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Interesting post from Scott North on LinkedIn re the 'Mineral Metrics' Operating Margins per Oz of Gold....

"Gold at A$7,000+ an ounce and one ASX producer still can't make money.

Mineral Metrics just published the Dec-25 quarter operating margins across ASX gold producers. The headline looks great, Evolution Mining is banking nearly A$4,925 per ounce. Capricorn Metals Ltd, Emerald Resources NL and Greatland are all north of A$4,100. Record margins, record cash flows, record everything.

But the number that matters isn't the top of the chart. It's the spread.

Nearly A$5,000 per ounce separates the best operator from the worst. St Barbara Limited is running negative at these prices. Northern Star Resources Limited, one of the largest gold miners on the ASX, sits in the bottom third at under A$2,000 per ounce. Meanwhile operators a fraction of its size are generating two and a half times the margin.

A rising price lifts all headlines but it doesn't lift all businesses equally. The dispersion in this chart is a map of asset quality, cost discipline and capital allocation decisions made years ago.

The companies at the top aren't just lucky. They picked the right deposits, built the right infrastructure and ran tight operations when nobody was watching.

The companies in the bottom half are surviving on price, not performance. And surviving on price only works until it doesn't. A 20% pullback in gold wipes out the entire margin for a third of this list.

Record prices are supposed to be the easy part. If you can't generate meaningful margin here, the question isn't about gold. It's about the business."

https://www.linkedin.com/posts/scott-north-k_mining-gold-resources-activity-7429056955941519361-uc36

TOP 20 PERFORMERS OF THE MONTH

....Greatland Resources Limited (ASX:GGP): saw its market capitalisation rise 25.4% in the opening month of 2026, reaching $8.85b. This was fuelled by heightened speculation and the realisation of gold and copper price gains. The company’s December 2025 production update was strong, highlighting robust operational performance and reaffirmed production guidance. Higher realised gold prices, combined with disciplined cost management, lifted

earnings and showed strong operating cash flows, with Greatland generating $406m for the quarter. Investors responded to both the favourable market conditions and Greatland’s operational delivery, viewing the company as well positioned for continued growth. This share price rally underscores confidence in Greatland’s outlook and its leverage to key metals.

https://www.deloitte.com/au/en/services/economics/analysis/wa-stock-exchange-index-january-2026.html

...and in March the maiden Telfer WDU MRE included.

He did indeed Paddy...

Shaun Day, Managing Director, Greatland: "Thanks very much, Ashley. Just really to say thank you to people for dialing in. We’ll have our half-year results out next month in February, and then that March JORC resource as well, in March."

Thanks for that JB!

Where we are today - Half way through Q3 FY26....

We achieved an average gold price of A$5,014/oz in Q4 FY25 (1st April - 30th June 2025) which generated net revenue of A$487 million (including Copper) and an operating cash flow of A$310 million for the quarter, delivering a closing cash balance of A$575 million (from A$398 million at 31st March 2025), debt free.

We achieved an average gold price of A$5,277/oz in Q1 FY26 (1st July - 30th September 2025) which generated net revenue of A$476 million (including Copper) and an operating cash flow of A$284 million for the quarter, delivering a closing cash balance of A$750 million (from A$575 million at 30 June 2025), debt free.

We achieved an average gold price of A$6,301/oz in Q2 FY26 (1st October - 31st December 2025) which generated net revenue of A$507 million (including Copper) and an operating cash flow of A$406 million for the quarter, delivering a closing cash balance of A$948 million (from A$750 million at 30 September 2025), debt free.

The Gold price, so far in Q3 FY26, hasn't dropped below A$6,451/oz, which was the price at the start, on the 2nd January, apart from the one day when we had the big correction, which actually only took us down to A$6,371/oz. Since then we've been higher on every day so far this quarter.

The Gold price, so far in Q3 FY26, has reached as high as A$7,942/oz!

The current average price for Q3 FY26 is APPROX. A$7,050/oz

And don't forget the Copper. Up +/- 2% above the HIGHEST price reached in Q2 FY26.

The free cash printing presses are still running overtime!

