Lunch Wrap: ASX seesaws into a slippery dip as markets await tariff pause deadline
Gold stocks dragging, down more than 2pc
ASX All Tech adds 0.24pc
ASX seesaws wildly ahead of tariff pause deadline
The ASX wasn't quite sure which way to go earlier this morning, but as of about 1pm AEST it seems to have made up its mind, dipping by about 0.36% at the time of publishing.
Jumping 10 points in the first five minutes, the ASX 200 dropped about the same before spiking back up again an hour later.
It's been a choppy affair ever since, but at least the utilities sector is doing its best to stem too much blood.
Looking at our large caps, market favourites Commonwealth Bank (ASX:CBA) and Northern Star Resources (ASX:NST) are trending lower, down 0.12% and 6.6% each.
NST failed to meet its revised production guidance range for the Kalgoorlie production centre, offloading 842k ounces compared to guidance of 850-860k.
The company managed to scrape just over the line for its total gold production guidance numbers, producing 1.643m ounces compared to estimates of 1.63-1.66, but the market was overall displeased with the update.
Healthcare giant CSL (ASX:CSL) is moving in the opposite direction, adding 1.94% alongside a 1.85% jump for James Hardie Industries (ASX:JHX).
Origin Energy (ASX:ORG) has also jumped more than 6% intraday, leading the greater utilities sector higher.
12 countries to receive 'take it or leave it' offers
Twelve countries currently negotiating trade deals with the US Trump administration will soon receive letters offering a final deal from the White House.
A pause on tariffs set to be imposed on the majority of US trading partners will expire on July 9, with most tariffs going into effect by August 1.
"I signed some letters and they'll go out on Monday, probably twelve," Trump said, when asked about the trade negotiations. "Different amounts of money, different amounts of tariffs."
While the Trump administration was initially very optimistic about establishing concrete trade deals with its major partners, the prez has since changed his tune, stating it was easier to send a letter.
That tracks – most major trade deals take years to negotiate, so it was always going to be a tall order to come to dozens of agreements in a matter of months.
Hotly anticipated deals with India and the EU appear to have fallen through at the last minute, leaving the door open for some big market upsets when the new tariffs finally come into effect.
On Friday, Trump added more fuel to that fire, stating tariffs could range up to 70% compared to the 10% to 50% threatened in April.
That said, investors aren't running for the hills as they were on Liberation Day.
"The markets are discounting a return to tariff levels of 35%, 40% or higher, and anticipating an across-the-board level of 10% or so,' Boston-based Twinfocus chief investment officer John Pantekidis told Reuters.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 7 :
Security Description Last % Volume MktCap
VN8 Vonex Limited. 0.036 100% 2156808 $13,546,863
BMM Bayanminingandmin 0.06 71% 21465707 $3,603,439
EEL Enrg Elements Ltd 0.0015 50% 546851 $3,253,779
BPM BPM Minerals 0.043 48% 9538695 $2,531,709
ZMM Zimi Ltd 0.011 38% 495333 $3,420,351
GTR Gti Energy Ltd 0.004 33% 13565308 $8,996,849
FRB Firebird Metals 0.098 27% 1505249 $10,961,828
NWM Norwest Minerals 0.014 27% 4401658 $10,651,944
KPO Kalina Power Limited 0.0075 25% 2850600 $17,597,974
BIT Biotron Limited 0.0025 25% 1617648 $2,654,492
BUY Bounty Oil & Gas NL 0.0025 25% 297011 $3,122,944
MMR Mec Resources 0.005 25% 8400000 $7,399,063
SKK Stakk Limited 0.005 25% 102300 $8,300,319
SRZ Stellar Resources 0.02 25% 15750554 $33,276,009
TMK TMK Energy Limited 0.0025 25% 501642 $20,444,766
SCP Scalare Partners 0.13 24% 2500 $4,392,677
NH3 Nh3Cleanenergyltd 0.05 22% 3120545 $26,093,310
ALY Alchemy Resource Ltd 0.006 20% 45000 $5,890,381
WSR Westar Resources 0.006 20% 840301 $1,993,624
CMO Cosmometalslimited 0.02 18% 878586 $5,476,306
DRE Dreadnought Resources Ltd 0.0105 17% 4930863 $45,715,500
AON Apollo Minerals Ltd 0.007 17% 413000 $5,570,741
AS2 Askarimetalslimited 0.007 17% 1859773 $2,425,024
LML Lincoln Minerals 0.007 17% 1550000 $12,615,418
RRR Revolverresources 0.036 16% 114474 $8,564,502
In the news…
Bayan Mining and Minerals (ASX:BMM) has staked 72 lode claims in the Mojave Desert of California in a bid to form the Desert Star rare earth project.
