The Drill Down
Friday 15 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
EV Boom Sends Lithium Prices Toward $3,000 in Boon for ASX Miners
Lithium prices are approaching $3,000 per tonne as oil supply disruption accelerates the shift away from petrol vehicles, delivering a meaningful recovery for a sector that has endured a prolonged downturn. ASX-listed lithium producers with battery metals exposure are positioned among the primary beneficiaries of the accelerating EV transition. The price recovery marks a clear inflection point after an extended period of oversupply and margin compression.
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Our Take
After two years of pain, a lithium price recovery toward $3,000 per tonne changes the equity story for ASX producers almost overnight. The question for investors is which balance sheets survived the downturn in good enough shape to capitalise on the upswing.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,572
-1.73%
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Silver
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$78
-6.31%
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Platinum
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$2,007
-2.50%
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Palladium
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$1,416
-1.35%
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Base Metals & Commodities
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Copper USD/lb
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$6.38
-3.31%
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Nickel USD/lb
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$8.57
-1.28%
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Zinc USD/lb
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$1.60
-1.22%
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Lead USD/lb
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$0.90
-0.42%
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WTI Crude USD/bbl
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$103.32
+2.13%
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Prices updated as of 15 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Litchfield Minerals Ltd.
No specific catalyst identified. Strong buying interest with the company currently drilling across its project portfolio.
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Forrestania Resources Limited
No specific catalyst identified. The WA gold developer continues to attract interest after recently closing a gold deposit acquisition, appointing an experienced GM Operations, and providing an updated JORC resource at its other deposit this week.
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Dateline Resources Limited
Released an update confirming growing underground gold potential at Colosseum in California, building on the BFS released May 11 which delivered a pre-tax NPV of US$785 million and 49.5% IRR at US$4,200/oz gold.
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EQ Resources Limited
No specific catalyst identified. The tungsten developer continues to see elevated volatility given its highly traded profile, with tungsten price movements amplifying swings in both directions.
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Kingsgate Consolidated Limited
No specific catalyst identified. The stock pulled back after a strong run as it ramps up its Nueva Esperanza gold-silver project in Argentina.
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Mineral Resources Limited
Founder and managing director Chris Ellison sold $122.4 million worth of shares (1.8 million) between May 11 and 14, his first on-market sale in nine years. The company said the sale was for personal financial planning and the establishment of a family office.
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Market data as of 15 May 2026, 4:10 pm AEST
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This Week's Poll
What best describes you?
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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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AFR
Iron Ore Magnate Gina Rinehart Nabs Stake in US Rare Earths IPO
Hancock Prospecting has acquired 1.2 million shares in New York-listed Rare Earths Americas, worth approximately US$22.8 million and representing a 6% stake, according to SEC filings. The investment extends Rinehart's growing portfolio of non-Chinese rare earth positions alongside existing holdings in Lynas, MP Materials, and Arafura.
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Our Take
Rinehart now holds positions across the four most significant non-Chinese rare earth platforms globally. At some point this stops looking like portfolio diversification and starts looking like supply chain consolidation.
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Mining.com
Argentina Approves Two Mining Projects Under RIGI Scheme Worth $2.1 Billion
Argentina has approved two mining projects under its RIGI investment incentive scheme, with a combined value of $2.1 billion. The approvals confirm continued government commitment to attracting large-scale mining investment under the pro-business framework introduced to fast-track resource development. Argentina has been aggressively courting foreign mining capital to monetise its world-class copper, lithium, and gold endowment.
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Our Take
Two approvals worth $2.1 billion under RIGI reinforces that Milei's administration is converting policy rhetoric into investable outcomes, and the pipeline of projects seeking approval is only growing. For miners with Argentine exposure, the regulatory risk calculus is shifting meaningfully in their favour.
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Financial Post
Congo Eyes Deals With Cobalt Producers to Tackle Illegal Mining on Licensed Sites
The Democratic Republic of Congo is exploring deals with major cobalt producers to address illegal artisanal mining occurring on licensed industrial sites, according to the head of the relevant industry group. The initiative aims to formalise operations and improve supply chain integrity for a commodity critical to global battery manufacturing. Congo is the world's dominant cobalt producer, making the outcome of these negotiations consequential for battery supply chains globally.
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Our Take
Formalising artisanal activity on licensed sites would improve traceability and reduce compliance risk for battery manufacturers under tightening due diligence frameworks. Producers who can demonstrate clean supply chains stand to benefit commercially as automakers become increasingly selective about sourcing.
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Premium Times
Nigeria Seeks Mining Investment as Economic Reforms Gain Traction
Nigeria's finance minister has said the country is intensifying efforts to attract foreign investment across key sectors including mining, as its economic reform program gains momentum. The government is positioning its reform agenda as a signal that Nigeria's resource sector is open for incoming capital. Mining is highlighted alongside power as a priority sector under the current administration.
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Our Take
Ministerial intent is a starting point, not an investment thesis, and Nigeria's mining sector has a long history of policy announcements that outpace on-the-ground execution. Investors will need to see regulatory and infrastructure improvements before allocating to a jurisdiction that remains underexplored relative to its geological potential.
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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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