The Drill Down
Tuesday 14 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
Bank of America Sees Value in Gold Miners Even After Cutting 2026 Gold Price Forecast
Bank of America has cut its 2026 average gold price forecast by 14% to US$4,360 an ounce, expecting the metal to consolidate as it pencils in three Federal Reserve rate rises this year, but it argues the real value now sits in the miners. The bank notes gold producers are among the market's most profitable sectors, with free cash flow ten times 2020 levels, the highest earnings yield of any sector at 12%, and equities trading at a 19% discount to net asset value. With low correlation to both stocks and bonds, BofA frames the miners as both cheap and a genuine diversifier.
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Our Take
The call is to own the miners, not the metal. Record cash flows and a 19% discount to NAV mean the equities re-rate even if gold merely holds this level.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,030
+0.69%
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Silver
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$58
+0.86%
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Platinum
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$1,614
+0.88%
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Palladium
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$1,274
+2.06%
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Base Metals & Commodities
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Copper USD/t
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$14102.41
+1.56%
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Nickel USD/t
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$16717.00
+0.49%
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Zinc USD/t
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$3583.54
+1.16%
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Lead USD/t
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$1870.60
+0.48%
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WTI Crude USD/bbl
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$80.11
+2.52%
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Prices updated as of 14 July 2026, 4:20 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Tusker Minerals Ltd
Tusker delivered a maiden JORC exploration target of 2.1 to 2.6 billion tonnes at 2.1 to 2.3% total heavy minerals for the Diwong South prospect at its Douala Basin rutile project in Cameroon, around 40km from the Port of Douala, for roughly 7 to 8 million tonnes of contained rutile. The figures are a conceptual exploration target, not a Mineral Resource, and cover only around 6% of the project area, leaving substantial scope to grow.
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New Murchison Gold Limited
New Murchison hit high-grade gold at its Cloudkicker deposit near Crown Prince and Garden Gully in the Murchison, WA, with best intercepts of 10m at 13.61 g/t (including 3m at 32.17 g/t) and 1m at 54.80 g/t. The hits are shallow, higher grade and wider than the current resource, with mining underway and the zone expected to add around 20,000 ounces over the next 12 to 18 months.
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Coronado Global Resources Inc.
Coronado appointed CFO Barrie van der Merwe as CEO and Managing Director from 1 August 2026, ending interim leadership under founder Gerry Spindler, who stays on the board. The metallurgical coal producer hands the incoming chief a clear turnaround mandate to restore profitability and cut debt, and the market backed the settled leadership line.
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Kingsgate Consolidated Limited
Kingsgate met FY26 guidance of 86,078 ounces, up 15%, at its Chatree mine in Thailand, but the market kept selling on the Plant 1 ball mill trunnion-bearing failure that has taken 2.3Mtpa offline, with Plant 2 still running at 2.7Mtpa. Around A$179m in cash, bullion and dore underpins the balance sheet, but the drop reads as continued fallout from the outage rather than a reaction to the production result.
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Sky Metals Limited
Sky lifted its Tallebung tin-tungsten-silver resource in NSW to 32.7Mt for 36.8kt of contained tin, 1.14M mtu of tungsten trioxide and a maiden 9.94Moz silver resource, exceeding the top of its previous exploration target with 58% more tin and 163% more tungsten. Despite the upgrade the stock sold off, a sell-the-news move ahead of the pre-feasibility study due later this month.
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Black Canyon Limited
No company announcement accompanied the move at the manganese explorer, whose flagship Wandanya project sits in the Balfour Manganese Field of WA's Pilbara. With no fresh catalyst, the fall reads as profit-taking on a thinly traded name that has run hard on its recent high-grade drilling.
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Market data as of 14 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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Bloomberg
Congo Tax Agency Seals Glencore Mine Offices in Payment Dispute
Congo's tax agency sealed the Kolwezi offices of Glencore's Kamoto copper-cobalt unit after talks over billions in alleged unpaid taxes collapsed. Production is so far unaffected, but the dispute clouds a pending US-backed deal for Orion CMC to buy 40% of the asset.
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Our Take
Resource nationalism meets US supply strategy. The tax fight lands squarely on the Orion deal Washington needs to secure Congolese copper and cobalt.
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Market Index
Is Simandou Really a Pilbara Killer? What the Iron Ore Sell-Off Means for BHP, Rio and FMG
A faster-than-expected ramp at Guinea's giant Simandou mine drove iron ore from a two-year high near US$112 to below US$97, dragging BHP, Rio and Fortescue down with it. Market Index argues the Pilbara killer fear is overdone, since Simandou mostly backfills ageing supply, and the low-cost majors stay profitable near US$90 a tonne.
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Our Take
The threat is the expectations gap, not the mine. If Simandou keeps beating forecasts, the majors' valuations get marked down regardless.
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Mining.com
EU Announces Restrictions on Trading Sudanese Gold
The EU has imposed new sanctions on Sudan, banning the purchase, import or transfer of Sudanese gold, which it says is financing the conflict between the army and the Rapid Support Forces. The measures also bar exports of mercury and cyanide, both used in gold processing, to the country.
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Our Take
Sanctioning conflict gold rarely stops the flow, it reroutes it. Expect Sudanese ounces to keep moving through Gulf refiners into global supply.
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Bloomberg
Miner ERG Weighs Breakup to Split Assets Between Its Owners
Eurasian Resources Group's two main shareholders are weighing a split into separate Kazakh and international businesses, with Shukhrat Ibragimov swapping his family's 20% stake for the international arm. That vehicle would house the DRC copper and cobalt assets, including Metalkol, and take on around $2 billion of ERG debt.
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Our Take
A cleaner cobalt and copper vehicle around Metalkol could court Western buyers hunting non-Chinese supply.
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Bloomberg
Tycoon Dewji Expands Into Battery Minerals as Demand Surges
Tanzanian billionaire Mohammed Dewji is committing around $275 million to graphite mining through his MeTL Group, expecting first production within 18 months. He is targeting demand outside China, starting at roughly 94% purity for Chinese refiners before upgrading to battery-grade material for Europe, Japan and South Korea.
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Our Take
Deep-pocketed local capital raises the bar for the ASX-listed juniors chasing the same Tanzanian graphite.
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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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