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The Drill Down
The Drill Down
Thursday 2 April 2026 · Part 2 Edition
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Commodity Prices
| Precious Metals |
Price (USD/toz) |
| Gold |
$4,675.75
-82.36 (-1.73%)
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| Silver |
$71.87
-3.20 (-4.27%)
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| Platinum |
$1,915.86
-45.35 (-2.31%)
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| Palladium |
$1,452.95
-21.08 (-1.43%)
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| Base Metals (LME) |
Price (USD/lb) |
| Copper |
$5.58
-0.0684 (-1.21%)
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| Nickel |
$7.82
+0.0417 (+0.54%)
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| Zinc |
$1.47
-0.0146 (-0.98%)
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| Aluminium |
$1.58
-0.0121 (-0.76%)
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| Lead |
$0.87
-0.0031 (-0.36%)
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Prices updated as of 2 Apr 2026, 4:31 pm AEST
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Today's Stories
Source: Mining.com
Spot gold rose as much as 1.8% to around $4,760 an ounce on Wednesday, extending a weekly gain of over 3%, as Trump signalled he intends to exit the Middle East conflict within two to three weeks. A weaker US dollar and fading rate hike expectations supported the rally, with analysts at BNP Paribas, Goldman Sachs, and Wells Fargo all maintaining bullish year-end targets above $5,000.
Source: ASX Announcement (via Mining Hub)
Antipa Minerals (ASX: AZY) has updated its Minyari Project Mineral Resource Estimate to 69Mt at 1.33 g/t gold, containing 2.9 Moz of gold or 3.6 Moz gold equivalent, inclusive of 91kt of copper, 880koz of silver, and 13kt of cobalt. The Minyari Dome deposit, which underpins the ongoing Pre-Feasibility Study, now stands at 51Mt at 1.54 g/t gold for 2.5 Moz, with 85% classified as the higher-confidence Indicated category.
Source: Reuters
REalloys (NASDAQ: ALOY) and US Critical Materials Corp have signed a non-binding MoU giving REalloys up to 10% offtake from the Sheep Creek rare earth deposit in Montana, the highest-grade rare earth deposit in the United States. The agreement targets a fully domestic heavy rare earth supply chain with zero Chinese involvement, ahead of tighter procurement restrictions on Chinese-sourced rare earths taking effect in 2027.
Source: Lithos Chronicle
Australia's National Cabinet has approved a further reduction to the fuel excise rate, cutting it from A$0.26 to A$0.21 per litre until 30 June using excess state and territorial GST revenue linked to elevated fuel prices. The A$400 million measure complements an earlier federal cut and up to A$1 billion in interest-free loans to trucking, freight, and fuel businesses impacted by the ongoing Middle East conflict.
Source: ASX Announcement
Terra Metals (ASX: TM1) has intercepted multiple zones of massive sulfides in its first 2026 diamond hole (SWDD011) at the Southwest SW6 PGM-sulfide discovery within the Dante Project in Western Australia, proximal to a modelled downhole EM conductor situated approximately 60m off-hole from previous massive sulfide intersections. The mineralised system extends across a 320m zone, with the adjacent SWDD006 hole previously returning 31.1g/t PGE3, 1.31% nickel, and 0.55% copper from 226m; assays for SWDD011 are pending and expected within 8 to 12 weeks.
Source: The Northern Miner
Middle East conflict could remove up to 3-3.5 million tonnes of aluminium output, representing about 5% of global supply. Nearly another 7 million tonnes of production remains at risk as prices surge from supply disruption fears.
Source: ASX Announcement
Northern Star Resources (ASX: NST) has announced an on-market share buy-back of up to A$500 million, commencing on or about 23 April 2026 and to be completed within 12 months. Managing Director Stuart Tonkin cited confidence in the company's cash generation outlook, the upcoming KCGM Mill Expansion, and the view that current share prices do not fully reflect the value of its assets.
Source: Mining.com
US firm Virtus Minerals has completed its acquisition of Congolese cobalt and copper producer Chemaf for approximately $30 million, with Virtus also committing to raise around $720 million in further investment. The deal, which faced opposition from state miner Gecamines' leadership before their removal, is part of Congo's push to attract US capital into a sector long dominated by Chinese firms.
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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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