Resources

CRN reported NPAT of US$156m (BP est. US$152m) and underlying EBITDA of US$382m.

The Allkem-Livent (AKE-LTHM) Scheme of Arrangement has recently been implemented.

GOR reported that Gruyere gold production was lower qoq due to labour availability issues impacting mining performance.

RRL has announced the closure of its gold hedge book for a cost of A$98m. Our NPV-based valuation is up 3%, to $2.37/sh and we retain our Buy recommendation.

Our NPV-based valuation is increased by 4% from $15.53/sh to $16.21/sh on favourable adjustments to our iron ore price and AUD:USD forecasts. We retain our Sell recommendation.

The latest figures from the Australian Bureau of Statistics (ABS) have confirmed a big ramp-up in exploration expenditure which is translating into a record amount of drilling.