Bellevue opens at 89c as Greatland shines

Prospect gets $15m from First Quantum and Trump rare earths stockpile looms

April 15, 2025

The Pre-Start

  • Greatland Gold reports that it produced 90.1koz gold and 3.5kt copper at Telffer in the quarter, generating A$253m FCF, ending the quarter debt free and with A$398m cash (GGP.L)

  • Evolution produced ~180koz gold and ~19.5kt copper in the quarter, maintaining guidance for FY25. The board also approved the Cowal ops open pit continuation project which will extend the operation to 2042 (EVN)

  • Fenix shipped 704k wmt of iron ore in the quarter, a record for the miner as Shine ramped to full production, closing the quarter with $54.9m cash (FEX)

  • Grange Resources released PFS results on the potential development of open pit ops at its Southdown magnetite project, & an updated R&R statement (GRR)

  • Beacon Minerals produced ~6.2koz for the March Q (BCN)

  • Meteoric announced a maiden mineral resource for the Barra do Pacu licence at its Caldeira rare earths project of 389Mt at 2,204ppm TREO (MEI)

  • Yandal has defined the Salusa prospect following a 23 hole program (YRL) separately it has received approaches from several parties for its Gordon’s and Mt McClure gold projects which it considers non-core

  • Lunnon closed the quarter with $17.8m cash and in the quarter and said that Gold Fields has waived it’s pre-emptive right to Lady Herial gold deposit (LM8)

  • Gorilla Gold announced a maiden MRE of 2.1Mt at 4.1g/t for 278koz gold at Vivien (GG8)

  • Wia Gold reported assay results from RC and diamond drilling at Kokoseb, including 21.3m at 3.96g/t Au from 296m (WIA)

  • Emmerson advised an update to the White Devil deposit (TCMG / ERM JV) to 611.4koz at 4.2g/t Au (ERM) scale likely to warrant classification of ‘Major Mine’ under the JV where ERM transition to 40% interest rather than 6% gross royalty

  • OzAurum reported assay results from its recent infill RC drill program at its Mulgabbie North gold project (OZM)

  • Kalgoorlie Gold Mining released assay results from RC drilling at the Lighthorse prospect at its Pinjin project (KAL)

  • Cannindah Resources reported further assay results from drilling at its Mt Cannindah Cu-Au project in central QLD (CAE)

  • Iceni Gold provided an update on first drill results from its Guyer prospect, which is subject to a farm-in agreement with Gold Road (ICL)

  • Iluka appointed James Mactier as NED and Chair, effective 5 May (ILU)

  • BHP NED Dion Weisler purchased ~$50k stock on-market (BHP)

  • Brazillian Rare Earths has agreed to replace the US$40m bauxite milestone payment to Rio Tinto with a US$1/wmt royalty (BRE)

  • Outgoing Caprice Non-Exec Chair Glenn Whiddon purchased ~$37k shares on-market (CRS), while incoming Non-Exec Chair Rob Waugh purchased ~$18k shares on-market (CRS)

High Grade It

  • Trump is set to order a rare earth stockpile which saw the share price of NYSE-listed producer MP Materials soar 20% overnight (IBD) Lynas has opened 5% up today

  • Deadly landslide in Indonesia’s nickel hub, Morowali industrial park, signals supply risk (Bloomberg)

  • Canada’s main election candidates pledge faster permitting for natural resources projects (MNN)

  • Gold could hit US4,500/oz as confidence in US havens crumbles (AFR)

  • ASIC has launched civil legal action against under-administration Wiluna Mining and its former chairman over “misleading claims to investors” on its last-ditch capital raise (BN)

  • China’s commodities imports mostly fell year-on-year in March, the last full month before the Trump administration choked off bilateral trade (Bloomberg)

  • Australia should look past Trump’s theatre, BHP’s man in US has said (AFR)

  • Lithium winter claims more jobs, with Winsome Resources the latest to trim its workforce and narrow its focus (MNN)

  • Copper edged higher with most other metals after Trump handed out exemptions to his tariffs on some products, nudging up sentiment (Bloomberg)

  • Goldman raised its end-2025 gold price forecast to $3,700/oz from $3,300, with a projected range of $3,650-$3,950 (Reuters)

If maximising efficiency and optimising open pit operations sounds good to you, hit up the team at Resolve Mining Solutions to see how they can assist your mining ops!

Wheelin’ n Dealin’

  • First Quantum has made a $15m investment into Prospect Resources at a 36% premium to Prospect’s last close price, becoming a 15% shareholder as the developer advances its Mumbezh copper project in Zambia (PSC)

  • Remaining Ravenswood bidders include United Tractors, Salim family’s Mach Metals, Petrindo (all three Indonesian), Chifeng and Regis (Dataroom)

  • Northern Star set to seal $5b De Grey buyout in mega gold deal, after DEG’s largest shareholder Gold Road agreed to support the acquisition (AFR)

  • Bellevue Gold flags takeover talk after bad hedges force $156m raise (AFR)

  • Fenix extended the closing date of its off-market takeover offer for CZR to 29 April (FEX) FEX currently hold ~15% of CZR, FEX matching right process commenced 11 April in light of binding offer from Robe River JV

Rattlin’ the Tin

  • Bellevue received firm commitments for its previously announced placement to raise $156.5m, with the stock resuming trade this morning post ~2.5 weeks in suspension (BGL) the stock has opened at ~89c today, above the 85c offer price

  • West African gold producer Robex launched an underwritten IPO to raise $120m (AFR Street Talk)

  • Tesoro is in a trading halt pending announcement of a capital raising for its El Zorro gold project in Chile (TSO)

  • Silver Tiger announced a C$15m bought deal financing to advance its El Tigre project in Mexico (SLVR.TO)

  • Liberty Gold announces a $20 million bought deal to advance its Black Pine gold project in Idaho (LGD.TO)

Word on the Decline

  • First Quantum’s move to get a 15% shareholding in Prospect is really interesting. Prospect is in the enviable position of most developers: they have two majors with very proximate mills that would love to secure additional feed. As usual, First Quantum has gotten the chocolates over Barrick for now.

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In the Weeds

  • A Russian investor was issued millions of dollars of shares in Wiluna without paying for them, now ASIC is investogating (AFR)

  • They’re Gonna Choose To Run It Hot… (Kuppy)

  • Dryblower: gold soars and bonds crash in echoes of the ‘08 GFC (MNN)

  • Nations can’t make everything (Livewire)

  • Gold-silver ratio at a 5-year high (MNN)

  • China weaponises rare earths in tariff war (AFR)

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Devil’s in the Detail

We found the realised price of Fenix’s iron ore from Shine interesting as we try to get a good read of the current discounts for impurities in the iron ore market. Yes, as usual, we are really just curious about MinRes…

FEX Mar-25 Quarterly Report

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