Resources Top 5: Bathurst fires up as coking coal prices hit the accelerator

BATHURST RESOURCES (ASX:BRL)

Yesterday, this coal producer announced it would exceed the 2021 financial year (FY21) earnings guidance of $55.4m as prices recover.

During the last quarter the premium coking coal benchmark price surged from US$110/tonne to a recent high of US$182/tonne, it says.

“Following the challenge of the COVID-19 pandemic and market disruption from the Chinese ban of coal imports from Australia, we continue to show that we have a reliable and repeatable business,” Bathurst chief exec Richard Tacon says.

“The confirmation of the EBITDA guidance reflects the robust pricing environment for a premium product in our export markets.”

The $73.5m market cap stock is up 15% year-to-date.

RAGNAR METALS (ASX:RAG)

(Up on no news)

$24m market cap Ragnar is up 140% since announcing a potential nickel-copper-PGE discovery in Sweden earlier this week.

Maiden drilling at the ‘Tullsta’ nickel project hit a significant 61.2m wide zone of sulphide mineralisation in the second drill hole of the program. Assays are due sometime next quarter.

Visual inspection of the core show “very similar rock type, mineral composition, intrusive textures, sulphide style and metal abundance as the Carr Boyd [Estrella Resources (ASX:ESR)] and Andover [Azure Minerals (ASX:AZS)] magmatic nickel-copper sulphide discoveries” in Australia.

NAGAMBIE RESOURCES (ASX:NAG)

The innovative explorer has applied for a planning permit to construct and operate a 180,000 tonnes per annum gold toll treatment plant – to treat ore from third party mines — at its mothballed namesake project site in Victoria.

Nagambie says the plant would “re-invigorate Victorian gold mining industry with processing capability, creating and supporting ongoing employment in the region”.

This entrepreneurial company listed in 2006 to explore around the former namesake mine, which produced about 134,000oz of gold from open pits between 1989 and 1995.

That never really panned out, but one of these water-filled pits is pretty big — 900m long and 50m deep — which is why the company also has plans to make money storing excavation material produced from tunnelling at the West Gate Tunnel, Melbourne Metro Rail and North East Link.

It also recently bought an adjacent farm from a deceased estate as it continues to “investigate and advance several new business possibilities”.

RIMFIRE PACIFIC MINING (ASX:RIM)

Lachlan Fold focused explorer Rimfire is now free-carried (doesn’t have to pay any exploration costs) at the ‘Avondale’ cobalt-gold-PGE exploration project.

Partner Golden Plains Resources – which is already earning into Rimfire’s nearby ‘Fifield’ gold-PGE project – can spend $7.5m to earn up to 75% of Avondale.

$13m market cap Rimfire will immediately kick off planning for programs at Avondale, “initially focusing on the cobalt and Platinum Group Elements (PGE) potential of previously identified prospects that warrant immediate further work”.