The Drill Down
Tuesday 12 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
US Government Pours Millions Into Montana Mining Company to Counter China's Critical Minerals Lock
The US government is directing significant federal investment into a Montana mining company as part of efforts to reduce reliance on China's dominance over critical and strategic minerals supply chains. President Trump's visit to China has underscored the leverage Beijing holds over minerals essential to defence and clean energy industries. The investment is part of a broader federal push to develop domestic critical minerals capacity.
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Our Take
Federal capital flowing to a single Montana operation signals that Washington is increasingly willing to back specific domestic producers rather than rely on broad policy signals alone. For investors in US-listed critical minerals explorers and developers, direct government investment is becoming a genuine valuation catalyst worth tracking.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,715
-0.44%
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Silver
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$86
-0.66%
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Platinum
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$2,090
-1.00%
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Palladium
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$1,492
-1.05%
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Base Metals & Commodities
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Copper USD/lb
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$6.51
+0.08%
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Nickel USD/lb
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$8.73
+1.84%
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Zinc USD/lb
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$1.58
+0.45%
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Lead USD/lb
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$0.90
-0.20%
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WTI Crude USD/bbl
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$99.33
+1.28%
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Prices updated as of 12 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Evion Group NL
Evion secured an exclusive option over the CARP Fluorspar Project in Lincoln County, Nevada, a historically producing asset at approximately 69% CaF2 with no domestic US production since 1990. The acquisition makes Evion the only ASX-listed company with exposure to both graphite and fluorspar, supported by an oversubscribed A$6.5 million placement at $0.03 per share.
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OD6 Metals Ltd.
Field work at the Quinn Fluorspar Project in Nevada relocated the Big Jim Lode, mapped over 220m with visual estimates of 85-95% CaF2 in the massive vein, consistent with historic assays up to 98.6% CaF2. Assay results are pending, with drilling targets now being defined across three fluorspar systems at the project.
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Greentech Metals Ltd.
Greentech completed an oversubscribed $7.5 million two-tranche placement at $0.075 per share, with bids significantly exceeding the original $6 million target and RCF Opportunities Fund II providing a cornerstone commitment. Proceeds fund Phase II exploration at the Munni Munni PGE-Cu-Ni and Whundo Cu-Zn-Au projects in the West Pilbara.
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KGL Resources Limited
No specific news today. KGL flagged a feasibility study update for the Jervois Copper Project by May 2026 following its US$300 million Wheaton streaming deal in April, with revised capex anticipated to be higher than the 2025 study. Market may be pricing in the delay or the expected cost increase ahead of the update.
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Atomic Eagle Ltd
No specific catalyst. Uranium remains in a multi-year bull market supported by tight supply and accelerating policy change, but sector-wide selling flows are weighing on junior names today.
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Lotus Resources Limited
No stock-specific catalyst. Lotus is moving with broader uranium sector flows. Uranium remains in a multi-year bull market backed by tight supply and policy tailwinds, but today's sector-wide pressure is pulling junior and mid-tier names lower.
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Market data as of 12 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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ASX Announcement
Evion to Acquire Option Over High-Grade U.S. Fluorspar Project in Nevada; Establishing Critical Minerals Platform
Evion has executed a binding Share Sale Agreement to secure an exclusive option over the CARP Fluorspar Project in Lincoln County, Nevada, a historically producing asset with recorded output of approximately 44,900 tonnes at an average grade of approximately 69% CaF2. The US is currently 100% reliant on fluorspar imports despite its designation as a critical mineral across semiconductor, battery, nuclear, aerospace and defence supply chains, with the US Department of War recently awarding a US$168.9 million fluorspar supply contract. The acquisition makes Evion the only ASX-listed company with exposure to both graphite and fluorspar, and is supported by a A$6.635 million placement including A$100,000 in Director participation.
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Our Take
The US$168.9 million DoW supply contract tells you exactly how urgently Washington wants domestic fluorspar. Evion planting a flag in a Nevada project with 100% import reliance as the policy backdrop is well-timed positioning.
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Bloomberg
Motsepe Says Partnerships Boosting South Africa's Mining Sector
Billionaire Patrice Motsepe says South Africa has regained mining competitiveness through public-private partnerships targeting regulatory bottlenecks, vandalism, power outages and logistics failures that have weighed on the sector for over a decade. President Ramaphosa's government partnered with business coalitions including B4SA to address sub-standard transport and energy infrastructure, with Motsepe pointing to those collaborations as the driver of the sector's improved standing.
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Our Take
South Africa's mining recovery being attributed to government and business actually working together rather than arguing is a notable shift. If the B4SA model holds, it matters well beyond mining. It becomes a template for how the country addresses structural problems that have deterred capital for years.
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Mining.com
Silver Price Jumps to Two-Week High Despite US-Iran Deadlock
Silver prices have risen to a two-week high even as US-Iran negotiations remain stalled, with improving technical indicators supporting the move. Analysts note that gold prices could remain directionless despite extreme volatility across global markets. The divergence between silver's technical strength and geopolitical uncertainty is attracting attention from commodity traders.
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Our Take
Silver outpacing gold in the near term often signals that industrial demand expectations are doing more work than safe-haven flows, which is a constructive read for the broader metals complex. For silver miners, a technically driven rally with geopolitical uncertainty still unresolved leaves room for further upside if macro conditions shift in gold's favour.
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Australian Mining
BHP and Rio Tinto Unite on Tailings Innovation Initiative
BHP and Rio Tinto are joining forces to accelerate the development of safer and more sustainable tailings management practices across the mining industry. The collaboration between two of the world's largest miners signals growing industry commitment to addressing one of mining's most significant operational and environmental risks. No specific funding or project details were disclosed.
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Our Take
When BHP and Rio Tinto collaborate rather than compete, it usually signals a shared liability problem they both want to socialise, and tailings failure risk sits squarely in that category following Samarco and Brumadinho. For ESG-focused investors, this is a positive signal, but the absence of disclosed funding makes it difficult to assess how substantive the initiative actually is.
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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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