Introduction
Australia’s premier mining conference, the Diggers & Dealers Mining Forum, returns to Kalgoorlie for its 34th year from 4–6 August 2025. Around 2,700 delegates are expected to gather for three days of presentations, networking and deal-making at the Goldfields Arts Centre, with 66 mining and exploration companies scheduled to present and around 140 exhibitors in attendance.
The 2025 program is set against a backdrop of mixed investor sentiment across key commodities. Gold remains the standout, with robust prices keeping the yellow metal front and centre for explorers, producers and investors alike. Copper continues to benefit from electrification tailwinds and supply-side tightness, while nickel and lithium – once the darlings of the energy transition – are still contending with oversupply and cautious demand recovery. Meanwhile, uranium and rare earths are gaining traction, buoyed by geopolitical concerns and the need for secure low-carbon energy supply chains.
Recently, several listed companies have announced delayed production milestones or that they have missed their production guidance, sharpening market and regulatory expectations around transparency. At the same time, capital markets remain tight amidst tariffs and economic uncertainty with junior miners watching closely for signals of improving financing appetite. These issues, together with the prospects of another wave of M&A, cost inflation and sovereign risk are expected to shape the discussions across the agenda.
Our team is on the ground in Kalgoorlie covering all major developments. Stay tuned for daily highlights, key insights from the previous day’s sessions and our take on the regulatory and investment themes defining this year’s forum.
Key takeaways from Day 1: cross-company themes
Net zero ambitions scrutinised
The keynote speaker questioned the feasibility of global net zero targets, arguing that ideological commitment alone is not a sufficient driver for systematic and coordinated renewable energy build-out.
Strong emphasis on organic growth
A recurring theme across Monday’s presentations was organic growth. Companies outlined strategies to increase production, expand resource and reserve bases and extend mine life. Many reported upgrades to their mineral resources and ore reserves. Gold miners emphasised strong balance sheets and disciplined capital allocation as key priorities. They also reported robust cash positions, minimal or no debt and a focus on self-funded growth through free cash flow.
Operational efficiency, internal growth and hedge book expiry were key topics – consistent with gold price strength providing sufficient upside.
The recent market reactions to certain production disappointments, or market guidance surprises, may have also dampened the usual promotional tone of Diggers’ presentations.
Shift in exhibitor mix
There were noticeably fewer miners and explorers with booths this year. In contrast, supplier booths including government representatives such as the Embassy of Sweden, were more prominent in the main tent.
Australian jurisdictions remain unattractive
Just a week after all Australian states fell in the Fraser Institute’s mining jurisdiction rankings, presentations by companies operating in the eastern states offered little to suggest those declines were unjustified.
Drill of the day
Waratah Minerals Ltd (ASX:WTM) took the gong for ‘drill of the day’, with perfectly timed drill results driving a 33.9% share price spike.
Key takeaways from Day 2: lithium steadies, gold shines, rare earths emerge
Lithium – volatility continues to bite
Despite signs of a rebound in recent weeks, lithium’s downturn remains top of mind for miners and companies exposed to the battery metal. PLS’s Managing Director, Dale Henderson, said lithium’s fundamentals remain intact. He noted that while electric vehicle adoption continues to rise, market visibility remains poor. The sector is learning the hard way that immature commodities lack robust price-discovery mechanisms.
He also pointed to the disconnect between rising demand for lithium battery products and persistently low prices.
Gold remains star of the show
Gold miners, including Ora Banda Mining, focused on the record gold price in their presentations. Following recent M&A activity, key messages to investors included self-funded organic growth and balance sheet discipline.
That said, the buzz around the tent still showed strong interest in further targeted and disciplined consolidation. Miners are seeking scale to support mill utilisation and reduce project risk.
Off-site panels debated whether the current gold price represents a new normal or a temporary response to global uncertainty – there are no prizes for guessing which side of that debate gold miners are landing on.
Rare earths and niobium step out of the shadows
Lynas Rare Earths’ presentation noted that the recent initiatives announced by the White House in the rare earths space represented the most meaningful policy support since Japan invested in Lynas over ten years ago.
These measures are seen as a potential watershed for rare earth supply chains, which have long been overshadowed by more prominent commodities due to China’s dominance.
Meanwhile, WA1 Resources’ presentation highlighted that niobium remains exempt from US tariffs, underscoring its growing strategic importance as governments worldwide seek to secure critical-minerals.
Key takeaways from Day 3: gold glitters, but the ground is tough
The price of progress
Gold might be the talk of the town, but the reality on the ground is more nuanced. While rising prices and surging demand have reignited interest in previously marginal projects, the path to production is far from frictionless. Labour shortages and escalating costs are squeezing margins, with some projects struggling to convert economic viability into operational momentum. It’s a reminder that even in a golden moment, the challenges of developing and operating a mine remain as real as ever.
Miners continue to feel the weight of macroeconomic trends, including tariffs, which are suppressing demand for some minerals. That’s despite their strategic importance to the energy transition and global geopolitical priorities.
A precursor to more cross-border consolidation?
One thing is clear, local gold players remain firmly on the radar of international giants. There’s talk that some of the sector’s biggest global names attended this year’s event with an eye to invest in, or acquire, Australian projects. But the pipeline is narrowing. After a year of consolidation, fewer development-ready projects are left in the hands of small-cap explorers.
Gold sweeps the awards
This year’s awards ceremony (like the rest of the conference) shone the light on gold.
Ramelius Resources snapped up the coveted title of 2025’s Digger of the Year, with the gold miner receiving praise for delivering production and cost guidance for five consecutive years.
The Dealer of the Year award went to De Grey Mining for its landmark acquisition by Northern Star Resources earlier this year. Gilbert + Tobin was proud to have supported De Grey Mining on this pivotal transaction, involving one of the largest undeveloped gold projects in a Tier-1 mining jurisdiction.
Turaco Gold took out the Emerging Company Award, recognising its significant potential to develop a gold project of substantial scale.
To wrap things up
There were more diggers and less deal(er)s at this year’s forum, particularly on the equity raising front. Liontown Resources ended the week with a bang by announcing an underwritten $266 million placement, with the National Reconstruction Fund participating for a cornerstone investment of $50 million. This is quite timely, as just days earlier, Federal Resources Minister the Hon Madeleine King suggested that the government would be open to following the United States in making direct equity investments in Australian-based miners – specifically in rare earths.
That’s a wrap from Diggers and Dealers 2025. See you next year.