Gold Price Records Continue

Beach reports H1 FY25, drilling results galore

February 06, 2025

The Pre-Start

  • Beach Energy reported their H1 FY25 results, with production up 15% to 10.2 MMboe & underlying NPAT up 37% to $237m. Waitsia Stage 2 commissioning underway, targeting first sales gas Q4 FY25. FY25 production guidance narrowed to 18.5 – 20.5 MMboe, 3cps dividend below consensus (BPT)

  • West African reported further grade control results at Kiaka, including 5m at 27.2g/t Au. Maiden grade control drilling of Kiaka main pit stage 1 complete, mining to start Q1 25 (WAF)

  • Magnetic Resources reported assay results from drilling completed at the northern zone of LJN4 including 38m at 1.73g/t Au from 419m (MAU)

  • Winsome Resources have identified a new spodumene pegmatite at its Sirmac-Clapier project, outcrop measuring 100m by 60m (WR1)

  • Novo Resources provided a Q4 business review, finishing the Q with $12.1m cash and ~$44m investments (NVO)

  • Warreidar received assay results from its RC scout drilling program at Golden Range, including 10m at 2.02g/t Au from 124m (WA8)

  • OzAurum provided an update on its new discovery at Mulgabbie North, with an RC rig due at site next week (OZM)

  • QMines announced final results from its maiden RC program at its Develin Creek copper project (QML)

  • L1 Capital have been keeping busy, increasing their stake in Westgold to ~9.4% (WGX) and MinRes to ~7.6% (MIN)

  • Toro Energy have completed a pit re-optimisation for their Lake Maitland uranium project near Wiluna. Project contains 73mlbs U3O8 at 380ppm, though hamstrung by the WA uranium mining ban (TOE)

  • Global Lithium signed a heritage agreement for the Marble Bar project with the Nyamal Aboriginal Corporation (GL1)

  • Arizona Lithium provided an updated commercial development plan for its lithium brine production facility in North America (AZL)

  • Aurumin commenced exploration drilling at their Sandstone project as part of a DD process conducted by Newcam (AUN) In regards to exercising an option agreement for iron ore rights on the tenement

  • Lindian was awarded a site access road contract for their Kangankunde rare earths project in Malawi (LIN)

High Grade It

  • China expands key mineral export controls after US imposes tariffs (Reuters), including tungsten, tellurium, bismuth, molybdenum & indium (MNN)

  • Billionaires Andrew Forrest and Chris Ellison walk away from tiff over Pilbara iron ore patch (West)

  • Woodside chief Meg O’Neill says cheap energy an imperative for Australia (Australian)

  • Mining Indaba: US trade aggression could stall African metals investment, deepening supply gap (Mining.com)

  • Remediation of the Super Pit’s eastern wall completed more than six years after huge collapse (West)

  • Barrick CEO says gold miner making progress in dispute with Mali (Bloomberg)

  • Anglo boss hails progress in South Africa, including vast improvement at Eskom and green shoots for Transnet (MNN)

  • BHP shifts focus from its coal business corruption ­investigation to mine rehab work that has taken on new significance under changes to QLD laws (Australian)

  • Trump mulls revoking loans from $400bn clean-energy office (Bloomberg)

  • Government push for WA critical minerals common user processing facility, with $3m tipped in for a feasibility study (MNN)

  • Rio Tinto’s aluminium boss says its NSW & QLD smelters are doomed if they rely on coal-fired power stations, as cheaper battery storage for green energy becomes more viable (Australian)

  • Gates, Bezos-backed KoBold expands lithium and nickel exploration to Namibia (Mining.com)

  • Australia’s Future Fund now worth $238bn after double-digit 2024 returns (Capital Brief)

  • Major expansion of sodium cyanide facility in Kwinana to meet growing gold extraction demand (West)

Wheelin’ n Dealin’

  • Blackstone Minerals are acquiring the Mankayan copper-gold project in the Philippines. The mechanism is via an all-scrip merger of equals with IDM (BSX)

    • The deposit is 2.5km from Gold Fields’ undeveloped Far Southeast project.

    • Resource is 793Mt at 0.35% copper (2.8Mt) and 0.38g/t gold (9.7Moz)

  • Fortescue is up to a ~79.3% stake in Red Hawk as part of its off-market takeover offer (RHK)

Rattlin’ the Tin

  • World’s top EV battery maker CATL is said to eye filing for Hong Kong listing in coming weeks (Bloomberg)

  • WA Kaolin is undertaking a $7m ANREO to provide working capital as they pursue sales ramp up (WAK)

  • Infini Resources raised $3.4m to advance its Portland Creek uranium project (I88)

  • Apollo Minerals raised $2m from its previously announced shortfall offer, cornerstoned by a strategic investment of ~$1.45m from Capital DI (AON)

In the Weeds

  • Uranium & Nuclear Energy Market Insights by Guy Keller + Q&A (Youtube)

  • Extent of Chinese ownership of Indonesian nickel smelting revealed (MNN)

  • 'Too cheap': ASX gold miners on takeover watch (Livewire)

  • 'Dumbest trade war in history' a boon for ASX explorers (MNN)

  • The $80bn diamond market crash leaves De Beers reeling (Bloomberg)

  • The view from China: interview with Ganfeng Lithium president Wang Xiaoshen (BMI) Bit of an older chat but fascinating nonetheless

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Devil’s in the Detail

Talk about a logo rebrand for this Aussie gold explorer, a golden gorilla silhouette in the shape of our great state of WA. We guess new assets warrant a cool new name?

GG8’s new name & logo

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