KAU recently acquired the operating Henty Gold Mine from Catalyst Metals, which will make KAU a 35- 40kozpa producer in FY26 with a clear pathway to 50kozpa over the next few years. KAU’s acquisition of the Henty Gold mine comes at an A$31.6M upfront consideration, which given Henty’s current cashflows, will see a 12-month paybackRead more
PDN has confirmed disruption to operations at Langer Heinrich following a recent significant rainfall event. Damage to roads, civil and other infrastructure are expected to reduce mine output for the remainder of FY25 and through into FY26. We have adjusted our forecasts for a weaker production outlook and an increased cost profile over the nextRead more
Gold prices have surged to new records over the past few months. The global backdrop has shifted to a perfect storm for the yellow metal, with record US debt levels, geopolitical uncertainty and concerns over the direction and pace of interest rates pushing spot prices beyond US$3,000/oz. EFT inflows have now joined the party andRead more
At the interims we noted the strong cash flow generation supportive of inorganic growth. The announcement today that SCEE is to acquire Force Fire for up to $53.5M is therefore not unexpected. SCEE can comfortably fund the cash consideration and Force looks to be a logical and complementary addition to SCEE. M&A has been wellRead more
Spot spodumene prices remain depressed, with any material price recovery so far elusive. This is despite the underlying demand from EV Sales and BESS reporting strong growth in 2025. We expect the lithium market will swing towards a deficit by the end of this year but have delayed our expected price recovery by three months.Read more
GOR has reported a batch of significant intercepts from drilling below the Gruyere open pit reserve. Completed and ongoing drilling will target areas currently being considered within the Gruyere Underground Scoping Study. In a Letter to shareholders, GOR has provided further commentary on the Gold Fields (JSE:GFI, Not Rated/Not Covered) proposal and reasons for rejectingRead more
CXO has announced it has closed out a key legacy contract at Finniss, which we understand will see the company take ownership of the primary crusher for A$19.5m. We expect securing ownership of the crushing circuit should enable CXO to operate at a lower cost than previously and estimate that the close out of theRead more
DVP has released an update on its Mining Services business in response to speculation around the contract with Bellevue Gold (BGL AU, BUY). The current Mining Contract at Bellevue extends to the end of CY25 and BGL retains an option to extend the contract by a further 12 months. As the incumbent contractor, we expectRead more
We have recently returned from a site visit to BOE’s flagship Honeymoon uranium project in South Australia. Technology and operational upgrades made as part of the Honeymoon restart plan have now largely been derisked. BOE is bucking the trend of troubled restarts by other industry players with production and costs remaining on track. We haveRead more
WC8 has released the results from Stage 2 Whole of Ore flotation test work. The recovery rates achieved in Stage 2 of the test work present upside risk to our long-term recovery assumption of 68.8%. The company has also released shallow drilling results at Tabba Tabba. The drilling should enable WC8 to complete additional metallurgicalRead more
