Gold rally pauses ahead of the Fed Chair speech at the Jackson Hole later in the week
MiFID II exempt information – see disclaimer below
Galileo Resources Plc (GLR LN) – Porphyry mineralisation identified in grab samples from the Ferber property, Nevada
FireFly Metals (FFM AU) – Up to A$190m raise and maiden Green Bay PEA results
Sunrise Resources (SRES LN) – Seeking a JV partner to advance the Newark gold project, Nevada
Tungsten West (TUN LN) – £71m NWF equity and debt investment completes the funding to restart Hemerdon
Gold ($4,640/oz) – China steps up support for its gold industry
- China is building its official gold holdings at a faster pace (S&P).
- Beijing has labelled gold a strategic mineral, which S&P expects to speed up China’s efforts to grow its share of the market.
- Chinese miners are quickening acquisitions abroad, with a first offshore gold vault opened in Hong Kong.
Copper ($14,251/t) – Copper holds above Monday’s record close
- Copper rose 0.4% Tuesday to $14,251/t vs $14,201/t Monday.
- Metal remains in short supply outside the US, with stocks still moving to America on tariff bets.
- Metal keeps leaving LME warehouses, with 51,400t of withdrawal orders Monday.
- India will sell up to 6% of state miner Hindustan Copper (Reuters).
- The minimum sale price of Rs514/share sits ~10% below Monday’s close of Rs574.
Lithium – Chinese producers expand in South America
- Lithium Argentina finalised the JV combining the Pozuelos and Pastos Grandes projects in Salta.
- Ganfeng holds 67% and Lithium Argentina 33%.
- Ganfeng also puts in $180m via a six-year loan that can convert into shares at $12.50.
- The money, plus cash on hand, repays $259m of convertible debt due January 2027.
Iron ore – Tsingshan may triple output at its Zimbabwe steel plant
- Tsingshan may lift its Manhize plant (Zimbabwe) to 2mtpa vs 600ktpa now.
- Most exports go to South Africa, adding pressure on steelmakers already hit by imports and power costs.
- Brazil shipped 1.68mt/day of iron ore in early August, up 2% mom but down 3% yoy.
- Steady supply into weak Chinese steel demand keeps the pressure on iron ore prices.
Rare Earths – US backs Brazil’s only rare earth mine with $1.55bn package
- The US will spend $1.55bn to lock in rare earth supply from the Pela Ema mine in Brazil (Mining.com.au).
- The US military agrees to buy $1.05bn of the mine’s output, and a US bank lends the remaining $500m.
- The deal helps USA Rare Earth buy the mine’s owner Serra Verde.
- Pela Ema is the only big mine outside Asia producing all four rare earths used in magnets.
- It targets 6,400tpa of rare earth oxides by end-2027.
Uranium – Niger doubles stake in Madaouela as Atomic Eagle ends dispute
- Niger cancelled GoviEx’s permit for the Madaouela uranium project in 2024, and GoviEx took the state to court.
- A new deal now ends that dispute, with the legal claim dropped.
- Atomic Eagle, which took over GoviEx’s assets, holds 60% and runs the mine, while Niger’s stake doubles to 40%.
- Madaouela is a large, high-grade deposit holding 116.5mlbs of uranium oxide (~53kt U3O8).
- Atomic Eagle shares rose as much as 37% Monday.
| Dow Jones Industrials | +0.26% | at | 53,417 | |
| Nikkei 225 | +0.50% | at | 65,856 | |
| HK Hang Seng | -0.00% | at | 25,517 | |
| Shanghai Composite | +0.19% | at | 3,889 | |
| US 10 Year Yield (bp change) | +0.4 | at | 4.70 |
Currencies
US$1.1661/eur vs 1.1668/eur previous. Yen 159.36/$ vs 159.13/$. SAr 16.013/$ vs 16.006/$. $1.364/gbp vs $1.364/gbp. 0.715/aud vs 0.717/aud. CNY 6.724/$ vs 6.724/$.
