The Drill Down
Tuesday 30 June 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
Miners Turn South African Stocks From World-Beaters to Laggards
South Africa's mining-heavy equity market has been one of the world's strongest performers over the past year, with its gold and platinum group metals producers driving the JSE sharply higher. According to Bloomberg, that leadership has now flipped, with the same miners becoming the drag that has left South African stocks lagging global peers as metals prices come off their highs. The reversal underscores how tightly the market's fortunes are tied to a single, highly cyclical sector.
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Our Take
Concentration cuts both ways. A market that lives by the miners' multiple dies by it, and SA's re-rating now hinges on whether the metals rally has truly rolled over.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$3,982
-0.87%
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Silver
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$57
-1.45%
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Platinum
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$1,567
-0.80%
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Palladium
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$1,217
-0.11%
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Base Metals & Commodities
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Copper USD/t
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$13633.09
+0.15%
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Nickel USD/t
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$16332.00
-2.65%
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Zinc USD/t
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$3483.84
+0.46%
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Lead USD/t
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$1887.70
+0.31%
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WTI Crude USD/bbl
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$69.93
-1.16%
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Prices updated as of 30 June 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Celsius Resources Ltd.
Celsius doubled after signing a binding agreement to sell its 95% interest in the Opuwo cobalt-copper project in Namibia to a Chinalco subsidiary for US$15 million, around A$21.7 million. The deal delivers near-term funding and lets it refocus on its Philippine copper-gold portfolio, including the MCB project.
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Brazilian Critical Minerals Ltd.
Brazilian Critical Minerals jumped on a bankable feasibility study for its 100%-owned Ema rare earths project in Brazil, headlined by a post-tax NPV of US$1.47 billion, a 105% IRR and modest US$74 million start-up capital. Its in-situ recovery model positions Ema as one of the lowest-cost magnet rare earth sources outside China.
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Evion Group NL
Evion rose as it began a staged exploration programme at its Carp Fluorspar project in Nevada, with a magnetic survey and surface sampling now underway toward drill targeting. Fluorspar is a US critical mineral with no domestic mine supply, and 2024 sampling returned grades up to 88.15% CaF2.
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Minerals 260 Ltd.
No specific catalyst identified. The gold developer, advancing its 4.5Moz Bullabulling project near Coolgardie in WA, has drifted since its 25 June drilling update, with the market now waiting on an August resource upgrade and a maiden ore reserve after an enormous run.
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Resolute Mining Ltd.
No specific catalyst identified. The African-focused gold producer, operating the Syama mine in Mali and Mako in Senegal, tracked a broader gold pullback lower, with its Mali jurisdiction risk leaving it among the harder-hit names.
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Tolu Minerals Ltd.
No specific catalyst identified. The PNG gold developer, which recently restarted production at its Tolukuma gold mine, has continued to drift over the past fortnight as earlier exploration gains consolidate.
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Market data as of 30 June 2026, 4:10 PM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Mining.com
Bomb Attack Damages Ecuador Mining Agency Probing Illegal Gold
A bomb apparently targeting Ecuador's mining regulator Arcom blew out windows across several floors of a government building in Quito early Monday, also damaging public media and the agriculture ministry. The agriculture minister linked the attack to the agency's crackdown on illegal mining. It was the second blast in recent weeks to hit Arcom, after a 12 June attack in Machala, as Ecuador battles drug gangs deeply involved in illegal gold.
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Our Take
Illegal gold is now lucrative enough that cartels will bomb the regulator policing it. For legitimate Ecuadorian miners, security and sovereign risk premiums just moved structurally higher.
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GBA Capital
Evion Group: A Unique High Potential US and EU Critical Minerals Play
GBA Capital has initiated coverage on Evion Group with a Buy (High Risk) recommendation and an A$0.16 price target, around 462% above the last traded A$0.028. The broker frames EVG as the only ASX-listed exposure to both graphite and fluorspar, spanning the Maniry Graphite Project in Madagascar, the EBITDA-generating Panthera expandable graphite joint venture in India, and the Carp Fluorspar option in the United States.
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Our Take
A dual graphite and fluorspar story is a rare ASX angle, but a 462% target on a sub-three-cent stock is about execution. Funding and the Carp option are the gates.
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Kitco
Chinese Copper Smelters Baulk at Spot-Indexed Ore Pricing Proposal
Chinese copper smelters are resisting a proposal to shift from fixed annual treatment and refining charges to spot-indexed ore pricing. Under traditional contracts, miners pay smelters fixed charges to process copper concentrate.
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Our Take
Smelter pushback on spot-indexed pricing matters because it reveals who holds the whip hand in a tight concentrate market, and right now it is the miners. Investors in copper producers should read this as confirmation that concentrate scarcity is squeezing smelter economics, a bullish signal for upstream margins.
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ABC News
Yancoal's Ashton Coal Mine to Close in 2028
Yancoal will undertake a staged closure of its Ashton underground coal mine, concluding in 2028. The Mining and Energy Union says 60 jobs are at immediate risk from the announcement.
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Our Take
With only 60 jobs at immediate risk, Ashton is a marginal asset whose 2028 wind-down barely dents Yancoal's portfolio but signals disciplined capital allocation away from depleting underground operations. Investors should watch whether Yancoal redeploys freed capital into higher-margin open-cut tonnes or returns it to shareholders.
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Kitco
China Accelerates Plans for Sulphur Futures as Iran War Amplifies Price Swings
China is accelerating plans to launch sulphur futures to hedge against price swings and boost its pricing power in the global trade of the material, used heavily in mining and agriculture. The move follows volatility amplified by the Iran war.
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Our Take
A Chinese sulphur futures contract is another step in Beijing's drive to set the benchmark price on inputs critical to leaching and fertilizer production. Miners reliant on sulphur for processing should expect pricing power to shift toward Shanghai, adding a new cost variable to model into project economics.
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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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