The Drill Down
Tuesday 26 May 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
Indonesia Plans to Beat Global Trading Giants at Their Own Game
Indonesia is nationalising $65 billion in annual commodity exports through a new state trading entity, Danantara Sumberdaya Indonesia, starting with coal and palm oil. The entity must replicate in months a trading ecosystem built over decades by hundreds of agents, traders and multinational houses including Trafigura and Wilmar. Chinese buyers have already pushed back, with several major trading firms warning that long-term contracts extending through 2027 could face disruption and higher costs once Danantara begins operations from September.
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Our Take
Centralising $65 billion in exports through a state entity with no trading infrastructure, no working capital base and a September deadline is either the boldest commodity play in a generation or the fastest way to trigger a buyer strike from China. Last time Jakarta tried to force a coal price benchmark, Chinese buyers walked until the government reversed course.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,530
-0.89%
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Silver
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$76
-2.06%
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Platinum
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$1,949
+1.03%
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Palladium
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$1,378
+2.80%
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Base Metals & Commodities
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Copper USD/lb
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$6.43
-1.06%
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Nickel USD/lb
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$8.55
+0.68%
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Zinc USD/lb
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$1.63
+1.14%
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Lead USD/lb
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$0.92
+0.82%
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WTI Crude USD/bbl
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$91.89
-4.88%
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Prices updated as of 26 May 2026, 3:49 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Viridis Mining and Minerals Limited
Achieved first MREC product from its demonstration plant at the Colossus rare earths project in Brazil. The milestone validates the processing technology ahead of a DFS targeted for June 2026 and FID in H2 2026. Colossus hosts a 493Mt resource and is positioned as the world's largest undeveloped ionic clay rare earth deposit outside China.
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Energy Transition Minerals Ltd
Appointed Alexander B. Gray, former deputy assistant to the US President and NSC chief of staff, to its Strategic Advisory Board. The appointment adds US defence and supply chain expertise as ETM advances the Kvanefjeld rare earths project in Greenland, joining Julie Bishop and former Danish officials on the board.
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Strickland Metals Ltd
Delivered a 50% increase in the Gradina resource to 1.8Moz at 2.8 g/t gold, the highest-grade deposit within the broader 8.6Moz Rogozna project in Serbia. Near-horizontal adit access has been identified from the ridge flank, with PFS workstreams now formally underway.
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Santana Minerals Ltd
No specific catalyst today. The company continues to face consent delays for its Bendigo-Ophir gold project in New Zealand and is trading well below its recent placement price of $0.90.
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Ioneer Ltd
Received a "first strike" at its AGM on May 21 after more than 25% of shareholders voted against the remuneration report. Under the Corporations Act, a second consecutive strike would trigger a board spill vote. Ioneer is developing the Rhyolite Ridge lithium-boron project in Nevada.
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Elevra Lithium Limited
No specific catalyst. Recently completed a $275m placement to fund the expansion on its Lithium project in Canada. Company has recently capitalised on the improving industry dynamics and sentiment for Lithium.
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Market data as of 26 May 2026, 4:10 pm AEST
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This Week's Poll
How much would you pay per month if The Drill Down wasn't free?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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Today's Stories
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AFR
MinRes Bets $490 Million on Lithium Rebound With WA Mine Expansion
Mineral Resources is committing $490 million to expand underground mining at Mount Marion in Western Australia and build a flotation plant. The investment targets previously untapped ore at one of Australia's major hard-rock lithium operations. The move is a direct bet on lithium price recovery after a prolonged sector downturn.
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Our Take
$490 million at cycle bottom either looks genius in three years or becomes a cautionary tale. MinRes is betting the recovery arrives before the balance sheet doesn't.
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ASX Announcement
Zimplats Responds to Zimbabwe's New Critical Minerals Policy Framework
Zimplats has issued a holding statement in response to Zimbabwe's May 22 announcement classifying platinum group metals and other minerals as critical under a new policy framework. The company said it is engaging with authorities to understand the full implications while maintaining a stable operating environment. Zimplats is one of Zimbabwe's largest contributors to the economy through foreign currency generation, employment and infrastructure investment, and has made significant long-term commitments to local beneficiation and downstream processing capacity.
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Our Take
Zimplats is the largest PGM producer in Zimbabwe and the statement reads like diplomatic compliance until the details land. "Critical minerals framework" in practice usually means higher state capture of value. Watch the specifics on beneficiation mandates and export restrictions.
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AFR
Australia's Gold Mining Sector Faces the Hardest Regulatory and Cost Environment in the World
Australia is emerging as one of the most difficult jurisdictions to mine gold despite record global prices, according to an AFR investigation. Regulatory complexity, rising costs, and policy uncertainty are weighing on the sector at precisely the moment producers should be capitalising on the gold price environment. The report warns Australia risks ceding ground to more mining-friendly jurisdictions.
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Our Take
Record gold prices should be translating into record returns for Australian producers, but regulatory drag is eating into that upside and making the country less competitive for project development capital. Investors allocating to gold equities need to weight jurisdiction risk more heavily in their Australian exposure.
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Mining.com
China Could Become a Net Refined Zinc Exporter in 2026, Analysts Say
China, which produced roughly half the world's zinc last year, could shift from a major importer to a net exporter of refined zinc in 2026, according to analysts. The structural change would carry significant implications for global zinc markets and prices. China has historically absorbed large volumes of imported zinc concentrate to feed its smelting industry.
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Our Take
A country that produced roughly half the world's zinc flipping to net exporter status would be a structural bearish signal for refined zinc prices and a direct headwind for producers outside China. Zinc-exposed equities need to be stress-tested against this scenario now, not after the trade data confirms the shift.
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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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