It's a Tier 1 area for rare earth mineralisation, just 4.5km from the Mountain Pass REE Mine (supplied 15.8% of global rare earth production in 2020) and 4.7km from Dateline Resources' (ASX:DTR) Colosseum project, which has shown similar radio metric signatures for REE mineralisation to Mountain Pass.
BMM will begin with a desktop review, field recon and rock chip sampling to drum up some early drilling targets.
Back on Australian soil, BPM Minerals (ASX:BPM) is preparing to begin drilling at its newly acquired Forelands gold project in the Yilgarn Craton–Albany Fraser Orogen margin of WA.
The project has already produced bonanza-grade hits up to 3m at 65.8 g/t gold from 25m of depth in drilling, and BPM reckons Foreland presents a near-term resource conversion opportunity.
Tenement acquisition is a bit of a theme today – Westar Resources (ASX:WSR) is also moving higher after staking a new copper tenement application in the under-explored Birrindudu Basin of Northern Territory.
The Northern Territory Geological Survey and CSIRO both found evidence of sedimentary copper deposits in a review of drill core from Birrindudu, highlighting the area as a potential frontier district for copper mineralisation.
Finally, Dreadnought Resources (ASX:DRE) is launching a test work sampling program at the Mangaroon critical metal project after fielding growing commercial interest in the rare earth and critical mineral potential of the Gillford Creek prospect.
Gillford Creek is prospective for a suite of rare earths as well as niobium, scandium, titanium, phosphorus and zirconium.
DRE management stresses that this sampling program won't distract from its 'More gold, Faster' strategy, but will advance its critical metal commercialisation ambitions.
ASX SMALL CAP LAGGARDS
Here are the worst performing ASX small cap stocks for July 7 :
Code Name Price % Change Volume Market Cap
GMN Gold Mountain Ltd 0.002 -33% 7556216 $16,859,278
FAU First Au Ltd 0.003 -25% 1009478 $8,305,165
EXT Excite Technology 0.008 -20% 1136999 $20,726,419
GGE Grand Gulf Energy 0.002 -20% 750000 $7,051,062
HTG Harvest Tech Grp Ltd 0.015 -17% 773452 $16,362,330
PV1 Provaris Energy Ltd 0.015 -17% 613604 $12,564,023
ALM Alma Metals Ltd 0.005 -17% 1224333 $11,104,423
ARV Artemis Resources 0.005 -17% 156112 $15,214,033
MRD Mount Ridley Mines 0.0025 -17% 751500 $2,335,467
NES Nelson Resources. 0.0025 -17% 31999 $6,515,783
AVM Advance Metals Ltd 0.041 -16% 6485856 $12,986,707
AGY Argosy Minerals Ltd 0.029 -15% 13769095 $49,501,312
AKN Auking Mining Ltd 0.006 -14% 2943588 $4,023,451
AYT Austin Metals Ltd 0.003 -14% 104766 $5,544,670
LCL LCL Resources Ltd 0.006 -14% 95362 $8,394,800
SPX Spenda Limited 0.006 -14% 750000 $32,306,508
SFM Santa Fe Minerals 0.125 -14% 40492 $10,558,724
SVG Savannah Goldfields 0.02 -13% 630461 $26,256,272
AJX Alexium Int Group 0.007 -13% 39265 $12,691,429
AM5 Antares Metals 0.007 -13% 2163706 $4,118,823
ATS Australis Oil & Gas 0.007 -13% 20000 $10,544,500
GSM Golden State Mining 0.007 -13% 2000000 $2,234,965
RGL Riversgold 0.0035 -13% 875981 $6,734,850
BRU Buru Energy 0.023 -12% 1504129 $20,264,650
SPQ Superior Resources 0.004 -11% 490000 $10,669,422
IN CASE YOU MISSED IT
Break it Down: MTM Critical Metals (ASX:MTM) is adding national security expert Gregory L. Bowman to the advisory board of US subsidiary Flash Metals USA.
Indiana Resources (ASX:IDA) has leveraged results from geochemical sampling near the Minos project to identify new gold targets.
