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Amazon staff fire up after CEO Andy Jassy drops artificial intelligence bombshell

Amazon staff fire up after CEO Andy Jassy drops artificial intelligence bombshell

News.com.au13 hours ago

The boss of tech giant Amazon has just said the quiet part out loud about what artificial intelligence advancements means for the workforce – and employees are not happy.
CEO Andy Jassy, who took over from founder Jeff Bezos in 2021, dropped a bombshell on employees, revealing he expects the rise of generative AI to 'reduce' Amazon's corporate workforce over the coming years.
The warning was part of a recent memo shared on the company's website, in which he talks about how, as the company 'leans into' generative AI services, it will 'change the way our work is done'.
'We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs,' Ms Jassy wrote.
'It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company.'
Do you have a workplace story you want to share? Contact alexandra.foster@news.com.au
Amazon's corporate workforce is estimated to include around 350,000 people, with the company's total workforce totalling more than 1.5 million workers.
The tech company already has more than 1000 generative AI services and applications in progress or being built, with the CEO stating this represents just a 'small fraction' of what they ultimately want to create.
Mr Jassy encouraged staff to be 'curious' about AI and to educate themselves on the technology, suggesting they use it to figure out 'how to get more done with scrappier teams'.
The bold statement that the company plans to cut jobs in line with technology advancements, unsurprisingly, hasn't gone down too well with Amazon employees.
Dozens of messages, reviewed by Business Insider, sent on internal Slack channels allegedly showed staff up in arms following the memo.
Many staff members reportedly pushed back, saying the company should be viewing AI as a way to aid productivity rather than downsizing the workforce.
'We need to lead the change in reframing AI as partners (even teammates or colleagues) rather than AI as replacements or tools. It's a slightly different vision than the one Andy alludes to,' one person wrote, according to the publication.
In a sarcastic jab, another reportedly said that there was nothing more inspiring than reading that a person's role might be replaced by AI within a few years.
One employee branded the focus on cost cutting over customer satisfaction 'dangerous', claiming it could have 'real consequences'.
Other sentiments included concerns around using headcount cuts to measure success and the potential ramifications of relying too much on AI.
It comes as the head of one of the world's most powerful artificial intelligence labs recently warned the technology could eliminate half of all entry-level, white-collar jobs within the next five years.
Anthropic chief executive officer Dario Amodei told CNN's Anderson Cooper that politicians and businesses are not prepared for the spike in unemployment rates AI could prompt.
'AI is starting to get better than humans at almost all intellectual tasks, and we're going to collectively, as a society, grapple with it,' the 42-year-old said.
'AI is going to get better at what everyone does, including what I do, including what other CEOs do.'
Anthropic's AI can work nearly seven hours a day, he said, and has the skills typically required of entry-level corporate workers – 'the ability to summarise a document, analyse a bunch of sources and put it into a report, write computer code' – at the same standard 'as a smart college student'.
Amazon's new memo isn't the only AI-related announcement from a major company in recent months that has sparked concern.
In March, Shopify CEO Tobi Lutke told staff that they would now be expected to prove why certain jobs can't be done using AI.
'Before asking for more Headcount and resources, teams must demonstrate why they cannot get what they want done using AI,' he said.
'What would this area look like if autonomous AI agents were already part of the team? This question can lead to really fun discussions and projects.'
The bold announcement was included in an internal memo sent by Mr Lutke, with the CEO then sharing it to his own social media after hearing that it was 'being leaked' and 'presumably shown in bad faith'.
The lengthy memo also stated that the use of AI was a 'fundamental expectation of everyone at Shopify', with Mr Lutke also stating AI usage questions would be included in performance and peer review questionnaire.
The CEO's email has gained widespread attention, with responses split between praise for embracing new technology and horror at seemingly encouraging the replacement of jobs by AI.
One respondent branded the CEO's position as 'cold and lacking empathy to humans', while another claimed they would resign on the spot if their employer sent out this type of directive.
Others questioned why the onus should be on the staff to prove the role can't be done by AI, rather than on the company to prove that AI can do a better job than a human.
There were also concerns about what this type of mindset meant for graduates who are just entering the workforce and would likely be going into the types of roles the company is encouraging staff to use AI to complete.
One person said that, while they believe encouraging AI is the right path, it was 'just a scary one' as it leads to less employment for people over time.
'It also starts to beg the question of how does the next generation get into the workforce if traditional entry level jobs are now being done by AI,' they wrote.

