The Drill Down
Monday 13 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
Regis Declines to Match Genesis's Bid for Vault, in Line for $50.7M Break Fee
Regis Resources has ruled out lifting its offer for Vault Minerals to match a competing proposal from Genesis Minerals, which Vault's board has judged superior. The Regis board said matching Genesis would breach the value and return thresholds it applies to growth, and expects Vault to now terminate their 4 May scheme deed, triggering a break fee of roughly A$50.7 million payable to Regis. Regis frames the walk-away from a position of strength: debt-free, with $1.2 billion in cash and bullion and organic growth through the recently reinstated McPhillamys project.
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Our Take
Walking away with a $50.7 million cheque beats overpaying for Vault. Regis keeps its balance sheet and discipline intact, and lets Genesis carry the integration risk of winning.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,063
-1.40%
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Silver
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$58
-2.64%
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Platinum
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$1,604
-1.62%
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Palladium
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$1,253
-1.58%
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Base Metals & Commodities
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Copper USD/t
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$13748.10
-1.10%
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Nickel USD/t
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$16635.00
+0.38%
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Zinc USD/t
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$3586.14
-0.70%
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Lead USD/t
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$1875.60
-0.59%
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WTI Crude USD/bbl
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$74.44
+4.24%
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Prices updated as of 13 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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CGN Resources Limited
CGN gained after completing heritage clearance across five priority gold targets at its Christmas Well and Panhandle projects in the Leonora district, opening the way for a maiden 4,000m RC drilling program starting this week. The market rewarded the shift from generative work to first modern drill testing, with the standout Ox Tongue target on a concealed granite-greenstone contact analogous to the nearby Gwalia gold mine.
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Dateline Resources Limited
Dateline surged after the US Department of Justice filed a court motion supporting continued operations at its Colosseum gold and rare earths project in California, arguing the existing Plan of Operations remains in effect against a challenge from the National Parks Conservation Association. With Colosseum sitting 10km from the Mountain Pass rare earth mine and carrying a US$785 million pre-tax NPV on gold alone, the market read the federal backing as de-risking a strategic critical-minerals asset.
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Cavalier Resources Limited
Cavalier rose after securing binding project financing for its wholly owned Crawford gold project, executing term sheets with commodities trader Javelin Global and financier Ottomin for a US$13 million gold prepayment facility and a A$5 million gold loan, around A$23 million of debt in total. The structure ties repayments to future gold production and is designed to minimise dilution as Crawford advances toward first production.
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GBM Resources Limited
No price-sensitive news on the day, with the sell-off coming on above-average volume. GBM is advancing its 100%-owned Drummond Basin gold portfolio in Queensland, holding a roughly 1.84Moz gold resource across Twin Hills, Yandan and Mt Coolon, and the move reads as position-driven selling rather than any change at the project.
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Kingsgate Consolidated Limited
Kingsgate hit its FY26 guidance with 86,078 ounces of gold from the Chatree mine in Thailand, up 15% on the prior year, but the result was overshadowed by a same-day disclosure. A ball mill failure has taken Chatree's Plant 1 (2.3Mtpa) offline for assessment, and the market sold the uncertainty over downtime and any guidance impact, even with the larger Plant 2 still running and A$179 million in cash and bullion behind it.
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Oceana Metals Limited
Oceana fell despite last week's strong maiden re-assay results from its Serra Negra rare earth project in Brazil, which returned intervals such as 50m at 4.0% TREO and ranked the deposit among the top tier of carbonatite-hosted systems globally. With the assays now a few days old and the initial 20,000m drill program still weeks away, the pullback reads as profit-taking after the run rather than any change to the project's potential.
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Market data as of 13 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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Mysteel
China Lithium Supply Tightens as July Cuts Meet Firmer LFP Demand
Chinese lithium ore trade was thin last week as refineries settled earlier purchases, with traders' inventories easing and spot supply staying tight. Mysteel notes July supply has tightened on spodumene maintenance curtailments and slower Chilean arrivals, while stronger-than-expected LFP battery production has supported demand, though buyers stayed cautious with little restocking above RMB 150,000 a tonne.
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Our Take
Tightening Chinese supply and resilient LFP demand are the first firm signals under a weak lithium tape. A break above RMB 150,000 a tonne would test the downcycle narrative.
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The West Australian
Wesfarmers Division Set to Green Light Mt Holland Mine Expansion on Bright Outlook for Battery Metal
Wesfarmers' chemicals division is preparing to approve a $600 million-plus expansion of the Mt Holland lithium mine, run through its Covalent Lithium joint venture with Chile's SQM, that would double spodumene output to 760,000 tonnes a year. Managing director Aaron Hood signalled the decision could land sooner than the year-end timeline flagged to investors, with engineering and approvals well advanced.
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Our Take
Approving expansion into a soft lithium market is a through-the-cycle call few juniors could make. Wesfarmers' balance sheet lets it build capacity now and capture the next price upswing.
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Miningmx
Orion Awaits Glencore's $250M Prieska Cheque
Orion Minerals says its Prieska copper-zinc project in South Africa's Northern Cape is shovel-ready and is waiting only on Glencore's $250 million offtake prepayment to clear, five months after the deal was struck. Remaining hurdles include South African Reserve Bank approval and security arrangements with co-financier Triple Flag, with first concentrate targeted within 13 months of funds landing.
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Our Take
The mine is ready; the money is not. Orion's timeline now hinges on regulatory sign-off, not the drill, and every month of delay pushes Prieska's 2027 first-copper target further out.
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Reuters
Namibia Secures China Deals on Infrastructure, Mining and Energy With State Visit
China and Namibia signed eight agreements during President Nandi-Ndaitwah's state visit to Beijing, including a green minerals pact and an economic partnership framework, with both sides pledging to deepen cooperation on uranium, lithium and rare earths. The joint statement stressed local processing and technology transfer, echoing a wider African push to capture more value before export. Chinese firms have already invested $4.2 billion in Namibia, almost all in metals.
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Our Take
Namibia is locking in China as its critical-minerals partner while the EU still debates funding. For uranium and lithium plays on the ground, Beijing remains the buyer writing cheques today.
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Mining.com
Canada's 20-Year Mine Timeline Hits Multibillion-Dollar Wall
A new PwC Canada report finds the country takes about 20 years to permit and build a mine, six years longer than Australia's 14, putting billions in critical minerals investment at risk as rival jurisdictions move faster. PwC argues geology alone no longer wins capital, with permitting speed, financing and processing capacity now deciding which countries capture supply-chain value.
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Our Take
The 14-versus-20-year gap is a direct pitch for Australian jurisdiction. For ASX developers, faster permitting is a tangible cost-of-capital edge that Canada's world-class geology cannot offset.
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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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