The Drill Down
Thursday 23 April 2026 · Part 2
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Partner Spotlight
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The right shareholders don't find you. You find them.
Cashu Group delivers independent equity research and targeted investor marketing for ASX-listed resource companies. The coverage that builds conviction, and the reach to make it count.
Find Your Shareholders
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Lead Insight
Ghana Directs Newmont, AngloGold, and Zijin to Shift Mining Operations to Local Firms by December
Ghana's mining regulator has ordered Newmont, AngloGold, and Zijin to transfer their mining operations to local contract firms by December, pushing multinationals into a more limited oversight role. The directive is part of Ghana's broader campaign to increase local economic participation across its gold sector. The move reshapes the operating model for some of the world's largest gold producers in one of Africa's most important mining jurisdictions.
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Our Take
Ghana wants the revenue without the risk. Newmont and AngloGold will comply on paper. Watching what happens to production rates by Q2 next year.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,702
-0.79%
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Silver
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$76
-2.33%
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Platinum
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$2,038
-1.64%
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Palladium
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$1,524
-1.47%
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Base Metals & Commodities
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Copper USD/lb
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$6.10
-1.44%
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Nickel USD/lb
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$8.36
+1.64%
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Zinc USD/lb
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$1.57
+0.12%
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Lead USD/lb
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$0.88
-0.28%
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WTI Crude USD/bbl
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$93.73
+0.83%
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Prices updated as of 23 Apr 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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European Lithium Ltd.
AFR's Street Talk reported today that Critical Metals Corp, in which European Lithium is the dominant shareholder, has been in informal discussions for several months about a potential merger. No binding deal is on the table. European Lithium holds A$356 million in cash, which a merger would give Critical Metals access to, while European Lithium would gain greater exposure to the Wolfsberg and Tanbreez projects.
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Killi Resources Limited
No specific catalyst identified today. Killi appointed former Fortescue CEO Nev Power as Non-Executive Chair on 1 April alongside a A$1.4 million placement, with Power and co-investors becoming substantial shareholders. Today's move is likely continued momentum from that board repositioning rather than new news, on low absolute volume.
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Greenwing Resources Ltd
Continued momentum from the April 20 exploration update at the San Jorge Lithium Brine Project in Argentina, showing the brine system may extend to approximately 1,000m depth, more than double the maximum drilling depth of 402m, with lithium grades increasing with depth up to 248 mg/L Li against the current resource grade of 195 mg/L Li.
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Black Cat Syndicate Ltd.
March quarter production of 23,952 ounces came in below guidance of 25,000 to 28,000 ounces. Third-party ore contributed 11,553 ounces of the total, meaning own-mine output was modest relative to the ramp-up trajectory the market had priced in. Operating cash flow of A$61 million was generated from 10,374 ounces sold at an average realised price of A$6,817 per ounce. The miss against guidance is driving today's sell-off.
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Core Lithium Ltd
Likely a market reaction to today's quarterly activities update. Core Lithium approved a Final Investment Decision in March 2026 to restart the Finniss Lithium Project in the NT, with first production targeted for Q4 2026 and full ramp-up to 1.2Mtpa by mid-2028. The stock has run hard on the restart narrative and is prone to volatility around quarterly releases as the market reassesses execution timelines.
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Lion Rock Minerals Limited
No specific catalyst identified. Lion Rock is a precious metals explorer at an early stage, trading at A$0.020 on thin volume. Moves of this magnitude are common in micro-cap stocks without a news-driven catalyst.
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Market data as of 23 Apr 2026, 4:10 pm AEST
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This Week's Poll
Where is copper heading in Q2 2026?
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○ Pulling back below $5.50
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This Week's Research
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty is a 17-page institutional-grade research memo produced by Kamoa Capital.
It is a structured analytical framework built for investors, mining executives, and government counterparts who need to understand how the US federal critical minerals architecture actually works and where the commercial opportunities and risks concentrate.
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Today's Stories
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Mining.com
Lithium Market to Enter Deficit Until 2035, Says Canaccord
Canaccord is forecasting a near-decade-long lithium supply deficit running through 2035, driven by sustained underinvestment in new mining projects. The shortfall has direct implications for battery supply chains and EV manufacturers dependent on long-term lithium availability. The analysis reinforces the growing gap between demand trajectory and the project pipeline needed to meet it.
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Our Take
A deficit forecast stretching to 2035 is a compelling re-rating catalyst for well-positioned lithium developers, particularly those with permitted or near-production assets. The market has been bearish on lithium pricing, but structural supply gaps of this length tend to force a reassessment.
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Australian Mining
BHP Locks In China Iron Ore Supply Agreement With China Mineral Resources Group
BHP has finalised an iron ore supply agreement with China Mineral Resources Group following months of negotiations, providing supply certainty for Chinese steelmakers despite ongoing trade tensions. The deal reinforces the commercial relationship between the two parties at a time when iron ore prices have held relatively firm on continued Chinese demand signals. No financial terms were disclosed in the announcement.
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Our Take
Formalising this relationship sends a clear signal that commercial iron ore ties between Australia and China remain intact regardless of geopolitical noise. For BHP shareholders, revenue visibility into the Chinese market is exactly the kind of certainty the stock needs right now.
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The Business and Financial Times
African Nations Reassert Agency in Mining Deals as Geopolitical Competition Intensifies
African governments are asserting greater control over their mineral resources as geopolitical competition for the continent's critical minerals intensifies, with resource-rich nations pushing to capture more economic value from mining rather than ceding terms to foreign investors. The trend is reshaping deal structures and operating conditions for international mining companies across the continent. Ghana's directive to Newmont, AngloGold, and Zijin is one of the more concrete expressions of this broader shift.
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Our Take
The era of easy terms for foreign miners in Africa is closing, and companies that built their Africa strategies around legacy deal structures face real renegotiation risk. Investors should be stress-testing Africa-weighted portfolios against a higher-royalty, higher-local-participation baseline.
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Mining.com.au
WA Environmental Approvals Streamlined in Federal and State Government Duplication Reduction
Federal Environment Minister Murray Watt and WA Premier Roger Cook signed a Memorandum of Understanding establishing a new bilateral agreement under national environment law, moving toward a single state-led assessment process that would eliminate the need for separate federal review of projects already assessed by the WA Environmental Protection Authority. The industry body AMEC has backed the move, noting that duplication between state and federal systems has long added months or years to project timelines. The bilateral assessment agreement is expected to be finalised by end of 2026, with a subsequent approvals bilateral to follow.
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Our Take
For WA-focused explorers and developers, this is a meaningful structural improvement if it translates into real timeline reductions. Dual assessments have been a capital efficiency killer for juniors. The test will be whether the finalised agreement in late 2026 delivers measurable gains or becomes another well-intentioned framework that stops short of full approvals bilateral.
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Upcoming Events
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Sydney Resources Round-up
5-7 May 2026 · Hyatt Regency, Sydney
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Sydney Mining Club
6 May 2026 · Leading Edge · Hinchcliff House, Sydney
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121 Mining Investment
11-12 May 2026 · London
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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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