The Drill Down
Friday 24 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
Zambia's Luanshya Copper Mine to Restart in August After Two-Decade Halt
Zambia's Luanshya copper mine is set to resume operations in August, ending a shutdown of approximately two decades. The restart is part of a broader push by Zambia to revive copper output as global demand for the metal remains elevated.
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Our Take
A two-decade idle asset coming back online signals that Zambia is serious about rebuilding its copper production base, and investors watching the African copper belt should treat this as further evidence of a structural supply response to elevated prices. Execution risk after 20 years of care and maintenance will be the key variable to monitor.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,684
-0.18%
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Silver
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$75
-0.56%
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Platinum
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$1,995
-0.50%
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Palladium
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$1,473
+0.15%
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Base Metals & Commodities
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Copper USD/lb
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$6.07
-0.26%
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Nickel USD/lb
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$8.49
+1.63%
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Zinc USD/lb
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$1.56
+0.50%
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Lead USD/lb
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$0.89
+0.72%
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WTI Crude USD/bbl
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$95.93
+0.08%
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Prices updated as of 24 Apr 2026, 3:49 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Patriot Resources Limited
Patriot released an updated JORC Exploration Target of 559 to 774 Moz AgEq from 359 to 422 Mt ore at 48 to 57 g/t for its 100%-owned Tassa Silver and Gold Project in southern Peru, positioning it among the largest undeveloped silver systems globally. The target is underpinned by 20 years of integrated data including 1,832 surface samples, 8,500m of diamond drilling, and 36km of IP geophysics. The inter-zone bridge areas that define the expanded target have not yet been drilled, with a 4,000m program now being planned.
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Cobalt Blue Holdings Limited
Continued momentum following a 7NEWS Spotlight feature last weekend on the Broken Hill Cobalt Project, which highlighted Australia's dependence on Chinese-backed cobalt supply chains and positioned Cobalt Blue as a strategic domestic alternative. CEO Andrew Tong appeared on the program outlining the case for developing one of the largest undeveloped primary cobalt resources in the world. No new ASX announcement today.
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Mammoth Minerals Limited
No news today. Continued momentum from the April 13 release identifying multiple high-grade targets at the Excelsior gold project in Nevada. The update outlined RC drill results extending the Buster Gold Trend and identified new priority targets for follow-up drilling. Volume of 1.928M is above the recent average, suggesting sustained accumulation interest following the exploration news.
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Celsius Resources Limited
Celsius resumed trading today after a halt and released a corporate update disclosing a governance dispute at Makilala Mining Company, the vehicle for its MCB copper-gold project in the Philippines. Sodor, the failed JV partner whose payment deadline expired in February, has requisitioned and held a shareholder meeting at which all five MMCI board seats were declared vacant and Sodor installed three of its own representatives. Celsius is pursuing emergency conflict resolution to restore the status quo.
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IGO Limited
March quarter report revealed Greenbushes spodumene production guidance cut to 1,375 to 1,425kt from 1,500 to 1,650kt, with unit cash costs guided higher to A$380 to $420/t from A$310 to $360/t, reflecting lower grade, weaker recoveries, and increased maintenance outages. CGP3 ramp-up is progressing but systemic operational issues at Greenbushes remain. Nova delivered a strong result with nickel production up 11% and A$52M of free cash flow, but the Greenbushes miss is the dominant read from the market.
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Citigold Corporation Limited
No specific catalyst identified today or in recent days. Citigold is a Queensland gold developer advancing the Charters Towers project, with recent changes to the substantial holder register. Today's move on volume of 20.03M shares is a meaningful sell-down for a A$66M market cap stock, consistent with profit-taking after the broader gold sector run rather than a news-driven event.
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Market data as of 24 Apr 2026, 4:10 pm AEST
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This Week's Poll
Which deep-dive would you most want to read next?
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○ Critical minerals policy
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○ Exploration Company Deep Dive
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○ Battery metals supply chain
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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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Company Release
Freeport Reports First-Quarter 2026 Results
Freeport-McMoRan reported Q1 2026 net income of $881 million ($0.61 per share) on consolidated copper production of 662 million pounds at an average realised price of $5.78 per pound. Operating cash flows totalled $1.5 billion. The company flagged a revised ramp-up schedule at the Grasberg Block Cave underground mine in Indonesia following modifications to material handling systems, with full-year sales guidance trimmed to 3.1 billion pounds of copper. Freeport also signed a Memorandum of Understanding with the Indonesian government for a life-of-resource extension of operating rights at PT Freeport Indonesia, and repurchased 1.7 million shares during the quarter at an average cost of $54.25.
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Our Take
The Grasberg ramp-up delay is the headline risk. Grasberg is one of the world's most consequential copper and gold operations, and any slippage in its underground transition directly tightens near-term global supply. The Indonesia MOU is strategically important and reduces sovereign risk long-term, but the market will be focused on how much volume the material handling changes actually defer and for how long.
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AFR
Fortescue to Spend $1 Billion More on Green Energy as Iron Ore Shipments Hit Record
Fortescue will commit an additional $1 billion to green energy projects after shipping 48.4 million tonnes of iron ore in the first three months of 2026, a record quarterly rate. The announcement pairs a major capital allocation decision with one of the company's strongest operational updates.
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Our Take
Record shipments give Forrest the cashflow cover to keep green energy spending politically palatable to shareholders, but a $1 billion incremental commitment will still attract scrutiny from investors who want capital returned. The operational result is unambiguously strong; the capital allocation question is not.
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Mining News Net
L1 Fund Hits ASX, Morgan Stanley Cuts Gold Outlook
L1 Capital's gold LIC (ASX: LGF) commenced trading today after raising approximately $1 billion at $2.00 per share, with the unlisted predecessor returning 182.7% since March 2025. The listing arrives on the same day Morgan Stanley cut its H2 2026 gold price target by nearly 10% to US$5,200 per ounce from US$5,700, citing rising real rates, delayed Fed cuts, and a shift from ETF buying to net selling in March.
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Our Take
A billion-dollar gold LIC listing on the same day a major bank cuts its price target captures the tension in gold markets right now. Fund managers are raising capital at scale for the structural thesis while sell-side desks trim near-term numbers on rate sensitivity. Morgan Stanley is still calling gold higher from here; the debate is over magnitude, not direction.
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FT Markets
Glencore Confirms Major National Economic Contribution in Canada, New Study Finds
A new socio-economic study has confirmed that Glencore is a major contributor to Canada's national economy, with its mining and metallurgical operations cited as a significant driver of economic activity. The study adds weight to industry arguments about the importance of large diversified miners to host economies.
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Our Take
Glencore commissioning and publishing a socio-economic impact study in Canada is a regulatory and social licence play, particularly relevant as resource nationalism and permitting debates intensify across the country. Investors should read this as a long-game effort to protect operating conditions rather than a routine disclosure.
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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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