Latest Research

Northern Minerals (NTU) - 3QFY25 – REE market tension building

April 30, 2025

Growing geopolitical tensions have prompted China to restrict rare earth element exports. NTU’s dysprosium and terbium enriched Brown’s Range development project provides a unique exposure to these metals. Upcoming catalysts include publishing of the Brown’s Range feasibility study and potentially a final investment decision. To access the full report please...

Perseus Mining (PRU) - 3QFY25 result in line

April 30, 2025

PRU’s 3QFY25 result was in line with our estimates but down 8% QoQ as a softer result from Edikan and Sissingue, impacted higher output from Yaouré. PRU delivered a solid cash and bullion build of US$98m for 3QFY25, bringing total cash and bullion to US$802m. PRU is well funded...

Encounter Resources (ENR) - 3QFY25 – Back in the field

April 30, 2025

ENR has geared up for a big season of exploration at its Aileron Project, WA. The 130km x 50km Aileron ground package extends over much of the prospective West Arunta inlier and is adjacent to WA1’s (Spec Buy, $26.00 PT) world class Luni niobium deposit. Resource drilling will be...

Kaiser Reef (KAU) - Transaction update

April 30, 2025

KAU expect to complete the proposed acquisition of the Henty Gold mine by mid-May, with an ownership transition period currently underway. The announcement of the Henty Mine acquisition during the quarter was a key milestone for KAU, placing it on the path to becoming a ~40kozpa in the next...

Firefly Metals (FFM) - 3QFY25 – Drill drill drill

April 30, 2025

Ongoing drilling at the Green Bay Project continues with 69,000m now completed since project acquisition in October 2023. Five rigs are currently completing both infill and extension drilling at Ming for the purpose of Resource improvement and growth. Following Resource updates later this year, we expect FFM to release...

Core Lithium (CXO) - Advancing the re-start study

April 30, 2025

The re-start study is on track for completion in June. CXO's cash balance of A$30m leaves the company well-funded to progress the Finniss re-start to a final investment decision. We expect a re-start will be delayed until spodumene prices recovery back towards US$1,000/t. We believe there is upside risk...

Catalyst Metals (CYL) - Exploration a key catalyst

April 30, 2025

CYL's 3QFY25 result was soft with production and AISC weaker than we expected. The sale of Henty was completed during the 3QFY25, allowing CYL to focus on Plutonic. The drilling program underway at Trident offers scope to define a larger resource that could underpin higher production from the project,...

Brightstar Resources (BTR) - Strong production result

April 30, 2025

BTR released its 3QFY25 report with the early results from the Ore Purchase Agreement sale coming in better than we had expected. We note BTR's cash balance was boosted post the end of the quarter from cash received under the Ore Purchase Agreement. The release of the Laverton &...

AIC Mines (A1M) - 3QFY25 – Metal prices improve value

April 30, 2025

Production for the quarter mildly beat our forecast, although as anticipated was weaker the December period. With 9.69kt of copper in concentrate produced to date, we expect to A1M to marginally beat guidance of 12.5kt. Sales were lower with rainfall impacting A1M’s ability to dry and transport concentrate, impacting...