The Pick

21/09/2025

The Fifth Edition of The Pick weekly newsletter is now live – covering some of the most important moves in ASX mining and exploration this week.

Featured companies include:
- Lunnon Metals – ore purchase deal with Gold Fields fast-tracks Lady Herial toward production.
- Perseus Mining – green light for Côte d’Ivoire’s first underground gold mine at Yaouré.
- Barton Gold – 18,000m drill campaign to fast-track Tunkillia starter pits.
- ABx Group – delivers outstanding heavy rare earth extractions from large-scale tests.
- Estrella Resources – drills deeper into manganese at Ira Miri in Timor-Leste.

From near-term production milestones to breakthrough technical results, this edition captures the breadth of opportunity across gold, rare earths and manganese.

Read the full newsletter 👇

Welcome to the fifth edition of The Pick, your weekly snapshot of the most important moves across the ASX mining and exploration space. This week we cover new ore agreements, first-of-their-kind approvals, large-scale drilling campaigns and breakthrough extraction results across gold, manganese and

18/02/2025

The global economy may be edging back to stability, but the investment road ahead remains riddled with potholes, according to Canaccord Genuity’s Chief Investment Strategist, Tony Brennan. Delivering the keynote address at the RIU Explorers Conference in Fremantle, Brennan dissected the forces shaping capital markets, commodity prices, and investor sentiment in 2025.

Canaccord's Tony Brennan warns of emerging risks in global markets despite easing inflation, highlighting US policy shifts, equity valuations, and commodity market volatility in 2025.

18/02/2025

For a newly minted ASX explorer, Golden Horse Minerals (ASX: GHM) is wasting no time proving its worth. The company has delivered exceptional first-pass drilling results at its flagship Hopes Hill gold project in Western Australia’s Southern Cross region, and the numbers suggest it could be sitting on something special.

Leading the charge is drill hole GHHHRC0001, which returned a whopping 61 metres at 2.5 grams per tonne (g/t) gold from 91 metres, with juicy high-grade sections including:

8m at 9.2 g/t Au from 144m
3m at 9.1 g/t Au from 105m
3m at 7.8 g/t Au from 91m

Another hole, GHHHRC0004, also pulled a strong 29m at 1.3 g/t Au from 113m, featuring 1m at 4.5 g/t Au and other solid hits.

Given that Golden Horse only listed on the ASX in December 2024, this is a cracking start.

When Golden Horse picked up Hopes Hill from Emerald Resources (ASX: EMR) late last year, it was clear the company had high expectations. These drill results now validate that punt, with the mineralisation looking every bit as promising as the historical drilling suggested.

Golden Horse Managing Director Nicholas Anderson is understandably chuffed.

“These extraordinary assay results from our maiden drill program at Hopes Hill build on the recent success at Hakes Find. Considering we only listed in December, it’s exciting to have already identified multiple high-priority targets with strong results.”

Anderson has every reason to be pleased. The 22-hole, 4,500-metre drill program, which kicked off in late January, is designed to confirm historical drill results and test deeper mineralisation beneath the old Hopes Hill pit—a 1,300-metre-long, 90-metre-deep operation that’s been gathering dust for years.Golden Horse Hits Paydirt at Hopes Hill

Golden Horse Minerals hits significant gold at Hopes Hill, validating high expectations with promising first-pass drilling results.

14/02/2025

Golden Horse Minerals (ASX: GHM) has wasted no time putting its IPO funds to work, with the company’s maiden drilling campaign at Hakes Find delivering an impressive batch of shallow, high-grade gold intercepts. The results bolster confidence in the under-explored Southern Cross Greenstone Belt, a region rich in historical gold production but often overlooked due to fragmented ownership.

Despite its rich history, the Southern Cross region remains underexplored by modern standards. Many areas have seen limited contemporary exploration, presenting opportunities for companies like Golden Horse to apply advanced techniques and potentially uncover new deposits.

Golden Horse has strategically positioned itself as a major player in the Southern Cross region. The company has consolidated over 1,500 square kilometres of tenure within the Fraser Shear Zone, a prolific gold-producing area near the town of Southern Cross.

This extensive landholding includes both historical mines and new high-priority prospects that are yet to be tested with modern drilling methods. Notably, Golden Horse recently expanded its footprint by acquiring the Bullfinch Gold Project, adding an additional 422 square kilometres of tenure adjacent to its existing holdings.

The company's strategy of regional consolidation and modern exploration aims to unlock the untapped potential of this historically rich yet underexplored region.

The highlight reel from the 1,219-metre reverse circulation (RC) drilling program includes:
- GHRC0009: 11m @ 3.36 g/t Au from 8m, including 1m @ 20.10 g/t Au
- GHRC0004: 8m @ 4.84 g/t Au from 26m, including 1m @ 25.89 g/t Au
- GHRC0003: 10m @ 2.14 g/t Au from 52m
- GHRC0011: 4m @ 8.35 g/t Au from 86m, including 1m @ 25.84 g/t Au

Notably, these intercepts compare favourably with historical drilling results at Hakes Find, which yielded hits such as 12m @ 3.49 g/t Au from 24m and 7m @ 4.10 g/t Au from 46m.

For a maiden campaign, these numbers are eye-catching, not only confirming historical data but also hinting at the potential for further extensions at depth and along strike.

Golden Horse Minerals strikes high-grade gold in maiden drilling campaign at Southern Cross, signaling huge potential in the underexplored region with elevated gold prices boosting project appeal.

