral acquisitions reached US$8.8 billion in nine months, according to Rhodium Group estimates.

The cost of capital is splitting along the same line. Fortescue swapped a 7.0% US dollar coupon into offshore renminbi at an effective rate of about 3.9%, and Sigma Lithium replaced a floating 11.45% coupon with a fixed 7.00% convertible. Caledonia’s Bilboes facility prices at SOFR plus 7.90% to 8.10%. Size buys cheaper money, and projects with a funded build, a cornerstone partner or a low-cost financing route are best placed to keep clearing capital whatever share prices do.

Do you want exclusive access to future capital raises and investment opportunities?

Join the Kamoa Capital Investor Register TODAY!

Investor Register

Registration is not an application for securities and does not guarantee participation in any offer. Any offer is made separately by the issuer or an appropriately authorised party.

Top News

Economic Times

India’s October Coal-Fired Power Output Jumps Most In 3 Years As Hydro Generation Slumps

India’s coal-fired generation rose 25.7% year on year in October, its fastest pace in three years, lifting coal’s share of total output to 71.7% from 66.03% in September. Hydropower generation fell 26% on weaker rainfall linked to El Niño, the steepest drop since February 2024. At one point in the month, 100 of India’s 191 coal-fired plants were running on critically low fuel stocks.

Listcorp

Jacaranda Identifies High-Grade Copper Rock Chips At Motloutse

Jacaranda’s maiden Motloutse programme in Botswana returned up to 2.0% Cu in selective rock chip assays, with 12 of 23 samples above 1% Cu and copper confirmed at all six historical pits sampled. Fieldwork also identified a new copper trend at Tlou, traced for about 50m, where 8 of 12 samples exceeded 1% Cu, and silver ranged from 1.6 to 18.8 g/t across the programme. Maiden drilling is targeted between December 2026 and February 2027, pending approvals, with the rig moving across after phase one at Globe.

Mining.com

US$712 Billion Wiped Off World’s Biggest Mining Companies Since Start Of Iran War

The MINING.COM TOP 50 lost US$226 billion in October, a 10% fall following September’s US$264 billion loss, leaving it US$712 billion or 26% below its US$2.75 trillion record from the end of February. Hotter US inflation data hardened bets on another Fed rate hike, oil rose on the Middle East conflict and a late-month tech rout forced funds to sell metals. Gold fell 6.6% to US$3,884, its worst October since 2008, and the eleven copper producers lost US$69 billion, the biggest sector fall in dollars, even though copper barely moved.

Business Recorder

Copper Rises On Weaker Dollar And Downgrade To Chile Production Outlook

LME three-month copper rose 0.7% to US$14,251 a tonne in Monday trade on a weaker dollar, lower oil and Cochilco’s sharp cut to Chile’s 2026 production forecast. LME inventories climbed to 293,775 tonnes, the highest since mid-July, after 20,500 tonnes were delivered in New Orleans. Investors stayed cautious ahead of Tuesday’s US midterm elections.

Ivanhoe Mines

Ivanhoe Cuts Kamoa-Kakula’s 2027 Copper Outlook

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.

Business Wire

Freeport Announces Plans To Boost U.S. Copper & Molybdenum Production

Freeport-McMoRan’s board has approved a US$4.5 billion expansion of its wholly owned Bagdad copper and molybdenum operation in Arizona, which will more than double mining and milling rates. Long-term output is expected to exceed 400 million pounds of copper and 20 million pounds of molybdenum a year, increases of roughly 225 million and 12 million pounds. Initial production is targeted for mid-2030 after about 3.5 years of construction, with break-even supported at around US$4.00/lb copper and US$20/lb molybdenum.

Mining.com.au

China Accelerates Overseas Mining Investment To Secure Critical Minerals

Chinese overseas mineral acquisitions reached US$8.8 billion in the first nine months of 2026, already the highest annual total since at least 2018, according to Rhodium Group estimates cited by CNBC. Eurasia Group expects Chinese outbound investment in upstream critical minerals could double from 2021-2025 levels, with Beijing treating 70% import dependence as an implicit red line for minerals including copper, lithium, cobalt and nickel.

