The Pre-Start
Gold Road will pay a fully franked special dividend of ~43.7c per share (GOR)
Magnetic announced all mining leases have been granted covering Lady Julie (MAU)
New Hope announced its FY25 results with coal production increased to 10.7Mt, at a reduced FOB cost of $82.4/t while paying a fully franked dividend of 15cps (NHC)
Sayona/Elevra shared a NAL expansion scoping study, lifting throughput from 4.2ktpd to 6.5ktpd, with LOM recoveries of 71% and output of 315ktpa SC5.4. The expansion outlines a 26% IRR with incremental cash flow of C$837m, on the back of initial capex of C$366m (SYA)
St Barbara said a revised PNG tax reassessment may come this week, clearing the way for its mining lease extension (SBM)
Peninsula produced first yellowcake from the Lance plant in Wyoming (PEN)
Brightstar announced its Laverton mine operations production will 2.4-2.8koz Au per month at AISC $3,800-4,000/oz (BTR)
Falcon hit visible gold of 1.2m at 543g/t from 544m from a wedge hole at Blue Moon. A diamond rig will test the continuation of Au along strike in Oct (FAL)
Medallion has placed an order for a second ball mill at its Cosmic Boy Concentrator, which will enable it to hit throughput of 650ktpa (MM8)
Victory Metals shared assays from North Stanmore, intercepting grades of up to 218ppm dysprosium oxide (VTM) Up 8%
The US EXIM bank has expressed interest in providing financial support for Sunrise’s Syerston scandium project (SRL) Up 30%… have we woken up in 2021?
Champion Iron newsletter (CIA) Perspectives on iron ore markets, steel profitability, & tariffs
Jupiter AM has lifted its stake in Falcon to 6.9% (FAL)
New presentations were shared by Sayona/Elevra, Northern Star, Firefly, New Hope, Paladin & Tesoro
High Grade It
BHP will fast-track its Argentinian copper studies in a bid to capture govt incentives, & slow expansion studies on Australian copper (AFR), while CEO Mike Henry lashed out at high domestic energy prices, warning the economy must have affordable power to deliver emissions reduction goals (Australian)
CATL’s shares surged 14% as a prominent analyst upgrade and expectations for stronger demand for its ESS business fueled bullish bets (Bloomberg)
Profit takers have hit the gold sector after it reset its record high last week, while analysts are warning of impending weakness for iron ore (AFR) We’ve heard this before, haven’t we?
Duncan Stewart received an 18-month suspended prison sentence after pleading guilty to insider trading of Kidman shares in 2019 (AFR)
Chinese export restrictions on germanium, a metal crucial for the defence industry, have created a “desperate” supply crunch & pushed prices to a 14-year high, traders say (FT) Expect to see this in Juniors’ prezzo’s for the next year!
China churned out less coal and steel in August as the government tightened controls on production (Bloomberg)
Production at Chinese factories & mines expanded 5.2% last month (YoY), the smallest gain since August 2024, increasing stimulus likelihood (AFR)
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Wheelin’ n Dealin’
Peak Rare Earths rejected an unsolicited LoI from General Innovation Capital Partners to acquire Peak for $240m, representing ~54.5cps, deeming it couldn’t reasonably be considered to become a superior proposal (PEK)
Alamos Gold announced the sale of its Turkish development projects for US$470m, with US$160m paid on closing, US$160m on the 1-year anniversary & US$150m on the 2-year anniversary (AGI.TO)
Newmont’s Coffee development gold project has been acquired by Fuerte Metals for US$10m cash + US$40m stock + 3% NSR with full US$100m buyback right (FMT.V)
Investigator entered an agreement with Tivan to divest its 25% interest in Molyhil Tungestion-Molybdenum Project in a staged $2.2m sale (IVR)
Rattlin’ the Tin
Paladin announced an equity raise of $300M with an ASX placement of $7.25/share and C$6.66/share on TSX (PDN, AFR) conference call at 9am Perth time
Concurrent with Fuerte’s acquisition of the Coffee gold project, the company is raising C$50m (FMT.V)
Highfield announced that it received notice from Yankuang terminating the previous equity subscription agreement (HFR)
Discovery Silver announced a US$250m revolving credit facility (DSV.TO)
Word on the Decline
Hearing a few stories of gold ROM stockpiles being targeted across the Goldfields by various techniques… Barbed wire fences are increasingly commonplace
The stories remind us of the widely reported increases in copper wire theft whenever the copper price is sufficiently high enough
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In the Weeds
Float hangover will cure float fever (Dryblower) “it's far too early to talk about a float flood when survival seems a better description”
West African Resources is confident of a resolution in Burkina Faso (Kristie Batten) “We expect to have meetings with them this week, but at this stage, we really have nothing to update the market with”
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Today’s Top Tweet
Devil’s in the Detail
Let us explain this in a single chart:
The massive difference in return on capital employed between Copper SA and South American copper is huge… And this is also why we think the odds of a South Australia copper spin-out under the next CEO (or the one after that) are higher than you’d think.
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Anglo Teck Mega Merger... and a Retail Revolt
Stocks covered: AAL.L, TECK.TO, BHP, RIO, WA8, CMM, AVL, ILU, GMD, JLL, AAI, MC2, AEE, ELE.C, EMX.C, NFG.C, MAE.V