Dollar Index 99.06 vs 98.96 previous.
Economics
US – Treasury Secretary Bessent threatened countries dealing with Iran with secondary sanctions but stopped short of immediate steps.
- Countries would be given “a defined timeline” to end trade with Iran with parties helping Tehran launder money or evade sanctions potentially to be “cut off form the US financial system”.
- Brent prices dropped sub $90 as no immediate actions or penalties were announced.
- Treasury declined to name countries that might be facing penalties.
- Chine, the UAE, Turkey and Iraq were Irna’s largest trading partners before the Iran war started.
- Bessent said that secondary sanctions would target five sectors including digital assets, technology, gold, aviation and shipping.
Iran – Tehran promised to retaliate against the US sanctions and expressed confidence that its trading partners would resist Washington pressure.
US/Canada – President Trump announced tariffs on Canadian cars and auto parts exports to be increase to 50%, effective January 1.
- The decision followed protracted discussions to avert new US levies on US$20bn of Canadian goods that fell apart over the weekend.
- Canada said the US demanded restrictions on its ability to agree trade deals with other nations.
Japan – The yen weakening further now trading at over 159 gradually giving up its gains post a series of administration’s FX interventions.
Germany – Business sentiment gauge climbed more than expected in July hitting the highest since the start of US/Iran war.
- “The German economy is recovering… companies were more satisfied with their current situation, and they revised their expectations significantly upward,” the report read.
- Final GDP numbers showed the economy expanded 1.0%yoyin 2Q26, up on 0.9% estimated previously.
- Ifo Business Climate (Aug / Jul / Est): 88.8 / 86.6 / 87.2
- Ifo Current Assessment (Aug / Jul / Est): 88.5 / 86.5 / 87.0
- Ifo Expectations (Aug / Jul / Est): 89.1 / 86.7 / 87.5
Precious metals:
Gold US$4,640/oz vs US$4,640/oz previous
Gold ETFs 98.7moz vs 98.3moz previous
Platinum US$1,862/oz vs US$1,890/oz previous
Palladium US$1,345/oz vs US$1,344/oz previous
Silver US$68.3/oz vs US$69.0/oz previous
Silver ETFs 798.4moz vs 797.7moz previous
Rhodium US$8,800/oz vs US$8,800/oz previous
Base metals:
Copper US$14,251/t vs US$14,201/t previous
Aluminium US$3,215/t vs US$3,242/t previous
Nickel US$16,950/t vs US$16,925/t previous
Zinc US$3,840/t vs US$3,839/t previous
Lead US$1,911/t vs US$1,900/t previous
Tin US$55,765/t vs US$55,895/t previous
Energy:
Oil US$91.6/bbl vs US$93.1/bbl previous
- Energy prices fell back below $90/bbl after a speech by US Treasury Secretary Bessent failed to outline any concrete economic sanctions against Iran or its trading partners.
Natural Gas €67.9/MWh vs €65.8/MWh previous
Uranium Futures $89.6/lb vs $89.4/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$97.1/t vs US$97.4/t
Chinese steel rebar 25mm US$462.7/t vs US$462.4/t
HCC FOB Australia US$234.5/t vs US$233.0/t
Thermal coal swap Australia FOB US$138.0/t vs US$137.5/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$108,049/t vs US$108,055/t
Lithium Carbonate 99% (China) US$22,234/t vs US$22,236/t
China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t
Ferro-Manganese European Mn78% min US$1,040/t vs US$1,040/t
Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$3,075/mtu vs US$3,125/mtu
China Tantalum Concentrate 30% CIF US$227/lb vs US$227/mtu
China Graphite Flake -194 FOB US$390/t vs US$390/t
Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb
Europe Ferro-Vanadium 80% US$25.1/kg vs US$25.3/kg
China Ilmenite Concentrate TiO2 US$203/t vs US$203/t
US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t
China Rutile Concentrate 95% TiO2 US$1,167/t vs US$1,168/t
Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t
Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/kg
China Gallium 99.99% US$440.0/kg vs US$440.0/kg
Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb
EV & Battery news:
Company news:
Galileo Resources Plc (GLR LN) 0.75p, Mkt cap £8.7m – Porphyry mineralisation identified in grab samples from the Ferber property, Nevada
- Galileo Resources reports that, what it describes as “initial surface work”, has identified a mineralised porphyry system at its Ferber property in Elko County, Nevada.