Australia has a new globally focused deep tech company in MagnaTerra Technologies following the merger of mining innovator NextOre and explosives detection startup MRead.
As the US starts to ramp up domestic antimony support, Nova Minerals' (ASX:NVA) Estelle Project in Alaska is shaping up as a strategic solution.
StockTake: Anson Resources (ASX:ASN) has boosted its exploration prospects at the Green River lithium project in Utah.

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News.com.au
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Dr Boreham's Crucible: ASX newbie Tetratherix plays it slow and steady
By taking the 'less is more' approach to funding, the backers of the first ASX life sciences initial public offer (IPO) in seven months have been rewarded with a robust share price over the first few trading days. The developer of the world's first 'bio-stealth fluid matrix' wound management house, Tetratherix (ASX:TTX) listed on Monday after reducing the size of its raising from $35 million to $25 million. 'This IPO is not an endpoint or an exit strategy, rather a foundation upon which we will accelerate product development, expand our global clinical footprint and scale manufacturing and commercial operations,' CEO Will Knox declared. The company's Tetramatrix platform has nothing to do with stealth fighters or furtive FBI agents, but is the basis of novel tools for applications including tissue healing, bone regeneration and surgical spacing. 'Bio-stealth refers to the ability to quietly enter the body through minimally invasive means,' Knox says. 'It tricks the body, so it doesn't know it has been in there and done the things it needs to do before being reabsorbed. 'That's important because the product doesn't elicit any inflammatory or foreign body response.' Knox dubs the platform as 'medical Lego', in that the products are built from the same polymer structure. 'That means you can use the same underlying biological performance and safety data in all regulatory applications,' he says. 'Our path to market is a lot faster and simpler because the data is interchangeable across the different applications.' 'Intelligent chemistry' The technology combines four liquid monomers in ready-to-use syringes. The 'intelligent chemistry' means it sets to a chewing-gum consistency at body temperature, causing minimal damage to other tissue. The material avoids the fibrotic response associated with healing. 'The ethos is to have something everyone can use, without changing clinical workflows,' says Dr Ali Fathi, the company's co- founder. 'Even a first-year school student can use it.' The material can be easily moulded to suit the application and is not rejected by the body. Eventually, the material breaks down into water and carbon dioxide. These qualities make it suitable for day surgeries, which are increasingly common. Tetratherix currently does not have an approved product. Pending expected US Food and Drug Administration approval, the company hopes to launch products for dental applications, bone regeneration and orthopaedic uses next year. This thesis was more than theory Academic theses tend to be derided as esoteric or theoretical - or both. That's not the case with University of Sydney researcher and chemical engineer Dr Fathi, whose thesis spawned the Tetra-tech. The topic? 'Injectable Hydrogels with Tunable Physico-chemical Characteristics and Cell-interactive Behaviour for Musculo-skeletal Tissue Regeneration'. Dr Fathi and Terence Abrams formed the company, then known as Trimph Holdings, in 2025. In 2018, a dental clinical study established the technology's street cred. The company adopted its current moniker in 2020 and carried out its first private fund-raising (series A round) for $2.5 million of preference shares. This was followed by two convertible note raisings, totalling $8.45 million. The company then converted to an unlisted public company structure. Knox has extensive experience on commercializing regenerative therapies including at Cochlear. The board includes John Kelly, co-founder of the ASX-listed Atomo Diagnostics. With an initial focus on dermal repair and orthopaedic bone regeneration, Tetratherix expanded into surgical spacing and tissue healing (preventing scars forming in surgery) The company also plans to commercialise a 'spacer' to protect surrounding tissue (such as the rectum) during prostate cancer radiation therapy. Tegenix … First off the commercialisation rank is the company's dental bone regeneration tool, Tegenix. Clinicians mix the material for a bone graft. The putty is then pressed into the bone defect, providing flexibility. 'It also means general dentists can carry out some of these more complex procedures,' Knox says. Tetratherix has carried out two clinical trials that show Tegenix supports natural bone healing. The company expects to bring Tegenix to market by July 2026, following expected FDA clearance. Identical in chemistry to Tegenix, fast follower Tegeneous is intended for orthopaedic uses, enabling minimally invasive treatment of trauma and spinal injuries. Tutelix … Under a joint venture with the local Koda Health, Tetratherix is developing Tutelix for prostate spacing. The material is injected through a long needle between the prostate and the rectum, which protects the latter from radiation during prostate procedures. 