The Pre-Start
Fortescue reported a $1.10/share dividend for FY25, marking a 65% payout ratio, after producing 198Mt at a C1 cost of US$17.99/wmt (FMG)
Ivanhoe will reinstate 2026/27 production guidance in Sept, while stage 2 dewatering activities commence imminently (IVN.TO)
West African reported half-year profit of $215m on $477m in revenue, and operating cash flow of $159m (WAF)
Ora Banda announced FY25 revenue of $404m and net profit of $186m, including a $73m net income tax benefit. Cash closed at $85m (OBM) Up 7%
Macmahon was awarded a $33m Kopra underground contract at the Toka Tindung gold mine in Indonesia (MAH)
Mader earned a net profit of $57m on $872m of revenue, for a 6.6% margin (MAD)
Capstone was awarded the Copper Mark for Pinto Valley (CSC)
Aurelia reported net profit of $49m on cash flow from operations of $130m, leaving it with a $110m cash balance (AMI)
Southern Cross extended known mineralisation at Sunday Creek with an intercept of 0.5m at 164g/t AuEq from 776m (SX2)
Gorilla hit 4.2m at 54g/t Au from 334m at Mulwarrie, confirming extensions beyond the recent resource update (GG8)
Ballard intercepted 4m at 32g/t Au from 232m amongst 71 assays from infill drilling at Baldock (BM1)
Yesterday saw Lion Selection exit its Erdene investment and pay a 2cps fully franked dividend (LSX)
29Metals reported half-year cash flow from operations of $26m, with debt reduction of $59m, while lodging an application for a long-term tailings storage facility at Capricorn Copper (29M)
High Grade It
Fortescue’s net profit after tax fell 41% to US$3.4B ($5.2B) after a year of sliding iron ore prices and US$158m worth of asset writedowns (AFR)
Forrest's Wyloo has warned the Albanese gov’t against picking winners in rare earths, calling for miners to repay taxpayer support during boom times (Australian)
PLS boss Dale Henderson is confident the lithium market will turn, after an extended slide dragged the miner to a near $200m annual loss (AFR)
China’s rare earths producers surged on Monday, after the government fleshed out plans for stricter controls (Bloomberg)
Chile's mining regulator is raising its requirements for copper giant Codelco to restart areas of its flagship El Teniente mine after a deadly collapse (Reuters)
Copper and potash are among six new proposed additions to the US Geological Survey's list of critical minerals (Bloomberg)
Africa Down Under, 3–5 Sept, is rapidly approaching. Australia’s #1 African mining investment event. Catch some of the continent’s biggest miners plus up-and-comers in action. Join us there.
Wheelin’ n Dealin’
First Quantum has shelved a plan to sell minority stakes in its Zambian copper mines after a US$1B gold-streaming deal eased balance-sheet pressures (Bloomberg)
China's CMOC said that it was looking for more M&A opportunities in Africa and South America, after acquiring Lumina Gold (Reuters)
Vox Royalty acquired a 1.5% royalty payable by Fortescue on the first 15Mt of iron ore from the Wyloo tenements, from Cullen Resources for $1.5m (CUL)
Rattlin’ the Tin
Word on the Decline
The Reuters article on CMOC’s South American interest is cause for us to put pen to paper on the Ecuadorian deal appetite that is red hot right now. In the last 12 months alone:
Solgold’s US$750m financing for Cascabel
Hancock’s US$120m 49% JV earn-in with ENAMI
CMOC’s C$581m acquisition of Lumina Gold - CMOC revealed they will spend US$2B to develop Cangrejos and produce by 2029…
So why does it matter for punters? There’s at least two deal catalysts on our radar at the junior end:
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In the Weeds
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Devil’s in the Detail
So KLR responded to an ASX query today about the company’s absurd price movements, including an updated top 20 register. And when we compare it to the register (from IRESS) before the shenanigans began, it’s largely unchanged….
All of this to say, we think the wash trade theory has legs. Some great analysis here:
Today’s Top Tweet
A mate was insinuating a bit of washing going on Monday on $KLR. I generally didn’t think it would be, simply because it would be so obvious, so thought I’d drill down into some micro.
Interesting the almost perfect mirroring on Finx and ComSec now has me kinda wondering…🤔
— #Cyclops Trader (#@Cyclops_Trader)
11:15 AM • Aug 22, 2025
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Stockes mentioned: RRL, VAU, BTU.NY, AAL.L, BHP, RIO, KLR, EDV.TO, LIN, ARU, WIA, MAU, IGO, BCA, VMM, SBM