Reuters

Codelco Says Production Under Irregular Circumstances Amounts To 42,100 Tonnes

Codelco chairman Bernardo Fontaine told an extraordinary shareholders’ meeting on Thursday that artificially inflated production detected in the miner’s reports amounts to 42,100 tonnes, while a second case cuts stock by 17,000 tonnes, worth US$120 million to US$140 million. Codelco has ordered audits and dismissed nine people across three mines and its corporate offices. Fontaine now expects 2026 copper output closer to 1.2 million tonnes, and around 1.3 million tonnes a year over the next four years.

Miningmx

Gold Fields Puts Question Mark Over Northern Star Bid

Gold Fields said in its third-quarter update there is no certainty its proposed cash and share takeover of Northern Star Resources will proceed. The offer’s implied value has slipped 15% to A$22.90 a share from A$27.00 when it was made on 14 September. Nedbank Securities said deals of this kind typically need premiums near 30%, against the current 22% proposal.

Top Financings

Fortescue (FMG) prices a US$1.5B senior unsecured notes offering due 2032, swapped into offshore renminbi at an effective rate of about 3.9%

The notes carry a 7.0% US dollar coupon and mature on 15 November 2032, issued by Fortescue Treasury Pty Ltd and guaranteed by Fortescue. Cross-currency swaps convert the full principal into a fixed liability of about CNH9.95B (offshore renminbi). Net proceeds are for general corporate purposes, which may include repaying debt, with settlement expected on 12 November.

Caledonia Mining (CMCL) signs a US$150M interim financing facility with eight Zimbabwean banks to support construction of the Bilboes Gold Project

The facility comprises a US$50M revolver at SOFR plus 8.10% and a US$100M term facility at SOFR plus 7.90%, with a 36-month term and a one-year extension option. A further accordion of up to US$50M on the term facility is not included in the headline. Initial use of the revolver is subject to conditions including additional hedging arrangements, and the facility is the third pillar of Caledonia’s Bilboes funding strategy.

Sigma Lithium (SGML) prices an upsized US$125M offering of convertible bonds due 2031 to refinance its Synergy Capital debt

The bonds were upsized by 25% from US$100M, carry a fixed 7.00% coupon and convert at US$6.51, a 25% premium to the 2 November Nasdaq close of US$5.21, with no conversion in the first 12 months. Net proceeds will repay the Synergy Capital senior secured debt in full, replacing a floating coupon of 11.45% and extending maturity from June 2027 to 2031. The bonds were offered solely outside Canada and the United States.

West Red Lake Gold (WRLG) signs a binding term sheet with Gunvor for a proposed credit facility of up to US$95M and a gold offtake to refinance its Nebari debt

Tranche 1 of up to US$65M has a five-year term, a nine-month principal repayment holiday and interest at one-month SOFR plus 5.50%, while Tranche 2 of up to US$30M is subject to further conditions and approvals. Gunvor would also buy 100% of gold doré produced from the operation. Funding remains subject to due diligence, definitive agreements and security.

Pecoy Copper (PCU) enters subscription agreements for a C$49.8M (~US$35.6M) strategic private placement led by Hudbay Minerals (HBM) to advance the Pecoy Project in Peru

The placement is priced at C$2.02 a share, a 10% premium to the 10-day VWAP to 30 October, with Hudbay investing about C$30.1M and an unnamed strategic investor about C$19.7M. Each investor is expected to hold about 9.99% on a partially diluted basis, and Hudbay will receive pro rata participation rights and a board nomination right under an investor rights agreement. Closing was scheduled for on or about 5 November, subject to customary approvals including TSXV acceptance.