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Gold Digger: Central banks want EVEN MORE GOLD as boom goes on
Gold Digger: Central banks want EVEN MORE GOLD as boom goes on

News.com.au

time3 hours ago

  • News.com.au

Gold Digger: Central banks want EVEN MORE GOLD as boom goes on

Gold prices are sitting near record highs Central bank demand has been a big reason, topping 1000t in each of the past three years And a survey of the world's central banks shows they see that trend continuing Gold prices have absolutely sky-rocketed in the past two years, soaring from under US$2000/oz in late 2023 to more than US$3350/oz today and, at one point in April, as much as US$3500/oz. That's great news for gold equities and their investors. A sizeable portion of that price move could be flimsy, locked into safe haven demand based off temporary responses to signs of global economic and geopolitical instability – Trump's tariffs, the TACO trade (Trump Always Chickens Out – a gag from Wall Street that the Prez HATES), war in the Middle East and Ukraine. But a large driver, underwriting the gold price according to many analysts, has been demand from central banks. Sovereign buyers of bullion have hoovered up, on a net basis, around 1000t of gold in each of the past three years, well above historic levels. The eighth annual central bank reserves survey from the World Gold Council, released this week, suggests central banks are even more bullish about the commodity now than they have been at any point since it launched. Around 95% of central banks buyers expect central banks to increase their gold reserves this year, up from 81% last year, with 76% thinking gold will be a larger proportion of global reserve assets in five years compared to today, up from 62% last year. 43% of respondents have concrete plans to increase their gold reserves in the next 12 months, up from just 29% last year. That comes despite the extraordinarily high cost currently of buying gold, WGC global head of central banks and head of Asia-Pacific (ex-China) Shaokai Fan said. 'After eight years of conducting this survey, we have reached an important milestone: nearly half of the central bank respondents intend to increase their own gold holdings in the coming year. This is remarkable, especially considering how many record-high prices we've hit so far in 2025," he said. "Notably, this reflects the current global financial and geopolitical environments. Gold remains a strategic asset as the world faces uncertainty and tumult. Central banks are concerned about interest rates, inflation, and instability – all reasons to turn to gold to mitigate risk.' Drivers The desire to acquire more gold is even higher in emerging markets, with 48% of the 58 surveyed saying the plan to increase their gold reserves over the next 12 months, compared to just 21% of advanced economy respondents. 