Latest Research

Wildcat Resources (WC8) - Positive metallurgical test work

March 27, 2025

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...

Patriot Battery Metals (PMT / PMET) - New discovery at CV15

March 26, 2025

PMT has announced the discovery of a new spodumene pegmatite cluster, CV15. The discovery reaffirms the strong regional exploration potential at Shaakichiuwaanaan. The new discovery has yet to be drilled, however we are encouraged by the large surface footprint outlined to date. Drilling at Shaakichiuwaanaan has been largely focused...

Paladin Energy (PDN) - Rain could mean pain

March 25, 2025

The impact of a significant rainfall event at Langer Heinrich remains undefined. In 2008, a localised rainfall event flooded a portion of the Langer Heinrich pit. Work had already commenced on the next stage of mining and no production interruption occurred. We downgrade our recommendation from Buy to Hold...

Catalyst Metals (CYL) - Trident extensions and Henty sale

March 25, 2025

CYL has released some impressive drill results at the Trident deposit that looks to have extended mineralisation 430m along strike and 600m below the current resource. We have increased our mining inventory assumption for Trident by 25% to reflect the positive drilling results, extending the life of the project...

Gold Road Resources (GOR) - Gold Fields offer rejected

March 24, 2025

Gold Fields (JSE:GFI, Not Rated/Not Covered) has reported it submitted a non-binding Indicative offer to the GOR Board whereby GFI would acquire 100% of issued GOR shares for a cash consideration of A$3.05 per share. GFI’s stated motivation for the transaction was to eliminate dis-synergies that have arisen through...

Kazatomprom (KAP-LSE, KAP-AIX) - FY24 Results

March 24, 2025

Kazatomprom reported a strong outcome in FY24 with most financial metrics beating our expectations. We expect this success to continue into FY25 and beyond. KAP’s market dominance is driven by large scale and low-cost production. Revision of JV Inkai’s production has been flagged and will likely impact current FY25...

Contractors - Gold derivatives - Feeling the same tailwinds

March 23, 2025

Buying mining services companies with large exposures to gold exploration, development and production is another way to track the strongly performing precious metal as its price breaks and holds above US$3,000/oz. Unsurprisingly, financings for junior and intermediate gold mining companies has started to pick up and is beginning to...

Emerald Resources (EMR) - Softer 3QFY25 result flagged

March 21, 2025

EMR has reported an updated 3QFY25 production guidance of circa ~20koz for Okvau which is below its 25-30koz quarterly guidance and would be 33% below our estimates. The lower production result was driven by a reliance on lower-grade ore zones as cut-back activities restricted access to higher-grade areas of...

WIA Gold (WIA) - Accelerating towards production

March 19, 2025

WIA continues its Kokoseb Scoping Study which is targeted for 1QFY26 and should outline a large-scale open pit development with an open pit mining inventory estimated at around 1.75-2.0Moz. Upon delivery of the Scoping Study, Kokoseb will progress straight into a DFS which is targeted for mid-CY26. Drilling continues...