The Drill Down
Friday 2 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
Northern Star Weighs Mine Sales to Block Takeover
Northern Star has begun preparing non-core asset sales as a defence against Gold Fields' A$38.7 billion takeover proposal, with Carosue Dam, Jundee, Kanowna Belle and Bronzewing in play while the Super Pit and Kalgoorlie mill stay. Goldman Sachs has reportedly sounded out buyers ahead of any formal process, with Carosue Dam valued at about A$800 million and Ramelius Resources previously flagged as a likely buyer. The board rejected the 0.3125-share plus A$7.25 cash proposal as highly opportunistic on 28 September, and Gold Fields is reportedly weighing a larger cash component.
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Commodity Prices: 2 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,190 +0.29% |
| Silver (USD/toz) | $61 +0.63% |
| Platinum (USD/toz) | $1,739 +1.03% |
| Palladium (USD/toz) | $1,184 +0.29% |
| Copper (USD/t) | $14,606.17 +0.17% |
| Nickel (USD/t) | $15,549.50 -2.18% |
| Zinc (USD/t) | $3,738.47 +0.98% |
| Lead (USD/t) | $1,855.80 -0.09% |
| WTI Crude (USD/bbl) | $91.93 -1.01% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
M24 +57.8%: Mamba Exploration
Came out of a two-day halt to close at A$0.071, well above the A$0.038 price of its A$6.0 million placement, which brings New Murchison Gold onto the register alongside participating directors. Westgold founder Peter Cook joins as Strategic Adviser, and a binding earn-in gives Mamba a path to 80% of the Poison Hills copper project ahead of a 6,000 m RC program at Meeka East.
CAE +17.4%: Cannindah Resources
Extended gains with no company news on the day, after the 29 September update lifted the Mt Cannindah Breccia resource in Queensland 37% to 23.2 Mt at 0.93% CuEq (0.53% Cu, 0.37 g/t Au, 10.8 g/t Ag) for 216.5 kt CuEq, priced at US$10,700/t copper and US$3,450/oz gold. 85% now sits in Measured and Indicated, and two rigs are testing extensions with assays pending for eight holes.
PL3 +15.0%: Patagonia Lithium
Reported pump test results from Well 8 (JAM 26-08) at the Formentera/Cilon lithium brine project in Argentina's Salar de Jama. The well reached 485 m in August with a best packer assay of 232 ppm lithium, and the results feed an updated Mineral Resource Estimate.
Top Losers
EPM -14.3%: Eclipse Metals
No specific catalyst identified. Eclipse is advancing its Grønnedal rare earths project in southwest Greenland, and the two-tick fall to A$0.012 points to thin volume at sub-two-cent pricing.
HOR -12.0%: Horseshoe Metals
Fell to A$0.022 after a DSO update at Horseshoe Lights in Western Australia confirmed handheld XRF grade control is underway to consolidate high-grade stockpiles, with results due next week and camp works running after a short delay. The company plans multiple 500-tonne DSO stockpiles for sale from Q4 2026 into Q1 2027, and has received several non-binding indicative offtake offers, with no binding agreement yet signed.
EQR -10.1%: EQ Resources
No specific catalyst identified. The tungsten producer runs the Mt Carbine mine in Far North Queensland, and the fall to A$0.400 came a day after Canaccord retained its Buy rating and A$0.55 target.
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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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Listcorp
Orion Scoping Study Progresses First EU Rare Earths Mine
Osmond Resources' Scoping Study for the Orión project in Andalucía, Spain outlines a 2 Mtpa underground room and pillar operation producing monazite, zircon and titanium concentrates over an initial nine-year life, for US$299 million capex including 25% contingency. The base case returns a post-tax NPV8 of US$2.31 billion, a 145% IRR and average EBITDA of US$531 million a year, with C1 costs of negative US$12.67/t ROM after by-product credits. The production target draws 29% from Inferred Resources, and Module 1 equates to about 6% of forecast 2030 EU NdPr demand.
