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TUESDAY 3 NOVEMBER 2026 |
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The Drill Down
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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.
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Lead Insight
A State Department strategy for the US mission in Myanmar, approved 31 August and published 16 October, ties peace diplomacy to opportunities to access the country's rare-earth deposits. It targets a ceasefire leading to a lasting peace agreement by 2030, at least three multistakeholder forums on fiscal federalism and territorial demarcation, and at least three commercial or investment deals above $5 million each for US companies. It does not spell out whether the US intends to lift sanctions.
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Commodity Prices: 3 Nov 2026, 3:48pm AEST
| Gold (USD/toz) | $3,923 -0.60% |
| Silver (USD/toz) | $50 -2.25% |
| Platinum (USD/toz) | $1,435 -0.62% |
| Palladium (USD/toz) | $953 -1.22% |
| Copper (USD/t) | $14,359.36 -1.57% |
| Nickel (USD/t) | $15,492.50 +2.04% |
| Zinc (USD/t) | $3,841.05 -0.58% |
| Lead (USD/t) | $1,884.80 -0.46% |
| WTI Crude (USD/bbl) | $97.39 +0.96% |
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| Market Movers: Winners & Losers, Australian Markets |
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Top Gainers
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CBY +33.3%: Canterbury Resources
Canterbury's 30 October quarterly reported 14 of about 80 planned holes (around 5,000m) completed at the Briggs copper-molybdenum project, with assays to date in line with the resource block model. Drilling has also started at John Hill in the Monto project, with initial assays due in November. A share purchase plan at A$0.03 targeting about A$1 million was announced on 30 October.
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PL9 +20.0%: Prairie Lithium
Prairie's 30 October quarterly confirmed its four-column commercial DLE unit is on site in Saskatchewan, with the production and disposal wells, power infrastructure and facility building complete. It secured C$6.3 million in interest-free Canadian government financing, with repayments from 2029, and targets initial brine production testing in Q4 2026.
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NVA +14.6%: Nova Minerals
Nova secured final Alaska Department of Natural Resources approvals on 28 October for the Plan of Operations and Reclamation Plan covering its antimony project, completing permitting for mining at Styx and Stibium, processing at Whiskey Bravo and refining at Port Mackenzie. Phase 1 is funded by a US$43.4 million Department of War award, with major equipment delivered and production targeted for 2027.
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Top Losers
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ML8 -14.3%: Moonlight Resources
Moonlight's drilling at its Clermont project in Queensland extended the Leo Grande gold shear system beyond 1km of strike after Phase 2 reverse circulation drilling. Maiden RC drilling at the Peak Downs copper prospect returned broad shallow copper, including 22m at 1.26% from surface.
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FEG -13.0%: Far East Gold
Far East Gold launched a share purchase plan on 3 November at A$0.10 per share, a 13% discount to the 2 November close and 20% below the 5-day VWAP. Eligible shareholders can apply for up to A$30,000 each between 5 and 20 November, with proceeds going to working capital and the Idenburg project.
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ARI -11.5%: Arika Resources
Arika completed Tranche 2 of its A$6.55 million placement on 29 October, issuing 36,842,105 shares at A$0.019 to raise about A$700,000 before costs. A 26 October drilling update reported 19m at 7.99g/t gold from 111m at the Champion prospect in the Kookynie project, a new lode above the historical mine. Shares closed at A$0.023, above the A$0.019 placement price.
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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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StockTitan
Sigma Lithium (SGML) priced US$125 million of senior unsecured convertible bonds due 2031 at a fixed 7.00% coupon, upsized 25% from US$100 million. Proceeds are earmarked to repay the Synergy Capital secured debt in full, which carries a floating 11.45% rate and matures in June 2027. The bonds convert at US$6.51, a 25% premium to the US$5.21 Nasdaq close on 2 November, with a year-three investor put and closing expected on or about 16 November.
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GlobeNewswire
Ero Copper (ERO) produced 18,345 tonnes of copper in concentrate at C1 cash costs of US$2.51 per pound, with record adjusted EBITDA of US$200.6 million and net income of US$116.2 million attributable to owners. Net debt fell about US$100 million in the quarter to US$353.5 million, taking leverage to 0.5x from 1.2x at December 2025. Copper production guidance holds at 67,500 to 77,500 tonnes, while C1 cost guidance rises to US$2.25 to US$2.45 per pound on a stronger real and inflation tied to the US-Iran conflict.
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Listcorp
Critical Metals Corp (CRML), through its Australian subsidiary European Lithium (EUR), will invest A$5.0 million in Power Minerals (PNN) through an at-market placement of 35,714,286 shares at A$0.14, taking it to about 8%. The placement includes 17,857,143 unlisted options exercisable at A$0.18 over three years, subject to shareholder approval. Proceeds will fund expanded drilling at the Morro do Ferro rare earths project in Brazil.
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ACCESS Newswire
Minas Gerais's state environmental authority denied the combined Preliminary and Installation Licence for Jaguar Mining's (JAG) Onças de Pitangui underground gold project on 30 October, following a technical opinion on 29 October. The decision cites insufficient technical data and says viability is not demonstrated at this time, though Jaguar says it contains no findings that the project is environmentally unfeasible. Jaguar will correct the Environmental Impact Study and resubmit.
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Mining Magazine
A Chinese government-owned researcher said it has developed a copper-cobalt smelting technology for processing low-grade ores, while another state-backed firm has unveiled a new tailings development. Kunming Engineering & Research Institute of Nonferrous Metallurgy, a Yunnan-based engineering company, said firms are using its new short-process smelting solution at mines in the DRC and Zambia. Shandong Humon Smelting, a Yantai-based gold and copper exploration and smelting firm, said a new copper slag processing solution can reduce the copper content index in tailings by 0.1%.
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Mysteel
Mysteel's survey has China's November lithium carbonate production schedules at 121,800 tonnes, up 3.5% month on month, after October output of 117,700 tonnes, up 2.7%. Some Qinghai producers have cut schedules substantially for maintenance or weather, offset by spodumene lines lifting capacity utilisation on ample toll-processing orders. No cuts driven by falling prices have been observed yet.
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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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