84% of EMDE (emerging markets and developing economies) who responded said inflation was behind their rationale for holding gold, with 81% pointing to the geopolitical situation. Across advanced economies, those were key factors for 67% and 60% of respondents, respectively. Those geopolitical fears are reflected also in where gold is being stored, with domestic storage of bullion up from 41% to 59% as a prepper mentality sets in. Around 73% of respondents also see moderately or significantly lower US dollar holdings in global reserves over the next five years. That could happen in lockstep with higher Euro and Renminbi holdings, as economic turmoil, US debt levels and trade unpredictability from the new US Administration prompt foreign central bankers to diversify from the universal store of value. Notably, no central bankers think their gold holdings will decrease this year, with 3% of respondents having indicated plans to sell gold in 2024 and 2023. "Taken together, these findings clearly highlight that gold sentiment within the central banking community remains positive," the report authors said. "Expectations point to continued gold buying over the next 12 months, reflecting sustained confidence in gold's strategic role amid evolving geopolitical and macroeconomic dynamics." 87% of EMDEs and 77% of advanced economy central banks pointed to gold's performance during a time of crisis as a key reason for holding gold, while 92% of advanced economy central banks say it's because of their historical position. Winners and losers Here's how ASX-listed precious metals stocks are performing: CODE COMPANY PRICE WEEK % MONTH % 6 MONTH % YEAR % YTD % MARKET CAP MRR Minrex Resources Ltd 0.009 -14% 0% 29% 0% 29% $ 10,848,675.03 NPM Newpeak Metals 0.02 82% 54% 54% 0% 82% $ 5,797,291.16 ASO Aston Minerals Ltd 0.022 0% 29% 144% 69% 144% $ 28,491,413.92 MTC Metalstech Ltd 0.13 -7% -4% -4% -45% -7% $ 27,133,811.38 GED Golden Deeps 0.021 -9% 17% -13% -48% -16% $ 3,896,765.42 G88 Golden Mile Res Ltd 0.012 0% -8% 50% 9% 33% $ 6,530,974.26 LAT Latitude 66 Limited 0.028 -24% -32% -47% 1300% -26% $ 4,015,219.74 NMR Native Mineral Res 0.2 0% 18% 441% 567% 413% $ 188,259,603.45 AQX Alice Queen Ltd 0.003 0% -40% -57% -57% -63% $ 3,748,920.20 SLZ Sultan Resources Ltd 0.005 0% -29% -17% -50% -17% $ 1,157,349.55 KSN Kingston Resources 0.13 0% 40% 76% 67% 83% $ 107,056,852.63 AMI Aurelia Metals Ltd 0.2075 -33% -30% 26% 22% 22% $ 363,903,117.60 GIB Gibb River Diamonds 0.035 9% 9% -13% -24% -13% $ 7,507,830.58 KCN Kingsgate Consolid. 2.32 4% 24% 74% 37% 81% $ 592,828,891.60 TMX Terrain Minerals 0.002 0% -20% -33% -33% -33% $ 4,497,113.20 BNR Bulletin Res Ltd 0.057 -7% -23% 46% 39% 46% $ 18,204,026.03 NXM Nexus Minerals Ltd 0.079 -5% 13% 61% 108% 76% $ 46,489,490.20 SKY SKY Metals Ltd 0.049 11% 9% -6% 53% -9% $ 32,692,345.64 LM8 Lunnonmetalslimited 0.23 10% 2% 10% 21% -8% $ 50,744,480.02 CST Castile Resources 0.062 5% -9% -17% -21% -23% $ 16,816,171.90 YRL Yandal Resources 0.1075 -10% -37% -45% -2% -39% $ 34,015,848.02 FAU First Au Ltd 0.004 14% 60% 100% 60% 100% $ 8,287,973.11 ARL Ardea Resources Ltd 0.385 -4% -8% 20% -25% 17% $ 82,061,036.85 GWR GWR Group Ltd 0.091 0% -13% 12% 5% 14% $ 29,448,205.61 IVR Investigator Res Ltd 0.032 -6% 60% 68% -36% 60% $ 49,270,766.79 GTR Gti Energy Ltd 0.004 0% 0% 0% -20% 14% $ 11,995,798.65 IPT Impact Minerals 0.0065 30% 8% -31% -57% -31% $ 25,709,644.80 BNZ Benzmining 0.44 -3% 29% 33% 226% 28% $ 70,376,347.75 MOH Moho