JPM Mining Daily: Iron Ore -0.7%, Spodumene +3.0%, Ionic Clay Deep Dive, RMS SepQ Production, FMG Retain OW & More

J.P. Morgan Australia Metals & Mining Daily. Overnight, iron ore fell 0.7% to US$91/t while spodumene (Platts) rose 3.0% to US$1,715/t; Brent crude gained 3.8%. The report features a Deep Dive on ionic clay (Ionic Clay 101: Not all clays are created equal), explaining where LYC's Caldeira fits: a large, long-life, low-cost second ore type with ~3.9ktpa of NdPr and ~127tpa of Dy+Tb, slotting into LYC's ex-China separation and customer platform. On single stocks: Ramelius Resources (RMS) reported SepQ production of ~49koz, 8% below JPM's 52koz estimate on wet weather disrupting high-grade ore haulage from Penny, with cash and gold of ~$770m above JPM's ~$600m; FY27 guidance unchanged, retain Overweight with a Jun-27 PT of $5/sh. Fortescue (FMG) pre-reported quarterly results: shipments in line at 46.8Mt but sales ~4Mt lower after prolonged CMRG negotiations led to inventory build;