Maximilian Court

Resources has always delivered for Australia, providing the jobs, investment, exports and productivity gains that have helped underwrite our prosperity and the essential services upon which every Australian depends. But the conditions that delivered past success will not guarantee a bright future. That’s why the broad acceptance of the need to address Australia’s productivity problem is both timely and welcome. We need to refocus on the things which we know are going to unlock the productive capacity of the economy, let Australia play to its natural strengths, and enable national prosperity to continue. Situations as we’re seeing playing out in Queensland, where the coal industry is reaching a crisis point, are a clear example of the risks. Queensland has the resources, the expertise and the global reputation to build an economy that continues to deliver growth, opportunity and resilience. What’s missing, and indeed what’s needed, is the courage and vision to reset Queensland’s attractiveness as an investment destination. Putting in place fiscal settings that reward and encourage major investments being made in the state.  Amid all the uncertainty, one thing is clear... keeping the Bowen Basin competitive keeps Queensland in the game.

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Copper majors are leaving money and future optionality on the table, according to Nicole Adshead-Bell. Developers’ equities haven’t re-rated much, yet the demand case has only strengthened. If you’re BHP, Rio, Freeport, Anglo, Glencore, or Teck, this is the window to buy growth, not just talk about it. Why now? - It’s still cheaper to buy permitted, de-risked pounds than to discover some from scratch. - Balance sheets can absorb it. Cost of capital is a weapon. Use it. - Competition from strategics (autos, grid, E&I) is creeping upstream and it will be reality before you have had the time to think about it. Wait, and your optionality gets priced away. What do you buy (if you're a major)? - Shovel-ready (PFS/DFS complete), tier-1/2 jurisdictions, power + permits in hand or at least in sight. - Scalable porphyry or high-grade IOCG/VMS with >15% after-tax IRR at conservative commodity prices. - Reasonable capex (phased builds, modularity, realistic logistics). What not to buy (if you're a major)? Fantasy NAVs, heroic ramp-ups, and social license on a prayer. If your geochem map is prettier than your drill core, it’s not an asset, it’s hopium. The takeaway is, for; a) Issuers: Use this quiet tape to manufacture bid tension. Lock a clean data room, force NDAs/site visits on a tight clock, and showcase what acquirers actually price (which is permits, power/water, tailings, locked-cycle metallurgy, executable Phase-1 capex with <3-yr payback at a conservative deck), pre-package ECAs/MDBs/streams so a BHP/Rio can plug-and-play and pay you for de-risking instead of haggling. If your core looks good, stop pitching PowerPoint and let the ore do the talking. b) Speculators: Fish where majors feed. PFS/DFS in Tier-1/2 jurisdictions, clean met, power/water in hand, etc. Don't overpay on the current-price NAV, and ask for upside optionality. Build positions before the rumor, sell into the print (or hedge), and skip the moose pasture with heroic logistics. Pretty geochem maps don’t move trucks or cash flow, and they sure won't move a major. In my recent interview with Nicole Adshead-Bell of Cupel Advisory, I asked her what/how she thinks about M&A. Her response can be heard/seen in the clip below. The full talk can be viewed on the Resource Talks YouTube channel, and a written report can be viewed on our website. What am I missing here?

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This week, I will be joining a panel of sustainability experts at the 4th Nickel Producers, Processors, and Buyers Conference in Jakarta. Our panel will explore a question that’s becoming increasingly urgent across the nickel industry: Is your ESG strategy a cost burden, or can it be a long-term competitive advantage? The global landscape is shifting fast. Sustainability isn’t just a reporting obligation — it’s now a strategic imperative. As the world tightens environmental expectations and supply chains demand greater transparency, nickel producers can no longer afford to treat ESG as a side agenda. During the session, I’ll speak on how companies like Nickel Industries Limited are navigating these demands — from implementing decarbonisation measures and community-driven programs, to aligning with global benchmarks while maintaining operational agility. Events like this from Petromindo and CoalMetal Asia are more than conferences; they are spaces where direction is set. In a challenging market like today’s, learning from one another is crucial to ensure Indonesia’s nickel sector continues to move forward — not just stronger, but also more responsible and future-ready. If you're attending, I look forward to meaningful conversations and shared solutions. #Nickel #ESG #Sustainability #EnergyTransition #ResponsibleMining #NickelIndustries #Indonesia #Petromindo #Decarbonisation

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The DRC’s move to impose a quota on cobalt exports aims to support prices but it’s unlikely to end oversupply in the market in the longer term. My colleague Allan assesses three things that could happen in the market: (1) Prices remain elevated as a result of shortage. (2) Indonesia incrementally fills the gap. (3) Battery makers pivot to other technologies that rely less on cobalt. BloombergNEF clients can read the full analysis here: https://lnkd.in/dudEjeBd

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