The Drill Down
Wednesday 27 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
Rise of South America's Copper Corridor Reshapes Global Supply Ambitions
Major miners are advancing copper projects across Chile, Peru, and Argentina under new investment frameworks, with South America's copper corridor drawing renewed strategic attention. Rio Tinto became the first company to receive approval under Argentina's RIGI investment scheme for a mining project, marking a landmark moment for the region.
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Our Take
Rio Tinto's RIGI approval is a regulatory proof of concept that lowers the sovereign risk bar for other majors eyeing Argentine copper. The corridor narrative is gaining institutional traction.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,493
-0.33%
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Silver
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$76
-1.74%
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Platinum
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$1,931
-0.49%
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Palladium
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$1,369
-0.64%
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Base Metals & Commodities
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Copper USD/lb
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$6.45
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Nickel USD/lb
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$8.61
+0.72%
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Zinc USD/lb
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$1.60
+0.95%
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Lead USD/lb
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$0.91
+0.63%
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WTI Crude USD/bbl
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$91.83
-2.19%
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Prices updated as of 27 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Cauldron Energy Limited
Defined an initial exploration target of 9.4 to 42.7 million pounds of uranium oxide across four tenements recently acquired from Wyloo Metals, surrounding Paladin's Manyingee deposit in WA's Yanrey Uranium Province. Mineralisation is interpreted as continuous with Cauldron's existing Manyingee North deposit. A project-wide exploration target update is due before 30 June 2026.
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Encounter Resources Limited
Signed an MOU with UK-based Echion Technologies and Perth-based Switch Technologies to collaborate on an integrated lithium-niobium battery industry in Australia, targeting hybrid mining fleet applications. Echion's XNO niobium anode technology delivers a 17-20% reduction in fuel burn with a three-year payback period. Encounter's Aileron Project in WA's West Arunta, hosting 26Mt at 1.7% Nb2O5, is flagged as a potential domestic supply source.
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Beetaloo Energy Australia Limited
Completed its $5 million Share Purchase Plan, issuing 17,857,143 new shares at $0.28 each, fully underwritten by Blue Ocean Equities and Morgans Corporate. Proceeds are directed at near-term work programs across its McArthur Basin and Beetaloo Sub-basin tenements in the Northern Territory, where the company holds approximately 28.9 million acres of exploration tenure.
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Element 25 Limited
Also released an update to its US HPMSM project execution plan, which appears to be the primary catalyst for the sell-off. The company separately announced the execution of long-term mining and ore haulage contracts with Regroup Australia for the Butcherbird Expansion Project in the Pilbara, targeting 1.1Mtpa of manganese concentrate production with mechanical completion targeted for Q1 2027.
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Caprice Resources Limited
Released further RC drilling results from its Island Gold System in the Murchison, WA, returning new intercepts across multiple lodes including 12m at 3.0 g/t at a parallel structure, 10m at 2.6 g/t at New Orient, and 5m at 3.2 g/t at Iron Clad. The sell-off is likely profit-taking after a strong run following the 22m at 66.2 g/t bonanza intercept announced on 6 May, with today's results not matching that grade.
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VRX Silica Ltd
Announced a 1-for-5 renounceable rights issue at 4 cents per share to raise up to $6.2 million, representing an 18.4% discount to last close and 27.3% discount to the 90-day VWAP. Proceeds are directed at early works and detailed engineering at the Arrowsmith North silica sand project. Dilutive capital raises at steep discounts routinely attract selling pressure on the day of announcement.
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Market data as of 27 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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Today's Stories
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Mining.com
Kinross Bets $3 Billion on Chile Gold District Growth
Kinross is committing $3 billion to advance one of Chile's biggest proposed gold mines as the Atacama region attracts a string of large-scale investments. The allocation marks a major capital shift for the mid-tier gold major and signals growing confidence in Chile's gold potential. The project adds to an accelerating flow of capital into the Atacama district.
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Our Take
A $3 billion commitment from a mid-tier at current gold prices is a statement of conviction. Kinross is moving a major project forward in a jurisdiction that is increasingly attracting serious capital, and the Atacama is starting to look like a district with genuine momentum.
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Bloomberg
China Coking Coal Prices Extend Gains After Shanxi Mine Disaster
A gas explosion at the privately owned Liushenyu mine in Shanxi on 23 May killed 82 people, triggering the suspension of 109 mines accounting for 122 million tonnes of annual capacity. Coking coal futures hit the daily limit on Monday before extending gains a second session, with the Dalian contract surging as much as 5.1% in early trading. The market is now watching whether Beijing's annual mine safety campaign, which begins 1 June, broadens into a wider crackdown that sustains the supply shock beyond the standard three-to-seven-day inspection window.
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Our Take
The real question is whether the June 1 safety campaign absorbs this incident or accelerates it. If Beijing uses the Shanxi disaster as cover for a broader crackdown, the supply disruption extends well past the initial inspection window and seaborne met coal markets reprice fast.
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Mining.com
Aluminum Price Hits Four-Year High on Fears of China Output Cuts
Aluminum has surged to its highest level in more than four years, driven by fears of production cuts at Chinese smelters compounding existing supply concerns. The rally reflects investor anxiety about disruptions to Chinese smelter output, which dominates global supply.
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Our Take
A four-year price high on supply fear alone is a powerful signal. Investors with exposure to ex-China aluminum producers and alumina feedstock assets are sitting on a meaningful tailwind if Chinese curtailments materialise.
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Business Standard
India Government Pushes Faster Mine Launches and Exploration Amid Auction Momentum
India's government is accelerating mine launches and exploration activity off the back of momentum from recent mineral block auctions. The push is aimed at reducing import dependence and expanding the domestic mining sector. India is positioning itself for a larger role in global critical minerals supply chains.
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Our Take
India's push to fast-track mine development is a medium-term supply chain story that global critical minerals investors should be tracking now, before project pipelines materialise. The combination of auction momentum and policy urgency suggests India is serious this cycle in a way it has not always been.
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Australian Mining
MCA Pushes to Strengthen Investment Support for Junior Explorers
The Minerals Council of Australia has signalled its readiness to collaborate with the Federal Government on measures to support investment in mineral exploration by junior companies. The move comes under new MCA chair Amanda Lacaze, also the head of Lynas Rare Earths, amid heightened policy focus on Australia's critical minerals sector.
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Our Take
Junior explorers have been starved of capital, and MCA lobbying with a critical minerals framing gives this push genuine political legs. Watch for flow-on policy support that could re-rate exploration-stage ASX listings.
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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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