Copper is proving to be a strong theme early in 2026 after bursting through $US13,000 a tonne for the first time, as investors bet on tighter supply and a risk-on mood took hold in broader financial markets.
Three-month futures surged as much as 3.1 per cent to a record $US13,387.50 a tonne on the London Metal Exchange on Tuesday (Wednesday AEDT), surpassing a peak set the day before.
Market Highlights
All US prices near 3.20pm New York time.
- AUD +0.3% to US67.34¢
- Bitcoin -2% to $US92,515
- On Wall St: Dow +1.1% S&P +0.6% Nasdaq +0.6%
- VIX -0.19 to 14.71
- Gold +0.7% to $US4481.38 an ounce
- Brent oil -1.9% to $US60.61 a barrel
- Iron ore +0.7% to $US106.55 a tonne
- 10-year yield: US 4.17% Australia 4.79%
Across Markets…
Australian shares are poised to open higher, tracking gains in New York where both the Dow Jones Industrial Average and the S&P 500 reset their respective record highs.
Futures indicate the benchmark S&P/ASX 200 Index is set to open up 51 points or 0.6 per cent at the start of trade. That’s after overnight on Wall Street, Amazon, Amgen and Salesforce paced the Dow Jones’ advance with the index poised to close above 49,000 for the first time. The S&P 500 was led by computer memory storage makers SanDisk, Western Digital and Seagate Technology.
Optimism for the S&P 500 remains strong, with the latest Bloomberg Markets Pulse survey predicting another rally following three years of double-digit gains. Such a feat was last accomplished at the end of the previous century.
The US benchmark will climb as much as 20 per cent this year, according to 60 per cent of the 590 respondents to a poll conducted in the last three weeks of December.
In commodities, oil slid near 2 per cent in New York amid a rethink on how the toppling of Nicolas Maduro will impact the flow of oil from Venezuela as his regime moved swiftly to further strengthen itself and punish domestic critics.
Source: AFR
EQ Resources posts 33% QoQ production jump amid record tungsten prices
EQ Resources (ASX: EQR) has reported a significant 33% quarter-on-quarter increase in tungsten production to 38,292 mtu, coinciding with record high APT prices exceeding $900/mtu, marking a strong near-term revenue outlook. This production surge complements the company’s strategic financing and operational developments detailed in its recent annual report.
Production Soars Amidst Record Tungsten Prices
EQ Resources delivered a strong operational performance for the quarter ending 31 December 2025, reporting a 33% quarter-on-quarter increase in tungsten production. Total output reached 38,292 mtu.
This production boost occurred during a period of rising tungsten prices. The APT CIF Rotterdam/Baltimore price was $825 per mtu on 26 December 2025, representing a 42% increase quarter-on-quarter. Prices continued their upward trajectory, reaching $900 per mtu by 2 January 2026.
These record price levels are set to bolster near-term revenue and profit margins for the company, which primarily focuses on its Mt Carbine project in Australia and Barruecopardo in Spain.
Annual Report Highlights Strategic Foundation
The company’s 2025 Annual Report, released earlier, laid out a robust strategic foundation. It highlighted significant funding success in FY2025, with total equity raised amounting to approximately A$28.47 million.
A notable turnaround was achieved at Saloro, which delivered a record unaudited EBITDA of approximately A$7.8 million and became cash positive within nine months of acquisition. This was supported by upgrades at Barruecopardo, including XRT ore sorting and fines recovery.
EQ Resources has also strategically expanded its Mt Carbine and Saloro platforms, including the acquisition of 100% of the Mt Carbine Retreatment JV, exploring downstream exposure through Elmet Technologies, and the potential acquisition of Tungsten Metals Group (TMG).
Recent Financing De-risks Operations
In December 2025, EQ Resources moved to further de-risk its operations through key financing agreements. The company signed a binding term sheet with Traxys for a €15 million three-year prepayment facility.
This facility is designated to refinance existing Saloro debt and is paired with a five-year offtake agreement for a minimum of 3,500 tonnes WO3 (which equates to 7,000 tonnes of concentrate). This long-term offtake offers significant revenue visibility, with a notional value estimated at approximately A$400 million.
Furthermore, a successful $34 million equity placement at 5.0c per share was undertaken in December 2025. This capital raise, alongside a potential conversion of an A$7.25 million Oaktree pre-royalty loan into equity (subject to shareholder approval), is designed to repay debt and trade payables, and accelerate development towards the high-grade Iolanthe Vein at Mt Carbine in Q1 2026.
Source: SmallCaps
Company: Locksley Resources Ltd (ASX:LKY)
Sector: REE & Antimony/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Today’s Price Change: $0.19 -7.32%
Company: CuFe Ltd (ASX:CUF)
Sector: Copper/Mining
Deal Type: Placement
Latest Entry Price: $0.016 with 1:2 option, strike $0.025
Today’s Price Change: $0.032 +10.34%
Company: Tasman Resources Ltd (ASX:TAS)
Sector: Gold/Silver/Mining
Deal Type: Placement
Latest Entry Price: $0.0125 with 1:2 option, strike $0.02
Today’s Price Change: $0.027 +28.57%
Company: Tambourah Metals Ltd (ASX:TMB)
Sector: Gold/Mining
Deal Type: Placement
Latest Entry Price: $0.04
Today’s Price Change: $0.050 +2.04%
Company: Eclipse Metals Ltd (ASX:EPM)
Sector: REE
Deal Type: Placement
Latest Entry Price: $0.015
Today’s Price Change: $0.024 Unchanged
Company: Neuren Pharmaceuticals Ltd (ASX:NEU)
Sector: Biotech
Deal Type: On-market purchase
Latest Entry Price: $1.20 – $1.50
Today’s Price Change: $18.81 -1.10%
Company: Dimerix Ltd (ASX:DXB)
Sector: Biotech
Deal Type: Rights Issue
Raise Amount: $800,000
Latest Entry Price: $0.08 with 1:1 option, strike $0.126
Today’s Price Change: $0.54 -2.7%
Company: Noviqtech Ltd (ASX:NVQ)
Sector: Blockchain
Deal Type: Placement
Raise Amount: $1M
Latest Entry Price: $0.02 with 1:1 option $0.08 strike
Today’s Price Change: $0.020 Unchanged
Company: Critica Limited (ASX:CRI)
Sector: REE
Deal Type: Placement
Raise Amount: $1M
Latest Entry Price: $0.0075 with a 1:1 CRIO
Today’s Price Change: $0.025 -3.85%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.09 with 1:2 PL3O
Today’s Price Change: $0.064 +1.59%
Company: WhiteHawk Ltd. (ASX:WHK)
Sector: Cybersecurity & AI
Deal Type: Placement
Raise Amount: $1.7M
Latest Entry Price: $0.01 with 1:3 option $0.02 strike
Today’s Price Change: $0.008 Unchanged
Company: Kalgoorlie Gold Mining Limited. (ASX:KAL)
Sector: Gold/Mining
Deal Type: Placement
Raise Amount: $2.3M
Latest Entry Price: $0.026 with 1:2 option $0.032 strike
Today’s Price Change: $0.050 Unchanged
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