The Drill Down
Monday 13 April 2026 · Part 1
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Lead Insight
US, Australia Offer $600M Backing for Rare Earth Refinery Project
The United States and Australia are providing $600 million in financial backing for a rare earth refinery project. This represents a major investment in critical minerals processing infrastructure to strengthen supply chain security.
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Our Take
Western governments throwing taxpayer money at rare earth processing won't work. Chinese dominance comes from decades of environmental shortcuts and subsidized losses. You can't regulate your way to competitiveness.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,658
-1.93%
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Silver
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$73
-3.42%
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Platinum
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$1,999
-2.27%
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Palladium
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$1,496
-1.65%
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Base Metals & Commodities
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Copper USD/lb
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$5.81
-1.69%
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Nickel USD/lb
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$7.84
+0.32%
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Zinc USD/lb
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$1.51
+0.82%
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Lead USD/lb
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$0.87
+0.16%
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WTI Crude USD/bbl
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$97
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Prices updated as of 13 Apr 2026, 8:44 am AEST
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Market Movers
Winners & Losers — TSX/NYSE Markets
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Star Copper Corp.
Likely a delayed re-rating on recent catalysts including a C$2M charity flow-through close in early April funding the 2026 drill program, and a 3D geological model update positioning the season as potentially transformational. No confirmed April 10 catalyst.
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Meta Critical Minerals Inc.
No confirmed April 10 catalyst. Sub-C$20M market cap with thin liquidity where 20% moves on minimal volume are not unusual. Recent newsflow includes a C$6M private placement and a consulting engagement for its Table Mountain silica project. Broader critical minerals sentiment may be a factor.
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Puma Exploration Inc.
No confirmed April 10 catalyst. Kinross Gold holds an option over the Williams Brook project with winter 2026 drilling ongoing. Most likely a gold-price-driven re-rating in a thinly traded name.
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Lithium Ionic Corp.
Trading was halted by CIRO after LTH disclosed awareness of the OSC enforcement proceeding against Emerita Resources and individuals with past or present associations to Lithium Ionic. The stock opened at C$1.23 and fell to C$0.73 intraday before the halt at C$0.78.
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Emerita Resources Corp.
The Ontario Securities Commission filed an enforcement proceeding on April 9 against the company and certain officers and directors, alleging disclosure failures around the Plaza Norte project in Spain and misappropriation of a corporate opportunity involving the Falcon Litio property in Brazil.
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Nobel Resources Corp.
No company-specific announcement. Sold off on guilt by association following the OSC enforcement action against Emerita Resources, as Emerita CEO David Gower holds a connection to Nobel. Contagion from the broader enforcement news drove the move.
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Market data as of 13 Apr 2026, 8:00 am AEST
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This Week's Poll
What's the biggest barrier to funding junior explorers right now?
Click your answer to vote. Results shared next edition.
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Today's Stories
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ABC News
Venezuela's Gold Has a Turbulent and Lucrative History. Donald Trump Now Wants to Cash In.
US Interior Secretary Doug Burgum confirmed in late March that the Trump administration had brought back $100 million of gold from Venezuela, the first shipment of precious metals between the two countries in over 20 years. Venezuela holds an estimated 74.98 million ounces of gold in the ground, placing it fifth globally by geological endowment, though 19 of its 24 identified gold mines are inactive and the sector has collapsed to artisanal miners controlled by criminal gangs.
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Our Take
Venezuela's gold story is compelling on paper and chaotic in practice. A $100M shipment is a signal, not a strategy. Rebuilding a sector dominated by gangs and ghost infrastructure will take a decade minimum, if the political window holds.
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Bloomberg
BofA's Hartnett Sees the Surge in Commodities Lasting for Years
Bank of America strategist Michael Hartnett argues commodities will replace stocks as the biggest winners of the "anything but bonds" trade for the rest of the 2020s, as investors seek protection against geopolitical risk, inflation, and a weakening dollar. Fiscal excess makes government bond bull markets unlikely, while the geopolitical race to monopolise resources is driving structural demand. Hartnett summarised the thesis bluntly: "Who owns the chips, rare earths, minerals, oil, wins the AI war."
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Our Take
When BofA's most-followed strategist frames commodities as the decade trade, junior miners take notice. Hartnett is late to this call, but institutional validation at this scale moves capital. Watch for fund flows into hard assets to accelerate.
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Australian Financial Review
Coal Price Surge Has Changed the Game for Gupta's Unloved NSW Mine
Tahmoor, the coking coal mine south of Sydney mothballed by Sanjeev Gupta in February last year, has attracted more than 20 credible bidders in its liquidation process after coal prices jumped 20% since early March. McGrathNicol partner Shaun Fraser said not a single bidder has pulled out, with Asian buyers increasingly favouring coal over gas for power generation following the Strait of Hormuz disruptions.
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Our Take
A distressed asset with 20 credible bidders is no longer distressed. The energy crisis has done what no restructuring plan could: made Tahmoor competitive again. Whoever buys this gets coking coal exposure at a moment when steel demand and supply tightness are aligned.
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Kitco News
Wall Street and Main Street Gold Sentiment Improves After Iran Ceasefire, But Markets Remain Wary
The latest Kitco News Weekly Gold Survey showed both institutional and retail investors more willing to reenter the gold market following the two-week Iran ceasefire and gold's three-week winning streak. Analysts noted that gold buyers are reclaiming the narrative with higher lows each day, though a significant battle lies ahead of the $5,000 level, with a break above potentially reigniting the bull run. The Strait of Hormuz remains largely blocked and the ceasefire is fragile, keeping safe-haven demand intact.
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Our Take
Gold above $5,000 was supposed to be a ceiling. It's becoming a floor. The ceasefire softened sentiment but didn't break the structural bid - central banks, inflation hedgers, and geopolitical risk buyers are all still active.
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Mining.com
India Working on Incentive Scheme for Processing Critical Minerals
India is planning to roll out incentives for companies to set up lithium and nickel processing plants. The scheme represents India's push to develop domestic critical mineral processing capabilities.
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Our Take
India's processing incentives create another competitive threat to established refining hubs in China and could benefit companies with flexible geographic strategies. Early movers into India's processing sector could capture substantial government support and market share.
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Reuters
Lithium Bulls Set to Gatecrash Chile's Copper Party
Chile will open its annual CESCO Week copper gathering with an inaugural day of lithium panels for the first time, reflecting the metal's resurgence after prices rebounded to more than two-year highs. Supply is tightening due to a key mine closure in China, an export ban in Zimbabwe, and dwindling lithium carbonate stocks, while Macquarie forecasts lithium demand will grow more than 20% annually through the end of the decade.
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Our Take
Lithium's rehabilitation is moving fast. A 135% price recovery, a supply squeeze, and now a seat at the world's biggest copper conference. Junior lithium explorers in Chile and Argentina are worth watching again.
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Upcoming Events
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Annual Geoscience Exploration Seminar (AGES) 2026
14-15 Apr 2026 · Alice Springs Convention Centre
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Resourcing Tomorrow Hong Kong
16-17 Apr 2026 · Four Seasons Hotel, Hong Kong
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Sydney Resources Round-up
5-7 May 2026 · Hyatt Regency, Sydney
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Sydney Mining Club
6 May 2026 · Leading Edge · Hinchcliff House, Sydney
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121 Mining Investment
11-12 May 2026 · London
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Gold Coast Investment Showcase
11-12 Jun 2026 · Gold Coast
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RIU Resources Investor Roadshow
25 Aug 2026 · Melbourne
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Kamoa Capital
kamoacap.com
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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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