Bellevue Flies Close to the Sun

Positives surprises at Ora Banda; Resolute books hit by tax payments

February 28, 2025

The Pre-Start

  • Bellevue left guidance unchanged, with depreciation costs coming in over expectations, impacting EBIT of $27m. Free cash flow was $11m while net payables lifted $19m. A review event occurred on Dec 31st after failing to meet a performance condition, with this waived by Macquarie (BGL)

  • Patriot shared assays on 98 drill holes from CV5 totalling 31.5km, providing the final core data for the upcoming feasibility study & ore reserve (PMT)

  • Ora Banda updated on Sand King, with first development ore reconciling positively on grade & recoveries. Indications of a larger gold endowment vs the MRE model, with steady state production to be achieved by June (OBM)

  • Resolute recorded a loss of US$21m for the year, with no dividend declared, after indirect tax costs hit the US$320m of EBITDA earned. It finished with net cash of US$66m (RSG)

  • Metro Mining closed the year with net debt of $44m while it reported an accounting loss of $22m, after shipping 5.7Mwmt in 2024. Contracted tonnes total 6.9Mwmt for FY25 and 6.1Mwmt for FY26 (MMI)

  • Sayona reported a group loss of $64m for the half, while $36m of investments were made. Cash closed at $110m with no debt. It recorded $19m in operating inflows (SYA)

  • AIC Mines Non-Exec Chair Josef El-Raghy purchased ~$400k of A1M stock on-market (A1M)

  • Develop reported a $1m net profit on $113m in revenue for the half. It held cash of $113m after drawing from of its Trafigura loan. First ore from Woodlawn underground is scheduled for this quarter (DVP)

  • Jupiter Mines declared an interim dividend of 0.75c per share (JMS)

  • Meeka provided a Feb update over development activities, with open pit work commencing and a 2m lift of the tailings storage facility underway. Plant expansion work is underway with commissioning to commence in June (MEK)

  • Alkane shared underground drilling results from 91 holes at the Caloma Two deposit, where drilling was done to test 3 lodes (ALK)

  • Rox announced the appointment of Phil Wilding as MD & CEO and added David Boyd as NED, while Matt Hogan & John Mair resigned (RXL)

  • Lotus’ half year revealed minimal new colour, with the uranium developer closing with $132m of cash at year’s end (LOT)

  • Rumble provided an update on the development of its Western Queen gold project, first ore on track to be mined by end of CY (RTR)

  • Lindian’s CEO Alwyn Vorster is stepping down effective 28 Feb, while a search for a new exec team is underway (LIN)

  • Tim Goyder (Exec Chair of DevEx) increased his holding in DevEx to ~19% after some recent on-market purchases (DEV)

  • Barbet LLC increased its stake in Asara Resources to ~19.9% post the recent placement (AS1)

  • Gorilla Gold shared intercepts from its Lakeview prospect, with a headline hit of 19m @ 18.1g/t gold from 80m (GG8)

High Grade It

  • Zelensky to meet Trump in Washington to sign minerals deal (BBC)

  • Resources minister Madeleine King says the US would be better served focusing on rare earths supply from Australia rather than chasing projects in Greenland & Ukraine (Australian)

  • Hancock poised to get even bigger after seeing $4.4b in FY24 profit (BN)

  • Chris Ellison is set to bank more than $22m following the recent sale of three industrial properties that are either currently or formerly tenanted by his MinRes (West)

  • The Mining and Energy Union said it would launch a petition at Rio’s Paraburdoo mine in the Pilbara that would allow workers to initiate bargaining for a collective agreement for the first time in over 20 years (Reuters)

  • MinRes boss Chris Ellison puts his luxury yacht up for sale (West)

  • Sanjeev Gupta’s Whyalla steelworks owes its creditors around $1b, with the businessman claiming half of that is to his GFG Alliance (AFR)

  • Arcadium Lithium posted a US$14m loss in the fourth quarter from US$290m in revenues (Reuters)

  • Impala reported a 43% slump in its half-year profit, primarily due to lower metal prices, and said it would once again forgo paying a dividend (Reuters)

  • BHP struggles to deliver on pledge to renovate dilapidated houses in Newman amid accommodation crisis (West)

  • The DRC is starting to enforce a long-planned state monopoly to control production of artisinally mined cobalt, broadening its efforts to boost prices (Bloomberg)

  • WA Premier Roger Cook has defended his Labor government’s oversight of bauxite mining, after revelations the state-owned utility responsible for drinking water raised red flags (Australian)

  • Implats may close its Canadian palladium mine earlier than planned after a price plummet (NM)

Wheelin’ n Dealin’

  • Pantoro advised Nebari exercised an option to convert a portion of its convertible note facility (US$2.1m) into shares, reducing Pantoro’s debt position to US$10.4m (PNR)

  • Jindal Steel raised its offer for troubled Italian steelmaker Acciaierie d’Italia to about €4b, seeking to outbid rivals from Azerbaijan (Bloomberg)

  • Kingrose has picked up further land in Finland, funded under the BHP alliance, with minimal upfront payments (KRM)

  • Astral is up to a ~68% stake in Maximus as part of its off-market takeover offer (AAR)

Rattlin’ the Tin

  • Impact Minerals is undertaking a 2 for 7 renounceable rights issue to raise up to $5.2m (IPT)

Word on the Decline

  • We are hearing whispers about a technical report on the Onslow project produced by a mining engineering consultancy for MinRes last year…

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

  • A blast from the past - Elliot Management’s the “BHP Shareholder Value Unlock Plan” from April 2017, followed up a month later with a 2nd deck, “Calling a Halt to Chronic Underperformance at BHP”

  • 3 charts reveal how MinRes’ Ellison is feeling the market’s wrath (AFR)

  • China’s holdings of US treasuries fall to the lowest level since 2008 while the PBoC’s gold holdings rose by 13% (FT)

  • ASIC is concerned about the shrinking ASX - but doesn’t know how to fix it (CB)

  • Meta discusses AI data center project that could cost $200bn (The Information)

  • The skyrocketing demand for minerals will require new technologies (Economist)

  • King coal to stay top in India despite big clean power pipeline (Reuters op-ed)

  • Newman elder Peter Tinker among many living in squalor as Pilbara town grapples with accommodation crisis (West)

  • Twiggy’s Time Magazine puff piece: a hat-trick of hot air howlers (AFR’s Rear Window)

Were you forwarded this email from someone else?

Today’s Top Tweet

Can someone please explain to us how adjusted EBITDA for mining companies ever makes any sense

Devil’s in the Detail

You’ve probably all seen Twiggy on the cover of TIME Magazine by now…. But it’s the Fortescue social media crew that couldn’t get their billionaire Executive Chairman’s surname right…

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