'We make cancer radiation therapy safer and simpler. It provides clinicians with optionality in that they can inject it at the pace they want,' Knox says. 'It's visible under a scan and ultrasound, enabling precision.' The joint venture has ethics approval for a human trial, expected to start within weeks. On the ophthalmic front, the Tetratherix 'eyes' a product called Optelex, to maintain the volume and shape of peepers during surgery. … and Tetraderm Tetraderm prevents scar formation after procedures such as caesarean sections and breast augmentation and reductions. The product forms a gel between layers of the dermal tissue, reducing 'dead space' and providing cushioning to prevent scar formation. Carried out on the Gold Coast, a trial has passed the first safety and efficacy hurdles. The company expects a pre-submission meeting with the FDA by the end of 2026. In the fast lane Knox says Tetratherix is taking the relatively easy FDA 510(k) path to market. 'We are not a drug, so don't need phase I to III style programs,' he says. 'The average time for an FDA response is 124 calendar days, rather than months or years.' The company's regulatory team sifted through 300 510(k) applications and discovered a 95% success rate. 'It is a much lower risk profile from a market access perspective.' Take your partners Management describes a dual revenue model, by which the technology is licenced to partners in a specific field. This approach means the company does not have to set up a large marketing team: 'an expensive and arduous process'. The partners have the right to self-fund expanded indications, with Tetratherix providing the material. For Tegenix, the company has an agreement with Henry Schein, the world's biggest dental supplier. Tetratherix has teamed up New York's Bio-Optix Inc to develop and commercialise a novel ophthalmic visco-elastic device (for cataract surgery). Knox describes the partnerships as distinct and long term. 'We try to avoid the difficult two-to-three-year distribution arrangement,' he says. 'Over many years I have found that doesn't provide enough long-term stability. 'Our partnerships are more a co-development agreement over 15 to 20 years.' Made in Australia US tariffs aside – and such imposts shouldn't overly affect the company – Tetratherix is intent at keeping its manufacturing and development on local shores. 'We are setting ourselves up to be an Australian leader in advanced material manufacturing in the biological and medical device space,' Knox says. The polymers are made at the company's facility at Alexandria, near Sydney Airport. About $10 million IPO proceeds are earmarked for a new plant around the corner, with 10 times the capacity. Knox says the products are made from widely available raw materials, using 'catalogue' equipment. 'The smarts are how you combine and cook those ingredients and how the parts of the process are put in place.' Finances and performance The IPO consisted of an institutional round and limited retail offering, raising $25 million at $2.88 a pop. The shares jumped 15% after listing on Monday and now are more than 50% to the good – a lusty showing indeed. Knox says the company could have raised the $35 million but wanted to avoid 'fast money' subscribers unlikely to stick around. The company now has cash on hand of circa $30 million. This funding provides a runway to mid-2027. It factors in two FDA approvals, one further submission and 'multiple clinical trial readouts'. Knox says the company has spent about $15 million in research and development over the last decade, with little extra spending required. Currently, US reimbursement depends on the product. With bone regeneration, the patient pays out of pocket in what's a low-cost, high-volume game. But prostate spacing has a well-defined US reimbursement model. Tetratherix expects milestone licensing payments, as well as on-going annuity-style revenue from licencing and manufacturing margins. The register includes Rod Drury, who founded small to middle sized enterprise (SME) 'software as a service' (SaaS) accounting pioneer Xero. Mr Drury says he was attracted to Tetratherix because the company applies 'SaaS platform thinking' to smart medical devices. Dr Boreham's diagnosis Knox says the IPO coincides with the company maturing from research and development stage to a commercially focused entity. The company cites a combined addressable market for bone regeneration, tissue spacing and tissue healing at US$6.8 billion and forecast to grow to US$9.5 billion by 2023. 'We have five very distinct products across three franchises, built on a platform opportunity,' Knox says. Still, wound-care newbies need to prove they have the superior – or cheaper – mousetrap. That often doesn't work. This week, the struggling ASX-listed Next Science said it would sell most of its assets to an Italian acquiror for US$50 million ($75.9 million). Knox says, typically, the company won't compete with ASX peers such as Aroa Biosurgery, Avita, Orthocell and Polynovo. 