Marimaca Flies on Andean Copper Hits

Capricorn lines up with guidance while Boss extends its uranium loan to enCore

The Pre-Start

  • Capricorn reported production of 32koz in Q4, taking FY25 to 117koz, with costs expected to be within guidance ($1,370-1,470/oz). Cash & gold on hand totalled $356m, with $62m added over the Q, before $11m of MGGP capex (CMM)

  • Boss Energy has amended its uranium loan agreement with enCore Energy by extending the repayment date to 27 Dec 2025, while providing a new US$3.6m cash facility. Default could see Boss take control of Alta Mesa (BOE)

  • Marimaca drilled the Pampa Medina sulphides, intersecting 26m of 4.1% copper from 580m and 40m of 2.1% from 282m (MC2, Presentation) The ASX CDI has no liquidity, but in Canada the stock surged 25%, taking the Mcap to C$960m

  • New Murchison shared further grade control results from Crown Prince, with the program now finalised (NMG)

  • 1832 has appeared as a substantial shareholder of Many Peaks (MPK)

High Grade It

  • Madeleine King has made pointed references to China in saying the Albanese gov’t can’t necessarily intervene to save every failing smelter & refinery in Australia, despite its desire to retain sovereign capability (Australian)

  • Australia’s largest super fund is moving out of CBA & into resources in a sign the market is rotating back towards an underperforming commodities sector (AFR)

  • A ranking of miners by Morgan Stanley on criteria like environmental impact, executive bonuses and mine site deaths has put Fortescue & Sandfire on top, while Rio Tinto sits among the cellar dwellers (West)

  • The price of copper in London has climbed close to its highest level this year, as traders try to get their hands on dwindling supplies after a months-long rush to move metal to the US ahead of possible tariffs (FT)

  • South Africa's proposed chrome ore export tax will hurt miners' profitability and lead to job losses across the sector, the country's Minerals Council has said (Reuters)

  • French utility EDF will spend US$7.05B on extending the life of 20 of its nuclear reactors after getting the go-ahead from the country's nuclear regulator (Reuters)

Over 12,000 industry eyes read this daily, including the mining sector’s biggest decision-makers. Want their attention? This is your front-row seat.

Wheelin’ n Dealin’

  • We hear Arafura’s Nolans rare earths project has gone to EPCM tender and by all accounts, we are at dangerous risk of this project actually being financed into construction

  • We love the mining industry. But sometimes you can see a truck driving into a brick wall at 180km/hr from 1km away. And you think , surely it’s going to put the brakes on soon. But it just keeps driving at 180/km/h…

  • New World will not issue new shares to CAML, following Kinterra’s successful appeal to the Takeovers Panel (NWC)

  • A wave of Chinese gold miners is pushing to raise funds in Hong Kong, seeking to capitalise on rising investor interest (Bloomberg) Recently listed Chifeng declared: “There are more Chinese (M&A) deals to come” 

  • Kingston got the all clear from PNG’s ICCC in relation to its Misima sale (KSN)

Rattlin’ the Tin

  • Orion is in a trading halt to raise capital (ORN)

  • Argosy is in halt to raise capital (AGY)

Word on the Decline

  • Consolidation plays are a banker’s dream, and in mining, they’re one of the few strategies that can add real synergies

  • While Canada is far from home for us, we’ve been looking to the east of the famous Timmins gold district, in an area that sees 3 players (Agnico, STLLR and Mayfair) host nearly ~15Moz, while juniors like Onyx spark some nwe excitement in the area

  • We’re contemplating could another centrally placed, large mill, be the instigator for consolidation in this postcode?

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In the Weeds

  • Coronado’s wordsmiths tie themselves in knots (AFR)

  • Gold and its miners may enjoy a 'critical mineral' upgrade (Reuters op-ed)

  • Can Volkswagen reinvent itself for the electric era? (FT Film)

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Today’s Top Tweet

Devil’s in the Detail

This is from the Initial substantial shareholder notice in Many Peaks this morning from 1832. One thing we really like about 1832 compared to almost every other fund manager: they aren’t afraid to buy on market and in a size that sees them go substantial.

It’s a rare combination. Most fund managers hate buying on market, they wait for a capital raise. Even more so on a <$80m company! But we’re all old enough to remember when they did the exact same thing on Spartan ~40c - being “first mover” is sometimes better than perfect trade execution.

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