MineLife Resource Report

MineLife Resource Report Providing independent coverage of Australian resource stocks, commodities and issues impacting the broader mining and energy sectors internationally.

I have been a resource analyst following the fortunes of the Australian resource scene for the past 25 years in terms of both equities and commodities - working with stockbroker Intersuisse and financial group Fat Prophets, prior to working for myself. I believe the most interesting resource opportunities are typically found at the smaller end of the market - which is the area that I exclusively focus on. Follow us to stay up to speed and informed of the latest in the resource sector.

Coverage stock Kula Gold Ltd (ASX: KGD) (initiated at 1.5c in Sep 2023) is in the process of completing Phase 1 diamond ...
11/10/2025

Coverage stock Kula Gold Ltd (ASX: KGD) (initiated at 1.5c in Sep 2023) is in the process of completing Phase 1 diamond and RC drilling programs at its Mt Palmer Gold Project, located within Western Australia’s Southern Cross Goldfields. Encouragingly, $KGD is up 680% so far in 2025 compared with a 48% increase in the A$ gold price over the same period.

The historic Mt Palmer Gold Mine +150,000 ounces of gold at a grade of 15.9g/t during the period from 1934 to 1944, then closing in part due to World War 2 and never re-opening. Regionally, Mt Palmer lies north of the Nevoria Gold Mine (+600,000 oz) and the Yilgarn Star mine (2M oz), and 30km east of the Marvel Loch Gold Mine (3M oz).

The historic Mt Palmer Gold Mine was mined down to only the 6th Level (~160m), but at a grade of 15.9 g/t Au. It’s interesting to note that KGD’s current RC program has drilled down to just 80 metres, with most holes intersecting mineralisation from surface down to 40 metres. We await assay results from the recent drilling programs during October/November, with Phase 2 drilling set to begin in November.

One of the interesting aspects as gold hit $4,000 per ounce for the first time this week (a 50% gain so far in 2025 and ...
11/10/2025

One of the interesting aspects as gold hit $4,000 per ounce for the first time this week (a 50% gain so far in 2025 and its best year since 1979), is how the metal has performed against other key investment benchmarks in 2025. Of course silver's performance has been outstanding too, up 58%. Gold has importantly outperformed bitcoin (up 19%), the S&P 500 (up 11%) and the Dow Jones Index (up 7%).

Typically, the metal thrives when investors fret over inflation, economic slowdown, or potential market turmoil. Conversely, when investors' risk appetite improves, it tends to lag shinier alternatives that do not require extra cash to store or insure them. That dynamic was at play in 1980, when gold surged as US inflation peaked above 13% and tanked both the US economy and stocks, and in early 2008, when the global financial crisis wiped 32% off Wall Street shares in six months.

But gold is now soaring together with (and beating) stocks and bitcoin, as investors bet heavily on US rate cuts and concern grows about the dollar's role as the world's top reserve currency. Investor and central bank buyer momentum shows no sign of abating, driven by growing economic and geopolitical concerns.

Long-time coverage stock, Legend Mining (ASX: LEG) has recently undertaken an expansion of its Western Australian explor...
24/09/2025

Long-time coverage stock, Legend Mining (ASX: LEG) has recently undertaken an expansion of its Western Australian exploration activities with the recent purchase of the Pinnacle Well Project, 25 km NNE of Leonora. It is the first step in expanding LEG’s project portfolio beyond the Fraser Range and nickel. LEG has always represented a strongly focused exploration story, with results from its Mawson prospect in Western Australia’s Fraser Range the most significant since the discovery of the world-class Nova-Bollinger nickel-copper deposits by Sirius Resources (beneficiary of a $1.8B takeover by Independence Group (ASX: IGO) in late 2015).

LEG’s persistent Fraser Range nickel focus has also seen it attract legendary prospector, Mark Creasy, onto its register as a major shareholder, where it retains a 30% stake, with IGO holding a 15% stake. With the plunge in nickel prices over recent years that has decimated investor interest in emerging nickel players, LEG has sensibly elected to broaden its commodity exposure to include a focus on Western Australian gold. The region is host to numerous significant gold deposits - including Gwalia, Tarmoola, King of the Hills, along with base metal deposits at Teutonic Bore/Bentley/Jaguar. LEG is also very well funded to pursue meaningful exploration on its new tenements, with cash reserves of $11.836M as of the end of the June quarter.

