The Drill Down
Thursday 7 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
Atlantic Lithium Enters Binding Scheme with Zhejiang Huayou Cobalt in A$292 Million All-Cash Deal
Zhejiang Huayou Cobalt has entered a binding Scheme Implementation Deed to acquire all shares in Atlantic Lithium (ASX: A11) via an all-cash scheme of arrangement at A$0.354 per share, valuing the company at approximately A$292 million and representing a 26.6% premium to Atlantic Lithium's last close of A$0.280. The transaction covers the flagship Ewoyaa Lithium Project in Ghana and Côte d'Ivoire, with the board unanimously recommending shareholders vote in favour, largest shareholder Assore International (approximately 26.4%) confirming it intends to support the scheme, and the scheme meeting expected in November 2026.
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Our Take
Huayou paying a 26.6% premium for a pre-production West African lithium asset confirms Chinese battery materials majors are still moving upstream aggressively. The Ewoyaa project just got its valuation validated by one of the sector's most active acquirers.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,706
+0.31%
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Silver
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$78
+0.84%
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Platinum
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$2,058
+0.74%
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Palladium
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$1,545
+0.59%
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Base Metals & Commodities
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Copper USD/lb
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$6.21
+0.09%
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Nickel USD/lb
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$8.69
-2.17%
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Zinc USD/lb
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$1.55
+0.60%
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Lead USD/lb
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$0.89
+0.46%
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WTI Crude USD/bbl
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$95.45
+0.39%
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Prices updated as of 7 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Kaoko Metals Limited
Kaoko Metals debuted on the ASX following an oversubscribed $6.5 million IPO, holding two drill-ready copper projects in Namibia: the Chalkos Copper-Silver Project in the Kaoko Copper Belt, where surface grades up to 69.6% Cu have been recorded, and the Karibib Copper-Gold-Tungsten Project in the Damara Belt. The company is led by Mark Thompson (Talga Group founder) and Gerard O'Donovan (formerly of Pilbara Minerals), with maiden drilling programs imminent across both projects.
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Atlantic Lithium Limited
Zhejiang Huayou Cobalt entered a binding SID to acquire all Atlantic Lithium shares at A$0.354 per share via all-cash scheme, valuing the company at approximately A$292 million and a 26.6% premium to last close. The board unanimously recommends the scheme, with largest shareholder Assore International (approximately 26.4%) confirming support ahead of a November 2026 meeting.
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Unico Silver Limited
Drilling at the Joaquin Project in Santa Cruz, Argentina returned the best hole to date at Breccia Puntudo, with JDD228-26 intercepting 11.25m at 1,301 g/t AgEq from 127.4m. Step-out drilling at La Negra SE extended mineralisation 250m beyond the March 2026 MRE, supporting further resource growth ahead of the PFS.
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Imdex Limited
Imdex presented at the Macquarie Australia Conference reporting record Q3 FY26 revenue of A$123 million, up 23% on the prior period. Despite the strong result, the stock sold off sharply, suggesting the market had priced in a more positive update than was delivered.
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Finder Energy Holdings Limited
Finder completed a $27 million placement at $0.50 per share on 30 April, with the SPP now open at the same price and closing 27 May. At $0.415, the stock is trading well below the placement price, leaving new investors offside and making meaningful SPP participation unlikely at current levels.
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Waratah Minerals Limited
Waratah announced a $48 million placement at $0.62 per share, a 12.1% discount to the prior close of $0.705, to fund an aggressive drilling program at the Spur Gold Project in NSW where 10 rigs are currently on site. Price reflects standard post-placement retracement, with shares allotting 14 May and a maiden MRE targeted for Q1 CY2027.
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Market data as of 7 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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AFR
Rio Tinto Boss Pushes Cost Cuts and Defends Diversified Strategy at AGM
Rio Tinto CEO Jakob Stausholm and chairman Dominic Barton used the company's AGM to defend its diversified mining strategy, framing it as a competitive advantage rather than a liability. The company has committed to a near-$20 billion program covering new Pilbara iron ore mines, processing plants, and equipment, while simultaneously pushing for further cost reductions. The dual message of growth investment and cost discipline reflects pressure from shareholders on both fronts.
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Our Take
A near-$20 billion Pilbara commitment alongside a cost-cutting mandate is a difficult balance to sell at an AGM, and the market will judge Stausholm on execution rather than framing. The diversification argument only holds if copper assets start delivering returns that justify the capital deployed.
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Mining.com
Chile Moves to Formalise Critical Minerals Strategy With Full Value Chain Legal Regime
Chile is advancing a special legal regime designed to govern the full value chain of critical minerals, including rare earths, as part of a formalised national strategy. The move signals a significant policy shift from the world's largest copper-producing nation, which has historically focused its regulatory framework on copper and lithium. A formal legal structure could attract capital into critical minerals development while giving the state greater oversight of how those resources are processed and exported.
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Our Take
Chile codifying a full value chain legal regime for critical minerals is a potential game-changer for project developers already operating in the country, as regulatory clarity is one of the most consistent barriers to financing in the sector. Investors should watch whether the regime is designed to attract private capital or to expand state control, because the details will determine whether this is an opportunity or a constraint.
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Mining.com
BHP Loses Bid to Appeal Brazil Dam Disaster Ruling, Damages Trial Set for 2027
A UK court rejected BHP's appeal over the 2015 Brazil dam collapse, clearing the path for a damages trial scheduled for 2027. The ruling represents a significant legal setback for BHP and leaves the company exposed to what could be a substantial financial liability. The case stems from one of the worst mining disasters in Brazilian history.
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Our Take
With the 2027 trial now confirmed, BHP faces an unquantified but material liability that will weigh on investor sentiment and complicate capital allocation decisions in the years ahead. Markets will want to see management put a credible range on the exposure, because uncertainty at this scale is rarely priced generously.
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Mining.com
Lloyds Metals Eyes Reopening of Giant Panguna Copper Mine in Papua New Guinea
India's Lloyds Metals has emerged as the preferred partner of local authorities for the Panguna copper project in Papua New Guinea, seeing off competition from China's CMOC. Panguna is one of the world's largest undeveloped copper deposits and has been closed since civil conflict in the early 1990s.
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Our Take
Panguna's selection of an Indian partner over CMOC is a geopolitically significant outcome, reflecting the broader contest for critical mineral access across the Pacific. For copper markets, any credible restart timeline at one of the world's largest undeveloped deposits would be a supply-side event worth watching closely.
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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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