New World Resources (NWC) – Bidding war

GMD’s 4QFY25 result was strong with the cash build ahead of our expectations. Production and sales were broadly in line, and AISC were slightly higher, implying that the cash build was driven by a combinationRead more

GOR had already pre-reported its 2QCY25 production result of 73koz, which was 11% below our estimates at the time. Reported AISC for the 2QCY25 of A$2,928/oz was 5% higher than our estimates. GOR has reiteratedRead more

WIA has reported an updated MRE for Kokoseb, growing the deposit by a further ~800koz to 2.93Moz at 1.0g/t (US$2,300/oz optimised pit shell). In addition to the MRE growth, a significant increase in indicated ouncesRead more

The Tabba Tabba Preliminary Feasibility Study (PFS) is nearing completion and should be released in the next few weeks. In the 4QFY25, WC8 completed additional metallurgical test work and environmental surveys as part of theRead more

EVN’s 4QFY25 result was solid, with gold and copper production in line with our forecasts. AISC were higher than we had expected, however this was partially offset by favourable working capital, with cash flow onlyRead more