November Newsletter

Written By Hunter Wardman

Welcome to the November edition of the Engage Strategic newsletter.

In this newsletter we:

  • Introduce ourselves

  • Showcase a client company

  • Discuss Mining Project Value

Who are we?

We are experienced ASX market professionals (former Executives, Directors and Brokers). Our Service Partners are:

Engage Strategic is our core service, working with Executives and Boards to develop ASX company business models, key milestones, equity story and generating ASX/media content. Traditional IR services just 'polish' and distribute.

Selected client company backgrounds

Theta Gold Mines Limited (ASX:TGM) is a gold developer transitioning to producer by early CY27.

Equity story:

  • Major Funding Secured - TGM raised approximately A$51.4 million through a mix of equity and debt to advance the TGME Gold Project in South Africa

  • TGME Gold Plant Construction Accelerates - Contractors and heavy equipment were fully mobilized by late October. Bulk earthworks and civil works commenced at the Carbon-in-Leach (CIL) section, with negotiations progressing for mills and crushing circuits. Over 120 personnel are now on site, including 50+ trained locals

  • Production Timeline Confirmed - Plant commissioning remains on track for end-2026, with first gold production targeted for Q1 2027. The project aims to deliver 1.24 Moz of contained gold over a 12.9-year mine life

  • First operating cashflow early 2027. Targeting 160-200koz by 2030

Not all mining projects are created equal – in-ground vs. above-ground value

Author: Joe Kaderavek

The surge in ASX-listed critical minerals projects has left investors asking: Where does the real value lie? In mining, it’s not just what you dig—it’s where the value is created. Broadly, projects fall into two categories:

1. Value in the Ground

These commodities derive most of their worth from the ore itself. Processing either simple or well-established, and products sell into liquid, transparent markets.

Characteristics: High intrinsic value per tonne, straightforward processing, global spot pricing.

Examples: Gold, Precious Metals, High-grade Copper.

Investor Focus: Commodity thematic, exploration success, ore grade and processing costs dominate economics. Marketing is secondary-buyers compete for supply.

2. Value Above the Ground

Here, raw materials have lower intrinsic value. Economics hinge on processing, blending, and longer term commercial relationships.

Characteristics: Complex beneficiation, blending to meet specs, opaque pricing via negotiated contracts. For critical minerals, add lengthy product validation.

Examples: Rare Earths, Battery Minerals, Coal, Lower-grade Bulks, Industrial Minerals, Bauxite.

Investor Focus: Commodity thematic, processing technology, logistics, and customer relationships are critical.

Some commodities straddle both worlds—Nickel and Lithium, for example, require significant processing but also benefit from strong geological fundamentals.

I had the good fortune to meet Ken Talbot 23 years ago. Ken mastered this principle and built Macarthur Coal into a major Queensland player. His model focused on value creation above ground—through project development, resource aggregation, market positioning, and product blending—while outsourcing mining as a commoditised service (“moving dirt”). This capital-light approach kept Macarthur agile and deeply connected to customers, proving that strategy can be as valuable as geology.

Investor takeaway: Ask yourself—is this project’s value driven by geology or by processing and relationships? The answer shapes risk, capital intensity, and long-term returns

Not all mining projects are created equal – In-ground vs. above-ground value thought piece.

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Hunter Wardman
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October Newsletter