Perenti had provided comprehensive guidance so there were no surprises for us in the results, although worth highlighting the strong free cash flow of $184M and continued improvement in balance sheet metrics. New FY25 EBITA guidance of $325-345M implies earnings growth of 4-10% and we edge our forecast higher accordingly. Scale, consistency, balance sheet strength,Read more
Despite undertaking an exhaustive approval process with various NSW State and Federal Government departments, the development of the McPhillamys project has been dealt a fatal blow with an 11th hour Declaration of Protection by the Federal Minister for Environment and Water, which now requires a new location for the tailings dam. RRL has noted thatRead more
Perseus Mining (ASX:PRU) has announced it has acquired a 17.27% interest in PDI’s current shareholding. A positive step for the Bankan Project capturing interest from a major West African producer. We make a slight increase to our Price Target to $0.46 ($0.45 prior). Our valuation is driven higher by gold price movements and a loweringRead more
Drilling at Kokoseb continues with three rigs currently onsite targeting resource infill and extensions to the 2.12Moz Kokoseb MRE. We update our WIA valuation to capture recent gold price movements which drives our price target higher to $0.28 ($0.23 prior). Speculative Buy maintained. To access the full report please log in under the Client AreaRead more
A strong FY24 result from NRW, with EBITA of $187M (as expected after recent guidance) and a solid year-end balance sheet. Outlook was upbeat and guidance comfortably ahead of consensus on the back of expected margin gain. BUY on a lifted valuation of $3.75 (prior $3.40), the improving quality of earnings, growth potential, and balanceRead more
Uranium equities were sold off recently following the news that production by Kazatomprom would remain unchanged. It appears the market had speculated there would be production cuts related to tight availability of sulphuric acid. PDN has retracted to within range of our Price Target, prompting a recommendation update from Sell to Hold. Execution of theRead more
WGX has released a maiden reserve for the South Junction deposit, which has increased total reserves at Bluebird-South Junction to 3.0mt @ 2.8g/t. The larger reserve will enable WGX to triple the mining rate at Bluebird-South Junction to 1.2mtpa, reducing the need to truck ore from regional satellite deposits. We see scope for further reserveRead more
Capex drop in March quarter: New mining sector capex dropped 24% in the March quarter 2024 from the $10B spent in the December quarter 2023. It is only one data point, and March quarters tend to see lower capital spend anyway, but recent terminations of projects in the nickel and lithium space, weakness in commodityRead more
MAC’s share price has come under significant pressure over the past month, falling 22%, outpacing the 14% fall in spot copper prices over the same period. We expect MAC’s CSA Mine in NSW to produce 40kt of copper in CY24, in the middle of the guidance range. Upgrading the mine ventilation should underpin a 25%Read more
NexGen Energy (ASX:NXG, TSX:NXE, NYSE:NXE) has updated the market on exploration results from the Patterson Corridor East (PCE) area. New drilling has identified a large footprint of anomalous radioactivity associated with alteration consistent with Arrow style mineralisation. The discovery of satellite deposits of economic scale could extend Rook’s planned 11-year operational life. To access theRead more
