The Pre-Start
Genesis reported production of 74koz at an AISC of $2,635/oz, cash and equivalents of $403m ($216m build), FY26 growth capital raised to $220-240m, and Tower Hill project ahead of schedule (GMD), while it appointed R. Finlayson Exec Chair, promoted M. Nixon from COO to CEO, moved D. Coutts to Exec Director - Operations and made T. Kiernan lead independent director (GMD)
MinRes upgraded FY26 lithium volumes by ~70kt SC6, Onslow shipped 8.7Mt with costs tracking to the low end while net debt fell to ~$4.9B and liquidity rose to $1.4B. Quarterly capex came in at $200m, with $180m paid in interest (MIN)
Whitehaven produced 11Mt ROM in the quarter (up 21% QoQ), sold 7Mt, reported H1 unit cost ~$135/t, net debt ~$0.7b and bought back 4.4m shares for $32m (WHC)
Ramelius reported operating cash flow of $150m, production of 46koz at an AISC of $1,977/oz, cash and gold of $694m, and board-approved $250m buyback plus a 2c dividend minimum (RMS)
Capricorn produced 30.4koz at AISC $1,627/oz, reported record operating cash flow of $122m, and cash and gold on hand $457m. It spent $39m of capex, mostly on KEP (CMM)
Perseus produced 89koz, reported US$755m cash and bullion and US$229m in listed securities, generated US$145m notional operating cashflow, and kept FY26 production guidance at 400–440koz (PRU)
Liontown completed the transition to underground at Kathleen Valley, produced 105kdmt of concentrate (up 21%), AISC of A$1,059/t, and cash down 7% to $390m (LTR)
Nickel Industries reported US$37m adj. EBITDA for the quarter; mining was hit by an RKAB delay, ENC commissioning is targeted late March Q and Sphere bought a 10% interest in the ENC hpal project (NIC)
Champion Iron reported Q3 FY26: production 3.7Mwmt, sales 3.9Mdmt, revenue $472m, net income $65m, DRPF project commissioning started and announced a cash tender offer for Rana Gruber (CIA)
IGO saw Greenbushes spodumene production rise to 352kt, CGP3 processed first ore, group underlying EBITDA was $30m and net cash stood at $299m (IGO)
Iluka produced 155kt Z/R/SR in Q4 (559kt FY25), started Balranald mining, reported Eneabba capex of $865m with a $1.7-1.8B estimate, and group net debt of $1,057m (ILU) It expects FY25 exceptional pre-tax charges of ~$565m - a $350m mineral sands impairment and $215m NRV inventory write-down - leaving inventory at ~$1.1B (ILU) Down 11%
Bannerman reported Etango early works: bulk earthworks 51% complete, workforce over 370, HPGR delivered, cash $89m, liquid assets $13m and early works commitments $42m, targeting FID in 6–12 months (BMN)
Black Cat reported record production of 25.5koz, cash, bullion and investments of $91m, gold sales of 17,517oz for >$110m and a $25m Lakewood payment (BC8)
Metals X Renison produced 3.3kt tin-in-concentrate in the quarter (MLX 50% share 1.66kt); C1 cash costs fell to A$16,598/t and cash rose to $293.6m (MLX)
AIC’s Eloise produced 3.2kt Cu and 1.5koz Au; it held $45m in cash while Eloise Deeps drilling returned 30.1m at 4.7% Cu and 1.0 g/t Au (A1M)
Lotus noted supply chain improvements that’ll support Kayelekera's steady state production, with the commencement of scheduled deliveries (LOT)
Tribune’s share of gold production for the quarter was 5.04koz (TBR)
Image’ Q4 HMC production rose 30% QoQ to 73kt with 70kt sold, cash receipts of $32m and a maiden Erayinia/King gold project MRE of 2.1mt at 2.1 g/t (IMA)
Aeris produced 10kt CuEq for the quarter at AISC $4.21/lb, cash and receivables rose to $106m after an $102m raising, and the WHSP facility was repaid (AIS)
A scoping study for Brazilian Rare Earths Amargosa bauxite project outlined a 5Mtpa DSB base case, after-tax NPV8 US$630m, US$119m capex and first production targeted in 2029 (BRE)
Sheffield’s Dec quarter saw Thunderbird mine 2.8Mt of ore and produce 213kt of concentrate, cash at $1.4m, net cash outflow $5m (SFX)
Silver Mines’ Bowdens project drilling returned the best intercept to date: 116m at 245g/t Ag, 0.48% Pb and 0.29% Zn from 75m (SVL)
Yandal’s Arrakis drilling at Ironstone Well-Barwidgee returned multiple intersections, including 56.5m at 1.3 g/t Au and 17.7m at 1.4 g/t Au (YRL)
Toubani has commenced its largest drill program (100km) at Kobada; MRE update planned in 1H 2026 (TRE)
Venus commenced a strategic review of its WA portfolio and said its 1% royalty over the Youanmi gold project is valued at $40m; Rox stake $30m (VMC)
High Grade It
US moves away from critical mineral price floors, sources say (Reuters)
Gold extended its record‑setting rally, marching above $5,400/oz as investors sought safety amid deepening economic & geopolitical uncertainty (Reuters) Just staggering…
Northern Minerals faces a fresh board challenge from Chinese shareholders, with an investor demanding the removal of the company’s chair (AFR)
The world’s biggest miners have added close to half a trillion dollars to their valuations this year (FT) The era we all long anticipated is really here
The WA govt is set to miss out on more than $500m this financial year by not adopting its recommended gold royalty rate (West)
A message from Noah’s Rule
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Thinking about how you might do things differently in this ever-changing market landscape? Get in Touch with the Noah’s Rule team.
Wheelin’ n Dealin’
Rattlin’ the Tin
Brightstar is raising $150m at $0.50 via a two-tranche placement (BTR)
RUA Gold closed a C$33m financing at $1.10 to accelerate exploration at Glamorgan and advance Reefton (RUA.V)
Silver Tiger upsized its bought deal to C$50m at $1.17 a share to fund exploration and development at El Tigre in Mexico (SLVR.V)
AXO Copper raised C$25m at $0.70 with a half warrant at $1.00, to advance La Huerta and San Antonio (AXO.V)
Alpha HPA launched a placement to raise $225m at $0.75 per share, with NRFC cornerstoning $75m (A4N)
K2 Gold launched a raise of up to C$15m at C$0.70 to fund exploration at Mojave and Si2 (KTO.V)
Word on the Decline
We have said it before. Bardoc MkII inbound.
Heck, bring on Anova MkII as well.
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In the Weeds
The phases of a minerals career (Strictly Boardroom)
Gold, pinot noir and selective outrage (Otago Times) An op-ed by Santana Chair Peter Cook on mining in NZ
Zinc market continues to defy bear expectations (Reuters op-ed)
Tether scores $5bn windfall as gold price rockets (FT)
Oil Has Turned a Very Big Corner (Paulo Macro)
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Today’s Top Tweet
Devil’s in the Detail
Tonnes? Ounces? You decide.
Torque Metals announcement