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MinRes Ends Search for New Chair
Northern Star wraps up $300m buyback, Xanadu cops 8c bid from unlikely source
The Pre-Start
MinRes appointed Malcolm Bundey to be its in-coming Chair, as of July 1, whilst starting as a NED effective immediate. Bundey will Chair the Ethics & Governance Committee as well as leading the board renewal process (MIN) Options vest on MIN stock exceeding $30, $35 & $40 over the next 1, 2 and 3 years
New Hope's quarterly showed 2.8Mt of saleable production for a 27% decline in underlying EBITDA. Cash closed down $163m, with $160m paid in dividends + $5m in a buyback. New Acland guidance was revised down on rail capacity (NHC)
Perenti reported that Barminco signed a new 36-month, $500m contract with Gold Fields at Agnew (PRN)
BlackRock emerged as a 5% Develop shareholder (DVP)
Northern Star completed its $300m share buyback at an average price of $11.04 per share (NST)
Gorilla Gold claimed discovery of a new mineralised structure Lakeview with the first hole into a parallel structure intercepting 12m @ 9.2g/t from 60m (GG8)
Hot Chili shared results for La Verde, which it states have doubled the porphyry discovery footprint, with mineralisation of 1km by 750m from nea surface (HCH)
Arizona Lithium received approval for Phase 1 production at the Prairie project from Saskatchewan’s resources agency (AZL)
David Flanagan led Arrow Minerals is in a trading halt pending an announcement relating to media reports on Guinean tenements (AMD)
Peak Minerals is in a trading halt pending release of exploration results from Minta Rutile (PUA)
Adriatic, who are hosting an site visit, and Lowell Resource Fund shared a new presentations
High Grade It
Roger Cook insisted Labor’s federal election win hasn’t diluted his influence over the gov’t, and warned Canberra he’ll persist with confrontational advocacy of the state’s mining industry in the face of enviro reform (AFR)
Over 5m solar panels and a string of new transmission lines have been proposed as Victoria chases a blueprint to ditch coal for renewables (Australian)
French state-owned nuclear fuel company Orano is exploring the sale of its uranium assets in Niger after the breakdown of its relationship with the West (FT)
A geological consultant faces jail time after admitting to insider trading over suspect share purchases ahead of positive drill results at Beacon Minerals (West)
Robert Friedland said the West was unprepared for shifting warfare, with soaring arms demand reshaping metals markets (FT)
MinRes has tapped the deputy chair of Brickworks to lead the rebuild (West)
A Chinese billionaire who recently netted US$1.5B on gold bets has now become the country’s biggest copper bull, amassing a bet worth ~US$1B (Bloomberg)
When we read an ASX announcement and it includes an InvestorHub link for shareholders, we think “this management team cares about engagement”
Wheelin’ n Dealin’
Dataroom reported that Czech group Sev.en may opt to secure control of cash-strapped Coronado by acquiring its debt, which trades at 67c on the dollar (Australian)
Metals X has committed to a $5m investment in Elementos via a placement (MLX) their AGM is 10am today, hopefully a few more turnout than last yr!
Catalyst announced the completion of its Henty divestment (CYL)
Xanadu has recommended an 8c cash take over by a consortium dubbed Bastion, via an off-market takeover. It implies a $160m value. Bastion will subscribe for $17m worth of stock at 6c to provide working capital. XAM’s largest indepdent shareholder, holding 11.9%, stated its intention to accept (XAM) Your move, Zijin…
Rattlin’ the Tin
White Cliff raised $14m, utilising Canadian flow-through provisions to issue at ~4c (WCN)
Word on the Decline
We do think MinRes is running a couple of simultaneous processes in relation to its lithium portfolio:
Outright sale of Bald Hill; and
49% selldown of MinRes’ remaining lithium business (being their 50% interest in Wodgina and 50% interest in Mt Marion)
We are very curious to see what valuation they may get for any transaction. The lithium market is hurting but the ‘strategic’ demand for raw material supply is ever present and MinRes has marketing rights for its own product which would be of utmost interest in a sale
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 Acid Sex Tapes: Confessions of a Hedge Fund Manager - Is there a more entertaining ex-fundie?
Investing in Global Atomic Amid a Mercantilist Shift in Trade (Massif Cap)
Goyder’s personal needs can’t wait for Liontown (AFR’s Rear Window)
Chris Hohn on the In Good Company pod - One for the generalist investors; rare interview with one of the world’s most successful fundies
Today’s Top Tweet
$SGML Q1 2025 Closing remarks:
“Cost cutting is like clipping your nails”
Whatever that’s supposed to mean 🤣🤷♂️
— Jordi (@JordiEngineerd)
7:52 PM • May 17, 2025
Devil’s in the Detail
We did have a chuckle at the title of this panel at AFR’s Mining Summit this Wednesday
As patriotic as we are about our home state, even we know we’re far from the front of any pack… But count on the panel of Lithium miner CEOs to be even more patriotic than us!
Catch up on our latest episode
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