Ramelius Bounces on Cash Flow Beat

Mungari commissioning kicks off while Galan cops another bid

April 03, 2025

The Pre-Start

  • Ramelius’ March quarter saw it print $223m in free cash flow (pre a $68m tax bill), on production of 80koz. Cash & gold closed at $657m (RMS)

  • Evolution reported that commissioning of the expanded Mungari 4.2Mtpa mill has commenced (EVN)

  • Sheffield announced record zircon sales in the March quarter, totalling 82kt, though an ilmenite shipment was deferred into April due to port closures (SFX)

  • Astral revised its group resource, with Mandilla growing to 42Mt @ 1.1g/t for 1.43Moz, using a 0.39g/t cut-off and A$3,500/oz pit shells (AAR)

  • Bowen Coking Coal is on track to meet guidance, despite it saying adverse weather and logistical delays have impacted operations (BCB)

  • Legacy Iron Ore released a revised MRE for its Mt Celia gold project of ~255koz at 1.84g/t Au (LCY)

  • Lavras Gold shared drilling results from its Fazenda target in Brazil, returning 251m @ 1.2g/t from 208m (LGC.TSXV)

  • Blackstone reported an assay result from a 2013 hole by Goldfields, which returned 432m @ 1.25% CuEq from 692m (BSX) Stock down 12%

  • Medallion claimed discovery of a new sulphide lode outside the existing MRE, though assays remain pending (MM8)

  • Awalé completed a 28-hole program, targeting satellite mineralisation along strike from the BBM discovery, with results imminent (ARIC.TSXV)

  • Cauldron reported a maiden MRE at Manyingee South of 15.5Mt @ 325ppm eU3O8 for 11.1Mlb eU3O8 (CXU)

  • Kula Gold met expenditure to earn 80% of the Mt Palmer gold mine JV with Aurumin (KGD)

  • Sachem Cove increased its stake in Aura Energy to ~7% (AEE)

  • Sprott increased its shareholding in Andean Silver to ~6.5% (ASL)

  • Kongwell Management emerged as a ~6.8% shareholder of Black Cat (BC8)

  • Syrah MD Shaun Verner sold ~$72k stock on-market to meet personal tax obligations (SYR)

  • Larvotto, True North Copper & Delta released new presentations

High Grade It

  • Uranium stocks dumped as Trump fears intensify market “paralysis” (AFR)

  • Gold advanced after Trump announced reciprocal tariffs on US trading partners worldwide. Copper slipped (Bloomberg)

  • Marimaca Copper breaks ASX’s 2025 IPO drought (MNN)

  • Prospecting applications surge as gold price reaches new highs (BN)

  • The MD of Westgold has been rewarded with a 42% pay rise and shares worth more than $4m, despite a recent production downgrade (AFR)

  • The White House said steel & aluminum imports won’t be subject to reciprocal tariffs in a move that will provide at least some relief to domestic buyers already incurring 25% duties (Bloomberg)

  • Activist fund Palliser has accused Rio’s board of running scared on the eve of a vote on the future of the miner’s dual-listed structure (Australian)

  • Peter Dutton will pledge $600m to upgrade key roads on crucial freight routes used by agri, resources & farming, in an attempt to win back seats (West)

  • Reuters reported that BHP considered spinning off its Australian iron ore and coal divisions as part of a medium-term growth strategy (Reuters)

  • Korea Zinc has accepted a 52% cut in processing fees to turn mined zinc produced by Teck into refined metal under a 2025 supply deal (Bloomberg)

  • Indian conglomerate Vedanta is looking for a global company to partner with on expansion projects worth US$20bn across zinc, aluminium, copper, iron, steel, oil, gas and power, as per a tender document (Reuters)

  • Codelco has agreed to supply copper concentrate to Gautam Adani’s smelter in India, as part of a push to open up new markets (Bloomberg)

Don’t get left behind in the rapidly advancing mining landscape. Grab your discounted tix and get ahead of the curve on all things mining tech!

Wheelin’ n Dealin’

  • Artemis & Greentech agreed to consolidate their lithium rights in the Pilbara (ARV)

Rattlin’ the Tin

  • Neva Resources priced an offering of US$500m of bonds paying 6.6% and due in 2037 (NEXA.NY)

  • Sitka Gold raised the raising of C$10m (SIG.TSXV)

Word on the Decline

  • How many banks have probably pitched South32 to spin out their Aluminium business over the years? And when the current management changes, how long will a new guard resist before pulling the trigger on the idea?

Do you have some Word on the Decline? Reply to this email or shoot a message to gc@moneyofmine.com directly. We will always take your privacy seriously.

In the Weeds

  • World Gold Council sees strong tailwinds for gold price (MNN)

  • ‘We’re going to miss the boat’: BHP’s departing chair’s warning for Australia (AFR’s Chanticleer)

  • An American Mine Still Has Millions of Tons of Copper, If Companies Can Get to It (Bloomberg) On testing sulfide leaching tech

  • Riding the Golden Bull - Michael Goldberg of Collins St (Livewire)

  • Gold miners strike a rich seam (FT’s Lex)

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Today’s Top Tweet

Devil’s in the Detail

An interesting detail for Galan to slip into today’s announcement.

For what it’s worth, these counterparties look much more solid than last time a similarly priced bid came in the mail.

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