The Drill Down
Tuesday 28 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
Mineral Demand From AI Data Centres, Where the Real Bottleneck Sits
A new study in Resources Policy models AI data centre buildout across 20 minerals and finds copper accounts for 82 to 83% of projected demand, most of it in grid and power infrastructure rather than chips. Grain-oriented electrical steel and rare earth magnets emerge as overlooked constraints. The authors conclude processing and refining capacity, not geological scarcity, is the binding supply risk.
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Our Take
The AI trade for miners is copper and the grid, not silicon. Value accrues to whoever owns refining and magnet capacity, where the real chokepoint sits.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,042
-0.84%
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Silver
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$57
-2.45%
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Platinum
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$1,602
-1.06%
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Palladium
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$1,270
-1.45%
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Base Metals & Commodities
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Copper USD/t
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$14058.10
-0.99%
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Nickel USD/t
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$17239.50
-0.28%
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Zinc USD/t
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$3593.35
-0.02%
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Lead USD/t
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$1893.00
+0.57%
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WTI Crude USD/bbl
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$82.15
-0.56%
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Prices updated as of 28 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX
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Lotus Resources Limited
Lotus rebounded after yesterday's ex-entitlement reset, when it resumed from suspension on a 1-for-1 offer at 22c. The raise funds the Kayelekera uranium ramp-up in Malawi. Today's move recovers part of that fall as the stock re-rates against the discounted issue price.
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Falcon Metals Ltd
Falcon secured all approvals for the first ever drilling of its Olsen Well gold target in the Errabiddy project in Western Australia, with rock chips up to 6.42 g/t gold along a 5.8km soil anomaly. The ground sits 35km from Benz Mining's Glenburgh deposit. An RC program is targeted for the September quarter.
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Tartana Minerals Limited
The market is still catching up to Tartana's 17 July placement, a $5.18 million strategic investment from China's Xingye at 5.3c, a 165% premium to the last trade, lifting Xingye to 19.99% across two tranches. Funds target silver and tin exploration at Nightflower and Montalbion in Queensland. Completion is conditional on due diligence and FIRB.
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Apollo Minerals Limited
Apollo extended yesterday's fall, a second session lower on the same Couflens update. A French court granted an interim suspension of the letter confirming validity of the tungsten permit on a procedural failure. The company says the permit stands and the state is appealing, but the selling has continued.
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VHM Limited
No announcement accompanied the fall. VHM is advancing its Goschen rare earth and mineral sands project in Victoria toward development. With no catalyst on the tape, the move looks like profit-taking in a thin book after a recent run.
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Metallium Limited
No announcement accompanied the fall. With no catalyst on the tape, the company pioneering low-carbon, high-efficiency extraction methods to recover critical and precious metals from waste streams and mineral concentrates.
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Market data as of 28 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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Financial Times
Chile Storm Shuts Mines, Stokes AI Supply Chain Risk Amid Deepening Copper Crunch
Lundin Mining halted operations at its Caserones copper mine last week after a deadly storm prompted Chile to declare a state of emergency. The shutdown is intensifying concerns about copper supply feeding AI-related demand.
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Our Take
Caserones going offline during a Chilean state of emergency is a reminder that copper supply for the AI buildout hangs on a handful of weather-exposed assets. Investors long copper should treat every Chilean disruption as a re-rating catalyst for producers outside the storm zone.
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Mining.com
Vale Board Member Gasparino Steps Down Amid Governance Tensions
Vale board member Marcelo Gasparino resigned from the company's board on Monday amid governance tensions. The departure adds to boardroom friction at the Brazilian miner.
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Our Take
A board resignation explicitly tied to governance tensions is a red flag at a company still contending with state influence over strategy and leadership. Investors should read this as a signal that boardroom stability, and by extension capital allocation discipline, remains contested at Vale.
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Miningmx
Gold Fields Rebuts Claim Tarkwa Community Oppose Licence Renewal
Gold Fields hit back at Ghanaian reports that the Apinto Divisional Council opposed renewal of the Tarkwa mining lease, saying those views are not representative and citing $498 million in dividends and royalties last year. Tarkwa is about a fifth of group output and is due for renewal in April 2027. Draft legislation would cap future renewals at 10 years.
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Our Take
Community consent is becoming as material to a renewal as the orebody itself. A shorter lease term reprices every long-dated Ghanaian gold asset.
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The West Australian
IGO Says Greenbushes Plant Restart Is Days Away as Famed Lithium Mine Hands Owners $390m Payout
In its Q4 result IGO reported net cash lifting 18% to A$387 million, with its share of Greenbushes owner TLEA rising 38% to A$121 million on firmer spodumene pricing. The company pointed to a plant restart at the Western Australian mine as imminent. Shares edged higher on the update as lithium fundamentals recover.
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Our Take
Greenbushes is throwing off cash again, which validates the low-cost thesis through the downturn. The lithium recovery is showing up first in the assets that never had to stop.
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Shanghai Metals Market
Zambia's Mining Expansion Faces Infrastructure Challenges Amid Increased Investment
Zambia is lifting mining capital expenditure toward a national goal of 1 million tonnes of copper a year, but analysts warn the target hinges on grid and transport capacity keeping pace. More than 83% of the country's 3,985 MW base is hydropower, and drought-driven load-shedding is already hitting energy-intensive smelting. Producers are turning to off-grid solar and power imports.
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Our Take
Power is the binding constraint on the million-tonne ambition, not orebodies. The copper units the market is counting on stay stranded until Zambia fixes power generation.
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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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