Avenira (AEV) completes an A$48.9M (~US$34.4M) rights issue and shortfall placement to fund the Wonarah Phosphate Project in the Northern Territory

The raising totals A$48.9M before costs, with about 8.1 billion new shares to be issued, and Hebang and other major shareholders took up their entitlements. Together with Hebang’s debt facilities, the proceeds are expected to fully fund the direct shipping ore phase of Wonarah under Avenira’s owner-operator model. Avenira may place any remaining shortfall under the rights issue prospectus.

Galleon Gold (GGO) closes an upsized C$37M (~US$26.5M) financing, comprising a C$30M bought deal with full exercise of the over-allotment option and a C$7M placement to Pan American Silver (PAAS)

The bought deal, led by ATB Cormark Capital Markets, raised C$7.5M from flow-through shares at C$1.59 and C$22.5M from shares at C$1.12, including C$3.0M from the over-allotment option. Pan American Silver took 6.25M shares at C$1.12 in the concurrent non-brokered placement. Both offerings remain subject to final TSXV acceptance, and proceeds advance the West Cache Gold Project in Timmins, Ontario.

Entrée Resources (ETG) closes an oversubscribed C$36.2M (~US$25.9M) non-brokered placement of units

Entrée issued 12,485,300 units at C$2.90, each with one share and one warrant exercisable at C$3.95 for three years, after lifting the raise by C$4.3M on strong demand. Directors and officers took 425,800 units, and the securities are subject to a hold period to 5 March 2027. Net proceeds are for general corporate purposes, including an updated technical report on the Entrée/Oyu Tolgoi joint venture property.

Top M&A

ACG Metals (ACG) agrees to acquire 100% of Blue Moon Norway, including the construction-stage Nussir copper mine, from Blue Moon Metals (MOON) for US$220M in shares

The cash-free and debt-free consideration is payable in about 8.85M new ACG shares at £18.70, the 30-day VWAP to 30 October, equal to roughly 27.6% of ACG’s enlarged share capital. Blue Moon must distribute the shares to its own shareholders six to 12 months after completion, and the deal needs ACG shareholder approval to issue them without pre-emption rights. Nussir is under construction and targets first copper concentrate in H1 2028.

Atana Elements agrees non-binding terms for a staged earn-in to Greenwing Resources’ (GW1) San Jorge Lithium Brine Project in Argentina, with an option to buy the residual 62.5% for US$125M

Atana would fund an estimated US$15.3M of staged drilling, resource expansion, engineering and a PFS to earn up to 37.5%, alongside an initial US$800,000 equity investment at a 15% premium to the trailing 25-day VWAP. Greenwing has granted three months of exclusivity for a US$300,000 initial payment, of which US$150,000 is non-refundable. The terms follow a competitive strategic investor process and remain subject to long-form binding documents.

Vizsla Copper (VCU) completes its acquisition of the Delta and Helm Bay projects in Alaska from Agnico Eagle (AEM) for C$32.0M (~US$22.9M) in shares

Agnico Eagle receives 25.4M Vizsla shares at a deemed C$1.26, 3,041,480 warrants exercisable at C$1.95, and 2.0% and 3.0% NSRs over Delta and Helm Bay, with up to a further C$20M (~US$14.3M) payable on Delta milestones. The initial 22.5M shares, about 20% of Vizsla, were issued at completion, making Agnico its largest shareholder, while the remaining 2.9M shares need disinterested shareholder approval. The deal was first announced on 8 September.

Falcon Energy Materials (FLCN) signs a definitive agreement to acquire a 49% interest in Chinese graphite anode producer Weihai Hensen New Materials for US$22M in cash

Weihai makes natural flake graphite and synthetic graphite anode materials at a facility in Shandong Province with a 25,000 tpa coated spherical purified graphite circuit. Falcon is funding the price from its upsized C$34M private placement, which closed on 23 September, and expects completion by the end of Q4 2026 subject to customary regulatory approvals. The stake is non-operating and complements Falcon’s flagship 25 ktpa anode plant in Morocco.