The Drill Down
Tuesday 2 June 2026 · Part 2
|
| |
Presented By
|
ASX: KAO
|
Namibia's Copper Belt.
Ready to Drill.
|
|
|
69.6%
Peak Cu Grade
|
40km
Mineralised Trend
|
89%
Cu Recovery
|
|
|
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
|
|
|
| |
| |
Lead Insight
USA Rare Earth Plans Roughly $200 Million Investment in France
USA Rare Earth (Nasdaq: USAR) announced at the Choose France summit in Paris that it plans to invest more than €175 million ($204 million) through 2030 to expand rare earth metal, alloy and permanent magnet manufacturing at Lacq. The investment builds on existing commitments including a stake in French processor Carester SAS and a Less Common Metals facility already under development. French government support through C3IV incentives, debt guarantees and potentially direct equity in USAR's European subsidiary is anticipated. The announcement coincides with a federal lawsuit from MP Materials alleging misappropriation of proprietary magnet technology.
|
Our Take
A US company building magnet capacity in France with simultaneous backing from both governments is transatlantic critical minerals strategy in practice. The MP lawsuit is a complication, but the capital commitment is real and the strategic logic is sound.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,524
+0.86%
|
|
Silver
|
$77
+2.36%
|
|
Platinum
|
$1,961
+2.02%
|
|
Palladium
|
$1,381
+1.42%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14645.98
+0.60%
|
|
Nickel USD/t
|
$19207.00
+1.53%
|
|
Zinc USD/t
|
$3603.74
+1.39%
|
|
Lead USD/t
|
$2019.20
+0.88%
|
|
WTI Crude USD/bbl
|
$91.29
-0.94%
|
|
Prices updated as of 2 June 2026, 3:48 pm AEST
|
| |
|
Find this useful?
The Drill Down is free to read. If it earns a spot in your inbox, you can support us here.
|
|
| |
Market Movers
Winners & Losers - ASX Markets
|
Unico Silver Limited
Unico Silver upgraded from the OTCQB to the OTCQX in the United States, trading under the ticker USLRF. The move is aimed at improving visibility and access to North American capital markets as the company advances the Joaquin and Cerro Leon silver districts in Argentina toward feasibility. The combined Santa Cruz portfolio holds approximately 330 Moz silver equivalent.
|
|
Northern Star Resources Limited
Elliott Investment Management published a 39-page presentation titled "Northern Star Rising," calling for a strategic review and potential sale of the company. Elliott holds well over A$1 billion in Northern Star, placing it among the top five shareholders. Northern Star responded by welcoming constructive dialogue and confirming its CEO search is underway.
|
|
Carnaby Resources Limited
A water bore drilled on the edge of the planned Mount Hope Central open pit at the Greater Duchess Project in Mt Isa intercepted a new high-grade copper-gold lode, MHWB007, returning 232m at 1.3% CuEq from surface, including 65m at 2.9% CuEq from 25m. The discovery, named Miniboom, is adjacent to the existing ore reserve pit and further drilling is underway to determine its full extent.
|
|
|
|
Invictus Energy Limited
No new catalyst today. The Petroleum Production Sharing Agreement with the Republic of Zimbabwe was signed and announced on 28 May, covering the Cabora Bassa project through its full lifecycle. Today's move appears to be profit-taking following that news-driven run.
|
|
Emmerson Resources Limited
No fresh catalyst today. Emmerson is under a binding scheme with Pan African Resources at an implied offer price of A$0.45 per share. With the stock currently trading well below that level, the spread reflects execution risk and the all-scrip nature of the consideration ahead of the scheme vote.
|
|
Viridis Mining and Minerals Limited
Viridis signed a non-binding LoI with global rare earth separation company Solvay for proposed offtake and technical partnership covering mixed rare earth carbonate from the Colossus Project in Brazil, targeting commercial MREC production by 2028. Today's pullback looks like profit-taking after a strong run as the project advances through development milestones toward a targeted FID in H2 2026.