Coverage stock Matsa Resources Limited (ASX: MAT) represents one of the sector's newest gold producers via development o...
12/09/2025

Coverage stock Matsa Resources Limited (ASX: MAT) represents one of the sector's newest gold producers via development of its Devon Pit Gold Mine near Lake Carey in Western Australia. Mining activities commenced in early July, followed by the first shipment of ore for third-party toll-treatment, with the first gold pour expected in September. MAT is up 348% over the past 12 months, while the A$ gold price is up 56%.

As a bonus, a pocket of visible gold within brecciated gabbro and pyroxenite has been intersected during the mining process. Photon assays of two samples undertaken at ALS’ Kalgoorlie laboratory has returned grades of 222.60g/t and 188.35g/t. This ore lies outside of the digblock design and so was not included in the original reserve mine plan. MAT is therefore well placed to benefit from the ongoing strength in the A$ gold price (~$5,500/oz), as production ramps up.

Coverage stock Talisman Mining Limited (ASX: TLM) has kicked off its H2-2025 field campaign in NSW with an initial 6-hol...
10/08/2025

Coverage stock Talisman Mining Limited (ASX: TLM) has kicked off its H2-2025 field campaign in NSW with an initial 6-hole/900-metre RC drill program to test the large Walkers Hill gold-in-soil anomaly (measuring ~10km x ~2.5km and one the largest within the district) near Condoblin.

TLM is targeting near-surface gold mineralisation, with sparse historic drilling generating encouraging near-surface results of: 40m at 0.46g/t Au from 3m (PMV005) and 12m at 0.38g/t Au from surface (TMY027) at the Sheepyard prospect: and 20m at 0.48 g/t Au from 16m at the Maroonbah prospect. (TBC015).

Importantly, all mineralised holes ended in oxide mineralisation, and drilling was limited to 60m below surface. TLM's drilling will also test a strong Pole-Dipole Induced Polarisation (PDIP) anomaly - as two lines completed in 2023 showed a significant chargeability anomaly below the mineralised RC drill intercepts at the Sheepyard Prospect.

In a welcoming environment for near-term gold producers, coverage stock Matsa Resources Limited (ASX: MAT) appears to ha...
20/07/2025

In a welcoming environment for near-term gold producers, coverage stock Matsa Resources Limited (ASX: MAT) appears to have timed its run well, up 188% in share price terms over the past 12 months compared with a 41% rise in the value of A$ gold.

MAT reported this week that the Devon Pit Gold Mine (DPGM) near Lake Carey in Western Australia is now fully operational, with ore being mined and stockpiled at site, with haulage to the FMR processing plant expected to commence from late July 2025. The first parcel of 50,000t of ore is expected to be processed during mid-late September 2025 and MAT’s second processing campaign is scheduled for December 2025. Mining contractor Blue Cap appear to have performed strongly, setting up the mine in a short period of time. MAT is well placed to benefit from the ongoing strength in the A$ gold price (+$5,000/oz), as gold production from Devon ramps up.

Coverage stock EcoGraf (ASX: EGR, FSE: FMK) (initiated in 2015) has recently released a couple of important updates with...
16/07/2025

Coverage stock EcoGraf (ASX: EGR, FSE: FMK) (initiated in 2015) has recently released a couple of important updates with respect to its emerging and vertically-integrated battery anode materials business, which aims to produce high-purity graphite products for the lithium-ion battery and advanced manufacturing markets.

Firstly, EGR has received positive feedback from the U.S. Department of Defense (DoD) for its white paper submission for award funding for the establishment of a EcoGraf HFfree® Purification Facility in the US. The white paper has sought funding for up to US$76.3m for development of the advanced graphite and anode manufacturing facility, with an annual capacity of producing 20,000 to 25,000t using EGR’s HFfree® US Patented purification processing technology.

Secondly, EGR has recently hosting meetings with representatives from the European Union (EU), including several EU Member State Agencies and Financial Institutions, at its Epanko Graphite Project in Tanzania. The project is recognised by the EU as a key development for the establishment of new, long-term and sustainable battery mineral supply chains for European industry, and the EU is exploring options for assisting EGR to accelerate its development.

Coverage stock Falcon Metals Ltd (ASX: FAL) (initiated Feb '22) has generated further exploration and market interest wi...
13/07/2025

Coverage stock Falcon Metals Ltd (ASX: FAL) (initiated Feb '22) has generated further exploration and market interest with respect to its Blue Moon gold prospect in Victoria. Following on from last Tuesday’s coverage where we highlighted high-grade gold mineralisation in the first hole ever drilled within the prospect, FAL has followed up with outstanding results from the first wedge hole (off the main hole) - which intersected a laminated quartz vein containing visible gold comprising 1.2m @ 543 g/t Au from 544.2m in hole BMDD001W1. The results are significant because they are targeting possible wider zones of Bendigo-style gold mineralisation closer to the fold hinge. And they provide confidence in FAL’s belief that the high-grade Bendigo lodes plunge into FAL’s tenure.

