NexGen Locks In PCE as Market Froth Builds

Negotiations gets tense over the future of Mt Isa, Whitehaven beats cost guidance

July 25, 2025

The Pre-Start

  • Anglo produced 173kt of Cu, 15.9Mt of iron ore and 746kt of manganese across its “simplified portfolio” in Q2, with costs guidance remaining unchanged (AAL.L)

  • Newmont generated US$2.4B from operations and US$1.7B in free cash flow, with the company on track for 2025 guidance after producing 1.5Moz at US$1,411/oz on a byproduct basis. It’s paying a US$0.25 dividend (NEM)

  • Whitehaven managed 10.6Mt of ROM production for the Q and 39.1Mt over FY25, while it sold 6Mt & 26.5Mt respectively. Unit costs of $139/t beat guidance. Net debt closed at A$0.6B after the first deferred US$500m BMA payment (WHC)

  • Metals X reported 1.36kt of production from Renison (MLX share), generating $30m. Its partial offer for Greentech has closed, with acceptances for 3.1% of the shares. Cash closed down $19m at $230m following investments (MLX)

  • Galan announced that the regulator has approved the RIGI for Hombre Muerto West, with official approvals expected in due course (GLN) Up 8%

High Grade It

  • The lithium sector has burst back to life this month amid signs that a lingering glut of the battery material is finally starting to ease, with MIN & PLS up 50% since June (AFR)

  • Iron ore shipments from Australia's largest bulk-export terminal, Port Hedland, reached a record in June of 54.6Mt (Bloomberg)

  • Northern Star has axed its forward hedging policy to try take advantage of the gold price, while it grapples with problems at the Super Pit that will keep a lid on production in the year ahead (AFR)

  • QLD treasurer David Janetzki said the closure of the state copper smelter & refinery would be a national disgrace, demanding the federal gov’t come to the negotiating table (Australian)

  • Anglo reported a 13% fall in copper production in the first half of the year to 342kt, a 2% lift in iron ore production & a 26% fall in rough diamonds (Reuters)

  • Teck will keep digging up copper at its Highland Valley, Canada’s biggest copper mine, until 2046 (Bloomberg), while its QB mine grapples with tailings issues (Bloomberg)

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Wheelin’ n Dealin’

  • NexGen has acquired Rio’s 10% production carried interest over 39 NXG-owned mineral claims, including those hosting the Patterson Corridor East discovery, exercising its right of first refusal by matching an undisclosed cash offer (NXG) Up 5%

Rattlin’ the Tin

  • Larvotto completed a $60m placement (LRV)

  • Mithril closed a C$11.5m placement (MTH)

  • Q2 Metals will raise C$20m through a placement of flow-through shares (QTWO.TO)

  • Meridian Mining is looking to raise C$50m via a LIFE offering at C$0.78/share (MNO.TO)

Word on the Decline

  • Today’s deal is more validation that Patterson Corridor East will, in time, be a very, very valuable uranium asset.

  • We think the market is still asleep to the fact that Ecora holds a 2% NSR over the discovery. That royalty could be a monster one day. And we’d be very surprised if Ecora hasn’t fielded a bunch of heightened corporate interest on the back of the discovery.

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

  • Charlie Greig & GT Gold's Saddle Discovery (YouTube) The geologist/company side of Darren McLean’s GT story from our latest interview

  • Porphyry copper deposits (Our Metallic Earth YouTube) For the more geologically inclined - or those keen to learn

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Today’s Top Tweet

Australia’s Hawk Tuah has arrived:

... this Aussie mining straight-talker even got an interaction from Elon…

Devil’s in the Detail

So after unveiling a new ad campaign fronted by Sydney Sweeney, clothing company, American Eagle shares launched as much as 25% higher on Wednesday.

Junior mining stock degenerates did not let the fun stick to the NYSE. Because there’s a Canadian listed gold developer also called American Eagle.

Anyone else remember the Gamestop squeeze and the share price of ASX-listed nickel developer, GME at the same time? This is 2021 already.

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