The Drill Down
Wednesday 29 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 Courts US Investors for $1 Trillion Critical Minerals Reserve
Queensland is courting US investors to develop what the state pitches as a critical minerals endowment worth around $1 trillion, under the US-Australia Critical Minerals Framework. The government has been streamlining approvals and drawing US backing, including a US Export-Import Bank letter of interest of $1.3 billion for the Esmeralda graphite-to-anode project near Townsville. Queensland says it hosts 51 of the world's sought-after critical minerals.
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Our Take
Courting US capital under the bilateral framework turns Queensland's geology into a geopolitical asset. The gap between the pitch and funded projects is the whole game.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,037
+0.20%
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Silver
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$58
+1.43%
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Platinum
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$1,601
-0.05%
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Palladium
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$1,264
+0.39%
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Base Metals & Commodities
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Copper USD/t
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$14054.24
-0.10%
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Nickel USD/t
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$16902.50
-1.95%
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Zinc USD/t
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$3586.05
+1.22%
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Lead USD/t
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$1900.10
+1.33%
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WTI Crude USD/bbl
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$82.11
+3.60%
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Prices updated as of 29 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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American Tungsten & Antimony Ltd
American Tungsten and Antimony signed an agreement to acquire the permitted Del Sol antimony refinery in Nevada and the White Spar antimony mine in Arizona, for cash and stock, resolving the trading halt it called last week. The deal builds a domestic mine-to-metal supply chain in a market with little US refining capacity, and aligns with the executive order pushing defence buyers toward local sourcing.
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Coronado Global Resources Inc.
Coronado's June quarter report drove a sharp re-rating in the beaten-down metallurgical coal producer, which trades well below analyst price targets. The bounce came alongside a leadership transition to incoming chief executive Barrie van der Merwe, and the size of the move in a heavily shorted name points to short covering.
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Evion Group NL
Evion is set to begin exploration at its Carp fluorspar project in Nevada, adding a US critical-minerals leg to a company best known for its Maniry graphite project in Madagascar. Fluorspar sits on the US critical minerals list, and the stock extended recent momentum on the diversification.
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Canyon Resources Limited
Canyon fell after its majority shareholder, A2MP Investments, launched an unsolicited off-market bid for the shares it does not already own, and the board told holders to take no action pending its response. A controlling holder moving to mop up the minority read as an opportunistic, low-priced bid, and the stock dropped toward it. Canyon is developing the Minim Martap bauxite project in Cameroon.
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G50 Corp Limited
G50 raised $26.25 million to fund drilling at its Golconda gold-silver-gallium project in Arizona and its White Caps gold project in Nevada, and the stock fell on the dilution. The raise came just days after final Golconda results confirmed mineralisation over 1.8km, but the discounted placement outweighed the drill news on the day.
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Develop Global Limited
No announcement landed today, but the fall follows Tuesday's June quarter report. Develop, Bill Beament's ASX 200 base-metals and mining-services group, is ramping the Woodlawn zinc-copper mine in New South Wales and funding the Pioneer Dome lithium project in Western Australia. After a strong year, the stock gave back ground as the market digested the quarterly.
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Market data as of 29 July 2026, 4:10 PM AEST
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Presented By
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Sierra Nevada Gold
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ASX: SNX
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Emerging Saudi Arabian Developer & Explorer
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Sierra Nevada Gold is advancing As Safra, a large copper-gold system extending over more than 5.5km of strike in the Arabian Shield. Initial drilling has confirmed broad, continuous zones of mineralisation including high-grade intervals, with a major follow-up program now in preparation.
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Find Out More
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In-Country Operating Subsidiary
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Today's Stories
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The Australian
New BHP Boss Brandon Craig Rules Out an Immediate Sale of Its BMA Coal Venture
BHP's new chief executive Brandon Craig has ruled out an immediate sale of the BHP Mitsubishi Alliance metallurgical coal venture, the 50:50 partnership that runs five Bowen Basin mines in Queensland. Speculation had built that BHP could exit the assets amid soft coking coal prices, the state's royalty regime and recent job cuts.
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Our Take
Ruling out a quick BMA exit keeps BHP long met coal into weak prices and a hostile royalty regime. That reads as patience, not conviction.
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Bloomberg
Ghana Earmarks $429 Million to Buy Gold, Shifting Fiscal Risks
Ghana has earmarked 5 billion cedis ($429 million) in its revised 2026 budget to buy gold and rebuild foreign-exchange reserves, shifting responsibility for funding the program from the central bank to the government's Ghana Gold Board. The move sits within a plan to accumulate about 157 tonnes of bullion by 2028, backed by a rule requiring large miners such as Newmont and Gold Fields to sell 30% of local output to the state.
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Our Take
A sovereign buying its own miners' gold to defend the currency is demand that ignores the price. Africa's producers gain a captive customer.
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AFR
Hedge Funds Target Fortescue Amid $11b Short on ASX Mining Giants
Hedge funds have built roughly $11 billion of short positions against Australia's iron ore majors, with Fortescue singled out as Beijing's centralised buyer, China Mineral Resources Group, pressures it over supply contracts. Fortescue short interest has climbed to 2.8%, its highest in at least three years, with Rio Tinto and BHP also targeted as iron ore trades below US$100 a tonne on rising supply and record Chinese port stocks.
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Our Take
Shorts are pricing a China that sets iron ore terms, and Fortescue's single-commodity book is the cleanest way to trade it. Diversification is the missing hedge.
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Reuters
Asia's Thermal Coal Imports Continue to Rebound, Except for India
Asia's seaborne thermal coal imports rose for a third straight month in July to 73.16 million tonnes, above a year ago, as China, Japan and South Korea bought more to meet summer power demand, per Kpler data cited by Reuters. Coal is winning share from LNG, whose spot prices jumped after the Iran conflict cut Qatari supply, and Newcastle thermal coal hit a four-week high near $133 a tonne. India was the outlier, with its imports easing.
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Our Take
A hot summer and dear LNG hand thermal coal a reprieve the transition was meant to deny it. India's pullback is the lone crack.
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Wall Street Journal
Aluminium Giant Rio Tinto Not Planning to Invest in US for Tariff Discount
Rio Tinto reported a 47% jump in first-half profit and lifted its interim dividend, as an 84% surge in copper earnings and a 38% rise in aluminium outshone iron ore for the first time on data-centre and electrification demand. Despite US aluminium tariffs, the miner told the Wall Street Journal it does not plan to invest in US smelting capacity to secure a tariff discount, leaning on its Canadian operations instead.
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Our Take
Rio would rather wear the tariff than build US smelters for a discount, betting Canada's cheap power beats Washington's incentives. Copper is carrying the result.
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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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