DevEx Resources (DEV) RRS Summer Series Melbourne summary

Key conference themes and market outlook

• 2024 saw sluggish post-pandemic China weighing on commodity prices, with iron ore and steel facing challenges, while gold reached record highs due to a weakening USD and geopolitical uncertainty.

• The AI movement and data center growth are driving increased demand for uranium and energy, with major tech companies investing in nuclear power.

• The green energy transition and EV revolution continue, but at a mixed pace, with lithium and rare earths facing volatility.

• Institutional investors are shifting focus from lithium and uranium to gold and copper, with increased interest in critical minerals and processing technologies.

• Global capital for mining is stronger in Australia than Canada, with the ASX seen as a more robust market for resource stocks.

Company presentations and project updates

• DevEx Resources is advancing uranium exploration in Australia's Northern Territory, leveraging a large land package and strong funding to target high-grade unconformity-style deposits.

• Sun Silver holds the largest pre-production silver asset on the ASX, with ongoing drilling at Maverick Springs in Nevada revealing higher grades and potential antimony by-product.

• New World Resources is progressing the Antler Copper Project in Arizona, aiming for production in 2027, with robust economics, strong government support, and significant exploration upside.

• Javelin Minerals transformed in 2024, acquiring brownfields gold projects near Kalgoorlie, launching systematic drilling, and targeting near-term production.

• Centaurus Metals is developing the Jaguar Nickel Sulfide Project in Brazil, boasting low costs, a long mine life, and a strong pipeline of copper and iron ore assets.

• Thunderbird Resources acquired a large antimony and gold land package in New South Wales, adjacent to a major project, and continues uranium exploration in Canada.

Panel insights and commodity forecasts

• Gold and copper are favored for 2025, with gold expected to remain strong due to macro drivers and central bank buying, and copper benefiting from infrastructure and energy transition demand.

• Lithium is seen as near a market bottom, with brine projects favored for cost advantages; copper is highlighted as the most critical mineral for the coming years.

• Uranium demand is underpinned by AI and data center growth, but supply-demand imbalances are not expected until 2030.

• Investors are advised to focus on assets of scale, strong management, and commodities with momentum, while maintaining discipline in project selection.

• Stock picks from panelists include De Grey, Vulcan Energy, AIC Mines, Alpha HPA, Spartan, and Sun Silver, reflecting confidence in gold, lithium, copper, and critical minerals.