MinRes Reveal Positive Cash Flow at Onslow

Emerald down 11% on quarterly detail, WAF delivering on Kiaka

July 30, 2025

The Pre-Start

  • MinRes ended June with ~A$5.35B net debt as Onslow Iron achieved commercial production with an annualised rate of 32.4Mtpa in June (MIN) carry loan decreasing ~$23m suggesting FCF at JV, conference call 8am Perth.

  • PLS produced 221kt while realising a price of US$599/t (SC6 US$703). Unit operating costs (CIF) were US$462/t, with cash reducing by $88m to $1B (PLS)

  • Champion Iron produced 3.5Mwmt, leading to $24m in net income. Cash increased $59m as working capital needs improved, while DRPF project is progressing on schedule for Dec 2025 (CIA)

  • NexGen shared new assays from Patterson Corridor East (PCE), with a headline hit of 15m at 15.9% U3O8, including 3m at 47.8% U3O8 (NXG)

  • Capricorn increased production to 32koz at ASIC $1,381/oz. Cash build of $62m before capex of $11m & $50m debt repayment. FY26 guidance of 115–125koz at ~$1,580/oz + growth capital of ~$35m as mining transitions to the Karlawinda Expansion Project (CMM)

  • West African produced 45.6koz at AISC of US$1,492oz for $86m in operating cash. $126m was spent on growth, $109m on Kiaka, which is ramping up to full production while Sanbrado is transitioning to owner-operator (WAF) Up 5%

  • Emerald produced 19.1koz at US$1,318/oz, while breaking out guidance for each of the next 2 quarters. Despite the tough quarter, cash & bullion rose $15m (EMR) Down 11%

  • Nickel Industries sold 32kt & 2kt from its RKEF & HPAL ops respectively, while selling 2.8Mwmt of ore from its mining ops. Cash closed down US$71m to US$145m (NIC) Down 3%

  • IGO reported higher production & lower costs from Nova, while Greenbushes produced 340kt at a cash cost of A$366/t. FY26 guidance is for 1.5-1.65Mt at ~$335/t. Underlying free cash was $2m, with net cash falling $5m to $280m (IGO)

  • Sayona produced 58kt of SC5.2, at a unit operating cost of $1,232/t while realising a sales price of $1,054/t. Recoveries improved to 73%. Cash decreased by $17m. The Piedmont merger & raising is on track to close by Sept 11 (SYA)

  • Ora Banda reported exploration success from a 16-hole program at Little Gem, with notable hits including 8.8m at 6.3g/t from 320m (OBM)

  • Pantoro released assays from extensional drilling at OK, with the best result returning 5.9m at 34.5g/t from 103m (inc. 0.3m @ 209g/t) (PNR)

  • St Barbara increased production to 14.6koz at ASIC $4,613/oz in line with FY25 guidance ~51koz. Simberi project saw captial spending of $13m, with a 5.8MW ball mill procured (SBM)

  • Metals X updated its mineral resources for Renison, which now stand at 20.8Mt at 1.4% tin for a total of 292kt of contained tin (MLX)

  • Meeka’s quarterly shared that construction continues to progress, with plant commissioning underway and open pit mining commencing across 2 pits (MEK)

  • Tribune & Rand produced 9koz (75% Tribune) over the quarter, with cash lifting by ~$3m to $12m (TBR)

  • Bowen Coking Coal has appointed voluntary administrators (BCB)

  • Lycopodium has been awarded the EPCM contract for Perseus’ Nyanzaga, valued at $48m (LYL)

  • Norges has reduced its ownership of Iluka to 5.9% (ILU)

High Grade It

  • Forrest-backed Greatland’s golden run ends after $1B retreat (-22%), on the back of lower-than-expected guidance (AFR)

  • Ford has cut how much lithium it will purchase from Liontown as a slowdown in electric car sales in North America adds to pressure on LTR (AFR), while changing its tune on taking Chinese money (Australian)

  • Asia’s coal price benchmark rose to a 5-month high after hot summer weather boosted demand and reduced brimming inventories (Bloomberg)

  • Kumba Iron Ore has seen a "fundamental shift in speed" by South Africa's gov’t to open up state-owned logistics firm Transnet to private investment (Reuters)

  • Copper prices dipped after opening the market higher, as investors continue to monitor the final details on imminent US tariffs (Mining.com)

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Wheelin’ n Dealin’

  • Torex Gold is announced a C$449 million all-share deal to acquire Prime Mining, owner of the Los Reyes gold-silver project in Mexico (TXG.TO)

Rattlin’ the Tin

  • Viridis secured $11m at 91c per share (VMM)

  • Syrah is in trading halt to raise $70m to fund Vidalia operating costs and DOE loan reserves (SYR) AustralianSuper is taking its full entitlement

Word on the Decline

  • We haven’t forgotten about the stake in Northern Star that Gold Fields will inherit from Gold Road (~49m NST shares, a 3.4% stake)

  • Gold Fields’ market cap is now ~40% larger than NST, having been on par at the start of CY25

    • Gold Fields clearly has a mandate for Australian expansion, evidenced by Gruyere consolidation

    • Analysts forecast a structural decline of GFI’s Australian asset production on a 5-yr outlook

    • All of this to say - we think the Northern Star stake is interesting

    • Our bet is that GFI will still monetise it, but it isn’t as straightforward a decision as it might have been when NST was $21

    • Agnico Eagle, meanwhile, has stated publicly that it will either grow or exit Australia - could the stake be of interest to them?

    • For what it’s worth, we think there are two deals much higher on the pecking list for Agnico: Osisko Royalties to extinguish the 5% NSR on Canadian Malarctic. And IAMGold at US$4B market cap is way too cheap on a relative basis to get hold of Côté

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In the Weeds

  • Mt Isa fights for its life, and a billion-dollar smelter bailout (AFR)

  • Insurers regain appetite for coal despite climate pledges (FT)

  • The world has too much steel, but no one wants to stop making it (AFR)

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Today’s Top Tweet

Australians are under a collective delusion that international capital is still attracted to allocate into The People’s Republic of Australia. It’s not what it used to be. Permitting timelines, wages, energy costs. The Golden Goose is bronze.

Some of these jurisdictions though… C’mon…

Devil’s in the Detail

Perhaps we should rename this column to Devil’s not in the Detail today:

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