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MP Materials Rockets on Trump Address
SQM dampens hope of an imminent lithium bounce; WAF cracks the $2 per share mark
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’
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
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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