WYS Critical Minerals · Tue 9 Jun 2026 — Theme Tracker

While You Slept — Critical Minerals Daily Energy Transition · AI Buildout · The Materials That Power Both

PAUL HAGUE CREATIONS ↗ · TUESDAY 9 JUNE 2026 · WYS EDITION 009

Data as of Friday 5 June 2026 close · Generated 9 June 2026 7:00 AM AEST · S-260603_1310 / T-260601_1017

Commodity Prices

Key Overnight Moves · Headline Critical Minerals

↳ Background Context

Lithium (Carbonate · Hydroxide · Spodumene) · Cobalt · Nickel · Manganese · Graphite

Neodymium · Dysprosium · Terbium · Praseodymium · Lanthanum · NdFeB Magnets

Gallium · Germanium · Indium · Antimony · Tungsten · Titanium · Hafnium

Uranium · Vanadium · Molybdenum

Copper · Aluminium · Zinc · Lead · Tin · Nickel Pig Iron

Why this matters: Incumbent energy prices directly affect the transition narrative — an oil spike improves EV economics; cheap gas softens the case for grid storage; high coal accelerates renewables deployment. These are not critical minerals prices but they move the investment thesis.

Oil · Gas · Coal · Carbon · Hydrogen Proxy

Supply & Demand Signals

Mine Events · Export Controls · Battery Inventory · EV & Gigafactory News · Offtake Deals

POLICY Lithium ▲ Bullish

DOE Restores $57.7M Grant for Nevada Lithium Refinery

The U.S. Department of Energy reinstated a Biden-era grant for a claystone-to-battery-grade lithium project in Nevada, reversing prior cuts. The funding supports domestic processing capacity amid efforts to reduce reliance on Chinese supply. This development signals stronger U.S. policy support for lithium supply chain security.

POLICY Copper ● Neutral

U.S. Revises Section 232 Tariffs on Copper Imports Effective June 8

President Trump issued a proclamation adjusting tariffs on aluminum, steel, and copper imports, with changes taking effect June 8, 2026, through end-2027. The revisions lower the U.S. content threshold for preferential rates to 85% and modify duty structures. This policy shift could influence global copper trade flows and domestic pricing dynamics.

Analysis

Overnight Briefing

Global Overview · What Moved & Why

Overnight the USD Index climbed 0.66% to 100.07 while the S&P 500 dropped 2.64%, driving copper 3.80% lower to 6.2635 USD/lb with all other critical minerals prices closing flat. Lithium carbonate remained at 24077.34 USD/t, cobalt at 56290 USD/t and nickel at 18540 USD/t, showing no reaction to the broader risk-off move. Para 2: No mine outages, export controls, force majeure declarations or gigafactory adjustments occurred between the evening of 8 June and morning of 9 June 2026, leaving supply and demand balances unchanged across lithium, cobalt, nickel and rare earths. Para 3: ASX copper names tied to Botswana operations such as Khoemacau face immediate margin pressure from the red metal’s decline, while lithium and nickel developers see negligible equity impact given unchanged prices and absent offtake news.

Battery Supply Chain · Lithium · Cobalt · Nickel · Graphite

LITHIUMLithium carbonate closed unchanged at 24077.34 USD/t with zero overnight inventory or EV demand releases from CATL or BYD.

EVBYD Q1 2026 NEV sales decline of ~30% YoY predates the window and generated no fresh offtake revisions overnight.

COBALTCobalt held at 56290 USD/t absent any DRC production or refinery curtailment signals.

NICKELNickel traded flat at 18540 USD/t with no Indonesian export quota adjustments reported.

GIGAFACTORYNo new gigafactory announcements or cancellations emerged from LG, Panasonic or Samsung SDI in the period.

Rare Earths & Magnets · EV Motors · Defence · Wind

CHINAChina’s suspended export-control announcements 55-58 and 61-62 remain paused until November 2026 with no overnight enforcement updates.

NDFEБNo fresh NdFeB magnet demand data or price moves were recorded from Chinese domestic markets.

EXPORTNo new rare earth export licences or quotas were issued by MIIT overnight.

SUPPLYX chatter on uranium supply chains tied to 400-500 GW nuclear growth by 2032 carried no rare earth linkage.

Strategic Metals · Export Controls · Supply Chain Risk

GALLIUMGallium closed flat at 277.15 USD/kg with no Chinese export control tightening noted.

GERMANIUMGermanium held at 2673.66 USD/kg absent any new policy announcements from Beijing.

