The Drill Down
Monday 13 April 2026 · Part 2
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Lead Insight
EU, US Near Critical Minerals Pact to Counter China's Grip
The EU and US are nearing a deal to coordinate critical minerals production and supply chains, with a draft action plan proposing minimum price mechanisms to support non-Chinese suppliers along with cooperation on standards, investment, and joint projects. The two sides are also seeking to recruit like-minded partners into a broader multi-country accord, complementing similar agreements already struck with Mexico and Japan.
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Our Take
Price floors for non-Chinese suppliers, if implemented, structurally change the investment case for Western critical minerals producers. The policy signal matters more than the timeline.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,721
-0.60%
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Silver
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$74
-1.90%
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Platinum
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$2,042
-0.20%
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Palladium
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$1,530
+0.58%
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Base Metals & Commodities
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Copper USD/lb
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$5.87
-0.69%
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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
-0.30%
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Lead USD/lb
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$0.87
-0.23%
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WTI Crude USD/bbl
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$104.45
+8.16%
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Prices updated as of 13 Apr 2026, 3:47 pm AEST
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Market Movers
Winners & Losers: ASX Markets
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Invictus Energy
EIA renewal approved by Zimbabwe's Environmental Management Agency, clearing the path for the Musuma-1 drilling campaign. PPSA final review complete with execution scheduled this month.
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Tali Resources
Large-scale 1,800km2 Falcon airborne gravity survey underway at the West Arunta Project, targeting new corridors along the Lake Mackay Fault to identify drill targets.
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Terramin Australia
No specific catalyst identified. Broad zinc and base metals sector strength the likely driver, with commodity prices supported by ongoing supply uncertainty and risk-off flows.
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SQX Resources
Despite reporting high-grade gold intercepts at Red Bird, the stock sold off sharply, likely reflecting profit-taking after recent gains or broader small-cap caution in a volatile session.
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Lodestar Minerals
Announced mobilisation of its USA REE exploration team, but shares retreated, likely as investors weighed execution risk and broader small-cap selling pressure on the day.
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Invert Graphite
No specific catalyst identified. Graphite sector remains under sustained pressure amid subdued battery materials demand and ongoing oversupply from Chinese producers.
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Market data as of 13 Apr 2026, 3:45 pm AEST
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This Week's Poll
What's the biggest barrier to funding junior explorers right now?
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This Week's Research
China's Sulfuric Acid Export Ban: A Compound Commodity Crisis With No Modern Precedent
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China's sulfuric acid export ban creates a cascade most copper market models haven't priced in. Our 17-page memo traces the full transmission chain: supply-demand modelling, exposure analysis across eight major producers, substitution timelines, and scenario frameworks, with clear investment implications on both sides of the structural divide.
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Today's Stories
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Kitco
Gold Prices Jump as US CPI Rises 0.9% in March but Comes in Less Than Expected
Gold prices jumped after US CPI rose 0.9% in March, coming in below expectations. The milder inflation data could give the Federal Reserve room to cut interest rates later this year to support slowing economic activity.
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Our Take
Lower than expected inflation opens the door for Fed rate cuts, which would be bullish for gold by reducing the opportunity cost of holding non-yielding assets.
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Seeking Alpha
Chinese Rare Earth Producers Hike Prices by 44% for Q2
China's major rare earth producers announced a 44% price increase for Q2 2026, sending shares sharply higher. The hike underscores tightening supply conditions and Beijing's continued strategic control over the global rare earth market, which supplies critical materials for defence systems, electric vehicles, and technology manufacturing.
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Our Take
A 44% quarterly hike signals China is comfortable weaponising rare earth pricing. Western buyers with no alternative supply are fully exposed.
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Reuters
Eni to Take Stake in Canada's Nouveau Monde Graphite in $70 Million Investment
Italy's Eni has agreed to acquire an 11.5% stake in Nouveau Monde Graphite for $70 million as part of a broader $297 million capital raise involving Canada Growth Fund and Investissement Quebec. The deal gives Eni access to the Matawinie graphite project in Quebec and an option to negotiate exclusive supply agreements for its planned battery gigafactory in southern Italy.
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Our Take
European majors are moving to lock in graphite supply outside China. Eni's board seat and supply option make this strategic, not passive.
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The Globe and Mail
Former Barrick CEO Mark Bristow Paid More Than $20 Million in Severance
Barrick Mining paid former CEO Mark Bristow US$22.9 million in total 2025 compensation, including US$20.6 million in cash severance following his abrupt departure last September. Bristow's exit came after years of underperformance relative to peers and a reported power struggle with Barrick chair John Thornton.
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Our Take
A $20M exit package for an underperforming CEO is a governance red flag. Barrick's board credibility is on the line heading into a leadership reset.
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MiningMX
US Minerals Deal Helps Congo Raise $1.25bn in Maiden Bond
The Democratic Republic of Congo raised $1.25 billion in its first international bond sale, pricing a $600 million 2032 tranche at 8.75% and a $650 million 2037 tranche at 9.50%, with order books exceeding $2 billion and $2.8 billion respectively. The deal was underpinned by the DRC's December 2025 strategic minerals agreement with the United States and a positive S&P outlook, with proceeds earmarked for infrastructure, energy, and social projects.
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Our Take
Congo's debut bond validates the minerals-for-capital model. US alignment is doing real sovereign credit work, opening DRC's resource base to non-Chinese capital.
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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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