Australian gold miner Northern Star Resources (ASX: NST) has released its latest quarterly report, revealing mixed results for the March 2023 quarter.

The company sold 363koz of gold at an all-in sustaining cost (AISC) of A$1,813/oz, but faced challenges due to extended mill downtime at its Kalgoorlie consolidated gold mines (KCGM) and Pogo, leading to lower production and impacting the company’s financial outlook.

Production

Northern Star sold 191,031oz of gold at an AISC of A$1,781/oz from its Kalgoorlie production centre, but revised its AISC guidance for Kalgoorlie due to the extended mill downtime from 1,560-1,660 up to 1,700-1,735. The Yandal production center sold 125,072oz of gold at an AISC of A$1,627/oz, meeting its yearly targets.

At Pogo, Northern Star sold 46,978oz of gold at an AISC of US$1,668/oz, but revised down its 2023 gold production targets from 260-290 to 225-240 and raised the AISC due to extended mill downtime.

Despite lower than expected production due to the mill downtime at KCGM and Pogo, the company maintained its FY23 production guidance and expects to recover production in the June quarter.

The operational impacts led the company to revise its FY23 AISC guidance to A$1,730-1,760/oz, up from previous guidance of A$1,630-1,690/oz.

Discovery and Growth

Northern Star is advancing its five-year profitable growth pathway, including investing in organic profitable growth and maintaining a strong balance sheet.

During the March quarter, the company spent A$191 million on growth capital and A$34 million on exploration. The growth capital budget has been revised to approximately A$700 million due to increased waste volumes at KCGM.

Financial

Northern Star has a strong balance sheet with net cash of A$102 million at March 31. The company had the best year-to-date quarter for cash generated at operations, after capex and exploration spend.

Additionally, Northern Star is in the process of completing its A$300 million on-market share buy-back program, having completed 42% of the program which expires in September 2023.

Northern Star also issued US$600 million senior guaranteed notes at an interest rate of 6.125% per annum, due April 2033, demonstrating its strong financial position.

Mill Downtime

Northern Star’s managing director Stuart Tonkin acknowledged the challenges faced by the company during the March quarter due to extended mill downtime at KCGM and Pogo.

Despite the setbacks, Mr Tonkin emphasised the positive momentum and the prospect of improved production across the group, remaining on track for a strong finish to the 2023 financial year.

He expressed gratitude to the Pogo Operations Team for their hard work in repairing the damaged mill motor in a safe, cost-efficient, and timely manner.

Outlook

Northern Star maintains FY23 production guidance, expecting to recover production in Q2 despite the impacts of the mill downtime. The company’s exploration budget for FY23 remains at A$125 million, while growth capital expenditure guidance has been revised to A$700 million due to increased waste movement at KCGM.

FY23 AISC guidance has also been revised to A$1,730-1,760/oz. The managing director remains confident in the company’s future growth, citing its strong balance sheet, experienced management team, and high-quality assets.

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Australia’s mining industry has seen positive results in gold and lithium operations, with three of the country’s prominent miners releasing their March quarterly production reports.

Westgold Resources

Westgold Resources‘ (ASX: WGX) Q3 production highlights saw 60,512oz of gold produced at an all-in sustaining cost (AISC) of $2094 per oz, and the company is confident in exceeding its 2023 financial year production guidance.

Westgold Resources managing director Wayne Bramwell says “our team sees additional opportunities in every one of our mines and the business functions that support them, with a view to growth, are committed to building a safe, profitable and sustainable business into (the 2024 financial year)”.

Gold Road Resources

Gold Road Resources‘ (ASX: GOR) Gruyere mine produced 82,604oz of gold on a 100% basis at an AISC of $1399 per attributable oz, and the mine celebrated the first 1moz of production since it first poured gold in June 2019.

Gold Road Resources outlined its three-year production outlook during the quarter, projecting Gruyere to produce between 335,000-375,000ozpa.

Gold Road Resources chief executive Duncan Gibbs says “our ongoing focus on efficiency and productivity improvements, coupled with a strong focus on people and culture, are reflected in the solid production performance of Gruyere for the quarter”.

Core Lithium

Core Lithium (ASX: CXO) saw operational highlights for the March quarter, with the construction of the dense media separation plant at the Finniss lithium project being completed.

