The Drill Down
Thursday 1 October 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
Lynas Rare Earths to Acquire Meteoric Resources
Lynas will acquire Meteoric Resources and its Caldeira ionic clay rare earth project in Minas Gerais, Brazil, by scheme at 0.0207 Lynas shares per Meteoric share. That implies A$0.286 a share, a 68.4% premium to Meteoric's last close, and an equity value of A$968 million on a fully diluted, 60-day VWAP basis. The all-share structure keeps Lynas' A$1.2 billion in cash and short-term deposits intact against expected Caldeira capex of more than US$500 million, and Lynas will also provide an unsecured interim loan of up to A$110 million, with A$35 million available on signing. A January 2027 scheme meeting and Brazilian change-of-control approval under a newly introduced critical minerals law stand between the deal and implementation, targeted for March 2027, after which Meteoric holders would own about 5.9% of Lynas.
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Commodity Prices: 1 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,189 +0.74% |
| Silver (USD/toz) | $61 +1.50% |
| Platinum (USD/toz) | $1,726 +0.91% |
| Palladium (USD/toz) | $1,215 +0.70% |
| Copper (USD/t) | $14,708.92 -0.08% |
| Nickel (USD/t) | $15,895.50 -0.34% |
| Zinc (USD/t) | $3,832.25 +1.01% |
| Lead (USD/t) | $1,870.80 +0.47% |
| WTI Crude (USD/bbl) | $89.58 -0.93% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
MEI +44.1%: Meteoric Resources Limited
Lynas Rare Earths agreed to acquire Meteoric by scheme at 0.0207 Lynas shares per share, implying A$0.286, a 68.4% premium to the last close of A$0.1706. The stock traded at A$0.245, below that implied value. The board unanimously recommends the scheme, subject to an independent expert and no superior proposal, with implementation targeted for March 2027 pending Brazilian change-of-control approval.
TAT +23.1%: Tartana Minerals Limited
Drilling has started at the Nightflower Silver Project in Far North Queensland, the first there since 2008, targeting silver-lead mineralisation at the Digger Lode. The lode hosts a conceptual Exploration Target of 2.75Mt at 364 g/t AgEq to 5.36Mt at 270 g/t AgEq, calculated at 2024 prices including US$27/oz silver. Rock-chip assays from the Digger and Terrace Lodes are pending.
AMD +20.6%: Arrow Minerals Limited
Arrow is planning drilling at its Yarraloola iron ore ground in the Pilbara. Targets are the BBQ Valley channel iron trend, where earlier explorers reported DSO-grade rock chips over more than 2km of strike, and an untested magnetic anomaly about 10km long. Drilling starts once application E08/3668 is granted, on ground less than 15km from the Robe River JV's Warramboo mine.
Top Losers
LTR -15.1%: Liontown Limited
Liontown approved the A$389 million Kathleen Valley Expansion, lifting targeted spodumene concentrate output to a five-year average of about 780,000 dmt a year from FY30. It will fund the expansion from A$561 million cash and operating cash flow. FY27 capital guidance rose to A$435 to A$495 million from A$320 to A$370 million, and the higher near-term spend likely drove selling on the news.
GGM -11.4%: Global Gold Mining Limited
No specific catalyst identified. The company, renamed from MetalsTech in August 2026, holds the 100%-owned Sturec Gold Project in central Slovakia, where a pre-feasibility study is underway and drilling began in the June quarter.
DTR -11.3%: Dateline Resources Limited
The most recent release, on 28 September, said the US Department of Justice had filed to stay the preliminary injunction halting Colosseum, supported by a Department of War declaration citing national security. Both stay motions are listed for hearing on 26 October.
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Presented By
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Sierra Nevada Gold
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ASX: SNX
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Emerging Saudi Arabian Developer & Explorer
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Sierra Nevada Gold is advancing As Safra, a large copper-gold system extending over more than 5.5km of strike in the Arabian Shield. Initial drilling has confirmed broad, continuous zones of mineralisation including high-grade intervals, with a major follow-up program now in preparation.
