The Drill Down
Monday 27 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
Evolution Expands Queensland Copper Footprint With $213m Carnaby Takeover
Evolution Mining is acquiring Carnaby Resources for $213 million, expanding its copper footprint in Queensland's historic Duchess mining district. The deal deepens Evolution's exposure to copper in the region.
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Our Take
$213m for Carnaby buys Evolution more Duchess district copper, not gold. A gold miner voting with its chequebook that copper is where the next cycle pays.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,088
+0.87%
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Silver
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$59
+1.94%
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Platinum
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$1,623
+2.07%
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Palladium
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$1,268
+1.85%
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Base Metals & Commodities
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Copper USD/t
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$14096.74
+0.20%
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Nickel USD/t
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$17288.00
+0.12%
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Zinc USD/t
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$3603.35
+0.46%
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Lead USD/t
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$1889.10
+0.71%
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WTI Crude USD/bbl
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$84.58
-5.30%
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Prices updated as of 27 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX
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Carnaby Resources Limited
Evolution Mining agreed to acquire Carnaby by scheme at 0.0682 Evolution shares each, an implied 77c and about $213 million, a 60.4% premium to Friday's close. The prize is the Greater Duchess copper-gold project next to Ernest Henry. Existing Glencore tolling and offtake deals will be terminated as a condition.
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Talga Group Ltd
Talga signed a non-binding letter of intent with Japanese trading house Hanwa for offtake and a potential project-level investment in the Vittangi anode project in Sweden. The parties target definitive agreements in Q4 2026. There is no immediate financial impact, but it advances Talga's financing path toward a targeted early-2027 investment decision.
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Capricorn Metals Ltd
Capricorn lifted group reserves 33% to 5.24Moz and released a Mt Gibson pre-feasibility study showing 260koz a year steady-state over a 19-year life. The two updates take group production outlook above 400koz a year within 2.5 years of a Mt Gibson start. Management also flagged a 500koz aspiration built on a second Golden Range hub.
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Lotus Resources Limited
Lotus resumed from suspension ex-entitlement after completing the institutional leg of a fully underwritten 1-for-1 entitlement offer at 22c, raising about $34.2 million. The deeply discounted raise funds the Kayelekera uranium ramp-up in Malawi as the company transitions to steady state. The retail component opens on 30 July.
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Apollo Minerals Limited
Apollo came out of a trading halt on a Couflens update and fell. A French court granted an interim suspension of the letter confirming validity of the Couflens tungsten permit, on a procedural failure that left the government unrepresented. The company stresses the permit itself stands and the state is appealing, but the market read the setback as negative.
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Cauldron Energy Limited
Cauldron eased despite a positive update, with passive seismic defining a new arm of the Manyingee South palaeochannel about 1km wide over at least 3km, plus a tributary beyond the current resource. Its Yanrey uranium project in WA holds 55.6Mlb across three deposits. Drilling is underway at Manyingee North, with the fall reading as a mild sell-the-news.
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Market data as of 27 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
Rinehart's Hancock Prospecting Backs Precious Metal Explorer G50
Hancock Prospecting is backing precious metal explorer G50, which has flagship projects in Arizona and Nevada. G50 offered 33.6 million new shares at 59.5 cents each, a 9.8 per cent discount to its share price.
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Our Take
Gina Rinehart taking a stake at a 9.8 per cent discount gives G50 both capital and a marquee endorsement for its US precious metals plays. Investors should treat Hancock's involvement as a validation signal, though the discount shows even backed explorers pay to raise.
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Today's Stories
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Mining.com
US Estimates Federal Coal Could Power Nation for 600 Years
A US Geological Survey report puts 4.2 billion short tons of reserves at active federal mines and another 356 billion short tons of resources under federally managed land, enough for 600 years at current use. Wyoming holds 87% of reported reserves at active federal mines. The report lands as the Trump administration commits more than $1 billion to the coal industry.
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Our Take
Reserves were never the constraint on US coal. Demand, financing and emissions policy are, and a resource count does not change any of them.
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AFR
WA Gold Hopeful Saturn Metals Launches $100m Capital Raising
The Australian Financial Review reports that Saturn Metals has launched a $100 million capital raising. Saturn is advancing the Apollo Hill gold project near Leonora in Western Australia, which holds a 2.83Moz resource and a maiden ore reserve, with a definitive feasibility study due later this year. The company recently secured a key mining lease over the deposit.
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Our Take
A raise this size ahead of a DFS is Saturn pre-funding development while the gold tape is hot. The read for holders is dilution now against a de-risked build later.
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Bloomberg
Barrick Evacuates Chile Workers by Helicopter After Storm
Barrick Mining said it safely evacuated workers stranded at its Barriales camp in northern Chile after severe storms blocked road access. The company said all evacuated workers are in good health. Rescue efforts began on Friday and resumed on Saturday once conditions allowed helicopter flights.
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Our Take
The winter storms across Chile's mining regions are a live operational risk for anyone with high-altitude camps. Weather-driven access loss is becoming a recurring line item in Andean cost and continuity planning.
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Bloomberg
Indonesian Metal Exports Face Delays by Rare Earths Checks
Some Indonesian metal shipments are being held up as customs orders extra testing for rare earths and radioactive elements including uranium. Alumina and nickel pig iron exports have been affected. The government says it is engaging independent surveyors to identify export composition, not banning shipments, though it is unclear how long the disruption lasts.
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Our Take
Screening alumina and nickel pig iron for trace rare earths gives Jakarta another lever over the flows China depends on. Even a temporary backlog tightens an already jumpy nickel market.
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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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