The Drill Down
Friday 8 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
US and South Africa Hold Talks on Mining Deals
Around 25 officials from the US and South Africa met in Johannesburg to discuss potential deals spanning mining, energy and infrastructure. The talks signal Washington's growing appetite for South Africa's mineral resources as competition for critical minerals supply chains intensifies globally.
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Our Take
Washington wants South Africa's minerals. Pretoria wants investment. Watch whether Eskom's grid problems kill any deal before the ink dries.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,725
+0.84%
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Silver
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$80
+2.29%
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Platinum
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$2,060
+1.35%
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Palladium
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$1,510
+1.72%
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Base Metals & Commodities
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Copper USD/lb
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$6.24
+1.72%
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Nickel USD/lb
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$8.65
-0.45%
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Zinc USD/lb
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$1.56
+0.71%
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Lead USD/lb
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$0.89
-0.11%
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WTI Crude USD/bbl
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$95.47
+0.70%
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Prices updated as of 8 May 2026, 3:48 pm AEST
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Market Movers
Winners & Losers — ASX Markets
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Ballymore Resources Limited
Ballymore announced a capital raise of up to $4.7 million on 4 May at $0.125 per share to fund drilling across its North Queensland portfolio, targeting gold at Dittmer, silver-lead-zinc-indium at Ruddygore's Torpy's prospect and gold at Ravenswood. The stock has continued to climb all week, now trading well above the raise price with drilling expected to restart at Torpy's imminently.
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Corazon Mining Limited
No specific catalyst identified. The ASX called a trading halt on Corazon at 3pm today following the sharp price movement, likely pending a query response or announcement. Watch for an ASX release to explain today's move.
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Desert Minerals Ltd.
UltraFine+ soil sampling at the Mt Monger Gold Project in WA returned gold values up to 112 ppb, defining a coherent 500m x 300m Titan anomaly coinciding with a historical aircore intercept of 2m at 3.8 g/t Au from 49m. The company is advancing drilling plans at the Providence Prospect, which hosts a 16,400oz inferred MRE at 2.5 g/t and remains open to the northwest and southwest.
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Jindalee Lithium Limited
Jindalee announced an $8.5 million placement plus a $2.5 million entitlement offer at $0.46 per share, totalling up to $11 million, to advance the McDermitt Lithium Project in the US and support the proposed NASDAQ listing of US Elemental Inc., targeted to close in H2 2026. The placement price at $0.46 represented a material discount to prior trading, driving the sell-off on resumption.
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Tanami Gold NL
Tanami announced a fully underwritten 1-for-1 renounceable entitlement offer at $0.06 per share to raise $70.5 million, with proceeds directed to the Groundrush exploration decline ($37.2m), camp upgrades, surface drilling and other infrastructure at the Central Tanami Project JV. Key shareholders APAC Resources, Metals X and Everbright Securities, representing approximately 49.2% of shares, have committed to take up their entitlements in full.
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CZR Resources Ltd
Managing Director Stefan Murphy resigned effective 7 May after four and a half years, with Milan Jerkovic appointed Acting CEO. Jerkovic brings executive experience from Western Mining, BHP, Straits Resources and MetalsX. Murphy's tenure included the $75 million sale of the Robe Mesa project to Rio Tinto late last year, which left CZR with a significant cash balance ahead of its next phase.
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Market data as of 8 May 2026, 4:10 PM AEST
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This Week's Poll
Which battery metal are you most bullish on over the next 12 months?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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Today's Stories
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OilPrice.com
Trump-Linked Tungsten Deal in Kazakhstan Moves Forward Amid Merger Scrutiny
Cove Kaz Capital is advancing a $1.1 billion tungsten mining project in Kazakhstan despite ongoing scrutiny over a planned merger involving a Trump-linked entity. The project sits at the intersection of political sensitivity and strategic importance, given tungsten's role in US defence supply chains.
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Our Take
Political connectivity cuts both ways in critical minerals, opening doors while simultaneously attracting regulatory and reputational scrutiny. At $1.1 billion, this project is large enough that merger complications could materially delay a supply source the US defence sector genuinely needs.
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Business News
Yindjibarndi, Fortescue Prepare for Landmark Compensation Ruling
The Federal Court is approaching its ruling on the Yindjibarndi Ngurra Aboriginal Corporation's $1.8 billion compensation claim against Fortescue over mining at the Solomon Hub in the Pilbara, which has operated since 2013 without agreement or payment to the traditional owners. The claim covers $1 billion in cultural loss, $678 million in economic loss, and $3.4 million for the destruction of significant sites. The ruling will set a precedent for how native title compensation is calculated nationally, including whether the value of extracted minerals can be factored into the assessment.
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Our Take
A ruling at or near $1.8 billion would reshape the economics of mining on native title land across Australia. Every major resources company with Pilbara and Kimberley exposure is watching this one closely, and they should be.
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Bloomberg
US Rare Earths Champion Views Iran War as Demand 'Accelerant'
MP Materials CEO James Litinsky told Bloomberg the conflict in Iran is acting as a demand accelerant for the rare earths sector, sharpening government and industry focus on supply chain security. In the same interview, Litinsky noted that MP and some peers are increasingly building high-performance magnets with little or no heavy rare earth content, a technology shift that could weigh on prices for dysprosium and terbium over the longer term.
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Our Take
The geopolitical tailwind is real, but Litinsky is also flagging the technology risk in the same breath. Defence demand accelerates rare earth urgency. Meanwhile, the materials themselves are being engineered around. That tension is worth watching.
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Reuters
Barrick Contractor to Exit Mali, Lay Off More Than 600 People, Sources Say
The largest contractor at Barrick's Loulo-Gounkoto gold complex in Mali, Gounkoto Mining Services, is closing operations in the country and issuing termination letters to more than 600 workers. Barrick has chosen not to renew its contract with GMS in 2026, with neither the Gounkoto open-pit nor the Yalea North mine having restarted production since Barrick regained control from Malian administrators in December following a prolonged dispute over taxes and ownership.
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Our Take
Barrick got the mine back, but the operational rebuild is proving slow and expensive. Cutting the primary contractor while both pits remain idle is not a sign of a smooth restart. The market should not confuse legal victory with operational recovery.
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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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