The Pre-Start
Pilbara reported an FY25 loss of $196m, with a cash margin from operations of $192m. Cash reduced by $652m, as it spent $653m on capex (PLS)
Ramelius recorded a net profit of $474m and a 5cps fully franked final dividend. Underlying free cash flow for the year came in at $695m (RMS)
Antipa released drilling results from Fiama, with a hit of 33m at 15.8g/t and 0.28% copper from 96m, including 1m at 396g/t gold (AZY) Up 10%
Sayona increased the resource estimated at Moblan to 121Mt at 1.19% Li2O, with the reserve grading 1.31% (SYA)
Wildcat published assays from the Bolt Cutter Central, with assays including 6m at 1.5% Li2O from 15m. Hits at Harry suggest the swam extends >700m down-dip (WC8)
Perenti recorded free cash flow of $286m (normalised at $195m) on $3.5b in revenue, declaring a 4.25cps final dividend (PRN)
GR Engineering reported FY25 profit before tax of $51m on revenue of $479m and will pay a 12c fully franked dividend (GNG)
Global Lithium was granted a mining lease for its Manna project (GL1)
Strickland announced new assays from Shanac, claiming discovery of a new zone with an intercept of 172m at 1.3g/t AuEq from 323m (STK)
Dreadnought shared assays from drilling at Mangarron, with intercepts such as 8m at 16.2g/t from 20m (DRE)
Stellar signed an MoU with the owners of the Avebury plant to explore its potential as a processing facility (SRZ)
Diatreme was awarded Project Status over its exploration tenements in Far North QLD, allowing it to optimise configurations for its mining lease application (DRX)
Blackstone is in halt pending the release of a binding strategic agreement for its Ta Khoa project & refinery (BSX)
Odyssey shared metallurgical results from various deposits at Tuckanarra, with recoveries having a low of 92%, and mostly between 95-97% (ODY)
Catalyst is in halt of a compliance issue (CYL)
1832 has become a substantial shareholder of Waratah Minerals (WTM) reminder that 1832 is one of the very few instos willing to buy >5% stake on market of an early discovery (i.e SPR, MPK)
High Grade It
Rio Tinto has suspended all activity at its giant Simandou iron ore project in Guinea after a contractor died following an incident at the site (AFR), with Simon Trott saying he’ll head to the site as he starts the top job (Australian)
Duncan Stewart has pleaded guilty to using inside information to trade shares in lithium aspirant Kidman in April 2019, shortly before its takeover (AFR)
The Malinauskas gov’t has rejected calls for a detailed vulnerability assessment of controversial strip mining plans, as AR3 faces mounting opposition to its plans to chase rare earth minerals in South Australia (Australian)
Customs data show that China imported roughly 750kt of spodumene (67kt LCE) in July 2025, up 30% month-on-month, driven by Australian shipments (SMM)
Hedge funds slashed their bullish position on oil to the lowest in about 17 years as risks of additional sanctions on Russian crude waned (Bloomberg)
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Wheelin’ n Dealin’
BHP is marketing its mothballed nickel business but might have to pay a hefty price to anyone willing to take on the associated $1.4B closure and rehabilitation liabilities, with added gov’t scrutiny (Australian)
The Eagle gold mine is up for sale, ~14 months after the Yukon mine's heap leach slide (CBC)
Piedmont received the necessary vote approvals at a special shareholders meeting, moving one step closer to completing its Sayona merger (PLL)
Deterra sold the La Preciosa silver royalties and milestone payment for US$22m to the project operator, Avino (DRR)
Rattlin’ the Tin
In the Weeds
Unlocking the golden riches inside unwanted iPhones, laptops (AFR)
She’s a Model. She’s Also a Nuclear Power Influencer. What? (NYT)
Gold diggers follow the money (FT) Gold has barely budged over the past quarter, share prices of major miners are up by as much as a third
From MinRes to Boss Energy, here are Plato’s latest shorts (AFR)
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11:51 PM • Aug 24, 2025
Devil’s in the Detail
Amongst the PLS announcements this morning is this MRE update on Colina
Participants on the latest site visit to Pilgangoora pre-diggers were apparently prohibited from taking photos, with particular sensitivity around the ore sorters.
And when you look at Colina - that IP would seem pretty handy…
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