The Drill Down
Monday 6 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
CATL Backs New Zealand Firm That Develops Graphite From Wood
CATL, the world's largest battery maker, has taken a 20% stake in CarbonScape alongside Hong Kong investor Lochpine, gaining board representation and the role of industrialisation partner. The New Zealand company converts forestry by-products into carbon-negative "biographite" for battery anodes, and the parties are targeting commercial production by the end of the decade. Existing backers include forestry group Stora Enso and battery maker ATL.
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Our Take
CATL is hedging the graphite chokepoint from both ends. Backing a carbon-negative, feedstock-flexible route sited near Western battery plants is a direct answer to anode supply-chain risk.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,157
-0.44%
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Silver
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$62
-0.87%
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Platinum
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$1,634
+1.12%
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Palladium
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$1,268
+0.84%
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Base Metals & Commodities
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Copper USD/t
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$13756.68
+0.09%
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Nickel USD/t
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$16347.00
+0.43%
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Zinc USD/t
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$3549.09
-0.03%
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Lead USD/t
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$1887.90
-0.05%
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WTI Crude USD/bbl
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$68.87
+0.26%
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Prices updated as of 6 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Turnstone Resources Ltd
Turnstone rose as it released a presentation and hosted an investor webinar on its Swedish copper-gold portfolio, led by the Glava project, where in-situ rock chips have returned up to 31.6 g/t Au and 12.9% Cu. With no new drilling result attached, the move reads as a sentiment-driven re-rate on a micro-cap explorer.
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NewPeak Metals Ltd
NewPeak's first hole at Las Opeñas in San Juan, Argentina intersected a large-scale gold-zinc-silver system, returning 663m at 0.41 g/t AuEq from surface. Assays from five further holes are due within three to six weeks, keeping the discovery in play toward a possible maiden resource.
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Orange Minerals NL
Orange appointed geologist Philip Tornatora as Technical Director from 22 July. He was previously General Manager of Exploration at De Grey Mining, where he helped discover the Hemi gold deposit, and the pedigree hire lifted sentiment across Orange's Pilbara and Ghana gold projects.
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Cauldron Energy Limited
No specific catalyst identified, with no price-sensitive news on the day. Cauldron's Yanrey uranium project in WA has driven a strong run in recent weeks on ETF inclusions and an expanded exploration target, and the fall reads as profit-taking after that rally.
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EQ Resources Limited
No specific catalyst identified, with no price-sensitive news on the day. The tungsten producer, whose flagship is the Mt Carbine operation in North Queensland, eased in what looks like profit-taking after recent strength in the tungsten trade.
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Sunrise Energy Metals Limited
Sunrise was accepted into the NSW Critical Minerals Royalty Deferral Scheme for its Syerston Scandium Project, one of only two companies admitted. Shares eased despite the positive news, a sell-the-news response to a benefit that defers royalties rather than adding near-term cash.
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Market data as of 6 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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The Guardian
Fears Queenslanders Could Be Forced to Pay for Mine Cleanup as LNP Reviews Environmental Red Tape
Queensland's LNP government has launched a review of the scheme that requires resources companies to post surety against mine remediation and closure costs, as part of a wider push to cut environmental red tape. Treasurer David Janetzki and Mines Minister Dale Last are leading the review, with critics warning any weakening could shift abandoned-mine cleanup liabilities onto taxpayers.
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Our Take
Lower provisioning frees operator capital in the near term, but transfers closure risk to the state. Watch whether reduced surety reprices the sector's rehabilitation liabilities.
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Bloomberg
Copper and Aluminium Advance on Fading Expectations for Rate Hike
Copper rose for a third day and aluminium extended a rebound from a four-month low, supported by fading expectations that the Federal Reserve will raise rates. Three-month copper edged higher on the LME, building on the previous session's 0.3% gain that snapped a two-week losing streak, after Fed Chair Kevin Warsh said price risks were coming down and traders pared bets on tighter policy.
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Our Take
The base-metals bid is running on rate expectations, not fundamentals. That makes the rally real but fragile, one hawkish data point and the macro tailwind reverses.
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Reuters
Malaysian Lawmakers to Hold Hearing on Lynas-US Rare Earths Deal
A Malaysian parliamentary select committee will hold a hearing on 16 July into the US$96 million rare earths supply deal Lynas struck with the US Department of Defense earlier this year. Chair Wong Chen said it will test whether the four-year deal breaches local policy, taking testimony from Lynas, government officials, environmental groups and rights activists, with the findings feeding into national rare earths policy. The deal has drawn protests over claims the material supplies US weapons, a sensitive issue given Malaysia's position on Gaza.
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Our Take
Malaysia can dictate terms on the only at-scale heavy rare earths plant outside China. That jurisdictional leverage over Lynas, not the offtake price, is the risk the ex-China thesis underprices.
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Australian Financial Review
How Finlayson Cast a $5.5b Spell Over the Year's Biggest Gold Deal
Raleigh Finlayson's Genesis Minerals has leapfrogged Regis Resources to strike a scrip-and-cash merger with Vault Minerals, offering 0.7629 Genesis shares plus 47.5c per Vault share to create Australia's third-largest gold producer, valued at about $12.6 billion combined. Regis now has five days to match or beat the bid, which would consolidate the former Sons of Gwalia assets around Leonora and marks Finlayson's third deal in roughly a year.
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Our Take
Finlayson is building the next WA gold major by consolidation, not discovery. With Regis on the clock, expect a contested bid, and a re-rating of every sub-scale Leonora neighbour.
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Bloomberg
China's Biggest ETF Is Now a Gold Fund as National Team Retreats
A China spot gold fund, the Huaan Yifu Gold ETF, has overtaken the Huatai-PineBridge CSI 300 ETF to become the country's largest exchange-traded fund, at about 90 billion yuan (US$13 billion) against the equity fund's 83 billion. The CSI 300 vehicle was once a mainstay of China's state-backed national team, so the crossover shows how far official support for equities has faded even as gold demand builds.
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Our Take
China's biggest single fund is now gold, overtaking the flagship equity index. The domestic bid holding up bullion looks structural, and that is the tailwind ASX gold names ride.
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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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