9th January 2026 Australasia Newsletter
9th January 2026 Australasia Newsletter
Mergers & Acquisitions
Sphere buys into Indonesian nickel
South Korea’s Sphere Corp will acquire a 10% interest in Nickel Industries’ (ASX: NIC) 44%-owned Excelsior nickel cobalt (ENC) high-pressure acid leach project in Indonesia at a US$2.4 billion valuation. Sphere is one of the global key vendors supplying special alloys to aerospace company SpaceX, recently announcing a 10-year supply contract valued at around US$1 billion to provide high-performance nickel and superalloys for SpaceX’s rocket components. Sphere will offtake its 10% share of nickel as cathode and has entered into an offtake agreement, at market price, for further volumes above its 10% ownership share. Nickel Industries said qualification of ENC nickel cathode through Sphere may open new potential supply opportunities in the North American aeronautical and aerospace markets.
Vox buys Stockman royalty
Vox Royalty Corp (TSX: VOXR) has agreed to acquire an existing royalty over Aeris Resources’ (ASX: AIS) feasibility-stage Stockman copper-gold-zinc-silver project in Victoria in a deal worth up to A$15 million. The royalty is a 1.5% net smelter return royalty, reducing to 1% after 9Mt production. Vox will pay IGO (ASX: IGO) A$5 million cash at closing and A$10 million deferred, based on cumulative production milestones, payable in either cash or stock at Vox’s election.
Boab ups stake in Sorby Hills
Boab Metals (ASX: BML) has exercised its option to acquire Yuguang’s interest in the Sorby Hills silver-lead project in WA. Boab will pay A$12.5 million for Yuguang’s 25% interest, taking its stake in the project to 100%. Boab recently made a final investment decision on Sorby Hills and is targeting first production in H2 2027.
Juniors to merge
MinRex Resources (ASX: MRR) and Electrum Discovery Corp (TSXV: ELY) have announced a merger of equals to create a A$28 million explorer listed on the ASX. Electrum shareholders will receive 7.9 MinRex shares for each Electrum share held. The deal will combine Electrum’s Tlamino gold project in Serbia, which has a resource of 670,000oz at 2.9g/t AuEq, and MinRex’s Sofala gold project in New South Wales, which has a resource of 350,000oz at 1.6g/t gold.
Capricorn does bolt-on acquisition
Capricorn Metals (ASX: CMM) has entered into a binding agreement with Tempest Minerals (ASX: TEM) to acquire the Yalgoo project, north of Capricorn’s Mt Gibson development project in WA. Capricorn will pay A$4.5 million in cash and shares with deferred consideration of up to A$1.5 million due on the achievement of certain project milestones.
Financings
Kingsgate secures loan
Thai-focused gold miner Kingsgate Consolidated (ASX: KCN) has entered into definitive documentation for a new US$25 million standby loan facility with Nebari Natural Resources Credit Fund II. An initial US$10 million drawing from the new facility and cash proceeds of around US$21 million equivalent will be used to refinance Kingsgate’s existing US$31 million loan facility. Following the refinancing and initial drawdown, Kingsgate’s total borrowings will reduce by 68% from A$47 million to A$15 million.
WAK refinances
WA Kaolin (ASX: WAK) has refinanced its existing debt facilities, totalling approximately A$20.4 million, extending the maturity date by 12 years to December 2037, with repayments starting from June 30, 2027. The company has also secured a new A$1.5 million loan from Wamco, an associate of WA Kaolin managing director Alf Baker and 10.7% shareholder Silver Tropic, to support operational growth and working capital requirements. WA Kaolin has executed a binding offtake agreement for the 2026 calendar year with Dak Tai Trading worth around A$8.6 million.
Aeris upsizes SPP
Aeris Resources’ (ASX: AIS) proposed A$10 million share purchase plan has closed with the company receiving applications for A$21.5 million. Rather than scaling back applications, the copper producer chose to upsize the offer.
Rox raising oversubscribed
Rox Resources (ASX: RXL) closed its SPP after receiving applications for A$24.4 million worth of shares, well above the A$10 million sought. The company decided to upsize the offer to A$18 million. The company used part of the proceeds to purchase gold put options to cover approximately 50% of forecast production from the Youanmi gold project in the 2028 financial year. Rox purchased gold put options covering 40,400oz for A$9.7 million with a leading Australian bank to provide cashflow protection during the first full year of production at Youanmi. The put options have a strike price of A$5700/oz, A$500/oz above November 2025 DFS gold price assumption of A$5200/oz.
