The Drill Down
Tuesday 7 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
China-Linked Rare Earths Investors Flout Chalmers' Sale Order
The six China-linked investors ordered by Treasurer Jim Chalmers to divest a combined 17.58% of Northern Minerals by 2 July have largely not sold, with most of the shares still sitting on the register in the same names. Northern Minerals, developer of the Browns Range heavy rare earths project in WA, is now referring the matter to Treasury's Foreign Investment Review Board to determine compliance. It is the second forced-divestment order Chalmers has issued over the stock, made under the Foreign Acquisitions and Takeovers Act on national-interest grounds.
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Our Take
Writing the divestment order is easy; enforcing it is the test. If Canberra cannot compel a sell-down, the ex-China ownership premise underpinning Western rare-earth funding looks shakier than advertised.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,121
-1.07%
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Silver
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$60
-2.53%
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Platinum
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$1,608
-1.41%
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Palladium
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$1,251
-1.07%
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Base Metals & Commodities
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Copper USD/t
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$13710.67
-0.69%
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Nickel USD/t
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$16455.00
+0.66%
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Zinc USD/t
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$3584.79
+0.78%
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Lead USD/t
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$1873.90
+0.09%
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WTI Crude USD/bbl
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$69.37
+1.20%
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Prices updated as of 7 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Hammer Metals Limited
Hammer jumped after Austral Resources lobbed a competing takeover proposal at A$0.087 per share, a 29.9% premium to the existing Larvotto scheme, valuing Hammer at about A$81 million. Austral wants Hammer's Kalman copper deposit as feed for its Rocklands plant, and holders of 6 to 7% have signalled support, setting up a bidding contest.
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Flagship Minerals Limited
Flagship's corporate presentation reiterated its 2.1Moz Isidora oxide gold resource in Chile and the newly acquired Whipsaw copper target in Canada, and pitched a stark value gap at about A$24 per gold ounce versus a peer average near A$176. The move reads as a re-rating on that pitch rather than fresh news.
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Canyon Resources Limited
No specific catalyst identified, with no price-sensitive news on the day. Canyon has been heavily de-rated over the past year, and the bounce off recent lows reads as bargain-hunting ahead of first bauxite shipment from its flagship Minim Martap project in Cameroon, targeted for late Q3 2026.
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Hot Chili Limited
Hot Chili secured US$15 million of non-dilutive funding by granting OR Royalties an NSR royalty over its pre-resource La Verde deposit within the Costa Fuego copper-gold project in Chile, lifting total OR royalty consideration to US$30 million. Despite the third-party endorsement, shares sold off hard, a sell-the-news reaction to a royalty that permanently claims a slice of future Costa Fuego revenue and follows a A$40 million equity raise in February.
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Cosmos Exploration Limited
No specific catalyst identified, with no price-sensitive news on the day. Cosmos is a thinly traded, high-beta critical minerals junior whose story hinges on a Bolivian lithium option with state entity YLB alongside Vulcan Energy's DLE technology. Moves of this size are typical for the stock, and the fall reads as a low-conviction pullback rather than anything fundamental.
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Torque Metals Ltd
Torque released a June 2026 resource of 351,000 ounces at 3.1 g/t gold for its Paris project in South Kalgoorlie, alongside a 'Project RPM' strategy targeting an aspirational 1Moz over two years on more than 70,000 metres of planned drilling. Shares fell regardless, a sell-the-news reaction to a still-modest current resource and a growth ambition that implies heavy drilling against just A$13.7 million cash.
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Market data as of 7 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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Reuters
Corporate Japan's Rare-Earth Warnings Get Louder as China Keeps the Spigot Closed
An unprecedented run of corporate filings warning on critical-minerals supply is now flashing through the broader Japanese economy, even as the Nikkei sits at record highs, pressuring Prime Minister Sanae Takaichi's government to find alternatives to Chinese exports. Beijing has choked off shipments of certain key rare earths to Japan since Takaichi's November comments on defending Taiwan, weaponising a market it dominates and where China has supplied around 80% of Japan's rare-earth imports.
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Our Take
Japan's supply pain is the clearest demand signal yet for ex-China rare earths. Every quarter Beijing holds the line, offtake and funding for non-Chinese processing get easier to secure.
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Listcorp
Lynas and JS Link Partnership for Malaysian Magnet Factory
Lynas Rare Earths has signed a long-term partnership with South Korea's JS Link to build a rare earth permanent magnet factory in Kuantan, Malaysia, next to its existing processing plant, with capacity of 3,000 tonnes a year of NdFeB sintered magnets. Lynas will take an about A$50 million equity stake in JS Link, roughly 4.58% fully diluted, and supply rare earth materials to JS Link's Korean and Malaysian factories under an exclusive arrangement running to January 2038. The plant is expected to create up to 400 jobs and feed automotive, wind and electronics supply chains.
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Our Take
Lynas is moving downstream into magnets, the part of the chain China still controls. The stake and 2038 supply deal turn oxide output into an integrated ex-China magnet play.
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Bloomberg
BHP Gets Approval to Start US$15 Billion Copper Expansion in Chile
BHP has secured its first major environmental approval for the expansion of Escondida in Chile, the world's largest copper mine, clearing up to US$14.7 billion of work to begin. The centrepiece is a new concentrator to replace the ageing Los Colorados plant and sustain output as ore grades decline. BHP operates Escondida, with Rio Tinto holding 30%.
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Our Take
Spending $15bn just to hold Escondida's output, not grow it, is the copper supply thesis in one number. Even the world's best mine now pays up to stand still.
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Swarajya
India and Australia Poised to Finalise Historic Uranium Supply Pact During PM Modi's Australia Visit This Week
India and Australia are expected to finalise a commercial uranium supply pact during Prime Minister Narendra Modi's visit to Melbourne this week for the annual Leaders' Summit with Anthony Albanese. The deal would operationalise the 2014 civil nuclear cooperation framework, dormant for years over safeguards issues now said to be resolved, opening Australia's uranium, nearly a third of the world's known reserves, to India's fast-growing nuclear programme. Agreements on critical minerals, clean energy and cybersecurity are also expected.
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Our Take
A commercial pact hands Australian uranium a structural new buyer as India's nuclear and data-centre build accelerates. Demand catalysts like this, not spot moves, are what re-rate the uranium equities.
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Australian Financial Review
Tribeca-Backed Cobre Raising $100m to Lift Stake in Flagship Copper Mine
The AFR's Street Talk reports that Tribeca-backed Cobre is raising about $100 million to lift its stake in its flagship copper mine. Cobre (ASX: CBE) agreed a staged earn-in to up to 51% of the Sierra Atacama cathode mine in Chile's Antofagasta region in February, in a A$60 million raise cornerstoned by major shareholder Tribeca Investment Partners. A further raise of this size would accelerate its shift from Botswana copper explorer to Chilean producer.
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Our Take
Tribeca doubling down to consolidate an operating mine, not exploration ground, signals where the smart copper money sits: near-term cathode cashflow to fund the higher-risk Botswana growth.
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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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