Gold price spike lifts Evolution to record half year

Meeka Metals (ASX: MEK) has commenced installation of an ore sorting facility at its Murchison gold project in WA, targeting increased processing capacity and higher gold production. The upgrade is expected to lift mill capacity by 200ktpa to 800kpta, resulting in a corresponding boost in gold production.  Ore sorting will be applied initially to underground material from the Andy Well deposit, separating higher-grade ore for immediate processing while lower-grade material is stockpiled for later treatment. Test work at Steinert’s facility in Bibra Lake found about 85% of contained gold could be sorted into about 50% of the rock mass, effectively doubling the head grade of Andy Well ore entering the mill. Meeka Metals managing director Tim Davidson says the upgrade represents a low-cost solution to increase production. “We expect this high-return, quick-payback investment to be operational in the September 2026 quarter providing additional processing capacity for ore from our open pits and our second underground mine at Turnberry, commencing in 2026,” he said. Civil works for the $6m upgrade have commenced, with equipment delivery and installation due to begin in the June 2026 quarter. According to the company, the installation offers a faster and lower-cost alternative to expanding the existing processing plant, which would require significantly higher capital investment and longer development timelines. The upgrade is expected to reduce processing costs per ounce, lower tailings volumes and reduce wear on plant equipment by removing waste material before milling. Meeka Metals said further test work is underway to assess the application of ore sorting across other deposits within the Murchison project.  

PLS weighs Ngungaju restart as revenue jumps 49% PLS (ASX: PLS) has flagged a potential restart of its 200ktpa Ngungaju processing plant as recovering spodumene prices helped net a Q2 revenue of $373m.PLS says it has completed early operational readiness works to position Ngungaju for a restart within about four months of a decision, with the board expected to consider whether to proceed during the March quarter.The company reported spodumene concentrate production of 208kt for the quarter while sales increased 8% to 232kt.Operationally, PLS said Q2 performance at the Pilgangoora operation was in line with expectations, reflecting continued mining efficiencies and a deliberate strategy to increase contact ore feed to maximise utilisation of ore sorting capability.Total material mined rose to 8.1mt from 7.7mt, while total ore mined fell to 1.5mt from 1.7mt as activity shifted toward planned waste stripping to support future production.Lithium recoveries remained strong at 76%, despite the intentional increase of contact ore processed during the quarter to maximise the sorter performance.The P2000 feasibility study, which is assessing the potential expansion of the Pilgangoora operation’s production capacity to approximately 2mtpa, continues to progress.In light of recent improvements in market conditions, the timeline for P2000 study outcomes is under review, with PLS planning to provide an update in the March quarter.

South32 (ASX: S32) has reported solid operating and financial performance for Q3 FY26, maintaining production guidance across all operations except Australia Manganese.   The company delivered net cash generation of US$121m despite weather disruptions and continued investment in growth. South32 chief executive Graham Kerr said several operations delivered strong results during the quarter, supported by higher aluminium prices, record year-to-date production at Brazil Alumina, and a record US$135 million distribution from Sierra Gorda. Group alumina production increased by 1% year to date, while aluminium production was broadly unchanged, with Hillside Aluminium continuing to test maximum technical capacity. At Australia Manganese, however, FY26 production guidance was revised down 6% to 3,000kwmt, reflecting elevated site water levels, wet season rainfall and impacts from Tropical Cyclone Narelle. South32 said strong operating performance and commodity price support helped offset US$158m in growth capital expenditure at the Hermosa project during the quarter, with the company’s balance sheet supporting ongoing investment in copper, zinc and silver growth. At Hermosa, South32 reported progress in federal permitting under the FAST-41 process, alongside continued advancement of underground and surface infrastructure at the Taylor zinc-lead-silver project. Cannington remained on track to meet production guidance despite significant flooding in northwest Queensland, while Sierra Gorda maintained guidance despite wet weather impacts in Chile.  South32 also highlighted potential costs pressures linked to higher freight rates, raw material prices and stronger producer currencies, while noting measures have been implemented to mitigate supply chain risks associated with conflict in the Middle East. Following the quarter, the company paid a fully franked interim dividend of US$175m, while continuing its capital management program 

South Australia is on the verge of a ‘once-in-a-generation’ economic growth opportunity, underpinned by affordable, reliable and sustainable electricity, according to a report by ElectraNet.The 2026 Transmission Annual Planning Report (TAPR) shows that interest to connect to South Australia’s transmission network is at its highest level in decades, and attributes this to the strength of the state’s grid and renewable electricity generation.Peak electricity demand is forecast to double over the next 15 years, from 3.3GW currently to more than 6.5GW, according to TAPR figures.The 2026 TAPR shows increased connection demand is expected in greater Adelaide, the mid-north and south-east as a result of data centres and the AI boom, as well as defence industry development at the Osborne naval shipyard.In the Eyre Peninsula and Upper Spencer Gulf regions, growth will be driven by the mining and minerals sector, steel production reinvigoration at Whyalla and the Northern Water project.The Eyre Peninsula includes, and is close to, resources that are crucial in supporting this expected growth including high quality renewable energy sites.ElectraNet chief executive Simon Emms says the TAPR points to South Australia entering a period of economic growth with thousands of jobs being created, underpinned by the state’s world-leading renewable electricity system.“South Australia is facing a jobs boom as industries seek to access the State’s unique combination of valuable minerals and world-class wind and solar renewable energy,” he said.“As industries such as mining, steelmaking, defence and AI expand, the demand for electricity in the state is set to grow significantly.“We have the opportunity set the new global standard for a modern economy, where rapidly growing business and industry are supported by clean energy.“Timely investment in the transmission network will be the key to unlocking this economic growth across South Australia and the thousands of jobs that come with it.”Realising this enormous growth opportunity hinges on planning and enhancement of infrastructure to keep up with rapidly growing electricity demand.South Australia still has an abundance of untapped renewable energy potential in the north of the state to provide affordable, reliable and sustainable electricity supply to support this growth opportunity.“Transmission infrastructure will be vital to create an electricity superhighway, taking energy from the source to where it is needed, and managing the peaks and troughs of demand,” Mr Emms said.“So while South Australia has an exciting economic opportunity ahead, we must have the ability to take it.“It is vital that we get the planning right and that regulators and governing bodies continue to evolve with us as we tackle truly unique energy circumstances.”The TAPR highlights three proposed transmission projects that will be important to South Australia’s growth over the next 15 years.The Eyre Peninsula upgrade, anticipated between 2027 and 2028, will increase the transmission capacity by enabling the Cultana–Yadnarie lines to operate at 275kV. This project will be vital to mining and manufacturing growth in the region and will also unlock new renewable energy generation.The Northern Transmission project (NTx), which is currently in early planning stages, will extend the transmission network’s capability across the northern and eastern parts of South Australia to vastly increase network reliability.The South-East Expansion project aims to improve access to the transmission network and support future industrial growth such as timber processing, food manufacturing and biomass and wind energy generation.Having supported the state until now, traditional energy assets throughout the Adelaide metro region are being retired, including the Torrens Island Power Stations, and being rapidly replaced by batteries in areas to the north of Adelaide.The next two decades will see these trends continuing, supported by the South Australian Government’s renewable release areas, according to ElectraNet.