The 5 most interesting mining deals this week

Right O money wise. I'm looking forward to the weekend. Ellie, are you? Sure. And happy Friday, OK. Friday, happy Friday and I think we we joined forwards excellent interview going live yesterday. I I actually reckon that the late quarterly reporters out there thought they would get away without a name and change. No, no, no, absolutely not. Never fear, Ellie. We, we're, we're rolling it out today. We, we, we never forget. We never forget. And I'm gonna try my luck with

the new segment myself. I'm. I've been thinking about some of the deals I've seen in the last week. There's five of them. And I just keep thinking about them so much. And I thought I'd rapid fire and just tell you why they're still interesting to me. The top five deals a week. And spoiler, I actually think I got a bit too interested in one of them, namely the one in a trading hall today. But first, Ali, I want you to picture something, OK?

Imagine you're the kind of minor that truly cares about your workers, but you're picturing it. I'm picturing it. Yeah, you're not. You're not the kind that's all talk, but the kind that really gives a crap. You're you're growing production, you're bringing new minds online. It's time to show your workers that you care with the quality of facilities they get while working away.

Don't install boring donners or a boring camp or you know, some dry boring place for people to just sleep and exist. Doesn't sound very fun. Make the accommodation as comfortable as possible for the time you workers are away from their families. This is where grounded comes in. The legends are grounded. Don't just install, they design these things. Up they do. No, they're full service from concept to completion and the

design side is super impressive. The handle conceptual design, feasibility studies, detailed renders, DA preparation and submission and building perm applications, or just to name a few. Your life is easy when when your work is a living in a five star resort in in the Bush, Ali, that's like this is a five star FIFO camp. That's what this is. You need to review on these things like Google reviews. If if you Google reviewed grounded camps, they'd be that'll be 5 stars.

These are five stars. You can even check out a few. I mean you've got the the Rockley Palms 1 they did for Rio Tinto 262 new double Storey accommodation. The one I it's a particular favorite of mine is the Christmas creep at Fortescue. They put in an additional 200 rooms but my favorite bit they added a brand new Wellness centre with a massage studio, a hair salon and yoga. That is so cool. I love that you're ever going to go FIFO, Ally. I think I know which which.

Companies, you've got to check that there's a. Join Ford SQ in requesting Christmas Creek. Yeah, I've. Got I'm going to need somewhere to do my reformer plan. Love it to care about your workers. Prove it. Get grounded to make their life better. Go grounded. All right, Ally. So I've got some, I've got some, some deals that have piqued my interest over the last few days. I thought, I thought I'd, yeah, just wrap it into a bit of a segment.

And normally when there's a deal, we do a like a, a relatively thorough breakdown. But today I just wanted to RIP through, you know, a few of the ones that that over the last few days I've just found, like, pretty damn interesting. What's top of your list, Trev? What's #1.

The Alkane Mandalay merger, I know JD talked about this already the day it came out, but I keep, I just keep thinking about it. It's it's, it's actually a really interesting deal to me. Both Alkane and Mandalay, they're in that subscale kind of producer cohort. So it's it's easy to overlook them.

This is a new premium merger. The pro forma is a billion dollar company and they're going to produce 160,000 ounces of gold in 2025. The tie up kind of catapults them just from a production perspective into a different, completely different P set that warrants kind of new eyeballs. Yeah, you know, they kind of move out of the the category of peers that are all, all in that kind of subscale production when you're doing your, you know, you go producer peer comps.

So like there's a there's a smaller scale production cohort with like blackout maker, you know, Bacon, Kingsgate, those guys that don't get as much attention and they'll they move into that peer group. It's like Bellevue, Ventura Catalyst or Banda. It's on, it's on. It's honestly what their performing production is. It's going to be more than Capricorn and Emerald, but obviously different unit costs and growth outlook. So not, not visa fee, but I just, I've just found it

interesting. These are a bunch of small mines that are in the portfolio. Small mines are typically high cost, high cost equals leverage. So, you know, it's not like it's, it's not a simple story. It's definitely like, you know, there's a lot of stuff going around. But, but I, I still find it interesting that production profile is, is it's now more than respectable and to get like a, a new premium deal over the line. I think it, it works for all shareholders of both companies.

