Gold Fields to buy Gold Road for $3.7B

New resources revealed by Turaco, New World and a giant copper one at Filo del Sol

May 05, 2025

The Pre-Start

  • Gold Fields is acquiring Gold Road in a ~$3.7B cash deal - more below

  • Lundin Mining has unveiled an initial MRE at Filo del Sol which included a high-grade core of 606Mt @ 1.14% CuEq (M&I only) (LUN.TO)

  • Metro Mining shipped 425k wmt bauxite in April, reiterating CY25 target of 6.5-7.0M wmt despite heavy rain and storm activity (MMI)

  • Brightstar reported assay results from RC drilling at its Sandstone Hub, including 32m at 3.44g/t Au from 200m at Lord Nelson (BTR)

  • New World Resources reported an increase in its Antler MRE to 14.2Mt at 3.8% CuEq, with 88% of the resource now classified in M&I (NWC)

  • Lotus received approval from Malawi’s atomic energy regulatory authority for the resumption of mining & processing operations at its Kayelekera uranium project (LOT)

  • Turaco Gold updated its Afema gold project MRE to 3.55Moz at 1.2g/t Au (TCG)

  • Syrah advised protest actions at its Balama graphite operation in Mozambique have been cleared and access to site has been restored (SYR)

  • Barton Gold released an optimised scoping study on Tunkillia extending the mine life, accelerating higher-value mill feed & optimising costs (BGD)

  • Stellar Resources released assay results from its Queen Hill deposit at its Heemskirk tin project, including 8m at 1.42% Sn from 341m (SRZ)

  • Norges Bank emerged as a ~5.1% shareholder of MinRes (MIN)

  • Ruffer increased its stake in Tesoro Gold to ~7.3% (TSO)

  • Paladin appointed Anne Templeman-Jones as an independent NED (PDN)

  • Ioneer announced the retirement of Stephen Gardiner as NED and the appointment of Tim Woodall as NED (INR)

  • American Rare Earths appointed Brian Arkell as a US-based NED and Megan McPherson as CFO (ARR)

  • New Murchison Gold appointed Joanne Palmer as a NED while Exec Director & CoSec Frank DeMarte stepped down (NMG)

  • Tim Kennedy resigned from his role as NED of Yandal Resources (YRL)

  • Iluka, Turaco Gold and Rox Resources released new presentations. In Iluka’s case, it’s an elaborate investor day deck

High Grade It

  • The US has added 10 more mining projects to fast-track permitting list (Reuters, full list)

  • Iluka CEO backs efforts to loosen China’s rare earths stranglehold (AFR)

  • $12m price tag on Chris Ellison’s for-sale yacht (West)

  • Valuation for gold-silver producer Kingsgate in question as miner initiates buyback (MNN)

  • What are the Albanese government’s plans for mining? (Australian Mining)

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Wheelin’ n Dealin’

  • Gold Road and Gold Fields have entered a scheme implementation deed which will see GFI acquire 100% GOR for fixed cash A$2.52 plus variable cash for the NST stake which is currently valued at A$0.88 (GOR) a 12% uplift in total consideration, valuing GOR at A$3.7B, a good outcome for all. “best and final” from GFI: our Friday rumour was bang-on!

  • The race for Ravenswood is reportedly down to 2 or 3 bidders only including Regis and United Tractors (Dataroom) Steven Bradbury to take gold?

  • Peabody Energy is fielding approaches from parties interested in certain coal ­assets as the miner is bound to pay up for Anglo’s coal portfolio itself (Australian)

  • Red Hill will buy a 1.5% NSR royalty over the Thomson project tenements in NSW for $220k (RHI) suddenly the most active royalty buyer out of no where?

  • Medallion Metals will now also acquire 100% of IGO’s tenements making up it’s Forrestania operation for 1.5% NSR on future gold production from them. IGO retains nickel and lithium rights. Exclusivity extended until August (MM8)

  • Astral completed its acquisition of Maximus Resources (AAR) and Northern Star completed its acquisition of De Grey (NST)

Rattlin’ the Tin

  • Rox Resources received firm commitments to raise $40m via a two-tranche placement to accelerate development workstreams at Youanmi (RXL)

  • Felix Gold received firm commitments to raise $17m via a placement (FXG)

  • Saturn Metals upsized its SPP to $9.25m (STN)

  • Anax Metals received commitment for $3.3m from MDP via convertible note. Plus MDP agreed an investment package for up to another $100m towards the Whim Creek project which would see it emerge with an 81% interest in the asset via staged investments subject to FIRB (ANX)

  • Aurum is in a trading halt pending announcement of a capital raising (AUE)

Word on the Decline

  • We think Aeris’ reported ~$70m raise hasn’t gone particularly smoothly

  • The miner has entered suspension from quotation this morning, which generally only happens when you need longer than the 2-day trading halt to get your ducks-in-a-row post raise

  • This time we don’t even think the raise has officially been launched yet, institutions haven’t even seen a term sheet yet apparently

  • And when you need 75 big ones for the balance sheet, that’s not a great sign. Hopefully the eventual ‘discount to last’ leaves some skin on the bone for existing shareholders

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In the Weeds

  • CITIC Pacific v Clive Palmer’s Mineralogy: The battle for Sino Iron takes flight ... with judge onboard (West)

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Today’s Top Tweet

Devil’s in the Detail

If you make a mistake in an ASX announcement, no company has the ability to permanently delete that version from the platform.

You can issue a revised version with a redaction statement. But you can‘t actually “redact” the version with the original error. It’s impossible!

That’s unless you are Rio Tinto of course! Who re-issued the results for their Perth AGM twice on Friday. And the first version, which left ambiguity about the DLC resolution, simply vanished from ASX!

Consistent with this feedback, a significant majority of Rio Tinto shares, representing 19.35% 80.65% of votes cast, were voted against the Requisitioned Resolution, in line with the Board’s recommendation.  Rio Tinto recognises that shareholders representing 80.65% 19.35% of votes cast chose to support the Requisitioned Resolution.

5.24pm - Version 1 mixed up the numbers in this sentence, before Version 2 released at 7.29pm emerged and Version 1 disappeared entirely

We think this is utterly appalling. It isn’t the job of ASX to help Rio avoid embarrassment. How is there one set of rules for everyone else and a different rule for Rio Tinto!? Appalling.

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