Latest Research

Aura Energy (AEE) - 1QFY25 update: Development ready

October 27, 2024

AEE released its quarterly report highlighting that recent FEED and mining license approval has positioned its flagship project, Tiris, as development ready pending financing with an FID expected in early 2025. Updates on contracting and funding are key near-term catalysts. We believe the timing of Tiris development and ramp-up...

Capricorn Metals (CMM) - Underground shaping up at Mt Gibson

October 27, 2024

Exploration drilling in the 1QFY25 has been largely focused on testing for underground potential at the Mt Gibson Gold project, while a large regional drilling program has commenced at Karlawinda. Results from drilling below the key Orion and Lexington pits at Mt Gibson continue to demonstrate underground potential. We...

St Barbara (SBM) - Simberi Saviour

October 27, 2024

We are initiating coverage on St Barbara (SBM) with a SPEC BUY rating and set a A$1.20 price target. SBM offers leverage to rising gold prices through its Simberi Oxide project in PNG, which is currently producing ~70kozpa at an AISC of +A$3,500/oz. The development of the Simberi Sulphides...

Regis Resources (RRL) - Attractive free cash flow yields

October 27, 2024

RRL’s 1QFY25 had largely been pre-released, with AISC the only new key data point, which was in line with our forecasts. We have made only minor changes to our estimates and note that our production and AISC forecasts for Duketon and Tropicana remain within guidance ranges for FY25. RRL’s...

Boss Energy (BOE) - 1QFY25

October 27, 2024

BOE’s September quarterly indicates ramp-up of uranium production at the 100% owned Honeymoon project is progressing well. Production during the period was ahead of our physicals model. Production statistics suggest both well field extraction and ionic exchange processes are operating efficiently. The sale of 200,000 lb of U3O8 during...

Northern Star Resources (NST) - Solid start to the year and guidance unchanged

October 27, 2024

NST’s 1QFY25 result was solid with the company reporting modest beats in gold sales and AISC vs our estimates. Pogo was the standout performer on volumes, while Pogo, Carosue Dam, Kalgoorlie and Thunderbox all reported lower AISC. KCGM delivered a softer performance vs our expectations, however the key mill...

West African Resources (WAF) - 3QCY24 Result - Costs inline, Kiaka on track

October 23, 2024

WAF’s 3QCY24 production, pre-reported, totalled 47.8 Koz with unhedged gold sales of 49.6 Koz at an average price of US$2,493/oz. Sanbrado reported an ASIC of A$1,939/oz for 3QCY24 which was in line with our numbers. Solid quarter by WAF as Sanbrado continues to perform to plan and Kiaka's progress...

Perseus Mining (PRU) - 1QFY25 Result

October 23, 2024

PRU produced 121.3koz during the 1QFY25 which was flat QoQ and 7% below our estimates. Costs were flat QoQ and broadly in line with our estimates with another strong quarter at Edikan which helped offset higher AISCs from Yaouré. We retain our Buy Recommendation with a slight adjustment to...

Lotus Resources (LOT) - 1QFY25 update: Advancing the restart

October 23, 2024

LOT released its 1QFY25 quarterly report which highlighted the recent completion of FEED for Kayelekera which has seen first production from restart being accelerated to 8-10 months from FID. Initial restart capital has also declined to US$50m and LOT is raising US$84m (A$125m) to fund the restart. Initial contracts...