The Drill Down
Thursday 23 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
Uranium Miner's Emergency Fundraising Is a Big Win for Short-Sellers
Lotus Resources' emergency fundraising has proven a big win for short-sellers, despite virtually no Lotus shares being sold short in January. Investors had awaited the resumption of uranium production at the Kayelekera mine in Malawi.
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Our Take
An emergency raise vindicates bears who bet Kayelekera's restart would prove more capital-hungry than guided, a warning for uranium developers riding sentiment ahead of execution. Investors should read Lotus as a reminder that funding gaps, not the uranium price, remain the sector's real risk.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,127
-0.07%
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Silver
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$60
-0.02%
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Platinum
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$1,657
+1.22%
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Palladium
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$1,299
+0.52%
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Base Metals & Commodities
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Copper USD/t
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$14442.34
+0.34%
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Nickel USD/t
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$17118.00
+0.27%
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Zinc USD/t
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$3611.35
+1.34%
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Lead USD/t
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$1906.10
+1.24%
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WTI Crude USD/bbl
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$88.13
+1.50%
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Prices updated as of 23 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Pacgold Limited
Pacgold resumed from a halt on a gold-copper sulphide discovery beneath the oxide resource at White Dam North in South Australia, returning 20m at 2.5 g/t gold and 0.5% copper from 58m, including 3m at 12.5 g/t gold and 1.8% copper. Eight of ten extended holes logged visible copper sulphides with assays still pending, and the zone is open in all directions.
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Zenith Minerals Limited
The share issue was a routine conversion rather than a catalyst. Zenith remains under Forrestania Resources' recommended all-scrip takeover, with the bidder due to report on defeating conditions tomorrow and the offer closing at month end. The stock is tracking the bid as the timetable narrows.
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Broken Hill Mines Limited
Broken Hill Mines drilled the Centenary Zone below the Globe-Vauxhall Shear at its Rasp mine for the first time, returning 25.8m at 11.7% zinc equivalent from 415.1m within a 40m mineralised zone. The company says the hit is far wider and higher grade than its 2024 inferred resource modelled, and it sits about 250m from existing workings, with a resource upgrade targeted for the December quarter.
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PC Gold Ltd
No announcement accompanied the fall, which extends the slide since Tuesday's resource update. PC Gold lifted its Spring Hill estimate 84% to 1.51Moz of gold in the Northern Territory's Pine Creek belt, but the figure was interim and pre-feasibility, and the market has kept selling the news.
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Ardea Resources Ltd.
Ardea's quarterly landed without a specific catalyst. The company is advancing the Kalgoorlie Nickel Project Goongarrie Hub in Western Australia through its joint venture with Sumitomo Metal Mining and Mitsubishi, where the definitive feasibility study has slipped past its June target. With the study timeline extended, the stock drifted lower.
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Sky Metals Limited
No announcement accompanied the fall. Sky is advancing the Tallebung tin-tungsten-silver project in central New South Wales, where drilling reported earlier this week extended mineralisation beyond the current resource. With no fresh catalyst, the move looks like profit-taking after a strong run.
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Market data as of 23 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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Mining.com
Panama Weighs Creation of State-Owned Miner to Pave Way for Cobre Panama Re-Opening
Panama's government is considering creating a state-owned mining company to help reopen the Cobre Panama copper mine. Authorities have allowed the operator to sell the last copper concentrate mined before the closure and to restart the mine's power plant.
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Our Take
The move to sell stranded concentrate and restart the power plant is the clearest signal yet that Cobre Panama is edging toward restart, a catalyst First Quantum holders have waited two years for. A state-owned vehicle, however, means investors should price in Panama demanding a bigger slice of the economics as the cost of reopening.
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ABC News
Demand for Critical Minerals Fuels Conflict but Could Help Resource-Rich Nations, WTO Says
The WTO says demand for critical minerals is fuelling conflict but could also benefit resource-rich nations. The report highlights mining and mineral smuggling in eastern Congo.
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Our Take
The WTO flagging smuggling in eastern Congo underscores the provenance risk embedded in critical mineral supply chains, a growing liability for buyers under tightening due-diligence rules. Investors should favour operators with auditable, conflict-free supply chains as the compliance bar keeps rising.
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Mining.com
Most Mines Face Water Risk, ICMM Says
The ICMM found that most mines face water risk. Water scarcity can slow mineral processing because many extraction steps such as crushing, flotation, leaching and tailings management rely on steady supply.
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Our Take
When the industry's own body flags water as a systemic risk to flotation, leaching and tailings, it becomes a hard input to production forecasts rather than an ESG footnote. Investors should stress-test throughput assumptions at assets in water-stressed basins, because scarcity hits volumes before it hits headlines.
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Miningmx
US to Ease Aluminium Tariffs for Smelter Investment
The US will ease aluminium tariffs for companies that invest in American smelters. Firms that commit to building, expanding or upgrading US smelters would receive relief equal to half the existing 50% levy.
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Our Take
Halving the 50% levy for smelter investment is an explicit subsidy to reshore capacity, tilting project economics toward domestic producers willing to deploy capital. Investors should watch which players move first, as the tariff relief could be the deciding margin between a viable US smelter and a stranded 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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