Coverage stock TREK Metals Limited (ASX: TKM) (initiated in Nov 2020 at $0.068) has provided an important update with re...
09/07/2025

Coverage stock TREK Metals Limited (ASX: TKM) (initiated in Nov 2020 at $0.068) has provided an important update with respect to its Christmas Creek Project in Western Australia’s Kimberley region. TKM’s exploration team has identified a new, undrilled and prospective prospect known as Turner, which will be fast-tracked for drill-testing. The discovery of visible gold (in the form of more than 50 nuggets) at the Turner prospect opens up an interesting new exploration front at the Christmas Creek Project. Importantly, several of these were found up on the hill above Nugget Flat, indicating that the source is in the immediate vicinity, which provides an outstanding walk-up drill target. Records show that gold nuggets have historically been found in this location, however, there has never been any prior drilling undertaken.

TKM is meanwhile maintaining a strong focus on its Martin Prospect, where drill testing will continue with the scheduled arrival of a diamond drill rig next week. This will provide TKM with additional flexibility to test other prospects, such as Turner, with the RC rig. Christmas Creek was previously explored by Newmont, which identified strong gold potential - including numerous shallow intercepts. Newmont spent ~$6 million on exploration programs, with all of its exploration data now available to TKM to assist with ongoing exploration targeting. Over the past 12 months, TKM is up 233% in share price terms, whilst the A$ gold price is up 45%.

It's pleasing to see Barton Gold (ASX: BGD) (coverage initiated in Apr '23 at $0.23) going from strength to strength in ...
02/07/2025

It's pleasing to see Barton Gold (ASX: BGD) (coverage initiated in Apr '23 at $0.23) going from strength to strength in terms of its gold production ambitions. BGD has recently provided a couple of important updates with respect to its South Australian project interests Firstly, it will acquire the 279,000oz Au (5.81Mt @ 1.5 g/t Au) Wudinna Gold Project from Cobra Resources PLC, which lies ~200km southeast of the company’s flagship Tunkillia Gold Project. Secondly, it has boosted its Challenger JORC (2012) Mineral Resources Estimate (MRE) to 223koz gold (9.56Mt @ 0.72 g/t Au), including 81,200oz Au contained within the existing high-grade open pit zones.

BGD is adding further Resource ounces to its South Australian project portfolio, which will provide it with even greater critical mass to rapidly accelerate its pathway towards maiden gold production. BGD is up 200% over the past 12 months in share price terms, outperforming US$ gold (up 35%) and US$ silver (up 19%).

Coverage stock Flagship Minerals (ASX:FLG) has provided an important update with respect to appraisal activity at its re...
13/05/2025

Coverage stock Flagship Minerals (ASX:FLG) has provided an important update with respect to appraisal activity at its recently acquired Pantanillo Gold Project in northern Chile, where an ongoing data review has identified potential to expand gold mineralisation at depth, along strike and up-dip, within the northwestern section of the deposit.

Pantanillo hosts a 47.4Mt @ 0.69g/t Au for 1.05Moz Au qualifying foreign estimate (QFE) (non-JORC compliant). The recent permitting of Rio2’s 4.8M oz Fenix gold project, which is now under construction, and which sits in similar geology, geography and zoning, de-risks the project and should facilitate a smooth transition to a Mineral Resource in accordance with JORC.

One of my favourite graphics that reflects one of the crucial underpinnings of gold's mammoth price run. This shows the ...
13/05/2025

One of my favourite graphics that reflects one of the crucial underpinnings of gold's mammoth price run. This shows the correlation between gold's price surge since the year 2000 and the corresponding escalation in US debt and deficits (and this rise in debt can actually be applied globally). The increase in global debt has led to a corresponding a loss of value and faith in fiat currencies. On top of this we have also had the additional factors that we see now - such as trade, tariff, and geopolitical uncertainty.

Once again it's important to emphasise that gold's run to its current record actually began back just prior to the turn of the century, when some of the world's central banks were selling gold, including our Reserve Bank and the Bank of England. Ironically, at just below US$200 per ounce (colloquially referred to as 'Brown's Bottom' after Gordon Brown), this turned out to be the turning point for gold, with the world's central banks collectively over the past two decades being one of the major drivers of the metal's price upswing, continuing to purchase gold at record levels. As central banks have seen the value of their currencies deplete over the past 20 years, they have correspondingly ramped up their gold buying as a hedge.

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