The Drill Down
Thursday 21 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
Northern Star Boss Quits After Gold Giant's Horror Run of Downgrades
Northern Star Resources CEO has resigned following a series of production downgrades at one of the ASX's largest gold companies. The departure marks a forced leadership reset at a miner that has struggled to meet operational targets. Northern Star sits among the ASX's most heavily weighted gold names, meaning the instability carries index-level consequences.
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Our Take
At $4,500 gold, a producer this size should be printing money. Repeated downgrades at these prices tell you the problem was execution, not the commodity. The next CEO inherits the margin, but also the credibility deficit.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,525
-0.41%
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Silver
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$75
-0.86%
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Platinum
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$1,930
-1.15%
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Palladium
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$1,360
-0.55%
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Base Metals & Commodities
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Copper USD/lb
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$6.31
-0.70%
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Nickel USD/lb
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$8.55
+0.44%
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Zinc USD/lb
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$1.61
+0.42%
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Lead USD/lb
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$0.90
+1.10%
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WTI Crude USD/bbl
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$99.29
+0.29%
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Prices updated as of 21 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Metal Bank Limited
Secured a $1.2 million placement at $0.017 per share with new strategic cornerstone investors, issuing 70.6 million new shares.
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Terra Metals Limited
No specific catalyst today. The stock appears to have found a base after recent selling pressure and is bouncing back. Terra Metals continues to advance its Dante PGM project in Western Australia, where diamond drilling earlier this year confirmed zones of massive sulphide mineralisation at the Southwest Prospect.
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Auking Mining Limited
No specific catalyst identified. The stock was sold down heavily yesterday and is rebounding to prior levels.
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Bougainville Copper Limited
Released its 2025 annual report and formally appointed Sir Melchior Togolo as CEO, having served as acting CEO since March. The selloff likely reflects investor reaction to the annual report financials and the pace of progress on the Panguna copper-gold redevelopment.
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Encounter Resources Limited
No specific catalyst identified. The stock continues a month-long selloff.
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Aguia Resources Limited
Reported operational and grade improvements at the Santa Barbara Gold Project in Colombia, with head grades lifting to above 10 g/t Au from a prior 3-4 g/t average over the previous nine months. The selloff may reflect broader market weakness rather than a reaction to what was a positive update.
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Market data as of 21 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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Bloomberg
Codelco Eyes $2 Billion Gain From Unifying Copper Mines in Chile
Codelco is targeting a combined $2 billion in cost savings and additional revenue by integrating three copper mines as part of a four-year production plan. The restructuring is the world's largest copper producer's most significant operational overhaul in recent years. Success would materially strengthen Codelco's cost position at a time when copper demand from the energy transition remains a structural tailwind.
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Our Take
A $2 billion efficiency target from mine integration is meaningful even at Codelco's scale, and execution will be the key variable to watch. For copper bulls, a leaner Codelco tightens the global supply picture further.
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AFR
Australia Debates Selling $18 Billion Gold Stockpile as Treasurer Faces Pressure
Calls are growing for Australian Treasurer Jim Chalmers to consider selling Australia's $18 billion gold stockpile, drawing comparisons to a previous controversial gold sale. The debate is being felt directly in gold mining communities including Kalgoorlie, Coolgardie, Bathurst, and Ballarat. Any move toward a government sale at this scale would represent a material overhang for gold prices in the region.
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Our Take
A sovereign gold sale of this magnitude would be a politically toxic and market-moving event, and the industry pushback from gold communities makes it unlikely to proceed quietly. For ASX-listed gold producers, the threat alone is worth monitoring as a sentiment risk.
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Bloomberg
Congo's Cobalt and Copper Mining Draws Mad Max Comparison as Illegal Operations Surge
Congo's Katanga region, which produces most of the world's cobalt and more copper than any country except Chile, is experiencing a surge in chaotic informal mining activity, with thousands of artisanal miners operating without safety equipment or legal permits. Bloomberg describes conditions at illegal sites as resembling a post-apocalyptic landscape. The situation reinforces persistent governance and supply chain integrity risks for battery metals sourced from the DRC.
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Our Take
The DRC's cobalt and copper dominance makes it impossible to route around, but the governance conditions Bloomberg describes will keep ESG-sensitive offtake agreements under pressure. Miners with traceable, permitted supply chains in the region hold a premium that is only growing.
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Mining.com
Russia Raises Alarm Over US and EU Rare Earth Activity in Central Asia
Russia has raised formal concern over increasing US and EU efforts to secure rare earth and critical mineral resources in Central Asia, a region Moscow considers within its sphere of influence. China has also been intensifying its engagement with resource-rich Central Asian nations, creating a three-way rivalry over the region's mineral assets. Central Asia is emerging as a significant geopolitical flashpoint in the global critical minerals contest.
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Our Take
When three major powers are openly competing over the same mineral corridor, jurisdictional risk for any project in the region rises sharply regardless of which partner a developer aligns with. For investors, the geopolitical tension is a double-edged signal: rising strategic value, but also rising exposure to shifting political conditions on the ground.
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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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