That's why I'm a fan of it. I'm kind of curious if someone tries to to to interlope in some way now that Mandalay is, is effectively in play without a, a new like with a new premium in this merger, someone could come in if they wanted to, to pay a, you know, a premium. Yeah, OK, Lots of goldies want growth, right? And and here he's here.

He's here's something you don't you don't need to pay too much of A premium to get it it. But you know, the the other side of that argument of it being a target for an intellect bro, like this is a merger of vehicles with with minimal premium cross cross-border with a bit of, you know, lagging and currency risks. So there's there's a fair bit higher up the execution difficulty difficulty curve for someone to really try to get it get in the way here.

Warranty into like fascinating and #2 you've got resolute buying Cote d'ivo growth projects from Anglo Gold Ashanti, so a bit of a move away from Mali. Mali's Mali's been Mali's. Been tricky for Resolute but this one really caught my attention yesterday. It looks a a really interesting deal. So Resolute they've they've purchased Anglo Gog's development projects in Cote d'Ivoire, namely Deropo and ABC project. They're only paying USA $150

million in staged payments. There's a royalty on the earlier stage 1 and a small, small contingent in in addition, but Deropa is the more advanced project of of the two. And this came into Anglo Gold's portfolio via the acquisition of Sentiment last year. Sentiment's got that giant mine in Egypt and this was the development project that was less interesting clearly to to Anglo Gold.

What, what, what the DFS was done on Deropo just last year in 2024, which showed 167,000 oz production profile for 1010 years. And the CapEx is it's like it's decent CapEx right US $400 million. But there's there's quite an interesting project here to just to my eyes and it doesn't scream out of this world inexpensive price to be to be paying for a pretty respectable production profile. Yeah, fascinating. Don't know. What you thought of it, Al?

I actually, I just caught up on it now, so I'm learning about it just as we speak. So no. I think it's in a part of Cote d'Ivoire that that, yeah, like it's, I mean, Cote d'Ivoire is one of the more attractive countries to operate, but there's variation in different parts of the region. I'm not quite sure if this is the, you know, the simplest part of Cote d'Ivoire to operate in.

However, on paper, like I'm pretty interested in this deal and I think it's a really interesting move by by Resolute, you'd you'd have imagined that that like Anglo Gold would have run a process to to sell this. But the way that this came out, there was like a swap of tenant like resolutes tenements in Guinea. That was kind of part of it all. It screamed a bit bilateral, which if it was bilateral, that's a pretty cool outcome for for Resolute, but you would have

imagined there was a process. But anyway, I just find it interesting. Takes me to my third deal, Ally. This is a very funny 1 I think. Yeah. So we're pivoting now to TIN. Tin and Morocco. So Atlantic tin is getting acquired by Zhengy. Inner Inner Mongolia, they're called. This is hilarious for a couple of reasons.

Atlantic TIN is what became of the old ASX listed Kasbar resources for the people that are rolled enough to to remember Kasbar that was working on developing A-Team project in in Morocco. And when when that stopped being listed on the ASX and I'd have to do my research to to understand all the history there effectively became majority controlled by Parlor. And now that there's a a deal in place for the project to be sold to Genie in in Mongolia for what

is a total equity value of $98,000,000 cash, The fascinating thing about the announcement that's popped up, it reveals the premium to last traded price is a. Last traded price was about five years ago though. 1500% those lucky Casbar shareholders who maybe they, I know, I know some of them are a bit grumpy, but some of them probably thought there's, there's, there's, there's there's no light at the

end of the tunnel. There's a yeah, I think, I think some of them are still pretty, pretty frustrated. But regardless, that's a, that's an astounding, an astounding premium to ever say even though that was five years. Ago. Don't say that everyday you don't. Oh. Love it #4 Ellie this. Ever got?

This was Tabani, yeah. The the, you know, African gold developer, they, they announced this financing from Eagle Eye Asset Management. They basically merged with a strategic equity investment from Eagle Eye of around $15 million plus a non binding intention for USA, $160 million debt facility non binding. So you can't take up a grain of

salt. But regardless, it is interesting because this family office Eagle Eye Asset management, they keep popping up everywhere on African Development. What other? What other projects are they? Companies are getting involved. Massive shareholder of Canyon, massive, massive shareholder of, of Prospect Resources. And now, now to Barney. But it's I, I talked about it on the party the other day. It's, it's this bit like family office based in Singapore.

