The Drill Down
Wednesday 15 April 2026 · Part 2
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Presented By
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The right shareholders don't find you. You find them.
Cashu Group delivers independent equity research and targeted investor marketing for ASX-listed resource companies. The coverage that builds conviction, and the reach to make it count.
Find Your Shareholders
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Lead Insight
How Donald Trump's 'Project Vault' Risks Upending the Strategic Minerals Market
Trump's Project Vault, a $12B public-private strategic minerals reserve backed by a record $10B Export-Import Bank loan and $2B in private capital, is designed to insulate US manufacturers from supply disruptions and counter China's dominance in critical minerals processing. The structure pairs original equipment manufacturers including Boeing and General Motors as demand guarantors with trading firms as procurement agents, covering more than 50 minerals listed as critical by the Interior Department.
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Our Take
A government acting as repeat buyer at scale can distort pricing signals and crowd out organic market development. For junior producers with credible supply, it's a potential offtake anchor. For the broader market, the concern is Washington simply replacing Beijing as the dominant buyer.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,814
-0.57%
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Silver
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$79
-0.62%
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Platinum
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$2,101
+0.73%
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Palladium
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$1,581
-0.15%
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Base Metals & Commodities
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Copper USD/lb
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$6.13
-0.04%
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Nickel USD/lb
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$8.25
+2.67%
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Zinc USD/lb
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$1.51
+0.62%
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Lead USD/lb
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$0.88
+0.57%
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WTI Crude USD/bbl
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$91.18
-0.11%
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Prices updated as of 15 Apr 2026, 3:48 pm AEST
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Market Movers
Winners & Losers: ASX Markets
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Tasman Resources
Tasman holds a major stake in Eden Innovations (ASX: EDE), which entered a trading halt today pending an announcement on the establishment of a new military, defence and infrastructure division alongside a capital raising expected to be released by 17 April.
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Kairos Minerals
Today marks the first day of post-consolidation trading following shareholders approving a 1-for-15 share consolidation and a company rebrand to Pilbara Gold (ticker: PGL). The move reflects the company's sole focus on the 1.4Moz Mt York Gold Project in WA's Pilbara region.
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Altair Minerals
Inaugural 30,000m drill program commenced at the Greater Oko Gold Project in Guyana, with newly released historic trenching results at North Peters including 16.5m at 9.68g/t Au and 39.0m at 3.78g/t Au. The project represents the largest contiguous gold exploration landholding in Guyana's history at 590km².
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Boss Energy
FY26 production guidance at the Honeymoon uranium operation cut from 1.6M lbs to 1.40-1.45M lbs U₃O₈, with Q3 FY26 output of just 203k lbs after continued heavy rainfall disrupted site access and reagent deliveries beyond management expectations. C1 cost guidance now expected at the upper end of the $36-40/lb range.
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Minerals Exploration
No specific catalyst identified. Pullback appears to reflect profit-taking following a strong run over recent sessions on thin liquidity.
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Canyon Resources
A corporate update revealed CEO Peter Secker's resignation and the immediate departure of Non-Executive Director Scott Phegan, overshadowing otherwise positive project milestones at the Minim Martap Bauxite Project in Cameroon, including trial mining commencing this month and first production targeted for Q2 2026.
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Market data as of 15 Apr 2026, 4:10 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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The Globe and Mail
Teck-Backed American Eagle Launches Tender Offer for Pacific Booker Minerals
American Eagle Gold Corp., backed by South32, Teck Resources and Eric Sprott, has launched an unsolicited C$31M takeover offer for Pacific Booker Minerals, owner of the long-stalled Morrison copper-gold project in British Columbia. The offer of 1.41 American Eagle shares valued at $1.76 per Pacific Booker security represents a 31% premium to Monday's close, with shareholders having until 29 July to tender. American Eagle requires 90% acceptance for a full takeover.
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Our Take
South32, Teck and Sprott on the cap table gives this real credibility. But the Morrison project stalled over Lake Babine Nation consent, and a 31% premium won't solve that. First Nations relationship is the deal variable no financial model can price.
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The Deep Dive
Mithril Silver and Gold CEO's Plane Shot Down by La Linea Gang in Mexico
An aircraft carrying Mithril Silver and Gold (ASX: MTH) Managing Director John Skeet and two employees was struck by ground gunfire on 6 April while returning from the company's Copalquin project in Durango, Mexico. The pilot made a successful emergency landing approximately 30km from site, with authorities dispatched for evacuation. No individuals were injured and drilling at the project has continued. Mexican authorities believe the plane was wrongly targeted by the La Linea gang.
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Our Take
The "no biggie" framing understates a material risk disclosure. Operating in Chihuahua-Durango in 2026 means narco geography is a project variable, not a footnote. Investors in Mexico-focused juniors should be asking hard questions about security protocols.
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ASX Announcement
Tivan and Sumitomo Corporation Agree Extension of MoU for Molyhil Tungsten Project
Tivan (ASX: TVN) and Sumitomo Corporation have extended their Memorandum of Understanding for the Molyhil Tungsten Project to 30 June 2026, with joint venture discussions on collaborative development, funding and operation continuing to advance. The extension enables Tivan to finalise a Scoping Study for the project by 30 April 2026, and the company has mobilised its team to site to drill high-priority tungsten targets aimed at expanding the existing resource base.
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Our Take
Sumitomo staying in is the signal. The 30 April Scoping Study deadline gives Molyhil a near-term catalyst, and tungsten's strategic profile has only strengthened as supply chain diversification accelerates globally.
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Australian Mining
Perth Mint Flagged for Rare Earths Processing Push
The Western Australian government is backing the Perth Mint to explore rare earths processing, following comments from Gold Corporation chair John Van Der Wielen that the mint's future could extend beyond gold. The proposal aligns with broader Australian government efforts to develop downstream critical minerals processing capacity. Demand for rare earths processing outside China continues to grow as supply chains are restructured globally.
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Our Take
Repurposing the Perth Mint's infrastructure and sovereign credibility for rare earths processing is an interesting capital-light option for the WA government, though the technical and commercial gap between gold refining and rare earths separation is significant. Investors in Australian rare earths developers should watch this closely as potential domestic offtake infrastructure.
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AFR
ASX Higher as Gold Miners Rally on Renewed US-Iran Talks
The ASX 200 opened higher with futures up 39 points, or 0.4%, as Wall Street pushed toward a new record and oil prices eased. Gold miners were among the standout performers on the day. The rally in gold stocks was driven by renewed optimism surrounding US-Iran diplomatic talks.
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Our Take
Gold miners leading an ASX session tied to geopolitical de-escalation is a useful reminder that the sector is now trading on macro and diplomatic signals as much as underlying gold prices. Investors positioned in Australian gold equities should keep one eye on the US-Iran negotiation timeline as a near-term volatility driver.
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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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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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