| The Sunday Wrap |
| Indonesia Plans to Beat Global Trading Giants at Their Own Game |
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| Indonesia is nationalising $65 billion in annual commodity exports through a new state entity, Danantara Sumberdaya Indonesia, starting with coal and palm oil. From September it must rebuild in months a trading ecosystem that houses like Trafigura and Wilmar took decades to build, and Chinese buyers are already warning that contracts running through 2027 face disruption and higher costs. |
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| Kazakhstan Offers to Warehouse Iran's Near-Weapons-Grade Uranium Stockpile |
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| IAEA chief Grossi confirmed Kazakh President Tokayev is willing to store Iran's 440kg of 60%-enriched uranium - enough for roughly 10 weapons if further processed - leveraging Kazakhstan's existing IAEA uranium bank. US-Iran negotiators have reached an MOU framework but the stockpile remains the key sticking point. A deal that normalises Iran's programme and reopens the Strait of Hormuz reshapes both uranium supply routes and risk premiums. |
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| Financial Times |
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| Ghana to Start Buying 30% of Large Gold Mines' Output From June |
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| Ghana's central bank will lift mandatory gold purchases from large-scale producers to 30% of output from 20%, effective June. The shift hits major operators including Gold Fields and runs alongside the Tarkwa lease renewal talks, as Accra accelerates its push to capture gold revenue directly. |
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| Bloomberg |
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| Australia's Capital Gains Tax Changes Rock the Mining Industry |
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| Australia's mining sector is mounting an urgent campaign against proposed capital gains tax changes it warns would devastate exploration investment. The timing is acute, with critical minerals demand accelerating and global competition for exploration capital intensifying. |
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| AFR |
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| China Coking Coal Prices Extend Gains After Shanxi Mine Disaster |
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| A gas explosion at Shanxi's privately owned Liushenyu mine on 23 May killed 82 people and triggered the suspension of 109 mines holding 122 million tonnes of annual capacity. Coking coal futures hit the daily limit, with the Dalian contract up as much as 5.1%, and the market is watching whether Beijing's 1 June safety campaign broadens the supply shock. |
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| Bloomberg |
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| MP Materials Accuses USA Rare Earth of Magnet Technology Theft |
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| MP Materials has accused USA Rare Earth of stealing proprietary magnet technology, escalating the rivalry between two central players in the US domestic rare earths buildout. USA Rare Earth denied the claims, saying MP Materials misrepresented the company and its people. |
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| Northern Miner |
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| China Tungsten Exports to Japan Halve Amid Tightened Controls |
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| Japan's tungsten imports from China fell 50% in April against the 2025 monthly average after Beijing tightened export controls early this year. The January 2026 dual-use catalogue bars exports to Japanese military end-users across key intermediates including ammonium paratungstate, tungsten oxide and tungsten carbide, a metal critical to cutting tools, semiconductors and ammunition. |
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| Nikkei Asia |
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THEME: THE VISIBLE HAND
Governments Moved Markets This Week, Building Some Supply Chains and Squeezing Others
Governments moved on mineral supply from every direction this week, mostly by tightening their grip. Indonesia is routing $65Bn of annual commodity exports through a new state trading entity, Ghana is lifting mandatory gold offtake from large producers to 30%, and China's export controls halved tungsten flows to Japan. Australia sits on the same axis from the opposite end, with proposed capital gains tax changes and what the AFR calls the developed world's toughest gold-mining cost and regulatory environment threatening the exploration capital the sector needs just as critical minerals demand accelerates.
The state is also the sponsor. ReElement and POSCO International's US$200M joint venture is an explicit US and South Korea push to build an allied rare earth and magnet chain, while MP Materials' IP claim against USA Rare Earth shows how contested that buildout has become. Private capital is following the same map, with Galantas raising $100M for Chilean gold-copper and a further C$125M flowing to Q2 Metals, Gunnison and Power Metallic across lithium, copper and polymetallic projects, even as Xingye Gold's unsolicited bid for Far East Gold shows Chinese acquirers still reaching into ASX gold.
