AngloGold Makes $101m WA Gold Swing

Rio again talks up London raising whilst Vault leads the gold charge higher

The Pre-Start

  • Vault reported EBITDA of $267m and closed the half with cash & bullion of $576m. It’ll advance an $80m expansion of KoTH’s plant while indicating there’ll be substantial waste stripping capex in the short term (VAU)

  • Catalyst recorded EBITDA of $88m for the half on 58koz of gold sales. It closed the period with $84m in cash and no debt (CYL)

  • Pantoro shared drilling results from Scotia, with a total of 83 holes now drilled, adding its identified mineralisation outside current reserves with potential for mine plan expansion (PNR)

  • Ioneer received notification from Sibanye-Stillwater that they have decided to not proceed with the Rhyolite Ridge lithium-boron project JV, with Ioneer to progress the project to FID (INR, SSW.JSE)

  • Zimplats recorded half-year operational cash flow of US$60m, those closing cash fell US$37m to US$41m (ZIM)

  • Boss Energy finished 2024 with $252m in cash, inventory & investments while reporting a financial loss of $7m, with opex coming in slightly over expectations (BOE)

  • AMG Critical Materials reported adjusted EBITDA of $168m for 2024 whilst completing a lithium plant expansion in Brazil (AMG.AS)

  • Wia Gold reported assay results from 24 RC & 7 diamond holes at Kokoseb, identifying a new area of mineralisation close to the NW zone, with hits including 27m @ 6.79g/t from 207m (WIA)

  • Emerald entered a trading halt regarding a technical compliance issue due to different reporting periods for a subsidiary (EMR)

  • Havilah ended its quarter with $3 million cash and speaks to monetising its Kalkaroo project (HAV) wording now “selling down an equity stake

High Grade It

  • Renison Bell tin mine reopens as Tassie fires smoulder (MNN)

  • The DRC’s halt on cobalt exports has been set at four months (MNN)

  • China needs to tackle its steel glut by cutting 15% of capacity this year, if mills are to meet their 2025 climate goals and return to profitability (Bloomberg)

  • Iron ore giants Fortescue, Rio Tinto and BHP extended losses from Tuesday as prices weakened for a third straight session (CB)

  • Rwanda tightens its grip over eastern Congo, as the DRC’s government loses control over the region (Economist) Alphamin continues its slide to C72c

  • Amanda Lacaze suggested a Trump-brokered deal with Ukraine might turn out to be little more than pie-in-the-sky when it comes to securing supply of materials (Australian)

  • The Panamanian President will only make a decision regarding the future of the Cobre Panama after he resolves the issue of the country's social security policy, a supplier of the mine said after meeting with the president (Reuters)

  • The world’s top commodity traders are rushing to ship copper to the US from as far afield as Asia as Donald Trump’s threat of import tariffs on the metal creates a huge opportunity for profit (Bloomberg)

  • Chile's power grid and major copper mines slowly came back online on Wednesday morning after a major outage hit the world's top producer (Reuters)

Wheelin’ n Dealin’

  • Anglogold Ashanti has entered an option agreement with Matsa to pay up A$101m for the junior’s Lake Carey project, subject to certain conditions (MAT) Matsa stock is up 34%

  • High-Tech Metals executed binding docs to acquire 100% of the Mt Fisher gold project and 51% of the Mt Eureka gold project from Rox Resources (HTM)

  • Auric announced a binding agreement to purchase Lindsay’s gold project, which comprises 8 tenements & a partially mined pit, for $4m in cash & stock (AWJ)

  • CZR issued its target statement in relation to Fenix’s off market bid (CZR)

  • Beacon sold its remaining 33m shares in Maximus to Astral in exchange for ~16.5m Astral shares while Graham McGarry resigned from the board of Maximus (BCN)

  • St George has completed the acquisition of the Araxa project (SGQ)

  • Sanjeev Gupta’s attempts to sell the Tahmoor Coal mine is attracting some credit fund buyers, but most coal miners are sidestepping the offering due to its quality & his asking price (Australian)

Rattlin’ the Tin

  • Rio Tinto suggests it is exploring an equity raise to assist settling its acquisition of Arcadium, but its fallen on deaf ears (AFR) ASX shares have 8% short interest

  • Vale taps US$750m in notes (MNN)

  • Skeena Resources has raised C$88m in a bought deal financing to advance its Eskay Creek gold-silver project in BC (SKE.TO)

Word on the Decline

  • Does it not surprise you that Wiluna Mining is still in administration at these gold prices? Every distressed asset gets a new lease on life in this market. Word on the decline is that Creasy tried to get a deal done on the asset over a year ago. The West Aussie explorationist has history with Wiluna - recall Apex Minerals anyone? If we were to place our bets, he’ll be back.

  • Byrnecut as the major secured and unsecured creditor will have their say in whatever the ultimate outcome is

Do you have some Word on the Decline? Reply to this email or shoot a message to [email protected] directly. We will always take your privacy seriously.

In the Weeds

  • Paul Singer: Activist Investing, Market Risks and Avoiding Losses (Apple, Spotify)

  • The Billionaire Mining Magnate Who Bet Coal Had a Future — And Won Big (WSJ) Coal demand has seen Low Tuck Kwong’s wealth surge from US$1b to US$28b  

  • Resolution value capture in sight for Rio and BHP (MNN)

  • Gas bulls should beware of coal's chokehold on Asia's power sector (Reuters op-ed)

  • Geopolitical jitters or not, lithium is a volatile market (MNN)

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Today’s Top Tweet

Devil’s in the Detail

There was a brief snippet from the M&A webcast announcing the Equinox Gold + Calibre deal, which we thought was too good not to share.

Tune in on this link from the 33:02 mark to hear the rig count at Valentine from Canadian mining giant Ross Beaty.

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