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 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.

Not surprisingly, gold has today reacted strongly to the tariff circus - with US$gold reaching a new all-time high at $3...
03/04/2025

Not surprisingly, gold has today reacted strongly to the tariff circus - with US$gold reaching a new all-time high at $3,167/oz, while in A$ terms the price surged to a record above A$5,050/oz.

The market’s immediate reaction has been a widespread shift into defensive mode, with capital flowing out of equities and risk assets and into gold - the traditional safe-haven asset. Major gold ETFs like SPDR have recorded significant net inflows for three consecutive sessions, indicating that investors are buying gold not only due to inflation or interest rate concerns, but also for its role as a systemic risk hedge, similar to past periods of political and economic turmoil.

The bottom-line is that gold prices will not only remain strong, but will likely keep setting fresh records, so the outlook is exceptional. Interestingly though we have seen a divergence in terms of silver, with its decline relative to gold potentially indicating profit-taking and a flight to safety, given it has greater industrial usage.

Coverage stock EcoGraf Limited (ASX:EGR, FSE:FMK) has for a long time now been a story for the patient investor, but it ...
25/03/2025

Coverage stock EcoGraf Limited (ASX:EGR, FSE:FMK) has for a long time now been a story for the patient investor, but it is great to see the company’s development prospects finally receiving proper recognition in the marketplace - with EGR’s share price trebling over the past month.

EGR has for many years remained firmly focused on progressing its Epanko Graphite Project in Tanzania towards commercialisation, and over recent weeks EGR has achieved two major developments: firstly, the granting of a much-anticipated 25-year mining licence by the Tanzanian Government; and secondly encouraging results from an Independent Engineering Study assessing the development of the proposed TanzGraphite Mechanical Shaping Facility.

In terms of next steps, EGR has mandated KfW IPEX-Bank to undertake advisory, structuring and arranging services to obtain import credit cover (UFK Cover) and arrange a senior debt facility (UFK Tranche) of up to US$105 million for the construction of Epanko.

Coverage stock Capricorn Metals Ltd (ASX: CMM) has released outstanding 2025 first-half results, maintaining its operati...
19/03/2025

Coverage stock Capricorn Metals Ltd (ASX: CMM) has released outstanding 2025 first-half results, maintaining its operational consistency in terms of production and profitability, and putting it on track to achieve full-year production guidance of 110,000 – 120,000 ounces and AISC guidance of $1,370 - $1,470 per ounce. The graphic shows CMM's performance since late 2017 versus the A$ gold price.

CMM’s outstanding track record is reflected in its share price performance since our coverage initiation in late 2017 at $0.415, with the stock now up almost 2,000% and likely set for further gains as it is in the process of assessing the economics of bringing a second major gold project into production at Mt Gibson. CMM therefore presents itself as one of the best regarded ASX gold equities, due to the quality of its management team, its long-life/low operating cost assets, and its strong organic production growth outlook.

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