The Drill Down
Tuesday 21 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
Securing America's Defense Supply Chains and Ensuring Domestic Acquisition of Critical Materials
President Trump signed an executive order directing US defence contractors to source critical materials domestically or from allied nations, tightening enforcement of existing sourcing law. From 1 January 2027, waivers that allow covered materials from adversary nations stop except where a contractor files an accepted mitigation plan, and contractors must map supply chains back to raw-material origin. Projects backed by US government funding or the Export-Import Bank are carved out.
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Our Take
The waiver door shuts in January, turning allied-nation supply from preference into procurement rule. Funded, ex-China projects in friendly jurisdictions are the direct beneficiaries.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,065
+1.42%
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Silver
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$58
+3.13%
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Platinum
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$1,617
+1.74%
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Palladium
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$1,280
+2.14%
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Base Metals & Commodities
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Copper USD/t
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$14225.65
+1.24%
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Nickel USD/t
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$16899.00
-0.62%
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Zinc USD/t
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$3541.24
+1.51%
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Lead USD/t
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$1884.80
+0.87%
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WTI Crude USD/bbl
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$82.03
-0.55%
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Prices updated as of 21 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Zenith Minerals Limited
The share issue was a routine option conversion, not a catalyst. Zenith is subject to an off-market takeover offer from FRS that its board supports, and the stock is tracking toward the bid. Its portfolio spans lithium and gold projects in Western Australia.
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Evion Group NL
Evion rose after Madagascar granted Mining Permits over its Maniry graphite project, converting exploration tenure and clearing the path toward financing and a final investment decision. Maniry is the EU's only endorsed African graphite supplier, and the market re-rated the de-risking.
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Terra Metals Limited
Terra Metals gained after first diamond-tail assays confirmed a 448m mineralised interval at its Southwest discovery, outside the existing 148Mt Dante resource in Western Australia. Grades are moderate and true widths are pending, with a maiden resource targeted for late 2026.
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Prospect Resources Limited
Prospect fell despite reporting wide copper intercepts, including 44m at 0.60% Cu, that extend its flagship Nyungu Central deposit beyond the current resource at the Mumbezhi project in Zambia. With grades moderate and assays still pending on six holes, the market sold a well-flagged step-out result.
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PC Gold Ltd
PC Gold fell despite lifting its Spring Hill resource 84% to 1.51Moz of gold, a well-flagged update the market sold on delivery. The estimate is interim and pre-feasibility, with a study and further drilling due late this year. Spring Hill sits in the Northern Territory's Pine Creek belt.
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Oceana Metals Limited
No announcement accompanied the fall. Oceana is a lithium and rare earths explorer with projects in Brazil and the Northern Territory, including the recently acquired Serra Negra REE project. After a strong run, the move looks like profit-taking on a thinly traded small cap.
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Market data as of 21 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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Terra Metals
Diamond Drilling Confirms 448m Mineralised Interval at Dante Southwest
Terra Metals reported first diamond-tail assays from its Southwest discovery at the Dante project in Western Australia, with hole SWRD051 returning 448m at 0.87 g/t PGE3 (platinum, palladium and gold) and 0.15% nickel from 102m, including 36.6m at 2.00 g/t PGE3. The corridor sits outside the existing 148Mt Dante resource, and the company is targeting a maiden Southwest resource estimate in late 2026.
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Our Take
A 448m hit outside the existing resource is a real scale signal, though grades are moderate and true widths unknown. The late-2026 maiden estimate is the test.
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Reuters
Copper Gains on Chinese Demand, Tight Stocks
Three-month copper on the London Metal Exchange rose 0.29% to $13,661 a tonne, supported by supply-tightness fears and strong Chinese buying. The gain held despite broader demand concerns tied to escalating US-Iran tensions.
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Our Take
Copper holding gains through a war-risk bid says the tightness story is doing the heavy lifting. Chinese buying into thin stocks is the floor under any macro wobble.
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S&P Global
Trump Announces Directives to Strengthen Domestic Aluminium and Critical Mineral Production
A Section 232 proclamation directs Commerce to set up an incentive program rewarding companies that build, expand or refurbish US aluminium smelters, offering approved onshorers a halved 25% import tariff on a set volume of primary metal. A companion executive order tightens limits on defence waivers for critical materials from China, Russia, Iran and North Korea. The US relies heavily on Canada for primary aluminium and scrap.
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Our Take
Tariffs alone did not rebuild smelting, so Washington is now paying for capacity with cheaper import quotas. It is industrial policy by carrot after the stick underdelivered.
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Bloomberg
Ghana Opposition Politician Jailed 20 Years for Illegal Mining
Ghana sentenced a senior opposition politician to 20 years in prison after convicting him and his company, Akonta Mining, of mining illegally inside a forest reserve. The ruling is one of the country's most severe illegal mining convictions.
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Our Take
A 20-year sentence against a politically connected figure signals Ghana is prepared to enforce mining law hard, which should reduce informal-sector competition for legitimate operators. The flip side is heightened political and regulatory risk for anyone with tenure near contested forest reserves.
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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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