Trump’s tariffs on Mexico, Canada and China was the big news over the weekend which sent shivers down the spine of many ASX miners.

We discuss what the potential impacts on commodities may be, while also taking a look at Westgold’s downgrade to FY25 guidance, our infamous quarterlies name & shame segment along with some other news from around the grounds.

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Adelaide, 7 - 9 April 2025 (Matty will be there in full conference mode)

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(0:00:00)Introduction

(0:01:18)Trump's Tariff Gamble

(0:16:16)Westgold downgrades FY25 guidance

(0:30:28)Quarterlies Name & Shame

(0:42:47)Around the Grounds

We got fundie Romano Sala Tenna back in the studio for a cracking ep, honing in on 2024 learnings and the outlook for 2025.

We dive into the passive vs active debate, momentum going ballistic, being overweight miners and a whole heap of individual stocks that range from being hated to loved.

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(0:00:00)Introduction

(0:01:53)Passive Super Fund flows

(0:10:37)P/E growth of the big dogs

(0:15:41)Will everything blow up?

(0:21:38)The India wave and Banks vs Materials

(0:25:10)Whitehaven

(0:31:58)Coronado

(0:34:01)South 32

(0:38:16)Boss Energy

(0:40:48)De Grey

(0:43:13)Arcadium

(0:46:30)Min Res

(0:56:40)West African Resources

(1:05:34)Santos and Westgold

(1:09:02)Cash holding

It’s our last day of talking about quarterlies so Matty and Ally dived in and went through some highlights from the MinRes and IGO reports, along with a few others around the grounds.

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CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

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(0:00:00)Introduction

(0:00:58)Trav & JD in Africa

(0:02:24)Mixed results at MinRes

(0:20:51)Tough quarter for IGO

(0:41:48)Around the grounds

She’s a big quarterlies day today. We checked in on Boss Energy’s restart progress, spitballed what Gold Road and Perseus might use their healthy looking balance sheets for, and a rapid fire on Develop and Pilbara’s quarterlies.

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Sandvik Ground Support – The only ground support you’ll ever need

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

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(0:00:00)Introduction

(0:01:26)Boss vs the Shorters

(0:18:43)Goldies cash splash

(0:38:33)Woodlawn's getting going

(0:45:55)Pilbara bracing lithium winter

There was plenty of market news that surfaced over the weekend, so we got started highlighting the mining implications, before diving into Bellevue’s quarterly.

Next cab off the rank was Fortescue’s acquisition of Red Hawk for about $250m all in, and lastly, we unpacked the consequences on Alphamin from conflict in the DRC.

DRC conflict map: https://www.ipisresearch.be/mapping/webmapping/drcongo/v6/?story=mining_and_conflict_2024

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Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

Sandvik Ground Support – The only ground support you’ll ever need

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

lachlan@saltbush.net - +61 400 722 059

Get Wet Solutions – Setting the standard in water bladder tank technology

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(0:00:00)Introduction

(0:01:36)U Stocks bloodbath

(0:06:19)Bellevue…the polarising stock

(0:25:06)FMG doing M&A

(0:43:55)Unrest in the DRC

AGC is back behind the mic as we dive into a bunch of the goldies including Regis & Westgold, plus a dive in Greatland Gold now that they have the keys to Telfer.

We also spend a bit of time peeking into uranium play Lotus Resources, who’re rapidly approaching first production following a bumper capital raise.

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Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

Sandvik Ground Support – The only ground support you’ll ever need

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

lachlan@saltbush.net - +61 400 722 059

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(0:00:00)Introduction

(0:01:53)Telfer is the Great Land

(0:13:56)Ally GC gold special

(0:16:21)JD runs the ruler over Lotus

Quarterlies are coming thick ‘n’ fast, with Paladin’s big uptick getting us chatting. Have they solved their water challenges? Will the record short interest fall?

Next up we discuss the fascinating news that Saudi state backed group Manara Minerals is looking to take a minority stake in the enormous Reko Diq copper-gold project, which is majority owned by Barrick.

To wrap up we look at Iluka’s troubling “working capital build” and what it really means.

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Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

Sandvik Ground Support – The only ground support you’ll ever need

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

lachlan@saltbush.net - +61 400 722 059

Get Wet Solutions – Setting the standard in water bladder tank technology

matt.hall@getwetsolutions.com.au - +61 475 627 569

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(0:00:00)Introduction

(0:01:31)Will Paladin meet guidance?

(0:14:12)Big Saudi investment into Pakistan

(0:35:14)Iluka down on quarterly

We’ve got 3 big ones today with the quaterlies starting to roll through.

First up is Liontown, with a number of positives coming from their Kathleen Valley ramp up, followed up by gold giant Northern Star, who’ve been investing heavily across the board.

Lastly we chat about Yancoal, who’ve continued adding to the cash pile while investors get itchy for a divvie.

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Thank you to our Partners:

Mineral Mining Services – Your preferred mining contractor

enquiry@mineralms.com.au - 1300 546 117

Grounded - Infrastructure for remote mining and civil projects Australia wide

Paul Natoli - pn@groundedgroup.com.au

Sandvik Ground Support – The only ground support you’ll ever need

https://www.dsiunderground.com/contact

CRE Insurance – Insurance Brokers for the Construction, Resources and Energy sectors

davidh@creinsurance.com.au - +61 2 9493 6100

K-Drill – Safe, reliable, and productive surface RC drilling

drew@k-drill.com.au - +61 416 015 876

Daishsat – Geophysical survey experts

nathan.daish@daishsat.com - +61 433 261 071

Saltbush Contracting - Bulk Haulage (Mine to mill) and earthmoving specialists

lachlan@saltbush.net - +61 400 722 059

Get Wet Solutions – Setting the standard in water bladder tank technology

matt.hall@getwetsolutions.com.au - +61 475 627 569

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(0:00:00)Introduction

(0:00:52)Liontown operating cash positive (sort of)

(0:18:44)Northern Star in growth mode

(0:29:13)Yancoal Divvie?