And while not explicitly stating it's the family office of Gareth Gupta, it appears to be Gareth Gupta's family office. Yeah, that, but you know, like those three companies that, that that's the spread of bauxite, copper and gold in three different African countries as well. So there's a lot of diversity to what they're doing, but I'm kind of interested in their strategy and what they're doing and, and why and the decisions they're making.

So 11 I'm keeping an eye on. And to Barney, they've had a nice recovery after wearing a lot of the collateral damage from, you know, the drama that that unfolded, especially in relation to to resolute in in Mali. The share price is ticking back towards kind of levels where it saw in in November last year. Yeah, it's pretty, pretty much almost back there now. So you know there'll be an exciting one to watch. And the fifth one Ally got gold Rd. goldfields. I I am oops on this front.

I don't, I don't know if I don't know if I caused this, don't know if it was if it was me, but Friday morning our our daily e-mail. So this morning the director special goes out 8:28 AM per time, 9 minutes later, 8:37 AM per time Gold Rd. pauses trading. How those things related. I included a rumour in in our daily e-mail, the director special that Gold Rd. may have received a best and final offer from Goldfield's a few days ago.

And in Gold Rd's trading halt, they reference, they reference trading holders requested following media speculation regarding a potential change of control transaction. And the second point is that they'll come out of trading halt on or before market open on Tuesday next week by provision of an announcement to ASX regarding the corporate transaction. I don't think there was any other reporting on this rumour. I'm not sure, I'm not sure how

to feel about this one. But it looks like just the way that they were. It looks like there was certainly some, some, some some degree of truth to that rumour. Because you would, you would not, yeah, your strategy would be different if it wasn't true to this. You kind of, you would just rebut the market rumours. If it was just something that newsletter that was wrong, you probably wouldn't even feel the need to make an ASX

announcement, to be honest. So I feel like if, if it was the newsletter, my rumour, I don't know how I feel about that one. But regardless, the, it appears there's actually a deal in motion. And, and you know, my, my base case is I expect to see revelation of what that deal is whenever they come out of trade, be it Monday or Tuesday.

Yeah. And if there is something sort of seems to be coming along the way, it's hopefully it's a great outcome for for both sets of shareholders. So we'll have to wait and see. Indeed, Ali, indeed, Speaking of great outcomes for shareholders, how about the how about the companies that reported at like 7:00 PM on, on the 30th of April, the quarterly report? The old quarterly name and shame segment. So you're right Trevor is that

time of year again. So for those who aren't super familiar, mining companies like non producers have to put out their Appendix 5B, which is basically their quarterly report or no later than the last day of the month following the completion of reporting quarter. So in this quarter's Case, No later than the 30th of April for the court ending 31st March.

And and naturally, you know, there is a bunch of companies that leave this quarterly report, you know, to be released on a six to the last day possible. But then there's also a a cohort that leave it to the absolute latest on the last day possible. You know, aftermarket. The, the thing that baffles me is it there is no, it is not a surprise or some sort of new revelation that mining companies have to report by a certain time each quarter.

So I I don't understand why some companies leave it so late. Perhaps that's just life. Doing what? Ali I don't know, The repeat offenders pop up time and time again. I actually think they're doing it for the marketing now, like maybe. Who knows who knows, but let's let's get into it. Let's let's do I'm going to do a a a rapid fire on on the top five and the the next 5 after they will get a special meeting.

All right. I'll kick it off Ally. 7:16 PM Vertex. This was the the latest of all of them $40 million market cap Gold Co. It looked like they've been keeping busy at their reward gold project in NSW, refurb their 110,000 tonne per annum Gecko gravity gold plant, plant commissioning commenced and they've started producing from their stockpile. Why did they report at the last minute if they've got something to update? I'm confused. They've actually commenced underground mining development

at reward. Interesting. Yeah, so I would hope that they are using some Sandvik Ground support when they're doing the underground development there at Reward. It's the only name you need to know. You can get a whole ground sport kit and kaboodle sorted for you by Derek, Kurt and the legendary team at Sandvik Ground Support. That is the absolute bare minimum you need to be doing Ali if you're underground mining and if you're if you're bare minimum you need to be doing is

reporting on time. Bare minimum you need to be doing is using DSI or Britain's Sandvik ground support and getting in touch with Derek Kerr, the legendary team that is there because they have split sets, mesh, POSI box, NB, Xbox dynamic support, static support and heaps more. Trav's even got the T-shirt on today. Have a flick around Travis. Show the money miners what's on the back of your shirt. It says on there for the audio views. We keep people safe.

