Weekly Wrap: Copper Clues, Silver's Surge and a Mega Merger on the Cards
Massive sulphides keep coming in Mongolia, silver hits levels not seen since 2011, mining's biggest potential deal resurfaces - plus our $2,500 stock picking comp
Most ASX juniors are still slogging it out in a flat market at the moment, but this week gave us a few sharp signals that deserve your attention.
There was a major copper update from a small-cap in Mongolia, silver hitting highs not seen since 2011, and murmurs that two mining titans might be eyeing each other up for what could be the deal of the decade.
Here’s what stood out:
AZ9 hit more massive sulphides at its Mongolian copper-nickel project
Silver broke through US$36/oz, marking its highest level in 13 years
Rio Tinto and Glencore reportedly engage in mega merger discussions
While retail sentiment remains patchy, the strategic players are clearly positioning for what’s coming next.
AZ9 Hits More Copper Massive Sulphides in Mongolia
Asian Battery Metals (ASX: AZ9) continued its hot streak at the Oval copper-nickel discovery in Mongolia this week, confirming intercepts of massive sulphides that build on the momentum of its earlier success.
The standout from the announcement was the reported 6.9m intercept of visible massive sulphides from just 95 metres. This hit further strengthens the case for a large, shallow system that may remain wide open.
What caught our attention wasn't just the visuals (though they're more than decent), it's the geology starting to make sense. Both North Oval and Oval are showing signs of the same host geology, potentially continuous over 800m.
That kind of continuity at shallow depths stands out in a market that’s still largely ignoring early-stage copper stories.
AZ9’s sitting on $5m cash with an $11m market cap, making it one of the most leveraged copper exposures on the ASX right now.
With copper demand hitting record signals from global electrification and the supply side showing fresh signs of stress, Oval is shaping up as one of the few grassroots stories with real discovery potential left in 2025.
Silver Breaks US$36/oz and Keeps Going
Silver punched through US$36/oz this week, hitting levels we haven’t seen in more than 13 years. Some analysts are already eyeing US$40/oz in the medium term.
The move followed gold’s rally but silver had its own drivers pulling it higher – tight physical supply, booming solar and electronics demand, and investors getting nervous about inflation and debt levels.
Analysts at Kitco and FXEmpire called this a structural move underpinned by scarcity and utility, not just speculative froth
Importantly, silver’s volatility is also its opportunity. While gold has traditionally been the safe haven, silver’s dual identity as both a monetary and industrial metal makes it extremely sensitive to shifts in macro conditions, and right now, those conditions are turning in its favour.
For ASX investors, this could mean renewed interest in under-the-radar silver stocks and dual-commodity juniors with gold and silver exposure, especially those with production or high-grade resource potential.
Rio Tinto And Glencore Merger Talks Emerge…AGAIN
One of the more surprising headlines this week came not from a quarterly or a drill result, but from a rumoured conversation between two of the biggest names in global mining.
Rio Tinto and Glencore have reportedly, once again, held early-stage talks about a potential combination. If they actually pull it off, we’re looking at one of the biggest mining deals in history.
The driver, according to multiple reports, is scale, particularly in energy transition metals like copper and nickel, where both companies have deep pipelines with overlapping jurisdictions.
Glencore’s been quietly shifting $30 billion in assets into Australia into Australia lately, which lines up nicely with Rio’s operations.
A merger of this size would reshape the global mining landscape, consolidating control over key assets and potentially rebalancing market dynamics in everything from copper to coal.
For smaller players, it’s a double-edged sword: Either you get squeezed out or you become an attractive acquisition target.
While it’s all speculation for now, the signal is clear: The big miners are gearing up for a world where scale and access to critical metals matter more than ever.
The Wrap
June’s traditionally rough for small caps as tax-loss selling kicks in, but this week offered a few signs that momentum is still building behind the scenes. Particularly in commodities that tie into energy transition themes.
The leverage is clear in our eyes, it’s tied to the metals of the future: Copper, silver, and the infrastructure that supports them.
AZ9’s drilling success, silver’s rally to decade-plus highs, and the prospect of a Rio-Glencore mega-merger all tell us that while retail interest might be subdued, the strategic players are moving.
That alone is reason enough to stay plugged in.
And Before We Go…
As a little thank you to our community and for a bit of fun - we've put together a competition that might interest you. $2,500 up for grabs if you can pick the best performing ASX stock from July through December.
Pretty straightforward - back your best conviction play and see how it stacks up.
Takes 30 seconds to enter and it’s completely free. Worth throwing your hat in the ring if you've got a stock you're genuinely excited about, and you might earn a nice Christmas bonus for your troubles.
Give it a crack and send to any mates or fellow stock punters you think might be interested.