Highlights

Several UK small-cap stocks delivered annual returns exceeding 50%, outperforming the broader small-cap segment.

Oxford BioMedica plc advanced more than 105% over the past year, while Roadside Real Estate (LSE: ROAD) gained about 141% and Marston's (LSE: MARS) rose approximately 53.52%.

ITM Power posted gains of over 73% and ranked among the most actively traded AIM stocks during the period.

Mining and resource-focused companies recorded some of the highest returns, with Guardian Metal Resources surging around 469%, Sylvania Platinum rising nearly 140%, and Greatland Gold climbing more than 83%.

The FTSE Small Cap Index increased by nearly 16% over the same period, trailing the performance of several individual stocks within the segment.

A number of UK‑listed small‑capitalisation stocks delivered significant returns over the past year, highlighting pockets of performance within the broader small‑cap segment. While many small‑cap equities remain out of favour compared with larger indices, select companies have posted remarkable share price advances, attracting attention from investors seeking growth opportunities in the UK market....

https://kalkine.co.uk/news/general-news/uk-small-cap-stocks-that-posted-50-annual-return

It's not as if we need any more encouragement about the Telfer WDU, our 'mine within a mine', where we're already seeing the best grades at Telfer for 20 years, but the latest drilling, as we’ve drilled to the south, have produced the two highest grade intercepts that we've had so far, AND, as that grade has improved, the WDU still remains OPEN to the south too! Frankly, I can't wait for the Maiden WDU MRE in March, especially when very few of the brokers have even mentioned it yet, let alone given any figures on it!

What do I always say about research!

https://x.com/TazManiaAhmed/status/2021895696954032539

"Does it feel to anyone else like the global financial system is currently enjoying the economic equivalent of that scene in Titanic where the band keeps playing while the ship sinks?

The band is Kevin Warsh, the ship is the US dollar, and gold just retook $5,000 - because the markets have figured out what’s coming...."

https://thatstocksguy.substack.com/p/why-gold-and-silver-are-recovering

Thanks to Stuart/Paddy/Grizzle Bear on 'X'

Scotia Capital Prediction

https://pbs.twimg.com/media/HA42WSKXAAAFT2X?format=jpg&name=medium

I posted a question some weeks ago for anyone more up to speed on ETF's, but specifically the Sprott JUNIOR Gold Miners ETF, but nobody appeared to have an answer.....

The maximum Market Cap for existing index constituents in the Sprott JUNIOR Gold Miners ETF must not be more than US$ 4 Billion, according to their latest rule changes on the 22nd December last year. We've been above that for some time now.

I believe that the Sprott ETF tracks the 'Solactive Junior Gold Miners Custom Factors Index', which also changed to a maximum Market Cap of US$ 4 Billion recently, reflecting the same.

The next rebalance of BOTH is also due in March (the last was September 2025).

Am I right in assuming that we would automatically then become a constituent of the Sprott Gold Miners ETF, tracking the 'Solactive Gold Miners Custom Factors Index'?

Anyone with any views?

"Gold and silver prices continued their rise in the first few weeks of 2026, although they have become more volatile in recent days. AIM gold and silver companies are reaping the benefits in terms of rising share prices...."

"The AIM 100 has a dozen mining companies with a weighting of 20.7%. This includes Central Asia Metals, but also the top five companies in the index. The largest company on AIM, Australian gold miner and explorer Greatland Resources was 405% higher. Gold producer Thor Explorations rose 324%. Although these do not have the 8.09% weighting of Greatland Resources they still have a major impact on the AIM 100. ..."

https://www.aimjournal.info/_files/ugd/4a43e3_d50497c21e6e462997e38ed3ea4bb942.pdf

Greatland Resources Ltd (ASX: GGP)

Greatland Resources is an ASX 200-listed gold and copper mining stock. It focuses on discovery, development, extraction, processing, and sale of precious and base metals.

The miner's share price has surged this year as copper shares rally. Demand comes from a jump in demand for safe haven commodities amid global geopolitical uncertainty and a rapid decline in the US dollar. Greatland has also benefited from a gold price rally this year.

