Secure Your Spot: Register for our upcoming live webinar The Newer Case For Copper to dive deep into why the global copper thesis has completely evolved.

I will be co-hosting an incredible panel of leading industry experts on Tuesday, July 29, 2026, at 10:30 AM AEST.

This is a free, 60-minute live online seminar designed for all investors looking to understand the next decade of copper opportunity.

We will be covering:

  • Why the copper investment thesis has changed
  • AI, electrification, and surging global demand
  • Supply constraints and pricing macro dynamics
  • Key ASX copper opportunities
  • A live audience Q&A

Don't miss out on this sharp, timely deep dive. Click the link above to lock in your free registration today!

Next up, make sure to tune into the latest edition of the Theory of Thing Investment Podcast, powered by Small Caps!

You can listen to the full conversation on Acast.

In this episode, I caught up with Heath Moss of HLM Investments to break down a busy week across the resource sector and global markets.

I shared key insights from my recent road trip to Orange, highlighting Golden Globe Resources ASX:GGR as they await imminent assays, and the massive exploration momentum behind Waratah Minerals ASX:WTM.

We also discussed Adherium ASX:ADR following their landmark two-year study validating their respiratory tracking technology, and touched on Mithril Silver and Gold's ASX:MTH substantial resource upgrade.

Actually check out my Adherium chat here—it’s quite interesting.

Some shots from Orange, yes that’s a Fez…

On the macro side, Heath walked through the quiet but steady broader market, noting the S&P 500 and Nasdaq capping off their best quarters in six years.

We also noted a temporary cooling in oil as supply dynamics shift and infrastructure builds out.

Finally, we wrapped things up with some classic footy tipping chatter and a look ahead to the highly anticipated upcoming Noosa Mining Conference.

It is a sharp, rapid-fire session packed with actionable resource insights you won't want to miss!

The EOFY Clean Slate and the US Earnings Surprise

We have officially crossed the line into the new financial year. With EOFY safely behind us, the portfolios are squared away, tax losses are crystallised, and it is time to look forward at how the macro playbook is shaping up for the months ahead.

While the Australian market gears up for its own reporting season in August, all eyes are currently turning to the US as we lead into the Q2 earnings season kicking off in mid-July.

If you want a clear picture of why the market has been holding up with such fierce resilience, you need to look at what analysts are doing with earnings expectations. Check out the latest data from the FactSet Earnings Insight report.

As shown above, something highly unusual just happened in Q2 2026:

  • Bucking the Trend: Historically, analysts systematically trim bottom-up EPS estimates during the first two months of a quarter.
  • The Q2 Revisions Spike: Instead of the typical downward drift, the bottom-up EPS estimate for the S&P 500 actually increased by 3.4% over the quarter.
  • A Rare Outlier: This marks one of the positive revision quarters we have seen in years, starkly contrasting the consistent downgrades that characterised 2024 and 2025.

When the market refuses to roll over despite high interest rates and sticky core dynamics, this is why corporate earnings expectations are actually tracking upward as we head to the confessional booth. It sets a high bar for Wall Street to cross starting July 14, but it shows that the underlying fundamental engine is still humming.

The Dust Settles on Another Year

That wraps up this week's edition. As the end of the financial year passes, we get a moment to step back, look at the big picture, and see how the dust settles across the market.

The macro landscape will always throw plenty of noise our way, but our strategy remains unchanged: we cut through the headlines, focus on real corporate value, and keep buying quality opportunities as we always do.

Now is the perfect time to review your portfolio, check your allocations, and ensure you are positioned for the next leg of this cycle. Take a close look at your holdings, reassess your weighting in core resources and global equities, and make sure your investment plan is locked in for the year ahead.

On a final sporting note, well done to the Socceroos on an effort. They gave it everything on the world stage. And as for the rest of the tournament, dare we say it? It's coming home for England football at the World Cup.

Stay disciplined, keep hunting for value, and we will catch you next week.

Stay safe and all the best,

James