In today’s briefing:
- Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
- Critica Limited – Jupiter in Retrograde
- GTN Ltd – Higher utilisation rate crucial for earnings growth
- Horizon Minerals Ltd – Update confirms pre-feasibility study is on track
- Prospech Ltd – Harvinaiset Maametallit
- Red Metal Ltd – Rare earths from granites
Lynas Rare Earth Placement: Opportunistic Raise but Strategic Rare Earth Assets
- Lynas Corp Ltd (LYC AU) is looking to raise up to US$488m in a primary placement.
- The deal is a relatively small one, representing 9.8 days of the stock’s three month ADV, and 5.5% of total shares outstanding.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Critica Limited – Jupiter in Retrograde
- Critica Limited (ASX:CRI), formerly Venture Minerals Limited (ASX:VMS), is a junior resource company focusing on the exploration and development of the Jupiter rare earths project located in Western Australia (WA).
- Jupiter hosts a globally significant clay-hosted rare earths deposit which is currently progressing through metallurgical testing with promising initial results in beneficiating the ore, with future test work to focus on leaching of the ore to produce a marketable rare earth intermediate product.
- With cash of ~$4.15m as of 30 June 2025, CRI appears to have funding to continue to progress exploration activities across the company’s portfolio of projects.
GTN Ltd – Higher utilisation rate crucial for earnings growth
- GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.
- GTN has reported FY25 adjusted EPS of $0.036 (adj. NPATA $6.9m), down 36% and already guided to in a trading update late July.
- Additional disclosure reveals generally stable spot rates but declines in sell out (utilisation) rates for most regions in H2 FY25.
Horizon Minerals Ltd – Update confirms pre-feasibility study is on track
- Horizon Minerals Limited (ASX:HRZ) is an emerging junior gold producer with 1.8moz of gold resources located around the Kalgoorlie and Coolgardie regions of Western Australia.
- HRZ released an update covering progress on the workstreams supporting the pre-feasibility study (PFS) on the restart of the Black Swan plant.
- The preliminary work is supportive of the plant being able to run at the targeted nameplate of 1.5mtpa based on the characteristics of the gold ore that will be processed through the plant.
Prospech Ltd – Harvinaiset Maametallit
- Prospech Limited (ASX:PRS) is a junior explorer focused on the exploration and development of rare earths and copper-gold projects in Finland and Slovakia.
- The company’s flagship Korsnäs project is the most advanced with PRS growing the scale of the resource over the last year in addition to demonstrating promising, but early, minerology and metallurgical test work outcomes.
- With cash of ~$0.55m as of 30 June 2025, PRS appears to have funding to progress activities across the company’s portfolio of projects.
Red Metal Ltd – Rare earths from granites
- Red Metal Limited (ASX:RDM) is a junior explorer with a suite of projects covering rare earths, copper and gold all of which are located within Australia.
- The company’s current flagship project is Sybella, which is a granite-hosted rare earths deposit located south-west of Mt Isa, Queensland.
- The company’s other projects are focused on copper and gold with several moving toward drilling over H2 2025.
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