U.S. Govt Doubling Down on Critical Minerals

MP captures interest with US$500m raising, Genesis tops annual guidance (as usual)

July 17, 2025

The Pre-Start

  • Genesis produced 61koz at an AISC of $2,499/oz, seeing it top annual guidance by 4koz (214koz), with costs in line. Cash build of $88m before Laverton Gold purchase (GMD) Topping guidance, all part of the playbook. Are we seeing signs of costs rising across the industry again though?

  • Gold Road reported that Gruyere (100%) produced 73koz at an AISC of $2,928/oz, generating $45m in free cash. Output will be at the lower end of guidance (GOR)

  • 29Metals produced 5.6kt Cu & 12.3kt Zn from Golden Grove, with growth capital deferred to 2026 at Gossan Valley. Net debt stands at $19m (29M)

  • Gorilla released drilling results, extending Mulwarrie 100m down-plunge with hits including 9m @ 4.9g/t from 253m (GG8)

  • Firefly released infill assays, which’ll form part of the updated MRE to be published later in the year (FFM)

  • Santana shared RAS assays, with a headline hit of 21.7m (20.3m true width) at 4.1g/t from 271m (SMI)

  • Prospect shared metallurgical testwork, with concentrates produced from various ores supporting the use of a simple centralised plant (PSC)

  • Brightstar provided a Laverton update, with Second Fortune producing 4koz, with cashflow not yet reported (BTR)

  • Viridion, the JV between Viridis and Ionic Rare Earths, has secured land from the municipality to deliver a rare earth and recycling hub in Poços de Caldas (VMM, IXR)

  • Great Boulder shared a scoping study for Ironbark, delivering a pre-tax NPV8 of $100m and A$4,500/oz gold, with $3m in infrastructure capex, assuming toll milling. The study is based upon the 100koz @ 3.3g/t MRE (GBR)

  • Cyprium netted a further $2.5m from its generator sales (CYM)

  • Great Divide announced first gold pour at the Challenger gold mine in NSW, a JV with Adelong Gold (GDM, ADG)

  • Kingsgate appointed a new CFO in Mischa Mutavdzic (KCN)

High Grade It

  • The U.S. DoD plans to continue investing in critical minerals projects to ensure a diverse American supply of the building blocks for weapons & electronics (Reuters) We’re truly in a new paradigm

  • Silver will extend beyond $40/oz in the coming months on tightening physical supplies and growing investment demand, according to Citi (Bloomberg) As we discussed in our latest chat, who pays attentions to there “predictions”?

  • Rio’s new CEO, Simon Trott, departs his iron ore-specific role with storm clouds lingering over the company’s capacity to hit full-year guidance (Australian), while he’s expected to launch a simplification drive that could slash headcount, bureaucracy & restructure executive reporting lines (AFR)

  • Rio Tinto said US tariffs on its Canada-made aluminium generated gross costs of more than US$300m in the first half (Bloomberg) + Alcoa said tariffs on imports from Canada cost it US$115m in the 2nd quarter (Bloomberg)

  • Zimbabwe's Kuvimba Mining will develop its Darwendale platinum project as an open pit rather than the previously planned underground mine, as prices rebound (Reuters) How’s that for a supply reply!

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Wheelin’ n Dealin’

  • AngloGold Ashanti has agreed to acquire developer Augusta Gold in a friendly, all-cash deal of C$1.70/sh, a 28% premium to last (AU.NY) valuing Augusta equity at C$152m plus repayment of US$33m loans. Deal comes a week after Anglo sold its stake in G2 Goldfields for ~C$99m

  • New World’s board has recommended CAML’s revised 6.5c, unconditional offer, while a US$6.5m loan facility has additionally been agreed (NWC)

Rattlin’ the Tin

  • MP Materials commenced a US$500m placement, offering the underwriters a 30-day option to purchase up to an additional 15% of the offered shares (MP.NY)

  • Nova Minerals closed a US$11m Nasdaq ADS offering (NVA)

  • Gold Reserve announced a US$20m placement (GRZ.TO)

Word on the Decline

  • If we’re talking about the pieces of the pie, lets take it one step further... What about IAMGOLD’s Chibougamau development projects? Nelligan is IAM's next mine, yet surely the emerging district is more interesting if consolidated with C$172m developer, Northern Superior too?

  • Northern Superior’s 1.7Moz Philibert project is 9 km from Nelligan and higher grade can potentially improve the district’s economics

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In the Weeds

  • Jake Klein has built two companies worth billions. He is doing it again (AFR)

  • Australia’s top stocks fund, Paragon, seals golden year with 100% return (AFR) Key picks were: Ora Banda, Antipa, K92, Vizsla & Discovery Silver, Spartan, Adriatic, Rex, & Firefly

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