Another U-producer Downgrades Production...

Gina scoops up more MP Materials stock; Resolute trading paused over negotiations

The Pre-Start

  • Hancock Prospecting broke ground at their newest iron ore mine McPhee Creek & separately upped their stake in rare earth miner MP Materials to 8.5% (West)

  • Peninsula Energy downgraded CY25 production guidance to 0.6 Mlbs U3O8 (vs 0.7-0.9 Mlbs previously) while restart capex is US$10m higher (PEN) MD Wayne Heili will step down in 2025 as well as NED Mark Wheatley. Stock down 25%

  • Boss Energy shared details of an enCore Energy update, whose stock was flat on the news, with a 2nd IX plant to commence in Q1 25’ (BOE)

  • Capricorn updated the Mt Gibson reserve to 90Mt @ 0.9g/t (2.59Moz) while tweaking the PFS and financials, stating the earlier $260m capex remains appropriate with an additional $83m in production mining capital (CMM)

  • Santana released a Bendigo-Ophir PFS, which outlined a 125kozpa 9-year initial life, mining 2.37g/t dirt mostly from open pits at an average AISC of $1,416/oz. Capex came in at $208m, with a total negative drawdown of $340m, with an NPV8 of $1.06b & 68% IRR (SMI)

  • Westgold released its management’s discussion & analysis, with further detail on its Q3 performance (WGX)

  • BHP addressed recent reports regarding the Brazilian Federal Court’s decision in connection with the Samarco disaster, declaring it’ll wait til it’s served to assess implications (BHP)

  • Aura Energy has requested to be released from a trading halt which it entered to share a project update, declaring further work is required before release (AEE)

  • Resolute is in trading halt pending an announcement in response to recent media speculation (RSG)

  • VRX Silica is in trading halt pending an announcement regarding environmental approvals at its Arrowsmith North silica sand project (VRX)

  • Tribeca has completed a strategic review of its LIC which trades at a discount to NAV and will not restructure to an open-ended vehicle that trades at NAV (TGF)

  • L1 Capital increased their stake in Adriatic Metals to ~15.5% (ADT)

High Grade It

  • The AFR reported that MinRes spent $45m for part ownership in an industrial park, in a string of transactions that favoured Chris Ellison & his associates

  • Mineral Resources demanded $158k repayment from companies linked to Chris Ellison’s daughter (Australian)

  • Brazilian court cleared BHP in Samarco dam collapse criminal case (Australian)

  • Resources Minister Madeleine King has backed Australia’s critical minerals relationship with the US, following the recent election of Trump (BN)

  • Plans to integrate Telfer and Havieron ops have entered a 3 week public comment period with the EPA (MiningNews)

  • Wyloo said it’s concerned about the solvency of Hastings after accusing the rare earths aspirant of defaulting on the terms of a $150m loan (AFR)

  • Resolute reportedly faces ~US$160m demand from Mali as CEO detained (Bloomberg, West)

  • Chile filed charges against state copper miner Codelco over environmental breach (MiningNews)

  • BHP is set to detail its copper growth plans at a Chilean roadshow, analysts have said (Reuters)

  • De Beers upbeat on Botswana diamond pact after meeting new president (Reuters)

  • Lithium is enjoying a mini-revival on an uptick in Chinese EV demand & supply cuts, although analysts caution there’s still likely to be a 25’ surplus (Bloomberg)

  • NSW approves controversial $4.8bn Humelink transmission line (Australian)

  • Citi slashed its copper forecasts amid concerns that Trump’s tariffs and disappointing China stimulus will derail a recovery in global manufacturing (AFR)

  • Explosives and blasting systems play Orica said Trump will be a `big positive’ for its US ops as it sets the course for stellar growth to continue in FY25 (Australian)

  • Andrew Forrest said he’s already received overtures from Trump, and he’ll urge him to switch from a “drill, baby, drill” push for more fossil fuels to a renewables-focused policy of “build, baby, build” (AFR)

Wheelin’ n Dealin’

  • Gold Fields may look for buyers for its smaller mines in Ghana & Peru to focus on bigger ops and is hoping to make new mineral discoveries at both mines to enhance their appeal, CEO Mike Fraser said (Reuters)

  • Boliden AB is closing in on a deal to buy Lundin Mining’s two European mines, Zinkgruvan in Sweden and Neves-Corvo in Portugal (Bloomberg)

  • Mako Gold dispatched its target statement in response to the takeover offer from Aurum Resources (MKG) Mako directors have recommended the deal be accepted in the absence of a superior proposal 

Rattlin’ the Tin

  • Altech has raised $4m to fund them through project finance workstreams (ATC)

  • Aeris has negotiated an extension of the maturity date of its bonding facility with ANZ to 31 January 2025 (AIS)

Word on the Decline

  • I know we keep talking about it - but by all accounts, MinRes remains moderately active in Mauritania

  • And that’s not the only African country that has their attention. We have heard about some MinRes involvement working for Ganfeng (their Mt Marion JV partner) at the Goulamina lithium project in Mali too…

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In the Weeds

  • Critical minerals in the wings as gold retakes centre stage, but for how long? (MiningNews)

  • Part 7 of HopgoodGanim’s Aussie Takeover Defence series is out, with this edition focused on formalising the deal (HG)

  • China believes it is a climate saviour, accounting for almost 40% of global clean energy investment (Economist)

  • How China Capitalized on U.S. Indifference in Latin America (WSJ)

  • King coal is dirty, dangerous—and far from dead (Economist)

  • Liontown survived the lithium carnage, but can it handle Trump? (AFR op-ed)

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Today’s Top Tweet

Devil’s in the Detail

3 of the last 10 announcements are responses to ASX queries. Is this an ASX50 company or a HotCopper ShitCo?

And speaking of big companies behaving badly.. C’mon Capricorn, you’re better than this.

A post-capex, pre-tax NPV5 in the highlights of the announcement today? Wtaf?

AGM Calendar

Next week is choc-a-block with AGMs, so we’ve put together a calendar of next week’s AGMs we’ve got our eyes on, including a handy link to their NOMs too.

Calendar

Click to enlarge

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Another Lithium Mine Goes Down (50 min)

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