The company also produced its first spodumene concentrate, with a maiden 3500t spodumene concentrate parcel produced and transported to the Darwin port and then shipped to Yahua.

Core Lithium chief executive Gareth Manderson says “the Core team is now focused on ramping up and establishing integrated mining and processing operations”.

Mr. Manderson also noted that commercial agreements for the first concentrate production with Yahua assisted the company’s cash flow management.

The Australian mining industry has always been a significant contributor to the country’s economy.

However, in recent years, the industry has faced numerous challenges, including fluctuations in commodity prices, regulatory changes, and labour shortages.

The COVID-19 pandemic has further exacerbated these challenges, forcing the industry to navigate unprecedented disruptions to its operations.

The positive results in gold and lithium operations offer a glimmer of hope for the industry.

Despite the challenges, these companies have managed to achieve significant production and cost efficiencies, showcasing the resilience and adaptability of the mining industry.

These results suggest that with the right strategies in place, the industry can bounce back from adversity.

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Australia’s largest gold miner, Newcrest Mining (ASX: NCM), reported a dip in gold production in Q3 compared to Q2.

The company anticipates a recovery in the April-June period and expects to meet its full-year guidance.

Amid this announcement, Newcrest has opened its data room to Newmont Mining, which has offered a $29.4b bid for the company.

Newcrest’s interim chief executive officer Sherry Duhe remains optimistic about the future, citing robust gold and copper pricing, favourable exchange rates, and production growth as factors driving improved performance in the final quarter of the fiscal year.

Gold and Copper Production Outlook

Ms Duhe announced that gold and copper production is expected to increase in the April-June period, targeting a full-year guidance of between 2.1-2.4moz of gold.

Gold prices have experienced a 10% rally this year, reaching a recent peak of $2,002 per oz.

Ms Duhe’s optimism stems from continued momentum in gold and copper prices, as well as the company’s ability to achieve its group FY23 production guidance.

Q3 Production and AISC Performance

Newcrest produced 509,637oz of gold in the three months ending March 31, compared to 512,130oz in the October-December period.

All-in sustaining costs (AISC) fell by 7% to $1,012 per oz, leading to an AISC margin of $837 per oz.

The company attributes the decrease in AISC to a higher copper realized price, reduced production stripping expenditure at the Lihir and Telfer mines, as well as lower sustaining capital expenditure at Red Chris, Brucejack, and Cadia mines.

Copper Output and Brucejack Mine Performance

The miner’s copper output for the March quarter declined to 31,148t from 34,564t in the December quarter.

Gold production at the Brucejack mine increased by 29% compared to the previous quarter, following a fatality and subsequent safety review that led to a three-week operational suspension.

With operations returning to full capacity, Brucejack mine produced 70,160oz of gold in the most recent quarter.

Newmont Mining’s Takeover Consideration:

Newcrest has granted Newmont Mining exclusive due diligence access until May 11 to present a binding proposal for the takeover.

The Denver, Colorado-based mining giant has already made two improved offers since its initial $29.4b bid.

The potential acquisition of Newcrest Mining by Newmont Mining would create a formidable force in the global gold mining industry.

Despite a dip in gold production during Q3, Newcrest Mining remains optimistic about meeting its full-year guidance, thanks to expected increases in gold and copper production.

The company also continues to evaluate the $29.4b takeover bid from Newmont Mining, which could significantly impact the gold mining landscape.

Newcrest’s future performance will be influenced by its ability to capitalise on favourable market conditions and successfully navigate the potential acquisition by Newmont Mining.

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The fallout from Russia’s invasion of Ukraine is driving continued strong demand for Australian resources and energy as many Western nations move away from Russia to find alternative sources of supply.

The Australian Government’s June 2022 Resources and Energy Quarterly (REQ), from the Department of Industry, Science and Resources, said international demand has led to a further surge in the price and export value of many of Australia’s resource and energy commodities over the past three months.

At the same time, commodities that are essential for electric vehicles, batteries and the transition to cleaner energy are also experiencing strong demand growth, with the value of lithium exports forecast to more than double by 2023-24.

Overall, the June REQ forecasts Australia’s resources and energy export earnings to hit a record $419 billion in 2022–23, after reaching an estimated $405 billion in 2021–22. Export earnings are expected to ease to around $338 billion in 2023–24, as improving global supply pushes commodity prices back to more normal levels.

