The Drill Down
Friday 3 July 2026
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Developing High-Grade Gold & Copper in a Tier-One Belt
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670Koz
Au Eq Resource
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700km²
Serbian Landholding
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7,000m
Drilling Underway
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MinRex Resources is advancing a high-grade gold, silver and copper portfolio across 700km² of Serbian landholding in the West Tethyan Belt, anchored by a 670Koz @ 2.9g/t Au Eq resource at its advanced Tlamino gold-silver project.
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Lead Insight
Coking Coal Miners Caught Between India's Surging Demand and Australia's Taxes
Reuters columnist Clyde Russell argues Australian coking coal miners face a widening bind: India's steel-driven demand is set to climb toward 116 million tonnes by 2050, yet Australia keeps losing share as India diversifies to Russia, the United States and Mongolia. State royalty regimes that miners view as punitive sit on top, squeezing the margins of the world's dominant supplier just as its biggest growth market opens up.
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Our Take
Owning the resource is not the same as capturing the demand. Queensland royalties are handing share to rival suppliers in the one market structurally positioned to grow.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,175
+1.26%
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Silver
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$62
+2.40%
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Platinum
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$1,657
+2.51%
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Palladium
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$1,279
+1.71%
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Base Metals & Commodities
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Copper USD/t
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$13782.28
+1.15%
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Nickel USD/t
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$16277.00
-0.33%
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Zinc USD/t
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$3506.34
+1.48%
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Lead USD/t
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$1884.80
+1.06%
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WTI Crude USD/bbl
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$69.15
+0.67%
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Prices updated as of 3 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Talga Group Ltd.
Talga began commercial deliveries of its Talnode-C graphite anode to Nyobolt under a binding offtake, its first shipment at contracted commercial price from the Luleå plant in Sweden. The milestone marks the shift from qualification volumes to recurring anode sales revenue.
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AuKing Mining Ltd
AuKing rose on drilling results extending the carbonatite system at its Tundulu rare earths project in Malawi, a 5-kilometre complex it is acquiring. The result follows an airborne survey that expanded the interpreted footprint of the underexplored REE system.
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Catalyst Metals Limited
Catalyst delivered a June-quarter of 31,812oz to lift FY26 output to 104,000oz, within guidance and a record for the Plutonic Gold Belt under its ownership. Cash and bullion rose A$46m to A$323m, with the balance sheet debt free.
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EMC Gold Corporation
EMC fell on a leadership reshuffle, appointing Spain-based Agne Ahlenius as CEO from 6 July and elevating Alberto Lavandeira to chairman, as it centres management around its Salave gold project in Asturias. A governance change with no operational catalyst attached.
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First Graphene Ltd
No specific catalyst identified, with no price-sensitive news on the day. The graphene materials producer had held an investor webinar on 1 July covering its US expansion and defence pipeline, and the move reads as profit-taking on a thinly traded stock.
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Golden Globe Resources Ltd.
Golden Globe eased as it began Phase 2 drilling at its Dooloo Creek copper-gold project in Queensland, following up the copper-gold skarn hit from Phase 1. With the program only just underway and no fresh assays yet, the update carried no new results.
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Market data as of 3 July 2026, 4:10 PM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Today's Stories
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Seoul Economic Daily
US Revives Korea's Dormant Sangdong Tungsten Mine After China's Export Curbs
The US is backing the restart of Korea's dormant Sangdong tungsten mine following China's export curbs. The move highlights the mine's significance within critical minerals supply chains.
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Our Take
US backing for Sangdong is a direct response to China's tungsten export curbs and signals sustained Western funding for ex-China critical minerals supply. Investors should track which offtake and financing terms accompany the restart, as those define the actual returns.
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Bloomberg
Copper Climbs With Industrial Metals as Rate-Hike Prospects Fade
Copper rose as much as 1% on the London Metal Exchange on Friday, on track to snap a two-week losing streak, on a weaker US dollar and softer expectations of a near-term Fed rate rise. Weak US jobs data curbed bets on higher borrowing costs and eased pressure on the industrial-metals demand outlook.
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Our Take
Copper is still trading the Fed, not the deficit. The rate path sets the near-term tape, but every dollar-driven dip is a cleaner entry into the structural supply story.
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Reuters
BHP to Transfer Arizona Property to Canada's Faraday Copper for 30% Stake
BHP has agreed to transfer its San Manuel property in Arizona to Faraday Copper in exchange for a 30% fully diluted stake, taking its holding to about 32.5% including a March placement. The asset sits next to Faraday's Copper Creek project, and combining the two is intended to create one of the largest undeveloped copper districts in the US, with BHP gaining offtake and investor rights. The deal goes to a Faraday shareholder vote in August, targeting completion by the third quarter.
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Our Take
BHP keeps optioning US copper without carrying the build risk. Vending a legacy asset for equity and offtake is a cheap call on Arizona tonnes, and the same buy-versus-build hedge it keeps running.
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Bloomberg
Germany Should Stop Shutting Off Coal Plants, Grid Operator Says
German grid operator Amprion has urged a halt to further coal-plant closures to safeguard electricity supply as renewables scale up. CEO Christoph Müller told a Berlin supply-security conference that security of supply could no longer be consistently guaranteed from the early 2030s without the existing reserves, with most standby plants currently slated to run only to 2031 and planned replacement gas capacity shelved.
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Our Take
Coal demand resilience keeps writing itself in the fine print of the energy transition. When the grid operator asks to keep the plants, the phase-out timeline is the forecast least worth trusting.
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Reuters
Chinese Copper Foil Maker Londian Wason New Energy Tech Files for US IPO
Londian Wason, which Frost & Sullivan ranks as the world's largest supplier of lithium-ion battery copper foil by 2025 sales volume, has filed for a New York listing, producing foil for EV and storage batteries plus high-performance electronics. It runs six Chinese plants with around 180,500 tonnes of annual capacity and supplies CATL, BYD, LG Energy Solution, Samsung SDI, Panasonic, SK On and ATL.
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Our Take
A Chinese battery-materials leader tapping US capital, even amid the tech-decoupling backdrop, shows where the money still flows.
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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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