ANTIMONYAntimony traded unchanged at 19562 USD/t with zero overnight quota revisions.

POLICYUS FORGE forum and Project Vault developments remain dated to February-May 2026 with no fresh overnight signals.

Macro Themes · Energy Transition · AI Buildout · Deglobalisation

USDUSD Index rise of 0.66% to 100.07 coincided with a 3.80% copper price drop but left other critical minerals unmoved.

CHINAChina PMI data release was absent overnight, producing no immediate demand re-pricing in base or battery metals.

TRADEAUD/USD at 0.7132 showed minimal movement, limiting immediate translation effects for Australian critical minerals exporters.

ENERGYOngoing X discussion of China’s reactor buildout to 500 GW by 2032 kept uranium supply concerns alive without price impact.

Technology Disruptions · Substitution Risks · Demand Amplifiers

Medium Impact 2–4 years

Na-Ion Battery Displacement Risk

CATL and BYD scaling Na-ion chemistry for sub-200km EVs. Reduces lithium demand in entry-level segment. Not a near-term threat to battery-grade lithium carbonate demand but creates ceiling on price recovery.

Affects: battery

Low Impact 3–5 years

Solid-State Battery Commercialisation

Toyota, Samsung SDI and QuantumScape targeting 2027–2028 commercial production. Uses lithium metal anode — potentially increases lithium intensity per kWh vs liquid electrolyte. Positive for lithium demand long term.

Affects: battery

High Impact Active

China Critical Mineral Export Controls

China has implemented export licensing for gallium, germanium, graphite and rare earth processing technology. Enforcement and scope subject to ongoing policy adjustment. Direct supply risk for Western manufacturers.

Affects: strategic, rare_earth, battery

Low Impact Ongoing

US IRA Critical Minerals Incentives

Inflation Reduction Act domestic content requirements for EV battery credits driving investment in non-Chinese supply chains. Benefits ASX and Canadian miners with US-market exposure.

Affects: battery, rare_earth

Market Watch

ASX Watchlist · Critical Minerals Producers

Ticker	Company	Exposure	Price	Change	7d	Mkt Cap
PLS.AX	Pilbara Minerals	Lithium	5.910	▼ 3.75%	▼ 5.89%	—
MIN.AX	Mineral Resources	Lithium/Iron	67.570	▼ 5.08%	▼ 4.79%	—
LTR.AX	Liontown Resources	Lithium	2.140	▼ 6.14%	▼ 5.73%	—
IGO.AX	IGO Ltd	Lithium/Nickel	8.980	▼ 3.02%	▼ 2.92%	—
WR1.AX	Winsome Resources	Lithium	0.535	▲ 0.00%	▲ 0.00%	—
LYC.AX	Lynas Rare Earths	Rare Earths	18.160	▼ 2.94%	▼ 6.58%	—
ARR.AX	American Rare Earths	Rare Earths	0.365	▼ 5.19%	▼ 8.75%	—
PDN.AX	Paladin Energy	Uranium	11.050	▲ 1.56%	▼ 2.73%	—
BOE.AX	Boss Energy	Uranium	1.275	▼ 1.92%	▼ 1.92%	—
SFR.AX	Sandfire Resources	Copper	19.280	▼ 1.18%	▼ 2.48%	—
29M.AX	29Metals	Copper/Zinc	0.260	▼ 5.45%	▼ 5.45%	—
ILU.AX	Iluka Resources	Rare Earths/Zircon	7.750	▼ 1.90%	▼ 2.64%	—
AGY.AX	Argosy Minerals	Lithium	0.060	▼ 3.23%	▼ 4.76%	—
ASN.AX	Anson Resources	Lithium	0.051	▼ 8.93%	▼ 10.53%	—
GLN.AX	Galan Lithium	Lithium	0.405	▼ 2.41%	▼ 6.90%	—
VUL.AX	Vulcan Energy Resources	Lithium	3.390	▼ 3.42%	▼ 4.78%	—
LKE.AX	Lake Resources	Lithium	0.062	▼ 6.06%	▼ 7.46%	—
WC8.AX	Wildcat Resources	Lithium	0.500	▼ 1.96%	▼ 11.50%	—
EUR.AX	European Lithium	Lithium	0.445	▲ 0.00%	▼ 3.26%	—
GL1.AX	Global Lithium Resources	Lithium	0.500	▼ 1.96%	▼ 1.96%	—
PMT.AX	PMET Resources	Lithium	0.695	▼ 8.55%	▲ 5.30%	—

