Inside the Week: ASX Insights

Watch KAU on Monday. Watch HAR on Tuesday - both should be interesting opens. Breaking: New USA Executive Order says gold mining in the USA is of strategic importance. Will gold run breathe life back into the small cap markets? Read “What Happened?”

Our ‘Quick Takes’ on news from our Investments

• MTH hit 3.35m of 26.5g/t gold and 1,046g/t silver from its project in Mexico
• GEN appointed a new CEO - Andrew Taplin (ex-Rio Tinto & FMG) to take its African iron ore project to the next level
• IIQ appointed ex-CSL executive Dr Emma Ball as its new Chief Commercial Officer (CCO) to help commercialise its cancer diagnosis product
• CAY completed its acquisition of a 9.1% stake in the national rail operator in Cameroon
• IIQ hosts investor webinar, our take on the new presentation
• TG1 identified 41% copper grades from rock chips at its Blue Devil project in WA
• JBY started metallurgical testwork on its 1.37Moz gold project in Nevada, USA
• Medibank announced a new investment in psychedelic mental health therapies - good news for EMD, which is developing its own psychedelic therapy platform.
• BPM completed aircore drilling next to $3.5bn Capricorn Metals’... assays are pending
• TG1 expects to start drilling its WA gold project in early April
• GEN’s African iron ore project gets a visit from the Gabon Minister of Mines
• ION kicked off FEED studies for its battery metals recycling plant. The company also teased a potential move into minerals processing...
• MAN is looking to capitalise on it’s $13.5M cash warchest, now reviewing “precious and base metals” opportunities
• SS1 weeks away from more silver drilling in the US, upgrade on 423Moz silver resource out very soon
• Trump and China go head to head on critical minerals, what does this mean for our Investments?

What we wrote about this week 🧬 🦉 🏹

TrivarX (ASX:TRI)

Could your smart watch soon give you advance warning of potential mental health issues?

Our Investment TRI is aiming to bring objective detection and screening of mental health conditions to the massive wearables market using AI.

A current Major Depressive Episode (cMDE) is a technical term for a period of at least two weeks where an individual experiences a persistently low mood and/or a loss of interest/pleasure in activities, along with several other symptoms.

TRI has proven its AI algorithm is effective at screening for cMDE in July of last year when it successfully completed a Phase 2 trial.

To progress its wearables strategy, last week, TRI announced a collaboration with the US Department of Veterans Affairs (VA) for a clinical trial.

Read more: 💻 TRI: USA Veterans Affairs to start 12 week trial to screen for mental health issues. First trial with wearables...

Macro News - What we are reading & listening to 📰

Defence:

Germany votes for historic boost to defence and infrastructure spending (BBC)

• Germany's Bundestag approved a major increase in defence and infrastructure spending, creating a €500bn fund and exempting defence from strict debt rules.
• Friedrich Merz, expected to be Germany's next chancellor, pushed the vote through swiftly, citing Europe's security concerns and potential US disengagement.

European military powers work on 5-10 year plan to replace US in Nato (FT)

• European military powers are planning a gradual shift to take on more defence responsibilities from the US over the next 5–10 years.
• The UK and France are leading discussions on strengthening European defence, amid uncertainty over Trump's Nato commitment.

Battery Materials:

What does Northvolt’s bankruptcy mean for Europe’s battery ambitions? (Benchmark Source)

• Northvolt has filed for bankruptcy in Sweden, dealing a major blow to Europe's gigafactory ambitions.
• Without Northvolt, European-owned battery production will shrink, increasing reliance on Chinese and South Korean manufacturers.

China is a manipulator of critical minerals amid fight for Northern Minerals (ASX: NTU): Linda Reynolds (The Australian)

• China-linked investors defied an Australian government order to sell their shares in Northern Minerals, escalating tensions over critical minerals.
• Senator Linda Reynolds accused China of price manipulation to dominate rare earth markets, calling it a "geostrategic weapon."

Bulks:

Geologists Uncover the Largest Iron Ore Deposit in History—Valued at a Staggering $5.7 Trillion (Daily Galaxy)

• A 55 billion metric ton iron ore deposit discovered in WA’s Hamersley region is the largest ever recorded, valued at $5.7 trillion USD.
• The find challenges existing geological theories, suggesting supercontinent cycles played a key role in rapid iron mineralization.

Copper:

Copper Hits $10,000 in Rally Fueled by Trump’s Tariff Threats (Bloomberg)

• Copper slipped in London after hitting $10,000 a ton, while US prices surged on tariff concerns, nearing record highs.

Gold:

How America weaponised the world’s economy (FT)

• The dollar's dominance has persisted despite past US efforts to reduce its global role, largely due to a lack of viable alternatives and geopolitical leverage.
• Sanctions have become a key US foreign policy tool, but their overuse may accelerate the search for non-dollar alternatives, potentially weakening the dollar’s supremacy.

Gold price: Bullion price hits record $US3000, fund managers snap up ASX gold stocks (AFR)

• Australian money managers are launching new gold funds to capitalize on the rally, with some predicting up to 100% upside in mining stocks.
• Major banks and hedge funds are raising gold price targets, with some expecting bullion to reach $US3500 an ounce.

Gold price forecast to reach US$3250 by end of year (Livewire)

• Gold price could reach US$3250 an ounce by the end of 2025 as central banks continue to buy in response to geopolitical risk.
• Gold stocks are undervalued and set to outperform, with rising gold prices supporting a potential re-rating of gold equities.

Silver:

Global Silver Market Under Strain as Tariffs Trigger Dislocation - Bloomberg

• Silver lease rates have surged amid concerns over trade-war tariffs, signaling market tightness and global dislocation.
• The US is drawing vast amounts of silver from London as tariff fears escalate, with potential risks of a "silver squeeze" and disruptions in trade flows.

Gold price: Investors rotating into silver after bullion hit a record $US3000

• Silver has jumped 17% this year to $34 an ounce, with investors seeking cheaper alternatives to high gold prices.
• Tariff concerns and shrinking stockpiles have sparked a silver price gap, creating potential for a price spike and increased investment in silver ETFs.

USA Battery Metals:

BYD Leads Global Surge of Cheap Chinese Cars Dominating Markets (Bloomberg)

• Chinese automakers like Great Wall and BYD are rapidly expanding in emerging markets, capturing market share with affordable, feature-rich vehicles.
• Despite tariffs, Chinese cars are gaining traction in regions like South Africa, Brazil, and Turkey, challenging traditional auto giants like Ford and GM.

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