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Northern Star doubles profit

Northern Star doubles profit

Northern Star Resources (ASX: NST) reports a record-breaking FY25 marked by high gold prices, steady production and the acquisition of De Grey Mining’s (ASX: DEG) Hemi development project. FY25 has seen several miners report record-breaking years, thanks largely to similarly remarkable gold prices. Gold has surged multiple times throughout the year, thanks in part to global uncertainty around aggressive tariffs driving investment into the industry. Northern Star has reported $6.4b in revenue, up 30% from FY24’s $4.9b, as well as an underlying net profit of over $1.4b after tax, which has more than doubled from last year. The miner has also reported a record group underlying free cash flow of $536m, with shareholders seeing fully franked dividends of 30c/share. Whilst…

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Latitude66 set to drill high-potential gold targets at Edjudina

Latitude66 set to drill high-potential gold targets at Edjudina

Latitude 66 (ASX: LAT) has announced the planned commencement of a drilling program at its Edjudina Project, located in the Laverton region of WA. The planned drilling program will commence in March this year and consists of up to 9,000m of aircore and potentially follow up reverse circulation drilling to test multiple significant gold-in-soil surface anomalies. This follows from previous exploration works completed across the project area, which have shown substantial potential given their scale and proximity to known mineral occurrences and infrastructure. Latitude66 has also signed a drill for equity agreement with Raglan Drilling, allowing the company to complete up to 9,000m of drilling, with 25% of the cost payable through the issue of new shares under its available…

(Image source: CIMIC Group) In total, the contracts will provide approximately $150 million in revenue for UGL across multiple years.

UGL unlocks $150m in contracts

CIMIC Group company UGL has been awarded several new contracts and contract extensions with existing WA clients: Alcoa (ASX: AAI), bp, Chevron and Woodside (ASX: WDX). UGL has been awarded a contract with Chevron Australia for construction services, supporting the installation of modules, equipment, structure, piping and electrical and instrumentation works. Additionally, UGL has received an 11-month contract extension for the supply of services to Alcoa’s mining and refining operations in WA for the continued management and execution of mechanical, electrical and access services for maintenance work. UGL has also received a two-year contract extension on the supply of maintenance, tank turn around and construction services to BP at the Kwinana Energy Hub. A one-year extension of a non-binding Framework…

Workers at one of Northern Star’s projects.

Northern Star Resources strengthens portfolio with Millrose purchase

Northern Star Resources (ASX:NST) has strengthened its portfolio with the purchase of the Millrose project from Strickland Metals (ASX:STK) for $61m. Strickland has received a $2m cash deposit and will receive cash consideration of $39m payable on completion of the transaction which is expected to be no later than 30 business days. Northern Star will also issue 1.5m fully paid ordinary shares which will be issued upon completion of the transaction and subject to 12 months escrow. Located 40km east of Northern Star’s Jundee operations in WA, the Millrose project has a mineral resource of 346koz of gold at a grade of 1.80g/t. Northern Star managing director Stuart Tonkin said Millrose is an exciting asset for the company. “The acquisition…

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Neighbours unite to reach resources potential

Neighbours unite to reach resources potential

A Memorandum of Understanding (MoU) initiated between the NSW and South Australian Governments aims to increase investment and economic development in mineral resources near the shared border. NSW Resources and Energy minister Chris Hartcher and SA Mineral Resources and Energy minister Tom Koutsantonis formally agreed to guide areas of responsibility for joint cooperation between the NSW Trade and Investment department and the SA Manufacturing, Innovation, Trade, Resources and Energy department in Broken Hill. The scope of the MoU focussed on creating joint programs to promote exploration and investment, by positioning the governments as proactive jurisdictions that would welcome overseas investment; developing alignment between the geological and regulatory system in both states; and generating a renewed commitment tocollaborative exploration initiatives for…

Analysis of drill core is crucial to understanding a region’s geology and the preservation of some of the samples, stockpiled by the former licensee, allows them to be studied without further drilling.

Drill cores preserved as Victorian mining sites rehabilitated

Two former mining sites near Bendigo, Victoria, are a step closer to rehabilitation with the removal of drill core samples from the Woodvale Evaporation Ponds and the start of rehabilitation work at Kangaroo Flat. The Victorian Earth Resources Regulator (ERR) is overseeing the rehabilitation of both sites as the former licensee was unable to meet its obligations. Resources Victoria chief executive Matt Vincent says the drill core to be stored at the Geological Survey of Victoria’s (GSV) Drill Core Library are valuable geoscientific assets which will improve the understanding of Bendigo’s geology. “The Earth Resources Regulator has permanently sealed the Swan Decline, the primary gateway to Bendigo’s historical underground mining,” he said. “We’ve unearthed significant historical records and snapshots at…