The $405 billion estimate for the 2021–22 financial year is down from the March 2022 REQ forecast of $425 billion, due to flooding and weather disruptions in Australia coupled with ongoing COVID-19 issues with Australia’s workforce and shutdowns in China.

Minister for Resources and Northern Australia, Madeleine King, said fallout from Russia’s ongoing invasion of Ukraine had cut global supply and boosted global prices, but Australia has remained a stable and reliable source of resources and energy.

“Australia’s resources and energy sector continues to underpin Australia’s economy and to support international energy security during the global turbulence caused largely by Russia’s invasion of Ukraine,” Minister King said.

“The Australian Government is committed to ensuring that the benefits of Australia’s exports flow through to all Australians, as well as the 303,000 Australians who work directly in the resources sector.

“Iron ore exports continue to be the strongest performer, although prices have eased since the peak in mid-2021. Total iron ore export earnings are estimated at about $133 billion in 2021–22, reflecting a rebound from cutbacks in China’s steel industry in the second half of 2021.

“However, the value of iron ore exports is expected to moderate further in 2023–24, as prices ease toward their historical average below US$100 a tonne.”

Minister King said strong global demand for Australia’s energy, coupled with flooding and weather events at home, contributed to the recent surge in domestic gas and coal prices.

At the same time, earnings from Australia’s LNG exports are estimated to more than double from 2020–21, to reach $70 billion in 2021–22.

The REQ reports that Australian coal export earnings are also estimated to have more than doubled from the previous year to around $100 billion in 2021–22.

Commodities such as lithium, nickel and copper, which are critical to the transitioning cleaner energy sources of energy, have also achieved record high prices. Combined export earnings of lithium, nickel and copper are estimated to have reached about $23 billion in 2021–22, an increase of 39 per cent from 2020–21.

Lithium demand is being driven by surging global electric vehicle sales, which doubled to 6.6 million in 2021. Lithium export earnings are estimated to have reached $4.1 billion in 2021–22 and are forecast to more than double to $9.4 billion in 2023–24.

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Alcoa of Australia has received support to test electric calcination with A$8.6 million from The Australian Renewable Energy Agency (ARENA) and A$1.7 million from Western Australia’s Clean Energy Future Fund (CEFF).

Calcination is the final stage in the alumina refining process and uses fossil fuels, primarily natural gas, to heat alumina hydrate crystals. Electric calcination, when powered with renewable energy, has the potential to significantly reduce carbon emissions. Additionally, electrification of calciners would allow significant amounts of residual energy, currently lost in the atmosphere as steam, to be captured and reused, saving water and negating the need for stacks to vent that steam.

“We are the lowest carbon intensity alumina producer in the world, and we have a technology roadmap of future-oriented research and development projects with the goal to reduce our footprint even further,” said Eugenio Azevedo, Alcoa’s Vice President for Continuous Improvement.

“With this support from Australian governments, we are working on our vision to reinvent the aluminum industry for a sustainable future, which includes advancing projects of global significance for the aluminum industry and its customers.”

While the application of electric calcination is still in the research and development phase, the technologies that support the process are proven. It is one of two research and development projects included in Alcoa’s Refinery of the Future, which intends to unlock decarbonisation at scale by delivering a cost-competitive refinery that will eliminate fossil fuels, as well as reduce freshwater use, and minimize and ultimately eliminate new bauxite residue deposits.

The grants announced today complement the funding support announced in 2021 by ARENA to support Mechanical Vapor Recompression (MVR), another technology that would use renewable energy to recycle low-pressure steam in alumina refining to generate process heat.

When combined with a decarbonised grid, MVR and electric calcination could reduce a refinery’s carbon emissions by about 98% and reduce fresh water use by up to 70%.

The pilot project for electric calcination will include two stages. The first stage will run until the end of 2023 and will involve the study, selection, engineering and testing of technologies.

Subject to satisfactory completion of the first stage, the second portion of the project will begin in the first quarter of 2024 and continue into mid-2026 with detailed design, construction and pilot testing of this emerging technology at Alcoa’s Pinjarra refinery in Western Australia.

