News

Emerging producers like Bellevue could be on the menu for the big producers, ditto for Peel in the copper space. Stavely shareholders soak up SPP and Creasy punts on Galileo neighbour Greenstone.

There was not much to come from Diggers & Dealers during the week that could be classified as needle-moving stuff. There was though confirmation along Elon Musk lines that being in lithium was a licence to print money and that the uranium sector (led by Paladin:PDN/Boss:BOE) was fast maturing as a serious investment destination in the critical materials space. The overall mood of the 2,600 delegates that managed to brave Kalgoorlie’s high winds and Qantas/Virgin check-ins was said to have been mildly buoyant.

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Confidence returned to financial markets this week even as central banks continued to tighten the interest rate screws, with nowhere more positive than Australia’s resources sector, which partied in a wet and windy Kalgoorlie.

It wasn’t just in WA’s unofficial mining capital that the good times rolled in the face of adversity caused by delayed flights for delegates and an overcrowded arts centre which hosts the Diggers & Dealers forum, there was a capital-raising rush underway on the stock market. The timing of the two events, Australia’s biggest mining conference and a flood of fresh capital into the small end of mining, was not a coincidence with promoters taking advantage of an improved appetite for risk and a fresh set of June 30 accounts to take to the market.

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Gold sector consolidation dominated speculation on the sidelines of the Diggers & Dealers conference in Kalgoorlie this week, but it was an unusual lithium discovery by Kairos Minerals (ASX: KAI), which could turn out to be the more significant industry event (reports Tim Treadgold on Small Caps).

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In this global energy crisis and global climate crisis uranium is the new black (reports The Australian).

In this global energy crisis and global climate crisis uranium is the new black (reports The Australian). For Duncan Craib, CEO of listed uranium miner Boss Energy with a prize asset in South Australia, it is all systems go. The Honeymoon mine lies 75 kilometres northwest of Broken Hill. The brownfield site is connected to the electricity grid, it has water supply and Craib plans to roll off the first yellowcake by the fourth quarter of next year as the uranium price shoots back up the charts.

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‘Gold is not green’ That was the shocking phrase Bill Beament, who rose to prominence in the Australian mining industry as the head of ASX100 gold miner Northern Star Resources (ASX:NST), rolled out as he launched battery metals focused mining contractor Develop (ASX:DVP) in his old home of Kalgoorlie last year (report Stockhead).

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Red 5 boss Mark Williams reckons the price of building the company’s recently commissioned King of the Hills gold mine near Leonora would be about 50 per cent more if it was being built today (reports The West Australian).

While surging costs and labour shortages have caused blowouts and delays on projects by some of the big iron ore miners, King of the Hills was completed on-time and in line with its original $226 million budget thanks to a judicious decision Mr Williams made just before the global pandemic arrived in Australia. In March 2020, Red 5 tapped the market for $125 million and locked in long lead items and fixed-price contracts for the project, even before it had completed its definitive feasibility study.

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Stavely Minerals (ASX: SVY) has closed out a capital raising with more than $5.3 million in share purchase plan subscriptions representing a 350% increase on the targeted amount of $1.5 million (reports Small Caps).

Subsequent to the end of the June quarter, eligible shareholders were given the opportunity to subscribe for new Stavely shares up to a maximum value of $30,000 at an issue price of $0.15 per share. In light of the strong demand, the company has confirmed that all valid applications will be accepted in full. Stavely executive chairman Chris Cairns said the share purchase plan was launched after release of a maiden resource estimate for Cayley Lode, which is part of the Stavely copper-gold project in western Victoria.

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Breaker Resources says it can see “genuine scale” taking shape with the results of a preliminary study into the potential for underground mining below its proposed Bombora open pit within its 1.7 million ounce Lake Roe project south of Kalgoorlie, Western Australia (reports MiningNews).

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