The Drill Down
Tuesday 23 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
China Lithium Price Slides Over CATL Restart Chatter
Chinese lithium prices fell nearly 10% over two trading sessions on speculation that one of the country's biggest mines may restart. The decline followed chatter over a potential CATL mine restart.
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Our Take
A near 10% two-session drop on nothing more than restart chatter shows how fragile the lithium price recovery remains. A confirmed CATL restart would reflood a market still searching for a supply floor, pressuring marginal producers' margins.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,127
-1.55%
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Silver
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$63
-3.36%
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Platinum
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$1,654
-1.42%
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Palladium
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$1,241
-2.00%
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Base Metals & Commodities
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Copper USD/t
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$13926.28
-1.70%
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Nickel USD/t
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$17658.00
+0.82%
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Zinc USD/t
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$3559.64
-0.67%
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Lead USD/t
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$1949.60
-0.26%
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WTI Crude USD/bbl
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$73.06
-1.08%
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Prices updated as of 23 June 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Elementos Limited
Elementos rose after the Government of Andalucia granted its Oropesa Tin Project an Overriding Public Interest classification, a permitting milestone that clears the pathway to key water licences ahead of a final investment decision. The declaration formally recognises tin's status as a national Priority Raw Material and Oropesa's economic significance to the region.
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Diatreme Resources Limited
Diatreme delivered a maiden 102.7Mt mineral resource estimate at its Casuarina silica sand deposit in Far North Queensland, lifting its global high-purity silica resource base to 632.8Mt. The deposit grades 99.0% SiO2 and sits contiguous with the existing Cape Flattery Silica Mine, supporting its push to become a long-term supplier to the solar PV industry.
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Ioneer Ltd
Ioneer signed non-binding letters of intent with Korea's KIND and Hyundai Engineering to advance its Rhyolite Ridge lithium-boron project in Nevada, with MOUs expected in July and a final investment decision targeted for the second half of 2026. The LOIs are explicitly non-binding and create no enforceable obligation to invest.
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GBM Resources Limited
No specific catalyst identified. GBM Resources fell on no company announcement, the move consistent with profit-taking and small-cap sector selling rather than anything stock-specific.
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Andean Silver Limited
No specific catalyst identified. Andean Silver eased with no disclosed news, the move consistent with profit-taking or broader sector rotation rather than any company-specific driver.
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Iluka Resources Limited
Iluka fell despite confirming its first binding rare earths offtake, a take-or-pay deal with a global automaker for magnet oxides from 2028, carrying minimum revenue of US$155 million. The drop reads as sell-the-news, with the agreement covering only around 10% of planned production and pricing left commercial-in-confidence.
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Market data as of 23 June 2026, 4:10 PM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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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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Miningmx
Gold Fields 'Well Positioned' to Renew Tarkwa Licence
Gold Fields said on Monday it is well positioned to renew its Tarkwa leases in Ghana, responding to reports the government was weighing a transfer of the mine to local companies when the five leases expire in April 2027. The company's 90%-owned Ghanaian subsidiary lodged an early renewal application in November 2025, with talks now focused on terms. Tarkwa accounted for around a fifth of group output last year, making it Gold Fields' most significant single asset.
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Our Take
The question was never whether Tarkwa renews, but on what terms. With royalties already at 12% and a fifth of output exposed, the margin is the real negotiation, not access.
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Reuters
New Zealand Chases Gold as Record Prices Burnish Allure
New Zealand is fast-tracking gold projects and courting mining investors as soaring bullion prices revive a long-declining sector. The government push aims to capitalise on the global rally in gold prices.
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Our Take
Government fast-tracking lowers permitting risk in a jurisdiction historically hostile to mining, a meaningful re-rate trigger for juniors holding NZ ground. The window depends on bullion staying elevated, making these projects a leveraged bet on the gold price holding its rally.
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Australian Mining
Mining Joins Push to Defend Fuel Tax Credits
Australia's mining sector has joined a new campaign defending fuel tax credits as debate over the scheme intensifies. The peak bodies for miners and farmers are leading the effort.
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Our Take
Fuel tax credits are a material line item in diesel-heavy mining cost structures, so any wind-back would hit operating margins directly across the sector. The miner-farmer alliance signals the political fight is escalating, a cost-inflation risk investors should track for Australian producers.
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The Guardian
Queensland's Economy Teeters on Edge of Ratings Downgrade Despite Coal Royalty Windfall
Queensland faces a possible credit ratings downgrade despite coal mining royalty earnings set to increase to $6.9 billion. The state treasurer said he is not giving up on maintaining the state's credit rating.
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Our Take
Even a $6.9 billion coal royalty windfall is not enough to shield Queensland from downgrade risk, a reminder that the state's progressive royalty tiers are now central to its fiscal position. Coal producers should expect continued political reliance on royalty revenue, leaving little room for the rate relief miners have lobbied for.
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Bloomberg
China's Gold Imports Surge to Most in More Than Two Years
China's gold imports reached around 163 tonnes in May, the highest monthly volume since March 2024 and a sign the largest buyer's appetite held up even as prices stayed under pressure. Imports for the first five months of 2026 totalled about 692 tonnes, up roughly 76% on a year earlier. Physical bullion bars and incremental gold accumulation plans were the main drivers, alongside a new import licensing regime that took effect on 1 June.
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Our Take
Resilient Chinese buying through a price pullback is the demand floor producers want. While the Fed delays the next leg, physical offtake from the largest buyer holds the structural bid.
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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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