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The decision followed the achievement of two central milestones associated with the project:

• completion of the feasibility study, demonstrating solid economics and significant potential for growth; and
• agreement of a risk sharing arrangement with the Australian Government, including through a non-recourse loan under the Australian Government’s $2 billion Critical Minerals Facility, administered by Export Finance Australia (EFA).

Phase 3 will deliver a fully integrated refinery for the production of separated rare earth oxides at Eneabba, north of Peth.

The refinery will be capable of processing rare earth feedstocks sourced from both Iluka’s portfolio and from a range of potential third party concentrate suppliers.

Iluka’s close collaboration with the Australian Government reflects the alignment of the company’s commercial objectives for its rare earths business with the Commonwealth’s Critical Minerals Strategy.

Refinery overview

Iluka’s refinery will produce the high value rare earth oxides neodymium, praseodymium, dysprosium and terbium. These are critical inputs across a range of industries and technologies including electric vehicles, sustainable energy, advanced electronics, medical and defence applications. Eneabba is the highest-grade rare earths operation globally. It currently consists of Iluka’s stockpile of the rare earth bearing minerals monazite and xenotime, as well as the company’s Phase 1 (screening) and Phase 2 (concentrating) plant.

Phase 3 will build on this existing operation to deliver a significant downstream infrastructure asset comprising roasting, leaching, purification, solvent extraction and product finishing.

The refinery will be fed initially from the Eneabba stockpile. Potential future sources of feedstock include Iluka’s Wimmera and other deposits and a range of third parties.

Key State and Federal government environmental approvals decisions for the project have been made and Iluka is currently working towards securing further approvals and regulatory requirements.

Refinery parameters

• Total rare earth oxide (TREO) capacity of 17.5 thousand tonnes per annum
• Construction workforce of ~300 people; operational workforce of ~270 people
• Capital cost of $1,000-1,200 million
• Construction to commence in H2 2022, with first production expected in 2025

The Western Australian Chamber of Minerals and Energy (CMEWA) has welcomed Iluka’s decision to move ahead with the construction of the $1.2 billion rare earths refinery.

The CME said the project will create job opportunities for West Australians and help diversify the local economy.

The Federal Government will contribute up to $1.05 to the project’s development through a low-cost loan to build the project, which is expected to produce up to 17,500 tonnes of rare earth oxides a year, with first production due in 2025.

CME chief executive Paul Everingham said Western Australia was known for its abundance of lithium, cobalt and rare earths, which were all helping to transition Australia to a lower carbon economy.

He said Western Australia had the opportunity to become a major supplier of the critical minerals that are needed in smartphones, electric vehicles, solar panels, wind turbines and vital components in military technology.

“In light of the projected strong growth in demand for products utilising rare earths and the focus from the US, the EU and other key markets on sourcing reliable supplies of these critical minerals, WA is in the box seat to continue to emerge as a global supplier of choice.”

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Managing Director, Andrew Penkethman, said this is a major breakthrough in the development of the project.

“The Ardea team thank the Australian Federal Government and its agencies for the award of Major Project Status to the Kalgoorlie Nickel Project.

“This recognition will assist in advancing the KNP towards development through stream lining the approvals process and providing access to additional sources of potential project funding.

“Globally significant nickel-cobalt projects like the KNP, combined with a benign environmetal setting are a rareity.

“With the award of Major Project Status, Ardea is well placed to provide a significant sustainable and ethical supply chain for the lithium-ion battery sector, from the best resources operating jurisdiction in the World, being Western Australia.

“Ardea look forward to continuing to work with all stake holders as the company continues to advance the KNP.”

Ardea’s Kalgoorlie Nickel Project (KNP) and its sub-set the Goongarrie Hub, revolve around a globally significant series of nickel-cobalt and Critical Mineral deposits which host the largest nickel-cobalt resource in the developed world at 830Mt at 0.71% nickel and 0.046% cobalt for 5.9Mt of contained nickel and 380kt of contained cobalt – located in a jurisdiction with exemplary ESG credentials

Ardea’s KNP development with its 5.9 million tonnes of contained nickel is the foundation of the Company, with the nickel sulphide exploration such as Emu Lake as an evolving contribution to Ardea’s building of a green, forward facing integrated nickel company.