Lion One receives investment
Fiji-focused gold developer Lion One Metals (TSXV: LIO) has entered into a subscription agreement with Australian specialist mining investment syndicate Arete Capital Advisory for a C$15.05 million placement. Arete will subscribe for 44.2 million units at C34c per unit, with each unit consisting of one common share and one share purchase warrant, enabling Arete to acquire one share at a price of C39c within three years. The placement gives Arete 9.9% of Lion One.
Kalamazoo raising $10M
Kalamazoo Resources (ASX: KZR) has received firm commitments to raise A$8 million at A17c per share, a 16.4% discount. The company has also launched an SPP to raise up to A$2 million. The funds will be used for the Mt Olympus prefeasibility study, resource delineation and exploration drilling, and general working capital.
Iron Ore Headlines
Fenix reports record quarter, releases scoping study
Fenix Resources (ASX: FEX) reported a record 1.2 million wet metric tonnes of iron ore shipped in the December Quarter. The company reconfirmed FY26 guidance of 4.2-4.8Mt. Fenix closed December with A$79 million in cash at bank, representing a cash build of A$21 million, net of capital expenditure, debt repayments and taxation costs. Fenix added further hedging contracts above A$150/t, taking its total hedge book to 840,000t at A$151.09/t. The company also released a scoping study on an expansion of the Weld Range iron ore project in WA. Production from Weld Range will ramp up from 6Mtpa in 2028 to 10Mtpa by 2031 with operations continuing through to 2042 with C1 cash costs reducing to around A$55.40/wmt free-on-board Geraldton, a 27% reduction below the midpoint of Fenix’s FY26 guidance of A$70-80/wmt. The mine’s all-in breakeven price at a CFR 61% iron ore index price is around US$67/dmt, including royalties and sustaining capital expenses. The project has a pre-tax NPV10 of A$1.2 billion with a pre-tax IRR of 60% and payback period of 2.6 years based on an iron ore price of US$85/t.
Majors award contracts
Engineering company Monadelphous Group (ASX: MND) has been awarded a A$250 million multidisciplinary contract by Rio Tinto (ASX: RIO) for a new primary crusher and overland conveyor at the Brockman Syncline 1 iron ore development in WA, and a A$175 million construction contract from BHP (ASX: BHP) associated with a car dumper project at Finucane Island in Port Hedland. Fellow engineering firm Civmec (ASX: CVL) won A$400 million in contracts from BHP for the port debottlenecking project 2 at Nelson Point, Port Hedland, and from Fortescue (ASX: FMG) for the construction of light mobile equipment and support mobile equipment charger facilities and pit power infrastructure at the Eliwana and Flying Fish mines in the Pilbara.
Gold Headlines
Northern Star lowers guidance
Northern Star Resources (ASX: NST) said December quarter gold sales were impacted by a number of isolated negative events across all three of its production hubs in WA and Alaska. Total sales were around 348,000oz of gold, resulting in 1H FY26 gold sales of roughly 729,000oz. The company has revised its annual production guidance to 1.6-1.7Moz, from 1.7-1.85Moz. Northern Star will release its full quarterly report, including any impact on cost guidance, on January 22.
Newmont’s Boddington impacted by fire
Newmont Corporation (NYSE: NEM) has updated the market following a December bushfire surrounding its Boddington mine in WA. The fire began in mid-December and was contained by December 28 but remains active. Boddington was suspended on December 24 and site inspections on December 28 confirmed that critical infrastructure remained secure and undamaged. However, damage to a portion of the site’s water supply infrastructure has been identified. Mining and processing operations have resumed, but the plant will run at reduced rates of 50-60% until the main water supply infrastructure is restored. There was no impact to December quarter production but Newmont flagged a March quarter impact of around 60,000oz.
Record cash and bullion build for Regis
Regis Resources (ASX: RRL) reported group gold production for the December 2025 quarter of 96,600oz, bringing total group gold production for the first half of FY26 to 186,900oz. That led to record cash and bullion build of A$255 million, after the payment of A$38 million in dividends, resulting in a record cash and bullion balance of A$930 million.
Strong quarter for Greatland
Greatland Resources (ASX/LSE: GGP) has reported December quarter production of 86,273oz of gold and 3528t of copper from the Telfer mine in WA. Sales were 72,212oz of gold and 3301t of copper. The company had cash of A$948 million at December 31, representing a cash build of A$198 million after capital expenditure and a one-off payment of A$46 million in stamp duty.
Ramelius on track
Ramelius Resources (ASX: RMS) reported December quarter gold production of 45,610oz, weaker than the September quarter but keeping the company on track to meet full-year guidance of 185,000-205,000oz. Underlying free cashflow for the quarter was A$67 million before the FY25 Income tax payment of A$118.2 million and the payment of A$60.3 million of dividends. Ramelius reported a cash and gold balance of A$694.3 million as of the end of December.
