SCX.ai is arriving on the ASX with an operational ten-rack AI inference node, A$5.35 million of contracted annual recurring revenue and a fully underwritten A$40 million raising.

Part 1 tested the two demand headwinds raised in the financial press. This part examines the side of the market they blow against: mine supply that keeps missing its own guidance, an industry now smelting concentrate for nothing, and the question of what copper price it actually takes to bring a new mine into the world. It closes with a live Australian case study: the restart of Nifty, where the answer is being tested in public, this year.