The Pre-Start
Fortescue will pay an increased interim dividend of 62c per share, a payout of 65% of H1 profit. Underlying EBITDA was US$4.5B (up 23%) while free cash flow was US$1.5B, after capex of US$1.7B. Net debt stands at US$1B (FMG)
Collective Mining hit 54.5m at 7.04g/t Au and 16 g/t Ag from 378m in the Ramp Zone at Apollo, Colombia (CNL.TO) +12% for a C$2.5B company
Alkane's drilling at the Kendal deposit near Costerfield returned multiple antimony-gold intercepts, including 1.94m at 132.2 g/t Au and 19.8% Sb and 2.3m at 267.5 g/t Au and 5.6% Sb (ALK)
Elevra reported first half revenue of US$86m, profit after tax of US$74m, closing cash US$81m from NAL production of 96kdmt of spod concentrate, with underlying EBITDA US$1m (ELV)
Fenix reported half-year revenue of $294m (up 125%), net profit $10m (up 419%), closing with cash of $79m (FEX)
Rox said development at Youanmi is accelerating with approximately 750m advance at United North, surface infill drilling started and long‑lead plant items ordered (RXL)
Q2 Metals claimed discovery of a high-grade zone with a 170m intercept of 1.99% Li2O from 347m, including 40m at 2.89% Li2O(QTWO.V) +11%
Sheffield reported a half-year net loss of $14.5m and cash of $1.4m. It continues to negotiate senior debt rescheduling (SFX)
Saturn reported new results from Apollo Hill, including 5m at 11.9 g/t Au from 157m and 36m at 1.01 g/t Au from 11m (STN)
Boab reported construction advancing at Sorby Hills, with early works near completion and the main access road 10% complete (BML)
A sub-surface grab sample at the base of Trench 2 at Altair’s South Oko returned 7.03 g/t Au; Drilling programs upcoming at North Peters & South Oko (ALR)
Arika reported new assays at Pennyweight Point, Yundamindra, including 21m at 4.65 g/t Au from 252m and 35m at 1.22 g/t Au from 142m (ARI)
PolarX's first RC program at the Ridgeline prospect intersected multiple gold zones over an 800m strike, including 1.5m at 37.3 g/t Au (PXX)
High Grade It
Trump eyes Pentagon AI for trade block's critical minerals pricing (Reuters) To first develop reference prices for germanium, gallium, antimony and tungsten before adding others…
China has restricted exports of rare earth magnets and other critical materials to dozens of leading Japanese companies in an escalation of a dispute with Tokyo (FT)
Chinese steel output is drawing scrutiny as some analysts question whether it fell last year as sharply as official figures show (Bloomberg)
Receiver KordaMentha has taken control of Vitrinite’s assets in the Bowen Basin (Australian)
Fortescue’s profit rose sharply after it shipped a record volume of iron ore & its policy of placating Chinese authorities helped the miner sidestep the pitfalls faced by rivals (AFR)
Facts in the ground. From Stories in a PDF. The AI-driven geological and financial interface for the serious investor. By Canetoad.
For example, check out the 3D drill intercepts from this morning’s assay results out of Arika, PolarX or Saturn.
Wheelin’ n Dealin’
There has been “a lot of interest” in BHP’s mothballed Nickel West business, according to resources minister Madeleine King, stoking speculation a sale could come soon (West)
Forrestania entered a binding heads of agreement to acquire tenements in the Forrestania hub from Flynn Gold for $350,000 in fully paid shares each (FRS)
Rattlin’ the Tin
Word on the Decline
Here’s one from fund manager Daniel Sullivan in Livewire
Got Word on the Decline? Simply reply or email [email protected]. We will always take your privacy seriously.
In the Weeds
Chile’s right-wing pivot puts mining policy under the microscope (Mining.com)
Mineral discoveries combine ephemeral moments with epic stories (Strictly Boardroom)
Were you forwarded this email from someone else?
Today’s Top Tweet
Devil’s in the Detail
As Fortescue puts out its results today, we’re reminded of a lesser-known pecularity about the company in its earlier days.
Fortescue used to have a medical equipment distribution business within it, called Allied Medical. It even banked a few hundred thousand dollars for the ambitious miner in 2004 before being carved out in 2005.
Bet you didn’t know that.
Page 9 of Fortescue’s 2004 Annual Report