Resources 0.004 0% -33% 0% 14% -20% $ 2,236,242.08 BCM Brazilian Critical 0.011 22% 10% 22% -35% 22% $ 14,415,865.59 PUA Peak Minerals Ltd 0.0245 17% 53% 181% 916% 216% $ 61,761,068.38 MRZ Mont Royal Resources 0.041 0% 0% -5% -33% -5% $ 3,486,221.51 SMS Starmineralslimited 0.019 -14% -27% -53% -27% -47% $ 3,530,326.41 MVL Marvel Gold Limited 0.014 -7% 0% 56% 75% 56% $ 19,504,319.84 PRX Prodigy Gold NL 0.002 0% 0% 0% -10% 0% $ 6,350,111.10 AAU Antilles Gold Ltd 0.004 0% 0% 33% 0% 33% $ 9,325,472.06 CWX Carawine Resources 0.094 0% -6% -5% -6% -6% $ 22,431,917.66 RND Rand Mining Ltd 2.12 7% 12% 36% 49% 40% $ 120,008,277.71 CAZ Cazaly Resources 0.023 21% 44% 53% 15% 64% $ 9,226,059.82 BMR Ballymore Resources 0.17 -8% 10% 31% 3% 42% $ 31,811,505.30 DRE Dreadnought Resources Ltd 0.01 -23% -23% -9% -63% -17% $ 60,954,000.00 ZNC Zenith Minerals Ltd 0.036 -8% -12% -10% -48% -10% $ 14,824,753.92 REZ Resourc & En Grp Ltd 0.019 12% 19% 6% 58% -17% $ 13,432,782.44 LEX Lefroy Exploration 0.1 -5% 28% 47% 10% 43% $ 24,842,013.80 ERM 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Asra Minerals Ltd 0.0015 -25% -40% -50% -63% -50% $ 7,983,396.02 ARI Arika Resources 0.035 -15% 17% 35% 75% 30% $ 27,400,202.83 CTO Citigold Corp Ltd 0.003 -14% 0% -25% -25% -25% $ 9,000,000.00 SMI Santana Minerals Ltd 0.565 -7% 5% 24% 54% 16% $ 401,108,864.63 M2R Miramar 0.0035 0% 17% -13% -63% 17% $ 3,488,881.50 MHC Manhattan Corp Ltd 0.019 -14% -17% -14% -43% 0% $ 4,697,977.96 GRL Godolphin Resources 0.009 -10% 0% -33% -53% -38% $ 4,039,859.81 SVG Savannah Goldfields 0.018 -5% -22% -2% 3% -2% $ 20,548,386.70 EMC Everest Metals Corp 0.14 -7% 0% 4% 17% 4% $ 33,619,688.25 GUL Gullewa Limited 0.068 -8% -3% 21% -4% 21% $ 17,877,818.10 CY5 Cygnus Metals Ltd 0.089 -11% 25% -19% 71% -11% $ 80,006,377.07 G50 G50Corp Ltd 0.12 -14% 14% -20% -23% -23% $ 19,271,719.08 ADV Ardiden Ltd 0.15 3% 3% 15% 15% 11% $ 9,065,038.37 AAR Astral Resources NL 0.175 -3% 13% 21% 119% 30% $ 262,333,187.37 VMC Venus Metals Cor Ltd 0.115 -4% 15% 77% 51% 72% $ 21,574,155.13 NAE New Age Exploration 0.0035 -13% -13% 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Resources Ltd 0.0135 -4% 238% 350% 93% 350% $ 11,309,395.79 HCH Hot Chili Ltd 0.55 -2% 15% -20% -41% -21% $ 81,861,920.46 WAF West African Res Ltd 2.175 -6% -5% 46% 51% 52% $ 2,496,359,535.81 MEU Marmota Limited 0.039 -5% -11% 5% -17% 0% $ 45,953,925.81 NVA Nova Minerals Ltd 0.35 4% 9% 25% 75% -5% $ 111,434,108.87 SVL Silver Mines Limited 0.115 -15% 29% 42% -30% 47% $ 213,573,047.04 PGD Peregrine Gold 0.16 -24% 14% 33% -27% 14% $ 13,999,877.27 ICL Iceni Gold 0.059 -31% 3% -11% -13% -17% $ 20,598,083.22 FG1 Flynngold 0.034 0% 36% 26% 26% 36% $ 12,913,443.51 WWI West Wits Mining Ltd 0.02 -26% -17% 43% 54% 43% $ 52,566,531.06 RML Resolution Minerals 0.04 18% 233% 208% 100% 233% $ 24,222,908.48 AAJ Aruma Resources Ltd 0.01 0% 0% -9% -33% -17% $ 2,775,727.14 HWK Hawk Resources. 