Tactical Resources has secured Nasdaq Capital Market approval via a SPAC merger with Plum Acquisition Corp. III, with New PubCo shares to trade under the ticker “TREO” after the expected 28 July 2026 closing. The company plans to use the listing to accelerate its Peak rare earths project in Hudspeth County, Texas, which holds exclusive rights over about 4 million tonnes of REE-bearing tailings and stockpiles from the Sierra Blanca quarry and already has initial quarry operating permits. Tactical’s feedstock-first model relies on existing mined material, aiming to bypass new mine development and move directly into processing.

Copper climbed 1.3% on Comex to $6.35/lb (just under $14,000/t), within 5% of its early-June record, as China’s import premium hit $100/t for the first time since May 2025 and Shanghai exchange stocks fell 20% last week to 79,909 t, down 45% year-to-date. Tightness is being driven by Beijing’s VAT crackdown on the “invoice economy”, pushing substitution from scrap into cathode and drawing metal out of LME warehouses despite record 630,293 t in Comex storage. On the supply side, storms cut South32’s payable output at Sierra Gorda to 16,000 t for the June quarter, Antofagasta’s H1 production dropped 9.5% to 285,000 t with cash costs guided up to $2.40–$2.60/lb, and Codelco halted surface operations at Andina and shipments from El Teniente.

Silver futures rebounded 1.5% to $56.74/oz on Comex after hitting an eight‑month low of $55.50, while gold slipped 0.3% to $4,005/oz, holding just above the $4,000 support level that veteran analyst John Gross pegs as critical alongside $55/oz silver, with the next support near $50. The gold–silver ratio eased to just under 71, Chinese wholesale gold demand and ETFs remain near decade‑low levels despite 20 consecutive months of PBoC buying, and Indian silver import restrictions have pushed local dealer premiums to $6.50/oz. Swap markets now fully price at least one further Fed hike this year as the US‑Iran conflict keeps oil and US gasoline above $4/gal, raising macro risk for precious‑metal‑exposed miners such as Newmont, Barrick, Pan American Silver, Coeur and Hecla, several of which are trading at less than half their 52‑week highs.