The Drill Down
Thursday 14 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
America's Forgotten Mining Waste Could Become a Strategic Weapon
A technical review from Idaho National Laboratory argues that the United States is sitting on approximately 13,904 million metric tons of historic mine tailings containing recoverable rare earths, cobalt, gallium, germanium, and other critical minerals essential for semiconductors, defence, and energy systems. The study highlights that reprocessing this waste could simultaneously address strategic mineral shortages and remediate legacy environmental hazards, though processing infrastructure remains the key bottleneck.
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Our Take
The resource is real but the bottleneck is processing, not geology. Companies building extraction and refining capacity for tailings reprocessing are positioning for a policy tailwind that is now clearly building in Washington.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,697
+0.17%
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Silver
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$87
-0.26%
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Platinum
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$2,137
-0.04%
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Palladium
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$1,498
+0.27%
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Base Metals & Commodities
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Copper USD/lb
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$6.61
-0.39%
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Nickel USD/lb
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$8.68
+1.23%
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Zinc USD/lb
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$1.62
+0.92%
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Lead USD/lb
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$0.91
+0.45%
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WTI Crude USD/bbl
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$101.52
+0.49%
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Prices updated as of 14 May 2026, 3:49 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Sky Metals Limited
Announced the divestment of its non-core Iron Duke copper-gold project in NSW, sharpening the company's focus on its flagship Tallebung tin development.
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Carnaby Resources Ltd.
Confirmed a new high-grade Footwall Lode discovery at Trek 1 within the Greater Duchess project in Queensland, with 19m at 7.1% CuEq from 256m including 4.4% Cu and 3.1 g/t Au. Results sit outside the existing resource estimate.
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Evion Group NL
Continued to gain after announcing an option to acquire the CARP fluorspar project in Nevada, a historically producing asset with past output of 44,900 tonnes at approximately 69% CaF2. The US is currently 100% import-reliant on fluorspar.
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Jindalee Lithium Limited
No specific catalyst identified. The stock continues to trend lower following a recent capital raise, with broader lithium sector weakness adding pressure.
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Arafura Rare Earths Limited
Gave back gains after spiking on yesterday's offtake term sheet announcement. The reversal suggests the market had largely priced in the news ahead of the release.
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EQ Resources Limited
No specific catalyst identified. The tungsten developer pulled back after a sharp run-up over recent sessions, returning to prior support levels.
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Market data as of 14 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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Bloomberg
Agnico Eagle Plans C$14 Billion Investment in Ontario Gold Assets Over Five Years
Agnico Eagle Mines has committed approximately C$14 billion to Ontario over the next five years, a figure the province describes as one of the biggest investment commitments ever made in its mining sector. The world's second-biggest gold producer is targeting a 20% increase in gold output. The announcement was made jointly with the Ontario provincial government.
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Our Take
Ontario's permitting reforms just converted into $14 billion of real capital. That is the proof of concept every other province is now scrambling to replicate.
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AFR
Albemarle Books $820 Million Charge for Closure of Australia's Largest Lithium Refinery
Albemarle's Australian arm has booked an $820 million charge related to the closure of Australia's largest lithium refinery, and has warned that further pain is ahead. The write-down reflects the sustained downturn in lithium markets and the deteriorating economics of refining operations in Australia. The scale of the charge signals that the sector's cost structure remains fundamentally challenged at current prices.
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Our Take
Writing off a refinery while lithium prices are firming tells you the problem was never the commodity. It was the cost base. Australian downstream processing needs a hard look at unit economics before the next build cycle.
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Mining.com
Canada's Mining Industry Calls for Sweeping Reforms to Stay Competitive
Canada's mining industry is calling for broad regulatory and policy reforms to maintain competitiveness amid accelerating global competition for critical minerals investment. The push comes as multiple provinces, led by Ontario, have moved to overhaul permitting frameworks, with the federal government also streamlining approvals through the Major Projects Office and bilateral agreements with provinces.
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Our Take
Canada has the geology. The question has always been whether it has the regulatory speed. Ontario is proving the model works, but the rest of the country needs to follow or risk losing capital to faster-moving jurisdictions.
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The Northern Miner
Codelco Faces Questions Over 20,000-Tonne Output Gap in Production Data
Codelco, the world's largest copper producer, is facing scrutiny over a 20,000-tonne discrepancy in its output data after a December production surge drew questions from industry analysts and Chilean copper commission Cochilco. Consultancy Plusmining has raised specific concerns about the accuracy of the reported figures. The issue compounds existing uncertainty around global copper supply at a time when the metal is trading near record prices in the United States.
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Our Take
If the world's biggest copper producer cannot reconcile its own output data, what does that say about the supply numbers everyone else is pricing off?
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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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