The Drill Down
Wednesday 22 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
Queensland Moves to Unlock Global Mining Investment
Queensland Natural Resources and Mines Minister Dale Last has announced a full review of the state's Financial Provisioning Scheme, which requires miners to set aside funds against rehabilitation and site-abandonment risk. Speaking at the Queensland Mining and Engineering Exhibition in Mackay, Last said the reforms aim to remove barriers to investment while keeping environmental safeguards, arguing the scheme ties up capital that could otherwise fund exploration, equipment and jobs.
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Our Take
Freeing rehabilitation bonds hands miners working capital without cutting the clean-up obligation itself. The question is whether the state still covers a walk-away.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,132
+1.34%
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Silver
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$60
+1.47%
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Platinum
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$1,662
+2.23%
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Palladium
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$1,313
+2.89%
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Base Metals & Commodities
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Copper USD/t
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$14416.59
-0.38%
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Nickel USD/t
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$17072.00
+1.02%
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Zinc USD/t
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$3540.60
+0.57%
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Lead USD/t
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$1866.00
+0.04%
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WTI Crude USD/bbl
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$85.12
+0.92%
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Prices updated as of 22 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Cauldron Energy Limited
Cauldron's first 2026 holes extended uranium mineralisation along the palaeochannel to about 4km at its Yanrey project in WA, which remains open. Development still hinges on WA lifting its uranium mining ban, but the scale drew uranium-sector buying.
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Anax Metals Limited
Anax began its funded diamond drilling at the Whim Creek copper-zinc project in WA's Pilbara, targeting extensions to the Mons Cupri and Whim Creek deposits. With copper strong and the raise behind it, the market bid the start of a campaign at a project already carrying a development study.
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Waratah Minerals Limited
No new data drove the move; Waratah released an investor presentation ahead of the Noosa Mining Conference reiterating district-scale potential at its Spur gold-copper project in the NSW Macquarie Arc. The rise looks like conference exposure and renewed attention on recent high-grade results.
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Meeka Metals Limited
Meeka reported a strong hit of 52.3m at 3.0 g/t gold from 474m, some 200m below the Turnberry underground reserve at its Murchison project in WA, pointing to resource growth. The stock still fell, with the market reacting to the June quarterly released the same day rather than the drill result.
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Sinclair Gold Ltd
Sinclair extended gold mineralisation beyond the current resource at its Mt Henry project near Norseman in WA, with the main deposits open along strike and at depth. The stock still fell, an incremental extension the market sold after the recent rebrand from Alicanto and a raise. Mt Henry holds about 915,000oz across a 16km corridor.
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EQ Resources Limited
The substantial holder notice simply formalises Andrew Forrest's already-announced purchase of Oaktree's 16.8% stake, so there was no fresh news. After surging on that deal earlier in the week, the stock eased on profit-taking. EQ Resources runs the Mt Carbine and Barruecopardo mines as the largest western tungsten producer.
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Market data as of 22 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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AFR
Australia Faces Worst Decade for Living Standards Growth Since World War I
Australia is on track for its weakest decade of living-standards growth on record, with GDP per person rising just 0.7% a year since 2020, about a third of the 1990s pace, according to AFR analysis. Economists tie the slump to a long productivity slide under both Coalition and Labor, weaker business investment, heavier regulation and a shift toward labour-intensive services.
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Our Take
Flat productivity and a services tilt leave mining as one of the few real lifters of income per head. The read-across is a stronger national case for backing resources capital.
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AFR
Wesfarmers Backs $1.4b Lithium Mine Expansion After Price Rally
Wesfarmers and SQM approved a $1.4 billion expansion to double production at their Mount Holland lithium mine in Western Australia after a lithium price rally. The additional lithium will not be processed at the partners' refinery south of Perth.
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Our Take
Doubling Mount Holland but the extra spodumene skips the Kwinana refinery. Wesfarmers and SQM are betting on the price rally, not their own downstream story.
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The West Australian
Talks Between BHP and Unions Yield No Port Hedland Deal but Some Progress Made
BHP and the combined unions representing about 450 Port Hedland workers met again without reaching a pay deal, though both sides called the talks constructive and cited progress. The dispute over a four-year agreement follows the first strike at the world's biggest iron ore export hub since 2000, with BHP having tabled a 16% rise over four years.
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Our Take
No deal but constructive talks keeps strike risk live at a hub shifting $80 million of iron ore daily. The next session sets the terms.
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Bloomberg
Canadian Stocks Climb as Gold Surge Offsets Trump Tariff Threat
Canada's S&P/TSX Composite rose 1.2% on Tuesday, its biggest gain in over a month, as surging gold and a tech-hardware rally offset President Trump's threat of 50% tariffs on Canadian goods. Energy, potash and critical minerals are exempt from the tariffs, cushioning the materials-heavy index.
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Our Take
With critical minerals and energy carved out, the tariff threat lands softer on Canada's miners than the headline suggests. Gold strength is doing the offsetting.
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Investing.com
Grupo Mexico Profit Beats Estimates on Higher Copper Prices
Grupo Mexico's second-quarter net profit rose nearly 79% to $2.20 billion, well ahead of the $1.66 billion analysts expected, as copper prices jumped 30.5% to $6.16 a pound and revenue climbed 35%. The gain came despite a 3.7% fall in the company's own copper output, with 2026 guidance held at 1.034 million tonnes.
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Our Take
Profit up 79% on falling volumes shows how far price is carrying copper earnings right now. The margin story holds only as long as the tightness does.
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Nikkei Asia
China Rare Earth Export Curbs Have Opened Up a Huge Price Gap
Rare-earth prices outside China are climbing sharply while domestic Chinese prices stay subdued, as Beijing's export curbs bite overseas but barely touch its home market. The split is widest in heavy rare earths, where one data provider put yttrium oxide near $8 a kilogram in China against more than $1,000 a kilogram in Europe.
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Our Take
A gap this wide is the entire case for ex-China supply, handing Western projects margins that did not exist a year ago. Heavy separation is the bottleneck.
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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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