The Drill Down
Monday 20 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.
Tlamino resource is a foreign estimate. Refer to ASX announcement dated 6 January 2026.
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Lead Insight
Twiggy Forrest to Acquire 16.8% of EQR From Oaktree
Andrew Forrest's private vehicle Wonongarra has agreed to buy Oaktree's entire 16.8% stake in EQ Resources, the largest Western tungsten producer, comprising 862 million shares and 35.6 million options. The holding carries the right to appoint a director, and EQR says operations at Mt Carbine in Queensland and Barruecopardo in Spain are unaffected.
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Our Take
Forrest replacing a financial sponsor with patient strategic capital is the strongest signal yet on where Western tungsten sits, and the market marked EQR up 34% on it. The baton passing from Oaktree to a mining operator with a board seat reframes the register from exit-driven to build-driven.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,010
-0.18%
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Silver
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$57
+1.17%
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Platinum
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$1,591
+0.09%
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Palladium
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$1,241
-0.67%
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Base Metals & Commodities
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Copper USD/t
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$13862.68
-0.21%
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Nickel USD/t
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$17005.00
-0.50%
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Zinc USD/t
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$3513.09
-0.35%
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Lead USD/t
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$1874.90
-0.06%
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WTI Crude USD/bbl
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$83.91
+2.60%
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Prices updated as of 20 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Hamelin Gold Limited
Hamelin's maiden RC drilling at the Day Dawn project, 10km from Telfer in WA's Paterson Province, returned outstanding high-grade gold including 3m at 93.4 g/t from 9m, within that 2m at 128.9 g/t, plus 4m at 21.0 g/t and 3m at 18.3 g/t along the Aurora Lode. Assays for 13 more holes are due in early August, with parallel lodes and a deeper Telfer-style target still to test, and Gold Fields and Vault sit on the register.
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EQ Resources Limited
Andrew Forrest's private vehicle Wonongarra has agreed to buy Oaktree's entire 16.8% stake in the largest Western tungsten producer, 862 million shares plus 35.6 million options, with the right to appoint a director. EQR says Mt Carbine in Queensland and Barruecopardo in Spain are unaffected, and the market read the swap from financial sponsor to mining operator as a strong endorsement.
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Citigold Corporation Limited
No announcement accompanied the move at the Charters Towers gold explorer in North Queensland, which holds a large historic goldfield resource but remains pre-production. At 1.3 cents a share, a two-tick move reads as large in percentage terms, and record gold has kept speculative interest in dormant high-grade ground alive.
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Kalamazoo Resources Limited
Kalamazoo returned from a trading halt after raising an oversubscribed $8 million at 12 cents a share, a 14.3% discount to its last close, lifted from a $5 million target to fund resource and extension drilling at its 1.44Moz Ashburton gold project. The raise clears funding for the Mt Olympus pre-feasibility study, but the discount repriced the stock and holders sold.
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Aspire Mining Limited
No announcement drove the fall at the developer of the Ovoot coking coal project in northern Mongolia, where the company is advancing rail and road infrastructure toward development. With no fresh catalyst, the move reads as profit-taking after a strong run on the met coal name.
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CuFe Ltd
The only filing was a substantial holder notice showing European Lithium creeping from 16.73% to 17.68% through on-market buying, a mild positive rather than a driver. With no operational news at the iron ore and commodities play, the fall reads as a low-conviction drift on thin volume.
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Market data as of 20 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
Key China Copper Gauge Rallies to $100 After Tax Crackdown
The Yangshan premium, the benchmark gauge of Chinese demand for imported copper, has climbed toward $100 a tonne as Beijing's crackdown on circular invoicing chokes the tax receipts that traders rely on to finance and move metal. Sharp domestic destocking is compounding the squeeze, tightening spot availability into an already stretched market.
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Our Take
A paperwork crackdown is doing what a demand surge usually does, pulling the import premium higher by constricting supply rather than lifting appetite. Layered on treatment charges at zero, it says physical copper tightness is now structural, not seasonal.
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SBS News
Australia's Coal Capital Is Preparing for What Once Seemed 'Unimaginable'
Former coal-fired power station sites across the NSW Hunter are being converted into battery and renewable hubs, with five mines set to close within four years and up to 20,000 jobs in the balance. Muswellbrook, where mining supplies 56% of council rates, has secured a special rate variation and is fielding interest from data centres, manufacturing and recycling ventures drawn by energy security.
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Our Take
With 93% of Hunter thermal coal exported, the timeline is set offshore, and a China import wind-down by 2035 would compress it hard. Grid-connected land with water and transmission is the region's real asset now, which is why data centres are already circling.
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Mining.com
Chart: Gold Price Holds $4,000 as Mining Stocks Bear the Brunt
Gold traded near $3,992 an ounce for its worst week since early June, down about 3%, as an oil-driven inflation scare kept Fed rate-hike bets alive. The equity fallout ran deeper, with the median large precious metals stock now sitting almost 40% below its 52-week high, and gold still down roughly 29% from January's peak near $5,600.
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Our Take
Miners down 40% against bullion off 29% is operating leverage working in reverse, and it separates funded producers from the rest. A washed-out equity tape against an intact $4,000 floor is where selective buyers start doing their work.
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ABC
Australia-India Export Deal Triggers Debate Over Uranium Opportunities in Broken Hill
The Australia-India export deal has opened debate over uranium opportunities in the historic Broken Hill mining region. Local stakeholders are weighing what the agreement means for the area's mining future.
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Our Take
The India export deal is the trigger, but Broken Hill's uranium upside is still debate rather than development, so treat this as optionality not a pipeline. Investors should watch whether policy talk converts into actual permits before pricing in any regional uranium re-rating.
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AFR
Australia's Top-Performing Equity Fund Just Returned 166pc in FY26
Tectonic Investment Management's Opportunities Fund, run out of the NSW coastal town of Kingscliff, topped Fund Monitors' rankings with a 166.5% return for FY26 after more than doubling investors' money. The result was driven by early positions in two bitcoin miners that pivoted into artificial intelligence.
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Our Take
The year's top return came from data-centre power demand, not an orebody, which is the same AI electricity thesis now pulling capital toward copper, uranium and grid metals. The compute build-out is becoming a resources story whether or not it is framed as one.
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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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