The Drill Down
Thursday 9 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
Rare Earths From Trump-Backed US Mines Sold to Asia
The Financial Times reports that rare earths from Trump-backed US mines are still being sold into Asia, underscoring how far the country remains from consuming its own output. MP Materials, the Pentagon-backed operator of the only active US mine at Mountain Pass, halted all sales to China in 2025 but now sells its refined neodymium-praseodymium oxide and metal primarily to buyers in Japan and South Korea. Until domestic magnet capacity scales up, US mine output has few buyers at home despite billions in federal backing.
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Our Take
Mining was never the hard part. Until US magnet capacity scales, even Pentagon-backed mines must sell to Asia, proving the rare earths bottleneck sits downstream, not at the mine.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,075
-0.04%
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Silver
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$58
-0.01%
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Platinum
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$1,601
+1.30%
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Palladium
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$1,230
+1.49%
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Base Metals & Commodities
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Copper USD/t
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$13586.22
+0.49%
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Nickel USD/t
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$16383.00
+0.78%
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Zinc USD/t
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$3556.84
+1.29%
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Lead USD/t
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$1896.60
+0.79%
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WTI Crude USD/bbl
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$73.22
-0.41%
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Prices updated as of 9 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Cokal Limited
No specific catalyst identified, with no price-sensitive news on the day and a firmer overall market. Cokal is a thinly traded, high-momentum coking coal developer restarting its 60%-owned BBM project in Indonesian Kalimantan, and the move reads as speculative buying on strength rather than fresh news.
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Southern Palladium Ltd
Southern Palladium rose on outstanding DFS metallurgical results for its Bengwenyama PGM project in South Africa, lifting estimated chromite recovery to 85.6% from the 30% assumed at pre-feasibility and PGM recovery to 87.6%. The stronger recoveries and higher concentrate grades point to better economics ahead of the definitive study due in Q4.
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EQ Resources Limited
EQ Resources gained as it spelled out how its two producing tungsten mines, Mt Carbine in Queensland and Barruecopardo in Spain, are positioned to capitalise on record tungsten prices. With APT prices near record highs on China's export curbs, the update leans into the revenue and margin leverage building across the platform.
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Cobre Limited
Cobre completed a A$90 million placement, issuing 300 million shares at $0.30, to fast-track production and exploration at its Sierra Atacama copper mine in Chile, backed by Tribeca, Sinomine and Strata. Shares fell to the placement price on the dilution, a discount to where they had been trading, even as the deal funds its transition to copper producer.
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Evergold Minerals Limited
Evergold released further assays from the Duchess of York prospect at its Mt Monger gold project near Kalgoorlie, again reporting significant gold mineralisation from its 2026 drilling. The thinly-traded micro-cap sold off regardless, a sell-the-news reaction with most of the program's assays still to come over the next few weeks.
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Pantoro Gold Limited
Pantoro's FY2026 gold output of 77,408 ounces from Norseman undershot its already-lowered guidance, hit by contractor and underground delivery problems, and FY2027 guidance of 90,000 to 105,000 ounces came with a high AISC of A$2,800 to A$3,400 an ounce and heavy growth capex. The market sold the miss and cautious cost outlook, even with the balance sheet debt free at A$223 million in cash and gold.
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Market data as of 9 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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Bloomberg
China's Top Solar Firm Makes Switch From Silver to Copper
LONGi Green Energy, the world's largest solar manufacturer, is switching from silver to copper for the metallisation in its cells, moving to mass production in 2026 to escape record silver prices that now make up around 14% of panel costs. Its back-contact cell design makes the substitution easier, and rival JinkoSolar plans a similar move. Solar is the biggest industrial user of silver, so the shift threatens a major demand source while opening a new one for copper.
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Our Take
Solar underpins the silver demand story. The largest maker swapping to copper is the substitution risk silver bulls downplay, and a quiet new demand line for copper.
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Bloomberg
Copper Rises as Risk Assets Shrug Off More US Strikes on Iran
Copper snapped a two-day slide, rising as much as 1% in London as risk assets shrugged off a fresh round of US strikes on Iran and refocused on longer-term AI-driven demand. The metal tracked gains in Asian equities led by semiconductor names, recovering part of the previous session's loss from the conflict's escalation. Copper's structural bull case rests on power and wiring demand from new AI data centres.
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Our Take
Copper now trades on AI power demand, not war headlines. When the market buys the metal through fresh strikes on Iran, the structural demand story has taken the wheel.
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Kitco
Tanzania's Central Bank Buys 28 Tons of Gold Over Past 18 Months for Reserves
Tanzania's central bank bought 28 tons of gold over the past 18 months for its reserves. In September 2024, the mining regulator ordered gold exporters to allocate at least 20% of output for domestic sale.
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Our Take
The 20% domestic allocation mandate is what funds this 28-ton reserve build, effectively a producer levy dressed as central bank buying. Miners operating in Tanzania should price in reduced export flexibility as more resource-nationalist policy of this type spreads across Africa.
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The Northern Miner
Gold Demand Shifts From Hedge to Money, Rule Symposium Hears
Speakers at the Rule Symposium argued that gold's monetary role is strengthening, which can support producers by lifting margins and cash flow. The discussion painted an uneven backdrop for miners despite the metal's monetary bid.
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Our Take
The shift from hedge to money reframes gold as structural demand rather than a fear trade, which supports sustained margin expansion for producers. The caveat matters for stock pickers: an uneven backdrop means the monetary bid rewards disciplined operators, not the whole sector.
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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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