The Drill Down
Wednesday 1 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
Rio Tinto Agrees New Financial Terms for $18 Billion Oyu Tolgoi Copper Mine Project
Rio Tinto has agreed new financial terms for the $18 billion Oyu Tolgoi copper-gold mine in Mongolia, ending months of tense negotiation with the government. Mongolia, which holds 34% to Rio's 66%, had pushed to rework what it called unfair terms, chiefly the high-interest shareholder loan and management fees that had deferred state dividends for years. The deal follows a brief protest blockade of copper exports in June and removes a major overhang on an asset central to Rio's copper growth plans.
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Our Take
Resolving the terms lifts an overhang that has dogged Rio's Mongolia relationship for years. With Oyu Tolgoi anchoring its copper growth to 2030, stability matters more than the headline economics.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$3,975
-0.82%
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Silver
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$58
-1.69%
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Platinum
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$1,542
-0.60%
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Palladium
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$1,200
-0.67%
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Base Metals & Commodities
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Copper USD/t
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$13535.69
-1.76%
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Nickel USD/t
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$16297.00
-0.21%
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Zinc USD/t
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$3531.49
-0.11%
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Lead USD/t
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$1857.00
-0.35%
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WTI Crude USD/bbl
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$69.71
+0.30%
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Prices updated as of 1 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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South32 Ltd.
South32 jumped after agreeing to sell nearly its entire aluminium portfolio to Alcoa for up to US$5.6 billion, comprising $3.1 billion cash, $1 billion in stock and further contingent payments. The exit sharpens South32 into a copper, zinc, silver, lead and manganese producer and drew a strong market endorsement.
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Resolution Minerals Ltd.
Resolution rose on a progress update from its Horse Heaven antimony-gold-tungsten project in Idaho, having drilled about one-third of a planned 13,700 metre program at Golden Gate South with two rigs turning. The project sits beside Perpetua's permitted Stibnite mine and feeds the push for domestic US antimony supply.
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Waratah Minerals Ltd.
Waratah climbed after reporting further high-grade drilling results extending its Spur gold system in NSW, part of an 80,000 metre program across the Spur and Consols zones. The results continue to build the scale of what is shaping up as a significant East Lachlan gold discovery.
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PC Gold Ltd.
No specific catalyst identified, with the move reading as profit-taking. The gold developer, advancing its Spring Hill project in the Pine Creek region of the Northern Territory, pulled back after a strong run built on bonanza-grade drill hits earlier this year.
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Trek Metals Ltd.
No specific catalyst identified, with the move consistent with profit-taking. The explorer, advancing its Christmas Creek project in WA's Kimberley, has run on its high-grade Kuro manganese discovery and gold prospects, and drifted today without fresh news.
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Solstice Minerals Ltd.
No specific catalyst identified. Solstice is a copper-gold discovery story taking shape at its Nanadie project in WA, where recent drilling returned a 629 metre copper intercept, and today's fall reads as profit-taking after a strong run.
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Market data as of 1 July 2026, 4:10 PM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Reuters
Iran Says It Won't Meet With US Envoys, Clouding Prospects for Peace Deal
Iran has said it will not meet directly with senior US envoys who travelled to the region after fresh hostilities, clouding prospects for a lasting peace. Officials said the two sides must first settle the terms of the June 17 ceasefire before tackling harder issues such as nuclear limits, leaving them far apart on the core framework that trades an end to Iran's chokehold on the Strait of Hormuz for financial incentives. Jared Kushner and Steve Witkoff met Qatari mediators in Doha rather than Iranian officials, with shipping only partially resumed through the strait that once carried a fifth of global oil and gas.
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Our Take
Hormuz is the swing factor under every commodity price this quarter. Until the strait clears, the risk premium in oil and copper stays live and gold keeps its haven bid.
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Miningmx
Harmony Pauses Eva Copper Project Over Protected Species
Harmony Gold has halted site clearing at its Eva copper project near Cloncurry in Queensland after identifying a protected species, the native blue-tongued skink, during works. The Johannesburg-listed miner approved the US$1.55 billion to US$1.75 billion project in November, targeting 50,000 to 60,000 tonnes of copper a year from first production in 2028. Chief executive Beyers Nel said the pause allows engagement with regulators and environmental specialists, while process plant and infrastructure construction continues elsewhere on site.
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Our Take
A lizard stalling a copper build shows how fine the margin between approval and delay has become. Timelines, not orebodies, are the real risk in Western jurisdictions now.
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Australian Financial Review
HESTA May Close Struggling ESG Fund Before Potential Test Failure
The Australian Financial Review reports that HESTA is weighing the closure of a struggling ESG investment option ahead of a possible failure of the annual superannuation performance test. Since 2023 the Your Future Your Super test has extended beyond default MySuper products to cover choice options, including sustainability-tilted ones, with two consecutive failures barring a product from taking new members. HESTA has previously warned that publicity around a test failure risks triggering member outflows from an affected option.
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Our Take
The performance test is quietly forcing ESG options to justify themselves on returns alone. That pressure helps explain capital drifting back toward the resources names these funds once screened out.
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Market Index
Lithium Just Dropped 30% as Sodium Batteries and China Supply Threats Loom
Benchmark lithium carbonate futures have fallen nearly 30% from their May peak, dragging ASX producers Pilbara Minerals, Liontown, IGO and Mineral Resources lower, on fears around sodium battery technology and fresh supply. The pullback reflects a speculative unwind, the prospect of Zimbabwean material returning and a possible CATL lepidolite restart, and a China inventory reporting change that inflated visible stocks. Yet Macquarie notes underlying inventories are still drawing down, and the piece argues the sodium threat and supply flood are, for now, overstated.
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Our Take
Price is running ahead of fundamentals in both directions. If inventories keep drawing down while the sodium scare fades, this looks more like a sentiment flush than a demand break.
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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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