Commodities Edge Lower with Focus on Middle East

Asante pulls together bumper US$470m financing, Teck gets the Highland tick of approval

June 19, 2025

The Pre-Start

  • Lundin hosted an investor day, outlining its growth ambitions while updating 2025 guidance, with Chapada costs improving on byproduct prices. Consolidated cash cost guidance is $1.95-2.15/lb with sustaining capex of US$530m (LUN.TO)

  • Teck Resources received environmental approval from the BC gov’t to extend the life of its Highland Valley Copper mine into the mid-2040s (TECK.TO)

  • Catalyst has played down the Zuleika litigation, with no intention to respond further, deeming the likely outcome immaterial (CYL)

  • After open yesterday, Spartan shared met testwork for Never Never & Pepper, achieving 94%+ recoveries at a grind size of 53μm, or 92-93% at 75μm (SPR)

  • Aureila has shared FY26 guidance of 35-45koz gold, 3-4kt copper + zinc & lead credits, with aspirational figures for FY27 & 28 given (AMI), while sharing a presentation for its investor day (AMI)

  • Syrah recommenced natural graphite production at Balama (SYH)

  • Maritime Resources hit 24.5g/t gold over 13.9m at its Hammerdown project in Newfoundland (MAE.TO) Stock jumped 20%

  • Bill Beament exercised 14m options in Develop, taking his shareholding in the company to 22.4% (DVP)

  • NexGen added Sharon Birkett to its Board (NXG)

High Grade It

  • Transgrid’s CEO Brett Redman has warned of “cold showers” in Victoria, with the nation’s largest electricity transmission provider stating the grid is dangerously light and in need of back-up buffers (Australian)

  • Iron ore edged down for the 5th day, touching US$92/t, as it continued a downward trajectory as China’s steel market weakens (Bloomberg)

  • A nickel processing hub managed by PT IMIP has been ordered to rectify a series of "serious" environmental violations, including illegal tailings deposits & heightened air pollution (Reuters)

  • Mali began building a new gold refinery backed by Russia, a move its military-led gov’t said will help the country gain greater control over its resources (BI)

  • Rwanda & DRC technical teams initialled a draft peace agreement that is expected to be signed next week, to end fighting in eastern Congo (Reuters)

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Wheelin’ n Dealin’

  • Summit Royalties is acquiring a portfolio of royalties and a stream from IAMGOLD for US$17.5m (IAG.TO)

  • Euro Manganese and Integrals Power have signed a LoI and offtake term sheet for the sale of high-purity manganese sulphate (EMN)

  • Red Hill completed its acquisition of the 2% gross revenue royalty over BTR’s Sandstone gold project (RHI)

  • Catalyst completed the Old Highway project acquisition (CYL)

Rattlin’ the Tin

  • Asante Gold announced credit & equity commitments of US$470m, with Appian & FirstRand contributing adding US$175m & US$150m respectively (ASE.CSE)

  • Meeka wrapped up its $60m insto placement (MEK) while sharing a new presentation (MEK)

  • Global Atomic announced a private placement of C$30m (GLO.TO)

  • Torngat Metals secured C$165m in gov’t funding for pre-construction work at its Strange Lake rare earth project straddling northern Quebec & Labrador (NM)

In the Weeds

  • Why the world cannot quit coal (FT’s Big Read)

  • Trump Is Turning the US Into an EV Laggard (Bloomberg)

  • AustralianSuper found another $60m behind the couch (AFR’s Rear Window) Buying more Whitehaven

  • The US has more Copper than China but no way to refine all of it (Bloomberg)

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Today’s Top Tweet

Would a functional website be too much to ask for?

Devil’s in the Detail

Ahhh NexGen…

One area for improvement in corporate governance was to reduce the rolling maximum stock option issuance from 20% to 10% of common shares. Good on them, they put that resolution to shareholders at the AGM.

BUT... The resolution was framed as ‘continuation of the stock option plan’ which was apparently already egregious enough to warrant 30% vote against the motion!!

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