The Drill Down
Tuesday 9 June 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
Nationals and Liberals Commit to Lifting WA's Uranium Mining Ban
The WA Liberal-National Opposition has committed to lifting Western Australia's uranium mining ban if elected, arguing that Labor's 2017 prohibition is leaving one of the world's largest uranium endowments stranded at a time when the uranium price is approximately four times higher than when the ban was introduced. Shadow Minister for Mines Shane Love pointed to growing global demand from nuclear energy expansion across Europe, Asia and North America, while Opposition Leader Basil Zempilas framed uranium as critical to AI and advanced technology energy needs. WA holds approximately 226,000 tonnes of known uranium resources, with industry estimates suggesting a lifted ban could generate more than $1 billion in annual exports and up to 9,000 jobs over the life of approved projects.
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Our Take
This is an opposition commitment, not policy, and WA Labor holds a dominant majority. But the political conversation is shifting, and a uranium price four times higher than 2017 makes the economic case harder to argue against each cycle. The deposits are not going anywhere.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,351
+0.47%
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Silver
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$69
+0.57%
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Platinum
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$1,765
+0.61%
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Palladium
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$1,224
+0.72%
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Base Metals & Commodities
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Copper USD/t
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$14108.80
+0.41%
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Nickel USD/t
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$18360.00
-0.98%
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Zinc USD/t
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$3537.29
+0.89%
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Lead USD/t
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$1986.40
+0.36%
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WTI Crude USD/bbl
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$90.10
-1.31%
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Prices updated as of 9 June 2026, 3:49 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Zenith Minerals Limited
Forrestania Resources (ASX: FRS) has become a substantial holder in Zenith Minerals with a 9.72% interest, having accumulated 58,314,005 shares through on-market purchases between August 2025 and June 2026. The stake was built incrementally at prices ranging from A$0.06 to A$0.09, with the largest single tranche acquired on 5 June at a cost of approximately A$1.07 million. Zenith holds lithium, gold and base metals projects in Queensland.
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Lindian Resources Limited
No fresh catalyst today. Lindian continues to attract attention following last week's reporting of a $10 million WA Supreme Court claim filed by former executive chairman Asimwe Kabunga over unvested performance rights. The company is advancing the Kangankunde rare earths project in Malawi, a 261 million tonne resource at 2.19% TREO, with production targeted to commence this year. Today's move appears to reflect speculative interest rather than any new company announcement.
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Pilbara Gold Limited
Pilbara Gold confirmed 5,680m of diamond drilling across 19 holes is complete at the Mt York Gold Project in WA's Pilbara, targeting extensions of the 2.1Moz deposit at depth across Main Hill Extension, Gossan Hill, Breccia Hill and the new Gilt Dragon prospect 3km to the southeast. Three rigs are currently turning double-shift with two additional RC rigs due on site in June, ramping toward the largest drill program in the company's history at over 50,000m. First assay results are expected in late July.
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Almonty Industries Inc.
No fresh catalyst today. Almonty continues to digest last week's US$700 million convertible note raise, which weighed on the share price on issuance. The company operates the Sangdong tungsten mine in South Korea, the largest known tungsten deposit outside China, and is widely regarded as a bellwether for Western tungsten sentiment. Today's continued softness reflects the market absorbing dilution risk from the convertible structure rather than any deterioration in fundamentals.
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Chalice Mining Limited
No specific catalyst identified today. Chalice is advancing the Gonneville PGE-nickel-copper-cobalt project in WA's Julimar Province, which hosts a 10.4Moz PGE3 resource. Today's move appears to reflect broader sector selling pressure with no fresh company announcement.
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Paladin Energy Limited
No specific catalyst identified today. Paladin continues to trade under pressure as the stock consolidates well below recent highs following persistent selling since its May nine-month results disappointed on cash generation. Today's decline reflects continued softness across ASX uranium names with no fresh company announcement.
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Market data as of 9 June 2026, 4:10 pm AEST
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This Week's Poll
Is the US critical minerals policy push creating real opportunities or just noise?
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○ Real, investable opportunities
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○ Some signal, mostly noise
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○ Irrelevant to my portfolio
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Miningmx
Lithium Price Recovery Hinges on Single Chinese Mine
The CME lithium hydroxide contract is up 86% since January, trading above $20,000 per tonne for the first time since late 2023, but analysts are cautioning the recovery may be short-lived. The catalyst is CATL's Jianxiawo mine in Jiangxi province, which has been suspended since August 2025 after its mining licence expired, tightening inventories across China's processing chain. With nameplate capacity of 150,000 tonnes of lithium carbonate equivalent annually, Jianxiawo is one of the world's largest single lithium assets, and CATL is still waiting on licence renewal more than nine months later. Benchmark Mineral Intelligence forecasts a material price decline in the second half of 2026, with BNP Paribas arguing prices have already disconnected from fundamentals.
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Our Take
An 86% rally driven by a single suspended mine is a fragile foundation. The moment Jianxiawo's licence is renewed, the supply rationale evaporates. Investors chasing this move need a very clear view on Chinese regulatory timing, which nobody has.
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Mining.com
China Coking Coal Hits Highest Since 2024 on Safety Shutdowns
Dalian coking coal futures climbed to their highest level since October 2024, up approximately 14% month-to-date, as ongoing safety inspections following a deadly blast at the privately-owned Liushenyu mine in Shanxi kept supply constrained. The May accident killed at least 82 workers and prompted intensified regulatory scrutiny across China's main coal-producing province. Around 60 million tonnes of annual production capacity remains halted as of Friday, with mines that have resumed operating at 20% to 30% below pre-accident rates, according to Horizon Insights. Seaborne coking coal prices are also catching up quickly as spot tightness spreads.
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Our Take
60 million tonnes of halted capacity is not a short-term disruption. A regulatory crackdown following 82 deaths moves slower than a market wants it to, and Australian met coal exporters are direct beneficiaries of every week Shanxi stays offline.
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Al Jazeera
Botswana Diamond Slump Hits Miners Living on the Edge of Survival
Botswana's diamond sector continues to contract sharply, with Debswana cutting production by 27% to 17.9 million carats in 2024 and targeting a further reduction to approximately 15 million carats in 2025 amid weak global demand and pressure from lab-grown diamonds. The slowdown has triggered widespread contractor retrenchments across mining communities, with many workers shifted onto short-term agreements earning $190 to $250 per month. Diamonds account for roughly 70% of Botswana's export earnings and a third of government revenue, and S&P Global Ratings downgraded the country's sovereign credit to BBB- in 2025. The economy contracted 5.3% in the second quarter of 2025, its sharpest fall since the pandemic.
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Our Take
Botswana built one of Africa's most successful development stories on diamonds, and that same concentration is now the problem. A sovereign downgrade and a 5% GDP contraction in a single quarter is what resource dependency looks like when the commodity cycle turns, and lab-grown supply means this cycle may not fully reverse.
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AFR
ASX Plunges as Banks and Miners Sold Off in Broad Market Decline
Australian shares fell sharply on the first day of trade after the long weekend, with miners and banks among the hardest-hit sectors as investors rotated into defensive positions. The broad selloff added pressure to resources companies already navigating commodity price volatility.
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Our Take
Indiscriminate sector-wide selling creates short-term entry points in quality miners, but the rotation into defensives suggests macro risk appetite is softening. Investors should distinguish between price-driven weakness and fundamental deterioration before acting.
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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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