'Instead, we try to disrupt markets, such as in bone regeneration in dental and orthopaedic procedures. Tetratherix management is most excited about Tutelix and Tetraderm, given their potential to displace incumbent products from sector giants like Teleflex and Boston Scientific. First thing's first, though: Tetratherix needs to win the two initial FDA approvals and start to accrue that annuity revenue. But Knox says Wound mana will take it slowly, wooing the top opinion-leading clinicians before tackling the others. 'There is a very deliberate and strategic way of launching these products,' he says. 'Going too hard, too fast can be the death knell because if used in the wrong hands, the messaging is not controlled.' At a glance ASX Code: TTX Share price: $4.35 Shares on issue: 50,331,637 (8.7 million issued in IPO) Market cap: $218 million Chief executive officer: Will Knox (co-founder) Board: Emma Cleary (chair) Ali Fathi (co-founder), Knox, Gillian Shea, David Bottomley, Atlanta Daniel, John Kelly (Atomo), Maurizio Vecchione Financials (half year to December 31, 2024): revenue nil, R&D Tax Incentive $459,000, net loss after tax $2.63 million, cash of $31 million (post IPO) Major identifiable shareholders: Ali Fathi 28%, Radar Ventures (Atlanta Daniel and Rod Drury) 13.3%, David Bottomley and Ryder Capital 11.1%, Will Knox 6.7%. Abrams family 4.95%, Marsden Pty Ltd 4.95%, Aspirate Investments 4.16%

News.com.au
an hour ago
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ASX miners bring shine back to South African gold
Rich in history, South Africa's gold mining industry is being reborn under the watch of two ASX listed companies Theta Gold Mines is bringing one of South Africa's most storied gold mines back to life West Wits Mining targeting first gold pour in 2026 As gold prices soar, ASX gold developers have emerged among the next generation of miners to restore and reinvigorate South Africa's status as one of the world's top gold jurisdictions. In 1993, South African gold producers delivered close to 620t of bullion to global markets, as much as 49% of the world's total. Nowadays rising output from competitors like Australia, Russia, Canada and China has relegated the richest democracy in Africa to 12th place, producing under 100t in 2024. But the outlook for gold developers in the Rainbow Nation is looking brighter, with prices in excess of US$3300/oz, paired with a weak Rand, leading many to recalculate their economics in updated studies. On top of that, a tenuous coalition led by the country's two largest political parties – the African National Congress and Democratic Alliance – has sharpened the tools of government after years of inertia under the long ruling ANC, promising to modernise its services and make its business environment more attractive. Against that backdrop, mines that have laid dormant for years are now on a pathway to development. Key among those is the Transvaal Gold Mining Estates project, where ASX-listed Theta Gold Mines (ASX:TGM) last month announced a decision to mine one of South Africa's most historically significant gold fields. Located 370km east of Johannesburg in the Mpumalanga Province, the TGME project is not part of the Witwatersrand Basin, the famous 1.5Boz gold field from which more bullion has been sourced than any other in history. Rather it is located near Pilgrim's Rest, the site of South Africa's first major gold rush in September 1873. Theta's local subsidiary – TGME – holds particular significance for the story of the country's relationship with the yellow metal. It was the first listed gold mining company in South Africa and at over 130 years, among its oldest continuously running corporations. TGM's announcement that its board had approved the project's redevelopment starts the latest chapter in the mine's illustrious history. "It does have a long history, 130 years of history and pretty consistent mining," Theta Gold Mines' executive chair Bill Guy said. "And it had a lot of gold left behind. Historically they produced about 6.7 million ounces and we've got 6 million ounces on the book. "We know there's more gold than that but the board really had to make a decision about where do we stop exploring and when do we start mining and making some money." Return of the gold rush The key mine of the TGME in the early days was the Beta gold mine, which produced consistently from the early 1900s to the 1972, producing over 550,000oz at grades in the order of 21g/t – around two-thirds of a troy ounce. Other, smaller mines, wound up operations during World War 2 due to a lack of manpower, but the project eventually found itself in the hands of a young Randgold Resources, which went on to develop major gold mines in West Africa and become a part of world class gold miner Barrick. The gold field now under Theta's control includes 6.1Moz of resources at an average grade of 4.17g/t, over 1.6Moz of those in the higher confidence indicated category and over 1Moz at Beta alone. Theta is aiming to revive the operations by scaling up production from four underground mines at Beta, Rietfontein, Frankfort and CDM, producing 1.1Moz over 12.9 years based on its current mining inventory at a head grade of 5.95g/t and underground production rate of 540,000tpa. That would deliver 80-100,000ozpa within three years of the mine's development, with average