Member Info for TimberTrader

...and don't forget the Copper, with "prices expected to exceed $12,000 per tonne ."

Tungsten for dessert?

JP Morgan has issued a bullish outlook on the mining sector for 2026, arguing that a paradigm shift around critical minerals is now underway and will drive strategic change across the industry.

The bank said capital markets are increasingly recognising the role of mining in national security, supply chain resilience, and electrification, particularly around copper, lithium, and gold. It expects major global miners to adopt proactive restructuring strategies to position for these future opportunities, including in frontier markets such as the USA and Argentina.

Recent M&A activity supports this view, analysts at the American bank explain, citing Rio Tinto Ltd (LSE:RIO, ASX:RIO, OTC:RTNTF) facing pressure to split its iron ore and base metals operations, BHP Group Ltd (LSE:BHP, ASX:BHP) fourth failed bid for Anglo American PLC (LSE:AAL), and Glencore PLC (LSE:GLEN) evaluating offers for core zinc and copper assets. The proposed merger of Anglo and Teck, meanwhile, promises to create the world’s third-largest pure copper producer, which, as analysts highlight, also reflects the urgency of repositioning.

JP Morgan reckons European miners could see 10% to 20% earnings upgrades on a mark-to-market basis, and forecasts record highs for base metals and gold in 2026, with copper prices expected to exceed $12,000 per tonne .

Gold could, meanwhile, surpass $5,000 per ounce next year, the bank's analysts say.

https://www.proactiveinvestors.co.uk/companies/news/1083708/critical-metals-and-minerals-are-predicted-be-a-major-investing-theme-in-2026-1083708.html

Https://www.marketindex.com.au/asx/ggp/announcements/fy25-modern-slavery-statement-6A1301567

"Christmas has arrived in Punmu and Kunawarritji Communities 🎄. This is a special tradition at Rawa, where a teacher turns into one of Santa’s helpers and Greatland Resources generously provides gifts for each student.

Although this is a new tradition in community, the real heart of the season has always existed in Martu culture, “puntaju” (giving without expecting anything in return).

It’s a time for families to come together, share food, look after one another, and celebrate the strength of Martu generosity.

Merry Christmas from our families to yours ❤️💛🖤

Thanks for the sleigh"

https://www.instagram.com/p/DRxzGI0E8G3/

Yup, made up the gap with the ASX on AIM today. It'll be interesting to see what happens on the ASX tomorrow.

Thanks to Stuart Hinds on 'X'...

"A few photos of QQ878 from Wednesday morning.

Re new accommodation I'm informed there will be 22 additional blocks each housing 4 people. Speculation is this is preparation for the people building the Havieron - Telfer road"

https://x.com/hinds_stuart/status/1996165920629174465

https://pbs.twimg.com/media/G7POUnEWIAAsKDO?format=jpg&name=medium

https://pbs.twimg.com/media/G7POUnKWAAAkcHO?format=jpg&name=medium

https://pbs.twimg.com/media/G7POUnGWsAAmgGp?format=jpg&name=medium

Greatland Resources (GGP)

Retained at buy at Citi; Price Target: A$10.25 from A$9.00

https://www.marketindex.com.au/news/evening-wrap-asx-200-edges-higher-on-wtc-investor-day-surge-uranium-and-coal

Greatland Resources’ (ASX: GGP) Havieron feasibility study confirms the project’s potential as a world-class gold-copper mine capable of generating an annual pre-tax free cashflow of $739m.

The study outlined a 17+ year mine life and a predicted pre-production capital expenditure of $1065m.

Greatland is targeting a steady state average annual production of 266koz of gold and 9.6kt of copper at an all-in-sustaining-cost (AISC) of $1610/oz.

First gold is expected about 2.5 years from final investment decision (FID) following receipt of environmental approvals.

Greatland managing director Shaun Day comments on the feasibility study.

“The results of the study are robust, generating an IRR3 of 22.5% at a long term $4,500/oz gold price,” he said.

“At a long-term price equal to the current spot gold price, this rises to 31.5% IRR.

“The assessed steady state average production target of 266koz gold and 9.6kt copper annually would generate significant after-tax free cash flow of $550mpa at our base case pricing, or $870mpa at spot gold pricing.”

Greatland has also updated the ore reserve to 38mt at 2.63g/t gold and .30% copper, for 3.3moz gold and 128kt copper.