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| Galantas Gold (GAL) completes a $100M placement at $0.55 per unit to fund its pivot into Chilean gold and copper. |
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| The raise of 181,819,000 units, each carrying half a warrant struck at $0.80, was led by Canaccord Genuity, with Eric Sprott lifting to roughly 18.45% and Ocean Partners to 13.32%. Proceeds target the Indiana gold-copper and Andacollo gold projects in Chile, with first production flagged for early 2027. |
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| 28 May 2026 |
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| Q2 Metals (QTWO) closes a C$70M bought-deal placement to advance the Cisco lithium project in James Bay, Quebec. |
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| The financing paired C$50M of common shares at C$2.45 with C$20M of flow-through shares at C$3.60, led by Canaccord Genuity. Cisco holds an inferred 295Mt at 1.36% Li2O, and funds are directed at summer drilling and project development. |
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| 26 May 2026 |
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| Gunnison Copper (GCU) launches a C$30M bought-deal to advance its namesake copper project in Arizona. |
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| Canaccord Genuity will buy 71,430,000 shares at C$0.42, with an over-allotment option for up to C$4.5M more. The raise follows Gunnison's approval under Arizona's Qualified Facility Tax Credit program, with closing expected around 3 June. |
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| 27 May 2026 |
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| Power Metallic Mines (PNPN) launches a brokered LIFE offering for up to C$25M to push the Nisk polymetallic project in Quebec. |
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| Red Cloud Securities leads the best-efforts sale of up to 20,000,000 shares at C$1.25, with an agents' option for a further C$3M. Proceeds fund Nisk, the Jabal Baudan licence in Saudi Arabia, and working capital, with closing targeted for 10 June. |
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| 28 May 2026 |
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| ReElement Technologies and POSCO International form a US$200M joint venture to build an integrated US rare earth and magnet complex. |
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| Signed in Washington on 21 May, the venture pairs ReElement's chromatographic separation and refining with POSCO International's industrial scale, targeting a 6,000 tonne-per-year refining plant and eventual permanent magnet production. POSCO International leads as majority shareholder, with US$100M of the total earmarked for initial plant, equipment and operating capital. |
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| 22 May 2026 |
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| Far East Gold (FEG) receives an unsolicited A$0.13 per share off-market takeover bid from Xingye Gold. |
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| Hong Kong-based Xingye Gold (Hong Kong) Mining lodged a Bidder's Statement for all FEG shares it does not already own, with no prior engagement between the parties. The board has told shareholders to take no action while it reviews the terms with advisers and prepares a Target's Statement. |
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| 27 May 2026 |
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| Australian Gold and Copper (AGC) acquires 100% of the Junee gold project in NSW for roughly A$5.4M in scrip. |
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| AGC will issue 30 million shares, valued on the 25 May close of A$0.18, to buy New South Resources on a cash and debt free basis, alongside firm commitments for a A$5M two-tranche placement. Junee carries seven drill-ready gold targets near Newmont's Cadia, including a Dobroyde epithermal hit of 64m at 13.5 g/t Au from 50m. |
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| 27 May 2026 |
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ATEX Resources (ATX : TSX)
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| 792m at 0.71% CuEq incl. 306m at 0.82% CuEq |
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| Valeriano (Chile) |
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| 562 copper-equivalent gram-metres, the standout intercept of the week. A near-kilometre porphyry hit that keeps extending the B2B system on both grade and scale. |
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Sitka Gold (SIG : TSXV)
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| 273.8m at 1.10 g/t Au incl. 19.3m at 5.04 g/t Au |
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| RC Gold (Canada) |
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| The deepest hole ever drilled at RC, pushing high-grade gold roughly 370m below the Blackjack pit and opening a genuine underground story. 301 gram-metres and the system is still growing. |
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Hammer Metals (HMX : ASX)
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| 124m at 2.20% CuEq from 186m |
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| Mount Isa (Australia) |
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| 273 copper-equivalent gram-metres (0.54% Cu, 0.36 g/t Au, 0.29% Mo, 5.6 g/t Re), with the rhenium a rare credit. A wide, high-grade hit feeding the Kalman scoping study, with room to re-rate if it converts. |
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Westhaven Gold (WHN : TSXV)
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| 8.12m at 47.56 g/t Au and 229 g/t Ag within 33.0m at 14.00 g/t Au |
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| Shovelnose (Canada) |
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| The highest-grade gold hit of the week at 386 gram-metres. Resource infill rather than discovery, but bonanza grade inside a 33m envelope as the South Zone heads into a PFS. |
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Saga Metals (SAGA : TSXV)
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| 100.8m at 41.23% Fe2O3 |
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| Radar (Canada) |
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| 4,156 gram-metres and the chunkiest width on the board, in a vanadiferous titanomagnetite system where titanium and vanadium are the real value drivers. Maiden resource drilling on a layered intrusion with 20km-plus of strike. |
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| Week-on-Week |
Price |
% |
| Gold |
US$4,540/oz |
+0.67% |
| Silver |
US$75.00/oz |
-1.32% |
| Platinum |
US$1,921/oz |
-0.41% |
| Palladium |
US$1,357/oz |
+1.19% |
| Copper |
US$14,164/t |
+0.39% |
| Nickel |
US$18,918/t |
+0.36% |
| Zinc |
US$3,540/t |
-0.27% |
| Lead |
US$2,002/t |
-0.21% |
| WTI Crude |
US$87.36/bbl |
-4.55% |
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| Month-on-Month |
Price |
% |
| Tin (LME)* |
US$54,656.00/t |
+9.47% |
| Lithium Carbonate (China)* |
US$14,632.27/t |
+5.26% |
| NdPr Oxide (FOB China)* |
US$88.93/kg |
-6.67% |
| Fluorspar (90%)* |
US$439.33/t |
-3.62% |
| Antimony* |
US$19.17/kg |
-5.03% |
| Niobium* |
US$31.02/kg |
-6.19% |
| Tungsten* |
US$177.92/kg |
-2.94% |
| Gallium* |
US$242.11/kg |
+5.25% |
| Germanium* |
US$2,870.05/kg |
+20.62% |
| Uranium (U3O8)* |
US$187.94/kg |
-2.01% |
*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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