all in sustaining costs of ~US$900/oz, among the lowest in South Africa and some of the lowest in the world. However, those numbers are largely based on a definitive feasibility study from 2022, using a base case gold price of just US$1642/oz. With spot gold now double those levels, an updated study is due in the September quarter, likely to make the economics even stronger. "I joined the company about six years ago (and) we've doubled the resource from 3Moz to 6Moz, we've restructured the company and we've got 30 guys on the ground now, so we effectively have an operating mine site. Everyone on that site is an experienced miner," Guy said. "We just feel we're in a very good spot, ready to go. We've completed all our studies, we'll have one updated feasibility study in August in terms of the much higher gold price. "Our first feasibility was at US$1642/oz and even at US$1642/oz it was a very profitable mine." Strong support The first three mines included in the development have already been approved, Guy said, with 11km of exposed reef system to tap into. Stockpiles estimated to hold 174,000z of gold are already stacked up for potential processing alongside the underground development, with underground stocks also left behind by the old timers on account of the very high cut-off grades the project was mined at historically. Guy said the +5g/t grade of the mining inventory would be considered "very high grade dirt" if it was in Australia. TGM has already secured the support of the South African Government's Independent Development Corporation, which has signed an agreed credit approved loan facility agreement for US$35m ($53.8m) to cornerstone its debt finance. The agreement includes attractive terms including a seven year term from first drawdown and an 18-month capital and interest moratorium. Legal, technical and environmental due diligence has also been completed, a reflection of the importance of ESG considerations to investing in South Africa. Guy says the social licence to operate is a major factor in mining approvals in South Africa, with Theta anticipated to have 500 full time employees once the mine is up and running, making it the largest private employer and taxpayer in the Mpumalanga region. On the jurisdictional front, power supply issues which have plagued South African industry and consumers have become less prominent in recent times, Guy said. The expansion of standalone power plants and solar power in the country in recent years has helped take pressure off the national grid, with transport infrastructure around the TGME site also improving. "You have to remember also as a miner you're a strategic industry and, effectively, you're the last one to have the power turned off," Guy said. "I was there for 6-8 weeks before Christmas and we didn't have one load shedding event or one power blackout. "Things have improved dramatically. When I was there 2-3 years ago I would expect to have a load shedding event at least twice a day. So the power's improved a lot." Emerging trend Theta isn't the only ASX miner aiming to restore an historic South African gold mine. West Wits Mining (ASX:WWI) also has the support of the IDC via a senior debt facility for around US$50m for its Qala Shallows development in Gauteng, where it's aiming to pour first gold via a toll treatment deal with Sibanye-Stillwater in Q4 2025. Qala Shallows holds an ore reserve of 351,424oz, with the initial plan to ramp up to a rate of 70,000ozpa by 2028. With a broader mineral resource of 5.025Moz at 4.66g/t gold at the broader Witwatersrand Basin project, a study is under way to assess the potential expansion of the WBP operation to 200,000ozpa. The Qala Shallows development is also, like TGME, being placed under the microscope via a feasibility study review, with the price of gold well above the US$1850/oz used in its last DFS update in 2023. "Obviously with the rise in gold price there's a lot of opportunity to optimise that cut-off grade, which will add a lot of reserves or (resources) which we excluded from our mining plan," WWI CEO Rudi Deysel told Tylah Tully in a recent Stockhead TV interview. "So the expectation is we can accelerate the buildup of the production profile, as well as increase our reserve base, which is a big thing, as well as increasing life of mine." West Wits recently raised $14m in a placement, of which US$5m will be used to buy back a 10% minority interest in the holding subsidiary for the WBP, taking its ownership at the mine level from 66.6% to 74%. The rest will be used for the feasibility study review and optimisation, working capital and to commence operations at Qala Shallows. "The intention is to mobilise and prepare for operations in the next two months and then early (H2 2025) we will start with our production," Deysel said. The plan is to build up a 30,000t stockpile for six months after mining begins before trucking to Sibanye's Ezulwini plant, with a first gold pour expected early next year. Away from gold but still in the realm of precious metals, the development landscape for Southern Palladium's (ASX:SPD) Bengwenyama platinum and palladium mine is also looking brighter after platinum prices surged to an 11 year high of more than US$1400/oz in early July.