Havieron ore will be processed through the existing Telfer processing plant with $200m of upgrades included in the capital expenditure with further cost savings possible under a joint-processing scenario and extension to Telfer mine life....

https://australianminingreview.com.au/news/havieron-ore-reserve-climbs-to-third-largest-in-australia/

Interestingly, almost identical to yesterday, still holding that ASX 3% up on AIM close again.

Close on ASX at A$8.26 today = £4.11, up 3.3% on AIM close yesterday of £3.98.

Thanks to 'Bricks in a Bag' on 'X'...

A lot of people are celebrating Greatland Golds DFS coming out last night we great results so I thought I’d create a special Lego GGP scene.

Hold for gold!

https://pbs.twimg.com/media/G7HVoMyW0AA4ZgX?format=jpg&name=medium

https://pbs.twimg.com/media/G7HVoMzW0AAUouu?format=jpg&name=medium

https://pbs.twimg.com/media/G7HVoMyWkAEZjcX?format=jpg&name=medium

https://pbs.twimg.com/media/G7HVoMyWAAACF-v?format=jpg&name=medium

https://x.com/bricksinab/status/1995611002105442715

Lee, I pretty much exclude them, as they appear to be on another planet, IMHO. They've always been significantly below the actual sp since they started Greatland Resources coverage, I believe, and always the lowest TP out of the pack.

@ JungleBabbler I thought Argonaut came in at £6.20 ?

https://pbs.twimg.com/media/G7Cq3mLXAAApnZ2.jpg

Yes, you're correct. My bad. In error I posted their TP from the one they published on the 27th November, just before the FS.

Yesterday's should read A$12.90 (£6.20).

PS Argonaut came in yesterday with buy @ A$11.50 (£5.70)

Here are new broker notes released today:

Retained at buy at Canaccord Genuity; Price Target: A$11.55 (£5.73) from A$10.65

Retained at neutral at Goldman Sachs; Price Target: A$8.40 (£4.17) from A$8.50

Retained at neutral at Jarden; Price Target: A$5.00 (£2.48) from A$5.50

Retained at outperform at Macquarie; Price Target: A$10.50 (£5.21)

Retained at buy at Moelis Australia; Price Target: A$8.50 (£4.22) from A$8.10

Retained at buy at Ord Minnett; Price Target: A$12.00 (£5.96)

https://www.marketindex.com.au/news/evening-wrap-asx-200-sneaks-gain-as-bhp-rio-and-fmg-rise-on-strengthening

Well, on the ASX today we pretty much held on to the same sp that they closed at yesterday, when subsequently, on AIM, it drifted lower.

Closed on ASX at A$8.30 (£4.12), down 0.24%, but 3% up on the AIM close yesterday (£3.995).

The completion of Greatland Gold's Havieron project feasibility study marks a pivotal moment in Australian underground mining development, establishing a new benchmark for integrated gold-copper operations. The study confirms 38.5 million tonnes of ore reserves grading 2.63g/t gold and 0.33% copper, containing 3.3 million ounces of gold and 128,000 tonnes of copper. This positions Havieron as Australia's third-largest underground ore reserve and the largest Australian underground gold reserve outside global major mining companies, trailing only Newmont's Cadia and Tanami operations....

https://discoveryalert.com.au/havieron-feasibility-study-australian-gold-copper-2025/

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.

The Gold price, so far in Q2 FY26, hasn't dropped below A$5,880/oz, which was the price at the start, on the 2nd October!

The Gold price, so far in Q2 FY26, has reached as high as A$6,765/oz!

The Gold price today is now back to +/- A$6,500/oz!

@ EzaSelangor "Are there any revised broker notes? Over on ADVFN they are saying Argonaut price upgrade to £6.20 with a buy rating. Huge upside"

Yes, new Target Price of A$12.90 = £6.20

Link is here:

https://pbs.twimg.com/media/G7Cq3mLXAAApnZ2.jpg

For anyone who missed it, here is the link for the webcast with Shaun Day this morning (Registration Required if not already):

https://webcast.openbriefing.com/webcast-2025-2/

Greatland impresses with Havieron feasibility numbers

Mining Journal 1st December 2025

Big gold-copper mine to emerge near Telfer

Greatland Resources has impressed the market with feasibility numbers for it's Havieron Gold-Copper deposit near Telfer in Western Australia, with the circa A$1 billion....(Sub)

https://www.mining-journal.com/exploration-development/news-analysis/4523991/greatland-impresses-havieron-feasibility