0.015 -6% -17% -25% -58% -32% $ 4,063,941.74 GMN Gold Mountain Ltd 0.001 -50% -50% -67% -67% -67% $ 5,619,759.25 MEG Megado Minerals Ltd 0.012 0% -8% -25% 40% -29% $ 7,280,199.14 HMG Hamelingoldlimited 0.069 -17% 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0% -9% -29% -38% -29% $ 5,890,381.28 NH3 Nh3Cleanenergyltd 0.03 -9% 20% 58% 173% 67% $ 16,938,143.55 OBM Ora Banda Mining Ltd 0.915 -10% -9% 42% 158% 41% $ 1,751,893,791.45 AVW Avira Resources Ltd 0.007 0% 0% -65% -65% -65% $ 1,610,000.00 LCY Legacy Iron Ore 0.009 0% 0% 0% -33% -10% $ 87,858,383.26 PDI Predictive Disc Ltd 0.3875 -7% 2% 68% 104% 68% $ 1,035,072,490.97 MAT Matsa Resources 0.061 -13% -13% 74% 110% 74% $ 44,000,871.78 ZAG Zuleika Gold Ltd 0.018 50% 50% 38% -5% 38% $ 13,353,838.69 GML Gateway Mining 0.028 -10% 0% 22% 8% 33% $ 11,855,788.56 SBM St Barbara Limited 0.325 -12% 7% 10% 51% 44% $ 341,096,597.42 SBR Sabre Resources 0.009 0% 13% -10% -47% -10% $ 3,550,157.40 STK Strickland Metals 0.14 0% 27% 63% 27% 65% $ 305,418,572.60 CEL Challenger Gold Ltd 0.086 -1% 12% 126% 51% 83% $ 177,633,790.25 GG8 Gorilla Gold Mines 0.435 -11% -17% 67% 1446% 67% $ 279,429,093.42 NST Northern Star 20.34 -5% 8% 33% 52% 32% $ 29,113,820,447.62 OZM Ozaurum Resources 0.066 -8% -14% 154% 14% 120% $ 15,120,723.62 TG1 Techgen Metals Ltd 0.024 -4% -4% -29% -14% -31% $ 3,807,977.04 XAM Xanadu Mines Ltd 0.079 1% 0% 58% 32% 61% $ 178,714,472.74 AQI Alicanto Min Ltd 0.028 -13% 0% -24% 70% -24% $ 23,748,003.33 KTA Krakatoa Resources 0.012 0% 20% 33% 9% 26% $ 6,821,474.28 ARN Aldoro Resources 0.33 10% 3% 6% 400% -13% $ 57,296,432.03 WGX Westgold Resources. 2.945 -5% 13% -1% 25% 4% $ 2,801,035,779.30 MBK Metal Bank Ltd 0.011 -15% 10% -21% -52% -27% $ 5,472,048.98 A8G Australasian Metals 0.067 -3% -3% -13% -14% -15% $ 3,878,611.58 TAR Taruga Minerals 0.008 0% -11% -20% 14% -20% $ 6,423,786.52 DTR Dateline Resources 0.079 -21% 114% 2533% 778% 2157% $ 236,251,292.67 GOR Gold Road Res Ltd 3.36 -1% 2% 64% 107% 64% $ 3,650,300,841.60 S2R S2 Resources 0.064 -14% -28% -6% -35% -4% $ 33,523,787.98 NES Nelson Resources. 0.003 0% 0% 0% 0% 0% $ 6,515,782.98 TLM Talisman Mining 0.135 -4% -10% -36% -48% -34% $ 24,481,645.37 BEZ Besragoldinc 0.056 30% 37% -16% -43% -38% $ 22,436,836.11 PRU Perseus Mining Ltd 3.555 -5% 5% 34% 51% 38% $ 4,849,508,582.72 SPQ Superior Resources 0.0035 -13% -13% -42% -50% -42% $ 9,483,930.90 PUR Pursuit Minerals 0.037 -10% -10% -66% -75% -61% $ 3,690,156.63 RMS Ramelius Resources 2.655 -6% 4% 23% 42% 28% $ 3,013,260,660.80 PKO Peako Limited 0.002 0% -20% -33% -35% -33% $ 4,463,225.88 ICG Inca Minerals Ltd 0.009 80% 80% 50% 29% 80% $ 14,187,510.56 A1G African Gold Ltd. 0.16 -3% 42% 220% 567% 191% $ 84,220,475.52 NMG New Murchison Gold 0.018 6% 20% 80% 300% 100% $ 177,315,301.93 GNM Great Northern 0.013 0% -24% -7% 8% -7% $ 2,164,807.08 KRM Kingsrose Mining Ltd 0.031 3% 0% -14% -23% -11% $ 24,112,848.61 BTR Brightstar Resources 0.5 -11% -29% 0% 33% 0% $ 241,014,510.72 RRL Regis Resources 4.705 -4% 2% 78% 170% 85% $ 3,490,307,131.08 M24 Mamba Exploration 0.012 0% -14% 0% -33% 0% $ 4,132,318.54 TRM Truscott Mining Corp 0.052 -5% -20% -33% -15% -33% $ 9,955,325.12 TNC True North Copper 0.355 13% 65% -88% -93% -88% $ 44,583,975.80 MOM Moab Minerals Ltd 0.001 0% 0% -50% -80% -50% $ 1,733,666.03 KNB Koonenberrygold 0.035 -20% -48% 192% 106% 192% $ 37,913,621.72 AWJ Auric Mining 0.175 3% -9% -51% 0% -49% $ 32,546,692.85 ENR Encounter Resources 