| The Sunday Wrap |
| BHP - Copper Delivered a Record US$18.2 Billion at a 70% Margin |
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| Underlying EBITDA rose 27% to US$32.9 billion and underlying attributable profit 30% to US$13.2 billion, on revenue up 15% to US$58.8 billion. Copper contributed 54% of group EBITDA against 45% in FY25, the first year above half, while copper production eased 3% to 1,953kt against FY27 guidance of 1,650 to 1,800kt. Net debt fell to US$8.7 billion from US$12.9 billion, and a 99 US cent final dividend takes cash returns for the year to US$8.7 billion, the highest in four years, struck after a US$2.3 billion impairment on Jansen. |
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| CATL Mine Shutdown Threatens to Flip Lithium Market Into Deficit |
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| Benchmark Mineral Intelligence puts about 60,000 tonnes of LCE at risk in Jiangxi against a forecast 2026 global surplus of roughly 78,000 tonnes. CATL holds a safety production permit granted 29 June but has not restarted since the licence expired in August 2025, and Benchmark may halve its 2026 Jianxiawo assumption to 55,700 tonnes LCE from 111,400 tonnes. |
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| Mining.com |
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| Canadian Miner NexGen Energy Holds Talks With BHP as It Seeks US$1 Billion for Uranium Project |
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| NexGen broke ground in Saskatchewan on Thursday and will seek US$1 billion over nine months through utility prepayments, debt finance or direct project equity. Asked about a potential equity stake, chief executive Leigh Curyer told Reuters the company talks regularly with BHP, which has bought land near Rook, produces around 5% of global uranium at Olympic Dam, and ran the ruler over NexGen last year under Mike Henry. |
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| Reuters |
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| Prime Minister Carney Announces the Largest Clean Energy Investment in North American History |
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| C$10 billion of federal financing goes to Churchill Falls, Gull Island and transmission, inside a package near C$70 billion for 14,000MW, 23,000 jobs and C$31 billion of GDP to the early 2040s. The Labrador Trough corridor goes to the Major Projects Office, with First and Last Mile Fund support for Kami iron ore, Focus Graphite's Lac Knife and SFP Pointe-Noire. |
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| Prime Minister of Canada |
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| McEwen Copper in Talks With Rio as It Seeks US$4 Billion Financing |
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| McEwen Copper, owner of Los Azules in San Juan province, is negotiating with Rio Tinto and other investors as it seeks US$4 billion to build the Argentine mine. Managing Director Michael Meding said one scenario raises about US$600 million from existing shareholders and another US$600 million from a new investor such as a European or Asian trading house. |
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| Bloomberg |
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THEME: THE PRICE EARNED IT, THE OUNCES BOUGHT IT
Copper Set the Record, Gold Closed the Deals
BHP booked US$18.2 billion of copper EBITDA at a 70% margin and let copper carry 54% of group earnings for the first time, on 1,953kt, which is 3% less metal than the year before, with FY27 guided down to 1,650 to 1,800kt. Codelco ran the same trade from the other end, 1.31 million tonnes in 2025, El Teniente off around 27% through the first five months of 2026, Andes Norte suspended, and US$2.4 billion of retained profit going toward holding US$25.1 billion of net debt in place. Copper finished the week at US$14,708 a tonne and down 0.31%. The record was written by the price, not by the tonnes.
The money that cleared went into gold. OceanaGold agreed A$776 million for Ausgold and the Katanning ground, StrikePoint put US$70 million of upfront cash on Northumberland and upsized a bought deal to C$160 million to pay for it, and Medallion took A$60 million to lift available liquidity to roughly A$175 million and finish Ravensthorpe. McEwen Copper is negotiating with Rio Tinto toward US$4 billion for Los Azules with two US$600 million tranches sketched rather than signed, NexGen wants US$1 billion inside nine months for Rook I, and Lusaka is waiting on a record US$1 billion of post-election listings.
