Weekly Wrap: Gold Hits High, Copper Surges & an AVZ Trump Card
Gold breaks $3,000, copper muscles toward $5/lb, Trump enters AVZ's corner, and a small-cap stakes its hydrogen claim in another action-packed week for resources
Metal prices shatter records, drilling rigs fire up, and president Trump wades into the most contentious mining dispute in ASX history - just another seven days in the wild world of commodities.
This week saw copper push toward $5/lb, gold crash through the $3,000/oz ceiling for the first time, TEE lock in their Kansas drilling location, and the fight for Manono - the world’s richest lithium deposit - take an unexpected presidential twist.
Stories you need to know:
Copper climbs as AZ9 drills for more massive sulphides
Top End Energy selects strategic drilling location in Kansas
AVZ Minerals and their Trump card
Gold breaks the US$3,000/oz barrier for the first time
What a week, let’s get to it.
Copper Price Is Running As AZ9 Starts Drilling
Asian Battery Metals (ASX: AZ9) couldn’t have timed their deeper drilling campaign more perfectly at their Mongolian copper project, with copper prices now knocking on the door of $5/lb.
Last year’s stellar results laid solid foundations – 8.8 metres of massive sulphide at 6.08% copper and 3.19% nickel, with PGEs from just 107 metres depth.
The current drilling takes on even greater significance against the backdrop of a strong copper market, with the fundamentals underpinning copper suggesting it has serious legs.
The buoyant copper price is a result of multiple factors:
Supply shortages – Goldman Sachs notes copper inventories sitting at multi-decade lows. Major producers in Chile and Peru also continue to struggle with declining grades and operational challenges.
Electrification demand – EVs, renewables, and grid expansion have increased demand, with S&P Global forecasting a copper supply shortfall of 10 million tonnes by 2035.
China’s buying spree – Macquarie Bank notes that China has been stockpiling copper aggressively in recent months, boosting near-term demand.
For small-cap copper explorers like AZ9, the rising price environment is a tailwind. If this drilling campaign delivers strong results, AZ9 could be well-positioned to capitalise on increasing investor appetite for advanced-stage copper projects.
TEE's Well-Site Selection in Prime Location
Top End Energy (ASX: TEE) hit a key milestone in their hydrogen hunt this week by announcing where they’ll sink their first well in Kansas.
This site was selected based on geological data indicating key features that generate and trap natural hydrogen, making it a highly prospective location.
The choice of this region was calculated; Koloma, a major player backed by Bill Gates and Jeff Bezos, has drilled multiple successful wells nearby, confirming the region’s potential.
Koloma sits at a $1.3 billion valuation, while TEE sits at a trim $20 million market cap. This creates obvious upside potential should TEE hit hydrogen in commercial quantities.
For small-cap investors, TEE offers exposure to this emerging sector on the ASX. As TEE moves closer to drilling, success could rapidly re-rate the company, especially given the global attention natural hydrogen is now receiving.
Gold Breaks Through $3,000/oz: Where to Next?
Gold surpassed US$3,000/oz for the first time. The precious metal went through this key psychological figure on Friday, reinforcing its position as a global safe-haven asset.
We’ve been BULLISH gold for some time, and the major investment banks are tripping over themselves to revise their forecasts upward:
UBS projects that gold could reach a high of over US$3,200/oz in 2025 before stabilising at elevated levels.
Macquarie Bank has raised its gold target to $3,500/oz by mid-2025, citing the perfect storm of geopolitical tension and sustained central bank buying.
Goldman Sachs analysts have raised their 2025 gold price forecast to US$3,100/oz, reflecting optimism about the metal’s continued appreciation.
For ASX-listed gold explorers, this is the perfect backdrop. Gold at record prices means better economics and more investor eyeballs on the sector.
Among the junior explorers well-positioned to benefit, Bubalus Resources (ASX: BUS) sits ready to drill their Victorian targets in late April/early May. Their project lies between two of Australia’s highest-grade gold mines, combining prime geological potential with gold at record prices.
As seasoned resource investors know, grade is king, and current gold prices magnify the value of every gram discovered.
Trump vs China: The Battle for Manono Lithium
Just when the 21,000 shareholders of AVZ Minerals finally thought their investment was dead and buried, in steps probably the most famous person in the world to throw fuel back on the fire. Who else but Donald Trump?
Big Don has entered the fight for Manono, transforming what was already a geopolitical flashpoint into a presidential chess match.
We covered AVZ Minerals in depth last year, tracking the journey from discovery to de-listing. You can find the article here - arguably the most comprehensive timeline of the AVZ saga available anywhere (and now in need of an update).
For those who need a refresher, Manono is the world’s largest hard rock lithium deposit. ASX-listed AVZ lost control of it to Chinese-backed interests in what many consider a corporate heist, leaving shareholders holding the bag. Now, the US has stepped in, using its critical minerals policy to push for AVZ’s reinstatement.
Recent legal rulings have favoured AVZ, with an international court awarding €39.12 million in damages and potentially paving the way for AVZ to reclaim Manono.
What happened, and what does it mean for AVZ Minerals?
The Trump administration is “poised to insist control of the massive lithium deposit be handed back to AVZ,” according to The Australian.
US State Department officials confirmed they want to boost “responsible and transparent” development of DRC’s critical minerals – code for “not Chinese-controlled.”
If successful, the company may look to re-list on the ASX. Don’t forget that AVZ was valued at an incredible $4.5 billion at one point in time.
For shareholders who watched their investment evaporate when trading was suspended, this presidential intervention offers a glimmer of hope.
The situation distills to this: An Australian company owned the world’s largest lithium deposit in the DRC. Chinese interests seized control with help from DRC officials. Now, Trump is stepping in to reverse the takeover and hand it back to the Aussies.
This Trump-sized plot twist might just breathe life into other lithium plays too, and we daresay most ASX explorers with a decent lithium patch will be thinking about dusting off their investor decks this week.
AVZ now has the most powerful ally imaginable in their corner. When you’re up against Chinese mining giants and the DRC government, having Trump on your side might be the only way to turn the tide. We’ll keep watching this one closely.
Final Takeaways
Well, that was one hell of a week.
Copper charging towards $5/lb, gold finally crashing through $3,000/oz - metal prices are on fire. The sleepy commodities market just woke up, and small-caps with quality assets are getting a second look from investors.
Top End Energy has staked their claim in Kansas with a drill site locked in and operations on the horizon. This patch of America is fast becoming ground zero for the natural hydrogen race.
And then there’s AVZ - back from the brink with the most unexpected supporter imaginable. A US president stepping in to help an Australian company recover a lithium deposit from Chinese interests? Nobody had that on their 2025 bingo card.
2025 is shaping up to be a wild ride for resource investors. The pendulum is swinging back to commodities, and those positioned in the right spots could benefit significantly.
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First time reader, nice one, mate. Great read
Thanks for the great & informative updates 👍