Azzet reports on three ASX resources stocks with price moving updates today.
Pilbara Minerals rises on strong quarterly update ~
Shares in Pilbara Minerals (ASX: PLS) were up 7.3% by 1:10 pm AEDT (2:10 am GMT) after the lithium miner revealed a strong September quarter update, including rising output and lower operating costs.
The miner posted a 30% jump in revenue during the September quarter to $251 million on the back of rising output, with spodumene production up 2% on the previous quarter to 224.8 kilotonnes.
The miner posted sales of 214 kilotonnes for the quarter – down 1% from the June quarter - with an average estimated realised price of US$742 per tonne, a 20% increase relative to the June quarter on a SC6.0 basis and is ahead of consensus estimates.
At the same time, unit operating cost (FOB) fell 13% to $540 per tonne (US$353) compared to the previous quarter, reflecting the continued realisation of operational efficiencies and cost reductions implemented across all areas of the business.
Overall, the miner reported a cash margin from operations (receipts from customers less operating costs) of $8 million; however, there are $50 million in customer receipts not included due to timing.
After factoring in capital expenditure, the miner’s cash balance fell from $974 million to $852 million during the quarter.
Commenting on today’s update, management told the market that operating performance remained strong at its flagship Pilgangoora project in WA, boosted by improved mining efficiencies.
The miner is undertaking an ongoing transition to an owner-operator model at the site, which will continue through this financial year.
The miner also noted that these changes are enabling higher mining volumes at reduced unit cost and absolute spend, while improving operational resilience and ore supply security ahead of the wet season.
While the September quarter delivered strong cost performance, management also told the market to expect upward pressure on unit costs over the remainder of the financial year.
Much of the upward pressure on costs is being attributed to seasonal operational challenges typically associated with the wet season, and the continued implementation of end-to-end optimisation initiatives, including increased processing of contact ore.
However, costs for 2025-26 are expected to remain within the full-year guidance range, while production also remains on track to achieve its guidance for the year.
At $3.09, shares in Pilbara Minerals are currently trading at their highest level since November 18, 2024.
Pilbara Minerals has a market cap of $9.9 billion; the share price is up 17% in one year and up 16% in the last week.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Consensus is Hold.
Coronado Global Resources rises after clarifying recent events
Shares in Coronado Global Resources (ASX: CRN) were trading around 1.5% lower, giving up early gains after the producer of metallurgical coal (MET) responded to recent media reports containing unverified claims and speculation across various topics.
In response to a specific matter raised in an article by The Australian, the company confirmed that a minor roof fall occurred at an intersection within the northern district of its Buchanan Complex in the U.S.
The Buchanan Complex operates dual longwalls in both northern and southern districts, with the southern district continuing operations unaffected.
Coronado denied any suggestion of a longer-term material impact resulting from this isolated incident and told the market today that the incident was not a “coal seam collapse” and happened away from the coal face.
With the roof now stabilised, it’s understood that production has recommenced in the northern district with an immaterial impact on output.
To the uninitiated, Coronado produces high-quality MET coal for the global steel industry, while also operating in the premium thermal coal sector.
Early August saw the coal miner post a first-half loss and a 46% drop in revenue compared to the previous period.
The miner broke even on an earnings basis during the June quarter as the coal miner faced substantially lower coal prices year on year.
Quarter-on-quarter earnings changes are expected to improve in the September quarter and in the second half of the year.
Cash capital expenditure for the second half is also expected to be about $80 million, which is about $70 million less than the first half.
Coronado Global Resources has a market cap of $553 million; the share price is down 68% in one year and up 13% in the last month.
The stock appears to be in a Medium-term rally, confirmed by multiple indicators.
Consensus is Moderate Sell.
Karoon continues to rally following broker upgrades
Following on from its 6% rally yesterday, after releasing a mixed third quarter update, Karoon Energy (ASX: KAR) was up another 3% after the oil and gas explorer was raised to Buy by Morgans Financial.
Despite third-quarter sales volumes falling 3% compared with the previous quarter to 2.52 million barrels of oil equivalent (mmboe), revenue over the period went up.
The company's third-quarter sales revenue came in at US$164.1 million, 2.7% higher than the previous quarter and 13.2% up on the same quarter last year, which management attributed to higher Baúna (oil field) realised oil prices.
The company also narrowed its full-year production guidance, from the original 9.7 to 10.5 mmboe, to a range of 9.8 to 10.4 mmboe.
Karoon managing director Julian Fowles noted that while production from the Baúna Project was better than expected early in the quarter, it was hit with technical issues in August and September.
“As a result, third quarter Baúna Project production was 12% below the second quarter of 2025,” he said.
“Who Dat net revenue interest production in the third quarter was also 12% lower than the second quarter of 2025, reflecting a planned five-day shutdown for annual maintenance in August, unplanned downtime for repairs and natural decline.”
However, Karoon expects to restore production from SPS-92 and PRA-2 by mid-2026, planning to replace the SPS-92 ESP between April and June 2026, which should reinstate roughly 5,000 barrels per day.
Strong cash flow from both producing assets led to a US$89 million ($137.2 million) reduction in net debt to US$148.7 million ($229.2 million) at the end of September.
Fowles also told the market has successfully secured another deepwater exploration block off the coast of Brazil.
“Through prudent bidding in the last three Brazil licensing rounds, Karoon has acquired an extensive but relatively low cost position with no well commitments, over what we believe may be a potentially significant new post salt exploration play,” he said.
“We are maturing the play, with our work currently being reviewed by independent experts.”
Capital expenditure is now projected at $95-111 million, reduced from $120-140 million due to the deferral of a potential second Who Dat infill well.
Following yesterday's update, Jarden has an overweight rating on the stock, with a price target of $1.65.
Karoon also told the market that the next tranche of its US$75 million ($115.6 million) on-market share buyback was expected to start shortly and would be valued at about US$25 million ($38.5 million).
The Jarden believes the reinstated buyback showed management's confidence in the company.
“Despite likely consensus production downgrades, we think the stock trades higher today due to higher oil prices overnight and Karoon being the most leveraged stock to oil prices in our coverage,” the broker noted.
Karoon has a market cap of $1.1 billion; the share price is up 16% in one year and up 10% in the last week.
The stock’s shares appear to be in a downtrend confirmed within multiple periods. In the near-term, the 5-day moving average lies beneath the 20-day moving average.
Consensus is Moderate Buy.
