Global Mining & Metals · OCTOBER 29, 2026Prices, demand drivers, M&A, and the macro that moves all of it.
Selected historical debt and equity raisings, linked to issuer filings or identified news reports. Coverage reviewed 27 October 2026; this is not a complete list of current funding activity. Each row retains its original deal date and source. Fields not disclosed are marked n/d.
| Issuer | Type | Amount | Date | Broker(s) | Pricing / terms | Use of funds | |
|---|---|---|---|---|---|---|---|
| PLS Group PLS | Debt | US$700m face value | Oct 2026 | n/d | 8.00% coupon · Due 2032 | Completed 26 October. General corporate purposes, including capital expenditure and growth opportunities. Face value is not net proceeds. | ↗ |
| Alcoa (wholly-owned subsidiary issuers) AA | Debt | US$2.6bn face value | Sep 2026 | n/d | 6.625% (US$1.5bn) / 6.875% (US$1.1bn) coupon · Due 2034 / 2036 | Completed 23 September. Fund the proposed South32 assets acquisition cash consideration and related costs, together with cash on hand. The financing closed; the acquisition remained subject to conditions. | ↗ |
| Brightstar Resources BTR | Debt | US$120m face value | Mar 2026 | n/d | 12.5% cash; issued at 94% of par coupon · 4 years, March 2030 · defer: Principal amortisation starts after 18 months; interest payable quarterly | Goldfields development. Proceeds in escrow; disbursement subject to conditions precedent and cost-to-complete tests. Historical terms in FY26 accounts, note 20. | ↗ |
| Mineral Resources MIN | Debt | US$1.3bn | Apr 2026 | n/d | 6.00% (2032) / 6.25% (2034) coupon · US$650m due 2032 + US$650m due 2034 | Refinance higher-cost debt; extend maturities and cut average cost of debt from 8.4% to 7.4%. | ↗ |
| Nouveau Monde Graphite NMG | Equity | US$96.5m | Apr 2026 | BMO Capital Markets, National Bank Financial | n/d | Matawinie mine / Bécancour anode development; 52.4m subscription receipts at US$1.84. | ↗ |
| Nouveau Monde Graphite NMG | Equity | US$213.2m | Apr 2026 | n/d | n/d | Strategic placement (Canada Growth Fund, Investissement Québec, ENI) for Matawinie commercial development. | ↗ |
| New Found Gold NFG | Equity | US$115.1m | Apr 2026 | EdgePoint Investment Group, Eric Sprott (cornerstone) | n/d | Part of a ~US$205m package to develop the Queensway gold project, Newfoundland (bought deal, closed Apr 2026). | ↗ |
| New Found Gold NFG | Debt | US$105m | Apr 2026 | EdgePoint Investment Group | n/d | Senior secured credit facility alongside the equity raise to fund Queensway gold development. | ↗ |
| Selkirk Copper Mines SCMI | Equity | C$30.0m | Apr 2026 | Canaccord Genuity, Haywood Securities, Raymond James, Stifel | n/d | Bought deal (incl. flow-through) for the Minto copper-gold-silver project; upsized from C$20m on demand. | ↗ |
| LaFleur Minerals LFLR | Equity | C$8.0m | May 2026 | Red Cloud Securities | n/d | Bought deal (up to C$9.2m with over-allotment) for the Beacon gold mill restart and Swanson exploration. | ↗ |
| Eramet ERA | Equity | €500m | May 2026 | n/d | n/d | Rights issue (pre-emptive) approved 27 May 2026 to repair the balance sheet after a debt jump; backed by the Duval family and French state. | ↗ |
| Graphite One GPH | Equity | C$30m | Feb 2026 | BMO Capital Markets | n/d (units at C$1.75) discount | Anode-plant engineering, permitting and working capital for Graphite Creek, Alaska. | ↗ |
| Québec Nickel QNI | Equity | C$0.5m | Jan 2026 | n/d | n/d (units at C$0.125) discount | Non-brokered placement for working capital, exploration and strategic opportunities. | ↗ |
Floor-price agreements now cover more than half of production, while planned shutdowns follow a stronger September quarter. Contract protection still needs saleable output.
The October outlook projects higher commodity prices in 2026 and a retreat in 2027. Its assumptions matter differently to metal sellers and energy buyers.
September CPI rose faster, with fuel and household electricity complicating the reading. Mine budgets and floating-rate debt still need their own calculations.
Eneabba construction is advancing while zircon prices improve on mixed shipment dates. Balranald's grade consistency and the weak mineral-sands market still deserve attention.
Bannerman's uranium joint venture has approved Etango, with first production targeted for 2028. Its funding and layered ownership need to be read together.