ASX Materials · Broader Movers

▲ Top Gainers

PDN.AXPaladin EnergyUranium▲ 1.56%

WR1.AXWinsome ResourcesLithium▲ 0.00%

EUR.AXEuropean LithiumLithium▲ 0.00%

SFR.AXSandfire ResourcesCopper▲ 1.18%

ILU.AXIluka ResourcesRare Earths/Zircon▲ 1.90%

▼ Top Losers

ASN.AXAnson ResourcesLithium▼ 8.93%

PMT.AXPMET ResourcesLithium▼ 8.55%

LTR.AXLiontown ResourcesLithium▼ 6.14%

LKE.AXLake ResourcesLithium▼ 6.06%

29M.AX29MetalsCopper/Zinc▼ 5.45%

21/21 watchlist stocks · prior close

US Watchlist · Miners · Battery Names · EV Supply Chain

Ticker	Company	Exposure	Price	Change	7d	Mkt Cap
MP	MP Materials	Rare Earths	59.180	▼ 9.59%	▼ 9.25%	—
UUUU	Energy Fuels	Uranium/REE	15.030	▼ 13.47%	▼ 18.09%	—
CCJ	Cameco	Uranium	103.440	▼ 9.28%	▼ 3.72%	—
RIO	Rio Tinto	Lithium/Copper/Iron	100.690	▼ 4.47%	▼ 5.55%	—
LAC	Lithium Americas	Lithium	4.530	▼ 11.18%	▼ 9.94%	—
SQM	SQM	Lithium	75.430	▼ 2.91%	▼ 10.14%	—
NEM	Newmont	Gold/Copper	99.710	▼ 7.96%	▼ 7.01%	—
FCX	Freeport-McMoRan	Copper	63.370	▼ 9.07%	▼ 0.41%	—
VALE	Vale	Nickel/Iron	15.230	▼ 3.42%	▼ 7.75%	—

NYSE/NASDAQ · Broader Movers

▲ Top Gainers

SQMSQMLithium▲ 2.91%

VALEValeNickel/Iron▲ 3.42%

RIORio TintoLithium/Copper/Iron▲ 4.47%

NEMNewmontGold/Copper▲ 7.96%

FCXFreeport-McMoRanCopper▲ 9.07%

▼ Top Losers

UUUUEnergy FuelsUranium/REE▼ 13.47%

LACLithium AmericasLithium▼ 11.18%

MPMP MaterialsRare Earths▼ 9.59%

CCJCamecoUranium▼ 9.28%

FCXFreeport-McMoRanCopper▼ 9.07%

9/9 watchlist stocks · prior close

TSX Watchlist · Canadian Critical Minerals

Ticker	Company	Exposure	Price	Change	7d	Mkt Cap
LUN.TO	Lundin Mining	Copper/Zinc	37.220	▼ 12.61%	▼ 6.08%	—
FM.TO	First Quantum	Copper	40.020	▼ 12.54%	▲ 0.78%	—
CS.TO	Capstone Copper	Copper	13.350	▼ 12.34%	▼ 8.18%	—
NXE.TO	NexGen Energy	Uranium	14.350	▼ 9.63%	▼ 6.82%	—
DML.TO	Denison Mines	Uranium	4.230	▼ 10.57%	▼ 9.62%	—

TSX · Broader Movers

▲ Top Gainers

NXE.TONexGen EnergyUranium▲ 9.63%

DML.TODenison MinesUranium▲ 10.57%

CS.TOCapstone CopperCopper▲ 12.34%

FM.TOFirst QuantumCopper▲ 12.54%

LUN.TOLundin MiningCopper/Zinc▲ 12.61%

▼ Top Losers

LUN.TOLundin MiningCopper/Zinc▼ 12.61%

FM.TOFirst QuantumCopper▼ 12.54%

CS.TOCapstone CopperCopper▼ 12.34%

DML.TODenison MinesUranium▼ 10.57%

NXE.TONexGen EnergyUranium▼ 9.63%

5/5 watchlist stocks · prior close

HK / Shanghai · Battery Makers · Chinese Miners

Ticker	Company	Exposure	Price	Change	7d	Mkt Cap
3993.HK	CMOC Group	Copper/Cobalt	18.080	▼ 2.11%	▼ 5.64%	—
1208.HK	MMG Ltd	Copper/Zinc	8.800	▼ 4.97%	▼ 4.56%	—
2600.HK	Aluminum Corp China	Aluminium/REE	10.750	▼ 2.63%	▼ 6.11%	—
1899.HK	Zhaojin Mining	Gold	1.180	▲ 0.00%	▼ 2.48%	—

