The Drill Down
Wednesday 1 April 2026 · Part 1 Edition
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Commodity Prices
| Precious Metals |
Price (USD/toz) |
| Gold |
$4,668.90
+157.79 (+3.5%)
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| Silver |
$75.16
+5.07 (+7.23%)
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| Platinum |
$1,954.00
+49.50 (+2.6%)
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| Palladium |
$1,482.50
+78.90 (+5.62%)
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| Base Metals (LME) |
Price (USD/lb) |
| Copper |
$5.68
+0.1661 (+3.01%)
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| Nickel |
$7.78
-0.0567 (-0.72%)
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| Zinc |
$1.45
+0.0134 (+0.93%)
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| Aluminium |
$1.55
-0.0039 (-0.25%)
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| Lead |
$0.86
-0.0018 (-0.21%)
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Prices updated as of 1 Apr 2026, 9:01 am AEST
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Today's Stories
Source: ABC News
WA iron ore miner Fenix Resources (ASX: FEX) came within days of running out of diesel at its Mid-West operations, forcing the company to scale back non-essential mining and haulage activities as Iran-war disruptions to global fuel supply chains hit Australian miners. Compounding the pressure, Tropical Cyclone Narelle simultaneously forced the temporary closure of Geraldton Port, disrupting Q1 shipments. Fenix maintained its full-year guidance of 4.2-4.8 million tonnes of iron ore sales and said it expected port operations to resume in early April and diesel conditions to normalise.
Source: Mining Weekly
The DRC's cobalt regulator ARECOMS has granted miners a further extension to dispatch their unshipped 2025 export quotas, now giving companies until the end of April to execute volumes that were originally allocated for the October-December 2025 quarter. The deadline has been pushed back twice due to persistent administrative bottlenecks since the country replaced its eight-month export ban with a quota system in October 2025. The DRC, which supplies more than 70% of global cobalt output, has capped 2026 annual exports at 96,600 tonnes — less than half the country's 2024 production.
Source: The Australian
Rio Tinto has estimated that Tropical Cyclones Mitchell and Narelle together cut its Pilbara iron ore shipments by approximately 8 million tonnes, with the company identifying a pathway to recover around half of those losses. Port closures at all four of Rio's Pilbara terminals began on March 24, with loading resuming at three of the four on March 28, while Cape Lambert A remains under repair. Despite the disruption, Rio held its full-year Pilbara iron ore shipment guidance unchanged at 323-338 million tonnes.
Source: StockTitan
Ivanhoe Mines has released an updated independent resource estimate for Kamoa-Kakula, confirming an Indicated Resource of 1.27 billion tonnes at 2.65% copper containing approximately 34 million tonnes of copper, and a Probable Reserve of 466 million tonnes at 2.82% copper containing 13.1 million tonnes. Near-term production guidance has been cut to 290,000-330,000 tonnes of copper anodes in 2026 and 380,000-420,000 tonnes in 2027, reflecting a deliberate focus on underground infrastructure ahead of a targeted return to above 500,000 tonnes per annum from 2028.
Source: The Globe and Mail
Gold and silver have sold off sharply since the outbreak of conflict in the Persian Gulf, confounding investors who expected safe-haven demand to hold prices up — a sign that speculative money has made both metals increasingly correlated with broader equity markets. The near-term thesis is lower before higher, with long-term fundamentals remaining positive: central bank demand continues to grow, and investment demand for gold rose by approximately 990 tonnes in 2025 versus 2024. JPMorgan data shows investors held 2.8% of assets in gold in late 2025, roughly double the figure from a decade ago.
Source: ABC News
An ABC investigation into Tasmania's Hellyer lead and zinc mine has revealed corporate documents linking previous ownership to a patched member of the Lone Wolf bikie gang and the brother of a convicted drug smuggler. The mine has already endured bitter legal disputes and a government-enforced shutdown over unpaid Crown debts and compliance failures. The Tasmanian government is now seeking to revoke the company's mining licence entirely, leaving the future of the operation in doubt despite appeals from new owners to be allowed to continue.
Source: MINING.COM
Barrick Mining Corp. has established an executive leadership group to pursue a North American IPO. Nevada Gold Mines, a joint venture between Barrick and Newmont, is part of the strategic initiative.
Source: The Northern Miner
The Export-Import Bank has committed significant financing to Perpetua Resources' gold-antimony project. The development represents a major antimony project in North America amid critical mineral supply concerns.
Source: Yahoo Finance
Governments treating metals and minerals as strategic assets are creating a structural demand floor that is reshaping the investment case for diversified mining exposure. The iShares MSCI Global Metals and Mining Producers ETF (PICK) tracks 236 holdings across Australia, Canada, Chile, Brazil, South Africa, and beyond, with heaviest exposure to Diversified Metals and Mining (48%), Steel (27.6%), and Copper (14%), deliberately excluding gold, silver, and uranium. The fund returned 50.72% on a NAV basis in 2025 and gained 55.82% over the past 12 months, though a sharp pullback in March trimmed year-to-date 2026 gains to 8.34%.
Source: Financial Times
OceanaGold will commence trading on the New York Stock Exchange on April 7, 2026. The listing represents a significant milestone for the mining company, which operates projects including Haile.
Source: Ecofin Agency
Resolute has signed an MoU with Nimba Mining Company to co-develop gold projects in Guinea following disputes in Mali. The company is expanding West African operations to maintain annual gold production targets.
Source: Financial Times
U.S. Gold Corp has completed a feasibility study for its CK Gold Project following updated mining operations standards. The study represents a significant development milestone for the company's flagship asset.
Source: Financial Post
Three-month aluminum surged 3.4% to US$3,518 per ton on the London Metal Exchange, heading for its biggest monthly gain since 2018. Supply concerns from the Iran conflict are driving prices higher amid regional production disruption fears.
Source: Flathead Beacon
Conservation groups have filed a lawsuit to halt Idaho-based Hecla Mining Company's Cabinet Mountains project. Hecla purchased the Montanore project a decade ago and has been conducting exploration work.
Source: Border Report
The U.S. government endorsed a labor watchdog ruling that a Canadian mining company undermined workers' rights at its Mexican operations. The decision addresses labor practices at mining facilities south of the border.
Source: WTOL
A Lucas County Common Pleas Court judge has issued a split ruling in the dispute between Rocky Ridge Development and the City of Toledo over unpermitted mining at a residentially-zoned south Toledo site. Judge Michael Goulding upheld the portion of the Toledo Board of Zoning Appeals decision barring Rocky Ridge from conducting mining or related activities at 4004 Angola Road, while partially reversing other elements of the board's earlier decision. The case stems from a July 2025 emergency zoning violation notice after the company allegedly conducted extraction operations under an $11 million city contract on land zoned for residential use.
Source: MINING.COM
Tether laid off two gold traders hired just three months ago as spot gold prices head for their steepest monthly drop since the financial crisis. The quick reversal highlights volatility in precious metals trading operations.
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This newsletter is for general information, education & entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice - seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur.
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