The Drill Down
Monday 4 May 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
SA Treasurer Accuses Chinese Government of Undermining Australian Metal Refining
South Australia's treasurer has publicly accused China's state-backed smelters of undermining the profitability of the Port Pirie metal smelter. The claim puts a political spotlight on the structural threat Beijing's subsidised refining capacity poses to Australian critical mineral supply chains. The dispute goes to the heart of whether Australia can maintain sovereign downstream processing capability.
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Our Take
China runs smelters as strategic infrastructure, not businesses. Port Pirie competes on economics. That fight was decided before it started.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,596
-0.39%
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Silver
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$75
-0.13%
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Platinum
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$1,999
+0.57%
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Palladium
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$1,524
-0.17%
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Base Metals & Commodities
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Copper USD/lb
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$5.98
+0.23%
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Nickel USD/lb
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$8.78
+0.02%
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Zinc USD/lb
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$1.51
-0.25%
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Lead USD/lb
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$0.88
-0.09%
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WTI Crude USD/bbl
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$100.95
-0.97%
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Prices updated as of 4 May 2026, 3:47 pm AEST
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Market Movers
Winners & Losers | ASX Markets
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Haranga Resources Limited
The completed 3,250m diamond drill program at the Lincoln Gold Project in California confirmed high-grade mineralisation with best intercepts including 4.8m at 25.40 g/t Au and 2.5m at 29.94 g/t Au. Deep holes also confirmed mineralised repetitions 150m below the current decline, with a maiden JORC MRE due mid-May.
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Midas Minerals Limited
Initial infill drilling at the T-13 copper-silver deposit in Namibia delivered the project's best result to date: 50m at 5.55% Cu and over 125 g/t Ag from 194m, equating to over 7.9% CuEq, including 16.3m at 12.99% Cu and 360 g/t Ag. Eleven additional holes at T-13 remain pending assay.
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Minerals 260 Limited
Infill and extensional drilling at the 4.5 Moz Bullabulling Gold Project returned highlights of 6m at 14.7 g/t Au and 22m at 3.0 g/t Au. New auger geochemical anomalies beyond the current pit shells at Dicksons, Kraken and Gibraltar support further resource growth potential. PFS on track for July 2026.
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Asara Resources Limited
Phase 2 extension drilling at the Massan deposit in Guinea returned 54m at 2.3 g/t Au from 42m, confirming a northeast-trending structural corridor more than 500m beyond the existing resource boundary. The sell-off appears to be a profit-taking reaction given the stock's recent run, rather than a negative read on the results themselves.
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Strickland Metals Limited
Strickland disclosed unexpected delays to its 2026 drill programme at the Rogozna Project in Serbia, with final approvals from the Ministry of Mines and Energy for the main Shanac licence still outstanding five months after submission. Drilling preparation is continuing at two other prospects while the company awaits clearance.
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Liontown Limited
No specific catalyst. Liontown is giving back recent gains in sympathy with lithium price weakness, consistent with the broader pattern across ASX lithium producers in the current cycle.
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Market data as of 4 May 2026, 4:10 PM AEST
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This Week's Poll
Which jurisdiction offers the best risk-adjusted exploration upside right now?
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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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The Australian
Bailout Crisis Talks Land as Nyrstar Smelters Face Acid Test
The May 1 deadline for a second government bailout of Nyrstar's Port Pirie and Hobart smelters expired without a deal, leaving more than 1,400 jobs in limbo. South Australia's Premier blamed China's deliberate suppression of global smelting margins for the crisis, drawing direct parallels to Australia's loss of fuel refining capacity over the past decade. The original A$135 million federal-state rescue package from August 2025 has run its course with no replacement agreement in place.
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Our Take
Port Pirie processes sulphuric acid, antimony, silver, zinc, copper, and lead. Losing it is not a smelter story. It is a sovereign capability story, and Australia is running out of time to treat it as one.
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Bloomberg
Japan's Sumitomo to Divest Stake in Madagascar Nickel Project
Sumitomo Corp will sell its 54% stake in the Ambatovy nickel and cobalt project in Madagascar, effectively paying US$418 million to exit an asset it has held since 2005. The buyer is a Jersey-based consortium led by former Glencore nickel trader Jason Kluk and South African private equity firm Zungu Investments. Sumitomo will book a US$447 million loss on the transaction, reflecting cumulative losses of US$2.6 billion across its involvement with Ambatovy.
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Our Take
Paying someone to take your asset is a rare outcome in mining. Ambatovy is a technically complex laterite operation that has never stabilised, and Sumitomo's exit at this price reflects how permanently impaired the economics became. The buyers are getting in at distressed economics with nickel prices near two-year highs, which is the right time to take the bet.
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Westgold Resources
Peak Hill Divested for $58.3M and a 1.0% NSR Royalty
Westgold Resources has sold its Peak Hill Gold Project near Fortnum in Western Australia to Great Boulder Resources (ASX: GBR) for total consideration of A$58.3 million plus a 1.0% NSR royalty. The consideration comprises A$25 million cash and A$33.3 million in GBR scrip, giving Westgold a 19.9% post-completion interest in Great Boulder. The deal includes an Ore Purchase Agreement allowing Peak Hill ore to be processed at Westgold's Murchison hubs, and a non-binding Strategic Collaboration Agreement to evaluate options for Great Boulder's Side Well Gold Project.
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Our Take
Clean divestment with built-in upside retained through scrip, royalty, and processing rights. Westgold sheds a non-core asset while keeping exposure to Peak Hill's future production and a meaningful stake in the acquirer.
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Mining.com
Interactive Infographic: The Global Uranium Cost Spectrum
The Northern Miner has published a ranked comparison of global uranium production costs, mapping the cheapest to most expensive operations across major mining jurisdictions. The cost spectrum provides investors with a practical tool for assessing which producers retain margin at various uranium price points. It is a useful reference as nuclear fuel demand narratives continue to drive capital into the sector.
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Our Take
Cost curve visibility is critical when evaluating uranium equities because the spread between low-cost and high-cost producers widens dramatically in a price downturn. Investors should use this data to stress-test portfolio positions against scenarios where spot uranium retraces.
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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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