- Today’s announcement says that “Microscope and X-ray diffraction studies of recently collected Ferber rock grab samples … indicate that the Ferber area is a copper porphyry system with associated skarn”.
- The company comments that its external consultants have “concluded that the porphyry must be of substantial scale to produce the mineral assemblages observed within the skarn a significant distance from the main porphyry body”.
- The area was mined in the late 19th century and “grab samples collected by Galileo from old workings and dumps have ranged up to 10.8g/t Au, 674g/t Ag, 4.19% Cu, 8.71% Pb and 7.62% Zn”.
- “Galileo is working on the Ferber Licence alongside Bronco Creek Exploration Inc (“BCE”) under the terms of a Royalty and Exploration Agreement”.
- Chairman, Colin Bird, described how “Galileo has been undertaking exploration over the past 18 months in collaboration with BCE and the follow up on our initial reconnaissance has resulted in this new porphyry discovery”.
- He said that Galileo Resources is “preparing for a drilling campaign to test both the Skarn and the porphyry”.
FireFly Metals (FFM AU) A$1.9, Mkt Cap A$1.5bn – Up to A$190m raise and maiden Green Bay PEA results
- The Company is raising up to A$190m to fund the Green Bay Copper-Gold Project (Canada, NL) development and ongoing resource expansion.
- The raise involves an A$180m institutional placing and an up to A$10m share purchase plan.
- The placing price is A$1.78/sh, implying a 6% discount to the last A$1.90 close.
- The raise adds to the existing cash position of A$183m.
- Proceeds to be used for:
- Underground development and early works (drilling platforms, ventilation and electrical upgrades)
- Underground drilling including infill and step out programmes
- Regional exploration
- 1.8Mtpa base cash DFS and 4.6Mtpa alternative case PFS
- The Company also released Green Bay PEA.
- The study considers two production scenarios including a 1.8Mtpa (1.8ktpd) base case and a larger 4.6Mtpa (12.5ktpd) underground operations.
- 1.8mtpa Base Case
- After Tax NPV7 and IRR ~A$2.2bn and 42% over a ~32y LOM
- 1.9y payback
- 50ktpa CuEq steady state production rate over a 14y period peaking at 60kt CuEq
- C1 Cash Cost US$2.05/lb CuEq
- AISC US$2.33/lb CuEq
- Development capex A$513m (net of A$58m Canadian tax credits)
- ~A$290m post tax annual FCF
- 4.6mtpa Alternative
- After Tax NPV7 and IRR ~A$3.0bn and 40% over a ~22y LOM
- 3.7y payback
- ~90ktpa CuEq steady state production rate
- C1 Cash Cost US$1.84/lb CuEq
- AISC US$2.16/lb CuEq
- Expansion development capex A$476m (net of A$53m Canadian tax credits)
- Expansion capital is expected to be funded from the 1.8Mtpa base case.
- ~A$550m post tax annual FCF
- The project benefits from over A$250m in existing infrastructure including over 20km underground development.
- Updated MRE
- 60.2mt at 2.4% CuEq M&I and 23.5mt at 2.5% CuEq Inferred
- High grade zone within MRE
- 18.1 at 4.3% CuEq M&I and 7.0mt at 4.4% CuEq Inferred
- Near term milestones:
- FS 1Q27 to support FID
- Construction start 1H27
- Regulatory approvals in place for early works prior to FID
- Maiden production mid-2029
Sunrise Resources (SRES LN) 0.02p Mkt Cap £1.9m – Seeking a JV partner to advance the Newark gold project, Nevada
- As part of its switch of emphasis to precious and base metals projects, Sunrise Resources has described its Newark gold exploration project around 45 miles west of Ely, Nevada.
