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Q3 FY26 ASX Producer Recap
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.
30+ companies across four cohorts:
Gold - Tier-1 Benchmark NST, EVN, GGP
Gold - Mid-Tier (12 names) RRL, RMS, WGX, GOR (delisted, precedent only), PRU, BGL, CMM, GMD, VAU, OBM, BC8, CYL
Silver DPM, SVL, MKR
Critical Minerals (12 names) LYC, ILU, ARU, ASM, NTU, EQR, G6M, TVN, TGN, SYR, RNU, SVM
Battery Metals (11 names) PLS, MIN, IGO, LTR, ELV, PMT, GL1, DVP, NIC, CTM, E25