The Drill Down
Friday 10 July 2026
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Developing High-Grade Gold & Copper in a Tier-One Belt
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670Koz
Au Eq Resource
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700km²
Serbian Landholding
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7,000m
Drilling Underway
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MinRex Resources is advancing a high-grade gold, silver and copper portfolio across 700km² of Serbian landholding in the West Tethyan Belt, anchored by a 670Koz @ 2.9g/t Au Eq resource at its advanced Tlamino gold-silver project.
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Lead Insight
Americans and Canadians Are Squabbling Over Mines
The Economist reports that the United States and Canada are increasingly squabbling over mines, as the two neighbours jostle over who controls and benefits from Canada's critical-minerals wealth. Washington is pulling Canadian output into its own supply chains through Project Vault and bilateral deals, while Trump's tariffs and talk of absorbing Canada have hardened resistance in Ottawa, leaving the USMCA review as the key battleground.
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Our Take
The squabble cuts both ways for Canadian developers: sovereignty risk rises, but competing US and allied capital chasing the same assets supports valuations. Watch the USMCA review, not the rhetoric.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,112
-0.29%
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Silver
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$60
+0.13%
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Platinum
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$1,633
+1.21%
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Palladium
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$1,270
+1.60%
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Base Metals & Commodities
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Copper USD/t
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$13912.75
+0.75%
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Nickel USD/t
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$16572.00
+1.15%
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Zinc USD/t
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$3620.54
+0.77%
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Lead USD/t
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$1886.20
+0.11%
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WTI Crude USD/bbl
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$71.90
-0.25%
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Prices updated as of 10 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Tartana Minerals Limited
Tartana revealed an unsolicited, non-binding proposal from an international mining group to take up to 20% via a placement at 5.3 cents, a large premium to the market, alongside technical support and board seats. The board split and could not agree to advance it, and a same-day notice of meeting to remove directors points to a boardroom fight, with the shares now in a trading pause.
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Cauldron Energy Limited
No company-specific news, with the move tracking a lift in uranium sentiment after Australia and India signed their uranium supply agreement. Cauldron, whose flagship is the Yanrey uranium project in WA, is a pure uranium play that benefits directly from a new export market opening for Australian producers.
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Southern Palladium Ltd
Southern Palladium extended its run on Wednesday's outstanding DFS metallurgical results for its Bengwenyama PGM project in South Africa, which lifted estimated chromite recovery to 85.6% from 30% and PGM recovery to 87.6%. The stronger recoveries continue to draw buyers ahead of the definitive study due in Q4.
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Cokal Limited
No specific catalyst identified, with no price-sensitive news on the day. Cokal, a coking coal developer restarting its BBM project in Indonesia, gave back ground after running hard in recent sessions, reading as profit-taking rather than anything fundamental.
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Cobre Limited
Cobre kept sliding after this week's A$90 million placement at $0.30 a share, issued to fast-track production at its Sierra Atacama copper mine in Chile. The stock is still digesting the dilution, trading below the pre-raise level even as the deal funds its shift toward copper producer.
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Diatreme Resources Limited
Diatreme, a micro-cap silica sand developer, eased in a move that appears tied to capital raising as it funds its Northern Silica and Cape Flattery projects in Queensland. The pullback aligns with the dilution and funding activity around its Sibelco joint venture rather than any operational setback.
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Market data as of 10 July 2026, 4:10 PM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Today's Stories
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The Australian
More at Stake: BHP's New Boss Must Resist Union Ambitions
With a first strike in decades brewing at Port Hedland, The Australian argues BHP's new chief executive must hold the line against a union movement using the 2022 industrial relations reforms to reassert itself across the Pilbara. The eight-hour stoppage on 16 July is modest, but the paper frames the enterprise-bargaining fight as setting the template for labour costs and control at the world's biggest iron ore hub.
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Our Take
The single strike is noise; the precedent is the signal. If the 2022 reforms crack Pilbara labour discipline, higher cost bases follow for every iron ore major, not just BHP.
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ASPI The Strategist
Australia Must Build Its Own Workforce to Run Its Mining Industry
ASPI's Strategist argues Australia must nurture its own geologists and engineers to run its critical-minerals sector rather than lean on foreign talent that is itself in short supply. The warning lands against a deep skills gap, with mining engineering graduates down more than 60% over the past decade, fill rates for experienced engineers near 42%, and an estimated 56,000 extra workers needed by 2033.
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Our Take
Workforce is the quiet bottleneck behind every critical-minerals ambition. Deposits and capital mean little without engineers to run them, and Australia's thinning talent pipeline constrains the whole buildout.
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Evion Group
Investing in People: Roberto's Journey From Madagascar to Perth
Roberto joined BlackEarth Minerals, now Evion Group, in Madagascar in 2009 as GIS and Database Manager, holding a Master of Science in Geophysics from the University of Antananarivo. Backed by Evion, he moved to Perth in 2019 on an Australia Awards Scholarship for a Master of Geospatial Science at Curtin University, then completed a PhD in Spatial Sciences there in June 2026. He continues at Evion today, applying his expertise across the company's projects in Madagascar, India and the United States.
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The Northern Miner
Deep-Sea Mining Threatens 60% of Vent Species, IUCN Warns
More than 60% of the rare mollusc species living around deep-sea hydrothermal vents face extinction from proposed seabed mining, according to the IUCN. The conservation network voted for a moratorium on deep-sea mining in 2021.
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Our Take
A 60% extinction warning from the IUCN hardens the case for the moratorium it backed in 2021 and raises the ESG and permitting risk premium on seabed mining ventures. Investors in the space should price in a longer, more contested path to first production.
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Kamoa Capital
kamoacap.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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