Rinehart Fires Warning While Advancing Hope Downs 2

Paladin boss makes for the exit, Predictive share Bankan DFS details

June 25, 2025

The Pre-Start

  • During trading yesterday, Rio announced it would invest US$800m for its 50% share of the development costs at Hope Downs 2, alongside Hancock (RIO)

  • Predictive completed a DFS for its Bankan project, confirming a 12-year mine life producing ~249kozpa at an AISC of US$1,057/oz, with an NPV5 of US$1.64B and IRR of 46% at a US$2,400/oz gold price, with capex of US$463m (PDI)

  • Astral released its Mandilla PFS, modelling a 19-year life (13 years mining), NPV8 of $1B, IRR of 86% (@ A$4,250/oz gold), $227m in pre-production costs, producing on average 95kozpa @ 1.13g/t over the first 12 years (AAR)

  • Indiana Resources will return 5c/share, distributing $32.2m subject to shareholder approval on 1 August, leaving cash of ~$37m (IDA)

  • Neometals reported a maiden inferred resource estimate for the Ironclad deposit at Barrambie of 250kt at 1.6g/t for 13koz of gold (NMT)

  • Carnaby shared further drilling from Trekelano, hitting 164m (tw ~115m) at 0.4% copper & 0.2g/t gold from 195m (CNB)

  • Wildcat is undertaking an on-market share buy-back of up to $5m, given its $60m cash balance (WC8) Not something you see every day

  • Paladin has appointed Paul Hemburrow as MD & CEO, effective Sept 1st (PDN) Comments in DitD below

  • Firetrail was revealed as a 5.3% shareholder of Greatland (GGP)

  • Develop shared a new presentation following its capital raising (DVP)

High Grade It

  • AVZ Minerals to resume proceedings against DRC over disputed lithium deposit (Reuters) “The unresolved issue poses a potential hurdle for KoBold Metals”

  • Greatland rose as much as 12% to $7.40, after an IPO at $6.60 (AFR)

  • Gold prices fell more than 2% to a near two-week low as risk appetite improved after a Middle East ceasefire came into effect (Reuters)

  • Bowen Coking Coal’s boss said QLD’s crippling royalty regime means 500 jobs at its flagship mine are on the line, while warning of a wave of closures (Australian)

  • Investors are raising concerns about a US$300m bond sale by NavoiYuran, a Uzbekistan-based uranium miner that was responsible for one-tenth of global supply, due to its reliance on Russian transport routes (Bloomberg)

  • Gina Rinehart has urged Australians to stand up to “truth twisters, truth hiders and truth avoiders” on net zero, as her and Rio pull the trigger on Hope Downs 2, marking a US$1.6B investment (Australian)

Over 12,000 industry eyes read this daily, including the mining sector’s biggest decision-makers. Want their attention? This is your front-row seat.

Wheelin’ n Dealin’

  • Dataroom reported speculation by analysts that MinRes could undertake a partial divestment of the mining services business, among several options, to strengthen its cash position (Australian)

  • Brightstar executed an MoU with Paddington Gold, outlining the following structure: ore sales for 30 months commencing April 2026, 1.5-2Mt at a nominal 50kt/month target (BTR)

Rattlin’ the Tin

  • New Murchison emerged from suspension, confirming a $15m placement (NMG)

Word on the Decline

  • We noticed the Agnico-backed C$1.1B Collective Mining accelerate the terms of their agreement to get title of the Guayabales mining license which hosts its flagship Apollo target in Colombia

  • Whether or not acceleration was in motion, we are unsure. But there have certainly been whispers in the mining investment community about title concerns for Collective’s Apollo

  • And we’re not sure the accelerated earn-in completely puts this to bed… We’d like to see the coordinate locations of the drill holes and a title map to sleep easy

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

  • Go Time for Commodities - Interview w/ Adam Rozencwajg on uranium, PGMs, copper, gold

  • Millennium's $14B Valuation Hinges on Scarcity (Bloomberg) For those curious about the pod-shop

Were you forwarded this email from someone else?

Today’s Top Tweet

Devil’s in the Detail

Were you also left a little confused deciphering Paladin’s CEO change announcement?

On the one hand, it’s reflective of a “planned and rigorous succession process”

And yet the “planned” succession still warrants an interim COO…?

Catch up on our latest episode

🟢Spotify | 🟣 Apple Podcasts | 🟥 Youtube

Know This Before Investing in African Miners

All information in this newsletter is for education and entertainment purposes only and is of general nature only. The Money of Mine team are not financial professionals. Money of Mine are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional, along with considering any relevant Product Disclosure Statement. Money of Mine does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. Money of Mine strives to ensure the accuracy and currency of the information contained in this newsletter but we do not make any representation or warranty that it is accurate, reliable or up to date. Any views expressed by the hosts of Money of Mine are their opinion only and may contain forward looking statements that may not eventuate. Money of Mine will not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of information in this newsletter. Information relating to our Privacy Policy is available online here.

Reply

or to participate.