0.26 13% 13% -13% -28% -20% $ 119,710,156.56 SNG Siren Gold 0.0505 -5% 3% -20% -42% -22% $ 10,948,530.45 STN Saturn Metals 0.385 4% 43% 97% 97% 88% $ 156,284,475.48 USL Unico Silver Limited 0.28 2% 27% 56% 93% 44% $ 122,624,251.40 PNM Pacific Nickel Mines 0.024 0% 0% 0% -17% 0% $ 10,103,834.52 AYM Australia United Min 0.003 50% 0% -25% 50% -25% $ 5,527,732.46 HAV Havilah Resources 0.18 -3% 6% -14% 0% -20% $ 62,762,414.76 SPR Spartan Resources 2.08 -6% 4% 59% 154% 48% $ 2,588,762,477.66 PNT Panthermetalsltd 0.014 0% 8% 40% -31% 27% $ 4,212,663.67 MEK Meeka Metals Limited 0.155 -11% 24% 104% 400% 101% $ 377,355,775.50 GMD Genesis Minerals 4.61 -3% 17% 81% 155% 87% $ 5,097,869,029.00 PGO Pacgold 0.067 -1% -6% -9% -36% -11% $ 9,940,386.82 FEG Far East Gold 0.16 7% 10% -11% 52% -11% $ 56,889,255.22 MI6 Minerals260Limited 0.125 -7% -14% -4% 0% -4% $ 248,079,999.96 IGO IGO Limited 3.885 -8% -6% -21% -35% -19% $ 3,066,934,642.65 GAL Galileo Mining Ltd 0.105 -19% -9% -13% -49% -16% $ 20,750,617.34 RXL Rox Resources 0.295 2% 5% 64% 111% 48% $ 216,100,888.87 PTN Patronus Resources 0.07 6% 21% 43% 25% 43% $ 114,617,846.28 CLZ Classic Min Ltd 0.001 0% 0% 0% -50% 0% $ 2,790,941.81 TGM Theta Gold Mines Ltd 0.135 -4% 13% -27% -4% -25% $ 118,722,864.51 FAL Falconmetalsltd 0.13 -7% 0% 0% -48% 13% $ 26,550,000.00 SPD Southernpalladium 0.6 0% 208% 0% 43% 0% $ 66,843,750.00 ORN Orion Minerals Ltd 0.011 0% -8% -27% -27% -27% $ 75,354,926.00 TMB Tambourahmetals 0.022 -12% -12% -4% -67% 5% $ 3,235,981.01 TMS Tennant Minerals Ltd 0.006 0% -14% -33% -70% -33% $ 6,395,342.49 AZY Antipa Minerals Ltd 0.74 -4% 35% 196% 517% 185% $ 434,657,168.25 PXX Polarx Limited 0.0075 -6% -6% 7% -32% 15% $ 17,816,257.34 TRE Toubani Res Ltd 0.29 -5% 7% 115% 57% 71% $ 74,618,436.37 AUN Aurumin 0.097 8% 45% 67% 162% 47% $ 47,448,973.82 GPR Geopacific Resources 0.0225 -6% 18% 16% 10% 13% $ 73,196,702.50 FXG Felix Gold Limited 0.145 -3% -3% 67% 174% 73% $ 59,630,786.15 ILT Iltani Resources Lim 0.225 2% -6% 25% -32% 10% $ 12,922,541.66 BRX Belararoxlimited 0.06 0% -48% -67% -69% -66% $ 9,308,947.43 TM1 Terra Metals Limited 0.048 14% 60% 118% 55% 71% $ 23,894,848.30 TOR Torque Met 0.125 -4% 26% 145% -14% 136% $ 64,854,955.88 ARD Argent Minerals 0.022 -15% 22% 29% 47% 29% $ 31,815,090.56 LM1 Leeuwin Metals Ltd 0.1325 -5% 2% 121% 128% -5% $ 12,600,798.00 SX2 Southgold Consol 7.935 5% 37% 0% 0% 0% $ 1,114,325,536.00 UVA Uvrelimited 0.09 0% -10% 6% -18% 1% $ 5,418,000.09 VTX Vertexmin 0.26 -13% 11% 41% 206% 25% $ 56,478,241.96 Zuleika Gold (ASX:ZAG) Mark Creasy backed Zuleika Gold has a bone to pick with $1.5 billion ASX gold miner Catalyst Metals (ASX:CYL) through no smaller a forum than the WA Supreme Court ... actually it's a bone that's already been picked with Vango Mining, which Catalyst acquired a couple years back. It's going to head there in October this year to find out the quantum of damages payable by Catalyst after the Supreme Court found in March 2022 that entities now owned by Catalyst had wrongfully repudiated a JV agreement which "prevented Zuleika from earning up to 50% of the beneficial interest" in the tenement hosting the K2, K1 and PHB-1 prospects and the K2 Area at its project in the Plutonic gold district. 