Newmont generates record earnings

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 

Northern Star Resources (ASX: NST) has flagged a further downgrade to its full-year gold guidance following weaker performance in the last two months and throughput issues at KCGM.The miner has warned that achieving even the bottom end of its 1.6–1.7moz guidance range is now “challenging”.Northern Star says its current best estimate is for FY26 production to exceed 1.5moz, after weaker-than-expected January and February performance caused by ongoing throughput constraints at the existing KCGM mill and lower mining productivity, especially at Jundee.The update marks a further deterioration from the cuts announced in January, when the company reduced group production guidance, raised AISC guidance and lowered KCGM’s expected output.In an investor call, Northern Star managing director and chief executive Stuart Tonkin said he recognised that, externally, it may appear the company had not been forthcoming with information.“That’s not the case,” he said.“In January, we absolutely thought 1.6moz was a very comfortable floor we would clear.“So to be sitting here as soon as now to say things aren’t going well, I get it, it’s as disappointing for us as it is our audience and we have to learn from that.”Until the expanded KCGM mill comes online, operations remain dependent on the existing mill, which has been struggling to maintain steady performance.Northern Star says the mill expansion remains on track for commissioning in early FY27.The miner will now undertake an operational review at Jundee, aimed at reducing costs and prioritising higher-margin ounces.“Front of mind for management and the board is that efforts to achieve the FY26 forecast do not compromise the transition to the new plant and have negative implications for Q1 next year,” Mr Tonkin said.“To deal with that concern, management’s focus over the next four months will be to set the company up to achieve its full potential from the start of FY27 and not on the achievement of short-term guidance above all else.“The production focus over this period will be on extracting ounces in the most effective way, from both a cost and mining efficiency perspective.”On the positive side, Northern Star said mining volumes at KCGM were tracking well, with ROM stockpiles continuing to build to about 100koz of high-grade ore at the end of February. The miner said this material would  be processed in FY27, displacing lower-grade ore.

Liontown (ASX: LTR) lifted H1 revenue to $207.5m as the underground ramp-up at Kathleen Valley drove a 106% surge in sales volumes.Kathleen Valley’s 1mtpa run rate was delivered on schedule, with Liontown targeting 1.5mtpa by the end of March.Liontown managing director and chief executive Tony Ottaviano says Kathleen Valley is now a 100% underground operation.“We have delivered a 1mtpa underground run-rate on schedule, sold 190,000t of concentrate across ten shipments and more than doubled revenue period to period,” he said.“The underground ramp-up is on track and we expect the second half to be materially stronger as volumes, recoveries and pricing all continue to improve.”Kathleen Valley was still ramping up in H1 with AISC of $1,179/dmt weighing on margins, although Liontown expects unit costs and cash generation to improve in H2.The miner reported an average realised spodumene price of US$888/dmt, with an encouraging price signal for Liontown coming out of its November 2025 Metalshub spot auction, which cleared at US$1,254/dmt for shipment in January 2026.Liontown says spodumene prices were strengthening into CY26 and expects cash generation to improve in H2.“The balance sheet has been reset. Pro forma gearing (excluding leases) has dropped from 48% to 22% and we had $390m in cash at 31 December 2025,” Mr Ottaviano said.“This provides us with a strong financial foundation to complete the ramp-up, progress the 4mtpa expansion study and continue to grow the company to its full potential.“We are one of a small number of producers globally that can bring additional lithium tonnes to market quickly through brownfield expansion of an operating asset. The expansion study is underway and we are advancing critical path procurement now."Liontown posted a statutory net loss of $184m, including $104.4m loss on the LGES convertible note primarily driven by the company’s share price increasing from $.70 to $1.575 over the period.Liontown said the note converted to equity in February, with an estimated $58m gain expected to be recognised on conversion.

The Queensland Government has launched a 10% subsidy on below-rail access charges for the next four years for users of the Mount Isa line in an effort to support industry and strengthen freight corridors.The Mount Isa line is a strategic freight corridor connecting the north-west minerals province (NWMP) to the Port of Townsville, playing a critical role in keeping exports moving.According to the Queensland Government, lowering rail transport costs will enable significant cost savings for operators within the region. For example, a rail user moving .5mtpa of minerals concentrates in a bulk operation between Cloncurry and Townsville would save about $1.4m annually and $5.6m over the four years, says the Queensland Government.Queensland Transport and Main Roads Minister Brent Mickelberg says the four-year subsidy is about backing the industries that keep the state moving by delivering practical support they can rely on.“By lowering rail transport costs, we’re making rail a more competitive option for industry, improving freight corridors and supporting growth across the NWMP,” he said.“We know transport costs can be a real pressure on industry in the north and this subsidy will encourage a shift from road to rail, improving safety on our roads and strengthening long-term freight resilience.”Minerals concentrate, fertiliser, acid, mining inputs, refined metals and cattle are all moved along the Mount Isa line.Queensland Natural Resources and Mines Minister Dale Last says the Queensland Government is serious about unlocking the full potential of Queensland’s north-west.“Queensland’s resources are world-class, and demand is strong, with the elevating phosphate to  list of critical minerals late last year,” he said.“But to meet that demand, we need to get our resources to the coast, and that’s where the Government’s Mount Isa rail subsidy kicks in.“The Mount Isa line is the backbone of the north-west economy, moving mineral concentrates, processed metals, fertilisers, phosphate rock and acid to export markets.”