The Drill Down
Wednesday 29 April 2026 · Part 2
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Partner Spotlight
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The right shareholders don't find you. You find them.
Cashu Group delivers independent equity research and targeted investor marketing for ASX-listed resource companies. The coverage that builds conviction, and the reach to make it count.
Find Your Shareholders
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Lead Insight
China's Zijin Plans $1.5 Billion Investment for La Arena Copper Mine
Zijin Mining Group is preparing to invest approximately $1.5 billion to expand its La Arena copper-gold mine in Peru, with the company's CEO stating that despite the "rather unique" political situation in the country, Zijin believes Peru retains fiscal and financial stability and significant mining investment potential. The expansion would increase copper production at La Arena, one of Zijin's key Latin American assets.
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Our Take
A $1.5 billion commitment to Peru from a major Chinese miner, at a time when Western capital is pulling back on political risk grounds, tells you exactly where Chinese resource strategy is heading. Zijin is locking in copper supply at scale while others hesitate. For juniors with quality Peruvian assets, the farmout and JV environment just got more competitive on the Chinese capital side.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,597
+0.01%
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Silver
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$74
+0.97%
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Platinum
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$1,938
+0.50%
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Palladium
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$1,456
-0.17%
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Base Metals & Commodities
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Copper USD/lb
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$6.01
+0.62%
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Nickel USD/lb
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$8.80
+1.51%
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Zinc USD/lb
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$1.53
+1.08%
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Lead USD/lb
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$0.89
+0.79%
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WTI Crude USD/bbl
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$99.67
-0.26%
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Prices updated as of 29 Apr 2026, 4:07 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Eclipse Metals Limited
Updated MRE for the Grønnedal REE Project in southwest Greenland increased to 208Mt at 0.72% TREO, a 234% tonnage increase and 12% grade improvement over the 2025 estimate of 89Mt. Total contained TREO is approximately 1.5Mt, including 456,000t of Pr2O3+Nd2O3, reinforcing the project's relevance to permanent magnet supply chains. An initial 6Mt Indicated Resource has been established as a foundation for feasibility work now underway.
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Tivan Limited
Released a Scoping Study for the 100%-owned Molyhil Tungsten Project in the Northern Territory, confirming pre-production capex of A$187.4 million and a 9-year mine life at 530ktpa. At current APT prices of US$3,000/mtu, the pre-tax NPV is modelled at nearly A$2 billion. The study targets a Final Investment Decision in 2027, supported by an MOU with Sumitomo Corporation covering development, funding, and marketing.
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29Metals Limited
March quarter production at Golden Grove delivered 6.4kt copper, maintaining full-year guidance of 20 to 24kt. A A$143 million equity raising completed during the quarter lifted available liquidity to A$238 million and moved the group to net cash of A$48 million. Gossan Valley remains on track for first ore by end of 2026 despite ongoing delays at Xantho Extended.
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European Lithium Limited
Profit-taking after surging 57.9% on Tuesday following Critical Metals Corp's LOI to acquire all outstanding EUR shares in an approximately $835 million deal. The deal consolidates full CRML ownership of the Tanbreez rare earth project in Greenland and is expected to close in H2 2026. Today's pullback is routine consolidation after an outsized single-day re-rating.
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Omega Oil & Gas Limited
Selling into the A$60 million institutional placement completed April 22 at A$0.84 per share, a slight discount to the prior close, to fund the upgraded 2026/27 Taroom Trough drilling program commencing June. The raise was backed by cornerstone shareholders Ilwella and Tri-Star. Today's sell-down is standard placement-day dilution pressure.
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Southern Palladium Limited
No specific catalyst today. Continuing to advance DFS at its high grade PGE project in South Africa. Been a strong performer in the last 12 months on rising commodity price and project advancement.
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Market data as of 29 Apr 2026, 4:10 pm AEST
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This Week's Poll
Which deep-dive would you most want to read next?
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○ Critical minerals policy
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○ Exploration Company Deep Dive
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○ Battery metals supply chain
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This Week's Research
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty is a 17-page institutional-grade research memo produced by Kamoa Capital.
It is a structured analytical framework built for investors, mining executives, and government counterparts who need to understand how the US federal critical minerals architecture actually works and where the commercial opportunities and risks concentrate.
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China's Chokehold on Global Mineral Refining
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China controls refining of 19 of the 20 strategic minerals tracked by the IEA. This 17-page intelligence report quantifies the chokehold, maps the US$500B–$1.4T investment gap, and identifies where Western capital can still compete. Built on IEA, S&P Global, BloombergNEF and proprietary Kamoa Capital analysis of 2,419 processing facilities across 113 countries.
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Today's Stories
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Shanghai Metals Market
Huayou Cobalt Cuts 50% of Indonesian Nickel Output as Sulphur Costs Surge
Zhejiang Huayou Cobalt announced its Indonesian subsidiary PT Huafei Nickel Cobalt will temporarily suspend approximately 50% of production from May 1, citing a sharp rise in sulphur prices and high-load operation of its HPAL lines. Huayou's attributable profit from Huafei represented 9.32% of group net profit in 2025, making the curtailment financially material.
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Our Take
A 50% curtailment at one of Indonesia's largest nickel HPAL facilities confirms the sulphur shock is hitting Chinese operators too, not just Western ones. The Hormuz disruption is a commodity-wide supply event.
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BBC
United Arab Emirates to Quit Oil Cartel OPEC
The UAE announced on Tuesday it will withdraw from OPEC and OPEC+ effective May 1, after nearly 60 years of membership, citing "national interests." The third-largest OPEC producer with 4.8 million bpd capacity, the UAE timed its exit while the Strait of Hormuz remains largely closed, limiting near-term market impact. US crude nonetheless surpassed $100 per barrel following the announcement.
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Our Take
The UAE exits while Hormuz mutes the immediate supply shock, limiting political blowback. Once the strait reopens, the UAE pumps freely as a non-OPEC producer. Structurally bearish for oil over the medium term; near-term energy costs remain extremely elevated.
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Mining.com
Barrick Names North America Team Ahead of IPO
Barrick Mining has appointed the leadership team for its North American business unit ahead of a planned IPO. The new entity will hold the Nevada Gold Mines joint venture with Newmont, one of the world's largest gold producing complexes.
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Our Take
Naming a leadership team is a concrete step toward a listing, and the Nevada Gold Mines asset is a world-class anchor for any public vehicle. Investors should begin assessing what valuation multiple a standalone North American Barrick could command relative to peers.
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Mining.com
Op-Ed: Argentina's Mining Promise Meets Reality
A new analysis examines the gap between Argentina's stated ambition to attract large-scale mining investment and the practical obstacles facing project developers on the ground. The piece assesses how the policy environment compares with the expectations of international investors.
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Our Take
Argentina has the geology and the political rhetoric, but project developers consistently report that the distance between announced policy and on-the-ground reality remains wide. Investors should weight execution risk heavily when underwriting Argentine mining timelines.
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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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