| The Sunday Wrap |
| Gold Exploration Surges as New Deposit Drilling Jumps 69 Per Cent |
| |
| Gold exploration expenditure rose 23.6% to A$565.6 million in the June quarter on ABS figures, the largest increase of any commodity and well clear of iron ore at A$234.7 million and selected base metals at A$177.9 million. Metres drilled on new deposits jumped 68.9% to 821.8km against a 20.3% rise on existing deposits to 2,639.8km for a total of 3,461.6km, with expenditure on new deposits up 27.3% to A$274.5 million. |
|
| |
Presented By
|
| |
|
Independent Critical Minerals Intelligence
Independent pricing, supply chain analytics and strategic forecasts across 67 minerals and 93 markets. Built in Perth for mining companies, fund managers and government agencies.
Start Free Trial
|
|
| |
|
| |
| Sibanye-Stillwater Earnings Rocket 111%, R5.7bn Dividend Declared |
| |
| First half revenue rose 64% to a record R90 billion and adjusted EBITDA 111% to R31.8 billion, turning a R3.9 billion net loss into R18.8 billion of net profit. The board declared an interim dividend of 201 SA cents a share, about R5.7 billion at the upper end of the 25% to 35% policy range, with gross debt down 20% to R32.1 billion and net debt more than halved to R9.7 billion for gearing of 0.18 times. |
| |
| Mining Weekly |
|
| Copper Price Stalls Short of Record as Chile's Storm-Hit Output Slumps to 2011 Low |
| |
| Comex December copper fell 1.3% to US$6.6020 a pound, about US$14,555 a tonne, after the September contract set an all-time US$6.7775 last Wednesday and LME three-month came within US$2.50 of its US$14,527.50 record. Chile produced 403,424t in July, down 9.4% year on year and its weakest July since 2011, with storms shutting Los Pelambres and Caserones and Antofagasta cutting 2026 guidance to 625,000 to 655,000t. |
| |
| Mining.com |
|
| Bellevue Gold Turns From Hunted to Hunter as It Mulls Merger |
| |
| Bellevue Gold has moved from takeover target to potential acquirer inside a year, with market sources saying it has Catalyst Metals in its sights for a scrip merger. The report is unconfirmed and no terms have been disclosed. |
| |
| The Australian |
|
| Lynas Rare Earths Says It Was in Takeover Talks Earlier This Year |
| |
| Lynas has confirmed it held takeover discussions earlier this year that did not proceed, with a spokesperson describing the talks as carrying a high level of uncertainty. The biggest rare earths producer outside China is searching for a new chief executive following the retirement of Amanda Lacaze, having reported a sharp lift in annual profit last month on record average selling prices that still landed below market expectations. |
| |
| Mining Weekly |
|
| LME Zinc Squeeze Signals Deepening Supply Risks for the West |
| |
| LME three-month zinc hit a four-year high of US$3,990 a tonne on Monday, with registered stocks at 100,525 tonnes and almost a third of that on cancelled warrants awaiting load-out, while the cash premium over three-month metal reached more than US$230 a tonne last week before easing to US$139. Global mine output fell 2.6% year on year in the first half against ILZSG's April forecast of 0.3% growth, and SMM's spot treatment terms for imported concentrate hit an all-time low of minus US$113 a tonne last month against a benchmark of US$85. |
| |
| Mining Weekly |
|
| Critical Minerals Could Forge a New Australia-South Korea Trade Connection |
| |
| The 47th joint meeting of the Australia-Korea Business Council and the Korea-Australia Business Council ran in Adelaide on 1 and 2 September with critical minerals and rare earths central, alongside innovation, the energy transition, space and artificial intelligence. Australia holds the world's largest known lithium reserves and produces nickel, cobalt, rare earths and graphite at scale, yet Korean companies do not rank among its ten largest sources of investment, with Korean capital in Santos' Barossa development and Australian data centre builds also on the agenda. |
| |
| Australian Financial Review |
|
| |
| |
|
|
| |
|
THEME: DRILLING VERSUS DISTRIBUTING
821.8 Kilometres Will Not Fix Chile's Missing Tonnes
Australian gold exploration spending rose 23.6% to A$565.6 million in the June quarter, well clear of iron ore at A$234.7 million and selected base metals at A$177.9 million. Underneath that, metres drilled on new deposits jumped 68.9% to 821.8km and new deposit expenditure rose 27.3% to A$274.5 million. Private capital backed the same activity this week. Andean took A$40 million at a 13.7% discount to keep six rigs turning at Cerro Bayo, Avanti upsized a bought deal from C$35 million to C$45 million to fund 42,000 metres at Misisi, and Liontown committed US$40 million of project expenditure to earn into Centenario.