The Energy Department has added helium to its critical-material list. The commercial test still runs through usable supply, processing capacity and customers.
The Melbourne grid delay has cut NEXTDC's FY27 outlook. For metals investors, the lesson concerns when contracted demand becomes construction, electricity use and cash.
ILZSG expects a zinc deficit in 2026 and a small surplus in 2027. The projected change depends on additional mine supply and concentrate reaching refiners.
China's latest GDP, investment and manufacturing figures point in different directions. The mix matters for iron ore, copper and battery materials more than a single growth headline.
Sierra Gorda delivered a substantial distribution in South32's September quarter. Hermosa's construction bill and Cannington's operating constraints show why receipts alone cannot establish the shareholder return.
Alcoa’s September results show cash generation alongside financing for its proposed purchase of South32’s aluminium interests. A valuation needs to account for both.
Glencore’s Australian listing broadens the local resources menu. Its revised marketing guidance explains why funding inventories deserves as much attention as owning mines.
September’s US producer prices rose sharply, led by energy. The new release reinforces the need to test mine costs and financing alongside the selling price of the commodity.
The IMF’s new outlook separates economies benefiting from AI investment from those paying more for energy. For commodities, demand and operating costs could rise together.
Lithium’s survivors offer lessons for the next commodity slump. Before backing a rebound, find out who can wait, who needs another cheque and how much of the recovery shareholders will keep.
Exploration technology is improving how miners collect data, interpret geology and decide where to drill. Used together, the right tools could bring promising projects forward and make the search for future mineral supply more capital-efficient.
September’s World Bank indices tell two different stories. For a miner buying energy and selling metal, the gap deserves more attention than the commodity rally headline.
The IEA records falling mineral investment in 2025, with copper moving against the trend. Less spending is a question about future supply, not an automatic buy signal.
The RBA’s October review explains how operational outages can become financial stress. Mining’s working-capital analysis should include access to payments.
Cameco’s September statement describes a potential US–Korea nuclear buildout. Its conditions matter as much as the headline amount.
CoCCuLiNi’s LME Week notebook: metals, meetings and the conversations worth carrying into tomorrow.
A scenario guide to a yield-driven market selloff: industrial metals, gold and miners can react differently, and the balance sheet may matter more than the commodity story.
The IEA’s 2026 outlook puts refining concentration and trade restrictions at the centre of mineral security. A well-supplied global market can still leave a buyer exposed.
Vulcan Elements, 1789 Capital, USA Rare Earth and Cantor Fitzgerald appear in documented congressional scrutiny. Here is what the record establishes, and what it does not.
Lynas is buying Meteoric Resources and Brazil's Caldeira rare earth project for scrip. The headline price rests on a 60-day average, the approval rests on a law passed this year, and the heavy rare earths are a small part of the tonnes.
Paladin Energy's FY27 sensitivity table implies a realised price about US$12/lb below the September month-end uranium spot. One broker has cut its Langer Heinrich production forecasts and two now rate the stock a Sell. The bull case has been pushed out to a Canadian project that isn't due to start until 2031.
The LNP opened Queensland to uranium mining in 2012 and Labor shut it again in 2015. Two years into the Crisafulli government the ban stands, the government avoids the subject, and explorers who moved on hope in 2025 are still waiting.
The September Resources and Energy Quarterly puts 2026–27 export earnings at A$422b. Beneath that, the department expects iron ore earnings to fall by A$28b in real terms by 2030–31. Copper is rising, but critical minerals as a group ease over the same years.
The tape did not print a consumption boom. It printed a split: COMEX at a record, London in a squeeze, and the metal sitting in American sheds. That is tariff risk on the curve — not evidence the world suddenly needed more cathode.
The US government keeps backstopping domestic rare-earth projects with loans, equity and price floors, even though the elements themselves are common in the crust and the real bottleneck is separation, permitting and a thin market.
Record gold and copper prices and a federal permitting push have revived US hard-rock exploration in Nevada, Arizona and Alaska, but litigation and water still separate the projects that advance from the ones that stall.
Peru's projected Fujimori win removes a near-term mining-tax threat, while Colombia's June 21 runoff and a US sanctions order on Cuba reshape the risk map for copper, nickel and cobalt names operating in the region.
A field dispatch from the mining-conference circuit, where the canapés are warm, the resource estimates are warmer, and everyone has discovered the next Greenbushes in a tent in the Yukon. A (mostly) loving send-up.
The ferrous complex sets the macro mood for mining; precious metals set the fear gauge. Both move capital toward and away from the battery basket. A quick map of the markets behind the markets.
