Live from the RIU Resources Round Up, Sydney 2026
I’ve just finished three days on the floor at the RIU Resources Round Up in Sydney, and the vibe shifted noticeably between the opening bell and the final drinks.
We walked in with the news of UAE drone strikes and walked out with a clear understanding: the "lucky country" is currently being stress-tested by a global supply chain that feels like it’s held together by duct tape and hope.
As I marched toward the escalator on Day One with Mark Elzayed (Investor Pulse CIO), the conversation wasn't about the weather. It was about the 180% surge in sulphur prices.
If you don’t think sulphur matters, you aren't paying attention to leaching or fertilisers. It’s trading at 6,500 Chinese Yuan a ton—and as I told Mark, I only quote Yuan when things are getting truly serious.
I spent the week asking fifteen different names the same question: How are you handling the Middle East, the diesel crisis, and the sulfur squeeze?
The answers separate the nimble from the dead-weight.
The Logistics of Survival: Diesel and sulphur
The most fascinating part of this conference was seeing how small-cap agility actually works in a crisis. While the Tier-1 miners are like "turning a steam train around in a harbor," the companies on the RIU floor are moving in minutes.
Take Kincora Copper (ASX: KCC). ++CEO Sam Spring++ isn’t just watching the news; he’s securing extra 30,000-litre diesel tanks to ensure that if a supply shock hits Australia’s shores, his two rigs in New South Wales don't stop turning.
Alma Metals** (ASX: ALM) is playing the same game, with ++Frazer Tabeart** confirming++ they’ve got 6,000 litres on-site and another 10,000-litre tank arriving shortly. They know that at the end of the supply chain, being "cashed up" doesn't matter if the pumps are dry.
++Here’s a link to the SmallCaps research on this name.++
++**Graeme Gribbin** from Lefroy Exploration (ASX: LEX) echoed this,++ noting that their Lucky Strike project is bolstered by a lean board that can "all fit in one room" to make calls.
Meanwhile, ++**Harry Donner** from LinkQ Minerals (ASX: LNQ) noted++ that being located in a broad-acre farming district gives them proximity to fuel depots that keeps the "immaterial" cost impacts of exploration from becoming operational showstoppers.
Walking and talking is hard for some…not us
The 'Insulated' Advantage
Then there are the companies that are simply in the right place at the right time.
++**Dave O’Neill** from American West Minerals (ASX: AW1) walked me through++ their $10 million raise and a significant discovery at West Desert. Because AW1 operates in the US and Canada, it is essentially immune to the Australian fuel squeeze. "Zero impact," Dave told me.
Viking Metals (ASX: VKA) is in a similar sweet spot. I’ve called Tungsten my "Best Pick of 2026," and ++**Julian Woodcock** confirmed why.++
Operating in Nevada, they are sitting on a brownfield site with massive 63.6% concentrate grades. With China (who controls 85% of supply) tightening the screws and the US wanting domestic tungsten for munitions, Viking is the geopolitical hedge of the year.
I’m hosting Tungsten ’26 on Thursday the 14th, where Viking will be speaking.
++Register here to hear more about my top pick in metals.++
The 'Clean' Energy Pivot: Uranium and rare earths
The "unspoken hero" of the conference was undoubtedly Uranium. As ++**Jaxson Crabb** (RIU GM) pointed out,++ every time a missile is fired in the Middle East, the case for diversified, non-oil energy grows.
++**Dr. Andrea Marsland-Smith** from Alligator Energy dropped the stat of the week:++ 70% recovery rates from their ISR field trials in South Australia. They are exceeding worldwide averages for flow rates and grades. In a tier-one jurisdiction, Alligator (ASX: AGE) is proving that Australian uranium is the only uranium that matters right now. ++More news here++.
On the rare earths side++, Ben Emery from Ark Mines is winning the cost war.++
While others are grinding hard rock or leaching clays, Ark (ASX: AHK) is working with "Mother Nature’s cleaned" sands. No leaching, no grinding, low energy. They are two years from production and currently seeing a flurry of inquiries from US stockpilers looking for mineral security.
Gold: The bricks in your pocket
You can’t have a crisis without a gold rush. I caught up with ++**Nick Frappel** and the team from ABC Refinery.++ Nick’s speech didn't leave much to be happy about macro-economically, which is exactly why gold is performing.
"That’s why you carry a couple of bricks in your pocket," he told me. I’m still carrying my ABC Eureka silver coin—and in this economy, I’m defending it.
$2.7m worth of gold.
++**Patrick Volpe** from Verity Resources++ is sitting on the "golden egg" at their Monument project in WA.
Verity (ASX: VRL) is imminent on an upgraded resource to Indicated, proving up a model directly adjacent to Genesis’ 3-million-ounce play.
Even ++**Golden Globe Resources**’ (ASX: GGR) Colin McMillan was buoyant,++ reporting positive drill results from Dula Creek just as they finished their program—beating the worst of the diesel price hikes.
The Contrarian Play: Carnarvon Energy
Perhaps the most unique take came from ++**Phil Huizenga** at Carnarvon Energy.++ While everyone else is worried about buying diesel, Phil is looking at producing it.
With $100 million in the bank (which is basically their market cap—meaning the assets are essentially free), Carnarvon (ASX: CVN) is looking at producing 850 million litres of diesel a year.
They aren't just handling the crisis; they are the solution to it.
The Last Word
The legendary ++Kerry Stevenson++ (Gold Events) reminded me during a "walk and talk" through the crowds that face-to-face is where you see the "flinches" and "eye twitches" of directors.
I didn't see many flinches this week. What I saw was a sector that has been through the wringer and has come out leaner.
As the conference wrapped up, the message from the "tail end" was clear: The resources sector is the only place to be when the fiat world gets shaky.
If you missed Sydney, get your tracks ready for the Gold Coast Investment Showcase on June 11-12 (it’s sold out, but the Marriott is always worth a look) or the Australian Gold Conference in October.
And a tip from the advisory board: keep an eye on Kincora Copper.
The Middle East might be volatile, and sulphur might be triple the price, but the rigs are still turning in the West.
Stay safe, keep your head up, and I’ll see you next week.
The Weekly Finger: RIU Recap 2026
Interviews referenced:
- Mark Elzayed (Investor Pulse)
- Sam Spring (Kincora Copper)
- Frazer Tabeart (Alma Metals)
- Dave O’Neill (American West Minerals)
- Graeme Gribbin (Lefroy Exploration)
- Harry Donner (LinkQ Minerals)
- Nick Frappel (ABC Refinery)
- Colin McMillan (Golden Globe)
- Phil Huizenga (Carnarvon Energy)
- Julian Woodcock (Viking Metals)
- Patrick Volpe (Verity Resources)
- Dr. Andrea Marsland-Smith (Alligator Energy)
- Ben Emery (Ark Mines)
- Kerry Stevenson (Gold Events)
- Jaxson Crabb (RIU Conferences)
