The Drill Down
Friday 24 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
USA Rare Earth Seals Deal to Buy Stake in French Processor Carester
USA Rare Earth and French private equity fund InfraVia signed definitive agreements to each acquire 13.6% stakes in privately-held processor Carester. The deal extends USA Rare Earth's footprint in rare earth processing capacity.
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Our Take
A 13.6% stake, not control. USA Rare Earth wants Carester's processing know-how without owning it. Smart hedge, but minority positions don't secure supply when magnets get tight.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,026
-0.59%
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Silver
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$57
-0.41%
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Platinum
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$1,583
-0.66%
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Palladium
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$1,234
-1.44%
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Base Metals & Commodities
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Copper USD/t
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$14034.48
-0.16%
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Nickel USD/t
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$17267.00
+0.87%
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Zinc USD/t
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$3581.60
+0.65%
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Lead USD/t
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$1891.60
+0.73%
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WTI Crude USD/bbl
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$91.17
-1.11%
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Prices updated as of 24 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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American Tungsten & Antimony Ltd
Shares ran before American Tungsten and Antimony called a trading halt pending an announcement on a proposed material acquisition, with the halt holding until that release or the open on Tuesday. The company is building a critical minerals position in United States jurisdictions and appointed a new chief executive this month. The market is bidding ahead of the detail.
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King River Resources Limited
The ASX queried King River over the run from 5.4 to 6.4 cents on heavy volume, and the board replied that it holds no undisclosed price sensitive information and can offer no specific explanation. Exploration continues at the Mindoolah gold project in the Kimberley, with results due when available. The move is speculative.
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Broken Hill Mines Limited
Broken Hill Mines released its Noosa conference presentation, which carries no new data and restates yesterday's Centenary Zone result of 25.8m at 11.7% zinc equivalent below the Globe-Vauxhall Shear at its Rasp mine. The stock extended its gain for a second session on conference exposure and firm silver prices.
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West Wits Mining Limited
No announcement accompanied the fall. West Wits poured first gold at Qala Shallows in March, the first new underground gold mine in South Africa in more than 15 years, within a Witwatersrand Basin project holding 7.24Moz at 4.0 g/t. After a run approaching 200% over the year, the move looks like profit-taking during ramp-up.
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Falcon Metals Limited
No announcement accompanied the fall. Falcon holds more than 6,000 square kilometres in Victoria's Bendigo Zone, including the Pyramid Hill project and Blue Moon ground 25km from Agnico Eagle's Fosterville mine, where drilling has returned narrow high-grade gold. With no catalyst on the tape, the move reads as profit-taking in a thin explorer.
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Dateline Resources Limited
No announcement accompanied the fall. Dateline is advancing its wholly owned Colosseum gold and rare earths project in California, 10km north of Mountain Pass, where an April feasibility study put the pre-tax net present value at US$785 million. The stock swings hard on United States gold and critical minerals sentiment, and the move looks like profit-taking.
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Market data as of 24 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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ABC News
Worker Dead, Another Injured as Truck Rolls Over Vehicle at Queensland Mine
A worker has died and another is in hospital with potentially life-threatening injuries after a light vehicle was struck by a haul truck at the BHP Mitsubishi Alliance Peak Downs coal mine near Moranbah in central Queensland, shortly before 5am. Operations have been suspended and Resources Safety and Health Queensland has deployed investigators and coal inspectors alongside police. The cause has not been determined.
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The Northern Miner
Southern Copper Maps Route to Over 1M Tonnes by 2029
Southern Copper laid out a path to over 1 million tonnes of copper output by 2029. Management credited a strong quarter to higher metal prices despite a 12% production decline in Peru caused by lower ore grades and recoveries.
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Our Take
The 12% Peru production drop from lower grades is the number that undercuts the tidy 1 million tonne 2029 target, since grade decline is structural, not cyclical. Investors should press management on how much of the growth depends on new tonnes versus recovering the ounces already lost to depletion.
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Mining.com.au
Sold-Out Noosa Wraps Up for July 2026
The Noosa Mining Investor Conference closed today after a sold-out three-day program at Peppers Noosa Resort in Noosa Heads, running 22 to 24 July. Presenters included Antipa Minerals, Elementos, Larvotto Resources, Metro Mining, QMines, Sunshine Metals, Venari Minerals and Zeotech. The event is run by Equity Events, with online registration still open for the presentations.
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Our Take
A sold-out room for juniors is its own sentiment gauge. Retail and family-office money is leaning in while the majors spend on consolidation.
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Barron's
Freeport-McMoRan Earnings Beat Estimates on Rising Copper Prices
Freeport-McMoRan posted adjusted earnings of US$0.74 a share on revenue of US$7.03 billion, ahead of consensus at US$0.62 and US$6.71 billion, helped by an average realised copper price of US$6.17 a pound. Copper output fell 18.2% to 786 million pounds as Grasberg recovers from last year's mud rush, though sales beat the company's April guidance. Shares still eased as the third-quarter sales outlook was trimmed.
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Our Take
Price is carrying earnings while volumes shrink, and Grasberg does not reach full capacity until late 2027. That gap is the supply story in one balance sheet.
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The Australian
Clive Palmer's Royalty Income Drops $160m in Citic Mining Row
Clive Palmer's Mineralogy has revealed the feud with Citic Pacific slashed royalty income by more than $160 million, even after the two sides agreed to end their Pilbara standoff. The dispute centres on the Sino Iron magnetite operation at Cape Preston, where Citic has invested more than $12 billion and has been at odds with Mineralogy over royalties and land access since 2013.
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Our Take
Litigation as a business model has finally shown up in the accounts. Holding out for better terms cost more than the terms were worth.
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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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