The Pre-Start
Capricorn reported a profit of $150m on EBITDA of $273m. It averaged a sale price of $4,463/oz for its 118koz over the year. Mid-point guidance is for 120koz at $1,580/oz + $35m in growth capital (CMM)
NexGen shared assays from PCE drilling, with certain results showing “off-scale” (>10k cps) mineralisation, while continuing to expand the high-grade sub domain (NXG) Up 7%
Gold Road’s half-year result was softer than expected, with EBITDA of $202m (GOR)
Sibanye posted adjusted EBITDA of US$533m, excluding S45X credits, while writing down the value of the Keliber lithium project. It won’t pay a dividend (SSW.J) Down 6%
Sayona reported an underlying EBITDA loss of $67m and a $382m loss, incorporating non-cash impairments. It closed with $72m in cash (SYA)
Boss reported an EBITDA loss of $17m for FY25 and closed the period with $37m in cash, plus $186m in inventory, investments and loan receivables (BOE)
Jupiter’s financial report showed net profit of $40m, with the company paying a $0.0075 per share dividend for the 2nd half (JMS)
Orezone joined West African Resources in a trading halt on the back of WAF’s reported shake-down by the Burkina government (ORE)
Metro’s half-year showed net profit of $120m, though EBITDA came in at $23m. Shipments of 1.9Mwmt received a record FOB price of $72/t (MMI)
New Murchison’s drilling at Crown Prince continued to expand known mineralisation in the SE, with results including 3m @ 43g/t from 240m (NMG)
Satellite drilling by Warriedar at Golden Range turned up results such as 8m at 3.8g/t from 28m from the M1 deposit (WA8)
VRX Silica is in halt pending a material announcement on its environmental approval for Arrowsmith (VRX) stock is up 325% this year… We had to look twice
Kaiser Reef has commenced a strategic review of its A1 gold mine (KAU)
High Grade It
Gina Rinehart has increased her backing of Lynas, taking her full entitlement, as the company looks for deals with downstream players (Australian)
MinRes appears willing to sell its lithium mines to reduce debt, while new chair Mal Bundey stated that Chris Ellison will leave (Australian). The company also denied its call was done via AI, pointing to a software glitch (West)
Steelmakers in China have seen an uptick in their fortunes as the government moves to tackle oversupply and exports hold up despite trade curbs (Bloomberg)
KoBold Metals has received 7 permits to search for lithium & other minerals in the DRC (Reuters)
Berkshire Hathaway raised its stakes in Mitsubishi & Mitsui, in a vote of confidence in the Japanese trading houses that lifted their shares (Bloomberg)
Business investment recovery has lagged forecasts, dragged by mining, sparking calls for Albanese to act on tax reform and project approvals (Australian)
The Swedish govt proposed to remove a ban on uranium mining to reduce the need for imports as the country eyes a nuclear renaissance (Bloomberg)
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Wheelin’ n Dealin’
Bowen Coking Coal’s slow-motion crash on the ASX is heading towards its final destination – an ownership change out of receivership (AFR)
Botswana has hired Lazard as it looks to take control of diamond miner De Beers, days after the country received a US$12B investment pledge from Qatar (FT)
Lynas's massive $825m capital raise has sparked speculation the rare earths giant could swoop on smaller rivals after its share price surged 110% (Australian)
RPMGlobal revealed it has received an indicative non-binding proposal from a third party regarding a potential acquisition and has entered a trading halt (RUL)
No information leak to be seen here, though
Rattlin’ the Tin
Black Rock Mining is in trading halt to raise capital (BKT)
Word on the Decline
We were scratching our heads trying to deduce what Fenix is buying
With MinRes’ results yesterday, it’s clear Pilbara Hub is for sale. But Fenix’s trading halt preceded that
If we were to place our bets, it’s likely more of Sinosteel’s Midwest iron ore portfolio
Specifically, more pods at Weld Range beyond W11. Weld Range holds ~300 Mt across; Fenix only has a right to mine W11 (10 Mt) today
Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.
In the Weeds
The Savage River Story (Grange Resource YouTube) The story behind Tassie’s iron ore mine… Rocks so rich they could be welded together!
MinRes’ secret $30m loan to its former chairman (AFR’s Rear Window) the loan was to GAM relating to a tantalum circuit, it has been impaired
Were you forwarded this email from someone else?
Today’s Top Tweet
Me: Alright ATH, maybe time to lock in some profits
African leaders: Alright ATH, maybe time to lock in some profits
$waf.ax
— #🅿🅴🆃🅴 (#@Pete__Panda)
7:04 AM • Aug 28, 2025
Devil’s in the Detail
Make your own mind up on whether MinRes used AI over one of Chris Ellison’s sentences…
NZ > British > NZ
Here it is @onslowshipping, you weren’t crazy. Haha.
Was pre-recorded so maybe something funny with audio??
$MIN.ax
— #Zac (#@zacharyjoyce)
11:51 AM • Aug 28, 2025
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