The supply problem is not a decade away. Chile produced 403,424t of copper in July, down 9.4% year on year and its weakest July since 2011, with storms closing Los Pelambres and Caserones and Antofagasta cutting 2026 guidance to 625,000 to 655,000t. Comex September copper set an all time US$6.7775 a pound before December eased to US$6.6020, and LME three month came within US$2.50 of its own record. Zinc says it from the concentrate end, where global mine output fell 2.6% in the first half against an April forecast of 0.3% growth and spot treatment terms for imported concentrate hit minus US$113 a tonne against a US$85 benchmark.
Stanmore is paying US$105 million cash for 724 million tonnes of Goonyella Middle Seam resource, Capstone issued US$25 million of scrip to fold San Pietro into the Mantoverde district, Alpayana wrote C$140 million for 19.9% of Magna and a board nomination, Bellevue is reportedly circling Catalyst, and Lynas has confirmed it was in talks that went nowhere. Sibanye, the one producer reporting here, lifted adjusted EBITDA 111% to R31.8 billion and sent R5.7 billion straight back out as an interim dividend at the upper end of policy while cutting gross debt 20% to R32.1 billion.
|
| |
| |
|
| |
| Magna Mining Announces Closing of C$140 Million Strategic Investment by Alpayana (US$101.4M) |
| |
| Magna has closed the non-brokered strategic private placement first announced on 6 July, with Alpayana S.A.C. acquiring 62,356,682 common shares at C$2.25 for gross proceeds of approximately C$140.0M (~US$101.4M) and emerging holding 19.9% of the register. An investor rights agreement gives the Peruvian private mining group participation and top-up rights on future equity raisings, one board nomination and an advisory technical committee, for as long as it holds at least 10%. Net proceeds fund development across Magna's Sudbury Basin assets in Ontario, led by the producing McCreedy West mine, alongside general corporate and working capital. |
| |
|
| Avanti Gold Announces Upsize of Bought Deal Private Placement to C$45 Million (US$32.5M) |
| |
| Avanti has lifted the bought deal private placement announced a day earlier from C$35.0M to C$45.0M (~US$32.5M) on an oversubscribed book, issuing 90.0 million units at C$0.50, each unit carrying one common share and one half warrant exercisable at C$0.65 for 36 months.Proceeds fund a 42,000 metre 2026 drill program at the Misisi gold project in the Democratic Republic of the Congo and work toward a maiden NI 43-101 preliminary economic assessment, with closing expected on or about 22 September. |
| |
|
| Andean Silver Secures A$40M to Advance Cerro Bayo Restart and Drilling (US$28.8M) |
| |
| Andean has firm commitments from institutional and sophisticated investors for 16,326,531 shares at A$2.45 to raise A$40.0M (~US$28.8M) before costs, a 13.7% discount to the last sale price of A$2.84 and 5.8% below the 10-day VWAP of A$2.60, with settlement due 8 September and no share purchase plan attached. Pro-forma cash lifts to approximately A$82.7M, against A$42.7M held at 30 June. Funds carry a six-rig drilling campaign at the Cerro Bayo silver-gold project in southern Chile, resource category upgrades, permitting for more than 200 drill pads in the Juanita to Droughtmaster corridor, and early restart works including mill refurbishment and underground dewatering. |
| |
|
| |
|
| |
| Liontown Secures Staged Farm-In to Centenario Lithium Brine Project (up to US$210M) |
| |
