ASX mining's Mecca! Highlights of Day 1 of the 2025 Diggers & Dealers Mining Forum

The Diggers & Dealers Mining Forum (“D&D”) has grown to become one of the premier events on the global mining calendar. Established in 1992 and held annually in the heart of Australia’s mining industry, Kalgoorlie, WA, the conference has grown from a small regional gathering into a major industry forum.

D&D serves as a vital platform for mining executives, investors, and analysts to exchange insights, showcase projects, (and most importantly during the breaks!) strike deals.

This year’s D&D kicked off yesterday with 22 of the scheduled 67 companies presenting to the conference’s +2,500 attendees. Given D&D is one of the hottest tickets for mining investors, and Kalgoorlie is not exactly around the corner (um, to pretty much anywhere!), we thought we’d bring you the key takeaways from Day 1’s presentations.

In market capitalisation / alphabetical order, find below summaries of what we thought were the 12 most interesting presentations:

Mid-Large Cap (>$500 million market capitalisation)

• Boss Energy Limited (BOE) - Duncan Craib, Managing Director & Chief Executive Officer

• Catalyst Metals Ltd (CYL) - James Champion de Crespigny, Managing Director & Chief Executive Officer

• Emerald Resources (EMR) - Morgan Hart, Managing Director

• Evolution Mining (EVN) - Lawrie Conway, Managing Director & Chief Executive Officer

• Genesis Minerals (GMD) - Matthew Nixon, Chief Operating Officer

• Paladin Energy (PDN) - Paul Hemburrow, Chief Operating Officer

• Ramelius Resources (RMS) - Mark Zeptner, Managing Director & Chief Executive Officer

• Vault Minerals (VAU) - Len Eldridge, Corporate Development Officer

Small Cap (<$500 million market capitalisation)

• Medallion Metals (MM8) - Paul Bennett, Managing Director

• Stellar Resources (SRZ) - Simon Taylor, Managing Director & Chief Executive Officer

• Turaco Gold (TCG) - Justin Tremain, Managing Director

• Waratah Minerals (WTM) - Peter Duerden, Managing Director

---

>>> Mid-Large Cap (>$500 million market capitalisation) <<<

Boss Energy Limited (ASX: BOE)

Presentation: Diggers & Dealers Presentation 2025

Boss Energy 12 month price chart

BOE’s CEO Duncan Craib celebrated a milestone year, with the Honeymoon uranium mine exceeding first-year production and cost guidance, delivering 873,000 pounds and strong cash flow. As Australia’s first new uranium producer in a decade, Craib believes Honeymoon positions Boss as a global leader amid a nuclear energy resurgence.

Boss Energy, Honeymoon FY2026 guidance

The company forecasts the mine will produce 1.6 million pounds uranium for FY26, with expansion supported by robust wellfield development and a broader resource pipeline. However, there was little follow-up regarding the recent announcement of "potential challenges that may arise in achieving nameplate capacity" that caused the company's share price to halve over several trading sessions. Simply, that more information is required from the independent experts before conclusions can be drawn.

Craib emphasised Australia’s vast, underutilised uranium reserves, holding one-third of global supply yet responsible for just 7% of global production. He said Boss is aiming to improve on this by leveraging Honeymoon’s growth via satellite deposits, exploration at Goldsdam and Jason’s, and international exposure through investments in South Texas and Queensland.

Craib also highlighted Boss’s disciplined, value-accretive strategy, underpinned by strong margins and technical capability. As Craib transitions to a non-executive director role, incoming CEO Matt Ducey will lead the next chapter. Craib called Honeymoon a generational achievement for Australia’s uranium industry and a platform for global expansion.

---

Catalyst Metals Ltd (ASX: CYL)

Presentation: Investor Presentation - August 2025

Catalyst Metals 12 month price chart

CYL's MD James Champion de Crespigny outlined the company’s strategy to double reserves and production at its flagship Plutonic Belt asset. A key milestone was the updated Trident resource of 800,000 ounces at 5g/t, including 500,000oz at 6.5g/t (Indicated), which he said was an outcome of the company’s $50 million annual exploration commitment.

Catalyst Metals, Release of a new Trident Resource estimate (click here for full size image)

Catalyst aims to grow its gold production from 100,000oz to 200,000oz p.a. by developing five tightly clustered deposits, including Trident, K2, Old Highway, and Baltic. With a strong balance sheet of $330 million liquidity and no debt, Champion de Crespigny said the company is advancing mine development while targeting underexplored areas across the belt.

