The Drill Down - Part 2
Kamoa Capital MONDAY 2 NOVEMBER 2026
The Drill Down
Northstone Resources ASX: NRL
Record Intercepts at Tlamino
9 holes, 750m, including the widest and highest-grade intervals at the Barje deposit to date
36m @ 5.85g/t
AuEq from 47m, including
14m @ 7.74g/t (BAR046)
17.5m @ 5.22g/t
AuEq from 14.4m, including
8.2m @ 7.60g/t (BAR050)
Q4 2026
Maiden JORC (2012) Mineral
Resource Estimate scheduled
The results point to broad, high-grade continuity across the central zone, ground the 2021 estimate¹ models as low-grade. BAR047, BAR045 and BAR043 returned further intercepts of 4.87g/t, 4.16g/t and 2.39g/t AuEq over 18.3m, 10.2m and 24.6m. The rig is still on site, step-out drilling along strike from Barje, as part of a fully funded 9,000m+ program at Tlamino.
 
Lead Insight
Cochilco expects 2026 Chilean copper production to fall 8.4% to 4.94 million tonnes, down from its August forecast of 5.27 million tonnes. BHP's Escondida and Spence mines and Codelco's mines account for more than 77% of the net decline, and output must average about 434,000 tonnes a month in the fourth quarter to hit the forecast. The 2027 forecast drops to 5.08 million tonnes, a 3% rebound, from 5.55 million tonnes, while price forecasts rise to US$6.18 a pound for 2026 and US$5.95 for 2027.
 
Commodity Prices: 2 Nov 2026, 3:48pm AEST
Gold (USD/toz)$3,902 +0.67%
Silver (USD/toz)$50 +1.73%
Platinum (USD/toz)$1,436 +0.18%
Palladium (USD/toz)$977 +0.17%
Copper (USD/t)$14,511.92 -0.02%
Nickel (USD/t)$15,182.50 -1.97%
Zinc (USD/t)$3,839.30 +0.60%
Lead (USD/t)$1,906.80 +0.61%
WTI Crude (USD/bbl)$100.24 -3.73%
 
Market Movers: Winners & Losers, Australian Markets
 
Top Gainers
GT1 +28.6%: Green Technology Metals
The September quarterly, released 29 October, reported a Statement of Completion for the Seymour Environmental Assessment, a C$500,000 Ontario Critical Minerals Innovation Fund grant and cash of $7.8 million. The Seymour DFS has been realigned to Q1 2027 with the Mine Closure Plan, which is targeted for submission within calendar 2026.
ALV +26.9%: Alvo Minerals
Auger drilling across the newly acquired EZX ground at Boa Vista extended mineralised clays about 2km south-west, with 15 significant intercepts averaging 19% HREO/TREO. The best was 10m @ 1,364ppm TREO (37ppm DyTb) from 2m in BLG0358, which ended in mineralisation. A maiden Mineral Resource Estimate is targeted for 2027.
NVA +15.9%: Nova Minerals
Nova received final Alaska Department of Natural Resources approvals for its Plan of Operations and Reclamation Plan, completing antimony project permitting about three months after submission (announced 28 October). Phase 1 is funded by a US$43.4 million Department of War award, with all major long-lead equipment delivered and production targeted for 2027.
 
Top Losers
M4M -23.1%: Macro Metals
Macro executed a binding agreement to sell 100% of KCM Mining Limited, owner of the Agbaja Iron Ore Project in Nigeria, to RSIN.SG for US$5.67 million, with net proceeds of about $5.25 million. A US$700,000 down payment is due into escrow by 7 November and completion is scheduled for 7 December 2026, leaving expected cash of about $7.7 million to fund its Western Australian mining services and resource development businesses. The shares fell on the day of the announcement.
YUG -17.0%: Yugo Metals
The September quarterly, released 29 October, reported 36.1m @ 2.3 g/t Au from 51.8m in ERDD006 at the Erak Prospect in Bosnia and Herzegovina, with drilling in progress and four initial holes started at the Monte Project. Cash was about $4.7 million with no debt, which the Appendix 5B puts at about 3.0 quarters of funding at current spend.
ARV -16.7%: Artemis Resources
The September quarterly, released 30 October, said heavy rain closed regional roads and delayed the start of maiden diamond drilling at Cassowary in the Madura Copper-Gold Project. Cash was $6.65 million after $4.998 million received under Tranche 2 of the placement at $0.004 a share, and post-quarter the company won up to $220,000 in EIS co-funding.
 
Do you want exclusive access to future capital raises and investment opportunities?
Join the Kamoa Capital Investor Register TODAY!
Investor Register
Registration is not an application for securities and does not guarantee participation in any offer. Any offer is made separately by the issuer or an appropriately authorised party.
 
 
Presented By
 
Sierra Nevada Gold
 
Sierra Nevada Gold
 
ASX: SNX
 
 
Emerging Saudi Arabian Developer & Explorer
 
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.
 
