Australian Metals & Mining Weekly: GMD welcomes Magnetic, ILU offtake in-line with BofAe, Electrification=metals.

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Australian Metals & Mining Weekly: GMD welcomes Magnetic, ILU offtake in-line with BofAe, Electrification=metals.

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Australian Metals & Mining Weekly

GMD welcomes Magnetic, ILU offtake in-

line with BofAe, Electrification=metals.

Estimate Change

GMD welcomes Magnetic. 9Mtpa of milling now BofA base 29 June 2026

We now assume an expansion to 5Mtpa at Laverton during FY31 with Magnetics' Lady Equity

Julie providing ~1.9Mtpa of feed. GMD says that the A$640m Magnetic=”puzzle Australia

complete” bringing the acquisitive part of the story to an end. GMD now has exposure to Metals & Mining

two of the highest-grade undeveloped open pits in Western Australia. PO lifted Kate McCutcheon >>

A$0.45/sh to A$9.20/sh. We remain at Buy. We see the SepQ multi-year outlook as a Research Analyst

catalyst for consensus production upgrades. We view the management team as one of Merrill+61 2 9226Lynch5728(Australia)

the ‘best in sector’ and see the plans as executable. Tower Hill (2g/t) still on track for kate.mccutcheon@bofa.com

first ore in FY28 ie unchanged from the 2024 targets. Report: Welcomes Magnetic. GMD Chen Jiang >>

Research Analyst

is on track for their third consecutive year of meeting or beating guidance. Quarterly due Merrill Lynch (Australia)

28-July. chen_jiang@bofa.com

Elaine Faddis >>

ILU: offtake inked, in-line with our stockpile ramp ResearchMerrill LynchAnalyst(Australia)

ILU’s first offtake unlocks the full A$1.65bn non-recourse debt but represents only 5.5% elaine.faddis@bofa.com

of the refinery’s 5.5ktpa NdPr capacity. The 11% sell-off on the day appeared overdone Paul Wiggers de Vries

in our view with confusion around the offtake volume from the Eneabba stockpile vs the Merrill Lynch (Australia)