The Drill Down
Monday 11 May 2026 · Part 2
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Presented By
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ASX: KAO
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Namibia's Copper Belt.
Ready to Drill.
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69.6%
Peak Cu Grade
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40km
Mineralised Trend
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89%
Cu Recovery
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Two fully permitted copper projects in Namibia, an emerging exploration jurisdiction on the radar of global miners. The Chalkos Project carries peak surface grades of 69.6% Cu and 2,030 g/t Ag across a 40km mineralised trend. Drilling commences soon.
Discover Kaoko
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Lead Insight
Race for Critical Minerals Leaves EU Struggling to Keep Up
The European Union is falling behind the US and China in the global race for critical minerals, hampered by its inability to coordinate policy and develop domestic resources at pace. A mining project in Slovakia is cited as a case study in the EU's fragmented response to the competitive threat. The bloc has yet to mount a coherent industrial strategy to match its rivals.
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Our Take
The EU's policy paralysis is a structural risk for any miner counting on European offtake or financing to anchor a critical minerals project. Until Brussels gets its act together, the US and Chinese markets will continue to capture the value that Europe is leaving on the table.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,665
-1.05%
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Silver
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$80
-0.29%
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Platinum
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$2,032
-1.16%
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Palladium
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$1,477
-1.12%
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Base Metals & Commodities
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Copper USD/lb
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$6.33
+0.53%
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Nickel USD/lb
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$8.57
-0.94%
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Zinc USD/lb
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$1.55
-0.22%
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Lead USD/lb
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$0.89
+0.27%
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WTI Crude USD/bbl
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$99.83
+4.62%
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Prices updated as of 11 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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FMR Resources Limited
FMR secured a 5-year conditional option over the La Lorena copper-gold project in Chile's Eocene porphyry belt, 30km northeast of its existing Llahuin JV. First-pass rock chips returned up to 4.11% Cu at La Martuca and 2.42% Cu at Los Morados, in a project that has never been drill tested. The announcement also lifts a trading halt in place since 7 May.
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Rincon Resources Ltd.
A MobileMT airborne survey at the Telfer South Project identified a deep resistive target more than 200m below surface trending along the same strike as the Hasties gold-copper zone, 10km south of the Telfer Gold Mine. A second resistive target was also defined at the new Padion prospect approximately 4km northwest. Drilling plans are expected in the coming weeks.
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Solstice Minerals Limited
Follow-up diamond tail NANRCD005 at the Nanadie Copper-Gold Project in WA was completed to 840.4m, the deepest ever hole at the project, logging extensive zones of visible chalcopyrite from 362.9m to 832m and extending the mineralised system approximately 500m below the current MRE boundary. Assay results are expected in 4-6 weeks. A well-followed discovery story that keeps growing with every hole.
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Dateline Resources Limited
Dateline's BFS for the Colosseum Gold Project in California returned a pre-tax NPV5% of US$785M and 49.5% IRR at US$4,200/oz. Despite the headline numbers, pre-production capex came in at US$249M, up 63% from the May 2025 scoping study estimate, while the IRR fell from 61% to 49.5% despite a US$1,300/oz higher gold price assumption. The capex blowout appears to be driving the sell-off.
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Syrah Resources Limited
No specific catalyst today. Syrah recently raised equity and continues to face structural headwinds at its Balama graphite project in Mozambique, which has been a persistent cash burn against a backdrop of elevated graphite supply and soft battery demand.
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Tanami Gold NL
Standard post-placement retracement following Tanami's fully underwritten 1-for-1 renounceable entitlement offer at $0.06 per share, announced 8 May, targeting $70.5 million to fund the Groundrush exploration decline at its Central Tanami Project JV.
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Market data as of 11 May 2026, 4:10 PM AEST
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This Week's Poll
Which battery metal are you most bullish on over the next 12 months?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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Today's Stories
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Cameco
Northern Saskatchewan Operations Update
A bridge collapse on Cameco's supply route to its northern Saskatchewan operations has forced a temporary halt of Key Lake mill production and reduced activity at the McArthur River mine. Cigar Lake continues to operate normally and Cameco says its consolidated annual production plan is unchanged, but flags a risk to its 2026 McArthur River/Key Lake outlook if road restrictions extend further. No timeline has been given for the resumption of normal deliveries.
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Our Take
McArthur River and Key Lake together represent a meaningful share of global primary uranium supply. A bridge is an unusual chokepoint, but the uranium market does not need many of these to start moving contract conversations in a different direction.
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The Sunday Guardian
India's Mining Sector Could Create 25 Million Jobs by 2047, Contribute Additional $500 Billion
India's mining sector could contribute an additional $500 billion to the economy and generate 25 million jobs by 2047, according to a new report. The analysis frames mineral resource development as central to India's industrial growth and employment ambitions. The projections reflect intensifying policy focus on resources across major emerging economies.
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Our Take
A $500 billion contribution target by 2047 is an aggressive number that will require substantial regulatory reform and foreign capital, which is exactly where the opportunity sits for mining investors willing to take early-stage emerging market exposure. India's mineral endowment is underexploited relative to its economic ambitions, and that gap is beginning to close.
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Kitco
Central Banks Remain Committed Gold Buyers Despite Price Volatility
Central banks are continuing to buy gold on price weakness, reinforcing long-term institutional commitment to the metal despite volatile economic conditions. Analysts note that sustained central bank demand is limiting downside risk for gold prices. The buying pattern signals that sovereign accumulation remains a structural support for the market.
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Our Take
Central bank buying as a price floor is the most important macro tailwind for gold producers right now, and it gives investors confidence that the demand story has durability well beyond speculative flows or retail sentiment.
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The Guardian
Australia Federal Budget to Include Funds for Faster Environmental Approvals for Mining Projects
Australia's federal budget will allocate $500 million to accelerate environmental approvals for housing, energy, and mining projects. The measure directly targets approval timelines that have long frustrated the resources sector and slowed project development. Mining projects are among the explicit beneficiaries of the funding commitment.
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Our Take
A $500 million commitment to cut approval timelines is a tangible win for Australian project developers, and faster permitting could meaningfully de-risk the development schedules that have been discounting valuations for listed junior and mid-tier miners.
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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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