Latest Research

West African Resources (WAF) - Kiaka nearing completion

April 17, 2025

WAF’s 1QCY25 result was a slight beat to our estimates on costs, with pre-reported production at Sanbrado of 50.0koz helping to generate A$73m in operating cash flows for Sanbrado. Cash build was dampened by continued growth spend of A$112m incurred at Kiaka. With only US$75m of growth capital spend...

Pilbara Minerals (PLS) - Solid operating performance

April 17, 2025

PLS's 3QFY25 result was solid with volumes broadly in line with our forecasts, while realised prices and unit costs were better than we expected. Guidance ranges for FY25 remain unchanged and our estimates remain within the ranges, albeit at the bottom end for production. PLS remains well funded with...

Minerals 260 (MI6) - Bullabulling a pathway to production - Initiating Coverage

April 17, 2025

The acquisition of the Bullabulling Gold Project has transformed MI6 from an early-stage battery material explorer to a gold development company. The Bullabulling project is well advanced in terms of resource definition and metallurgical test work. We believe a development of Bullabulling is likely and incorporate a production scenario...

AIC Mines (A1M) - Jericho Reserve doubles

April 17, 2025

A1M’s Reserve update includes a significant lift in tonnes with a global total of 9mt grading 1.9% Cu 0.4g/t Au. The Jericho component almost doubled expanding from 3.2mt to 6.2mt, whilst the Eloise mine area grew ahead of depletion. This update highlights the scalability of Jericho, which is expected...

Meeka Metals (MEK) - Site visit: Meekatharra Project

April 17, 2025

We recently completed a site visit to MEK’s Murchison Gold Project which highlighted development works are well on track with both mining and first gold production ahead of schedule. We estimate ~44koz of production in FY26 with a steady ramp-up to 75kozpa by FY30. A potential mill expansion from...

Beacon Minerals (BCN) - 3QFY25 production lower

April 17, 2025

BCN’s 3QFY25 production result of 6.2koz was 24% lower than our estimates as lower ore tonnes from the Macphersons pit resulted in an increased reliance on low-grade stockpiles. An unplanned mill shutdown also impacted milling throughput at the Jaurdi Mill. We have adjusted our FY25 and early FY26 production...

Genesis Minerals (GMD) - Production beat and impressive cash generation

April 16, 2025

GMD's 3QFY25 result was strong driven by impressive mining performances at Redcliffe - Hub and Gwalia and a stronger mill performance at Laverton. This enabled GMD to report much stronger cash generation and higher earnings than we had anticipated. Guidance ranges are unchanged for FY25, however a beat to...

Greatland Gold (GGP LN) - Havieron expansion potential and Telfer reserve

April 15, 2025

GGP has confirmed that the Havieron Feasibility Study will assess an expansion from 2.8mtpa to 4.0-4.5mtpa. The expansion would require the construction of an underground crusher and ore haulage system but could deliver material upside to production for the project. GGP also released a maiden reserve for Telfer and...

Lunnon Metals (LM8) - Rapid gold production focus

April 15, 2025

Drilling and study activities have further derisked Lady Herial and an agreement has been made with Gold Fields (Not covered/no rating) to catalyse an ore sale deal. Our Lady Herial deposit model indicates 35.1koz of contained gold which could be exploited this year as long as permitting and agreement...