'It has taken five long years to get to this stage but, on behalf of and for all Zuleika Shareholders, I am pleased we can finally present to the Supreme Court the significant opportunity lost to us when the Catalyst Entities breached Zuleika's rights under the BTS Agreement," Zuleika exec chair Annie Guo said. 'This includes denying Zuleika's immediate beneficial interest in 4.1% of the Tenement and K2 Area, and therefore 4.1% of the underlying gold resource, and denying Zuleika the opportunity to earn in up to a 50% interest in the Tenement and K2 Area in alignment with the terms of the BTS Agreement. 'We long ago identified the potential and prospectivity of the Tenement and K2 Area and are not surprised that – today – they are earmarked to underpin the future of the Plutonic Gold Project. 'The Court has already confirmed that Zuleika was denied its rights under the BTS Agreement – and dismissed the Catalyst Entities' appeal – so Zuleika's focus now is to ensure we receive fair value for what is owed to us. 'Zuleika will provide further updates as this long-running litigation finally reaches its conclusion.' The 81,000oz K2 underground is now a planned satellite for Catalyst's Plutonic gold mine, with Zuleika claiming for losing the right to 50% of the K2 project, and unpaid entitlements under the sale agreement and royalty deed listed at $6m, legal costs and the transfer of a 4.1% beneficial interest in the tenement and K2 Area. Catalyst meanwhile has tried to distance itself from the situation, saying the Zuleika announcement, which references incidents that happened long before it acquired Vango Mining in 2023, is just the statement of trial dates and "conveys no new or material information". It says the dates have been known to Zuleika and Catalyst since they were set on April 11. "As to why these dates have only become material to Zuleika now is not known to Catalyst," the company said. "The Board of Catalyst considers this to be nothing more than an attempt to generate publicity and exert leverage against the defendants in the context of the forthcoming Supreme Court hearing," CYL told the ASX. Cazaly was up there in the past week after starting RC drilling at the Duke of York gold prospect. The 2000m drill program will test beneath historical gold workings at the target, part of its Goongarrie gold project to the north of Kalgoorlie. Historical drill intercepts at Duke of York included strikes of 13m at 3.5g/t and 8m at 10.7g/t on the margin of mafic and sedimentary rock under the old Duke of York workings. 'I am extremely pleased to announce that drilling has commenced at Duke of York, the first of many gold targets to be tested in this highly prospective district," MD Tara French said. "Our team has worked extremely hard to obtain approvals which places us on the ground less than 3 months after exercising the option to earn up to 80% of the Goongarrie Gold project with Brightstar Resources (ASX:BTR). "It's a very exciting time to be drilling beneath historical gold workings in the eastern goldfields, and we can't wait to see the results of this first drilling campaign.'

