GGP has released its inaugural resource estimate for Telfer. The resource of 154mt @ 0.64g/t Au and 0.08% Cu lifts GGP’s total resources including Havieron to 10.2moz of gold and 387kt of copper. The bulk of the resource increase has come from West Dome, and we have incorporated additional cutbacks into our base case. ARead more
CMM has closed out its remaining 55koz of forward hedging, replacing the forwards with A$4,500/oz put options, at a combined cost of A$147m. To fund the closure of the forwards, CMM has completed a A$140m capital raising at A$7.90/share. The removal of the out-of-the-money hedges drives 16% and 4% upgrades to our EPS forecasts forRead more
Coking coal prices have recently come under pressure due to supply being robust and demand being weak. We have downgraded our near-term coking coal price forecasts, however we maintain our medium and longer-term constructive view on a demand recovery, lack of greenfield supply and, importantly, price support from being well into the cost curve. WeRead more
Hanwha acquiring a 9.9% stake in Austal at a 16% premium to the last traded price is a reminder of interest in the shipbuilder, which is strategically important to both the US and Australia. It may ignite other interest to pre-empt Hanwha’s stake climbing above 10%. The $4.45 price Hanwha paid is in line withRead more
GOR has flagged a weaker 1QCY25 production result of 70-73koz which will be 23% below our estimates. The weaker result is primarily related to lower mill throughput after two conveyor belt failures and mill maintenance. Gruyere CY25 production guidance of 325-355koz has been maintained although we have adjusted Argonaut’s CY25 estimate lower from 332koz toRead more
SPR and Ramelius Resources (RMS, BUY, PT: A$3.00) have entered into a binding Transaction Implementation Deed where RMS will acquire all issued ordinary shares for A$0.25 in cash plus 0.6957 in RMS shares for each SPR share held. The proposed transaction represents an implied price of A$1.78 and 11.3% premium to SPR’s last close price.Read more
RMS is set to acquire Spartan Resources (SPR AU, SPEC BUY) via a scheme of arrangement valuing SPR at A$2.4b. The acquisition of SPR’s Dalgaranga project removes our concerns over RMS’s production outlook outlined in the recent Mt Magnet mine plan. Dalgaranga is expected to commence production from the high-grade Never Never deposit from earlyRead more
Recent data shows a further uptick in global drilling activity in February, supporting our expectation of improving Drilling segment performance from Perenti through CY2025. We expect it to combine with uplifts in other segments to deliver the stronger 2H earnings required to meet guidance. To access the full report please log in under the ResearchRead more
MEK commenced mining at its Murchison Gold project earlier this month with an open pit mining fleet now onsite and pre-stripping of the St Annes open pit underway. Open pit mining is expected to reach the first ore zones next month, with haulage to the Andy Well processing centre to commence thereafter. Plant commissioning ofRead more
LTR reported a maiden positive Ebitda of A$65.0m for the 1HFY25. The company ended the period with cash of A$192.9m, leaving it well funded through the ramp up at Kathleen Valley. The operational performance metrics are improving, with plant availability and recovery up to 92% and 59% in December, respectively, while underground development metres haveRead more
