Lithium prices, and related equities, have been under material pressure over the last 18 months. However given EV demand continues to grow, a destocking across the supply chain, and curtailment of producing supply and delays in potential supply; we believe the market has bottomed and there is upside for lithium and the respective producers fromRead more
CYL’s reserve growth to 1.0Moz is positive and underpins the ramp-up of production from 100koz to ~200koz by FY27 driven by the development and ramp up of the satellite deposits at Plutonic East and Trident. The production guidance was largely as forecast, while AISC guidance was better than expected driving upgrades to our earnings profileRead more
Coarse grade mineralisation evident at Western Flanks could boost grade for periods of the production profile driving upside to the current base case. There is also potential for similar mineralization in the Fletcher zone, with the accelerated drilling programme a key catalyst. The company has yet to provide FY25 production, AISC and capex guidance postRead more
PDN has announced that Fission Uranium Corp. (TSX:FCU, Not Covered) shareholders have voted to approve the proposed combination of companies. Of votes cast at the FCU Special Meeting, 67.9% were in favour of the transaction, just exceeding the 66.66% required threshold. Our PDN company model assumes full completion of the Fission deal and construction ofRead more
BOE’s recent production update suggests ramp-up of its 100% owned Honeymoon uranium project is progressing well. The operation is expected to produce 0.85 Mlbs of U3O8 in FY25. Crucially, the first Ion Exchange extraction column has reached nameplate capacity. The second and third columns should be complete by the end of CY2024. Having been aRead more
The Havana underground has been approved, which will see an additional 55koz over 3 years (RRL share) produced at only a modest level of capex. We have already included Havana Underground in our base case forecasts, which sees production lift from an average of 133koz (FY24-26) to 148koz (FY27-29). There also remains ongoing underground potentialRead more
Gold prices have surged to record levels rising 22% in the year to date. The recent weakness in global equity markets has impacted gold equities and we see significant value emerging across the sector. We retain a positive view on gold equities, with our preferences driven by companies with the ability to deliver strong organicRead more
Pacgold’s Alice River Project in northern Queensland has seen a delay to its 2024 drilling season after the resignation of its managing director in June. PGO have appointed Mathew Boyes as the new managing director, commencing this month. PGO are targeting a return to drilling activities at Alice River in Q3 2024. We maintain ourRead more
OAU is making steady progress on its Crown Prince development targeting first production towards the middle of next year. Once in production we expect a Crown Prince to be high margin open pit operation with a ~2 year mine-life. Opportunities are there to extend the mine life further with some encouraging exploration results recently reported.Read more
NVO has reported further encouraging intercepts from its second drill program completed at its Nunyerry North project in the Pilbara. New drilling targeting the Estrid fault returned shallow high-grade hits which will need follow up work. No change to our Speculative Buy recommendation with the $0.20 Price Target unchanged. To access the full report pleaseRead more
