 The Drill DownFriday 26 June 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 InsightASX Puts Mining Companies on Notice Over Embellishing PerformanceThe ASX has told mining companies to improve the accuracy of their updates and to stop embellishing performance to entice investors, setting out eight areas of compliance for the sector to lift its game. The exchange wants more regular and thorough disclosure to avoid sudden market shocks, reinforcing its existing powers to correct, retract or suspend announcements that present an unbalanced or misleading picture.
| Our TakeThe ASX enjoys premier mining exchange status over its counterparts in North America and Europe. This is often reflected in more junior companies listed, more capital raised and higher premiums. That said, the ASX continuously faces challenges at junior end with governance, excessive promotion, disclosure and reporting standards. A rising benchmark should generally be seen as a good thing. |
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Commodity Prices
Precious Metals (USD/toz)
| Gold |
$4,014-0.32% |
| Silver |
$57-1.91% |
| Platinum |
$1,576-1.32% |
| Palladium |
$1,181-0.18% |
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Base Metals & Commodities
| Copper USD/t |
$13342.50-1.20% |
| Nickel USD/t |
$16840.00+0.49% |
| Zinc USD/t |
$3406.34-0.29% |
| Lead USD/t |
$1910.30+0.42% |
| WTI Crude USD/bbl |
$70.79-1.57% |
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Prices updated as of 26 June 2026, 3:48 pm AEST |
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Market MoversWinners & Losers – ASX Markets
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Solstice Minerals LimitedSolstice’s first diamond hole at its Nanadie copper-gold project in WA returned 629.1m at 0.50% Cu and 0.17g/t Au from surface, including 30.7m at 1.41% Cu. The result extends mineralisation more than 300m below the current 40.4Mt resource and points to a much larger system. |
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Chilwa Minerals LimitedChilwa confirmed rare earth mineralisation in clays beneath its Mposa mineral sands deposit in Malawi, averaging 525 ppm TREO across an 8km corridor with magnet rare earths around 21% of the basket. Desorption test-work at ANSTO will assess whether the clays host a low-cost, ionic-adsorption deposit. |
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Ioneer LtdIoneer secured a conditional US Army award for a long-term land lease at Tooele Army Depot to build a boron processing facility, one of only four companies selected. |
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Canyon Resources LimitedCanyon fell despite a development update at its Minim Martap bauxite project in Cameroon, with locomotives delivered and first shipment on track for Q4 2026. |
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Trek Metals LtdNo specific catalyst identified. Trek Metals, a WA-focused base and precious metals explorer, eased on no company announcement, the move consistent with profit-taking on thin volume. |
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Core Lithium LtdCore eased as it moved to spin its gold and non-lithium tenements into a new ASX-listed company, Axiant Resources, via an $8 to $10 million IPO. Core keeps a roughly 29 to 33% stake and refocuses on its Finniss lithium operation, with the move not a clear near-term value driver. |
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Market data as of 26 June 2026, 4:10 PM AEST |
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| This Week’s PollSix Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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Presented By |
Enabling fractional mining royalty investment
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| Today’s Stories |
Mining.comUS Invests $250 Million in Robert Friedland Startup for Chip MakingI-Pulse, the pulsed-power venture co-founded by mining magnate Robert Friedland, has signed a definitive agreement for a US$250 million award from the US Department of Commerce’s CHIPS program to develop silicon-carbide semiconductor and pulsed-power technology. The New Mexico-based company uses high-power electrical surges to fracture hot rock ahead of geothermal drilling, with the chips also targeting underground mining, manufacturing and defence. Backers include Rio Tinto and Newmont, and Friedland says I-Pulse is likely to list publicly within a few years.
| Our TakeFriedland keeps positioning at the seam where mining, energy and defence meet. The pitch that AI’s true constraint is clean baseload, and geothermal answers it, is the thesis worth tracking here. |
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ConstructConnectNorthern Ontario First Nation Begins Building Road to the Ring of Fire Mining RegionConstruction has begun on the Webequie Supply Road, a 107km route running from Webequie First Nation toward the McFaulds Lake heart of Ontario’s Ring of Fire, with the province marking the groundbreaking and the road due open by November 2030. The Ring of Fire holds nickel, chromite, copper and platinum group metals, with Australia’s Wyloo advancing the Eagle’s Nest nickel project, though the First Nation stresses the approval covers the supply road only, not any mine.
| Our TakeFirst ground on the access road is the real unlock for the Ring of Fire, the bottleneck has always been infrastructure, not geology. Wyloo’s Eagle’s Nest moves closer, but 2030 timelines and First Nations opposition keep it long-dated. |
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ReutersSweden Has Agreed First Financing Package for New Nuclear Reactors, PM SaysSweden’s government will take a 60% direct stake in Videberg Kraft, the Vattenfall-led company building the country’s first new reactors in 50 years, with Vattenfall and industrial consortium Industrikraft holding 20% each. The deal funds three Rolls-Royce small modular reactors at the Ringhals site, around 1,500 MW or the equivalent of two large reactors, targeted for the mid-2030s. Parliament has approved a state stake of up to 1.8 billion kronor, with EU state-aid clearance expected by autumn 2027.
| Our TakeA government taking majority equity, not just guarantees, signals how far the state must lean in to get SMRs financed. It is a template other Western nuclear builds will study closely. |
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Financial TimesVale Shareholders Head to Vote After Board Rejects Push to Oust ChairVale’s board has voted against a proposal from Previ, its largest shareholder with a 7% stake, to remove chairman Daniel Andre Stieler, with directors deeming the grounds insufficient. The matter still proceeds to an extraordinary shareholder meeting on 22 July, where Previ is backing independent director Manuel Oliveira as chairman against the board’s own slate. The dispute pits Brazil’s largest pension fund against the board of the world’s top iron ore producer, in a governance fight with no controlling owner to settle it.
| Our TakeState-linked pension capital is flexing inside the boardroom of the world’s biggest iron ore name. With no controlling owner, the 22 July vote is a live test of who really sets strategy at Vale. |
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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. |
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