The Drill Down
Friday 12 June 2026 · Part 2
|
| |
Presented By
|
ASX: KAO
|
Namibia's Copper Belt.
Ready to Drill.
|
|
|
69.6%
Peak Cu Grade
|
40km
Mineralised Trend
|
89%
Cu Recovery
|
|
|
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
|
|
|
| |
| |
Lead Insight
Mining M&A Value Surges in Q1, But Deal Count Plunges
The combined value of metals and mining M&A rose 63% quarter-on-quarter to $26.28 billion in Q1 2026, the second-highest quarterly total since S&P Global began tracking in late 2013, even as the number of transactions fell sharply. S&P recorded 30 company acquisitions against just 16 asset purchases, with miners increasingly pursuing immediate scale through corporate-level deals to secure long-term supply. The data points to a sector consolidating around critical minerals supply chain security rather than incremental asset additions.
|
Our Take
Fewer but bigger deals signals majors buying scale outright rather than assembling it asset by asset. For quality developers in critical minerals, that shift makes the corporate takeout a more realistic exit than it has been in years.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,180
-0.77%
|
|
Silver
|
$67
-0.85%
|
|
Platinum
|
$1,725
+0.44%
|
|
Palladium
|
$1,288
+1.54%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14186.25
-0.02%
|
|
Nickel USD/t
|
$17760.00
+0.27%
|
|
Zinc USD/t
|
$3511.39
+0.41%
|
|
Lead USD/t
|
$1949.60
+0.30%
|
|
WTI Crude USD/bbl
|
$86.09
-1.85%
|
|
Prices updated as of 12 June 2026, 3:48 pm AEST
|
| |
|
Find this useful?
The Drill Down is free to read. If it earns a spot in your inbox, you can support us here.
|
|
| |
Market Movers
Winners & Losers - ASX Markets
|
Osmond Resources Limited
Osmond reported ongoing progress on the Scoping Study for its Orion EU Critical Minerals Project in Spain, with plant design and product mix substantially complete and the study on track for Q3 2026. The company has commenced drilling holes SOR-07 and SOR-08 targeting high-grade extensions in the Zone 1 area, with results to feed into a maiden Mineral Resource Estimate. Orion targets rutile, zircon, hafnium and rare earths, positioning Osmond as a potential sole EU producer.
|
|
Star Minerals Limited
Star Minerals announced the first blast of mineralised material has been mined and stockpiled at its Tumblegum South Gold Project in WA, a key milestone toward first cash flow. Material is being stockpiled ahead of processing under a toll treatment agreement with Catalyst Metals at the Plutonic mill. The updated production target ranges from 11.8koz to 15.9koz of gold, with project economics underpinned by gold prices well above scoping study assumptions.
|
|
Energy Transition Minerals Ltd
Energy Transition Minerals reported the discovery of ten new rare earth target zones across its Kvanefjeld licence in Greenland, including an 1,800m mineralised trend with uranium below Greenland's 100ppm Uranium Act threshold. Peak rock chip samples returned up to 3.97% TREO with notably high dysprosium and terbium, the key heavy rare earths for magnets. The low-uranium finding is significant given the licence is currently subject to a renewal dispute with Greenlandic authorities.
|
|
|
|
Dateline Resources Limited
No specific catalyst today. Dateline is advancing its Colosseum gold and rare earths project in California, which has drawn attention as a potential second US rare earths source alongside neighbouring Mountain Pass. Today's move follows a strong recent run and appears to reflect profit taking rather than any company announcement.
|
|
Sunstone Metals Ltd
No specific catalyst today. Sunstone is advancing its copper-gold porphyry and epithermal projects in Ecuador, including the Bramaderos and El Palmar prospects, where drilling has returned broad mineralised intercepts. Today's decline appears to reflect broad small-cap selling pressure rather than any company-specific news.
|
|
Tolu Minerals Limited
No specific catalyst today. Tolu is advancing its copper-gold projects in Papua New Guinea, where it holds a portfolio of porphyry and epithermal targets. Today's modest decline reflects light trading with no fresh company announcement.
|
|
Market data as of 12 June 2026, 4:10 PM AEST
|
| |
This Week's Poll
Does the Saudi Vision 2030 minerals push represent a genuine exploration opportunity for Australian juniors?
|
○ Yes, strong sovereign mandate
|
|
|
○ Possible but regulatory complexity is real
|
|
|
|
|
|
|
| |
Presented By
|
Enabling fractional mining royalty investment
|
|
| |
|
Today's Stories
|
Business News
Activist Hits Back at Northern Star's Chaney Over Reputational Fall
Activist shareholder Elliott Investment Management has escalated its campaign at Northern Star Resources, arguing the board has failed to grasp the magnitude of the miner's reputational fall as it agitates for major change. The pushback is directed at the board led by chairman Michael Chaney. The move comes as peers capitalise on historically high gold prices, sharpening scrutiny of Northern Star's underperformance.
|
Our Take
Elliott rarely escalates without a clear end game, and naming the chairman directly raises the stakes. Against a backdrop of record gold prices, the board is under maximum pressure to act, and investors should watch for a forced portfolio review or board changes in the coming weeks.
|
|
AFR
Wiluna Mining Ready to Press Play on $350m Relisting
West Australian gold miner Wiluna Mining is preparing to relist on the ASX more than two years after being removed from the exchange, targeting a $350 million valuation. The return signals renewed investor appetite for mid-tier Australian gold assets. The move positions Wiluna to capitalise on elevated gold prices as it returns to public markets.
|
Our Take
A $350 million relisting target after a two-year exile is an ambitious ask, but the gold price environment gives Wiluna the best possible tailwind. The reception will be a useful litmus test for how hungry the ASX market actually is for mid-tier gold re-ratings right now.
|
|
Reuters
China's Imports of Major Commodities Show Price Remains Key Driver
China's May customs data showed crude oil imports collapsing 29% to an eight-year low of 7.79 million barrels per day, down from the roughly 11 million bpd common before the Iran conflict began on February 28. The effective closure of the Strait of Hormuz removed at least 10 million bpd of supply and drove Middle East crude sharply higher, with Saudi Arabia lifting its Arab Light premium to a record $19.50 a barrel over the Oman/Dubai benchmark for May-loading cargoes. Brent has since moderated from a post-conflict high of $126.41 to around $91, but Chinese buyers were purchasing May-delivery crude when physical prices were at their peak.
|
Our Take
China buys less when prices spike and restocks when they fall, so the eight-year import low says more about May pricing than underlying demand. Expect a rebound in volumes now that Brent has fallen back toward $90.
|
|
Norfolk Metals
Norfolk Metals to Acquire Ciclon Copper Project in Chile
Norfolk Metals has agreed to acquire 100% of the advanced, permitted Ciclon Copper Project in northern Chile's Domeyko Cordillera belt for US$50 million in cash and shares. Ciclon hosts a foreign NI 43-101 resource of 10.1 million tonnes at 2.97% copper equivalent and holds environmental approval for underground mining and processing. The deal is conditional on a minimum A$100 million capital raise led by Petra Capital, with experienced executives Anthony McClure and Andrew Bray joining the board and personally committing A$10 million. Completion is targeted for August 2026.
|
Our Take
A permitted, high-grade resource in a tier-one copper district is a genuine step up for Norfolk, but the A$100 million raise at 10 cents is the real hurdle, and existing holders face dilution above 1,300%. Execution rests entirely on whether the market funds a project this size.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