Find Out More
 
 
In-Country Operating Subsidiary
 
Arabian American Minerals
 
 
Today's Stories
 
Listcorp
Evion Expands Its Nevada Fluorspar Option Footprint
Evion has entered a binding option to earn up to 75% of the 40-claim Blue Nose property in Nevada, about 1.2km northwest of its Carp Fluorspar Project, for US$1.5 million cash and 4 million shares over two years plus a US$30,000 due diligence payment. Blue Nose carries 63 historic reverse circulation holes (9,116m) never assayed for fluorine, with duplicate samples held in storage in Reno and no minimum exploration spend required. On completion, subject to due diligence and consents, Evion's position will span 99 claims covering about 829 hectares.
 
Listcorp
NewPeak Completes Phase 2 Drilling at Las Opeñas
NewPeak has completed Phase 2 diamond drilling at its 100%-owned Las Opeñas Gold Project in San Juan Province, Argentina, with the main objectives met. The holes tested the westerly extension of the gold-dominant zone identified in Phase 1, targeting the interpreted higher-gold-grade core closer to the Belleza Breccia volcanic centre. Final sample delivery to the laboratory is expected next week, with assays due before the end of the year.
 
Listcorp
Skylark Secures AUD 20 Million Placement Commitments
Skylark Minerals has received firm commitments for a $20 million two-tranche placement at $0.24 a share, including about $5.1 million from PDI Gold, which will hold 9.9% on completion. Tranche 1 raises about $7.85 million with settlement on 6 November, and Tranche 2 raises about $12.15 million subject to shareholder approval at an EGM in early December. Funds will support the next phase of drilling at the Zaranou Project in Côte d'Ivoire, which holds a 1.20 million ounce Inferred Mineral Resource.
 
Endurance Mining
Abra's Turnaround
Endurance Mining delivered its fifth consecutive quarter of planned tonnes and grade at the Abra silver-lead mine in the June 2026 quarter, with a record-low TRIFR of 4.6. FY26 operating EBITDA was $77.7 million with free cash flow of $24.2 million, and the debt balance fell to US$114.6 million after a US$10.9 million repayment. The CEO said the company emerged from a Deed of Company Arrangement 12 months ago with $1 million in cash.
 
Listcorp
Sunrise Approves Syerston Scandium Development
Sunrise Energy Metals has approved a final investment decision on its Syerston Scandium Project in New South Wales, targeting first production in the second half of 2028. The US$322 million development will process 64,000 tonnes of ore a year to produce 60 tonnes a year of scandium oxide over a 32-year life. It is backed by a conditional commitment of up to US$400 million in debt from the US Department of War's Office of Strategic Capital, with $148.1 million of cash on hand at 30 September.
 
Listcorp
Jacaranda Identifies High-Grade Copper Rock Chips at Motloutse
Jacaranda's maiden Motloutse programme in Botswana returned up to 2.0% Cu in selective rock chip assays, with 12 of 23 samples above 1% Cu and copper confirmed at all six historical pits sampled. Fieldwork also identified a new copper trend at Tlou, traced for about 50m, where 8 of 12 samples exceeded 1% Cu, and silver ranged from 1.6 to 18.8 g/t across the programme. Maiden drilling is targeted between December 2026 and February 2027, pending approvals, with the rig moving across after phase one at Globe.
 
Mining Weekly
Iron Ore Rises as China's Demand Slowdown Proves Milder Than Feared
The most-traded Dalian contract rose 0.59% to 679 yuan ($102.05) a tonne after falling 3.4% in September and 4.3% in October, as Chinese hot metal output slipped only 0.2% week on week to about 2.32 million tonnes. The Singapore benchmark December contract gained 0.61% to $91.3 a tonne. Expectations of a fourth-quarter supply surplus capped the gains.
 
Australian Mining
Hancock Iron Ore Delivers 71.5 Million Tonnes
Hancock Iron Ore shipped 71.5 million tonnes of Pilbara iron ore in FY2026, with 63.2Mt from Roy Hill and the remainder from Atlas Iron. Net profit was $1.8 billion against about $2 billion in the prior year, on revenue of $8.76 billion, up about $373 million. First ore from McPhee Creek was delivered in June, and operational improvements extended Roy Hill's life by more than a decade.
 
Mining.com
Cutifani Warns Slow Innovation Could Invite Takeovers
Former Anglo American CEO Mark Cutifani told the International Mining and Resources Conference in Sydney that mines are getting an average of 40 metres deeper each year while permitting can take up to 20 years. He warned that major players outside mining will start buying large miners if the industry fails to innovate, and estimates fewer than 30% of projects worldwide are designed or operating at full potential. Cutifani recently joined the Northern Star board as a non-executive director.
 
 
Kamoa Capital
Website  |  LinkedIn  |  Instagram  |  YouTube
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.