The awarding of Major Project Status for KNP follows close on the heels of a Federal Government announcement that is providing $119.6 million in funding to support the construction of an integrated nickel manganese cobalt battery material refinery hub in the Kalgoorlie region.

Being developed by Pure Battery Technologies and Poseidon Nickel, the $399 million Western Australian pCAM Hub site will become home to a growing workforce with 380 construction jobs and 175 initial permanent jobs from 2023.

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Managing Director, Vincent Algar, said the Project, supported by the grant, enables new critical mineral production through the establishment of an integrated onshore Australian vanadium supply chain for steel and battery markets.

“AVL is delighted to have been awarded this grant from the Australian Government. Our project will create hundreds of jobs in Australia and help to build the critical vanadium industry both locally and internationally,” Mr Algar said.

“We have developed an innovative and collaborative approach to building a fully integrated project, from mine through to processing and end use in the steel and battery markets.

“Our collaborations are allowing us to build a project with unique social and environmental benefits. We look forward to working with our partners to bring the Australian Vanadium Project into production and further develop downstream opportunities for green steel and the vanadium redox flow battery market.”

Mr Algar said collaborating to create an Australian green fuelled vanadium industry will enable AVL to develop the high-grade Australian Vanadium Project in Western Australia. The Project consists of an open cut mine and a crushing, milling and beneficiation plant (CMB) south of Meekatharra and a vanadium pentoxide processing plant located near Geraldton.

Vanadium is on the critical metal list in many countries, including Australia, the United States, Japan and many European countries. It is used in critical aerospace and chemical applications, is a key component in high strength and specialty steel products and has an important and growing use in long duration, safe energy storage applications.

Collaboration

Working with ATCO to incorporate green hydrogen into the Project will fuel the processing of vanadium to a >99.9% pure V₂O₅ product, suitable for the critical mineral and battery markets. The V₂O₅ will subsequently be processed into vanadium electrolyte to fill vanadium redox flow batteries (VRFBs) at the AVL vanadium electrolyte manufacturing plant.

AVL’s vanadium electrolyte manufacturing plant is currently being built in Kwinana, Western Australia. The plant is partly funded through the Australian Government’s Resources Technology and Critical Minerals Processing National Manufacturing Priority Roadmap.

Through AVL’s 100% owned battery subsidiary VSUN Energy, VRFBs will be installed in industries from agriculture and mining, through to residential energy storage and charging infrastructure for electric vehicles. By establishing manufacturing capabilities across both critical minerals and recycling as well as clean energy within Australia, AVL’s collaborative project will create hundreds of jobs, whilst enabling technologically driven solutions towards a low carbon economy.

Working with Bryah Resources, AVL intends to explore the opportunity to process an economic critical battery mineral resource from what was previously a waste stream at the Project. A tailings stream from AVL’s CMB circuit contains sulphides and the base metals cobalt, nickel, copper and gold. This collaboration will provide further downstream critical and battery mineral processing capabilities.

AVL’s business to research collaborations as part of the grant include Curtin University, Queensland University of Technology and Australian Nuclear Science and Technology (ANSTO), enabling AVL to further improve the manufacturing process for high purity vanadium and vanadium electrolytes. AVL is an associate participant in the Future Battery Industries Cooperative Research Centre (FBICRC) and is contributing to their activities.

Critical Mineral Strategy

AVL’s Project is directly aligned with Australia’s Critical Minerals Strategy (2019). There are no currently operating vanadium mines in Australia, despite having the third largest economic vanadium reserves globally. AVL is well positioned for partnerships and offtake agreements with countries that are seeking a secure ultra-high purity vanadium supply required for VRFBs, specialty chemicals, aerospace and defence.

The company will now work with the Australian Government to finalise the legal agreement for the grant, with associated terms and conditions to be agreed upon.

For further information please visit: https://www.australianvanadium.com.au/

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The Agreement is for the supply of up to 150,000 dry metric tonnes (DMT) per annum of spodumene concentrate to be produced at Liontown’s Kathleen Valley Lithium Project in Western Australia and is expected to commence in 2024, representing approximately one-third of the Project’s start-up SC6.0 production capacity of ~500ktpa.

Kathleen Valley is a new, globally significant, lithium development project located 680km north-east of Perth in Western Australia’s premier mining district.

