The Drill Down
Thursday 25 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 Detains Two Japanese Nationals Over Suspected Rare Earths Smuggling
China has detained two Japanese nationals, one an employee of a Japanese electric machinery maker's China unit, over alleged attempts to take rare earth-related products out of the country, with the pair held in Dalian on 18 and 25 May for suspected breaches of export-control law. The case lands amid a sharp deterioration in China-Japan relations, after Beijing tightened dual-use and rare earth shipments to Tokyo following Prime Minister Takaichi's Taiwan remarks late last year.
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Our Take
Beijing is now criminalising rare earth leakage, not just licensing it. With China holding 90% of processing, the detentions raise the personal and compliance risk of operating inside that supply chain and harden the case for ex-China capacity.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$3,984
-0.39%
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Silver
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$57
-0.55%
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Platinum
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$1,561
-1.16%
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Palladium
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$1,168
+0.20%
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Base Metals & Commodities
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Copper USD/t
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$13336.96
+0.12%
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Nickel USD/t
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$16758.00
-2.52%
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Zinc USD/t
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$3425.79
+1.14%
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Lead USD/t
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$1920.90
+0.98%
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WTI Crude USD/bbl
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$69.41
-1.32%
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Prices updated as of 25 June 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Flagship Minerals Limited
Flagship signed a binding agreement to sell its RK Lithium Project in southern Thailand to a Thai syndicate for US$4 million, around A$5.8 million cash, with roughly half due this week. The divestment, alongside talks to sell its Khao Soon tungsten project, completes Flagship's pivot to a gold and copper explorer focused on its 2.2Moz Isidora project in Chile.
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Alligator Energy Limited
Alligator Energy advised that CFO and Company Secretary Joe Sutanto has resigned, appointing Blayney Morgan as interim CFO and Jake van der Hoek as Company Secretary. The day's update is administrative, with the recent share-price strength instead tied to a resource update at the uranium developer that drew a price query from the ASX.
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Renascor Resources Limited
Renascor identified multiple copper prospects at its Flat Hill project in South Australia, with historical drilling returning high-grade hits including 18m at 1.57% copper from surface across a 3km zone. The graphite developer says the scale and distribution point to a potential large-scale copper system, with a re-assay program and VTEM survey planned to refine drill targets.
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Finder Energy Holdings Limited
Finder Energy fell as the market focused on the oil and gas explorer's production timeline and supply-chain pressures. The pullback reflects investor caution building around pre-production energy names that have struggled to convert plans into output.
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IperionX Limited
IperionX fell as investors weighed production-ramp timing and supply-chain pressures at its US titanium operations. The move reflects caution on the metals developer's path to commercial scale.
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Lotus Resources Limited
Lotus Resources is in a voluntary trading suspension after acid supply delays and damage during hot commissioning of its acid plant disrupted operations at the Kayelekera uranium project in Malawi, with the company assessing the impact on production, offtake and finances. The setback adds to a broader pattern in which many listed uranium producers, Lotus included, have continued to disappoint the market on operational performance.
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Market data as of 25 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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Bloomberg
Chinese Copper Supplier Says US Demand Can Bear Trump's Tariffs
Chinese copper tube maker Zhejiang Hailiang is betting its US customers will absorb higher prices if Washington follows through on tariffs on refined copper. The Hangzhou-based company has expanded to sites from Indonesia to Morocco to get closer to clients and sidestep trade restrictions, with its plant in Houston nearing full capacity after Covid-era construction delays.
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Our Take
A supplier confident buyers will swallow the tariff says the quiet part out loud, US copper demand is inelastic. Tariffs reshuffle who supplies it, not whether it gets bought.
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Impakter
Australia's LNG Exporters and Miners Confront Union Strikes
A June strike that disrupted shipments at the Ichthys LNG project, around 10% of Australia's LNG output, has been resolved with operator Inpex. Shell's Prelude floating LNG vessel is next in line for wage talks, with strikes possible if no deal is reached. BHP has warned Australia risks losing its status as a top mining destination on costs and productivity, with further rises for already well-paid workers likely to accelerate automation at majors like BHP and Rio.
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Our Take
Each settled strike strengthens the capex case for automation. Labour won the wage round, but pricing itself up at world-best rates only accelerates its own replacement at BHP and Rio.
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Mining Zimbabwe
RBZ Warns Lithium Export Compliance Is Non-Negotiable
The Reserve Bank of Zimbabwe told the Chamber of Mines conference that export compliance is non-negotiable, defending February's suspension of raw mineral and lithium concentrate exports as a push for in-country value addition. Deputy Governor Innocent Matshe said lithium generated US$488 million from 1.5 million tonnes in 2025 and US$205 million already in 2026, but flagged US$15.8 million in overdue export receipts, transfer pricing and undervaluation as ongoing concerns.
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Our Take
Another African producer tightening the screws on raw exports to force domestic processing. For lithium developers in Zimbabwe, the read is rising compliance cost and FX friction layered on an already weak price.
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Mining Magazine
Tanzania to Spend 10% of Mining Revenue on Exploration
Tanzania has approved retaining 10% of gross mineral revenue to fund advanced exploration, with the money ring-fenced in a dedicated Bank of Tanzania account for high-resolution surveys and geological research. Minerals Minister Anthony Mavunde said only 16% of the country has been covered by high-resolution surveys to date, with the government targeting 50% by 2030. The measure is a revenue-retention mechanism rather than a new levy on miners.
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Our Take
State-funded precompetitive data lowers discovery risk and can pull juniors into underexplored ground. The catch is governance, since the same budget tightens terms on raw exporters, so the de-risking comes packaged with a more interventionist state.
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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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