Waihi North approved
OceanaGold Corporation (TSX: OGC) has received the permit approval for its Waihi North gold project in New Zealand, which includes the high-grade Wharekirauponga underground mine. The permit approval includes the development of WUG and the associated surface infrastructure, expansion of the current processing plant and water treatment plant and construction of a new tailings storage facility. The company awarded a A$200 million underground mining contract to Develop (ASX: DVP).
Strong half at Capricorn’s Karlawinda
Capricorn Metals (ASX: CMM) reported December quarter gold production of 30,476oz from the Karlawinda gold project in WA, taking half-year production to 62,794oz. The operation is on track to achieve the upper end of FY26 guidance of 115,000-125,000oz at AISC of A$1530-1630/oz. The company’s cash and gold on hand at the end of December was A$444.2 million, representing a cash build of A$88.8 million before total capital expenditure of A$39 million at Karlawinda expansion project and Mt Gibson gold project.
Bellevue on track
Bellevue Gold (ASX: BGL) reported December quarter gold production of 32,000oz, with production impacted in December by a safety incident and delays in accessing a high-grade stope. Bellevue remains on track to meet FY26 production guidance of 130,000-150,000oz. Free cashflow before voluntary future hedge book pre-deliveries but including the 4700oz of December 2025 quarter contracted hedge book deliveries, was roughly A$62 million. Following the pre-delivery of gold into forward sales contracts, cash and gold on hand increased by A$9 million to A$165 million.
Black Cat hits 100,000ozpa run-rate
WA gold miner Black Cat Syndicate (ASX: BC8) has reported record December quarter gold production of 25,437oz, hitting a 100,000oz per annum run-rate for the first time. Paulsens gold production increased by around 20% quarter-on-quarter, exceeding the outlook, while Kal East gold production increased by 26%. Group gold sales totalled 17,485oz at an average realised price of A$6325oz, generating gross revenue more than A$110 million. The company had cash, bullion and listed investments of A$91 million at the end of December. Ore stockpiles at the end of December stood at 118,000t containing 6100oz of gold.
Kaiser Reef builds cash
Kaiser Reef (ASX: KAU) has reported December quarter production of 6946oz of gold and 6526oz of silver from the Henty mine in Tasmania. The Maldon mine in Victoria, which was suspended during the quarter, produced 715oz of gold. Kaiser’s cash balance increased by A$13.7 million to A$43.1 million and its gold loan reduced by 312oz to 1040oz.
Brightstar downgrades November production
Brightstar Resources (ASX: BTR) has received the final reconciliation for its November processing campaign, resulting in reconciled production and sales of 4652oz of gold, lower than the previously reported unreconciled number of 6300oz. Recoveries fell from over 90% to 75% due to sub-optimal leaching conditions due to an increased proportion of pyrrhotite-bearing ore from the Fish underground mine. “Whilst this is an unfortunate setback to the November processing campaign, all stakeholders remain confident that optimal conditions in future processing will see a material lift in recoveries in line with historical processing data,” Brightstar managing director Alex Rovira said.
WGR makes decision to mine
The board of Western Gold Resources (ASX: WGR) has made a formal decision to mine for the Gold Duke project in WA. Pre-mobilisation and operational readiness activities are well advanced and are expected to continue in parallel with mobilisation and site establishment in the first quarter of 2026. Ore will be toll treated through Wiluna Mining Corporation’s mill, 46km from Gold Duke. The company updated the resource to 4.8Mt at 1.8g/t gold for 277,000oz.
Image reports maiden resource
Image Resources (ASX: IMA) reported an inferred maiden resource of 2Mt at 2.1g/t gold for 139,000oz of gold for its Erayinia/King gold project located in the Eastern Goldfields region of WA. The deposit is relatively shallow, in oxide and transitional material, making it amenable to conventional open pit mining methods
Copper Headlines
Aeris receives development consent
The NSW Department of Planning, Housing and Infrastructure has granted development consent for Aeris Resources’ (ASX: AIS) Constellation project. The project, which has a reserve of 2.3Mt at 2% copper, 0.6g/t gold and 3g/t silver for 47,000t of copper, 49,000oz of gold and 228,000oz of silver, will provide feed for the Tritton plant, 45km to the southwest.
Austral beats guidance
Austral Resources Australia (ASX: AR1) has reported copper production for December of more than 910t, marking the highest production since the company’s restructure in 2023. That was despite extreme weather events in North Queensland. December quarter copper production exceeded budget and the published guidance of 2610t, coming in at 2643t.
