The Drill Down
Tuesday 16 June 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
Chinese Metal Producer MMG to Raise US$1.6 Billion Selling Stocks and Bonds
MMG, the offshore metals unit of state-backed China Minmetals, plans to raise a combined US$1.6 billion through a Hong Kong share placement and zero-coupon convertible bonds to fund expansion. The raise targets rising metals demand tied to the AI infrastructure build-out, with copper futures up 15% in New York this year. MMG shares fell 10% on the dilution, erasing their gains for the year.
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Our Take
Raising US$1.6 billion against an AI-driven metals bid is China Minmetals arming its offshore arm to buy growth while copper sentiment is hot. The 10% share slide shows equity holders wearing the dilution upfront, but a state-backed balance sheet bulking up on copper is a signal of where Beijing wants the next supply to come from.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,317
+0.20%
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Silver
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$69
-0.82%
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Platinum
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$1,765
-0.28%
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Palladium
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$1,334
-0.38%
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Base Metals & Commodities
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Copper USD/t
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$14369.39
-0.34%
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Nickel USD/t
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$17800.00
+0.17%
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Zinc USD/t
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$3579.49
+0.67%
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Lead USD/t
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$1967.30
+0.51%
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WTI Crude USD/bbl
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$80.52
-0.28%
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Prices updated as of 16 June 2026, 4:15 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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White Cliff Minerals Limited
White Cliff Minerals started diamond drilling at the sediment-hosted copper targets on its Rae project in Nunavut, Canada, with a second rig due to follow at Danvers. The program tests extensions of a 1.7km mineralised footprint that includes 3.5m at 7.2% copper, across a redox setting the company likens to the Central African Copperbelt.
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Trek Metals Limited
Trek Metals began its maiden reverse circulation drilling at the Kuro manganese discovery at Christmas Creek, with the first hole spudded on 15 June. The program tests below an extensive high-grade manganese outcrop alongside induced polarisation and ground gravity surveys, part co-funded by the WA Government's Exploration Incentive Scheme.
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Dateline Resources Limited
Dateline Resources rose after the Federal Court reserved judgment in a dispute over US rare earth tenements involving the company, US1 Critical Minerals and Apex USA Resources, following closing arguments on 15 and 16 June. The conclusion of the trial removes a near-term overhang, with investors positioning ahead of the pending decision.
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IperionX Limited
No specific negative catalyst today. IperionX's only recent news was yesterday's US$3 million acquisition of Covia's Camden assets to consolidate its Big Sandy critical minerals province in Tennessee, a modest and strategically positive deal. Today's fall reads as profit-taking after the strong run following the Titan definitive feasibility study earlier in June.
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Karoon Energy Ltd
Karoon Energy cut its CY26 production guidance after the operator of the Who Dat joint venture advised that production through the failed Who Dat E manifold will not be restored until the second half of 2027. Who Dat guidance was lowered to 1.2 to 1.5 MMboe from 2.1 to 2.5 MMboe, taking total group guidance to 7.2 to 8.2 MMboe from 8.1 to 9.2 MMboe. Brazil production guidance was left unchanged.
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Liontown Limited
No specific catalyst identified. Liontown eased with no fresh company announcement, with the move reading as profit-taking after the recent surge across ASX lithium names. The Kathleen Valley lithium operation in WA remains the company's anchor asset.
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Market data as of 16 June 2026, 4:10 PM AEST
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This Week's Poll
Does the Saudi Vision 2030 minerals push represent a genuine exploration opportunity for Australian juniors?
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○ Yes, strong sovereign mandate
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○ Possible but regulatory complexity is real
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Australian Mining
Governments Back Nyrstar's Antimony Ambitions
The Federal Government has committed a further $105 million, alongside the South Australian and Tasmanian governments, to support Nyrstar's Port Pirie and Hobart smelters and feasibility work on expanding critical minerals processing. The package funds continued operations through 2026 and a pre-feasibility study into lifting antimony and critical minerals output, following $135 million provided last year. It builds on Nyrstar's first Australian antimony metal shipment earlier this year.
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Our Take
Three levels of government tipping in a second tranche signals smelting is now treated as sovereign infrastructure rather than a marginal industrial business. The harder question is whether feasibility work converts into a standalone antimony stream, or whether this is life support keeping ageing smelters running while the economics are worked out.
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The Australian
Elliott's Northern Star Push Gains Momentum as Potential Suitors Stir
Elliott Investment Management's campaign to force a strategic review at Northern Star is gaining momentum, with The Australian reporting that potential acquirers are no longer watching from the sidelines. Elliott holds a 3 to 4% stake worth around A$1 billion and has pushed for board renewal, faster CEO succession and a possible sale, which chair Michael Chaney rejected on timing grounds earlier this month. Northern Star has lagged the gold price despite record first-half EBITDA, the valuation gap that drew Elliott in.
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Our Take
Once trade buyers start circling an activist target, the board's go-slow defence gets much harder to hold, especially with the shares lagging a record gold run. The Fimiston ramp-up was meant to be the re-rating catalyst, but Elliott has reframed the story as a contest for control, and a credible suitor would force the issue.
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Bloomberg
China Built the Last Steel Boom. India's Will Be Different
Bloomberg reports that India has become the steel industry's main growth engine, with Tata Steel's Kalinganagar plant in Odisha doubling capacity to meet demand. Unlike China's export-led boom, India's growth is tied to domestic infrastructure spending, with the World Steel Association forecasting India to lead global demand growth at around 9% in 2025 and 2026. India is planning to add 80 to 85 million tonnes of capacity by FY31.
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Our Take
An India-led steel cycle anchored in domestic infrastructure is a steadier, longer-dated demand story for iron ore and coking coal than China's stop-start export surges ever were. For Australian bulk exporters the read is a second growth leg opening up, though at a slower burn and without the scale that made China the once-in-a-generation buyer.
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The Rare Earth Observer
149 Days to go, the Worst Case: China's Rare Earth Export Net Widens Ahead of November Deadline
From 10 November 2026, China's expanded dual-use rules bring 12 of the 16 rare earth elements under export licensing directly, with the remaining four captured indirectly depending on end use. The October 2025 MOFCOM announcements also cover processing equipment, auxiliary chemicals and any product or intellectual property usable for magnets, apply extra-territorially, and bar Chinese nationals from assisting overseas rare earth projects without a permit. The author estimates the controls touch around a third of global manufacturing, or roughly US$10 trillion of output.
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Our Take
The extra-territorial reach is the part the market keeps underpricing, since it lets Beijing lean on the engineers and technology any Western magnet supply chain needs, not just the material. With the rules locking in this November, the window for ex-China processing and magnet capacity to prove itself is now measured in months, not years.
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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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