The Drill Down
Monday 5 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
Mining Remains Australia's Top Company Taxpayer
Mining remained Australia's largest corporate taxpayer in 2024-25 despite weaker commodity prices cutting profits, according to the ATO's latest corporate tax transparency report. The 4,299 large corporate entities covered paid $87.5 billion in company tax, down from $95.7 billion in 2023-24, with tax payable from the mining, energy and water segment falling $12.5 billion while every other industry segment grew. The Minerals Council of Australia said the sector's company tax would help fund services and infrastructure.
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Commodity Prices: 5 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,134 -0.21% |
| Silver (USD/toz) | $61 +1.04% |
| Platinum (USD/toz) | $1,710 +0.59% |
| Palladium (USD/toz) | $1,168 +0.04% |
| Copper (USD/t) | $14,584.52 -0.08% |
| Nickel (USD/t) | $15,494.50 -0.35% |
| Zinc (USD/t) | $3,680.25 -0.43% |
| Lead (USD/t) | $1,851.90 +0.12% |
| WTI Crude (USD/bbl) | $90.10 -1.11% |
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Winners & Losers - Australian Markets
Top Gainers (AUD)
HVY +18.8%: Heavy Minerals Ltd
Heavy Minerals engaged Mineral Technologies on 5 October to deliver a maiden JORC Mineral Resource estimate for its 100%-owned Red Hill Garnet Project in Western Australia, with the estimate expected in four to five weeks. QXRD mineralogy on all 47 composites returned garnet as the dominant mineral in every sample, at 53% to 92% of the heavy mineral concentrate. Red Hill carries an Exploration Target of 90 to 150 Mt at 5.4% to 4.1% THM, which is conceptual in nature.
KAL +16.7%: Kalgoorlie Gold Mining Limited
Kalgoorlie Gold Mining reported on 5 October results from its first aircore program at the LTZ Flexure target at the Pinjin Gold Project, 225 holes for 7,212 m, defining multiple coherent zones of gold anomalism including one of up to 2 km of strike. Individual assays were subdued, with a best intercept of 1 m at 0.378 g/t Au from 41 m in KGAC26188, and the zones are outlined on a cumulative 20 ppb Au threshold. RC follow-up at Lighthorse is due to start around 10 October and first-pass aircore drilling of the Rebecca Sequence around 16 October.
BSR +13.9%: Bison Resources Ltd.
No specific catalyst identified. Bison's most recent update, on 1 October, reported that magnetic interpretation confirmed its targeting models across its four Nevada projects, with the 1.5 km Carlin-type geochemical anomaly at Bald Peaks sitting in a magnetic low that extends over about 6.2 km of strike. Drill planning is underway for maiden drilling and a second batch of rock chip assays is due in October, so the move likely reflects momentum ahead of those results.
Top Losers (AUD)
IMA -15.0%: Image Resources NL
No specific catalyst identified. Image's most recent project update, on 29 September, reported 2026 drilling at its 100%-owned Erayinia-King gold project southeast of Kalgoorlie, including 16 m at 2.51 g/t Au from 76 m in EYRC177 and 4.5 m at 22.4 g/t Au from 128 m in EYDD010, with an updated resource to follow on the current 139,000 oz Mineral Resource. The fall likely reflects profit-taking in a stock trading below two cents.
MVL -13.3%: Marvel Gold Ltd
No specific catalyst identified. Marvel's most recent update, on 16 September, formalised the termination of its Kolondieba joint venture with Resolute Mining in Mali, with the US$250,000 signing bonus repaid through 27,722,596 shares under a six-month escrow. The termination completes Marvel's exit from Mali, leaving its Hanang Gold Project in Tanzania, where drilling began on 29 May, as its project focus.
SMM -10.0%: Somerset Minerals Limited
A sell-the-news reaction to further assays from the maiden RC program at the Talisker copper-silver target in Nunavut, released 5 October, including 30.5 m at 0.71% Cu and 2.7 g/t Ag from 126.5 m in TARC0010 and 18.3 m at 0.66% Cu in TARC0004. The 12 holes reported test about 1.6 km, roughly 9%, of the 17 km Talisker anomaly, with assays for the final two holes due in two to three weeks.
Market data as of 5 October 2026, 4:10 PM AEST
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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
BCM Secures Brazilian Magnesium Sulphate Production Capability for Ema Project
Brazilian Critical Minerals (BCM) has signed a binding agreement, through its Brazilian subsidiary, to acquire 90% of Sais Nordeste, a magnesium sulphate producer at Feira de Santana in Bahia that has been under care and maintenance since February 2026 and in Brazilian judicial recovery. Magnesium sulphate is the principal leaching reagent for the Ema rare earth project's in-situ recovery process, and initial capacity is expected to supply about 50% of Ema's needs, with potential to exceed 100%. BCM pays R$1 in cash and takes on identified tax liabilities, with tax and other legacy obligations estimated at R$15.3 million (about A$4.2 million), mostly payable over 10 years, and completion depends on conditions precedent and judicial and regulatory approvals.
