Pembroke Secures $875m to Double Olive Downs

Reported Jiangxi lithium mine restart, while Pilbara flags H1 net loss

The Pre-Start

  • Pilbara Minerals released estimated underlying H1 financial results of EBITDA $71m to $75m and net loss of $5m to $7m. They will also report a non-cash reduction to the carrying value of the group’s call option to increase its stake in the Posco JV (PLS)

  • Wildcat Resources advised PFS activities for the Tabba Tabba lithium project are ~50% complete and met test work is 75% complete, with process plant scenario analysis on various throughputs being evaluated (WC8)

  • Emerald increased the Okvau gold reserve by 245koz, now sitting at 700koz at 1.5g/t gold (EMR)

  • Patriot Battery Metals commenced its 2025 winter drill program at Shaakichiuwaanaan, on track to provide feasibility study & maiden ore reserve Q3 25 (PMT)

  • KGL announced an updated Jervois feasibility study and its intention to move ahead with project financing & operational readiness works. Outlined annual steady state production ~30ktpa Cu (plus some Au & Ag credits) over a Stage 1 10 year mine life for construction capex $352m, post-tax NPV8 $405m (KGL)

  • Firebird Metals signed a non-binding MoU with Eramet regarding manganese ore supply for China operations (FRB)

  • Terramin has lodged an appeal against the South Australian government’s decision to decline the mining lease for Bird in Hand (TZN)

  • Macquarie Group emerged as a substantial holder of Karoon Energy, holding ~5% (KAR)

  • Drill results in from BTR, GG8 (the old Labyrinth), JAV, BGD, KAU, KM1

High Grade It

  • Investors fear Chinese mine restart puts lithium resurgence in danger (AFR)

  • Anglo American expects De Beers impairment as demand falls, miner cut down diamond guidance by 10Mct (MNN)

  • Woodside says its ‘too late’ to avert a Victorian gas crisis after a decade of ideology over sensible policy (Australian)

  • BHP says it can double copper production in Australia without increasing uranium volumes, hosing down fears Olympic Dam expansion would create a flood of unwanted supply (AFR)

  • Tungsten miner Almonty says clients in shock as China chokes supply (Bloomberg)

  • Over 400 workers at Tahmoor Coal in NSW have been stood down and production curtailed as GFG Alliance’s debts mount (Australian)

  • Lynas Rare Earths, the prince, the heiress and a big Malaysian mess (West)

  • Twice bankrupt mining promoter David Catsoulis has another project on the go, but denies it even exists (Australian)

  • Diggers flips the format for a pro-nuclear keynote panel to tackle ‘explosive’ election year energy debate (MNN)

  • Legal test case against Freeport Papua mine targets LME (Australian)

  • Europe may get a rare Australian gas shipment in bid to quite Russia (Bloomberg)

  • Seven bidders battle for Chile’s lithium mining contracts (Mining.com)

Use the code MOM100 to get $100 off your AusIMM’s Underground Operators Conference 2025 tickets, grab them here!

Wheelin’ n Dealin’

  • Beach Energy is believed to be targeting QLD for acquisition opportunities in coal seam gas according to Dataroom (Australian)

  • Trump meets US Steel CEO to discuss deal with Nippon Steel (Reuters)

  • Vale takes full control of the Baovale iron ore project, purchasing the other 50% stake previously owned by its Chinese partner Baosteel (Mining.com)

  • Patronus Resources announced an on-market takeover for Matsa Resources at a price of $0.045/sh, valuing it at ~$33m, with PTR & its associates already holding 19.5% (PTR)

  • Moho Resources executed binding docs to sell its Empress Springs project in QLD for $1.258m of upfront & deferred consideration + 1% NSR (MOH)

  • The Supreme Court of WA approved the scheme for Poseidon and Horizon Minerals’ merger (POS)

  • Fortescue is up to an ~85% stake as part of its off-market takeover for Red Hawk (RHK)

  • Astral is up to a ~27% stake as part of its off-market takeover for Maximus (AAR)

  • Auric Mining advised the DD & exclusivity period to purchase the Burbanks plant has been extended (AWJ)

Rattlin’ the Tin

  • Pembroke secured $875m loan to double QLD coal development (AFR)

  • Rising small cap miners hit the road with non-deal roadshows amid gold price boom, with fundies anticipating a tick up in capital raising activity this year (Street Talk)

  • Polymetals raised $35m at $0.80/sh to progress Endeavor restart activities (targeting first Ag & Zn production Q2 25) and accelerating exploration. Also launching a $3.2m SPP (POL)

  • Mayur Resources executed binding docs with Pacific Unison for the construction and operation of the Orokolo Bay industrial sands project in PNG, including a commitment of up to US$11.2m from Pacific Union expected to fully fund the plant (MRL)

In the Weeds

  • Inside the EU’s controversial Rwanda minerals deal (MNN)

  • Fundie vs AI: One year on, who is the winner? (Livewire)

  • Future-focused students less than keen on mining careers fuel fears of industry shortfall (West)

  • Eveybody’s a loser from Labor’s energy policies (Australian)

  • 'Disorderly': Why gold prices are being pushed to record highs (Livewire)

  • Another cobalt bust but this time its different (Reuters)

  • Chris Ellison’s ally says the quiet part out loud (AFR)

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Today’s Top Tweet

Devil’s in the Detail

Credit to @Pete_Panda for today’s Devil in the Detail on Cerro de Pasco’s recent investor preso.

The slide footnote reads “Economics are based on Internal Projections - Not NI 43-101 compliant and should only be used to gauge project potential.”

We’re asking ourselves the same question, Pete.

Catch up on our latest episode

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