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Find Out More
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In-Country Operating Subsidiary
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Today's Stories
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Stockhead
Evion Enters New Graphite Market in South East Asia
Evion's 50:50 Panthera Graphite Technologies joint venture has won its first South East Asian order: a 20-tonne consignment of expandable graphite to Ho Chi Minh City, Vietnam. The price is US$3,650/t, about 7% above the top of the joint venture's FY2026 range of US$3,100 to US$3,400/t, and the order is worth about A$104,000 on a 100% basis. Talks are continuing with the buyer and other Asian customers, including potential supply agreements in Japan, as the EBITDA-positive plant near Pune lifts output from 720 tonnes sold in FY2026 towards its 2,500-tonne Stage 1 target.
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ASX
NSW Independent Planning Commission Decision on Hunter Valley Operations Continuation Project
The NSW Independent Planning Commission has approved the Hunter Valley Operations Continuation Project, extending mining at the HVO complex to the end of 2045 after a six-year regulatory process. The mine supports about 1,570 workers. It still needs federal environmental approval by 31 December 2026, which the joint venture operator is pursuing with the National Environmental Protection Agency.
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BNamericas
Gold Project Worth US$300 Million in Brazil Faces Opposition from Hollywood Star Leonardo DiCaprio
Leonardo DiCaprio has backed opponents of Belo Sun Mining's US$300 million Volta Grande gold project in Pará, which the company aims to develop as Brazil's largest open-pit gold mine. Federal prosecutors and the Indigenous agency FUNAI have asked Brazil's Supreme Court to suspend provisional relief granted to Belo Sun until a final judgment is reached, and no decision date has been set. Belo Sun says the project is not on protected Indigenous land and that the Juruna and Arara communities have formally confirmed they were consulted and support the licences.
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Market Open
Jacaranda Natural Resources Opens $8M IPO for a Drill-Ready Copper-Gold Portfolio
Jacaranda Natural Resources has opened an $8 million IPO at $0.20 a share, with capacity for up to $2 million in oversubscriptions, ahead of a proposed ASX listing under the code JRL. About $4.475 million is earmarked for exploration over two years, with drilling first at the Quartz Ridge and Tea Tree prospects within the White Cockatoo Project in Queensland and at Globe in Botswana. Rock chips at Quartz Ridge have returned up to 24% copper, 4.4 g/t gold and 912 g/t silver, while historical trenching at Tea Tree returned 25m at 1.3 g/t gold and 1.5% copper.
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The Northern Miner
Gold Fields Halts Windfall Work as Quebec Permit Lapses
Gold Fields has paused underground development at Windfall in Quebec after its permit for bulk-exploration work expired at the end of August, CEO Mike Fraser said. Construction of the proposed US$1.9 billion mine cannot begin until Quebec authorises the project. Approval was first expected by June, and Gold Fields is still awaiting a recommendation from the Environmental and Social Impact Review Committee. Fraser kept the 2029 target for first production of 300,000 oz a year and is hopeful of approval before year-end.
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Fastmarkets
Fastmarkets Base Metals Market Update | Sept 2026
Fastmarkets says LME three-month copper has cleared its January highs, opening a path to $15,000/t that could prove a blow-off top. Treatment and refining charges hit a record low of minus $232/t in late August, down from minus $141.79/t in early June. Zinc is approaching $4,000/t, and nickel could run to $18,000 to $20,000/t or fall to $12,000 to $14,000/t over six months depending on Indonesian ore quotas and sulphur supply. LME tin is trading around $55,000 to $56,000/t with stocks at just 5,415 tonnes.
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Rare Earth Exchanges
Northern Minerals Delays Browns Range FID as China-Linked Shareholder Standoff Collides with Western Heavy Rare Earth Strategy
Northern Minerals has missed its 30 September target for a final investment decision on Browns Range, with project financing incomplete and auditors flagging material going-concern uncertainty, Rare Earth Exchanges reports. Australian government disposal orders cover about 17.6% of shares held by China-linked investors, and three holders that missed the 2 July deadline have had their voting rights restricted. US EXIM has indicated up to US$230 million, but there was no binding commitment when the annual report was filed, and deadlines for key conditions in the Iluka offtake have passed.
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Bloomberg
Copper Steadies with Focus on Supply During China Holiday
LME copper edged up on Thursday, recovering part of a small loss from the previous session, as investors watched for possible supply changes and China's National Day holiday was expected to thin trading. Prices had eased earlier in the week after Chinese data showed weak industrial earnings.
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Kamoa Capital
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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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