The Drill Down
Wednesday 13 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
This New $5bn Gold Giant Is Already Hunting a Rival
Predictive Discovery, which completed its merger with Robex Resources in April to form a combined entity targeting over 400,000 ounces of gold per annum by 2029, has set its sights on Turaco Gold as it pushes for entry into the ASX 100. Turaco holds the 4.65 million ounce Afema gold project in Cote d'Ivoire, with a pre-feasibility study targeting completion in Q2 2026.
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Our Take
PDI is not waiting to digest the Robex deal before hunting again. Turaco's 4.65Moz Afema resource in a proven gold belt makes it a logical target for a producer chasing index inclusion and West African scale.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,699
-0.35%
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Silver
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$86
-0.67%
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Platinum
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$2,107
-1.10%
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Palladium
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$1,483
-0.43%
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Base Metals & Commodities
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Copper USD/lb
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$6.65
-0.02%
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Nickel USD/lb
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$8.58
-1.71%
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Zinc USD/lb
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$1.61
+0.90%
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Lead USD/lb
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$0.91
+0.66%
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WTI Crude USD/bbl
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$100.82
-1.33%
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Prices updated as of 13 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Stelar Metals Limited
Announced a binding earn-in agreement to acquire 100% of the Hill of Leaders tungsten project in the Northern Territory, located in the highly mineralised Tennant Creek Inlier with historical high-grade tungsten and copper mineralisation across a 2km strike zone.
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Anson Resources Limited
Both Anson and POSCO Holdings boards approved terms for a binding agreement to build a DLE demonstration plant at the Green River lithium project in Utah. POSCO will fund and operate the facility, paying Anson a A$7.2 million non-dilutive facilitation fee.
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PhosCo Ltd
No company news. The move follows an East Coast Research report released today with a price target of A$0.56, representing significant upside from current levels.
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Paladin Energy Ltd
The broader uranium sector selldown continued to weigh on Paladin, which also released its interim financial report today. The stock has been under sustained pressure alongside the wider uranium complex.
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Elevra Lithium Limited
Resumed trading today after completing a A$275 million institutional placement at A$12.20 per share, an 8.7% discount to VWAP. The raise is part of a broader A$441 million funding package to expand its North American Lithium operation in Quebec.
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Lotus Resources Limited
No specific catalyst identified. The decline is consistent with the broader uranium sector selldown, with the stock also filing a change in substantial holding notice today.
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Market data as of 13 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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Australian Mining
Iron Ore Still the Backbone of Western Australia's Mining Industry With $122 Billion in Sales
Iron ore generated $122 billion in sales with near-record output of 864 million tonnes for Western Australia, confirming the commodity's continued dominance in the state's resources sector. The figures have underpinned a significant state budget surplus driven by mining royalties. Western Australia remains one of the world's most important iron ore producing regions by any measure.
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Our Take
At 864 million tonnes and $122 billion in sales, Western Australia's iron ore sector is not a sunset story despite bearish macro narratives around Chinese steel demand. The royalty revenue flowing into the state budget also reinforces why policy risk in WA remains relatively low for major producers.
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News Financial
Why Barrick Mining and Newmont Corp Could Rebound Now, and Desert Gold Could Be Poised for a Price Surge
Barrick Mining and Newmont have both pulled back from recent highs into consolidation phases, with analysts arguing that current levels represent a compelling re-entry point given the macro backdrop for gold. The report also highlights Desert Gold Ventures, a West Africa focused junior advancing toward production at its SMSZ project in Mali.
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Our Take
The majors pulling back while gold sits near all-time highs is the setup that historically rewards patience. The margin expansion story at current gold prices is hard to ignore.
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Mining Technology
Middle East Aluminium Disruption Drives Market Towards Historic Deficit
Operational shutdowns across Gulf smelters, including at EGA's Al Taweelah facility and Aluminium Bahrain, combined with the effective closure of the Strait of Hormuz, are driving the global aluminium market toward a deficit that JP Morgan estimates at around 2 million tonnes for 2026. LME warehouse stocks have fallen 28% year on year and analysts warn prices could sustain near $4,000 per tonne if disruptions persist.
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Our Take
A 2 million tonne deficit with smelter restarts taking 12 to 18 months is not a temporary disruption. Aluminium producers outside the Gulf are sitting on a structural pricing advantage that could last well into 2027.
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AFR
Australia Federal Budget Backs Miners as Minerals Council Says No New Taxes Imposed
The Minerals Council of Australia has assessed the federal budget as broadly supportive of the mining sector, with its primary endorsement resting on the absence of new industry taxes rather than positive new measures. The assessment was tempered by criticism that high existing tax rates and broken policy commitments continue to undermine the budget's investment signals. ASX-listed miners will be weighing the domestic policy environment carefully against offshore capital allocation alternatives.
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Our Take
A budget praised mainly for what it did not do is a low bar, and the Minerals Council knows it. For investors comparing Australian resource projects against competing jurisdictions, status quo on tax is necessary but far from sufficient.
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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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