Artemis expands copper footprint
Artemis Resources (ASX: ARV) has signed an earn-in and joint venture agreement with Red Metal (ASX: RDM) over the Sharon Dam iron oxide-copper-gold target in WA’s Madura Province. Artemis can earn 60% of the project by spending at least A$5 million within three years, inclusive of an initial commitment A$400,000 for drilling, supported by a government drilling grant of A$220,000.
Critical Minerals Headlines
Vale suspends nickel mining in Indonesia
Vale’s Indonesian subsidiary reported that it had not received approval to produce nickel this year. “This condition results in the company not being legally permitted yet to carry out mining operational activities at this time,” PT Vale Indonesia said. The company has suspended mining but said it expected to receive the permit in the “near future”.
Greenbushes expansion hits milestone
IGO (ASX: IGO) announced that Chemical Grade Plant 3 (CGP3) at the Greenbushes lithium operation in WA, a joint venture with Ganfeng Lithium (HK: 1772) and Albemarle Corporation (NYSE: ALB) has started commissioning on schedule with first ore feed through the plant on December 18. CGP3 has a capacity of approximately 500,000tpa of spodumene concentrate and will take Greenbushes’ total production capacity to approximately 2.1Mt of spodumene concentrate.
EQ boosts production
EQ Resources (ASX: EQR) announced it had produced 38,292 metric tonne units of tungsten in the December quarter from its operations in Queensland and Spain, a 33% increase quarter-on-quarter. The company said the Fastmarkets Ammonium Paratungstate CIF Rotterdam/Baltimore low-price was US$825/mtu on December 26, 2025, a 42% increase quarter-on-quarter, increasing to a record US$900/mtu on January 2, 2026.
Alligator completes pilot plant
Alligator Energy (ASX: AGE) hac achieved practical completion of the pilot plant for its Samphire uranium project in South Australia on time and under budget. The company has started final pre-operation activities with field recovery trials to begin in February. The results will feed into the Samphire bankable feasibility study.
Gold Drilling
Charger Metals (ASX: CHR)
Reported a new discovery called Xmas at the Lake Johnston lithium and gold project in WA. The discovery hole returned 12m at 6.55g/t gold from 132m, including 4m at 16.9g/t gold and 8m at 1.57g/t gold. The Xmas soil anomaly covers an area of approximately 1.8km by 1.7km and contains five gravity and magnetic targets. The area is underexplored with no historical RC or diamond drilling within 1600m of the discovery hole.
Southern Cross Gold Consolidated (TSX: SCGC/ASX: SX2)
Announced results from four drillholes at the Sunday Creek gold-antimony project in Victoria. The best results included 12.2m at 32.4g/t gold from 447m, including the highest individual gold assay to date of 0.2m at 1050g/t gold at Golden Dyke. The intercept ranks as the 15th best composite hit across the entire project. Two additional samples exceeded 250g/t gold: 0.35m at 259g/t gold, plus 1.45% antimony, and 0.18m at 301g/t gold, plus 1.52% antimony, all within a high-grade core of 3.1m at 126.6g/t AuEq.
LinQ Minerals (ASX: LNQ)
Reported a hit of 144m at 1g/t AuEq from 84m from the first hole at the Dam, 600m west of the Gidginbung pit at the Gilmore project in New South Wales. The hole was a step-out of a hole 110m along strike south from a previous hole which intersected 167m at 1.87g/t AuEq.
Waratah Minerals (ASX: WTM)
Reported new assay results from two diamond holes at the Spur gold project in New South Wales. At the western and central extensions of the Spur Zone, a hole returned 11m at 2.86g/t gold from 33m; 7.5m at 6.24g/t gold from 63m; 15.1m at 0.82g/t from 395m , including 7.1m at 1.18g/t gold; 13m @ 1.29g/t gold from 461m, including 2.9m at 3.14g/t. At the southern end of the Spur Zone, another hole highlighted down-dip and down-plunge potential, returning 8m at 2.66g/t gold from 270.8m.
Kairos Minerals (ASX: KAI)
Released results for a further 12 holes of extensional and infill drilling at Mt York’s Main Hill and Breccia Hill prospects in WA. The best intercepts included 51m at 2.42g/t gold from 54m, including 1m at 76.81g/t gold; 2m at 11.37g/t gold from 61m; 7m at 2.01g/t gold from 132m; 45m at 1.37g/t gold from 91m, including 13m at 2.52g/t gold; 7m at 1.07g/t gold from 162m; 10m at 1.75g/t gold from 101m, including 5m at 3.14g/t gold; 4m at 3.63g/t gold from 47m; 17m at 1.09g/t gold from 95.8m, including 8m at 1.61g/t gold; 6m at 2.8g/t gold from 149m.