What more could you want? I feel safe wearing it, Ali. Keeping your ground and people safe. Go Sandy, go Sandy. Actually I just, I just figured out why they probably reported at the very last minute Ali, they're, they're gone mining with only $1.4 million cash left at the bank so. Yeah. So hopefully some of the, hopefully some of the proceeds from processing the stockpiles can keep them going. But yeah, it sounds like they've been quite, quite busy.

Second one, this is a previous offender last quarter, Anika Tambang. I hadn't really heard of this company before. They look like a big Indonesian miner sort of producing and processing a range of different commodities. It sort of appears like their main listing is on the Indonesian Stock Exchange and they've got like some sort of a smaller listing on ASX looks like around like a 4 billion market cap, Aussie dollar equivalent. So not the usual sort of, you

know, company we say in this segment. 707 Alpha Minerals, precious based metals mineral $5 million market cap, some Brazilian expiration assets only had 400K in the in the bank at the 31st of March. From the 31st of March onwards, they've they've, they've, they've done a letter of intent with Pan American Silver Corp. They've you know, they're doing some doing some DD on that asset.

They did a bit of an entitlement off our and top up, but yeah, just a just another just another junior keeping busy updating, updating shareholders, raising a bit of money to keep the lights on and reporting light. Seven O 6 horseshoe medals, so another exploration minnow about 11,000,000 market cap. This is like the fourth time they've been on this. List, yeah, I think they've come up a few times.

So they're focused on very commencing development activities at their Horseshoe Lights Copper Gold project in WA. I signed a deal with Melody Gold for the right to process certain sort of gold surface materials at Horseshoe. They're continuing to pursue early cash flow opportunities from DSO, sales of existing copper stockpiles and discussions with copper con off tech partners. I sort of look through the last few quarterlies that that's sort of been mentioned in all last.

It seems to be going on for a while basically. What hasn't been going on for a while is that that $4 million con note that was I think that was announced like aftermarket on a Friday one week during the quarter. And it's a bit gnarly in my opinion. Yeah. And then they are also doing a strategic review of the Glenloth Gold project in SA, which is next to Barton Gold's tongue, Killia. 7:02 PM Paterson Resources Gold Explorer out in the Paterson province of WA.

Name suggests it's all very light on the news front. Only one project related announcement in the six months, which is a Geocam test test work result last week. Quarterly reports. Pretty light on too. What really matters here, $2,000,000 in the bank, probably way up a little late. Special mentions Ali. Who have you got? Alrighty, we got 657 Helix Resources, 656 Rarex 653M3 Mining, 650 Ascari Metals and 647 Macro Metals. Alright.

Get your reports in earlier next time please, Companies I. Think I did suggest last time a carrier pigeon or I think I provided a, a, a YouTube guide link on how to set outlook reminders so that I'm sure there's a whole range and other tools and that. So try and try and improve a bit better next quarter, guys. I reckon, I reckon, I reckon the call to action is, is very valid and I'll, I'll be looking into that carrier fridge and process inside the next reporting

period. But I want to thank our partners much more promptly than than a carrier pidgeon would. Who have we got Ali, our wonderful partners mineral mining services, We've got, we've got a conference, GRX conference by the way too. If you want to head to that. We've got a discount code in the show notes for you to use to get like nearly 200 bucks off the tickets.

You may as well do it. It's it's in Brisbane on the 20th of 22nd of May 19. Get around it grounded wonderful, wonderful partner Sandvik ground support. The only support you will ever need CRE insurance, K drill, KCI site services, black diamond drilling services, S consumables, cross boundary energy, WA water borders, the premier water well drilling company and Quattro project engineering. Don't get around all of our partners, Ellie. Pedro, Pedro.

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