Which Miner is Gina Buying More of?

Plus a chaotic close to the quarterly reporting season

The Pre-Start

  • Emerald had a record quarter at Okvau, producing 31.9koz at US$855/oz AISC, with cash & bullion increasing by ~$62m to $243m QoQ (EMR)

  • Strike Energy produced 2.13PJe (gross) for the Q, finishing with ~$33m cash in the bank (STX)

  • Sayona produced ~51k dmt spod con at 5.3% from NAL, at an average realised price of US$686/dmt (FOB), but operating costs of US$823/dmt. Cash finished at $110m after $38m net raise proceeds (SYA)

    • Sayona also released 2024 assay results from NAL and Moblan

  • St Barbara produced 10.2koz at $5,916/oz AISC at Simberi, falling short of anticipated 14-16koz range, finishing the Dec Q with $223m cash & bullion post net raise proceeds & CYL share sale totaling $120m (SBM)

  • Firefly Metals finished the Dec Q with ~$84m cash, with 4 rigs drilling underground as part of a 130km drill campaign at Green Bay underway (FFM)

  • Brightstar finished with ~$21m in cash after raising $30m during the Q to fund production growth at the Laverton Hub & drilling, ore haulage to Genesis’ Laverton mill now underway (BTR)

  • Meeka provided a Murchison development update, with process plant expansion work on track and OP mining contractor preparing to mobilise in Feb (MEK)

  • Deterra Royalties provided a portfolio update for the Dec Q, with portfolio revenue up ~12% to $59.3m thanks to record volumes from Mining Area C (DRR)

  • Peninsula Energy advised challenging weather conditions and supply chain issues have led to commissioning of its Lance uranium project plant to now be scheduled for June Q, CY25 guidance to be revised (PEN)

  • MetalsX released an updated ore reserve for the Renison tin operations (MLX)

  • Focus sold ~10koz during the quarter, with the development drive at Bonnie Vale UG mine underway, finishing with $16.5m cash in the bank (FML)

  • Catalyst provided an updated MRE for the K1 and K3 deposits of 75koz at 2.2g/t Au (CYL)

  • Galena (administrators-appointed) reported ~25kt lead-silver production from Abra, down 16% QoQ and group cash down to $1.7m (G1A)

  • Jupiter Mines released an update to its five-year company strategy, particularly around current market conditions & strategic landscape (JMS)

  • Some other quarterlies of interest out today: Vulcan, Winsome, Meteoric, Turaco Gold

High Grade It

  • Gina Rinehart’s Hancock Prospecting tops up at Lynas Rare Earths (The West)

  • ABB’s orders surge as data centers drive electricity demand (Bloomberg)

  • MinRes upbeat despite debt, corporate watchdog probe (Australian)

  • India approves $1.88bn to develop critical minerals sector (Mining.com)

  • China's imports of iron ore and seaborne coal on track for a soft start to the year, with January arrivals declining to multi-month lows (Reuters)

  • Twiggy and Nicola Forrest’s Minderoo is sitting on billions (AFR)

  • Shell, Thebe near $1bn South Africa oil-asset sales pact (Bloomberg)

  • Glencore reports lower metals production in 2024, 2025 guidance due next month (Reuters)

  • IGO profit pain worsens as lithium stockpiles grow (AFR)

  • Chinese firms to build $2bn Tanzanian rail to Burundi nickel mine (Bloomberg)

  • Lundin Gold expects Ecuador mine to produce 475-525koz through 2027 (Mining.com)

  • Coal price not right as Kestrel mine owners seek $4.8bn pay dirt (Australian)

Wheelin’ n Dealin’

  • Gina Rinehart’s Hancock Prospecting now holds 8.21% of Lynas Rare Earths (LYC)

  • Capricorn Metals have acquired more ground in and around their Mt Gibson project. The Mummaloo tenements are costing them $100k upfront and $3.4m in Capricorn shares (CMM)

Rattlin’ the Tin

  • Strike Energy received credit approval for an initial $162m of committed funding from Macquarie to refinance existing debt and fund development of South Erregulla (STX)

  • Medallion Metals are raising $5m at $0.10 to fund activities towards FID for the Ravensthorpe gold project (MM8). Alkane Resources tipping in $1m and will become a substantial shareholder.

  • Estrella completed a $3.75m placement to fund drilling at its Timor-Leste operations (ESR)

In the Weeds

  • UAE launches bid to become global nuclear power (Semafor)

  • Strictly Boardroom - gold in quotes: Machiavelli, Marx, and Musk (MNN)

  • European AI firms encouraged by DeepSeek in scramble to catch up to US (Semafor)

  • Why renewables need social licence to power resource sectors (AFR Op-Ed)

  • AI: where will the copper come from? (MNN)

  • Russia’s Nuclear Sector Capitalizes on Global Nuclear Revival (Jamestown)

  • How DeepSeek could ultimately boost rather than batter Nvidia and ultimately drive more GPU sales, not fewer (Capital Brief)

  • Barrick Gold CEO Mark Bristow: Mali dispute could reshape Africa’s mining outlook (Kitco)

  • Kazakhstan needs 3 nuclear power plants for creating nuclear cluster (news.az)

  • Why founder-led businesses are set to outperform in 2025 and beyond (Livewire)

  • FIFO shift workers with good sleep hygiene have better health, research from Perth universities finds…..sounds like someone needs a Grounded camp (The West)

Were you forwarded this email from someone else?

Today’s Top Tweet

Devil’s in the Detail

Shout out to IGO for taking on market feedback and finally adding a waterfall chart into their quarterly reports.

While it wasn’t their prettiest quarter, at least the graph looks nice.

IGO’s 2Q25 waterfall chart

Catch up on our latest episode

🟢Spotify | 🟣 Apple Podcasts | 🟥 Youtube

Lithium Winter Starting to Defrost? (45 min)

All information in this newsletter is for education and entertainment purposes only and is of general nature only. The Money of Mine team are not financial professionals. Money of Mine are not aware of your personal financial circumstances. Before making any investment decision, you should consult a licensed financial, legal or tax professional, along with considering any relevant Product Disclosure Statement. Money of Mine does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given. Money of Mine strives to ensure the accuracy and currency of the information contained in this newsletter but we do not make any representation or warranty that it is accurate, reliable or up to date. Any views expressed by the hosts of Money of Mine are their opinion only and may contain forward looking statements that may not eventuate. Money of Mine will not accept any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of information in this newsletter. Information relating to our Privacy Policy is available online here.

Reply

or to participate.