Juniors Rattle the Tin as Optimism Runs Hot

Gina eye Saudi tenements, Fenix make maiden shipment & Alkane pays of debts

August 18, 2025

The Pre-Start

  • New Hope reported saleable production of 10.7Mt (up 18% YoY, guidance low-end), for operating cashflow of $570m, closing with $707m (NHC) Down 5%

  • Late Friday, Sigma Lithium reported quarterly production of 68kt of SC5.2 and an AISC of US$594/t, leading to an adjusted EBITDA loss of US$17m, with its cash position retreating by a similar amount (SGML.TO) Stock jumped 15%

  • Marimaca released assays from Pampa Medina, extending the sediment-hosted system 300m west, hitting 70m of 1% Cu from 434m (MC2) Up 13%

  • Alkane has repaid its $45m project finance facility using cash reserves, leaving it without debt bar its equipment financing (ALK)

  • Lindian has updated its previous Stage 2 Mining Licence announcement, with certain retractions, plus resources and a map included (LIN)

  • Rox shared assays from the past month of drilling, hitting 6m at 2.3g/t from 165m, between the Bunker pit and Paddy’s lodes (RXL)

  • Fenix has made its maiden iron ore shipment from the new Beebyn-W11 mine in the Weld Range, which’ll run at 1.5Mtpa with C1 costs of US$50/wmt (FNX)

  • Yandal released results from air-core work that has extended the Arrakis mineralised structure to over 2.2km, hitting 22m at 0.5g/t from 75m (YRL)

  • Andean Silver identified multiple new veins at the Cerro Bayo epithermal Ag-Au project, with channel samples returning narrow high grades (ASL)

  • Torque intercepted 6m at 11.7g/t from 254m from drilling south of the Paris deposit (TOR)

  • Beacon released assays from grade control drilling at Iguana, hitting numerous narrow gold zones to increase geological confidence (BCN)

  • Great Boulder published assays from Eaglehawk, hitting 8m at 29.2g/t from 128m, including 4m at 55g/t (GBR)

  • Altair appointed Rich Munson as in-country ED & Country Manager in Guyana (ALR)

High Grade It

  • Gina Rinehart is considering expanding her empire into Saudi Arabia after Hancock secured approval to bid for mining tenements (AFR) did we break this story in Devils’ in the Detail on Friday?

  • China deepened a trade spat with Canada, filing a lawsuit at the WTO over import restrictions on steel (Bloomberg)

  • South Korea's nuclear output is far ahead of targets due to fewer maintenance outages, a new plant coming online & reactors running at full tilt, helping to rein in costs and push down coal usage (Reuters)

  • Czech resources investor Sev.en has confirmed that 7kt of potash has been sold from Lake Way, bought off the failed Salt Lake Potash, allowing Australia to claim itself an exporter (AFR) at ~US$500/t, that’s ~$3.5m revenue after investing “hundred millions of dollars” into the project. No wonder the column ends with this…

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Wheelin’ n Dealin’

  • Peabody is set to seek arbitration over $5.8B Anglo American mine deal, with August 19 marking the deadline date (Australian) as Matt Lattimore’s M Resources eyes a bid for the Queensland coal mines (Courier Mail)

Rattlin’ the Tin

  • PC Gold, owner of the early-stage Spring Hill mining project in the NT, mandated 3 brokers to list on the ASX with a market cap of $65-70m (AFR)

  • Magnetic Resources is raising $30m at $1.30/sh to advance Lady Julie (MAU)

  • Wia Gold is raising $30m at $0.30/sh to advance Kokoseb (WIA)

  • Unico Silver is raising $25m at $0.35/sh to advance its Cerro Leon and Joaquin projects (USL)

  • Arafura and Lindian are in halt to raise capital (ARU, LIN)

Word on the Decline

  • We used this column on a few occasions to write about MinRes’ purported interest in Mauritania

  • Well, our latest intel is that MinRes’ potential involvement as a partner in the undeveloped iron ore project has been canned. And our (unverified) word is that it was the Board that made the ultimate call…

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In the Weeds

  • Old West's Brian Laks on YAV pod (YouTube) Mining as a sector, uranium, copper, energy, government policy

  • The Calculus of Value (Howard Marks Memo Vid)

  • Inside the Stokes family’s crown jewel (AFR) WesTrac

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Today’s Top Tweet

Devil’s in the Detail

How do we feel about seeing an A$8,000/oz gold price being used as a “break-even” in pit optimisations for MREs? It’s really emphasising the “eventual” within “reasonable prospects of eventual economic extraction”…

Plus, an absolute howler from the nufties at Money of Mine, who were incapable of spelling “Overhaul” in the title of Friday’s Director’s Special note…

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