The Pre-Start
Ivanhoe produced 71kt of copper from KK, while Kipushi produced 57kt of zinc. First PGM production from Platreef is expected this quarter (IVN.TO) On track for midpoint of revised guidance at KK
Equinox produced 236koz, as Greenstone continues to ramp. First gold was poured at Valentine last month, while cash closed at US$359m (EQX.TO)
Ora Banda produced 31k (including 3.5koz of attributable oz’s from 3rd parties). It generated free cash flow of $38m, closing with $123m (OBM) Below expectations
Catalyst produced less than expected at 17.6koz, with crusher availability impacting output and stockpiles building. Cash decreased to $227m (CYL)
Kingsgate saw its strongest production quarter since Chatree restarted, producing 24koz gold and 205koz silver. Cash rose to $115m, up 36% (KCN) Decent quarter on the surface
Black Cat commenced operations at Fingals, with first ore heading to the Lakewood plant this month (BC8)
Alphamin produced 5.1kt tin in the quarter and hit 10m @ 41% Sn "~30m to 70m down plunge of the current declared Mpama North resource"(AFM.V)
Lindian completed early works at Kangankunde, with mine optimisation design work underway (LIN)
Turaco’s latest batch of 5 diamond hole assays hit 16m at 5g/t from 121m at Adiopan (TCG)
Ariana’s Tavşan in Türkiye is now fully operational, with the loading of ore onto heap leach pads commencing (AA2)
Haranga’s aircore program intercepted 20m at 6g/t Au from 12m, including 4m at 14g/t at its Ibel South project (HAR)
Black Canyon’s RC program confirmed shallow manganese mineralisation with a best hit of 7m at 37.7% Mn from surface, including 3m at 42% from 4m (BCA)
Strickland received assay results from its first 3 diamond holes with a best hit of 191m at 0.5g/t Au and 0.5% Cu from 5m at Copper Canyon (STK)
Saturn closed with $22m, with a $45m placement done quarter end (STN)
Locksley completed met test work with second stage cleaner flotation concentrate containing up to 68.1% Sb, with recovery of ~59% (LKY)
Western Gold grade control drilling intercepted 9m at 4.9g/t Au from 10m at Eagle and 9m at 2.2g/t from 27m at Emu (WGR)
High Grade It
A joint state-federal taxpayer-funded deal has been struck with Glencore to keep open its copper smelter in Mount Isa. Details to be shared today (Australian)
Outsized flows into ETFs tracking gold have helped drive a rally that pushed bullion to record highs, edging US$4000/oz (Reuters)
Orion is continuing its discussions with the Trump administration about potential partnerships to invest in mining, said founder Oskar Lewnowski (Bloomberg)
BHP, Rio & FMG need to demonstrate successful land rehabilitation and include traditional owners in all stages, or face tougher scrutiny for new projects, WA’s EPA has said (Australian)
Investors are betting on which companies will next receive U.S. govt funding, with big moves in Critical Metals Corp & USA Rare Earth (Bloomberg)
Wheelin’ n Dealin’
US-based PE groups, including Denham, Appian & RCF, are said to be looking at BHP’s Nickel West (Australian) Really?
Winsome will receive ~18m shared in Power Metals (TSXV) following the sale of Decelles & Mazerac, worth ~$25m (WR1)
Peru is pursuing major investments from Saudi Arabia and US oil giant Chevron to develop its mining and energy resources (Reuters)
Rattlin’ the Tin
Maronan received commitments from institutional investors to raise $16m and a share purchase plan for $3m at 35c share (MMA)
Pacgold is raising $10m at 7.5cps to fund its acquisition of the White Dam gold project plus refurbishment of existing infrastructure (PGO)
Toubani is in halt pending a funding package announcement for Kobada (TRE)
Abrasilver announced a C$43m bought deal to advance the Diablillos project (ABRA.V)
Carcetti upsized its placement to a whopping C$756m to fund its acquisition of Hemlo from Barrick (CART.V)
Lion One upsized its LIFE offering to C$25m to advance its Tuvatu Alkaline gold project in Fiji (LIO.V)
Word on the Decline
Amidst all the chatter of AngloGold’s eventual plans to offload Tropicana and Sunrise Dam, one key detail appears to be missed amongst the public reporting
The group’s credit profile still leans heavily on its Australian operations to balance risk from Africa and South America
Until its Nevada project is producing meaningful ounces, those “Tier 1 jurisdiction” Aussie mines serve an important strategic purpose: keeping the company’s weighted sovereign risk score low enough to maintain its credit rating
And that’s the real reason why Alberto Calderton guided to a divestment in 2-3 years when pressed on the topic in Denver
Our question (which we don’t know the answer to yet) - could they sell Sunrise Dam but retain Tropicana and still have sufficient Tier 1 jurisdiction sovereign weighting?
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
BHP, Rio hope their bets on ‘anarcho-capitalist’ pay off (AFR op-ed)
Citadel’s Griffin Calls Rush to Gold as Safer Asset ‘Concerning’ (Bloomberg Vid)
BHP says growing political interference threatens mining deals (FT) The rise of resource nationalism…
Hedge fund icon says gold’s surge is ‘concerning’. He’s right (AFR’s Chanticleer)
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Devil’s in the Detail
Horizon Gold has figured out a new loophole for drilling a Director’s Special - straight down the guts - just assay the water bore drilling! Genius.
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