作者： 艾玛-奥布赖恩

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.

通过 Argonaut 研究门户网站 或联系您的 Argonaut 代表索取副本。.

重要提示：本报告可能包含一般金融产品建议，因此您应根据自身情况考虑这些建议是否合适。我们建议您在做出任何金融投资决策之前，咨询财务、法律和税务方面的建议。.

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. 

通过 Argonaut 研究门户网站 或联系您的 Argonaut 代表索取副本。. 

重要提示：本报告可能包含一般金融产品建议，因此您应根据自身情况考虑这些建议是否合适。我们建议您在做出任何金融投资决策之前，咨询财务、法律和税务方面的建议。.

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.

通过 Argonaut 研究门户网站 或联系您的 Argonaut 代表索取副本。.

重要提示：本报告可能包含一般金融产品建议，因此您应根据自身情况考虑这些建议是否合适。我们建议您在做出任何金融投资决策之前，咨询财务、法律和税务方面的建议。.

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

从最初的 15 支队伍中，选出了四支决赛队伍，向我们的 Argonaut 评审团现场展示他们的投资论点：Hayden Bairstow（研究主管）、Bryce Denysiuk（企业融资副总监）、Luke Pham（基金管理助理分析师）和 Michael Paganin（企业融资分析师）。演讲水平令人印象深刻，各队都展现了对资源行业的深刻理解。.

在 Argonaut，我们相信培养下一代投资专业人才的重要性，而这样的活动正是为此而生。我们很自豪能为学生提供接触经验丰富的专业人士和真实投融资环境的机会。.

祝贺获胜队伍‘Fortescue’d Returns’，他们对 Bannerman Energy Ltd. 的精彩演讲。Gabriel Pereyra、Noah Linaker、David Berry、Paul Bezuidenhout 和 Ryan McCarthy 获此殊荣，实至名归。.

这 UWA 学生管理投资基金 为学生提供了一个在实践环境中应用投资理论的平台，这体现在我们当天所看到的作品质量上。感谢SMIF和 发 感谢您与我们合作开展这项倡议。.

听到作品背后的故事，有力地提醒了我所扮演的重要角色 矿工的承诺 支持澳大利亚家庭应对生活中最严峻的挑战。他们在过去一年中对该行业产生的积极影响是巨大的，他们全国性的扩张真正体现了他们与整个行业建立的信任。.

自 2022 年以来，Argonaut 一直是 Miners’ Promise 的首席合作伙伴，我们非常感激能够为这样一个为我们行业和社区做出宝贵贡献的组织提供支持。.

祝贺报告发布的所有参与者，并再次感谢您的邀请。要了解更多关于’矿工承诺”取得的了不起的成就，请阅读下面的 2025 年度影响报告全文。.