The visit included inspections of key underground mining areas at Eloise, extending to depths of more than 1.5km below surface, as well as the new Jericho development and the ongoing process plant expansion project. Underground conditions at Eloise were strong given the depth, with well-maintained drives and effective ground support providing confidence in the potential for further depth extensions. At Jericho, improved ground conditions have supported stronger development rates, positioning the operation to ramp up and underpin increased production.

We also toured the process plant expansion, which is progressing on schedule, with key infrastructure being installed that has capacity to support a future expansion beyond the current 1.1Mtpa throughput to 1.5Mtpa.

Thank you to Managing Director & CEO Aaron Colleran, Senior Site Executive Ben McInerney, Business Development & Investor Relations Manager Duncan Bristow, and the entire AIC site team for facilitating the visit and providing valuable insights into the operation and its growth outlook.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

The conversation explores a range of factors influencing the sector, including geopolitical risks, supply disruptions, capital discipline, LNG market dynamics, and the growing energy demands of AI infrastructure. Sarah shares her perspective on how these trends are impacting energy markets today and what they could mean for investors going forward.

Watch the full interview here or below.

Despite recent pullbacks in spot pricing, underlying fundamentals remain tight, with contracting activity below replacement levels, rising demand linked to energy security and the expanding role of AI, and increasing financial participation in the market.

The structural outlook continues to point to a widening supply gap through the early 2030s, with new production requiring near‑perfect execution across the development pipeline to meet future demand. While markets remain focused on short‑term pricing signals, the longer‑term imbalance between supply and demand is becoming increasingly difficult to ignore.

In this context, attention is shifting toward the next phase of the cycle, where new supply, project development and exploration success will be critical in determining how the market responds to sustained demand growth. These dynamics reinforce a constructive medium‑term outlook for the sector as the transition toward tighter fundamentals continues. 

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy. 

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

Since 2014, FightMND has invested more than $141 million into research and care initiatives, helping drive progress towards better treatments and, ultimately, a cure for MND. This year’s Big Freeze feels particularly important following the recent passing of Neale Daniher, co-founder of FightMND, and the person whose determination helped build it into what it is today.

There’s still time to get your own Big Freeze beanie, socks, or cap and contribute to this cause at https://fightmnd.org.au/big-freeze-12/

Pia’s piece examines the winners and losers from this year’s Budget, covering the $14.8 billion Fuel Resilience Package, the Critical Minerals Strategic Reserve and what faster environmental approvals mean for mining developers and junior explorers.

While near-term inflation pressures and global tensions remain headwinds for the sector, Pia’s view is that the longer-term outlook for resources companies is strong, and that the market may not yet be fully pricing in the Government’s commitment to mining.

The full AMEC magazine can be read here.

Aggressive inventory drawdowns, weaker refinery utilisation and speculative positioning have capped prices for now, but underlying energy balances continue to tighten materially.

The report argues the supply shock will be prolonged. Damage across Middle Eastern and Russian energy infrastructure, extended field shut-ins, growing OPEC+ fragmentation and years of global underinvestment are weakening the system’s ability to respond. At the same time, demand remains resilient, supported by industrial and power sector consumption across Asia and Europe, alongside intensifying LNG competition ahead of the Northern Hemisphere winter.

Against this backdrop, Argonaut expects energy prices to accelerate materially into 2HCY26 as markets refocus on depleted inventories and ongoing supply risk. The report also highlights the growing tension within Australia’s energy system, balancing its role as a major LNG exporter against rising fuel import dependence and tightening east coast gas supply. In WA, tightening diesel availability is increasingly exposing smaller operators to disruption as fuel supply is prioritised toward the majors.

Access the full report via the Argonaut Research Portal here or contact your Argonaut representative for a copy.

Important note: This report may contain general financial product advice, and you should therefore consider the appropriateness of the advice having regard to your situation. We recommend you obtain financial, legal and taxation advice before making any financial investment decision.

It was great to see such strong engagement across the lithium sector at the recent International Lithium Association (ILiA) networking event in Perth, held alongside Paydirt Battery Minerals Conference 2026.

Argonaut was proud to sponsor the event and support an evening that brought together resources industry leaders and policymakers to discuss the future of lithium and Australia’s vital role in the global energy transition.

Our Deputy Chair, Liam Twigger, attended alongside Head of Research, Hayden Bairstow, who shared his bullish insights on the lithium market with attendees. It was a valuable opportunity to contribute to the broader conversation shaping this critical sector.

Thank you to the International Lithium Association for hosting and to all who attended.

The panel discussion explored careers in finance, leadership, and the qualities required to succeed in relationship-driven industries.

During the session, Elle was asked what she has learned in her role that could not be taught in a classroom. She spoke about the importance of balanced judgement and the ability to read complex situations as they unfold, skills that are often developed through time, experience and exposure to real-world decision-making.

Argonaut thanks FAWA and UWA WiB for delivering an insightful event that provided valuable perspectives and connections for the next generation of women entering the industry.

From an initial 15 teams, four finalists were selected to present their investment theses live to our Argonaut judging panel: Hayden Bairstow (Head of Research), Bryce Denysiuk (Associate Director, Corporate Finance), Luke Pham (Associate Analyst, Funds Management), and Michael Paganin (Analyst, Corporate Finance). The standard of presentations was impressive, with teams demonstrating a strong grasp of the resources sector.

At Argonaut, we believe in the importance of developing the next generation of investment professionals, and events like this are exactly why. Giving students access to experienced professionals and a real-world pitching environment is something we are proud to support.

Congratulations to the winning team, ‘Fortescue’d Returns’, for their pitch on Bannerman Energy Ltd. A well-deserved win to Gabriel Pereyra, Noah Linaker, David Berry, Paul Bezuidenhout, and Ryan McCarthy.

The UWA Student Managed Investment Fund provides students with a platform to apply investment theory in a practical setting, and it shows in the quality of what we saw on the day. Thank you to SMIF and FAWA for partnering with us on this initiative.

Hearing the stories behind the work was a powerful reminder of the important role Miners’ Promise plays in supporting Australian families through life’s most devastating situations. The impact they have made in the sector over the past year is significant, and their national expansion really reflects the trust they have built across the industry.

Argonaut has proudly supported Miners’ Promise as Principal Partner since 2022, and we are so grateful to be able to contribute to an organisation doing such valuable work for our sector and community.

Congratulations to everyone involved in the report launch and thank you again for having us. To learn more about the incredible difference made by Miners’ Promise, you can read the full 2025 Impact Report below.