Gold Leaps Higher as Markets Dip

Pilbara dips on cash outflows, BHP hits copper record

April 17, 2025

The Pre-Start

  • BHP delivered a 9-month record in copper production, while Jansen stage 1 is now 66% complete. All FY25 guidance ranges remain unchanged (BHP)

  • South32 lifted net cash by US$299m (to US$252m), while Cannington guidance was reduced 10% due to geotechnical challenges, with all else on track (S32)

  • Pilbara produced 125kt of SC5.3, while achieving a sales price of US$851/t (SC6). Cash reduced by $109m to $1.1b, with $103m spent on capex (growth & sustaining) (PLS)

  • West African produced 50koz @ US$1,262, while selling gold at US$2,832. Operating cash flow totalled $73m. Kiaka tracking on time & on budget (WAF)

  • Gold Road provided an exploration update on its Gilmour project, with a $10m (~30,800m) drilling program underway (GOR)

  • Paladin was served with a class action, alleging misleading representations & contraventions of its continuous disclosure obligations in H2 CY24 (PDN)

  • WA1 shared resource definition assays, with a focus on potential early-development scenarios in the east of Luni. Resource update due this Q (WA1)

  • Black Cat produced first gold at Lakewood, with unreconciled production of 2.7koz (BC8)

  • Peninsula Energy is in trading halt regarding guidnace, financial & sales contract matters (PEN) expected downward adjustment to guidance

  • Image made its first sale of HMC from Atlas, with CY25 production guidance of ~185kdmt at an AISC of ~A$440/t (IMA)

  • Rox closed with cash of $17m while DFS work continues (RXL)

  • Aurelia provided an exploration update from Federation, claiming the discovery of the North Offset, with mineralisation hit below 440m (AMI)

  • Further results from Gorilla extended the strike at Lakeview to 500m, with a headline hit of 24m @ 10.3g/t from 200m (GG8)

  • Cygnus shared drilling from Golden Eye, returning mineralisation, with subsequent holes showing visible gold (CY5)

  • Victory Metals added 4.7kt of gallium oxide as a by-product to its updated MRE at North Stanmore (VTM)

  • Lunnon shared assays from RC drilling from Lady Herial, returning multiple shallow gold intercepts, adding the final results to an initial resource (LM8)

  • Mount Gibson Chairman Lee Seng Hui will step down, with Brett Smith to become non-exec chair (MGX)

  • Kopernik lifted its Paladin stake to 6.3$ (PDN)

High Grade It

  • Trump launched a probe into the need for tariffs on critical minerals, the latest action in an expanding trade war that has targeted key sectors (AFR)

  • China GDP growth topped estimates, though the numbers failed to stem calls for urgent stimulus, as US tariffs loom (CB)

  • BHP will be allowed to mine its Mt Arthur coal pits in NSW until the ops close in 2030; studies commenced on potential pumped hydropower project (West)

  • Rio Tinto remains optimistic about the strength of the Chinese economy while facing an uphill battle to meet its iron ore guidance (Australian)

  • Alcoa said it expects U.S. tariffs on aluminum imports from Canada to cost the company about $90m in the current quarter (Reuters)

  • BCI Minerals’ $1.4bn Mardie salt project up and running with a federal green light (West)

  • MinRes directors Jacqueline McGill and Susie Corlett quit as proxy advisers turn up the heat (Australian)

  • Slater & Gordon lodged a class action against Paladin Energy over its disclosure mess (West)

  • BHP’s copper output climbed 10% in Q3, with iron ore output on track with BMA costs increase (Bloomberg)

  • Ghana's gov’t has assumed operational control of Gold Fields' Damang mine after it rejected an application from the South African miner to renew its lease (Reuters)

  • Clive Palmer has slapped China’s CITIC with a huge $941m unpaid royalties bill in the latest twist in the ongoing legal battle (Australian)

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Wheelin’ n Dealin’

  • De Grey shareholders voted in favour of its acquisition by Northern Star at yesterday’s scheme meeting (DEG)

  • LCL Resources has on an exclusive & binding basis optioned its Colombian assets to Tiger Gold, who’ll pay up to $10m in cash plus a 1% NSR royalty (LCL)

  • CZR is in a trading halt in relation to an update on the offer from the Robe River Joint Venture (Rio, Mitsui and Nippon) (CZR) While Fenix elected against making a counter proposal (FEX)

  • Administrators of Centrex advised following discussions with short-listed bidders in relation to CXM’s sale/recap, they selected PRL Global as the preferred party to advance through to a 45-day exclusive DD period (CXM)

  • Equinox won proxy support for its combination with Calibre (MW)

Rattlin’ the Tin

  • Premium Resources has raised $46m for its Botswana base metals projects (PREM.TSV)

  • Tesoro received binding commitments to raise $11m (TSO)

  • Horizon Gold agreed a short-term unsecured funding facility with its major shareholder Zeta Resources of $2m (HRN)

  • Zijin is investing $5m into Strickland for a 2.4% shareholding at the last traded price (STK)

Word on the Decline

  • If you were paying attention, you might have noticed the C$850m G2 Goldfields agree to spin out its non-core asstes into a new entity called G3 Goldfields

  • Anglogold Ashanti is sitting with 15% of G2 already. G3 looks to us like the vehicle management will run once Anglogold acquire 100% of G2

  • And if we were to place our bets, we reckon that deal comes sooner rather than later

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In the Weeds

  • Regal’s Phil King discusses the Opthea fiasco, his current outlook and whether we’ve seen the bottom in equity markets (Livewire)

  • Justin Langer refuses to walk (YouTube)

  • Mali madness just won’t end for Barrick (MNN)

  • Amid recent bombshells, is backing founder-led companies still worth the risk? (Livewire)

  • WiseTech & MinRes’ founder problems are now succession problems (AFR’s Chanticleer)

  • Australia can play key role in global supply of rare earths (Australian)

  • Seven Rare Earth Metals That China Is Weaponizing Against the US (Bloomberg)

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