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- Tungsten prices surge to record levels, with Rotterdam APT trading at US$3,185/MTU, up 350% year-to-date and nearly 900% over 12 months

- China controls roughly 80% of global mine supply and dominates the downstream APT, powder and carbide chain

- Tungsten demand forecast to rise from 143kt in 2025 to 210kt by 2035, a 47% increase, driven by defense, aerospace, semiconductors and industrial carbide demand

- US has no domestic tungsten mine production and faces a defense procurement deadline from January 1, 2027, when Chinese, Russian, Iranian and North Korean tungsten set to be barred from key military applications

The price of tungsten has gone vertical with gains over the past year outpacing those gold and oil. The Rotterdam ammonium paratungstate (the benchmark intermediate product for tungsten) trades at US$3,185 per metric tonne unit, up 350% this year and about 900% over the past 12 months (as per April 2026)....

CONCLUSION

The big shock in the tungsten market has been China’s export restrictions but, even if China were to remove the restrictions, the fundamentals of the tungsten market have changed long-term. Demand is rising sharply just as supply from China is deteriorating.

Non-China tungsten projects are limited and now carry a strategic premium.

The tungsten trade is no longer about whether the metal matters, but about whether the West can rebuild a supply chain before China’s leverage tightens further.

https://theoregongroup.com/commodities/tungsten/why-tungsten-prices-are-rising-so-fast-inside-the-supply-crunch/

After the first month of Q4 FY26...

The AVERAGE Price of Gold in the first month of Q4 FY26 was A$6,786/oz (1st April - 30th April 2026).

(We achieved an average gold price of A$6,773/oz in Q3 FY26 (1st January - 31st March 2026) which generated net revenue of A$742 million (including Copper) and an operating cash flow of A$453 million for the quarter, delivering a closing cash balance of A$1,208 million (from A$948 million at 31st December 2025), debt free.)

Well, you learn something new every day! I don't know if we use this facility, or not, but interesting nonetheless....

"If you're running a multi-tenement exploration project in WA, you've almost certainly hit this scenario: you've drilled hard on your best licences, overspent on two of them, and undercooked expenditure on the others. Now the anniversary is coming up and you're staring at a compliance problem.

This is exactly what combined reporting groups are designed for, but they only work if you've set them up correctly and apply for exemptions on time. Here's how it all fits together.

What Is a Combined Reporting Group?

A Combined Reporting Group (CRG) is a formal arrangement under section 115A of the Mining Act 1978 (WA) that allows contiguous tenements with a common project to be reported together. It's not automatic, you must apply to DMIRS and receive Ministerial approval.

To qualify, the tenements need to:

Be contiguous or nearly contiguous

Share a common geological target or project

Have the same holder or operator

Have all overdue Form 5s lodged and up to date before the application

Once approved, the group is assigned a common anniversary date. You'll lodge a single combined exploration narrative on that date, but every tenement in the group still needs its own individual Form 5 (Operations Report) each year. Combined reporting doesn't replace the Form 5 obligation; it just allows you to seek exemptions based on the group's pooled expenditure...."

https://nextmaps.com.au/blog/combined-reporting-groups-wa-exploration-expenditure

PS. For anyone who hasn't used 'Next Maps' before, it's a useful source of information.

ASX is open as normal on Monday, 4th May, but AIM is closed.

Could be interesting if any major news breaks over the weekend...

I know I mentioned it earlier, but some people may have missed what an absolute blinder Shaun Day played proactively here!

We initiated the suggestion that we get an approval based on daylight haulage only, and also volunteered, that to diffuse any concerns around the night parrot, we'd undertaken to do a two-year study into that.

It's a relatively small cost to us, to achieve a substantial gain!

Https://x.com/paddygall1/status/2049760200190505425

Https://www.livewiremarkets.com/wires/7-asx-growth-stocks-ticking-all-the-boxes-right-now-2026-04-29

@ 123Gold "Oh yea as well if gold climbs today will our SP increase ..the answer is no..."

Really?

All ASX gold stocks down, but a slight general improvement late in the day, coming up to close, as the gold price recovers slightly.

Https://wcsecure.weblink.com.au/pdf/WWI/03083952.pdf

West Wits Mining (ASX:WWI) sealed a deal with soon-to-list Aventine Resources to divest Mt Cecelia via the sale of subsidiary Northern Reserves.

AVENTINE DEAL DETAILS

The Aventine deal was structured to give WWI meaningful exposure to Mt Cecelia’s future exploration and development success, with Aventine assembling a large, strategically positioned landholding in close proximity to Tier 1 gold-copper operations ahead of its planned ASX debut in June.

“The transaction structure delivers immediate and potential future value, while preserving meaningful exposure to exploration success through equity participation and a royalty entitlement,” Deysel said.

The equity component comprises the issue of fully paid ordinary shares in Aventine to a value of $2m, calculated at the public offering price under Aventine’s proposed IPO (currently equating to 10m shares).

There’s also a deferred consideration payable to WWI as either $1m in cash or 5m Aventine shares within five years of completion of the transaction upon disclosure to the ASX of a JORC-compliant MRE of inferred category or greater of at least 500,000oz at a minimum cut-off grade of 0.5g/t.

A royalty component allows for a 1% net smelter return on all products extracted from the project, although Aventine may buy back 50% of the royalty for

$2m.

Aventine was founded on the acquisition of high-quality projects from Greatland Resources and is progressing further acquisitions to expand its footprint in the Paterson Province to around 1800km2.

Aventine’s tenements are near some of Australia’s most significant gold-copper deposits, including Telfer, Havieron, Winu and Minyari Dome, in a region

that is underexplored.

Subject to regulatory approvals, Aventine intends to undertake an IPO and seek admission to the ASX in June 2026.

https://www.theaustralian.com.au/business/stockhead/content/west-wits-divests-mt-cecelia-to-focus-on-qala-shallows-gold-expansion/news-story/1bb83c1a3c240d62aa7aa8d00e1b9546?amp&nk=dc3411455d1574c24ff8779c05645467-1777526726

Here's the Deutsche Bank Research Institute paper:

https://www.dbresearch.com/PROD/IE-PROD/PDFVIEWER.calias?pdfViewerPdfUrl=PROD0000000000625515&rwnode=REPORT

Https://www.miningforum.live/p/8000-gold-sure-says-deutsche-bank

Also today, RBC have maintained GGP at Outperform, with price target of A$15.60 (£8.27).

Loving our 'dual-engine growth architecture'!

In a report released yesterday, Jack Whelan from Citi maintained a Buy rating on Greatland Resources, with a price target of A$16.00 (£8.48).

In a report released today, Adam Baker from Macquarie maintained a Hold rating on Greatland Resources, with a price target of A$15.00 (£7.95).

It's what was expected by Shaun Day, and is the more complex to achieve, so very pleased.

It defined the offset area, which is really important, and the first in the Patterson region, which gives the possibility to expand and invest.

Greatland proactive with announcing day haulage only with 2 year monitoring process for the Night Parrot.

Greatland has received the Federal EPBC (Environment Protection and Biodiversity Conservation Act) approval for Havieron

We still requires the State EPA approval, but yet another tick!

To date no operational impact from fuel or other consumables. No change in deliveries. Appropriate plans in place if required.

"Greatland can be 'patient' about O'Callaghans

Strong balance sheet gives miner options aplenty

Greatland Resources says it has the balance sheet to be patient and map out the best value proposition for shareholders in relation to its O'Callaghan's Tungsten asset near its Telfer gold operation...."

https://www.miningnews.net/m-a/news-analysis/4530562/greatland-patient-about-callaghans