The Drill Down
Monday 18 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
Australian Government Orders Chinese Investors to Sell Rare Earth Stakes
Treasurer Jim Chalmers has ordered six shareholders in Northern Minerals to divest their combined 18% stake within two weeks on national security grounds. Five are registered in China or Hong Kong. It is the second such intervention in two years, after Canberra sued a Chinese company for breaching the original 2024 divestment order. Northern Minerals holds the Browns Range heavy rare earths project in WA, a potential source of dysprosium and terbium.
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Our Take
Canberra is not bluffing on rare earths ownership. Forcing a second round of divestments at the same company sends a clear message to any Chinese-linked capital still sitting in Australian critical mineral registers.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,541
+0.02%
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Silver
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$75
-0.77%
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Platinum
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$1,968
-0.56%
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Palladium
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$1,399
-0.59%
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Base Metals & Commodities
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Copper USD/lb
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$6.26
-0.67%
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Nickel USD/lb
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$8.41
-1.96%
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Zinc USD/lb
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$1.59
-0.52%
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Lead USD/lb
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$0.90
+0.16%
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WTI Crude USD/bbl
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$102.64
+1.60%
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Prices updated as of 18 May 2026, 3:47 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Reach Resources Limited
Announced a binding option agreement with Andel Resources to fully fund its Murchison South Gold Project through to production. Andel pays a non-refundable A$2 million option fee and subscribes for approximately 9.4% of Reach at A$0.009 per share.
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Ariana Resources plc
Announced the sale of its 13.6% interest in Turkish gold joint venture Zenit Madencilik for US$19.5 million in cash, crystallising significant value from its long-held stake in the Kiziltepe and Tavsan gold operations.
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Brazilian Rare Earths Limited
Announced the demerger of its Amargosa project into a newly formed entity, Alurion Resources Limited. The move sharpens the company's focus on its core rare earths portfolio while giving shareholders direct exposure to the Amargosa asset.
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Argent Minerals Limited
No specific catalyst identified. The stock moved approximately 30% in the match close on Friday and gave back the gains today.
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Golden Globe Resources Ltd.
No specific catalyst identified. The decline is consistent with a broader market selloff weighing on smaller resource names.
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Strickland Metals Ltd
No specific catalyst identified. The gold explorer sold off in line with the broader market pullback across small-cap resource stocks on the session.
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Market data as of 18 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 Allied Gold's Marrone to Spearhead $80m Challenger Gold Recap Challenger Gold is preparing an $80 million capital raising alongside a board and management overhaul that will see seasoned gold executive Peter Marrone become chairman. Marrone, who built and led Yamana Gold before its $6.7 billion takeover, is expected to take up a significant portion of the raise. The $292 million market cap company remains in trading suspension. | Our Take The man who built Yamana into a $6.7 billion takeout does not put his name on a sub-$300 million gold company unless he sees a path to repeat the playbook. That alone will get this on institutional watchlists. | |
Mining.com
Rwanda's Trinity Metals Targets $200M US Listing to Boost Tin, Tungsten Output
Rwanda's Trinity Metals is targeting a NYSE listing within 12 to 18 months to raise $100 to $200 million, funding expansion across its three mines: Nyakabingo (Africa's largest tungsten operation), Rutongo (tin), and Musha (tin-tantalum). Output has quadrupled since consolidation in 2022 and the company aims to triple tin and tungsten production to 300 tonnes per month each. All production currently goes to the US, Europe, and Thailand with no Chinese exposure.
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Our Take
A vertically integrated 3T producer with zero Chinese offtake, US defence supply chain validation, and a NYSE listing pipeline. Trinity is building the template for what Western-aligned critical mineral companies should look like.
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Kitco
Gold Ends Week Down Nearly 4% as Rising Real Yields Crush Precious Metals Momentum
Gold ended the week down nearly 4% while silver tumbled roughly 13% from recent highs, as rising real yields and a stronger dollar undermined investor appetite across precious metals. Ongoing geopolitical tensions provided no meaningful floor for either metal during the selloff. The moves highlight how quickly rate expectation shifts can overwhelm safe-haven narratives.
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Our Take
A 13% silver drawdown in a single week is a reminder that momentum-driven precious metals rallies can unwind fast when macro conditions turn. Gold and silver equities leveraged to spot prices will feel this acutely, and investors should be stress-testing portfolios against further yield moves before adding exposure.
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Inkl
DRC Sends Military to Guard Mines and Critical Minerals Amid Security Concerns
The Democratic Republic of Congo is deploying a new paramilitary unit to guard mines and protect its position as a leading supplier of cobalt and other battery materials. The move reflects escalating security concerns at key mining operations across the country. Analysts are questioning whether the measure is sufficient given the scale of the challenge.
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Our Take
A state-created paramilitary mining guard force is not a sign of stability, it is a sign that the DRC's security situation has deteriorated to the point where conventional measures are not working. Investors with cobalt exposure through DRC operations need to stress-test their supply chain continuity assumptions now rather than after an incident.
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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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