He also discussed the company’s Bendigo JV with Hancock Prospecting and the high-grade Iris discovery, and credited operational stability and long-term geological continuity for enabling meaningful exploration results. The Plutonic Belt, once fragmented by 14 prior owners, is now being systematically unlocked by Catalyst’s focused team and strategy.

---

Emerald Resources (ASX: EMR)

Presentation: Diggers & Dealers Conference Presentation

Emerald Resources 12 month price chart

EMR's MD Morgan Hart outlined the company’s strategy to organically grow into a +300,000oz p.a. gold producer, without further shareholder dilution (quite a claim for an ASX-listed mining junior!). With a proven team that has built five mines on time and on budget, Emerald is leveraging its flagship Okvau gold mine in Cambodia, which has produced 410,000oz since 2021 at an all-in sustaining cost of US$863/oz.

Growth is further underpinned by two new projects: Bullseye’s Dingo Range in Western Australia (a 1.3Moz resource) and the Memot (MOT) project in Cambodia (a 1Moz resource), both advancing towards production in 2026.

Emerald Resources, Current and upcoming developments

Hart emphasised Emerald’s disciplined development approach, strong cash position, low-cost exploration (US$18–20/oz), and alignment between management and shareholders. The company also prioritises ESG, with carbon offset initiatives and biodiversity protection in Cambodia.

With exploration upside across 2,200+ km² of tenements and development already underway, Hart reiterated Emerald’s target of becoming a 400,000oz p.a. producer driven by cash flow, not capital raisings.

---

Evolution Mining (ASX: EVN)

Presentation: Diggers and Dealers Presentation 2025

Evolution Mining 12 month price chart

EVN's CEO Lawrie Conway highlighted the company’s consistent execution of its “margin over ounces” strategy since inception in 2011, transforming the portfolio through disciplined acquisitions and divestments. FY25 delivered record $787m cash flow at $1,050/oz AISC, with FY26 set to repeat strong results.

The standout success was the Mungari Expansion Project in WA, completed 9% under budget and nine months ahead of schedule, which helped lift the company's total output 50% to 200koz p.a. and extending mine life to 2038. Key assets Cowal, Ernest Henry, Northparkes, and Red Lake all generate strong, sustained cash flows, with long-life upside from resource growth.

Evolution Mining, Copper is the difference in our portfolio (click here for full size image)

Copper (25–30% of revenue) provides diversification and exposure to renewable energy demand. Conway emphasised the need for capital discipline during high-margin cycles, positioning Evolution for sustainable growth and rising dividends. With tier-one jurisdiction assets, robust margins, and an 18-year portfolio mine life, Evolution aims to maintain shareholder returns while expanding production and cash generation.

---

Genesis Minerals (ASX: GMD)

Presentation: Corporate Presentation - Long Ore - Diggers and Dealers

Genesis Minerals 12 month chart

GMD's COO Matthew Nixon outlined the company’s remarkable transformation over the past two years, evolving from a single-mine operation into a diversified, growth-focused gold producer. Genesis now operates two processing centres with a 4.4Mtpa milling capacity, holds over 4.2Moz in reserves and 18Moz in resources, and is generating $100 million in quarterly cash flow.

FY25 marked a milestone with record production of 214,000oz and the $250 million cash acquisition of the Laverton Gold Project, cementing its strategic footprint in WA’s Leonora-Laverton district.

Genesis Minerals, Fully funded, base case 10-year plan (click here for full size image)

Nixon highlighted the company’s clear path to 400,000oz annual production, driven by mill expansions and organic growth. He also stressed Genesis’s commitment to profitability, sustainable development, cultural heritage protection, and its long-term capital strategy – allocating one-third to growth, one-third to balance sheet strength, and one-third to shareholder returns.

With significant untapped resource potential and multiple drill programs underway, Nixon offered that GMD is positioned as an industry leader with material upside.

---

Paladin Energy (ASX: PDN)

Presentation: Diggers and Dealers Mining Forum Presentation - 2025

Paladin Energy 12 month chart

PDN's CEO Paul Hemburrow delivered a confident update, noting, “This time last year we had only just started Langer Heinrich – now we’ve made real progress.” The Namibian uranium mine is nearing full ramp-up, with FY25 production exceeding 3Mlbs at an average realized price of US$65.70/lb and costs of US$40.20/lb. “Crusher throughput has hit record highs,” Hemburrow said, crediting successful de-bottlenecking and refurbishment.

