Gold Road Rejects Gold Fields. Game On.

NexGen jumps on drilling results, Nickel Industries navigates wet weather

March 25, 2025

The Pre-Start

  • Gold Road has rejected an unsolicited approach from Gold Fields, which valued the non-controlling JV partner at $3.3b (GOR) More below. GOR stock up 10%; GFI down 5%

  • NexGen shared drilling results from Patterson Corridor East, claiming it to be its best hole to date, with handheld spectrometer results indicating >61k cps from 452m over a 3.9m interval (NXG) Up 6%

  • Nickel Industries released a March Q update, with EBITDA from operations expected to be between US$85-90m while Hengjaya has delivered 2.6Mwmt to date, though excessive rain meant Oracle was halted for 3 days (NIC)

  • Black Cat announced it accelerated the final Paulsens deferred payment of $5m due to NST, with all payments now made (BC8)

  • New Found Gold announced an initial mineral resource for its Queensway gold project of 18Mt at 2.40 g/t Au for 1.39Moz (NFG.V)

  • Legacy Minerals is updating its PFS on its Drake gold-silver project in NSW, aiming for completion in April this year (LGM)

  • Catalyst shared Trident (30km from Plutonic mill) drilling results, intercepting mineralisation 430m along strike & 600m below the existing resource (CYL)

  • Infill drilling from Firefly aimed at upgrading inferred tonnes continues to improve confidence, while exploration work will be shared next quarter (FFM)

  • Magmatic shared a drill result at Myall, intercepting 10.8m at 0.39% Cu and 0.07g/t Au from 197m, while ending in mineralisation (MAG)

  • Lattitude 66 released a scoping study on KSB project in Finland showing avg production of 65koz gold and 3.2kt cobalt for NPV8 US$310m and IRR 74% (LAT)

  • Dreadnought has picked up additional tenements around Mangaroon (DRE)

  • Arrow Minerals published a maiden resource for its Niagara project in Guinea, totalling 185Mt @ 42.3% Al2O3 and 2.7% SiO2 (AMD)

  • Antipa shared a new presentation

High Grade It

  • South Korea's Hyundai announced a US$21b investment in the United States, including a US$5.8b steel plant (Reuters)

  • Silicon Valley-backed KoBold Metals has proposed to the DRC to take over the highly sought-after licences of Manono and develop it (Bloomberg)

  • Citi crossed $100m of stock in Paladin last Thursday afternoon, a day before the company announced an operational suspension after wet weather (AFR)

  • Gold Road has rejected an unsolicited $3.3b bid from rival Gold Fields, in a move that would give the South African miner full control over Gruyere (AFR)

  • Vitol & Gunvor have both taken long positions in the past few months in the LME aluminium contracts nearing expiry that were at times larger than the readily available stock in the exchange’s warehousing network (Bloomberg)

  • UBS says the market is too pessimistic about Fortescue after an 11% fall (AFR)

  • Funds that invest in gold miners are set to attract their largest net monthly inflows in more than a year in March, as record-high gold prices improve firms' profit outlooks (Reuters)

  • Namibia has reorganised its oil ministry in a move that brings oil & gas more directly under the control of the president (Bloomberg)

  • Zambia's Copperbelt Energy Corp will invest US$500m over the next two years to increase its solar power output & double the capacity of a power transmission line to DRC (Reuters)

Not many sleeps to go until RRS Gather Round 2025 is upon us! Make sure to grab your tickets for a great day with plenty of investors & execs alike

Wheelin’ n Dealin’

  • Gold Fields approached GOR on March 7, proposing to acquire it for cash consideration of A$3.05/share, a 28% premium to close. Gold Road rejected GFI’s advances while expressing a preference to acquire GFI’s 50% Gruyere interest. It indicated it would vote in favour of NST’s DEG takeover (GOR, GFI.JSE)

    • Gold Road’s acknowledgement said it “views this behaviour of a joint venture partner… as extremely disappointing”

Rattlin’ the Tin

  • Rio2 announced the revival of the second US$25m deposit from Fenix Gold Stream (RIO.TSXV)

Word on the Decline

  • So who knows the real reason for the Bellevue sell-off yesterday?

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

  • What’s Driving Stocks (Praetorian Cap) If you want to better understand the market, read this

  • Dryblower: Australia mining's "Dirty Harry" tariff moment arrives next week (MNN)

  • Mining’s promising future could come under union siege (AFR op-ed)

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Today’s Top Tweet

Devil’s in the Detail

Who is keeping count of the number of new gold funds that have popped up recently? In Australia alone, we’ve seen 3 new funds launched or announced in just the last few weeks. L1 Capital, Victor Smorgen and Collins Street have all pulled the trigger.

We’re starting to think the “generalist money” is arriving…

Catch up on our latest episode

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This Creasy Project has Rio Tinto and Fenix Battling (34 min)

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