The Drill Down
Wednesday 24 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
Chinese Zinc Traders Eye Export Window to Clear Domestic Glut
Chinese zinc producers are waiting for exports to turn profitable to help clear a domestic glut, with Shanghai futures now more than US$400 a tonne below international prices, the widest discount since 2022. That gap already supports spot sales to Southeast Asian fabricators and needs to widen by around another US$100 to open shipments into LME warehouses, part of a broader shift that could make China a net refined zinc exporter in 2026.
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Our Take
A net-exporter flip would cap the LME rally that lifted zinc to multi-year highs. For zinc-leveraged developers, the upside case now hinges on overseas tightness outlasting China's surplus.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,076
-0.85%
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Silver
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$62
-0.01%
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Platinum
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$1,643
-0.55%
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Palladium
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$1,231
+0.27%
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Base Metals & Commodities
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Copper USD/t
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$13640.98
+0.06%
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Nickel USD/t
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$17192.00
-2.64%
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Zinc USD/t
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$3493.54
+0.34%
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Lead USD/t
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$1938.30
+0.22%
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WTI Crude USD/bbl
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$72.47
-1.01%
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Prices updated as of 24 June 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Benz Mining Corp.
Benz defined a maiden exploration target of 485 to 540Mt at 0.6 to 0.7 g/t for 10.1 to 12.0 million ounces of gold at its wholly owned Glenburgh project in Western Australia. Around 80% of the target is drill-defined, with the company aiming to convert a substantial portion into a mineral resource in 2027.
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Tivan Limited
Tivan signed key-terms MoUs with Sumitomo Corporation and ETFS Capital establishing up to A$50 million of stage-gated investment for its Molyhil Tungsten Project in the Northern Territory, while retaining an effective 82.5% interest at a final investment decision. The non-binding terms include Sumitomo offtake for up to 100% of production, with long-form agreements targeted for the third quarter of 2026.
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Lynas Rare Earths Limited
No specific catalyst identified. Lynas rose in step with continued global momentum in rare earths, as Western buyers and governments keep moving to secure supply outside China.
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Apollo Minerals Limited
No specific catalyst identified. Apollo Minerals holds the Couflens Tungsten Gold Project in France, home to the historic high-grade Salau mine, positioning it as a rare advanced-stage tungsten opportunity in Western Europe as the EU prioritises tungsten as a strategic raw material. The move eased on no company news.
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Matsa Resources Limited
No specific catalyst identified. Matsa Resources, a Western Australian gold and base-metals explorer with its Lake Carey gold project, fell on no disclosed news, the move consistent with profit-taking rather than anything stock-specific.
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Predictive Discovery Limited
No specific catalyst identified. Predictive Discovery, developer of the large-scale Bankan gold project in Guinea, eased with no company news, the move consistent with profit-taking after a recent run.
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Market data as of 24 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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Kitco
Gold Tests $4,100, Silver Breaks Under $62 as Dollar Pressure Dominates
Spot gold fell 1.64% to near $4,123.00 an ounce on Tuesday as the US dollar held near its strongest levels of the year and silver broke under $62. Post-Fed rate-hike risk and an unwinding Strait of Hormuz risk premium weighed on prices.
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Our Take
Gold's 1.64% drop to $4,123 shows how much of the recent rally was geopolitical premium now bleeding out as Strait of Hormuz fears fade. With a strong dollar and rate-hike risk in play, precious metals investors should brace for further unwinding rather than treat this as a buying dip.
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Canberra Times
Rio Tinto Sees Lithium as Fastest-Growing Division
Rio Tinto expects lithium to grow faster than its copper, iron ore and other divisions as it works to triple production by 2028 for the EV and battery storage markets. The miner plans to produce at least 61,000 tonnes of lithium this year and have capacity for 200,000 tonnes by 2028, building on last year's Arcadium acquisition, with much of the growth coming from direct lithium extraction.
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Our Take
Rio is building into the price trough with low-cost tonnes and floor-protected contracts. A major tripling supply by 2028 validates the demand thesis but raises the bar for marginal juniors.
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Reuters
Congo Pivots Westward Under Cover of Cobalt Controls
The Democratic Republic of Congo, the world's largest cobalt producer, has used export restrictions to drain a global glut and lift prices, and is now using that leverage to reduce its reliance on Chinese operators and pivot toward the West, particularly the United States. Congo replaced a full export ban with a quota system in October, and very little Congolese cobalt has shown up in Chinese imports, which fell to just 5,000 tonnes between January and April from almost 200,000 tonnes a year earlier.
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Our Take
Kinshasa is using cobalt as leverage twice over, on price and on geopolitics. The collapse in Chinese imports points to a supply chain being redrawn toward Western-aligned buyers.
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Bloomberg
Trump Administration Considers Virginia's Seabed for Critical Minerals Mining
The Bureau of Ocean Energy Management is considering Odyssey Marine Exploration's unsolicited request to lease critical minerals off Virginia's coast. The agency will issue a Request for Information as part of the process.
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Our Take
BOEM advancing Odyssey Marine's unsolicited lease request opens a domestic seabed mining pathway that bypasses contested international waters. The Request for Information is only a first procedural step, so investors should treat this as optionality, not a permitted resource.
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The Northern Miner
Deutsche Bank Cuts Gold Price Target by 22%
Deutsche Bank cut its near-term gold price target by 22%, citing concerns over inflation and high real yields. It joins a growing list of major institutions revising down their forecasts.
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Our Take
A 22% cut from a bank of Deutsche's stature will pressure gold equity multiples and re-rate marginal projects underwritten on higher price decks. Producers with low all-in sustaining costs are now the only safe place to hide.
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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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