The Drill Down
Thursday 4 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
Trump Plans $700 Million to Build Coal Plants and Export Terminal Under Defence Production Act
The Trump administration is expected to announce $700 million in funding for US coal plants and an American coal export terminal under the 1950 Defense Production Act. The move represents a material policy commitment to domestic coal infrastructure as part of the administration's energy security agenda. Australian and other seaborne coal exporters should expect the announcement to have direct implications for global thermal and metallurgical coal markets.
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Our Take
Deploying the Defense Production Act for coal infrastructure is a blunt instrument, but $700 million in committed federal funding will reshape US export capacity and put pressure on incumbent seaborne suppliers including Australia. The market impact depends heavily on which coal types and export routes receive priority.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,473
+0.86%
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Silver
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$73
+0.86%
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Platinum
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$1,882
+0.67%
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Palladium
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$1,312
+0.59%
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Base Metals & Commodities
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Copper USD/t
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$14311.54
-0.39%
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Nickel USD/t
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$18812.00
-1.99%
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Zinc USD/t
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$3582.09
+0.24%
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Lead USD/t
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$2013.80
+0.21%
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WTI Crude USD/bbl
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$94.99
-1.07%
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Prices updated as of 4 June 2026, 3:49 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Coronado Global Resources Inc.
Coronado held its 2026 AGM today with all resolutions passing, including shareholder approval for the issue of 90 million securities under the company's Equity Incentive Plan. Coronado is a leading international metallurgical coal producer with operations in Queensland and the United States, and today's move reflects positive market reception to the clean board outcomes.
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Lac Gold Limited
Lac Gold reported multiple high-grade intersections from ongoing drilling at the Astoria deposit within the Rouyn Gold Project in Quebec, headlined by 5.65m at 141.29 g/t Au including 0.5m at 1,580 g/t Au, the highest-grade result from the current campaign. Phase 1 drilling is complete and a 15,000m Phase 2 program is now underway, with substantial assays still pending.
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Felix Gold Limited
Felix Gold announced that active extraction and stockpiling of high-grade massive stibnite has commenced at the Treasure Creek Antimony Project in Alaska's Fairbanks Mining District, with approximately 30 tonnes extracted from the Bundtzen Vein under an approved bulk sample permit. The project has also been accepted into Alaska's multi-agency OPMP coordinated permitting process, advancing the pathway to a longer-term Plan of Operations.
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Vulcan Energy Resources Limited
No specific catalyst identified today. Vulcan is advancing its Zero Carbon Lithium Project in Germany's Upper Rhine Valley, combining lithium extraction with geothermal energy production for the European battery supply chain. Today's pullback appears to be broader sector profit-taking in the lithium space.
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Frontier Energy Limited
Frontier secured firm commitments from institutional and sophisticated investors to raise A$110 million via a conditional placement of 550 million shares at A$0.20, a 23.1% discount to the last close, to fund Stage One of the Waroona solar-battery project in Western Australia. The raise is conditional on shareholder approval and credit-approved senior debt commitments, both targeted for July 2026, with the full Stage One capital cost now estimated at A$327 million including contingency.
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Paladin Energy Limited
No fresh catalyst today. Paladin has been under persistent selling pressure since its nine-month results in May triggered an 11% single-session decline, with the market focused on deteriorating cash generation and heavy capital commitments despite a return to accounting profit. Today's move reflects continued softness across ASX uranium names as the stock consolidates well below recent highs.
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Market data as of 4 June 2026, 4:10 pm AEST
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This Week's Poll
Which emerging mining region will attract the most exploration capital over the next 3 years?
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○ Saudi Arabia / Middle East
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○ Scandinavia / Greenland
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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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Bloomberg
Russia's First Gold Mining Estimate in Years Comes in Surprisingly Large
Russia has issued its first official gold mining production estimate in years, announcing a figure that far exceeds independent industry estimates. Independent consultancy Metals Focus had estimated Russian mine production at 345 tonnes last year, a benchmark the official figure appears to surpass by a notable margin.
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Our Take
A Russian production figure that beats independent estimates by a wide margin deserves scepticism, particularly given the opacity of Russian resource reporting since sanctions were imposed. Gold market participants should treat this data point carefully when modelling global supply.
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Mining.com
Trump Tweaks Copper Tariff Rules Ahead of Refined Metal Review
The Trump administration is modifying rules for tariffs on copper products entering the United States, making it easier for importers to qualify for exemptions ahead of a broader review of refined metal tariffs. The changes come as copper trades near all-time highs, with tariff arbitrage continuing to distort global copper flows. The outcome of the refined metal review is expected to carry significant implications for major copper producers worldwide.
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Our Take
Easing exemption access before the refined metal review lands looks like a pressure valve move, but it also signals the administration knows full tariffs on refined copper would be disruptive to domestic industry. Producers with US offtake exposure need to model both scenarios before the review concludes.
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Business Insider Africa
Middle East and Chinese State Miners Secure Lion's Share of Zambia's Duty-Free Copper Export Quota
Middle Eastern and Chinese state-owned miners have secured the largest portions of Zambia's duty-free copper concentrate export quota, introduced following the country's decision to waive taxes on copper exports amid smelter outages. Barrick Mining's Lumwana Mining Company secured the second-largest quota at 56,986 metric tons. The allocation underscores the geopolitical contest for influence over Zambia's copper sector as Africa's second-largest copper producer manages a smelter maintenance period.
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Our Take
State-backed capital from the Middle East and China capturing the largest share of Zambia's duty-free quota is a concrete example of how geopolitical leverage translates into commercial advantage at the mine-gate level. Western miners without sovereign backing are increasingly playing on an uneven field in African critical minerals.
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Miningmx
Vedanta's CopperTech Files for New York Listing
CopperTech Metals, Vedanta Resources' Zambian copper vehicle that owns and operates Konkola Copper Mines, has filed for a NYSE IPO under the ticker CUX, with Citigroup, BMO Capital Markets and RBC Capital Markets among the underwriters. The company reported net sales of $1.33 billion for the year ended March 2026, up from $398 million a year earlier, as it looks to capitalise on Washington's push for copper self-reliance following the Trump administration's designation of the metal as essential to national security. IPO proceeds are earmarked primarily for production expansion at Konkola, with additional exploration investment across its operational portfolio.
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Our Take
A threefold revenue jump and a NYSE listing timed directly to US critical minerals policy is a calculated play. The question for investors will be how much of the Konkola recovery is priced into the IPO before it even trades.
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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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