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Goldies Delight as Price Cracks A$5,000

Goldies Delight as Price Cracks A$5,000

First Quantum drops some Panama cases; Whitehaven completes Blackwater sell-down

April 01, 2025

The Pre-Start

Freeport expects Q1 copper output to be in line with guidance at 850mlb, while gold will be 100koz short of the 225koz guide due to the timing of shipments (FCX.NY)
SSR has guided 2025 production to be 435k gold-equivalent ounces at US$2,120/oz AISC (midpoint), including care & maintenance costs at Ҫӧpler (SSR)
Spartan shared a company update, with additional infill & extensional results from Pepper & West Winds, and news that the Juniper decline has seen 1,675m completed while feasibility & integrated Ramelius studies are underway (SPR)
Sigma Lithium produced 77kt of SC5.2 in Q4, while spending US$24m on expansion activities and finishing the period with net debt of US$128m (SGML.N)
Ivanhoe filed a NI 43-101 report for its Platreef project, with phase 1 of production commencing in Q4 of this year (IVN.TSX)
Following the completion of the Lakewood deal, Black Cat has commenced processing of Myhree ore (BC8)
Lotus signed agreements for Kayelekera power grid connection, as well as binding agreements for previously announced offtake deals (LOT)
St George shared a resource estimate for Araxá of 41.2Mt @ 0.68% Nb₂O₅, with the majority in the inferred category (SGQ)
Contango ORE reported the Peak Gold JV made C$24m cash distributions (Contango share 30%) (CTGO.N)
Caprice’s stock has fallen 26% after returning disappointing assays from phase 2 drilling at its Island Gold project (CRS)
Tamboran & Arafura signed a non-binding LOI for future gas supply from TBN’s Beetaloo Basin assets to ARU’s Nolans rare earth project (ARU)
Andean Silver updated the resource at Cerro Bayo to 9.8Mt @ 353g/t AgEq for 111Moz AgEq, mainly in the inferred category (ASL)

High Grade It

China tightens rules on alumina plant expansions in a bid to tackle overcapacity (Bloomberg)
Indian steel demand set for huge growth as China tapers amid trade battles and demographic change (West)
First Quantum dropped one of its arbitration cases against Panama and suspended another, signaling potential for more restart discussions (Bloomberg)
Anthony Albanese confirmed if re-elected, he would revamp the controversial nature positive laws, introducing an independent enviro watchdog and overhauling approvals processes (BN)
Greenbushes mine rehabilitation provision more than doubled in its latest statements, while net profit slumped 89% to $709m (West)
Anglo's Moranbah North mine was evacuated due to carbon monoxide levels, with it being unclear whether this will impact the sale to Peabody (Coal Trader)
Norway’s sovereign wealth fund rejected calls to collapse Rio’s dual-listed structure despite support from two of America’s biggest pension funds (AFR)
Argentina's mining exports reached a historic high in January and February this year, outdoing the prior record from the same period a decade ago (Reuters)
MMG attempted to reassure investors about its prospects in Peru, saying a surge in “illegal” mining activity isn’t affecting its copper production or development plans (Bloomberg)
Origin has declined the option of taxpayer underwriting for Eraring for the next year as high wholesale electricity prices buoy its confidence (Australian)
Mozambique has started a process to review and modernize its legal framework for mining, oil and gas, the Resources Ministry said (Bloomberg)

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Wheelin’ n Dealin’

Whitehaven has completed its sell-down of 30% of the Blackwater mine to Nippon & JFE Steel (WHC)
Nippon Steel has reportedly proposed to significantly increase its investment in US Steel if the US$14.9bn takeover goes through (MNN)
Fenix extended the closing date for its off-market takeover offer for CZR to 15 April (FEX)
Westgold completed the sale of the Lakewood Mill to Black Cat (WGX)

Rattlin’ the Tin

Saturn Metals received firm commitments to raise $23m via a two-tranche placement to fund Apollo Hill studies, drilling & exploration (STN) Dundee to increase their holding to 19.99% post placement, Lion Selection tipped in $4m to maintain 17.5%
Ero Copper has received a further US$50 million from Royal Gold in exchange for an extended stream over its Xavantina operations (ERO.T)

Word on the Decline

Could MAC Copper be on its way to being acquired? “Acquisition” was once in the company’s name, but if our sources are right, it is MAC that could be set to be gobbled up itself…

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In the Weeds

‘A female Trump’: How Gina Rinehart is pushing the MAGA message in Australia (Guardian)
Jeremy Raper on Value Hive Podcast (Spotify) lots of commodity talk in the back half including mention of recent AI episode on MoM
Wait, what…Gold Road complains to shareholders about something it was responsible for? (MNN)
Resource royalties & how they can outlive miners' boom & bust cycles, a podcast with Simon Klimt (Livewire)
Ghosts of investors past come to haunt Shell chair Andrew Mackenzie (AFR Rear Window)
RBC tips gold price to soar higher in 2026, ASX miners on takeover watch (Livewire)
Dryblower on overseas lures for Australian miners (MNN)