GGP’s 3QFY25 result was strong, with gold and copper production 12% and 24% ahead of our estimates, respectively. The strong volume result translated to a material beat in revenue and cash flow generation. GGP ended the quarter with a cash balance of A$398m, 26% higher than we had expected. Guidance for FY25 has been providedRead more
GMD has upgraded its reserves by ~12% post depletion to 3.7moz. The upgrade was largely driven by the release of a maiden reserve for Westralia. The larger reserve base is just the first step in GMD outlining a more sustained and higher growth outlook in our view. Gwalia and Tower Hill account for over 40%Read more
BOE’s Honeymoon and production update suggests the operation is tracking well and in line with Argonaut’s expectations. We have updated our production and sales volume outlooks to match reported data. To access the full report please log in under the Research Portal at the bottom of this page. Argonaut’s Research Portal allows you toRead more
MAC’s share price has come under significant pressure in recent weeks, falling 27%, compared to a 10% decline in spot copper prices over the same period. We attribute this decline to its exposure to US equity markets through the dual listing, which have been more volatile than the ASX. MAC recently confirmed its CY25, andRead more
Drilling at Shaakichiuwaanaan has discovered two high-grade zones of cesium mineralisation. The mining of the cesium ore could improve the economics of the project, by providing by-product revenue over the life of mine or early revenue ahead of spodumene production and presents upside to our base case. The winter drill program is nearing completion andRead more
WC8 continues to advance the Tabba Tabba pre-feasibility study (PFS), with key metallurgical test work released during the 3QFY25. Further test work is being undertaken to a definitive feasibility study level and should be released later this year. Drilling in the hanging wall pegmatites has confirmed additional mineralisation that should lower the overall strip ratioRead more
EMR’s preliminary production results for 3QFY25 of 19.1koz were softer QoQ, although the lower number had been flagged by EMR last month. The softer production result primarily relates to scheduled mining of lower-grade areas within the Okvau pit. EMR expects a return to normal production rates of 25-30koz for the 4QFY25. Our key short-term catalystRead more
DYL has deferred the Tumas FID, which we had previously highlighted as a key risk. It has also updated the DFS which has lifted capex, costs and extended the construction and ramp-up schedule. We believe the deferral of FID is prudent given current markets and note the project requires uranium prices above US$80/lb. We noteRead more
WAF has reported a preliminary 1QCY25 production result of 50.0koz at Sanbrado, which was within 1% of our estimates and slightly lower (2%) QoQ. Gold sales for 1QCY25 totalled 48.3koz, fully unhedged, at an average realised sales price of US$2,832/oz. WAF is yet to report full costs and cash position for the 1QCY25. An updatedRead more
Despite the current unsettling macro we see near-term forecasts supported by contracts on hand. Longer-term drivers are positive given Peet has a large, low-cost land bank at a time of a significant housing supply shortfall in Australia. Due to a reallocation of resources and a sector refocus we will be ceasing coverage of Peet onRead more
