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The Drill Down - Part 1
The Drill Down
Tuesday 14 April 2026 · Part 1
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Lead Insight
Premier Backs Perth Mint to Consider Rare Earths Processing
WA Premier Roger Cook has flagged support for the state-owned Perth Mint to expand beyond gold production and investigate rare earths processing, part of a broader push to develop sovereign critical minerals capability in Western Australia. Cook noted the Mint, which processes more than 70 per cent of Australia's newly mined gold, has vast metallurgical expertise and capability, and his government would broadly support any move to develop new processing operations.
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Our Take
This is a quietly significant move. The Perth Mint is a WA government-owned entity with 125 years of metallurgical processing infrastructure and an international refining reputation. Repurposing even part of that platform for rare earth processing would bypass years of development risk that has stalled almost every other Western project. With Eneabba still commissioning, CMAP at feasibility stage, and Lynas still separating offshore, WA has no shortage of processing ambition but remains critically short on operating capacity. The harder question is whether refining gold and silver dore translates to separating a suite of 15+ lanthanides through solvent extraction, a process China spent decades and billions mastering. State-owned balance sheets can fund the buildout, but the skillset gap is real and not something a feasibility study alone will close.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,741
-0.18%
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Silver
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$76
-0.45%
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Platinum
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$2,073
+1.32%
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Palladium
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$1,577
+3.63%
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Base Metals & Commodities
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Copper USD/lb
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$6.05
+2.35%
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Nickel USD/lb
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$8.03
+2.52%
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Zinc USD/lb
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$1.50
-0.96%
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Lead USD/lb
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$0.87
-0.05%
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WTI Crude USD/bbl
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$97.01
-0.99%
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Prices updated as of 14 Apr 2026, 8:02 am AEST
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Market Movers
Winners & Losers: TSX/NYSE Markets
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Q-Gold Resources
Continued momentum from the April 8 maiden PEA for the Quartz Mountain Gold Project in Oregon, which returned an after-tax NPV of US$1.71 billion and IRR of 55.2% at a conservative base-case gold price well below current spot. A live investor webinar is scheduled for today.
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Core Silver Corp.
No specific catalyst identified today. Broad silver market strength the likely driver, with silver hitting multi-year highs above $74/oz amid safe-haven demand and supply chain concerns.
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Emerita Resources Corp.
Denarius Metals made an unsolicited all-share acquisition proposal at a 15% premium to Emerita's April 10 closing price, targeting consolidation of Iberian Pyrite Belt assets and potential processing at Denarius's Aguablanca facility in Spain.
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Gold Springs Resource Corp.
No specific catalyst identified. A sharp spike in selling volume points to profit-taking or position unwinding in a thinly traded name, with no company announcements to support the move.
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Barranco Gold Mining Corp.
No specific catalyst identified. Stock remains up approximately 48% over recent weeks, and today's pullback appears to be a technical reset following an extended run without a corresponding operational update.
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Coppernico Metals Inc.
No specific catalyst identified today. Last news was a positive April 9 announcement optioning key concessions at the Sombrero copper project. The pullback likely reflects broader copper sector weakness and profit-taking after recent gains.
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Market data as of 14 Apr 2026, 8:02 am 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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Bloomberg
Chile's New Government Looks to Speed Up Copper Expansion Amid Tight Supply
Chile's new government is looking to boost copper production by speeding up permitting and making regulatory changes amid tight global supply conditions. The government aims to accelerate copper expansion projects to meet growing demand.
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Our Take
This regulatory fast-tracking could be a game-changer for global copper supply, potentially adding significant tonnage in a supply-constrained market. Chilean copper producers should see immediate valuation uplift from streamlined permitting.
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Mining.com
India Rises as China Slows in Mineral Demand Shift
Growth in India and other emerging Asian economies is increasingly offsetting softer Chinese demand, with seaborne iron ore consumption expected to shift. The trend represents a significant change in global mineral demand patterns.
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Our Take
This demand rotation creates new winners and losers in mining, favoring producers with geographic flexibility and seaborne capacity. Iron ore miners need to reassess their customer bases as India becomes the marginal buyer.
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The Northern Miner
Prolonged Hormuz Strait Closure Would Have 'Profound' Impact on Mining: Friedland
Ivanhoe Mines founder Robert Friedland has warned that a prolonged Hormuz closure would severely disrupt copper production globally, with roughly 20% of world copper supply dependent on sulphuric acid leaching. Around 50% of global seaborne sulphur transits the strait, tightening acid markets sharply. Friedland noted Kamoa-Kakula is uniquely positioned as a producer and seller of sulphuric acid, with the smelter generating 117,871 tonnes in Q1 2026 alone.
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Our Take
The sulphuric acid angle is underappreciated. Copper oxide operations are the first to go offline in a prolonged closure. Integrated smelters like Kamoa-Kakula become strategic assets, not just producers.
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Reuters
Peru Extends Voting as Conservative Fujimori Edges Ahead in Presidential Race
Keiko Fujimori held a narrow lead in Peru's presidential election with just over 54% of votes counted, ahead of right-wing former Lima Mayor Rafael Lopez Aliaga and center-left candidate Jorge Nieto. With no candidate near the 50% threshold required to win outright, a June 7 runoff is widely expected, prolonging political uncertainty in the world's third-largest copper producer.
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Our Take
A runoff means two more months of policy uncertainty for copper miners operating in Peru. Fujimori's track record on mining is mixed. Investors will be watching the June ticket carefully.
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Industry QLD
Critical Minerals Funding Priorities Take Shape
Queensland's Mount Carbine tungsten mine and Esmerelda graphite project are emerging as priority candidates as the critical minerals funding framework continues to develop. The projects are positioned to benefit from growing government and private sector efforts to build a domestic critical minerals supply chain.
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Our Take
Tungsten and graphite appearing as early priorities signals the framework is moving beyond nickel and lithium. Defence and battery supply chain logic is driving these selections.
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Upcoming Events
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Annual Geoscience Exploration Seminar (AGES) 2026
14-15 Apr 2026 · Alice Springs Convention Centre (ongoing)
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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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