Diggers & Dealers 2025 – Diggers dug a hole, now let the Dealers play out

And then it was over.
With the fanfare of the gala dinner done and dusted, the Diggers and Dealers Mining Forum signed off on a 2025 edition completely dominated by gold.
In fact, all three company awards dished out at the dinner last night went to gold stocks.
It is hard to believe that in 2023 – just two years ago – the three categories were reserved exclusively for lithium players – Pilbara Minerals (now PLS), Allkem (now part of Rio Tinto) and Patriot Battery Metals.
But before we get to the awards, just a recap.
The final day of presentations delivered a periodic table of commodities – Chalice Mining (ASX: CHN) alone made up half the table – with most interest on Agnico Eagle (NYSE: AEM) and the Canadian giant’s commitment to mining in Australia.
“G’day, Australia,” quipped Jean Robitaille, Agnico’s executive vice president and chief strategy and technology officer.
“We are the second-largest gold company by market cap, it is not too bad.”
Maybe by the time we meet again in 12 months Agnico will be the owner of Bellevue Gold (ASX: BGL).
Although the real deal, based on the presenter’s confidence, was Benz Mining (ASX: BNZ), a dual-listed explorer which acquired the Glenburgh project (north-west of Meekatharra) off Spartan Resources late last year and reckons it’s on the verge of finding another Tropicana.
“I’d rather just leave you with a message,” Benz CEO Mark Lynch-Staunton told delegates to end his presentation.
“Every metre that we drill here we are getting more and more confident we are onto something big. If I am going to make a prediction, in 12 months’ time it is not going to look like this, it will look very different. If you missed out on Hemi and you missed out on Gruyere, I truly believe this will be the next multi-million-ounce district. We are only just getting started.”
Speaking of Gruyere, it has been customary for Gold Road Resources (ASX: GOR) and Gold Fields (JSE: GFE) to present back-to-back to reflect their 50-50 ownership of the Gruyere gold mine JV.
Yesterday afternoon was likely Gold Road’s swan song performance at D&D. Barring a surprise intervention, Gold Road shareholders will in September vote in favour of being taken over by Gold Fields.
The takeover will complete the third mega-deal in ASX gold focused on West Australian assets since D&D 2024 – Northern Star Resources (ASX: NST) bought out De Grey Mining and Ramelius Resources (ASX: RMS) took out the rickshaw riders at Spartan Resources.
Gold Road boss Duncan Gibbs took the opportunity to retell the Gruyere discovery story and the value created by the company enroute to becoming a $3.5 billion takeover target.
“To my friends that are out in the small (D&D explorers’) tent out the back here, who have been struggling to gain investor interest into exploration, I have hopefully provided you with some encouragement for the value you can achieve from making a world-class discovery,” he said, before having a chat with media.

Folklore has it that Gold Road sold a few cattle roaming on its Yamarna property in the early days pre-Gruyere to help fund drilling. It’s a rump steak of a tale.
It is also a nice link to the awards dished out last night.
The Dealer award was the least surprising and went to De Grey. Commanding a $5 billion price tag meant De Grey has done a great job for its shareholders.
It is always interesting when D&D hands out the Dealer award to a company selling itself.
Quite often it signals the peak of the cycle – just ask the people who bought Kerry Harmanis’ Jubilee Mines (nickel) in 2008 or last year’s winner, Azure Minerals (lithium).
The consensus seems to be that gold has more legs in it or will at least stay strong. So maybe this billion-dollar wave of deals will – in time – be seen as a wave of bargains.
As Simon Lill, the non-executive chair of new IPO Ballard Mining (ASX: BM1) and past chair of De Grey, said during his presentation, “at the current gold price you almost don’t need a feasibility study other than for ASX purposes”. Ballard owns the Mt Ida gold project near Menzies.
Lill also dished out a St Kilda Football Club jumper to a lucky delegate in honour of the late Nathan McMahon, one of mining’s character whose love for the Saints was not just painted on his ute bonnet but reflected in the naming of his companies, including Hamill Resources which once owned Mt Ida.

Another consensus view is that gold miners are increasingly sharpening a laser-like focus on costs to ensure the soaring gold price is not eroded by soaring costs. If there was one recurring message out of past reporting seasons, it was that guidance – both in terms of ounces and costs – is not an easy thing to achieve.
Struggling to meet guidance is not just a problem for gold players, of course, and in general the mood at the coal face at D&D was nowhere near as rosy as $5,200/oz – as a general barometer – seems to suggest.
Regardless of talk of record numbers of delegates, it was quieter in the marquee and in the auditorium this year. Even consumption of freshly squeezed fruit juices – thanks, MaxMine – and coffees – thanks Aggreko – was down on 2024.
Worst, the trusted pizza and kebab shop opposite the Exchange Hotel was closed on Thursday (early) morning. Where is Monty’s diner in our hour of need?
Anyway, back to the awards.
The Digger award surprised some, not because it was undeserved but because Ramelius had picked up the same gong just five years ago.
Maybe it reflected a lack of good candidates, which is not surprising given the malaise across other commodities and the struggles some of those are having just to remain afloat.
The Best Emerging Company, Turaco Gold (ASX: TCG), was recognised for advancing its Afema project in Cote d’Ivoire and delivering a mineral resource estimate of 3.55 million ounces.

The Media award went to Michael Washbourne at Paydirt, a long-term supporter of the sector who writes surprisingly well about mining given his past as a sports reporter.
Congratulations also to Mason Calter, a third-year Mining Engineering Honours student from the WA School of Mines, Kalgoorlie campus, who picked up the Ray Finlayson Award for Leadership and Academic Excellence (courtesy of the Kalgoorlie School of Mines Scholarship Trust). Master Calter will have his pick of job offers when he graduates.
And finally, the GJ Stokes Memorial Award, named after D&D’s founder and recognising someone who has made a significant and lasting contribution to the mining industry.
The 2025 winner is Peter Cook, who has held CEO and chair roles at a raft of companies over three decades including, notably and lately, Metals X (ASX: MLX) and Westgold Resources (ASX: WGX).
The award citation said this: “Throughout his career, Peter has been a renovator – fixing and rebuilding failed or stalled projects like Mount Magnet, Gidgee, Wafi, Hidden Valley, the tin mines of Renison, Mt Bischoff and Collingwood, Higginsville, Meekatharra, Cue, Big Bell, Tuckabianna, Fortnum, the list goes on. He has also been an innovator and industry voice unafraid to tackle the regulators and industry detractors who he feels are holding the industry back. He says there’s more to come!”
A great summary.
Congratulations to Cooky and all the award winners – and the organisers of D&D.
See you in Kalgoorlie-Boulder in 12 months’ time. As we know, a lot can happen between now and then.
And let’s hope the kebab shop re-opens.