CAPITAL MARKETS

Stocks to Watch: June

MAY was a quiet period for the mining space and despite weak market conditions, there are plenty of companies with upcoming news flow.

Stocks to Watch: June

One of the more drawn-out deals could finally reach a conclusion this month.

St Barbara and Genesis Minerals first announced a merger in December, which was axed in April and replaced with an asset-level deal that would see Genesis acquire St Barbara's Leonora operations.

Last month, Silver Lake Resources entered the fray with a number of proposals to acquire Leonora, all of which have been rejected by St Barbara.

Genesis and St Barbara shareholders are due to vote on the deal on June 20, unless delayed, which is reportedly what some large St Barbara shareholders are urging.

If the vote isn't delayed, Silver Lake says St Barbara shareholders should vote against it and is leaving its proposal on the table until June 30.

One deal that sailed through recently was BHP's A$9.6 billion takeover for OZ Minerals, with the exodus of OZ people underway.

In the past week, OZ head of portfolio strategy and economics Luke McFadyen has been announced as the new CEO of Tim Goyder-backed explorer Minerals 260, while yesterday saw the appointment of former OZ head of growth, strategy, exploration, sales and marketing Bryan Quinn as managing director of Aurelia Metals.

More OZ people are likely to pop up in new roles as time passes.

One miner still without a CEO is IGO, following the sudden passing of Peter Bradford in October 2022.

Acting CEO Matt Dusci has not put his hand up for the job and the company reported in April the candidates interviewed were exclusively external.

An announcement is expected this month.

Evolution Mining will hold its investor day on Monday, which will be followed by site visits to the Cowal gold mine in New South Wales and the Ernest Henry copper-gold mine in Queensland.

Bill Beament's Develop will release a project update and reserve estimate for its Sulphur Springs copper-zinc development in Western Australia's Pilbara region.

Galan Lithium said today a definitive feasibility study for its planned phase one operation in Argentina was imminent.

Hot Chili reconfirmed earlier this week that the preliminary economic assessment for its Costa Fuego copper project was on track for release by the end of the month/quarter.

Leo Lithium expects to update the resource for its Goulamina project in Mali, a joint venture with Ganfeng Lithium, this month.

The company has flagged the update to the resource, which stands at 142.3 million tonnes at 1.97% lithium oxide, late in the month.

Latin Resources is still on track to update its Colina lithium resource in Brazil this month after completing 38,300m of diamond drilling last month.

Dreadnought Resources is targeting a resource upgrade at its Mangaroon rare earths project in WA.

"Our target would be up to 20Mt in resource across the project (currently 14.3Mt) with 50% indicated at this juncture," Canaccord Genuity analyst Paul Howard said this week.

An updated resource estimate for Greenstone Resources' Burbanks gold project in WA is also due.

Pan Asia Metals will update the resource for the Reung Kiet lithium prospect in Thailand. It has an existing resource of 10.4Mt at 0.44% lithium oxide for 113,027t of LCE.

A maiden resource estimate for ChemX Material's Jamieson Tank manganese project in South Australia is underway.

There was just one new listing in May, Augustus Resources, and the prospects for June don't look much better.

Only DY6 Metals, NGX and Ashby Mining are slated to list this month and that is tentative only. Chilwa Minerals, Iltani Resources, XLR8 Metals and Western Australia Energy Resources are listed as ‘TBA' on the ASX website, with Ecograf spin-out Innogy withdrawing its application last week.

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