The quarter was softer than expected however development at Cue is ahead of schedule and should enable a ramp-up of gold production over the remainder of FY25. Guidance has been maintained. RMS continues to have a solid balance sheet with A$439m in cash and bullion and A$293m in listed investments which includes its 18.35% stakeRead more
FFM has reported an updated Resource for the Ming Mine. This is the first update since former owners Rambler Metals released their May 2022 estimate. The update MRE incorporates more than 40,000m of additional underground drilling and extends mineralisation 750m down plunge from the prior estimate. The Green Bay Copper Project now hosts a combinedRead more
WGX has strengthened its Balance Sheet via an increase of its existing A$100m Syndicated Facility Agreement (SFA) to A$300m. The upsized facility is on the same terms at the existing facility and importantly does not require mandatory gold hedging. The funds will be used to execute the growth strategy which should enable WGX to ramp-upRead more
IGO’s 1QFY25 result was mixed as production and costs were better than expected at Greenbushes, however this was offset by lower-than-expected realised prices. The nickel performance was also mixed, although we note there is cost risks (versus guidance) at Nova. IGO reported a Ebitda loss of A$2.9m in the quarter and saw a ~A$200m cashRead more
VAU’s group production of 97.5koz for 1QFY25 was soft, down 10% QoQ and 5% below our estimates as lower KOTH head grades weighed on production, partly offset by a better-than-expected quarter at Deflector. Post-merger VAU’s liquidity position remains strong with A$523.4m of cash and bullion at the end of the 1QFY25 after paying down theRead more
DVP reported Mining Services revenue of A$52.7m for 1QFY25, 3% higher than we had forecast. Mining Services revenue guidance for FY25 has been maintained at A$200-220m, with DVP stating revenues from Bellevue are on track to be above the original FY24 forecast. We have upgraded our mining services revenue and earnings outlook after incorporating theRead more
CMM’s 1QFY25 result was largely pre-reported. Production exceeded sales in the quarter, with an unwind at higher prices in the next quarter a positive. AISC for the quarter was above the guidance range (guidance unchanged) and thus an increase in production and reduction in costs are expected over the remainder of FY25. The approval pathwayRead more
PDN shares opened ~20% down this morning following a weak quarterly report. Langer Heinrich had produced 0.64Mlb of U3O8 at the end of the quarter. This was lower than market expectations and issues were flagged relating to stockpile variability and process plant equipment. Argonaut anticipates these problems will continue to impact Langer Heinrich’s performance throughRead more
AEE released its quarterly report highlighting that recent FEED and mining license approval has positioned its flagship project, Tiris, as development ready pending financing with an FID expected in early 2025. Updates on contracting and funding are key near-term catalysts. We believe the timing of Tiris development and ramp-up coincides with tightness in the uraniumRead more
Exploration drilling in the 1QFY25 has been largely focused on testing for underground potential at the Mt Gibson Gold project, while a large regional drilling program has commenced at Karlawinda. Results from drilling below the key Orion and Lexington pits at Mt Gibson continue to demonstrate underground potential. We note that our development scenario forRead more
