 The Drill DownWednesday 6 May 2026 · Part 2 |
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Presented By |
ASX: KAO |
Namibia’s Copper Belt.
Ready to Drill. |
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| 69.6%Peak Cu Grade |
40kmMineralised Trend |
89%Cu Recovery |
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| Two fully permitted copper projects in Namibia, an emerging exploration jurisdiction on the radar of global miners. The Chalkos Project carries peak surface grades of 69.6% Cu and 2,030 g/t Ag across a 40km mineralised trend. Drilling commences soon.Discover Kaoko |
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Lead InsightKazakhstan’s Mineral Wealth Faces Hard Investment Reality, AIFC Report FindsA report from Kazakhstan’s Astana International Financial Centre finds that junior mining companies face considerable barriers to attracting capital despite the country’s significant mineral wealth. Regulatory complexity and limited access to international capital markets are the key constraints holding back exploration investment.
| Our TakeKazakhstan’s mineral endowment is not the problem. Structural barriers to junior capital formation mean exploration dollars keep flowing to Canada and Australia while its resources sit untouched. |
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Commodity Prices
Precious Metals (USD/toz)
| Gold |
$4,649+2.02% |
| Silver |
$76+3.84% |
| Platinum |
$2,001+1.80% |
| Palladium |
$1,520+2.31% |
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Base Metals & Commodities
| Copper USD/lb |
$6.10+1.79% |
| Nickel USD/lb |
$8.88+1.19% |
| Zinc USD/lb |
$1.55+2.33% |
| Lead USD/lb |
$0.90+0.79% |
| WTI Crude USD/bbl |
$100.89-1.35% |
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Prices updated as of 6 May 2026, 3:48 pm AEST |
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Market MoversWinners & Losers — ASX Markets
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Caprice Resources LimitedRC drilling at the Island Gold Project in WA’s Murchison region returned 22m at 66.2 g/t gold, including 8m at 181 g/t gold from just 42m depth, in a new high-grade zone located approximately 120m parallel to the primary Vadrians lode. The result is the highest-grade intercept returned to date at the project and confirms a multi-lode gold system with significant scale potential ahead of a maiden Mineral Resource Estimate. |
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Austral Resources Australia LimitedDrilling at the Snow Queen prospect within the Cameron River project returned 10m at 7.52% copper from 35m, including 4m at 15.98% copper, supporting Austral’s strategy of feeding its recently acquired Rocklands processing facility with near-mine copper opportunities across the Mt Isa-Cloncurry district. |
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Terra Metals LimitedEast Coast Research published an updated report today setting a target price of A$0.84, implying 205% upside, underpinned by the high-grade Southwest PGM-Cu-Ni discovery at the Dante Project in Western Australia’s West Musgrave region and an A$85m institutional placement completed in February 2026. |
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Coronado Global Resources Inc.No specific catalyst identified. The stock has gained over 60% in the past year and appears to be seeing profit-taking ahead of the May 12 financial results release, with Q1 2026 operational headwinds already on the table, including a major plant shutdown at Curragh and two longwall relocations at Buchanan. |
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Regis Resources LimitedRegis announced yesterday an all-share merger with Vault Minerals (VAU) in a transaction valued at approximately A$10.7 billion, under which Vault shareholders receive 0.6947 Regis shares per share held. Markets are selling the acquirer, a typical pattern on deal announcement, as the implied premium flows to Vault shareholders. |
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Vault Minerals LimitedVault initially gained 3% on the Regis merger announcement but is giving back those gains today as Regis shares continue to slide, compressing the implied offer value. The scheme is targeted for completion in August or September 2026, subject to shareholder and regulatory approvals. |
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| Market data as of 4:10 PM AEST |
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| This Week’s PollWhich jurisdiction offers the best risk-adjusted exploration upside right now?
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This Week’s ResearchThe US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty is a 17-page institutional-grade research memo produced by Kamoa Capital.
It is a structured analytical framework built for investors, mining executives, and government counterparts who need to understand how the US federal critical minerals architecture actually works and where the commercial opportunities and risks concentrate. |
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China’s Chokehold on Global Mineral Refining
| China controls refining of 19 of the 20 strategic minerals tracked by the IEA. This 17-page intelligence report quantifies the chokehold, maps the US$500B–$1.4T investment gap, and identifies where Western capital can still compete. Built on IEA, S&P Global, BloombergNEF and proprietary Kamoa Capital analysis of 2,419 processing facilities across 113 countries. |
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| Today’s Stories |
AFRTanami Gold Launches $70.5m Rights Issue to Fund Central Tanami DeclineTanami Gold has launched a one-for-one entitlement offer at 6c per share to raise $70.5m, with major shareholders committing support. The raise is set to fund development at the Central Tanami Project Joint Venture in the Northern Territory, where Macmahon Holdings was recently selected as mining contractor for the Groundrush exploration decline, an A$38m contract targeting a September 2026 quarter start.
| Our TakeA one-for-one offer at 6c with major shareholder backing is a strong signal of conviction at the project level. With a contractor already locked in and decline development targeting a Q3 2026 start, the capital raise looks squarely execution-focused rather than speculative. |
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Mining.comColombia Coal Mine Explosion Kills Nine Workers at La Ciscuda MineA blast at the La Ciscuda mine, operated by Carbonera Los Pinos in Colombia, killed nine workers and left six others injured, with the injured taken to a regional hospital. The explosion ranks among the deadliest recent incidents in South American coal mining. Authorities are investigating the cause of the blast.
| Our TakeFatal incidents of this scale at smaller operators tend to trigger sector-wide regulatory scrutiny in the affected country, which can slow permitting and raise operating costs across Colombian coal assets. Investors with exposure to the region should monitor any regulatory response closely. |
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Mining.comGeopolitical Shocks Build Copper’s Bull Case, Sprott SaysSprott argues that escalating geopolitical disruptions are strengthening the structural bull case for copper, noting that at the current spot price of $13,000 per tonne, nearly all of the world’s copper mines are operating below their all-in sustaining costs. The analysis points to supply constraints driven by underinvestment and trade tensions as likely catalysts for significantly higher prices. The disconnect between current pricing and cost reality is, according to Sprott, unsustainable.
| Our TakeIf Sprott’s AISC analysis holds, a copper price at $13,000 per tonne that leaves most mines underwater is not a market in equilibrium, and that arithmetic alone should focus investor attention on quality copper developers and low-cost producers with leverage to a repricing. |
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AFRBHP CFO Expresses Confidence in Fuel and Diesel Stocks Despite Middle East DisruptionBHP chief financial officer Vandita Pant has expressed confidence in the mining giant’s fuel and diesel stock levels over the coming months, despite ongoing Middle East conflict driving energy price volatility. The comments came as the broader ASX recovered ground, with mining stocks participating in the rebound. BHP has not indicated any current operational disruption linked to energy supply.
| Our TakePublic reassurance from a BHP CFO on fuel inventory levels is a low-key but meaningful signal that the world’s largest miner has its energy supply chain risk contained for now, which matters for cost guidance credibility across the next two quarters. |
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| Kamoa Capitalkamoacap.com
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| This newsletter is for general information, education & entertainment. Kamoa Capital is not licensed and does not know your circumstances. Nothing here is financial, legal or tax advice — seek professional advice and read any PDS before acting. We aim for accuracy but make no guarantees and accept no liability. Views are opinions only and may include forward-looking statements that may not occur. |