Underpinned by a world-class lithium deposit with a Mineral Resource Estimate of 156Mt at 1.4% Li2O and 130ppm Ta2O5, Kathleen Valley is forecast to initially produce ~500ktpa of SC6.0 spodumene concentrate expanding to ~700ktpa.

The Project also has an integrated and value-adding ESG focus with 60% renewable power at start-up and a strong working relationship with the Traditional Owners of the land (the Tjiwarl). A landmark Native Title Agreement was entered into with the Tjiwarl in November 2021, which provides the framework for collaboration during the development and operation of the Project.

Major construction of the A$473 million project is scheduled to commence by Q4 CY2022 following the completion of a positive Definitive Feasibility Study (DFS) in late 2021 which outlined a post-tax NPV8 of A$4.2 billion and IRR of 57%. The Ore Reserve supports an initial ~23-year mine life, with Liontown targeting further expansions.

Liontown is well capitalised to forge ahead with development of Kathleen Valley following a A$450 million equity raising completed in late 2021.

The company is also evaluating a pathway through the development of a value maximising Lithium Hydroxide Downstream Processing Facility in Western Australia, which is currently at the Pre-Feasibility Study level.

Liontown has been disciplined in executing its offtake strategy for Kathleen Valley, targeting large foundation agreements which aim to deliver diversification both by geographic location and customer position in the global battery value chain, while at the same time retaining some capacity to sell into the rapidly growing spot market.

The Agreement with Tesla is the second offtake arrangement secured for Kathleen Valley following the foundational offtake arrangement with LG Energy Solutions (refer ASX announcement, 12 January 2022).

Together with the LG Energy Solutions arrangement, this means that more than half of Liontown’s planned production is now covered by long-term agreements with high-quality customers.

Managing Director and CEO, Tony Ottaviano, said the company continues to receive very strong interest from a range of parties for the remaining production from Kathleen Valley.

Under the Agreement with Tesla, pricing is determined by a formula-based mechanism linked to market prices for Lithium Hydroxide Monohydrate. Using today’s market pricing, the contract terms would deliver an SC6.0 price outcome for Liontown that is greater than the pricing assumptions used in the DFS.

“Securing our second offtake sales agreement is another fantastic milestone for Liontown towards the development of the Kathleen Valley Lithium Project, and we are absolutely delighted to have signed this agreement with leading EV manufacturer, Tesla,” Mr Ottaviano said.

“Tesla is a global leader and innovator in electric vehicles and having it sign up to become a significant customer is a tremendous achievement and another huge vote of confidence in the quality of the Kathleen Valley Project.

“This means that we now have two of the premier companies in the global lithium-ion battery and EV space signed up as foundational customers, marking a significant step towards realising our ambition to become a globally significant provider of battery materials for the clean energy market. Our shareholders should be proud that future Tesla cars will be powered by Liontown lithium.

“We look forward to working with Tesla as long-term partners for many years to come.

“We are also continuing to progress discussions with additional potential customers for the remaining available production and we are looking forward to announcing additional arrangements in the weeks ahead as we continue to implement our strategy to develop the project and deliver value for our shareholders.”

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Managing Director, Chris Evans, said Winsome will utilise the funds for an intensive exploration and drilling campaign at its projects in the James Bay region of Quebec, Canada.

The company will concentrate its efforts on establishing a maiden resource of high quality spodumene concentrate that is suitable for conversion across multiple battery applications.

Winsome currently has three wholly owned projects – Cancet, Adina and Sirmac-Clappier. The most advanced project, Cancet, provides a shallow, high-grade lithium deposit and is located close to established infrastructure and supply chains.

“Current trends show up to 10 times more lithium is required in the next decade to meet the demand and it is going to require a huge investment to get there,” Mr Evans said.

“With more than 99 per cent of the world’s lithium reserves located in Australia, Argentina, Chile and China, our projects offer jurisdictional diversity and opportunity to contribute to the expanding North American battery industry.”

Quebec is noted as one of the world’s most supportive, lowest risk mining regions, renowned for its world-class infrastructure and support for mining developments. It is at the forefront of the North American push to develop its own EV battery supply chain, with lithium being one of the key base ingredients needed to make this happen.

For further information please visit: https://winsomeresources.com.au/

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