14/02/2025

Riversgold set to begin drilling at Northern Zone! Targeting high-potential gold deposits. Read more: https://hubs.li/Q036JlQZ0

Riversgold to commence drilling at Northern Zone

14/02/2025

Golden Horse Minerals' maiden drill campaign delivers impressive shallow gold intercepts, including 11m @ 3.36 g/t Au and 8m @ 4.84 g/t Au. With the deposit open along strike and at depth, this emerging gold project is one to watch.

07/02/2025

Kalgoorlie Gold Mining Limited (ASX: KAL), or KalGold, has hit the jackpot with its latest discovery at the Pinjin Gold Project in Western Australia's Eastern Goldfields. The newly named 'Lighthorse' gold discovery has delivered thick, high-grade intercepts, marking a major step forward in the company's exploration efforts.

Drill results from Lighthorse have returned impressive intercepts, with standout figures including 17 metres at 4.81 grams per tonne (g/t) gold from 48 metres, which includes a richer zone of 8 metres at 9.21 g/t from 52 metres in hole KGAC24152. This hole ended in mineralisation, suggesting there could be even more gold waiting at greater depths. Another strong result came from hole KGAC24153, which revealed 4 metres at 4.72 g/t gold from 52 metres, also ending in mineralisation. These figures build on earlier promising numbers, such as 8 metres at 2.29 g/t gold from 60 metres in hole KGAC24045.

This is no run-of-the-mill gold find. Lighthorse is a greenfields discovery, meaning KalGold has unearthed something entirely new rather than simply extending an existing deposit. The mineralisation extends over a 600-metre strike running parallel to the Laverton Tectonic Zone and features a 200-metre-wide primary gold target that remains open down dip. Additionally, crosscutting mineralised structures extend over 800 metres and are still open to the northeast.

KalGold Pinjin Resource (1)Managing Director Matt Painter was understandably enthusiastic, stating,

“This is what we’ve been chasing at Pinjin. Our systematic approach to exploration has paid off.” He highlighted the strategic importance of the discovery, which is located just one kilometre west of KalGold’s Kirgella Gift deposit in an area previously untouched by effective drilling. The scale of the find, according to Painter, suggests significant growth potential.

KalGold discovers high-grade gold at Lighthorse in Pinjin, Eastern Goldfields, signaling significant growth potential and heightened investor interest. Next steps include detailed drilling to explore further.

06/02/2025

Westar kicks off drilling at Mindoolah and Mageye! Exciting gold exploration ahead. Read more: https://hubs.li/Q035xFJ00

Westar to commence drilling at Mindoolah and Mageye

06/02/2025

Golden State Minerals gears up for its 2025 gold campaign! Big plans ahead for exploration. Read more: https://hubs.li/Q035xJmv0 "

Golden State gears up for 2025 gold campaign

06/02/2025

ASX-listed AusQuest Limited (ASX: AQD) has confirmed a large-scale porphyry copper-gold discovery at its 100%-owned Cangallo Project in southern Peru, following a maiden drilling program that returned significant copper-gold intercepts. The discovery places AusQuest on the radar as it advances exploration in one of the world’s most prolific copper-producing regions.

The maiden reverse circulation (RC) drilling program comprised eight holes for a total of ~3,000 metres, targeting porphyry-style copper-gold mineralisation. The results highlight extensive near-surface and deeper sulphide mineralisation, reinforcing the potential for both an open-pit copper oxide resource and a larger, deeper porphyry system.

The Cangallo Project is located 25km east of Chala, near the Peruvian coast, with excellent access to transport and power infrastructure. Situated at low elevation (

AusQuest confirms a major porphyry copper-gold discovery at its Cangallo Project in Peru, showing strong potential for large-scale, low-cost copper development.

05/02/2025

India’s latest policy move to eliminate customs duties on critical mineral scrap and waste could have far-reaching implications - not just for the country’s manufacturing sector, but for companies like MTM Critical Metals (ASX: MTM), which is pioneering Flash Joule Heating (FJH) technology for efficient critical mineral recovery.

With China’s recent export ban on gallium, germanium and antimony causing major supply chain disruptions, India’s shift towards domestic recycling and alternative sourcing aligns perfectly with MTM’s innovative approach to extracting valuable metals from industrial waste and scrap.

During her February 2025 budget speech, Indian Finance Minister Nirmala Sitharaman announced the removal of customs duties on a range of critical mineral waste and scrap, including:

- Antimony, cobalt, tungsten, and copper scrap
- Lithium-ion battery waste
- Lead, zinc, and cobalt powder

Additionally, India will launch a policy for recovering critical minerals from mining tailings and by-products - a move that signals a broader commitment to resource efficiency and supply security.

Given India’s reliance on imported critical minerals - many of which have become vulnerable due to geopolitical tensions and China’s tightening grip on exports - this policy shift is expected to spur demand for advanced recycling technologies.

MTM Critical Metals has secured exclusive global rights to develop and commercialise Flash Joule Heating (FJH) in relation to materials other than graphene, which is patented by Rice University. The process, which rapidly heats materials using high-voltage currents, enables the efficient extraction of gallium, germanium, rare earths and other high-value metals from complex sources, including electronic waste, industrial residues and mining tailings.

The timing is significant. China’s recent export ban on gallium, germanium and antimony has rattled global supply chains, forcing manufacturers to seek alternative processing and recycling solutions. With India’s removal of import duties on critical mineral waste, there is now a strong incentive for Indian industry players to invest in next-generation recycling technologies - potentially opening doors for MTM’s FJH process to gain traction in the region.

India eliminates customs duties on critical mineral scrap, boosting MTM Critical Metals' recycling technology, Flash Joule Heating, amidst China's export bans on essential materials.