The Drill Down
Wednesday 15 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
Rio Tinto Lifts Copper Production 31pc as Iron Ore Exports Bounce Back
Rio Tinto lifted first-half copper production 31 per cent year-on-year in its second quarter 2026 results. Iron ore exports rebounded during the period.
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Our Take
Copper up 31 percent while iron ore just bounces back. Rio's future revenue mix is shifting in front of us. The copper pivot isn't coming. It's here.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,034
-0.48%
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Silver
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$58
-0.38%
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Platinum
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$1,634
+0.20%
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Palladium
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$1,306
+0.74%
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Base Metals & Commodities
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Copper USD/t
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$14100.98
+0.10%
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Nickel USD/t
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$16708.00
-0.05%
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Zinc USD/t
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$3605.39
+1.43%
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Lead USD/t
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$1861.30
-0.10%
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WTI Crude USD/bbl
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$79.71
+0.47%
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Prices updated as of 15 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Laramide Resources Ltd
No announcement accompanied the move at the uranium developer, whose Westmoreland project in Queensland sits alongside Churchrock-Crownpoint and other US assets. The jump reads as the thinly traded Australian line printing at the offer rather than any catalyst, with the primary listing in Toronto.
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Megado Minerals Ltd
Megado kicked off maiden drilling at its Iberian Copper Project in northern Spain, planning up to nine diamond holes for 1,500m to 2,000m testing depth and strike extensions to the historic Mina Emilia copper oxide mine. The company is chasing red-bed sedimentary copper across a 777 square kilometre permit package covering at least 12 historic workings.
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Kingsgate Consolidated Limited
Kingsgate reversed yesterday's slide after confirming Plant 1 at Chatree in Thailand has restarted on a modified circuit, with the failed ball mill isolated and SAG Mill 1 recommissioned in closed circuit. Throughput has been lifted to around 130 wet tonnes per hour, restoring roughly half of Plant 1's capacity and taking total Chatree throughput back above 4Mtpa while ball mill repairs continue.
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EMC Gold Corporation
No announcement accompanied the fall at the gold explorer, whose flagship Salave project in Asturias, northern Spain, ranks among Europe's larger undeveloped gold deposits. The stock has a history of sharp no-news swings, and the drop lands against a softer precious metals tape after a fresh CEO appointment last week.
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Patriot Resources Limited
No announcement accompanied the pullback at the explorer, which holds the Tassa silver-gold project in southern Peru with a maiden inferred resource of 31.4Moz silver equivalent, alongside copper ground in Zambia. As a pre-drilling name geared to the silver price, it has given back ground as precious metals came off their highs.
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Toubani Resources Limited
Toubani resumed trading after completing a fully underwritten institutional entitlement offer that raised about A$52 million at A$0.30 a share, a 14.3% discount to its last traded price, with a further A$18 million to come from retail. The raise and an accompanying gold stream fund the Kobada gold mine in Mali to production, targeted for the third quarter of 2027, and the stock repriced to the offer terms.
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Market data as of 15 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 West Australian
Global Lithium Resources Snaps Up Nova Nickel-Copper-Cobalt Project From IGO to Process Manna Ore
IGO has agreed to sell its Nova nickel operation in Western Australia to a Global Lithium subsidiary for total consideration of about $7 million, with the buyer set to repurpose the processing plant for spodumene concentrate from its Manna project some 170km away by road. Nova keeps generating cash for IGO until mining ends in the December quarter of 2026, with Global Lithium targeting concentrate production from mid-2027.
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Our Take
Buying a built mill for the price of a drill program is the cheapest path to production a developer can find, and it strips capital and schedule risk out of Manna ahead of a final investment decision. For IGO, handing a closure liability to someone who wants the plant beats writing the rehabilitation cheque.
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Defence Blog
Pentagon Moves to Expand Wartime Titanium and Magnesium Reserves
The Defense Logistics Agency issued two Requests for Information under its Warstopper Program, asking US suppliers to detail grades, demand, lead times and stockpiling practices for titanium and magnesium, with responses due by 31 August. The US has had no domestic titanium sponge production since 2020, while China's share of global titanium metal output has climbed from roughly 40% in 2019 towards a projected 75%.
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Our Take
Non-binding information requests are how procurement money starts moving, and titanium and magnesium are now joining antimony and tungsten on Washington's chokepoint list. Allied developers with credible sponge or magnesium metal plans have a narrow window to put themselves in front of that budget.
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Junior Mining Network
Awale Resources Welcomes Predictive Discovery as a Strategic Investor
Predictive Discovery is taking a 12.3% stake in Awale Resources through a $14.15 million placement at $0.85 a share, a 10% premium, to fund exploration across Awale's wholly-owned ground at the Odienne gold-copper project in Cote d'Ivoire. It becomes the third miner on the register alongside Fortuna and Newmont, leaving Awale with over $30 million in cash post-closing.
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Our Take
Three strategics on one register is rare validation for a junior, and a premium cheque after a maiden resource says the Odienne district is being priced for growth. The interest now is whether Fortuna or Newmont top up to defend their positions.
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Financial Times
China-Operated Mine Warns Pakistan Copper Project Faces Freeze Over Insurgency
The largest Chinese-operated copper and gold mine in Pakistan warned that the project faces a possible freeze due to insurgency in the region.
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Our Take
A freeze at the biggest Chinese-operated copper and gold mine in Pakistan removes tonnes from an already tight copper pipeline, and it reinforces the geopolitical risk premium on frontier-market supply that Western majors can now exploit.
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Other
Alcoa Reaches Final Investment Decision on Gallium Facility With Australia, Japan and US
Australia, Japan, the United States and Alcoa have reached a final investment decision on a gallium production facility at the company's operations.
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Our Take
A four-way FID backed by three governments signals gallium is now a strategic supply-chain priority, and it gives Alcoa a de-risked entry into a market China currently dominates.
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Mining.com
US Invests $38 Million in Indiana Critical Minerals Refinery
The US invested $38 million in an Indiana critical minerals refinery. The company has developed a patented chromatography-based process capable of refining a wide range of feedstocks, including recycled materials.
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Our Take
The $38 million federal commitment to a chromatography-based refinery signals Washington is funding processing technology, not just mines, and it opens a lane for investors backing domestic midstream capacity able to handle recycled feedstock.
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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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