MP Materials Rockets on Trump Address

SQM dampens hope of an imminent lithium bounce; WAF cracks the $2 per share mark

March 06, 2025

The Pre-Start

  • Capricorn’s half-year results showed EBITDA of $95m on 54koz produced @ an AISC of $1,564/oz, leaving it slightly behind FY25 guidance (midpoints of 115koz @ $1,420/oz) (CMM)

  • West African shared its annual numbers, with 207koz produced at US$1,240/oz AISC for the year. Operational cash flow was $252m. Kiaka remains on track for Q3 first gold (WAF) Now a $2 stock

  • Chile’s SQM reported Q4, with lithium production reaching a record of 58kt of LCE for the quarter, partially offsetting a tough pricing environment. It doesn’t expect prices to improve this year, but looks to a better 2026 (SQM.NY)

  • MMG received a favourable tax ruling in relation to Las Bambas in Peru (1208.HK)

  • Greatland Gold closed 2024 with £72m in cash and no debt (GGP.AIM) Stock continues to kick, company nearly capped at A$2.5b

  • NexGen outlined its 2025 focus, with a priority on offtake negotiations & advancing the final federal EA (NXG)

  • Antipa has completed its 10-for-1 share consolidation (AZY)

  • Maronan shared assays from 2024 campaign, with hits from the Eastern Horizons returning 16.5m @ 4.5% lead and 122g/t silver (MMA)

  • New Pantoro NED Stuart Matthews purchased ~$68k of PNR shares on-market (PNR)

High Grade It

  • MP Materials jumped 15% after Trump said he’d "take historic action to dramatically expand production of critical minerals and rare earths here in the USA" (Yahoo)

  • Rio’s Australian shareholders will be allowed to vote on whether the company should unify its dual listing structure (AFR)

  • Tin bulls in retreat as Myanmar flags return of key mine (Reuters) Man Maw

  • China set its economic growth goal at about 5% for 2025, raising expectations for officials to unleash more stimulus (Bloomberg)

  • China will restructure its giant steel industry through output cuts, although it did not announce any target in its most recent intervention (Reuters)

  • Trump said he received an “important letter” from Ukraine’s leader looking to smooth over their clash, but held back from lifting a US pause on military aid or announcing a revived minerals deal (Bloomberg)

  • The Electrical Trades Union signed up hundreds of workers at key BHP & Rio mines, in a shake-up of the Pilbara’s industrial relations landscape (Australian)

  • Chile's SQM, the world's 2nd largest lithium producer, reported a 41% fall in Q4 profit, as higher sales volumes failed to offset a sharp decline in prices (Reuters)

  • Copper surged to US$10,590/t in New York after Trump suggested imports of the key industrial metal could be subject of a 25% tariff (MNN)

  • BCI Minerals vented over protracted federal approval process for $1.4bn Mardie salt project (West)

  • Samsung is weighing the idea of another manufacturing plant in the US, signalling optimism about the market’s growth despite Trump rolling back subsidies (Bloomberg)

  • Canada could potentially use oil & gas exports as a lever in negotiations if U.S. tariffs on Canadian imports escalate, while also mentioning potash (Reuters)

  • Mali is suspending the granting of new artisanal mining permits to foreigners, after a couple of accidents in recent weeks left dozens dead (Reuters)

  • Tunisia government aims to raise phosphate production 5x to 14Mt by 2030 (Reuters)

Wheelin’ n Dealin’

  • Arcadium has gone into suspension as its takeover nears completion (LTM)

  • Triple Flag acquired 5% silver and gold streams on each of the Arcata and Azuca mines in Peru, operated by Sierra Sun, for US$35m (TFPM.TSX)

Rattlin’ the Tin

  • Korea Hydro & Nuclear Power Co. issued the first green bond in Asia whose US$154m in proceeds can be used to finance nuclear projects (Bloomberg)

  • Robex announced it had signed a US$130m syndicated facility agreement with Sprott to finance construction of Kiniero in Guinea (RBX.TSX)

  • KGL Resources announced a non-renounceable entitlement offer to raise up to $7.7m (KGL)

Word on the Decline

  • Anyone else reckon this could be related to our Word on the Decline yesterday?

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In the Weeds

  • We found this 30 min video which contextualises Rwanda’s influence in Eastern DRC pretty interesting: How Rwanda is Conquering Their 100x Larger Neighbor (YouTube)

  • House Of Hancock - the full-length 2015 movie is on YouTube

  • BYD’s hybrid ute jumps to No. 6 in Australia as Tesla sales slide 70% (AFR)

  • Why rare earths matter to Donald Trump and the west (FT)

  • ASX lithium miners face “more challenging” lithium environment says Morgan Stanley (Livewire)

  • Why Queensland gas is not going down the drain (AFR op-ed)

  • Why buy gold: the historical appeal - 1560 onwards! (Livewire)

  • Inside the Bank of England's gold vaults (YouTube) With Idris Elba

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Today’s Top Tweet

Devil’s in the Detail

As one of MinRes’ bonds dipped below par overnight…

… it is kind of crazy to think about Fortescue buying back some of their bonds for as little as 0.75c on the dollar in 2015!

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