OPINION: Gary Martin says it's time to embrace new AI era
OPINION: Gary Martin says it's time to embrace new AI era

West Australian

time3 hours ago

  • West Australian

OPINION: Gary Martin says it's time to embrace new AI era

It is a question everyone needs to consider: how to harness the powers of artificial intelligence, because it is not a question of if AI will impact our lives, but to what extent. There is no denying that AI – and its generative version – has become part of everyday life and is used in everything from personalising social media feeds to providing an interface between people, advancing robotics and powering medical breakthroughs. There are estimates that almost 80 per cent of organisations have either introduced AI into their business or are considering doing so. Many organisations have begun restructuring their workplace and workflows to better capture the benefits of AI. AI can process huge amounts of data, identify patterns and follow detailed instructions on what do to with that information. It can create, summarise and analyse documents and multi-media, much faster than humanly possible. AI allows computers to learn and solve problems in ways that can seem human. But computers cannot be human. They cannot think, empathise or reason. And that goes to the heart of the threat of AI. Introduced unchecked and allowed to take over without the necessary checks and balances – AI risks taking over decisions made by humans but without the human touch. What AI lacks are the filters that advise on appropriateness, identify potential misuse, understand ethical complexities and assess environmental impacts, to name just some areas. This is not to say that AI does not have an important role to play to further advance our organisations. It is also typical that the introduction of any new technology or innovation generates a howl of disapproval from those who do not understand it, fear it or are ignorant to the pace of change. AI is here to stay and there is a wonderful opportunity for organisations at every level to harness its powers for the good. If AI drives improved levels of automation, identifies trends through its data harvesting capability that prevent tragedies and predict success and assists humans to make better decisions, then we all win. But like all new innovations, it comes down to the human adaptation. Embraced for the right reasons and used in the right ways with the appropriate human interface, AI will become an incredibly useful, value-adding tool that will make our lives better. The opportunity for AI to drive efficiency and innovation is real. But so are the challenges and threats of AI that extend way behind job losses and digital over-dependence. We need to partner with AI, not compete against it. We need to embrace its rise, not ignore it at as a passing trend. We need to approach it with confidence – not fear. And we need to use it to enhance decisions – not replace them. Professor Gary Martin is CEO of the Australian Institute of Management WA

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