The Drill Down
Thursday 30 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
Gold Price Rebounds From Sub-$4,000 Dip as Split Fed Holds Fire, Silver Jumps
Gold fell below US$4,000 an ounce for the first time since mid-July on Wednesday, then rebounded within minutes of the Federal Reserve leaving rates unchanged at 3.50% to 3.75%, a hold carried over three dissenting votes. The Comex August contract bottomed at US$3,993.80 before rallying to US$4,080.80, while silver ran harder with the September contract up 2.2% to US$58.78. Bullion has shed close to a quarter of its value since the United States and Iran began fighting five months ago.
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Our Take
Three opposing votes to hold rates bring a September hike firmly into contention. Against that backdrop, gold’s ability to hold above US$4,000 is the stronger and more sustainable signal for equity investors.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,034
-0.85%
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Silver
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$57
-0.90%
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Platinum
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$1,594
-1.33%
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Palladium
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$1,253
-0.27%
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Base Metals & Commodities
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Copper USD/t
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$14143.53
+0.38%
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Nickel USD/t
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$17110.50
+1.23%
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Zinc USD/t
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$3579.22
+0.80%
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Lead USD/t
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$1902.20
+0.64%
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WTI Crude USD/bbl
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$85.63
+1.39%
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Prices updated as of 30 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Megado Minerals Ltd.
No announcement accompanied the move. Megado holds 80% of the 956 square kilometre Iberian Copper Project across Aragon and Navarra in northern Spain, plus an option over the Alpartir silver-copper-antimony project in Aragon, where a 451.3 square kilometre airborne magnetic survey was reported on 22 July. Spot silver rose 2.5% after the Fed hold, the likely driver at this end of the market.
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Hamelin Gold Limited
This morning's June quarter report restated the maiden Aurora Lode results first announced on 20 July, including 3 metres at 93.4 g/t gold from 9 metres in PDR0001. Assays are in for 15 holes of the 28-hole program, with the balance due shortly and a 3,000 metre Phase 2 program starting in August. Cash stood at about $2.5 million at 30 June.
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Group 6 Metals Limited
Trading resumed this morning after ASX lifted a suspension dating to 27 September 2024, following a recapitalisation that converted senior, subordinated and creditor debt into equity. The top 20 holders control more than 98% of 247.7 million shares, leaving almost no free float. Group 6 owns the Dolphin tungsten mine on King Island, carrying reserves of 4.43Mt at 0.92% WO3.
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Lotus Resources Limited
The retail leg of a fully underwritten one-for-one entitlement offer at 22c opened today, part of a raise of roughly $60 million directed at the Kayelekera ramp-up in Malawi. The stock resumed ex-entitlement on 27 July and has been converging on the offer price since. Canaccord Genuity is lead manager and underwriter, with the retail book closing 13 August.
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Bindi Metals Ltd.
No announcement accompanied the move. Bindi holds the Ravni Gold Project in the Tethyan Belt of southwestern Serbia, targeting a large-scale epithermal gold system.
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GBM Resources Limited
No announcement accompanied the move. GBM's flagship is the Drummond Basin gold portfolio in Queensland, spanning Twin Hills, Yandan and Mount Coolon, alongside the White Dam heap leach operation in South Australia and the Malmsbury joint venture with Novo Resources in Victoria. Thin trade at 1.6c, where a 0.2c move reads as double digits.
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Market data as of 30 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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Bloomberg
Base Metals Advance as Fed Rate Pause Eases Demand Concerns
Copper, aluminium and zinc rose after the Federal Reserve left interest rates unchanged, easing concerns over industrial demand. The complex had traded cautiously into the meeting on fears of a hike, with the escalating US-Iran war fanning inflation risk and higher borrowing costs threatening the industries that consume metals as inputs. The decision split the board, with three of the 12 policymakers favouring a quarter-point increase.
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Our Take
A hold buys the complex breathing room while three votes point the other way. Copper's bid now rests on inventory tightness holding through September.
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Industry Queensland
Coal Sector's $38.4b Injection Into Queensland's Economy
Queensland's coal sector generated $38.4 billion in direct spending and supported 393,250 jobs in 2024-25, according to what is described as the industry's first annual economic report. The state accounted for 51.6% of Australia's total direct coal sector expenditure, more than half the national figure. Nationally, coal contributed $164.9 billion and supported 782,243 jobs.
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Our Take
A direct-spend framing lands better with Treasury than royalty arguments have. That 51.6% national share is the number Queensland carries into the next royalty round.
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AFR
Billionaire Behind $15b Refinery Plan Says He Has 'Runs on the Board'
Perdaman, the Western Australian industrial group owned by billionaire Vikas Rambal, has rejected criticism that the $4 million pre-feasibility study for a Karratha oil refinery is political window dressing, arguing sovereign fuel capability is a shield against future shocks. Announced on Tuesday by the Prime Minister and Premier Roger Cook, it is the first agreement under a $10 million studies fund sitting inside the $15 billion federal fuel security package. Resources Minister Madeleine King said the refinery would still rely on imported crude.
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Our Take
A refinery running on imported crude relocates the bottleneck without removing it. Perdaman's fertiliser build at Karratha is the credential doing the work here.
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Financial Times
Hedge Funds Raise Bets Against US-Backed Critical Minerals Companies
Hedge funds have increased short positions against US critical minerals companies, on the view that Trump administration backing will not be enough to break China's grip on global supply. Stock lending data from S&P Global Market Intelligence shows bets rising this year against US Antimony Corporation, American Resources Corporation and MP Materials. Investors are questioning whether last year's rally ran too far, given how long supply chains take to shift and China's capacity to flood the market.
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Our Take
Shorting the policy trade is a bet on timelines, since equity stakes and offtakes cannot compress a decade of supply chain build. China's supply lever remains unpriced.
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Bloomberg
Nickel Giant Tsingshan Halts Some Export Loadings From Indonesia
Indonesian smelters run by Tsingshan Holding Group, the world's largest nickel producer, have suspended exports of some products while executives seek clarity on a new government inspection policy, according to people familiar with the matter. The halt covers mixed hydroxide precipitate, the cobalt-bearing intermediate used in electric-vehicle batteries. Tsingshan's Indonesian footprint runs from North Maluku to Sulawesi.
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Our Take
An MHP loading halt at the world's largest producer squeezes the battery-grade chain specifically. Watch whether Jakarta's inspections become another quota lever.
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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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