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Bloomberg
Australia Sees Global Commodity Woes Lifting Export Income by 5%
The September Resources and Energy Quarterly forecasts export earnings rising to A$422 billion in 2026-27 from A$403 billion in 2025-26 as Middle East conflict disrupts global supply chains, before easing to A$391 billion in 2027-28. Higher prices lift LNG earnings from A$57 billion to A$70 billion and critical minerals from about A$17 billion to A$26 billion. Iron ore falls from A$123 billion to A$107 billion on lower prices.
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AFR
Massive Coal Approval Hands Bowen a COP Headache
The NSW Independent Planning Commission on Wednesday approved a 19-year extension of Yancoal and Glencore's Hunter Valley Operations, the state's biggest coal mine expansion, which it said would generate more than 800 million tonnes of greenhouse gases. Vanuatu Climate Minister Ralph Regenvanu called the decision deeply disappointing days before the Fiji Pre-COP summit Australia is co-hosting, and the mine still needs federal environmental approval. Bowen said the metallurgical coal approval was a matter for NSW, while Premier Chris Minns said it would keep more than 1,000 jobs.
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Reuters
Fatal Accident at Radomiro Tomic Mine, Codelco Partially Suspends Operations
A 49-year-old mechanic employed by contractor Berliam was killed during maintenance work in the crushing and materials handling area at Codelco's Radomiro Tomic mine near Calama on 1 October, with Chilean media reporting he was caught in a conveyor belt. Codelco suspended activity in the affected area and opened an investigation, with regulator Sernageomin on site. The death follows a fatal accident on 23 September that halted BHP's Escondida.
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ACCESS Newswire
Vox Royalty Expands Revolving Credit Facility Up to $150 Million and Strengthens Leadership Team
Vox Royalty has upsized its revolving credit facility from US$40 million to US$100 million with BMO and National Bank, plus a US$50 million accordion taking potential capacity to US$150 million. The facility remains undrawn and prices at SOFR plus 2.25% to 3.25% depending on leverage. Vox has also appointed Chris Selby, formerly a partner at Cassels Brock & Blackwell, as General Counsel and Cameron Quinn as Perth-based Vice President Geology.
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Mining Journal
Rinehart-Backed Viridis an Obvious 'Next Cab Off the Rank' in Rare Earths M&A
Canaccord puts the see-through value for Gina Rinehart-backed Viridis Mining and Minerals at A$5.61 a share off the Lynas-Meteoric deal, about 48% above its A$3.83 close on the day the A$968 million all-share scheme was announced. The broker values Viridis on EV per tonne of annual MREO production, with Colossus and Meteoric's Caldeira both in Minas Gerais, at a similar stage of development and heavily reliant on NdPr and DyTb revenue. Viridis rose about 14% in sympathy as Lynas offered 0.0207 shares per Meteoric share, a 68.4% premium.
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Copper.com.au
Copper Weekly Brief, Week Ending 2 October 2026
Copper ended the week near a two-week low, with COMEX about 3% lower at around US$14,370/t and LME closing at US$14,253.50/t on 1 October, about 4% below its September record. A fading US tariff premium after the 28 September refined-copper decision date passed without announcement, and the Fed's first hike since 2023 to 3.75% to 4.00%, outweighed supply risk at Escondida, where supervisors voted 95% to authorise a strike. Forecast 2026 deficits range from 150kt from the ICSG to about 600kt from Morgan Stanley.
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Wiluna Mining
Final Offer Price Determined for Proposed A$180 Million IPO
Wiluna Mining has set the final offer price for its A$180 million IPO at A$0.65 a share, within the indicative range, after joint lead managers Argonaut and Barrenjoey stepped some domestic and international investors through the range. The bookbuild continues to set allocations only, with the management roadshow running to 13 October. Trading under ticker WMC is expected from 26 October.
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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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