| Liontown has executed a binding farm-in agreement with NEXT Lithium Corp over the 14,577 hectare Centenario lithium brine exploration project in Salta Province, Argentina, with initial consideration of US$5.0M in cash and US$10.0M in Liontown shares payable once the agreement becomes unconditional. The staged structure carries Liontown to 100% over four years on US$40.0M of project expenditure, with a further US$155.0M in potential milestone payments settled in cash, Liontown shares or a combination at NEXT Lithium's election. Kathleen Valley in Western Australia remains the stated priority, with the farm-in framed as a first position in brine alongside the hard rock operation. |
| |
|
| Stanmore Agrees To Acquire Moranbah South Tenements For US$105 Million |
| |
| Stanmore has agreed to acquire a 100% interest in the Moranbah South metallurgical coal tenements from Exxaro Resources for US$105.0M, funded from existing cash and liquidity with no shareholder approval required. The tenements hold 724 million tonnes of Measured and Indicated Coal Resources in the Goonyella Middle Seam, and the transaction extinguishes up to US$60.0M of deferred and contingent consideration established under the September 2024 Designated Area Agreement that underpins the Isaac Downs Extension. Completion is expected before the end of Q4 2026, conditional on Exxaro first taking Anglo American's 50% interest under pre-emptive rights, alongside Foreign Investment Review Board, Australian Competition and Consumer Commission and indicative ministerial approvals. |
| |
|
| Capstone Completes Acquisition of San Pietro Copper Concessions (US$25M) |
| |
| Capstone has completed the acquisition of the copper assets at the San Pietro copper-gold-iron-cobalt project in Chile's Atacama Region for total consideration of US$25.0M, satisfied entirely by issuing 2,034,970 Capstone shares at a deemed value of C$15.77 per share, net of applicable withholding taxes. The vendor, New Golden Exploration Chile SpA, is a joint venture indirectly owned by Golden Arrow Resources (75.019%) and Sociedad de Servicios Andinos (24.981%). San Pietro adds approximately 16,000 hectares between Capstone's Mantoverde, Santo Domingo and Sierra Norte properties, with the Rincones and Colla deposits hosting an NI 43-101 Inferred Mineral Resource of 492 million tonnes at 0.23% copper and 0.05 g/t gold. |
| |
|
| |
|
| |
|
|
|
|
|
|
|
|
|
|
| |
|
| |
| Week-on-Week |
Price |
% |
| Gold |
US$4,430/oz |
-0.56% |
| Silver |
US$66.00/oz |
0.00% |
| Platinum |
US$1,820/oz |
-0.27% |
| Palladium |
US$1,383/oz |
-2.54% |
| Copper |
US$14,720/t |
+0.52% |
| Nickel |
US$16,803/t |
+0.38% |
| Zinc |
US$3,929/t |
+1.51% |
| Lead |
US$1,896/t |
-0.03% |
| WTI Crude |
US$91.22/bbl |
+6.98% |
| |
| Month-on-Month |
Price |
% |
| Tin (LME)* |
US$55,752.00/t |
+5.44% |
| Lithium Carbonate (China)* |
US$18,005.31/t |
+3.58% |
| NdPr Oxide (FOB China)* |
US$90.71/kg |
-0.73% |
| Fluorspar (90%)* |
US$458.21/t |
+4.98% |
| Antimony* |
US$13.96/kg |
-15.92% |
| Niobium* |
US$32.66/kg |
-0.24% |
| Tungsten* |
US$149.93/kg |
-2.27% |
| Gallium* |
US$235.05/kg |
-3.09% |
| Germanium* |
US$3,286.22/kg |
+5.30% |
| Uranium (U3O8)* |
US$191.58/kg |
+1.58% |
*Sourced from Critical Minerals Platform (CMP). These prices are APAC volume-weighted averages from producers rather than traders, meaning they are heavily weighted towards Chinese prices for minerals where China dominates production. All other commodities show week-on-week change.
|
| |
| |
|
LinkedIn |
Instagram
This newsletter is for general information, education and entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice. Seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
|
|
|
