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Goldies Report in Droves, MinRes Expands Board
Northern Star dipped on production and outlook numbers, Bellevue rose on 39koz delivered
The Pre-Start
Northern Star has met its revised guidance by producing 444koz in the June quater (FY25: 1,634koz) with costs expected to meet the revised target. FY26 forecasted at 1,700-1,850koz @ A$2,300-2,700/oz AISC with the Sept Q to be the softest (NST) Down 5%
Ramelius reported record annual output of 301koz (exceeding guidance), with doing $208m in quarterly underlying free cash flow. Cash & gold closed at $810m (RMS)
Regis produced 87koz in Q4, taking FY25 to 373koz. Cash and bullion built was $150m, leaving a total of $517m (RRL)
Bellevue produced 39koz in the June Q, processing a headgrade of 4.5g/t. Selling at >A$5k/oz saw it deliver free cash of $67m, taking cash & gold to $152m (with $100m debt) (BGL) Up 6%
Alkane shared that Tomingley did 19koz in Q4, allowing the company to achieve FY25 guidance. Cash and bullion lifted $10m while $4m was spent on Boda purchases (ALK)
Gorilla published Lakeview assays, with a headline hit of 8m at 5.8g/t from 212m, 30m down plunge from previous hits (GG8)
Vulcan updated its Mannheim lithium brine resource estimate to 3,225kt LCE @ 155mg/Li, with a scoping study progressing (VUL)
Minerals 260 released 55 assays from Bullabulling drilling, with infill and extensional work totalling 30km now, with a further 69 results pending (MI6)
Dreadnought is running a 4-hole drill program on the back of inbound interest in Gifford Creek Carbonatites at Mangaroon for material test work (DRE)
Winsome has advanced permitting at Adina to the next phase of the provincial process (WR1)
Auric agreed to a toll milling and ore purchase agreement with Black Cat for up to 125kt (AWJ, BC8)
True North claimed discovery of a new copper-cobalt discovery at the Mt Oxide prospect, intercepting 30m @ 2.45% Cu, 0.02% Co, 6.2 g/t Ag from 20m (TNC)
Mineral Resources has appointed Lawrie Tremaine (prev. CFO at Origin Energy, Woodside) and Ross Carroll (prev. CEO at Macmahon, CFO at MMG) and independent NEDs effective today (MIN)
High Grade It
Brussels said it’ll build up emergency stockpiles of critical minerals and cable repair kits as concerns mount over the EU’s vulnerability to attack (AFR)
Western govt’s should provide price guarantees for critical minerals miners if they are to compete with Chinese rivals who receive huge state support, Sibanye-Stillwater’s CEO has said (FT)
Indonesia's nickel miners' association urged the gov’t to ensure mining quotas continue to be valid for 3 years to maintain a consistent business climate, rather than reverting to a single year as planned (Reuters)
Chinese zinc smelters, which account for over half of global supply, face growing pressure to lower run rates as capacity expansion outpaces demand (Bloomberg)
Guinea's exports of bauxite jumped 36% to a record 99.8Mt in 1H 2025, driven by robust Chinese demand that offset declines from a regulatory crackdown (Reuters)
Iron ore prices rose due to China's renewed focus on supply-side reform, which could boost steel-mill margins and lift demand for raw materials (Bloomberg)
Japan will begin test mining for rare-earth-rich mud from the deep seabed off Minamitori Island, (~2,000km SE of Tokyo) in January next year (Reuters)
PM Mark Carney said a new oil pipeline to Canada's West Coast is "highly likely" to be proposed as a nation-building project (Bloomberg) How things can change in a few years!
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Wheelin’ n Dealin’
South32 has agreed to sell Cerro Matoso to CoreX for a nominal upfront sum, with future payments up to US$100m ($80m nickel-price linked, $20m permitting dependent) (S32)
New World has entered into a revised off-market takeover agreement with CAML at 6.2c, with board recommendation. With the placement cancelled, CAML has provided a US$6.5m unsecured loan facility (NWC)
Chinese mining acquisitions overseas have hit their highest level in more than a decade as companies race to secure raw materials (FT) 2024 marking the highest number of $100m+ deals in a over a decade
Rattlin’ the Tin
Australia said it would invest $432m in a green hydrogen project led by Orica, backing the industry amid a wave of delays & cancelled projects (Reuters)
Polymetals has reduced its debt facility from US$20m to US$10m, while raising $15m in equity at 80c/share (POL)
Antipa raised $40m in a placement leaving it with $74m (AZY)
Word on the Decline
Though the price to buy Emmerson for a potential acquirer is less enticing than it was ~1 year ago, we always remember the rule of the thumb that a royalty over ~>3% is prohibative
Given Emmerson holds a 6% royalty on certain blocks, and production is approaching, its JV partner Pan African must be tempted to remove this…?
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In the Weeds
Keep Our Copper docu-series (TB) A 6-min series starter on the Queensland copper supply chain
Australia can expand its China trade without upsetting the US (AFR’s Chanticleer)
Metals smelting is the West's next critical minerals crisis (Reuters)
Japan switches back to nuclear, 14 years after Fukushima (FT)
Today’s Top Tweet
A follow up thread on the poll asking “The best way to rate a Major gold producer is?”
Following on from my poll👇 I did some comparisons of the top 18 gold producers with combined market cap of $247 billion, and came up with some interesting results that I hope you'll find useful.
Figure 1:
a) Considers Q1 2025 on Q4 2024 production, AISC & Operating— Neil Ringdahl (@NeilRingdahl)
9:55 PM • Jul 5, 2025
Devil’s in the Detail
Is a uranium newsletter promoting precious metal stocks a top of the market sign?
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