Month: January 2023

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What You Missed in the News This Week

St Barbara Minerals released their December quarterly report this week, with disappointing results.

Consolidated gold production was down from 63,700oz in the September quarter to 60,976oz.

The Leonora operations saw a reduction of gold production from 34,078oz last quarter to 32,175oz. The December quarter from the year before produced 16,462oz more gold than this quarter.

The amount of gold sold was 32,634oz, down 2,712oz from last quarter and 22,966oz less than the same quarter last year.

St Barbara’s share price dropped 21.348% to $0.70 after the report was released on Wednesday.

 

St Barbara

 

Pilbara Minerals has appointed John Stanning as Chief Development Officer.

In the newly created position, stanning will over see Pilbara Mineral’s corporate development, growth and exploration functions.

Managing Director and CEO, Dale Henderson said “John brings an impressive track record of lithium sector experience and relationships across the value chain. We are looking forward to having John join our executive team and working closely with him to further our growth objectives as an emerging leader in the provision of sustainable battery materials products.”

 

 

Pilbara Minerals has awarded Primero Group a $62m contract for construction work at its Pilgangoora project.

The contract is for the construction of a primary rejection facility and preliminary works for a new crushing and ore sorting facility.

Located 120km from Port Hedland, the project is located at one of the world’s largest hard rock lithium deposits.

Pilbara Minerals managing director and CEO, Dale Henderson said “We look forward to working closely with Primero for the safe and successful delivery of this package, which will step-up our production run-rate to the next level with a total of
680 kilo-tonnes per annum of spodumene concentrate across the combined Pilgangoora operation.

“The successful completion of this project will further cement Pilbara Minerals’ position as
an emerging leader in the provision of sustainable battery materials products.”

 

Primero Group

 

Fortescue Metals has released its December quarter report for 2022, announcing record shipments.

Andrew Forrest said “The Fortescue team delivered our highest ever December quarterly shipments of 49.4 million tonnes, our best ever half year, grew the mineral and green energy business globally, strengthened our balance sheet, kept costs low, all while maintaining our excellent safety performance.”

Fortescue’s cash balance increased to $4B USD on 31st December 2022, compared to $3.3B USD for the September quarter.

 

Fortescue Metals

 

The S&P/ASX200 markets finished up on Friday at 7,493.8 points, setting a new 100-day high.

The week started at 7,435 points before gaining 0.56% through the week.

Megaport Limited and Liontown Resources were the top performing stocks, gaining 7.22% and 5.19% respectively.

The All Ordinaries closed up at 7,707.5 points.

The top performing stocks were 88 Energy Limited and Develop Global Limited, gaining 18.18% and 12.68%.

 

 

Gold peaked at $1,951.15USD on Wednesday, continuing a 9-month high, and rounding off the week at $1,928.82USD.

Silver stumbled at the start of the week, falling from $24.18USD to $23.79USD on Tuesday, before it rose again to finish off the week at $24.07USD.

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What you missed in the news this week

Hancock Energy has increased its offer to buy Warrego Energy from $0.28 cash per share to $0.36 cash per share, totalling $447m if the offer is approved.

Three of the Four Warrego directors have recommended shareholders accept the deal over an offer made by Strike Energy, offering one Strike share for every Warrego share.

Hancock Prospecting

 

Great Western Exploration will extend its Firebird Gold Project after gold anomalism was found at their Greenstone Belt site, located near Wiluna.

The announcement saw a 4% share price increase for Great Western Exploration to $0.052.

 

Fortescue CFO Ian Wells has announced his resignation in order to spend time with family and friends.

Wells is the ninth executive in two years to resign, not long after Guy Debelle resigned in November last year.

Wells said that despite his resignation, “Fortescue is in a strong position to be able to deliver on short-, medium- and long-term growth options through the Iron Bridge magnetite project, Fortescue’s decarbonisation, and FFI’s (Fortescue Future Industries) portfolio of opportunities.”

Fortescue Metals

 

Everest Metals Corporation’s share price jumped 20.87% to $0.110 per share after an initial drilling program at their Mt Edon mining lease saw positive pegmatite levels, causing EMC  to push to exercise its exclusive farm-in option to acquire the right to 100% interest in the Mt Edon Project.

Chief Operating Officer, Simon Phillips said “EMC is pleased to announce its decision to exercise its right to farm into the Mt Edon LCT Pegmatite Project, subject to Shareholder approval. The company is pleased to have the opportunity to take the next step towards 51% ownership in a project with such an extensive array of pegmatite outcrops over six kilometres. The recent reconnaissance drill program gave EMC the data it needed to commit to the next stage of exploration at this highly fertile pegmatite field as part of the Company’s commitment to its Battery Minerals project development strategy”

 

Lithium Power International has commenced its drilling program at its East Kirup Lithium Prospect this week.

East Kirup is located in the Greenbushes region, Southwest of Collie.

LPI Executive Director, Andrew Phillips said ““The results of this drilling program will be used − along with previously completed environmental surveys − to prepare a CMP to allow drilling on new tracks, the commencement of phase three.

The intention is to hit the ground running in 2023, and we are pleased that the commencement of the program is so early in the year.”

 

The S&P/ASX 200 started off the week slow at 1,178 points before falling to 7,126 points on Wednesday. The market picked up again, increasing 202 points to finish off at 7,328 points.

The All Ordinaries finished at 7,540 points. The top performing stocks where Poseidon Nickle and Andromeda Metals.

 

Gold had a slow rise this week, starting at $1,882.00 USD and rounded the week off at $1,898.90 USD at the close of the ASX.

Silver was more turbulent, falling from $24.30 USD to $23.89 USD on Tuesday, raising again to $24.17 USD on Wednesday, then falling again on Thursday to $23.88 USD before finishing off the week at $23.94 USD.