HK / Shanghai · Broader Movers

▲ Top Gainers

1899.HKZhaojin MiningGold▲ 0.00%

3993.HKCMOC GroupCopper/Cobalt▲ 2.11%

2600.HKAluminum Corp ChinaAluminium/REE▲ 2.63%

1208.HKMMG LtdCopper/Zinc▲ 4.97%

▼ Top Losers

1208.HKMMG LtdCopper/Zinc▼ 4.97%

2600.HKAluminum Corp ChinaAluminium/REE▼ 2.63%

3993.HKCMOC GroupCopper/Cobalt▼ 2.11%

1899.HKZhaojin MiningGold▼ 0.00%

4/4 watchlist stocks · prior close

Calendar & Risks

Metal Category Scorecard

Category Performance · Net Signal · Best & Worst Movers

Battery Metals

4 metals tracked

— No Change Data

No change data this session

4 metal price(s) available — no change data

Battery metals complex stayed flat with lithium, cobalt and nickel showing zero price movement and no demand or supply catalysts overnight.

Rare Earths

4 metals tracked

▼ Bearish

-12.90%

Best

Neodymium Oxide

-12.70%

Worst

Praseodymium Ox.

-13.10%

Rare earths recorded no Chinese pricing shifts, magnet demand releases or export policy changes in the window.

Strategic Metals

4 metals tracked

— No Change Data

No change data this session

4 metal price(s) available — no change data

Gallium, germanium and antimony all closed unchanged with no export control or defence supply chain updates.

Energy Metals

2 metals tracked

▼ Bearish

-1.86%

Best

Uranium (U3O8)

-0.52%

Worst

Nat. Gas

-3.21%

Uranium supply concerns tied to nuclear capacity growth to 500 GW by 2032 persisted without fresh contracting data.

Base Metals

6 metals tracked

▼ Bearish

-3.80%

Best

Copper

-3.80%

Worst

Copper

-3.80%

Copper led base metals lower by 3.80% on USD strength while LME inventory and China demand signals remained quiet.

Competing Energy

5 metals tracked

▼ Bearish

-2.87%

Best

Iron Ore

+0.04%

Worst

Silver

-6.55%

Oil, gas and coal price moves were absent from feeds, leaving the energy transition narrative without overnight repricing.

Economic & Industry Calendar

China PMI · Trade Data · EV Sales · Battery Announcements · FOMC · RBA

Time (AEST)	Ctry	Event	Impact	Prior	Forecast
04:30	AU	RBA Hauser Speech	Medium	None	None
06:00	GB	Halifax House Price Index MoM	Medium	-0.1	0.1
06:00	GB	Halifax House Price Index YoY	Medium	0.4	1
12:30	US	Average Hourly Earnings MoM	Medium	0.2	0.3
12:30	US	Average Hourly Earnings YoY	Medium	3.6	3.4
12:30	US	Non Farm Payrolls	High	179	85
12:30	US	Participation Rate	Medium	61.8	None
12:30	US	Unemployment Rate	High	4.3	4.3
18:00	GB	BoE Gov Bailey Speech	Medium	None	None

Risks & Watch Items

Upcoming Supply Risk · Demand Uncertainty · Policy Watch

MACROUSD Index at 100.07 and S&P 500 down 2.64% remain the dominant overnight variables for copper-linked equities.

GEOKhoemacau copper mine in Botswana and Leviathan Metals Kalahari drilling continue as routine project updates without disruption flags.

SUPPLYSandvik equipment order for Khoemacau remains the only named copper project activity and carries no immediate production impact.

POLICYChina’s critical minerals export-control pause through November 2026 stays the standing policy backdrop.

⚠ General Information & Disclaimer

Not financial advice. This report is produced for general informational and educational purposes only. Nothing contained in this report constitutes financial product advice, investment advice, or a recommendation to buy, sell or hold any financial product or security. This report does not take into account your personal financial situation, objectives, or needs.

Specialty metals data. Price data is sourced from third-party providers including Metals-API, Yahoo Finance, and Grok/xAI search. Critical minerals markets are highly specialised and often illiquid. Some prices trade infrequently — where live data is unavailable, last-known values are shown with a CACHED indicator. These are indicative only and may not reflect actual tradeable prices.

No licence. Paul Hague Creations does not hold an Australian Financial Services Licence (AFSL). Always conduct your own research and consider seeking advice from a licensed financial adviser before making any investment decision. Past performance is not indicative of future results. © Paul Hague Creations. All rights reserved.