Lundins & Chinese go big in West African gold juniors

Spheria threatens board spill at Deterra

The Pre-Start

  • Larvotto released a DFS on its Hillgrove antimony-gold project, outlining an 8-year mine life, post-tax NPV8 $694m and pre-production capital of $139m (LRV) US$2,850/oz Au and US$41,000/t Sb

  • Lunnon Metals reported an initial MRE on its Lady Herial gold deposit of 29koz at 1.6g/t Au (LM8)

  • Medallion Metals reported assay results from RC extensional drilling at Gem, including 6m at 6.3g/t AuEq (MM8)

  • Astral’s group MRE increased to 1.76Moz at 1.1g/t Au to incorporate the Spargoville gold project, recently acquired via its Maximus takeover (AAR)

  • Firefly Metals reported assay results from extensional drilling at its Green Bay Cu-Au project, including 12.4m at 6.8% CuEq (FFM)

  • Great Boulder reported additional Mulga Bill met test work results, total gold recoveries ranging from 92% - 96% with cyanide maintained at 150ppm (GBR)

  • OD6 Metals released assay results from drilling at its Gulf Creek copper project, including 8m at 1.41% Cu, 1.26% Zn and 7.08g/t Ag from 108m (OD6)

  • OzAurum reported further assay results from RC drilling at its Mulgabbie North gold project, including 10m at 1.8g/t Au from 127m (OZM)

  • Alpha HPA Non-Exec Chair Norman Seckold purchased ~$315k stock on-market (A4N)

  • Hot Chili appointed Stuart Matthews as Non-Exec Chair and Alberto Cerda as Project Director (HCH)

  • Evolution, Paladin, Boss Energy, Astral, Brightstar, Southern Cross Gold, Barton Gold, Medallion, Delta Lithium released new presentations

High Grade It

  • The global copper market is flashing signs of tightness, as strong Chinese buying squeezes scant supplies (Bloomberg)

  • Northern Star’s $65m workers camp plan in limbo, having to wait more than a month to progress after assessment panel was unable to decide on the plan (BN)

  • Saudi Arabia, US to discuss deal in mining, mineral resources, cabinet says (Reuters) Ma’aden is weighing a partnership with at least one rare earths producer

  • Prices of aerospace material tantalite hit two-year highs on Congo unrest (Reuters) $100-$105 per lb on the European spot market

Wheelin’ n Dealin’

  • Spheria pushes for M&A ban at Deterra Royalties; threatens board spill (AFR) “A Deterra spokesman did not respond to a request for comment on whether it was working on a new acquisition”

  • Anglogold Ashanti and Gold Fields have paused talks to merge their neighbouring Tarkwa and Iduapriem mines in Ghana (Reuters)

  • Catalyst Metals is in trading halt pending an announcement regarding a potential asset acquisition (CYL)

  • Lake Resources has launched a “strategic review” of its flagship Kachi lithium brine project in Argentina (LKE) aka sale process

  • Kinross has acquired a 9.9% stake in Eminent Gold for C$3m (K.TO)

  • Tungsten producer Group 6 Metals has finalised its recapitalisation (Mining.com.au)

Rattlin’ the Tin

  • Aurum Resources received firm commitments for a $35.6m private placement to the Lundin Family, Montage Gold and Zhaojin Mining (AUE) Each will respectively hold 9.9%, 9.9% and 8.5% of Aurum post-placement

  • Liontown applied for access to the WA gov’t lithium industry support program, securing a $15m interest-free loan and eligibility of temporary port charges & rebates for certain mining tenement fees (LTR)

  • Capstone Copper increased its existing revolving credit facility and extended its maturity to May 2029 (CSC)

Word on the Decline

  • The strategic investment into Aurum by the Lundin Family, Montage and Zhaojin is yet another example of the extremely active investment out of the Lundin and Chinese camp in the West African gold development projects (PDI, A1G, now AUE)

  • The first one that landed was Predictive’s $69m investment by Lundin Family and Zijin in May this year. Astute readers would know that the Lundin Family and Zijin are both shareholders of Montage, in the same proportions as that investment into Predictive

  • We even suspect that a draft announcement of that deal read “Montage strategic placement into Predictive” instead of Zijin and Lundins…

  • Make of that what you will about the West African gold race that’s alive and well right now

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In the Weeds

  • Strictly Boardroom: on exploration business models, which type of explorer is your company? (MNN)

  • Why mining still matters in an increasingly volatile world (Spotify) Podcast by FundCalibre with BlackRock’s Evy Hambro and Olivia Markham

  • 'It’s not the first mistake I've made': Regal's Phil King lifts the lid on Opthea debacle (Capital Brief)

  • Argentina’s wine heartland eyes copper riches (FT)

  • ASX exec warns “a lot things can be the death of the ASX” (Capital Brief)

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