Metal Hawk (ASX: MHK)
Reported assay results from the first diamond drilling program at the Leinster South project in WA. The best results from Thylacine included 2.3m at 15.28g/t gold from 28.1m, including 0.82m at 29.9g/t gold; 1.7m at 7.71g/t gold from 338.65m, including 1m at 12.4g/t gold; 0.41m at 15.1g/t gold from 92.39m; 0.65m at 14g/t gold from 159.4m; 4.12m at 1.7g/t gold from 217m, including 1.32m at 3.77g/t gold.
Larvotto Resources (ASX: LRV)
Diamond drilling at the Clarks Gully prospect at the Hillgrove gold-antimony project in NSW has confirmed significant mineralisation continues at depth and along strike and towards the north. New results included 6.4m at 12.92g/t AuEq from 208m, including 4.1m at 19.76g/t AuEq; 3.6m at 8.74g/t AuEq from 245.6m; 8m at 8.35g/t AuEq from 160m, including 1.6m at 22.81g/t AuEq; and 2.4m at 6.72g/t AuEq from 60.9m.
Ballard Mining (ASX: BM1)
Reported “outstanding” widths and grade from infill drilling at Baldock, part of the Mt Ida gold project in WA. New assay results included 8m at 11g/t gold from 251m; 6m at 11.3g/t gold from 222m; 3m at 16g/t gold from 238m; 11m at 4.8g/t gold from 198m; 5m at 8.8g/t gold from 67m; 8m at 5.7g/t gold from 126m; 3m at 9.4g/t gold from 283m; and 2.5m at 24.3g/t gold from 390m. A resource update and maiden reserve are due in mid-2026.
Silver Drilling
Lode Resources (ASX: LDR)
Reported the latest batch of drill results from the Montezuma silver and antimony project in Tasmania. The best result was 10m at 302g/t AgEq, including 3.7m at 653g/t AgEq and 1.7m at 1046g/t AgEq. Individual assays graded up to 1948g/t AgEq. High-grade mineralisation has been delineated over a 260m strike length and to 220m depth.
Iltani Resources (ASX: ILT)
Reported assay results from two metallurgical holes at the Orient silver-indium project in North Queensland. The Orient West hole returned 35m at 98.1g/t AgEq from 80m, including 21m at 106.5g/t AgEq, including 4.2m at 278.5g/t AgEq, including 0.4m at 1126.2g/t AgEq; and 0.6m at 1007.9g/t AgEq from 111.4m, while the Orient East hole intersected 27m at 225.2g/t AgEq from 77m, including 15m at 347.4g/t AgEq, including 8m at 586.7g/t AgEq, including 1.5m at 2414.5g/t AgEq.
Copper Drilling
Hillgrove Resources (ASX: HGO)
Reported new results from the Emily Star deposit at the Kanmantoo copper mine in South Australia. Results included 7.25m at 1.6% copper and 0.07g/t gold from 504.75m; 2.7m at 1.28% copper and 0.05g/t gold from 326.3m; 6.31m at 1.34% copper and 0.08g/t Au from 498m downhole; and 4.6m at 1.57% copper and 0.14g/t gold from 429.4m. A drill drive at Emily Star is underway.
Critical Minerals Drilling
Pacgold (ASX: PGO)
Reported initial assays from the first two holes of first-pass drilling at the St George project in Queensland. Drilling intersected multiple thick continuous structures carrying high-grade antimony including 8m at 2.3% antimony from 16m downhole, including 1m at 4.2% antimony and 1m at 11.9% antimony; 3m at 3.7% antimony from 39m downhole; and 8m at 2.3% antimony from 0m downhole, including 2m at 8.2% antimony and 2m at 2.3% antimony.
PTR Minerals (ASX: PTR)
Completed resource drilling at Rosewood in South Australia, ahead of a maiden resource in Q2. Notable intercepts included 31m at 13.5% heavy minerals from 8m, including 10m at 24.1% HM; 29m at 13.8% HM from 7m, including 7m at 29.7% HM; 7m at 14.2% HM from 7m, including 3m at 18% HM; 10m at 12.4% HM from 8m, including 5m at 19% HM; 21m at 7.5% HM from 9m, including 6m at 10.5% HM; and 12m at 9.9% HM from 9m, including 6m at 16% HM from 10m.
Kristie Batten
Kristie is an award-winning journalist with over 17 years of experience covering the mining industry. She is a regular contributor to a number of leading global mining publications and is a member of the steering committee of the Melbourne Mining Club.
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