ASX Mining Profit Report
September ASX Reporting Highlights Contrasting Fortunes Across Lithium, Gold and Rare Earths
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Key Points
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St George Mining’s Araxá Mineral Resource Estimate increased Measured and Indicated resources by 155% to 75.2 million tonnes, comprising 33.2 million tonnes of Measured material and 42.0 million tonnes of Indicated material. The company is also conducting pilot-scale beneficiation tests in Brazil to assess the separation of rare earths and niobium into potentially saleable products.
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Laramide Resources’ Westmoreland preliminary economic assessment assumes a uranium price of US$90 per pound and estimates a post-tax NPV of US$741.1 million, a 33% post-tax IRR, initial capital of US$456 million and an 11-year mine life. The study’s estimates are only at scoping-level accuracy of approximately plus or minus 35%, underscoring the project’s development risk.
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Westgold Resources ended FY2026 with A$939 million in cash, bullion and liquid investments and remained both debt-free and unhedged, giving it substantial balance-sheet flexibility for capital allocation or growth investment.
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Regis Resources reported a record FY2026 net profit of A$715 million and supplemented its final dividend with a special dividend, highlighting the extent to which elevated gold prices were translated into shareholder distributions.
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Resolute Mining delivered a substantial first-half profit improvement despite operational strain in Mali, illustrating both the cash-flow benefit of supportive gold prices and the continuing geopolitical and operational risks facing the company.
Australian mining companies reported sharply divergent fortunes in September 2026, with established gold producers capitalizing on near-record prices while critical minerals developers faced capital constraints and policy hurdles. Kalkine noted that Westgold Resources closed FY2026 debt-free with A$939 million in cash and liquid investments, enabling substantial shareholder returns, while Regis Resources posted a record net profit of A$715 million. Meanwhile, uranium and rare-earths developers must navigate regulatory obstacles and fundraising challenges despite promising project economics.
Lithium producers showed resilience after volatile pricing, with Liontown, Mineral Resources and PLS Group stabilizing through cost discipline. Gold explorers St George Mining and Laramide Resources advanced major projects—St George's Araxá resource jumped 155% to 75.2 million tonnes of rare earths and niobium, while Laramide's Westmoreland uranium study projected a post-tax NPV of US$741.1 million but faced a scoping-level accuracy range of plus or minus 35 percent.
Gold Producers Hit Record Profits as Prices Peak
Westgold Resources and Regis Resources both delivered landmark FY2026 results, translating elevated gold prices into record earnings and cash flow. Westgold CEO Wayne Bramwell stated that FY26 was a landmark year, driven by record gold production, improved operating consistency and a favourable gold price that pushed earnings, cash flow and treasury growth to historic highs. Kalkine reported Regis Resources posted a record net profit of A$715 million and supplemented its final dividend with a special dividend, showing how high gold prices flowed directly to shareholders.
Both companies leveraged strong cash generation to strengthen balance sheets and fund organic growth. Westgold generated free cash flow of A$602 million and approved a A$50 million buyback for FY27. Kingsgate Consolidated delivered record production and profits but faced renewed equipment challenges, while Resolute Mining showed substantial profit improvement in the first half despite operational strain in Mali, underscoring the dual benefit and risk of geopolitical exposure.
Rare Earths Resource Upgrade Signals Development Readiness
St George Mining announced a 155 percent increase in Measured and Indicated resources at its Araxá project in Brazil to 75.2 million tonnes, comprising 33.2 million tonnes of Measured material and 42.0 million tonnes of Indicated material. Executive Chairman John Prineas stated the upgrade further stamps the project's credentials as the most significant undeveloped rare earths and niobium project worldwide. The total Mineral Resource now reaches 111.2 million tonnes grading 3.57 percent total rare earth oxides and 0.57 percent niobium pentoxide.
The company is conducting pilot-scale beneficiation tests in Brazil to assess separation of rare earths and niobium into potentially saleable products. Kalkine highlighted that St George is completing feasibility work with engineering firm Worley and planning downstream rare-earths processing in Uberlândia, positioning Araxá against global competitors like MP Materials and Lynas Rare Earths.
Uranium Project Economics Face Regulatory Bottleneck
Laramide Resources released its updated Preliminary Economic Assessment for the Westmoreland Uranium Project in Queensland, projecting a post-tax NPV of US$741.1 million at a 33 percent post-tax internal rate of return. The study assumes a uranium price of US$90 per pound and estimates initial capital of US$456 million with an 11-year mine life. However, Kalkine noted the study carries only scoping-level accuracy of approximately plus or minus 35 percent, underlining substantial development risk.
CEO Marc Henderson stated the Westmoreland PEA comes at an important time as the conversation around uranium in Australia is clearly evolving. Yet Queensland's long-standing regulatory moratorium on active uranium mining remains a critical constraint. The federal government has established uranium export trade agreements, but state-level bans prevent project execution until policy changes, forcing Laramide to defer its Mining Lease Application.
Lithium Producers Stabilize After Volatile Pricing Cycle
Lithium producers Liontown, Mineral Resources and PLS Group benefited from improving prices and stronger production that restored profitability after a volatile pricing cycle. Cost discipline and supply restraint emerged as core strategies to weather commodity volatility. Kalkine noted that while these companies showed renewed financial strength, uncertainty around sustained price levels and ongoing cost pressures remained significant headwinds.
Gold and lithium producers occupy sharply different strategic positions entering FY2027. Established gold producers frame the current environment as an opportunity for balance-sheet strengthening and direct shareholder returns through buybacks and elevated dividends. Early-stage critical minerals developers like St George and Laramide frame their assets through strategic resource security and national supply chain imperatives to offset high upfront capital needs and regulatory delays.
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