The Pre-Start
Regis reported net profit of $254m on EBITDA of $780m, while declaring a 5cps dividend. FY26 guidance pinned at 350-380wkoz at $2,610-2,990/oz plus ~$260m in capital spend (RRL) Down 6%
Resolute’s half year result saw production of 151koz at US$1,688/oz, plus US$58m in capital spend. Net cash increased US$110m, with guidance maintained (RSG)
Alkane’s full year report showed net profit of $33m, with the newly enlarged group closing the FY with $60m in cash, bullion and investments (ALK)
Marimaca announced an option agreement to acquire a sulfuric acid plant for US$2.5m, which it deemed would cost US$35-40m brand new (MC2)
BCI reported cumulative expenditure at Mardie of $1.11B, with ~$500m needed to complete the project (BCI)
Galiano Gold intercepted 23m at 6.8g/t from 240m and 16.4m at 5.3g/t from 189m from drilling at Abore, Ghana (GAU.TO)
St Barbara has become a 14.4% shareholder in Geopacific, following completion of its transaction with Patronus (GPR)
Energy Fuels produced its first kilogram of 99.9% dysprosium oxide from its White Mesa mill in Utah, with Terbium the next target (UUUU.N)
Kaili has seen trading in its stock paused after running 330% this morning to 82c, on no news (KLR)
High Grade It
Bullish traders who’ve been long lithium are starting to take profits as brokers warn that China will unwind supply cuts in the coming months (AFR)
Whitehaven’s Paul Flynn said it's extraordinary that QLD miners battling low prices are just $5 away from being hit with a 40% royalty on revenue (Australian)
The US Defense Department is seeking to buy cobalt for its strategic stockpiles for the first time in decades, dedicating US$500m to the cause (Bloomberg)
A man has died at Wiluna West iron ore mine following an incident involving a bogged truck after wet weather (West)
Perth, 3–5 Sept: Africa Down Under. The #1 event for Australian-African mining investment. We are going 👉 Join us. Program includes PRU, WAF, SFR, TCG, LIN
Wheelin’ n Dealin’
Anglo American's troubled $5.8B QLD coal sale has reignited speculation about BHP launching another takeover bid for the mining giant (Australian) AAL down 8% YTD, Wanblad confident on coal sales
Rattlin’ the Tin
The Asian Development Bank to lend US$300m, plus a $110m financing guarantee, for Barrick’s Reko Diq (FT) It’s first mine financing since 1983
Peninsula Energy announced an underwritten $70m equity raise, down at 30c, a 52% discount to last trade. PEN is targeting 400-500klb of U3O8 in CY26 (PEN)
Larvotto closed its SPP, taking in $10m on top of its $60m placement (LRV)
Word on the Decline
An interesting quote from Evolution’s Lawrie Conway on what it would take to entertain a sale of Mungari in Kristie Batten’s article today
“[If it’s] making a margin of A$2500 an ounce, that's A$500 million cashflow. Multiply that by five, if someone's got a check for about A$1.5-2 billion, then we're obliged to think about it … but I don't see anyone out there at the moment.
We take Lawrie’s comments at face value when he says there would be “mutiny” from the team if the company looked to sell it
But we do think Evolution is actively exploring heap-leach growth for some of its regional Mungari deposits
After acquiring Phoenix Gold, Evolution removed the 1.1Moz heap leach gold resource from their books in 2016. It’s a very different time now
And at Mungari where Evolution faces the highest power costs of all its operations, heap leaching could have its merits
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In the Weeds
Global Crossing Is Reborn… (Kuppy’s Korner)
China’s Anti-Involution Campaign Seems Like a Big Deal (Bloomberg)
How Aussie gold miners think about M&A (Kristie Batten)
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Today’s Top Tweet
Hello @ASX - we have a problem with $KLR again
— #Chuck Chunder (#@ChuckChunder007)
12:07 AM • Aug 22, 2025
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Lithium’s True Inflection Point (YJ Lee)
“Lithium demand is exploding – and consensus has it wrong”
YJ Lee, fund manager at Arcane Capital, joined us to explain why the market is underestimating the real driver of lithium prices: demand.