Golden H1 FY25 for Evolution

Strong Q4 for First Quantum, while St Barbara to separate Atlantic ops

February 12, 2025

The Pre-Start

  • Evolution Mining reported its H1 FY25 results, delivering record earnings across the board including group cash flow of $273m, 7cps interim dividend, gearing down to 23%, reaffirming FY25 guidance (EVN)

    • Jake Klein confirmed he will transition from is role as Exec Chair to Non-Exec Chair effective 1 July 2025 (EVN)

  • St Barbara’s evaluation work on the 15-Mile process plant to process Cochrane Hill ore has identified the potential to expand plant throughout to 3Mtpa from 2.1Mtpa contemplated in the PFS (SBM) See more below in Wheelin’ and Dealin’

  • Fortescue announced Noel Quinn will be joining the board as a Non-Exec Director (FMG)

  • Firefly Metals intersected 10.7m @ 9.0% copper & 3.9g/t gold over 1,000m underground at their Green Bay copper gold project in Canada (FFM)

  • Caprice Resources are up 103% after intersecting 28m @ 6.4g/t gold at their Island project which is right next door to Ramelius’ Break of Day project (CRS)

  • Lefroy entered into a profit-sharing mining agreement with BML Ventures for its Lucky Strike gold project, which has an MRE of 79.6koz at 1.95g/t Au, mining operations anticipated to commence H2 25 (LEX)

  • Horizon Minerals provided an update on the development of its Phillips Find gold project, with first ore being hauled to Greenfields mill (HRZ)

  • Saturn Metals released an updated MRE for Apollo Hill of 2.03Moz at 0.53g/t Au, PFS targeted for release late CY25 (STN)

  • Ardea provided an update on its Kalgoorlie nickel project - Goongarrie hub DFS progress, including multiple contract and work packages awarded (ARL)

  • Patronus Resources reported an updated MRE for its Mertondale gold project of 480koz at 1.4g/t Au (PTN)

  • Macquarie Group emerged as a ~5.1% holder of Deep Yellow (DYL)

  • The Takeovers Panel declined to conduct proceedings on a review application from Global Lithium in relation to an alleged undisclosed shareholder association (GL1)

  • WMA Holding increased their stake in Estrella to ~13.5% after participating in the recent placement (ESR)

  • Bulletin Resources increased their stake in Matsa to ~10.9% after participating in the recent capital raising (MAT)

High Grade It

  • Evolution Mining triples dividend as gold nears US$3,000/oz (AFR)

  • WA Mines Minister David Michael not tempted to take bigger share of gold riches as price hits a fresh record (West)

  • At least 25 gold miners were killed and 13 injured in Mali after a clash with terrorists (MNN)

  • Ontario Premier says they would ban China from deals on minerals & energy if his party is re-elected (Bloomberg)

  • First Quantum reported a strong Q4 24 with lower Kansanshi costs, FCF mostly neutral, no major updates on Panama and 2025-27 guidance unchanged (Globe Newswire)

  • Albanese says an exemption from the US’ 25% steel and aluminium import tariffs is “under consideration” by the Trump administration (BN)

  • The Greens will use any power they have in a post-election hung parliament to axe taxpayers support for the coal and gas industry (Australian)

  • The Aussie gold company bosses making millions from bullion’s record run (West)

  • CATL and Lopal restart China lithium refinery despite price rout (Bloomberg)

  • Former Kalgoorlie-Boulder mayor defends Lynas water sale deal ahead of WA state election (ABC)

  • AGL Energy profit hit by margin squeeze, rising coal costs (Australian)

  • More than 500 aluminium smelter workers start industrial action as tariff threat hangs over industry (Australian)

  • China’s nickel overcapacity spurs another surge in metal exports (Bloomberg)

Rock Solid Data, by Mineral Metrics

A beautiful chart on +1Moz resource undeveloped Aussie gold projects held by ASX listed companies, thanks to the legends at Mineral Metrics 

Note: STN released an updated Apollo Hill MRE today

Wheelin’ n Dealin’

  • St Barbara announced its intention to separate its Atlantic gold operations (including 15-Mile, Beaver Dam and Cochrane Hill projects in Canada) from the company following a portfolio review, will focus on Simberi (SBM) Sale, vend-in, demerger flagged as potential options

  • Brightstar Resources are divesting their Goongarrie project via an earn-in agreement with Cazaly Resources (BTR) $3m of expenditure gives Cazaly an 80% interest

  • Fortescue is up to a ~88% stake in Red Hawk as part of its off-market takeover offer (RHK)

  • Astral is up to ~40% of Maximus as part of its off-market takeover offer (MXR)

Rattlin’ the Tin

  • Whyalla steelworks owner GFG Alliance “vigorously finalising new financing” (West)

  • Predictive completed its $69m strategic placement to the Lundin family and Zijin Mining (PDI)

  • Critical Elements secures up to $115m for Quebec’s Rose lithium project (Mining.com)

  • St George and Shandong Xinhai entered into a binding MoU to work together on developing the Araxá niobium-REE project in Brazil, with Xinhai to invest $8m in the company (SGQ)

  • Firetail Resources completed a $3m placement to support its Skyline project exploration program (FTL)

In the Weeds

  • Trade wars, shifting demand, and green policies are reshaping the global steel industry (MNN)

  • The Debate: do Trump’s tariffs mean the end of the post-war free trade world? (BBC)

  • Michael Woodley: Why we stand up for our native title rights against Fortescue (AFR Op-Ed)

  • Earnings previews for ASX coal and energy stocks (Livewire)

  • Strictly Boardroom: making mining great again (MNN)

  • Macron unveils plans for €109bn of AI investment in France (FT)

  • Why Europe’s gas storage has become more of a worry (Bloomberg)

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Today’s Top Tweet

Devil’s in the Detail

Even WA gold developer Meeka Metals can’t keep up with the daily records for spot gold prices, currently closer to A$4,600/oz vs A$4,100/oz in their investor preso from the other day.

Certainly not the worst problem to have when first gold is a matter of months away…

MEK Investor Preso Feb 2025

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