Analysis of the results from Logging While Drilling (LWD) data from the Bulleit Appraisal Well have indicated a gross hydrocarbon column of 235ft (78m) with a net to gross ratio of 50 to 60%. The plan is to drill to a deeper target. Pending the results of the deeper objective, the well will be tiedRead more
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Merdeka Copper Gold (IDX: MDKA) reported an in-line March Q, with production of 47koz Au at an AISC of US$656/oz at Tujuh Bukit (“TB”, +5% on production, -7% on costs QoQ). At Wetar production increased 15% to 4.6kt Cu as a result of vastly improved leached and recovered copper efficiencies, despite significantly lower mined tonnes.Read more
Myanmar Metals (MYL) released a Pre-Feasibility Study (FPS) for the starter pit of the Bawdwin Joint Venture (BJV, 51% MYL). Whilst this is only the first of potentially 14 mines on the Bawdwin concession, it still delivers an enviable 13-year mine life producing on average 149ktpa Zn+Pb and 9Mozpa Ag. Pre-production capex is estimated atRead more
SO4 is making rapid and significant progress in the development of the Lake Way SOP project. Construction of the Lake Way commercial scale ponds for the dewatering of the Williamson Pit has started. A JORC resource of 8.2 Mt of SOP was released during the quarter, and this resource would support a long-life commercial-scale project.Read more
The slight pullback in FY19 revenue guidance (from $1.9b to a range of $1.8-1.9b) does not detract from the strong outlook. ASB has a record order book, excellent visibility, and a margin that is being aided by a turnaround in the Australasian segment and a growing level of sustainment work. However, from a valuation perspectiveRead more
SWK’s 3Q19 update provides more clarity on expected 2H19 earnings after the Company flagged a weaker second half performance at the interims. The update was largely in line with our expectations, although we have conservatively moved our FY19 EBITDA forecast toward the lower end of the $27.5-29.5m guided EBITDA range. In our view, a short-termRead more
A review of companies covered has resulted in adjustments to our coverage list. The table below highlights the stocks affected. Dropped coverage is effective as at the date of this report, and prior recommendations, opinions and valuations should not be relied upon from this point. To access the full report please log in under theRead more
Independence Group (IGO) released March Q results with record production from its Nova Nickel/Copper mine. Nova produced 8.4kt Ni and 3.7kt Cu (up 11% and 7% respectively QoQ) at a total cash cost of A$1.50/lb (down 23% QoQ). Tropicana (30% IGO) recorded record mill throughput, but gold produced was down 10% to 123.2koz (100% basis),Read more
Regis Resources (RRL) reported solid March Q production of 91koz at an AISC of $1,019/oz (vs 90koz @ $985/oz QoQ). The result was in line with the previous Q, albeit with marginally higher costs largely as a result of higher strip ratios associated with stripping of satellite Duketon North Operations (DNO). YTD production of 272kozRead more
DCN reported March Q production of 35koz Au at an AISC of $1,488/oz. Production was below forecast guidance of 36-38koz, and costs were at the upper end of DCN’s range of $1,400-$1,500/oz. The production miss came as a result of underperformance of a high-grade stoping block at Beresford North which resulted in a ~1koz lowerRead more