The Drill Down
Thursday 28 May 2026 · Part 2
|
| |
Presented By
|
ASX: KAO
|
Namibia's Copper Belt.
Ready to Drill.
|
|
|
69.6%
Peak Cu Grade
|
40km
Mineralised Trend
|
89%
Cu Recovery
|
|
|
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
|
|
|
| |
| |
Lead Insight
The Mining Boom Is Back but Australia Is Getting in Its Own Way
A new mining boom is under way, but Australia risks undermining its competitive position through policy settings that increase the burden on miners even as the government provides financial support to the sector. The tension between regulatory friction and resource investment was a prominent theme at the AFR Mining Summit in Perth.
|
Our Take
Picking up capital subsidies with one hand while tightening approvals with the other is not a coherent industrial strategy. Approval risk and policy inconsistency are real project costs that need to be priced in.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,391
-1.46%
|
|
Silver
|
$73
-2.25%
|
|
Platinum
|
$1,892
-1.31%
|
|
Palladium
|
$1,362
-1.99%
|
|
Base Metals & Commodities
|
Copper USD/lb
|
$6.32
-0.73%
|
|
Nickel USD/lb
|
$8.56
-0.61%
|
|
Zinc USD/lb
|
$1.59
+0.59%
|
|
Lead USD/lb
|
$0.91
+0.54%
|
|
WTI Crude USD/bbl
|
$91.30
+2.95%
|
|
Prices updated as of 28 May 2026, 3:48 pm AEST
|
| |
Market Movers
Winners & Losers - ASX Markets
|
Far East Gold Ltd
Received an unsolicited off-market takeover bid from Xingye Gold (Hong Kong) Mining Company Limited at A$0.13 per share cash. The board advised shareholders to take no action while it reviews the bidder's statement with legal and financial advisers. The company holds the Idenburg gold project in Indonesia, which hosts a 780,000oz resource declared in May 2026.
|
|
Osmond Resources Limited
Released additional channel sample results from outcrops at the Orion EU Critical Minerals Project in southern Spain, with highlight assay of 3.5m at 29.1% total heavy minerals including 11.8% rutile, 7.4% zircon and 1.2% monazite. Independent consultants confirmed the channel samples can be incorporated into the upcoming maiden MRE. Phase 2 drilling is on stand-by pending final administrative sign-off, with a Scoping Study targeted for 2H 2026.
|
|
Invictus Energy Limited
Executed a Petroleum Production Sharing Agreement with the Republic of Zimbabwe governing the Cabora Bassa Project through its full lifecycle. The agreement grants the project National Project Status and Special Economic Zone status and formally enshrines participation by Zimbabwe's Mutapa Investment Fund. The next major catalyst is the Musuma-1 exploration well, targeting 1.2 Tcf of gas and 73 million barrels of condensate, planned to spud in H2 2026.
|
|
|
|
Kingsgate Consolidated Limited
No specific catalyst. Broad precious metals sector weakness drove selling across the gold mid-cap space today. Kingsgate operates the Chatree gold mine in Thailand, which resumed production in 2022 after a six-year suspension, and is advancing exploration across its broader Thai and Chilean landholdings.
|
|
Genesis Minerals Limited
No specific catalyst. Broad precious metals sector weakness drove selling across the gold mid-cap space today. Genesis is advancing its Leonora gold district consolidation strategy in WA, centred on the Gwalia processing hub, and is among the ASX's larger emerging gold producers.
|
|
Perseus Mining Limited
Broad precious metals sector weakness drove selling across the gold producer space today. Perseus notified the ASX of its ongoing on-market buy-back, having repurchased 558,883 shares on 27 May for A$3.02 million, bringing total buy-backs to 12.8 million shares under a 40 million share programme. The company operates three gold mines across Ghana and Côte d'Ivoire.
|
|
Market data as of 28 May 2026, 4:10 pm AEST
|
| |
|
This Week's Poll
How much would you pay per month if The Drill Down wasn't free?
|
| |
|
Today's Stories
|
The Australian
Steel Giant POSCO Joins Matt Latimore in Bid for Whyalla Steelworks
South Korean steelmaker POSCO has joined M Resources' shortlisted bid for the Whyalla steelworks, adding major industrial credibility to Matt Latimore's campaign for the asset. POSCO had previously been part of the BlueScope-led consortium that was eliminated from the final shortlist, alongside Nippon Steel and JSW Steel. M Resources and India's Jindal Steel are the two remaining shortlisted bidders, with SA Premier Peter Malinauskas confirming the final two on 27 May. POSCO's pivot to the M Resources camp significantly changes the weight of that bid.
|
Our Take
POSCO switching from the BlueScope consortium to M Resources is not a minor footnote. It hands Latimore genuine steelmaking expertise and a long-standing operational relationship, which is exactly the credibility gap that sovereign asset sales in Australia demand.
|
|
Mining.com
Iran War Squeezes Acid, Aluminium and Miners' Margins, WoodMac Warns
Miners and refineries buying sulphur, acid and fuel on the spot market are bearing the heaviest cost burden from the Iran conflict, according to Wood Mackenzie. Producers with captive smelters or long-term supply contracts are better insulated, but input cost pressure is spreading across the sector.
|
Our Take
This is a cost-curve story that will separate operators from survivors. Spot-exposed producers without vertical integration are facing a serious margin squeeze, and that distinction will matter when earnings season arrives.
|
|
Bloomberg
South Africa's Mining Lobby Remains Wary of Regulatory Shocks
South Africa's mining lobby remains on alert after the state partially backtracked on proposed minimum Black-ownership rules for exploration activities, with the industry warning that policy uncertainty is deterring investment in one of the world's most mineral-rich jurisdictions. The partial retreat has not been enough to restore confidence among producers.
|
Our Take
A partial backtrack on ownership rules is not the same as policy clarity, and the industry is right to stay cautious. South Africa's mineral endowment is world-class, but regulatory unpredictability continues to discount its investment case relative to peer jurisdictions.
|
|
Mining.com
US Deploys AI Agents to Speed Critical Minerals Recovery
The US has deployed an AI-powered system called CICERO, using robotics and automation to compress critical minerals recovery testing from years to days. The initiative marks a meaningful step in accelerating domestic critical minerals processing capability.
|
Our Take
Cutting testing timelines from years to days is not incremental improvement, it is a structural change to project development economics, and miners with US processing ambitions should be tracking CICERO's commercial applications closely.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