The company's flagship growth asset is Canada’s Patterson Lake South (PLS), which Hemburrow called “an exceptional opportunity,” with reserves grading 14,100ppm, 20x higher than Langer Heinrich, and a targeted output of 9Mlbs per annum. He likened the Athabasca Basin to “what the Pilbara is to iron ore.” Permitting, Indigenous agreements, and environmental approvals are progressing, with a ministerial decision expected by year-end.

Paladin Energy, Patterson Lake South Project, Athebasca Basin, Canada

Hemburrow reaffirmed Paladin’s “disciplined approach to exploration,” spotlighting the Saloon East discovery as “radioactivity we haven’t seen since PLS.” With a global portfolio and value through organic growth, he assured attendees that Paladin is positioned for uranium market leadership as it targets full mining capacity by FY27.

---

Ramelius Resources (ASX: RMS)

Presentation: Diggers and Dealers Company presentation

Ramelius Resources 12 month chart

RMS's MD and CEO Mark Zeptner showcased how the company's strategic merger with Spartan Resources would drive its transformation into a 500,000oz p.a. gold producer by decade’s end. He also noted that FY25 was a record year, with 301,000oz gold production and nearly $700 million in free cash flow, driven by strong performance at Mt Magnet and the breakout success of the Q project.

Integration of Spartan’s Dalgaranga asset is underway, targeting long-term production growth and sustained sector-leading AISC below $2,000/oz. Spartan's Simon Lawson brings the “sizzle” to the company, and there is substantial exploration upside across the combined 12Moz resource base.

Ramelius Resources, Ramelius Vision of being a plus-500koz pa producer by FY30 (click here for full size image)

Spartan’s Never Never and Pepper discoveries, grown from 100koz to nearly 3Moz in 2.5 years, will now be leveraged across Ramelius’ Mt Magnet and Penny assets. The team aims to replicate structural models that delivered success at Hill 50 and Delgaranga across new zones.

Zeptner closed by noting the company is backed by a $784m cash position, and it now pairs disciplined operational delivery with “mega” exploration ambition. Lawson fired up the component of the crowd who spend most of their time working drill rigs by concluding, “let’s spend some money on drilling".

---

Vault Minerals (ASX: VAU)

Presentation: Diggers and Dealers Presentation - Inflection Point

Vault Minerals 12 month chart

VAU's Corporate Development Officer Len Eldridge said the company was positioned as a cash-generating, outcomes-focused gold producer that was entering a "major inflection point". With $686 million in cash and no debt, Vault is funding a major expansion at King of the Hills, waste stripping at Mount Monger, and the setup of Spanish Galleon and Deflector, all without shareholder dilution.

Vault Minerals, FY25 sets a strong platform to the realise value of a long-life business (click here for full size image)

FY25 output totalled 385,000oz at AISC of $2,422/oz, with FY27 expected to deliver free cash flow growth as the hedgebook rolls off. Eldridge emphasised organic growth through exploration, citing strong results at Leonora, Darlot, and Canada’s Sugar Zone, where high-grade hits from the emerging Sugar South zone point to resource and reserve upside.

The 40% capacity expansion at King of the Hills, due mid-FY27, will underpin long-term production and margin uplift. Eldridge concluded his presentation by emphasising: 'Vault isn't just a cheap stock, it's a well-managed, outcomes-based business with the gold, people, and capital to create sustainable value.'

---

>>> Small Cap (Market Capitalisation <$500) <<<

Medallion Metals (ASX: MM8)

Presentation: Investor Presentation

Medallion Metals 12 month chart

MM8's MD Paul Bennett outlined a clear path to rapid, low-cost gold-copper production by integrating the Ravenswood resource with the established Forrestania processing infrastructure. With mining leases granted, heritage cleared, and permitting advanced, Medallion plans to reach a 70,000oz p.a. gold-equivalent run rate on just $73 million in pre-production capital.

Medallion Metals, RGP Mineral Resource Scoping Study (click here for full size image)

A recent scoping study highlighted high-margin, low-footprint underground sulfide mining, supported by existing flotation facilities at Forrestania. The project is forecast to deliver $500 million in pre-tax cash flow with AISC of A$1,845/oz. Resource growth is underway, with 1.3Moz gold and 56kt copper defined, and new high-grade lodes emerging at depth.