It wasn't the commodity boom which pushed the ASX 200 stock higher though, it also posted record drilling and grades at its Telfer site, a strong Q4 cash flow and progress in its mine expansion plans in January.

At the close of the ASX on Tuesday, Greatland Resources shares were 3.47% higher at $12.82. For the year-to-date the share price has jumped 21.4%.

https://www.fool.com.au/2026/02/11/these-3-asx-200-stocks-have-already-soared-20-to-30-in-2026/

"Amid global uncertainty un­leashed by U.S. tariffs and geo­political tensions, resource-rich Australia remained somewhat resilient. Thanks partly to a rising Aus­tralian dollar, up 9% in the past year, the collective wealth of the 2026 Forbes list of Australia’s 50 Richest rose US$11 billion to $254 billion. The complete list is available here, www.forbes.com.au and in the February/March issues of Forbes Asia and Forbes Australia....

...Mining tycoon Andrew Forrest climbed two places to No. 3, buoyed by an uptick in shares of iron ore giant Fortescue, which helped boost his net worth by $4 billion to $20.1 billion. Bullish on gold, he more than doubled his stake in miner Greatland Gold to nearly 19%...."

THE TOP TEN RICHEST IN AUSTRALIA

Gina Rinehart; US$24.6 billion

Harry Triguboff; US$22.6 billion

Andrew Forrest & Family, US$20.1 billion

Cliff Obrecht & Melanie Perkins, US$15.1 billion

Anthony Pratt, US$11.5 billion

Mike Cannon-Brookes; US$10 billion

Scott Farquhar; US$9.7 billion

Frank Lowy, US$8.8 billion

Kerry Stokes, US$7.9 billion

Bianca Rinehart & Siblings, US$7.5 billion

https://www.forbes.com/sites/forbespr/2026/02/09/wealth-of-australias-50-richest-on-forbes-list-rises-4-to-us254-billion/

@ dduncan4 The Newmont shares were still a part of the IPO though, which was oversubscribed with the $490 million offer at an offer price of $6.60 per share. The offer was the $50 million primary issuance by Greatland and the $440 million secondary sell down by Bright SaleCo Limited, which was the special purpose vehicle incorporated to facilitate the sale UNDER THE IPO of 50% of Newmont’s shares in Greatland. That's why the IPO made $490 million.

Tungsten was the 2nd Highest Riser last week in the 'MinerDeck' weekly Metals Price & Performance table at +3.87%. That was after being the Highest Riser the previous week at +18.1%.

Just saying!

https://pbs.twimg.com/media/HAo6swxWQAAAajW?format=jpg&name=large

"From AI infrastructure plays to climate-tech disruptors, 2025 delivered one of the most eventful IPO years in recent memory. But six months on, how have these newly minted public companies actually performed? This guide tracks 9 notable IPOs from the class of 2025 and examines where they stand today...."

THE WINNERS

Virgin Australia (ASX: VGN)

CoreWeave (NASDAQ: CRWV)

Circle Internet Group (NASDAQ: CRCL)

Sea Forest (ASX: SEA)

Greatland Resources (ASX: GGP)

https://www.superhero.com.au/learn/class-of-2025-where-are-they-now

Thanks again to Stuart, who's just had some photos of the existing CAT 6060 at Telfer...

https://pbs.twimg.com/media/HAq_mpxaAAApH_B?format=jpg&name=medium

https://pbs.twimg.com/media/HAq_mqUbMAAHSnC?format=jpg&name=medium

Mammoth Minerals sells Paterson project to focus on Excelsior Springs gold-silver play

Stockhead 9th February 2026

Host Tylah Tully looks at Mammoth Minerals’ (ASX:M79) latest news, as the company completes the sale of its Paterson project in WA to Cloudbreak Discovery as part of an ongoing streamlining of its portfolio.

The divestment sharpens the company’s focus on advancing its Excelsior Springs gold-silver project in Nevada.

Watch the video to hear the details...

https://stockhead.com.au/stockhead-tv/stocktake/stocktake-mammoth-minerals-sells-paterson-project-to-focus-on-excelsior-springs-gold-silver-play/