Ivanhoe Slashes Guidance While Restarting Production

Platinum catches a bid, Equinox downgrade outlook on Greenstone woes

June 12, 2025

The Pre-Start

  • Ivanhoe has lowered Kamoa Kakula copper production guidance for 2025 by 28% and withdrawn 2026 guidance as operations restart (IVN.TO, Bloomberg) Down 6% and 25%+ over the past month

  • Meeka says ore is being fed into its processing plant and commissioning is underway at the Murchison gold project (MEK)

  • Equinox Gold has downgraded 2025 production guidance (pro forma including Calibre) to 785-915koz of gold as Greenstone’s ramp-up continues to be hampered by mining rates and higher-than-anticipated dilution (EQX.TO)

  • The Swedish gov’t dismissed all appeals against Talga's Nunasvaara South Exploitation Concession, finalising the permit process (TLG)

  • Wia reported assays on 45 holes, over 9,300m, designed to upgrade inferred ounces at Kokoseb, with continuity confirmed at the NW & Northern Zones (WIA)

  • Gorilla shared high-grade hits, including 8.2m @ 23.5g/t from 217m, at Mulwarrie (GG8)

  • AIC Mines shared drilling aimed at improving Jericho, with step-out holes hitting mineralisation 380m down-plunge in addition to infill results (A1M)

  • Great Boulder shared that drilling has extended the strike length of its discovery at Side Well South, intercepting 9m @ 2.28g/t from 35m (GBR)

  • Resolute has appointed Gavin Harris as COO (RSG)

High Grade It

  • Rio Tinto copper mine partnership “key to our growth”: Mongolia’s ousted-PM Oyun-Erdene Luvsannamsrain (Australian)

  • Codelco will focus on more public-private partnerships to buoy its finances and improve its capacity to develop new projects (Reuters)

  • Uncertainty is dominating the copper market outlook, with pricing surprisingly stable through the start of June, with US trade policy the driver (OP)

  • As the rally in the gold price stalls at near record levels, commodity traders are now piling into its forgotten cousin, platinum, up 30% year-to-date (AFR)

  • The US EPA has begun to dismantle rules restricting pollution from power plants as Trump takes aim at green regulations, targeting “energy dominance” (FT)

  • Explorers hoping to tap into surging demand for rare earths are vying for a slice of ~US$1B in Brazilian funding to help make their projects a reality (Bloomberg)

  • The World Bank is lifting its decades-long ban on financing nuclear energy, in a policy shift aimed at accelerating development (FT)

  • Goldfields pipeline in major upgrade amid Kalgoorlie water woes (BN) additional 7.2ML/day from 2027 for $543m

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Rattlin’ the Tin

  • Lithium developer Ioneer launched a $25m capital raising at 10c (AFR)

  • Cokal has secured US$15m debt funding from shareholder, Eddie Chin and the agreement with Cratus has been terminated as “Cratus had repeatedly failed to provide the committed funding to Cokal.” (CKA)

  • Marimaca closed the first tranche of its US$18m raising (MC2)

  • Boab Metals is in halt to raise capital (BML)

  • Nouveau Monde Graphite shared it’d received letters of interest to the tune of US$1b in debt financing (NMG.NY) Up 9%

Word on the Decline

  • Isn’t it remarkable that Lundin Gold has a C$16.5B market cap with a single (phenomenal) producing asset in Ecuador?

  • If there was ever a rationale to ‘diversify’ as a miner, surely Lundin Gold feels it now.

  • We think a tie-up between Lundin Gold and G Mining would make good sense

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In the Weeds

  • Exploration Startup 101 with Mark Bennett (Spotify) An oldie, but a golden story

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If it’s not farmed….

Devil’s in the Detail

  • VanEck’s GDX ETF is changing, and it has some significant implications for the gold miners…

  • VanEck announced a week ago that they will change the VanEck Gold Miners ETF’s benchmark Index from the NYSE Arca Gold Miners Index (GDM) to the MarketVector Global Gold Miners Index (MVGDX), effective at the close on September 19th, 2025

  • Estimates are that there will be turnover of ~34% (US$6.6b) with 6 additions and 21 deletions from the US-listed GDX

  • The following ASX listed gold producers would appear to be removed based on the VanEck table: BGL, CMM, EMR, GMD, GOR, RMS, RRL, RSG, VAU, WAF.

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