|
|
Market data as of 2 June 2026, 4:10 PM AEST
|
| |
This Week's Poll
Which emerging mining region will attract the most exploration capital over the next 3 years?
|
○ Saudi Arabia / Middle East
|
|
|
|
|
|
|
○ Scandinavia / Greenland
|
|
|
| |
|
Today's Stories
|
AFR
Data Centre Investment Rivals Mining Boom
A rapid build-out of data centres is driving business investment at its fastest pace since the peak of the mining boom. Wednesday's national accounts are expected to show the economy was slowing before the Middle East conflict pushed oil prices higher, adding a complicating variable to the growth outlook.
|
Our Take
The mining boom comparison is there. Data centre infrastructure is becoming the next major fixed investment cycle in Australia, with direct implications for copper, aluminium and critical minerals demand domestically.
|
|
Reuters
Exclusive: Barrick Mining Weighs London Listing as It Negotiates Africa Business Sale
Barrick Mining is considering a London listing for its African assets through a potential merger with Endeavour Mining, according to Reuters sources. The combined entity could be valued at around $30 billion, roughly half of Barrick's current NYSE market cap. One scenario would see Barrick retain its Toronto listing as a holding company while spinning off a separate Africa-focused vehicle in London - mirroring the Acacia spin-off from two decades ago. Talks are described as early stage with no certainty of a deal.
|
Our Take
Barrick is systematically derisking its jurisdiction exposure. North American assets going to NYSE, African assets potentially to London via Endeavour. It's a clean geographic disaggregation that should re-rate both entities if it gets done.
|
|
Miningmx
Rio Tinto Faces Madagascar Rare Earths Lawsuit From More Than 6,000 Villagers
More than 6,000 villagers living near Rio Tinto's ilmenite and monazite operation in Madagascar are preparing a lawsuit against the company over alleged impacts from the mine. The legal action targets Rio Tinto's rare earths and heavy mineral sands project, with potential consequences for the company's social licence in the region. The case adds to a growing body of community-led legal challenges against major mining operations in environmentally sensitive areas.
|
Our Take
A lawsuit representing 6,000 claimants is not easily dismissed, and for Rio Tinto, the reputational and operational exposure at its Madagascar rare earths asset comes at a time when the sector is under intense scrutiny from ESG-focused institutional investors. How management responds in the early stages will signal a great deal about the company's community relations strategy.
|
|
Miningmx
Zijin's $4 Billion Acquisition of Allied Gold in Jeopardy Amid Mali Concerns and Chinese Regulatory Scrutiny
Chinese regulators are reported to be a key obstacle to Zijin Gold International's proposed $4 billion takeover of Allied Gold, with concerns about Allied's operations in Mali cited as a central factor in the regulatory hesitation. A deal collapse would be a significant blow to one of the largest gold M&A transactions in recent memory. The uncertainty puts both companies in a difficult position as the deal timeline extends.
|
Our Take
The irony of Chinese regulators blocking a Chinese company's African gold acquisition over political risk in Mali underscores how complicated the geopolitics of mining M&A have become, even within China's own outbound investment framework. Allied Gold shareholders will need to assess what a failed deal means for the stock independently of any deal premium.
|
|
Queensland Government
New Laws Unlock Critical Queensland Opportunities
The Crisafulli Government has introduced legislation to fast-track critical minerals and other state significant projects through a new State Strategic Projects declaration framework. The amendments to the State Development and Public Works Organisation Act 1971 streamline regulatory pathways, improve investment certainty, and expand powers to coordinate enabling infrastructure including roads, power lines and water pipelines. The reforms apply to critical minerals projects as well as other projects of state significance.
|
Our Take
Regulatory streamlining only matters if the projects are ready to move. Queensland has the mineralogy. The question is whether faster approvals translate into capital commitments or just shorter queues for projects that weren't going to stall on permitting anyway.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