Medallion Metals, Corporate agenda (click here for full size image)

A binding deal with IGO grants Medallion tenure over 900km² of underexplored greenstone belt, unlocking 33 prospects and third-party processing opportunities. With analyst coverage improving, institutional support building, and 14 offtake/funding proposals for its copper concentrate, seven including financing, Bennett said Medallion is “laser focused” on de-risking through 2025, with a final investment decision targeted for year-end. “We’re building a 70kozpa producer in short order and at minimal cost,” he said, calling the setup “a compelling opportunity.”

---

Stellar Resources (ASX: SRZ)

Presentation: Diggers and Dealers Company Presentation

Stellar Resources 12 month chart

SRZ's is the smallest company in terms of market capitalisation on this list at just $35 million. CEO Simon Taylor said the company was positioned as Australia’s next major tin producer, aiming for top-10 global status with its flagship Heemskirk Tin Project in Western Tasmania.

Stellar Resources, Global tin development projects (Measured, Indicated and Inferred²) (click here for full size image)

The project hosts the third-highest-grade undeveloped tin resource globally at over 1% tin and benefits from low-cost, 100% renewable hydroelectric power. A 2023 scoping study confirmed robust economics even at smaller scale, and Stellar now aims to double throughput to 3,000–3,500t of tin per annum. Ore sorting tests demonstrated strong uplift and reduced processing costs, enabling a smaller plant footprint. Taylor noted deep community and regulatory support in Tasmania and geological similarities to the nearby Renison mine, with resource growth upside through deeper drilling.

Stellar Resources, Scoping Study - The Base Case

Taylor underscored tin’s critical role in electrification and AI, particularly as solder in electronics, amid a backdrop of constrained global supply from jurisdictions like Myanmar, Indonesia, and the Congo. With over $6 million cash, Stellar is well-funded to complete its 12,000m² drilling campaign and pre-feasibility study (PFS) by year-end. “We’re building a sustainable, high-grade underground tin mine in one of the world’s most stable and supportive mining jurisdictions,” Taylor concluded.

---

Turaco Gold (ASX: TCG)

Presentation: Investor Presentation

Turaco Gold 12 month chart

TCG's MD Justin Tremain discussed the company’s rapid progress at its flagship Afema Gold Project in Côte d’Ivoire, which has grown from no resource a year ago to 3.6Moz, with another update due by year-end. The project now ranks as one of the most significant undeveloped gold assets in West Africa, a region that produces twice as much gold as Australia.

Tremain highlighted Afema’s exceptional geology, infrastructure, and expansion potential, with all resources located within a granted mining permit and supported by grid hydroelectric power. Drilling at over 10,000m²/month continues aggressively, with multiple new deposits such as Aupan, Begnapan and Tlesio delivering high-grade results not yet included in the current resource.

Turaco Gold, Peer West African Project Developers Resource & Grade (click here for full size image)

Tremain emphasised that Turaco is fully funded, with over $80 million raised from institutional backers, and will not require further equity before development. The feasibility study is underway, with a PFS due in April 2026 and mine development targeted for early 2027. With strong community support, high recoveries, and a low-cost profile, Tremain declared, “There’s no doubt this will be a mine – and a significant one – in West Africa.”

---

Waratah Minerals (ASX: WTM)

Presentation: Investor Presentation - Diggers and Dealers

Waratah Minerals 12 month chart

WTM's MD Peter Duerden unveiled a rapidly emerging gold discovery in the Lachlan Fold Belt, just east of Cadia Valley in NSW, highlighting the Spur Gold Corridor as a potential tier-one system. Using a differentiated strategy focused on high-resolution magnetic data and targeting the margins (not the centres) of magnetic highs, Waratah has achieved early and consistent success.

23. Waratah Minerals, Spur Gold – Copper Project (click here for full size image)

The flagship Hole 62, announced during the forum, returned the project’s best intercept to date and is part of a 2km² mineralised zone showing visible gold and epithermal–porphyry signatures. With three drill rigs active and more to come, Waratah is fast-tracking its resource definition while keeping discovery costs low.

Waratah Minerals, Upcoming activities

The team’s deep geological experience in the region, coupled with a strong register and corporate backing, is driving momentum. Duerden emphasized that Waratah isn’t just chasing porphyry potential – the gold endowment at surface is compelling in its own right. He concluded, “This is a strategically timed gold discovery, in the right neighbourhood, with the right people, and the scale and continuity to matter.” Resource definition and extensional drilling will accelerate over the next 6–12 months.