NST, S32 post solid H1 25 results

MinRes provide governance update, while Mali & Barrick talks stall

February 13, 2025

The Pre-Start

  • Northern Star reported its H1 FY25 results including underlying EBITDA of ~$1.4bn, underlying NPAT of ~$512m, underlying FCF $397m and a record interim dividend of 25cps. FY25 guidance reiterated (NST)

  • MinRes provided an update on the implementation of new governance protocols & advised Chris Ellison has paid the previously announced ~$3.8m financial penalty. New board chair expected to be announced June ‘25 Q, who will play a key role in selecting the next MD (MIN)

  • South32 reported its H1 FY25 results, including underlying EBITDA of ~US$1bn, underlying earnings of US$375m and an interim dividend of US3.4cps. FY25 production guidance remains unchanged except for Mozal Aluminium due to civil unrest in Mozambique, but unit cost guidance raised (S32)

    • South32’s Worsley mine development project received federal environmental approval (S32)

  • Ora Banda provided an exploration update for Riverina, including assay results from drilling below the current mine plan including 2.9m at 36g/t Au (OBM)

  • BHP announced Ross McEwan will success Ken MacKenzie as chair from 31 March 2025 (BHP)

  • Calix and PLS to recommence construction of their mid-stream demo plant following the recent award of $15m grant funding from the WA gov’t (CLX)

  • Paladin and the Clearwater River Dene nation have signed a mutual benefits agreement (PDN)

  • Ron Mitchell and Matthew Allen have resigned from the Global Lithium board effective from the close of today’s AGM (GL1)

  • Carnaby reported assay results from its Greater Duchess copper gold project including 12.2m at 6.8% Cu, 1.8g/t Au from 558m (CNB)

  • OzAurum provided an update on its recent AC drilling assay results at Mulgabbie North (OZM)

  • Kalgoorlie Gold Mining advised follow up drilling at its Lighthorse prospect has been fast tracked to commence early March post last week’s assay results (KAL)

  • Hillgrove Resources provided an exploration target update for its Kanmantoo mine (HGO)

  • Cavalier’s Crawford gold project is progressing towards production with all required approvals submitted, native title consultation & financing discussions ongoing (CVR)

  • Macquarie Group have emerged as a 5% holder of Karoon Energy (KAR)

High Grade It

  • Mali and Barrick talks suspended without reaching an agreement (Bloomberg)

  • Fortescue hire former HSBC boss Noel Quinn for its board (AFR)

  • MinRes confirms Ellison exit, board rules no further penalties for MD (MIN)

  • Rio Tinto chops 120 in-house tradie jobs at its WA iron ore mines and outsources work to contractors (West)

  • British Columbia premier David Elby is confident b smelter will find alternative buyers, expects BC’s aluminium to remain in demand (MNN)

  • Australia is “killing” the US aluminium market, Trump adviser says as US tariffs on steel & aluminium loom (Bloomberg)

  • BHP appoints former NAB boss Ross McEwan as chairman (AFR)

  • Gold off record highs as Powell’s comments douse rate-cut hopes (Reuters)

  • Board & management of Jervois Global have been accused of tearing up $1.6bn in shareholder value as they push ahead with a voluntary admin deal in the US (Australian)

  • Cyclone Zelia strengthens off Australia’s major iron ore hub (Bloomberg)

  • De Grey says an invite is back on the table for regulators to visit Hemi, as the wait for state and federal approvals continue (BN)

  • Kodal Minerals announced first spodumene production at its Bougouni project in southern Mali (Mining.com)

  • First Quantum’s final hearings on Cobre Panama copper mine moved to 2026 (Reuters)

  • D-day for Global Lithium’s “foreign control” fuelled boardroom barney (West)

  • China tightens rules on new copper smelters to curb overcapacity (Bloomberg)

  • Uranium ban repeal in Greenland could revive massive rare earth project according the Kvanefjeld deposit licence holder (Reuters)

Wheelin’ n Dealin’

  • Ionic Rare Earths signed a non-binding MoU with South Korea’s DNA Link to collaborate on recycling and magnet REO supply in South Korea (IXR)

Rattlin’ the Tin

  • Tivan received firm commitments to raise $9m via a placement to advance its Speewah fluorite project (TVN)

  • Winsome Resources is in trading halt pending a capital raising (WR1)

  • QMines is in trading halt pending a capital raising (QML)

In the Weeds

  • BHP’s new Big Mac needs to find growth amid chaos (AFR Chanticleer)

  • Blackwattle’s Lessons Learned Series: Mistakes make better investors & the importance of risk management (Livewire)

  • Why can’t SoP miners catch a break? (MNN)

  • Shell sees AI revolutionising energy system in new outlook (Bloomberg)

  • Gold miner Perseus wonders what else it needs to do (MNN)

  • Ecuador’s mining future uncertain as socialist party gains traction (Mining.com)

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