- The target “is a Carlin-type sedimentary-hosted disseminated gold deposit formed at the intersection of a regional anticline, deep basin bounding faults and receptive host rocks at the base of, and below, the Chainman Shale … [and Sunrise Resources explains that] … the major elements of this target type are in place at Newark”.
- The project, previously explored by Freeport McMoRan during the 1980s, is in a favourable geological setting “at the southern end of the Battle Mountain-Eureka (Cortez) gold trend where it is intersected by the projection of the Alligator Ridge gold trend”.
- The Freeport McMoRan work included sixteen drillholes of which “six encountered anomalous gold values … [with its] … best hole, NWK-008 … [intersecting] … 47m (155 ft) of structurally controlled jasperoid breccia that averaged 0.14 ppm Au … [ending] … in mineralisation at 122m depth”.
- Executive Chairman, Patrick Cheetham, described Newark as “a prime candidate for further evaluation … [and said that the previous] … drilling was relatively shallow and failed to test the most prospective geological units that host gold in this area”.
- He said that Sunrise Resources’ “objective is to secure a Joint Venture partner to advance deeper drilling and aggressively test these key horizons”.
Tungsten West (TUN LN) 50.25p, Mkt Cap £538m – £71m NWF equity and debt investment completes the funding to restart Hemerdon
- Tungsten West reports that it has agreed terms with the UK’s National Wealth Fund (NWF) for a proposed investment of up to £71m which completes “the funding package for the restart of Hemerdon”.
- The package is composed of:
- A £36m equity investment priced at 36p/share giving the NWF ~7.42% of the enlarged company; plus
- A “debt financing facility of up to £25 million plus a non-committed £10 million accordion facility”
- In addition, the “UK Government will also be provided with a limited period to conclude an offtake agreement for up to 50 per cent. of Hemerdon’s 2025 Feasibility Study tungsten production” which we understand averages ~332,000 metric tonne units (mtu) of tungsten trioxide and 462t of tin annually over an 11-year period of mining followed by an additional 4 years for processing of stockpiled material.
- UK Chancelor of the Exchequer, John Healey, said that “in a more dangerous world … backing British industry is more important than ever before … [and the investment in Tungsten West] … will supply vital minerals to British defence, energy and aerospace businesses – and keep good, well-paid jobs in the UK”.
- Jonathan Reynolds, Secretary of State for Business and Trade, described the investment as “another step forward in the Prime Minister’s plan to reindustrialise Britain … [and that] … projects like Tungsten West’s which will boost our economic resilience, strengthen supply chains and drive good growth in the South West and across the UK”.
- CEO, Jeff Court, welcomed the “National Wealth Fund as a long-term equity partner in the development of the Hemerdon mine … [and said that the investment ensures] … that critical minerals produced at Hemerdon will underpin the UK’s national interests for the long term”.
- We have previously described tungsten’s status as a ‘Critical Mineral’ in jurisdictions including the EU, UK, US, Australia, and Japan and we believe that the NWF’s investment in the resumption of production at Hemerdon, one of the western world’s larger deposits, reflects an increasing awareness of the strategic significance of tungsten.
Conclusion: The NWF’s investment completes the funding for Hemerdon.
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 0.8% | 6.0% | Freeport-McMoRan | 1.5% | 13.8% |
| Rio Tinto | 1.0% | 7.1% | Vale | 3.1% | 9.4% |
| Glencore | 0.0% | 7.6% | Newmont Mining | 0.2% | 9.6% |
| Anglo American | 0.1% | 7.6% | Fortescue | -1.2% | 0.2% |
| Antofagasta | -0.2% | 11.5% | Teck Resources | 2.1% | 8.1% |
SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026
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Analysts
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| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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