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A producer review across gold, silver, critical minerals and battery metals. Q3 FY26 was the quarter the Australian resources complex stopped behaving as a single asset class. Realised AUD gold prices above A$6,700/oz drove record free cash flow across the gold cohort even as AISC dispersion widened by more than A$1,800/oz between best and worst performers. Spodumene SC6 prices nearly doubled to US$2,105/dmt, ending a two-year battery metals capitulation. NdPr re-rated above the explicit US$110/kg Western government floor. Tungsten APT shipments collapsed to record-tight availability, lifting Rotterdam APT toward US$3,185/mtu. Inside this dispersion, cohort selection mattered far more than commodity beta.