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Royal Gold Moves on Sandstorm, Horizon in US$3.7B Double Deal

Royal Gold Moves on Sandstorm, Horizon in US$3.7B Double Deal

MinRes reconsiders Ellison's exit plan, Unions secure landmark win against BHP

July 08, 2025

The Pre-Start

Gold Road reported Gruyere production of 73koz, with GOR sales of 38koz at $5,131/oz. Cash and equivalents rose ~$38m to $242m (GOR)
Black Cat shared drilling results from Fingals, with waste dump sterilisation work complete and grade control work starting this month (BC8)
Alkane shared an update from work on Boda 2-3, performed to test the vertical extent, with mineralisation intercepted 50m above previous holes (ALK)
AIC Mines released Jericho assays, with definition work at the Jolly shoot delivering several hits, including 7m (4.9m ETW) @ 2.4% Cu & 0.4g/t Au from 186m (A1M)
Luca Mining saw its stock jump 8% on hits from Campo Morado in Mexico, including 15.1m at 5.4g/t gold and 8.4% zinc (LUCA.TO)
Pebble owner Northern Dynasty saw its stock surge to 5-year highs after the company said it was in talks with the EPA over a potential settlement to ongoing litigation (NDM.TO) Up 28%
Kaiser Reef reported production of 4koz from its 6-week ownership of Henty (KAU)
Prospect shared a Mumbezhi exploration update, with a recent hit of 49m @ 0.52% copper from 314m (PSC)
Rox reported that dewatering activities are progressing, while its debt process is underway, and all major DFS workstreams are advancing (RXL)
Medallion announced results from Harbour View drilling, with work completed for the season and an update MRE on track for July release (MM8)
Mineral Resources shared a new presentation (MIN)

High Grade It

Copper and other industrial metals extended losses after Trump injected fresh uncertainty into his trade agenda with a plan to impose a 10% tariff on any country aligned with the BRICS bloc (Bloomberg)
MinRes said it is reconsidering whether Chris Ellison should stay in the job despite having told shareholders he would leave next year (AFR)
Bellevue’s quarterly production miss has analysts in saying that the miner may need to make further reductions to its guidance (Australian)
Barrenjoey said the possibility of a shortfall in uranium supply and a growing acceptance of nuclear energy supported its price forecast upgrade to $90/lb (AFR)
Northern Star’s investor communications have been called into question after its shares plunged nearly 11% on the back of higher costs and development spending tipped for FY26 (West)
Unions secured a landmark win against BHP after the Fair Work Commission approved the nation’s first contested same job, same pay application (Australian)

There’s only one place to be on Sunday night, right before Diggers. And it’s at the Topdrill Sundowner. Register now, while you still can!

Wheelin’ n Dealin’

Streaming & royalty business Royal Gold will acquire Sandstorm Gold & Horizon Copper, paying US$3.5B (scrip) & US$196m (cash) respectively. The agreements come at 21% & 85% premiums (RGLD. NAS)
Dataroom reported that at least 2 Asian parties are interested in acquiring $2.8B Vault Minerals, with United Tractors mentioned (Australian)
Aris Mining sold its Juby gold project to Lake Mining for total consideration of US$22m (ARIS.TO)

Rattlin’ the Tin

Coronado will struggle to raise the ~$1B it needs after it was downgraded by rating agency S&P, becoming the latest coal miner to be hit by the deepening price slump (AFR)
Laramide has upsized its offering to $12m (LAM)
Ausgold entered a trading halt to raise capital (AUC)

Word on the Decline

We’re hearing that Covalent Lithium (the Wesfarmer/SQM JV) is contemplating FID on a Mt Holland expansion from 2Mtpa to 4Mtpa in the coming months
Additionally, it’s out with the DMS, with processing focusing on sorters and flotation, while word is that the refinery hasn’t been causing as much grief as it could have, thankfully

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In the Weeds

How electric scooters are driving China's salt battery push (BBC) Fascinating read on the Chinese electric effort
Dryblower: A future not made in Australia as AI eats mining - Explores the ramifications of overpriced & undersupplied electricity in Aus…
The Essence of Rare Earths: Dispelling the Myths (Hallgarten) Essential reading for those looking to better understand RE’s
Investor son of secretive heiress Angela Bennett comes back into the fold (AFR)