Antipa rattles the tin before Xmas

MinRes confirms Hancock gas sales, Capricorn make leadership change

The Pre-Start

  • Capricorn CEO Kim Massey will retire from his role at the end of Jan 25, with current COO Paul Criddle named as his successor (CMM)

  • MAC Copper (previously Metals Acquisition Corp) has negotiated with Sprott the ability to repay their mezzanine debt early (MAC) there’s a hefty fee involved of 4% the US$145m principal plus up to 6 months of forgone interest expense

  • Horizon Minerals released a PFS & ore reserve on its Pennys Find project, outlining ~30koz production over ~2 years to generate a NPV5 $21.4m at $3,600/oz gold price for ~$24m capex (HRZ)

  • Lefroy signed an agreement with mining contractor BML Ventures to support the development of their Lucky Strike gold project (LEX) Project has a ~77koz at 1.95g/t Au resource

  • Bannerman says it has made significant progress with its early works construction at Etango uranium project (BMN)

  • Santana announced the fast-track approvals bill passed in NZ’s parliament, with applications open for to be received in early Feb (SMI)

  • Aeris signed an open pit mining contract with Mackellar, scheduled to start in Feb 2025 at Tritton (AIS)

  • Black Cat provided an update on its open pit mining operations at Myhree, with ore production currently ahead of plan (BC8)

  • Cobalt Blue provided an update on its Kwinana cobalt refinery plans, in preparation for a financing decision in 2025 (COB)

  • Patronus announced that John Ingram has been appointed MD, while Nicholas Anderson has departed the board (PTN)

  • Delphi / Deutsche Balaton increased it stake in VRX Silica to 14.1% as part of its participation in the recent placement (VRX)

  • From the drillbit:

    • Wia Gold reported results from its second phase RC drilling program at its Bouaflé gold project in Côte d’Ivoire (WIA)

    • Meeka reported drilling results from its proposed open pit mining areas at Turnberry and St Anne’s, including 9m at 16.8g/t Au from 51m (MEK)

    • Legacy Iron Ore released some gold intersections from its recent resource definition program at its Mt Celia operation (LCY)

    • Sun Silver released assay results from some extensional holes at Maverick Springs (SS1)

    • Aurum reported assay results from its Boundiali gold project in Côte d'Ivoire, including 1.2m at 277.5g/t Au from 31m (AUE)

    • Maximus received assay results from an RC drill program at its 8500N Paleochannel, including 2m at 28.6g/t Au from 6m (MXR)

    • Southern Cross hit 242m @ 6g/t (uncut), drilling through 8 veins at Sunday Creek (SXG)

    • Hot Chili shared a hit of 202m @ 0.6% Cu, 0.3g/t Au from 70m (HCH)

    • Green Tech Metals hit 18.7m @ 1.39% Li2O at its Despard prospect (GT1)

High Grade It

  • BHP’s Samarco class action shrinks as Brazilians quit (AFR)

  • BHP, Rio, Woodside and BlueScope will partner on an electric smelter iron-making pilot project at Kwinana as part of WA’s green iron push (BN)

  • Tasmania’s huge Savage River iron ore project at risk as prices fall (AFR, GRR)

  • Peru orders definitive closure of Tucari mine due to pollution of the Coralaque River (MiningNews)

  • Capricorn Metals CEO Kim Massey to retire in January (CB)

  • Uranium spot prices to climb in ‘staircase’ pattern, Sprott forecasts (NM)

  • “Pump and dumper” behind NSW mining application wave (AFR)

  • A judge hearing a secrecy push by Chris Ellison & MinRes has raised doubts about the usefulness of their lawyer’s reconciliation of sensitive Federal Court allegations with recent publicity (West)

  • Idemitsu has taken majority ownership of Australian battery start-up Vecco it intensifies its pivot away from Australian coal mine ownership (AFR)

  • Two white-tailed spider bites & sleeping with the lights on have been blamed for a train crash that sparked a major safety overhaul by BHP (Australian)

  • BHP expects increasing uncertainty in the near term as US President-elect Donald Trump prepares to implement a slew of tariffs (Bloomberg)

  • Vulcan ties up $1.45b in part funding for Germany lithium project (CB)

  • BlueScope wanted to build a major green iron pilot plant at Port Kembla but lost out to WA after the state put up a $75m assistance package (Australian)

  • The DRC has filed criminal complaints against Apple subsidiaries in France & Belgium, accusing it of using conflict minerals in its supply chain (Reuters)

Wheelin’ n Dealin’

  • Kazatomprom said on Tuesday that Russia's Rosatom was selling its stakes in some uranium deposits which the two groups had been developing together to Chinese-owned companies (Reuters)

  • MinRes completed the sale of its gas assets to Hancock and confirmed receipt of the initial consideration of $780m (MIN)

  • Iceni Gold has entered up to a $35 million farm-in with Gold Road over their Guyer gold trend, GOR has also acquired a 9.9% interest in Iceni for A$3m

  • Fenix has acquired the Beebynganna Hills Iron Ore project off Spartan, paying $250k cash with a $1m milestone payment (FEX)

  • Ironbark Zinc (renaming to Skylark Metals) has agreed to sell its Citronen project, leaving it with +$10m cash and touting a Nordgold strategy (IBG)

  • Altech announced a heads of agreement with Axsol, with offtake for 10MWh (yr 1) and rising over 5 years, commencing Q1 2027 following commissioning (ATC)

Rattlin’ the Tin

  • QLD-based Novonix has been offered a further US$754m in loans from the US DoE to support the construction of another synthetic graphite facility (MiningNews)

  • Vulcan signed a €879m conditional debt commitment letter with Export Finance Australia and a syndicate of 7 commercial banks to develop the company’s Phase One Lionheart project (VUL)

  • Skeena’s Eskay Creek bulk sample permit unlocks US$200m in gold project funding (NM)

  • Antipa Minerals is in a trading halt to raise capital (AZY) raising $15 million at 2.5c… A head scratcher why raise when they are cashed up from recent aset sale?

  • Tungsten Mining completed its $4.5m convertible notes capital raising (TGN)

In the Weeds

  • November Fund Performance (MrQuick’s Newsletter) Aussie fund performance

  • Trader Ferg and Emanuel Datt catch up (Substack Podcast) coal, energy, tin, PGMs discussed early: WHC, YAL, BTU, MLX, WA1, ADT, KAR, JMS, ZIM

  • China's steel sector is not as gloomy as it appears (Reuters)

  • Critical minerals manufacturing dream tempered by harsh reality (AFR)

  • Strictly Boardroom: a Champions League of critical minerals (MiningNews)

  • Critical metals will be a key battleground in US-China trade war (Reuters)

  • Coal stocks down with broader energy, materials (Coal Trader)

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