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| StrikePoint Upsizes Bought Deal Financing to C$160 Million for Northumberland Acquisition (~US$116.0M) |
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| StrikePoint has lifted its Canaccord Genuity bought deal private placement to 80,000,000 subscription receipts at C$2.00, for gross proceeds of C$160.0M (~US$116.0M). The money funds the cash component of the US$70.0M upfront consideration for Northumberland. |
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| Viridis Secures Up to US$120M Strategic Equity to Fund Colossus Execution |
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| Viridis has commitments for up to approximately US$120.0M in strategic equity, fully covering the indicative equity requirement for Colossus as the project moves from Definitive Feasibility Study into execution. |
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| Medallion Metals Secures A$60 Million Placement to Advance Ravensthorpe Production (~US$42.7M) |
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| Medallion has binding commitments to raise A$60.0M (~US$42.7M) before costs, placing 125,000,000 new ordinary shares at A$0.48 with long-only resources investors and institutional shareholders. With existing cash and non-dilutive lines, available liquidity reaches approximately A$175.0M, covering Ravensthorpe development and ramp-up, processing at Forrestania, and extensional drilling at Kundip and Lounge Lizard. |
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| Walford Creek Investment Advances One of Queensland's Largest Undeveloped Copper Systems (~US$14.2M) |
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| The QIC-managed Queensland Critical Minerals Fund has invested A$20.0M (~US$14.2M) in Aeon Metals' Walford Creek Project in North West Queensland. It is the tenth QCMF investment, in a portfolio committing more than A$175.0M since inception. |
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| OceanaGold Agrees to Acquire Ausgold in AUD $776M Transaction (US$549M) |
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| OceanaGold has entered a binding Scheme Implementation Deed to acquire 100% of Ausgold by court-approved scheme, taking full ownership of the Katanning Gold Project on completion. Ausgold shareholders receive 0.03365 OceanaGold shares each, implying A$1.36 per share and total equity value of approximately A$776 million. Dundee Corporation, holding 42,467,969 shares and 3,333,333 warrants for 7.7% undiluted and 8.3% partially diluted, has backed the deal. |
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| StrikePoint Agrees to Buy Nevada's Northumberland Gold Project for US$70 Million in Upfront Cash |
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| StrikePoint has entered a definitive agreement to acquire Nevada's Northumberland Gold Project from subsidiaries of Newmont Corporation for US$70.0M upfront cash, plus two contingent payments of US$25.0M each on a future feasibility study and on commercial production. The initial independent resource is 2.86 million ounces gold equivalent indicated within 67 million tonnes at 1.33 g/t, and 1.57 million ounces inferred within 31 million tonnes at 1.58 g/t. |
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| CZR Takeover - Target's Statement: A$44.8M (~US$31.9M). |
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| Zuleika Gold has lodged its Target's Statement on the off-market takeover offer from CZR Resources, at 0.1742 CZR shares for each Zuleika share. The independent expert's report by HLB Mann Judd Corporate (NSW) found the offer not fair but reasonable, and independent directors Grant McEwen and Alan Willis unanimously recommend acceptance absent a superior proposal, with Annie Guo abstaining as a director of both. Despatch to shareholders is due 24 August 2026. |
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Manhattan Gold (MHC : ASX)
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| 41.1m at 4.66 g/t Au from 83.8m |
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| Jaws, Hook Lake (Nunavut, Canada) |
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Westhaven Gold (WHN : TSXV)
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| 37.3m at 6.24 g/t Au from 206m |
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| Shovelnose (British Columbia, Canada) |
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Sun Silver (SS1 : ASX)
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| 98.3m at 120.3 g/t AgEq from 173m |
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| Maverick Springs (Nevada, United States) |
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| Week-on-Week |
Price |
% |
| Gold |
US$4,603/oz |
+5.19% |
| Silver |
US$69.00/oz |
+6.15% |
| Platinum |
US$1,877/oz |
+7.75% |
| Palladium |
US$1,344/oz |
+2.13% |
| Copper |
US$14,708/t |
-0.31% |
| Nickel |
US$17,010/t |
+1.53% |
| Zinc |
US$3,816/t |
+1.59% |
| Lead |
US$1,891/t |
+0.34% |
| WTI Crude |
US$86.64/bbl |
+6.28% |
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| Month-on-Month |
Price |
% |
| Tin (LME)* |
US$52,878.00/t |
+1.15% |
| Lithium Carbonate (China)* |
US$17,342.47/t |
-0.23% |
| NdPr Oxide (FOB China)* |
US$92.67/kg |
+2.91% |
| Fluorspar (90%)* |
US$458.17/t |
+4.97% |
| Antimony* |
US$14.88/kg |
-10.38% |
| Niobium* |
US$32.64/kg |
-0.20% |
| Tungsten* |
US$153.41/kg |
-5.68% |
| Gallium* |
US$239.05/kg |
-1.44% |
| Germanium* |
US$3,173.46/kg |
+1.69% |
| Uranium (U3O8)* |
US$188.61/kg |
-0.29% |
*Sourced from Critical Minerals Platform (CMP). These prices are APAC volume-weighted averages from producers rather than traders, meaning they are heavily weighted towards Chinese prices for minerals where China dominates production. All other commodities show week-on-week change.
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This newsletter is for general information, education and 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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