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MiningHub
OD6 Secures $6.9 Million to Accelerate US Fluorspar Strategy
OD6 Metals (OD6) has secured firm commitments for about A$6.92 million through a single-tranche placement at A$0.095, a 13.6% discount to the 30 September close of A$0.110, with 72,842,106 shares to be allotted on 12 October. Proceeds fund maiden drilling at the Quinn Fluorspar Project in Nevada once US Forest Service approval is received, plus bulk sampling, metallurgical testwork, resource definition and permitting.
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Reuters
US-Ukrainian Investment Fund Seals First Critical Minerals Deal
The US-Ukrainian reconstruction investment fund (URIF) has sealed its first critical minerals deal, putting roughly US$30 million into a joint investment platform with Ukrainian firm BGV Group. DFC head of investments Conor Coleman said the capital will initially target early-stage exploration and mining projects across Ukraine, focusing on rare earths, uranium, beryllium and zirconium. The deal lifts the fund's active portfolio to about US$70 million across five strategic sectors, including minerals, defence, energy and infrastructure.
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AFR
Singaporean Giant Bankers Up for Rio Tinto's Infrastructure Auction
Singapore's sovereign wealth fund GIC is preparing to bid for Rio Tinto's multibillion-dollar sale of infrastructure assets in Western Australia's Pilbara region and Canada, according to anonymous sources. GIC has mandated JPMorgan to help prepare the bid and is assessing both the Pilbara power assets and the Canadian assets earmarked for the deal, which together are expected to be worth about $7 billion. The fund manages about US$1.2 trillion (A$1.7 trillion), and Rio has yet to decide what stake it will retain.
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Listcorp
Financial Close and First Drawdown of Debt Facilities
Rox Resources (RXL) has reached financial close on its A$350 million debt facilities and made a first drawdown of A$90.2 million under the A$300 million senior secured project term loan, with A$4 million also used under the A$30 million bank guarantee facility for the LNG facility. Proceeds go to EPC activities, procurement, underground mine development and infrastructure at the Youanmi gold mine in Western Australia, and A$229.8 million remains available across the project debt and cost overrun facilities. Management is targeting first gold in mid-2027.
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Reuters
US to Lend $4.2 Billion to Vistra to Boost Nuclear Power Output, Source Says
The US will lend Vistra about US$4.2 billion to boost its nuclear power generation, a person familiar with the matter told Reuters on Saturday. The loan would fund uprates at at least three of Vistra's four nuclear stations, which can be done without new Nuclear Regulatory Commission licences, and Energy Secretary Chris Wright is due to announce it on Monday at Vistra's plant on Lake Erie in Ohio. The Department of Energy has hundreds of billions of dollars of financing available, and Wright has said most of that capacity will support nuclear plants.
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Stockhead
Jacaranda Natural Resources Blooms for Copper-Gold IPO
Stockhead's Barry FitzGerald speaks with Jacaranda Natural Resources founder and executive chairman Arvind Misra as the company looks towards its entry onto the ASX. The discussion covers listing plans, copper-gold projects across Queensland and Botswana, jurisdictions, past exploration, drilling plans and commodities as the IPO opens.
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Geomechanics.io
Top 50 Mining Companies' $264bn Value Drop: Risk and Project Notes for Engineers
The world's 50 most valuable mining companies lost US$264 billion in September to finish at US$2.26 trillion, the second-largest monthly fall in the ranking's history, as gold futures slid 6.4% to US$4,158 an ounce. Gold miners gave up US$79 billion, led lower by Shandong Gold (down 27.8%) and Kinross (down 21.3%), while BHP's US$26.4 billion drop was the largest in dollar terms after the 23 September Escondida fatality and suspension. First Quantum fell 19.2% after a Panama commission set out 17 recommendations for a Cobre Panama restart, and Guangzhou lithium carbonate fell 22.5% to 122,800 yuan a tonne.
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Mining.com.au
US-Ukraine Fund Firms Up $43 Million Critical Minerals Deal
The US-Ukrainian reconstruction investment fund (URIF) has sealed its inaugural critical minerals agreement, committing roughly US$30 million (A$43.14 million) to a joint platform with Ukrainian firm BGV Group. It is one of five new Ukraine initiatives announced together, and two of the other four target power and heating ahead of winter: one complements a US$100 million DFC loan to DTEK for a backup battery system to supply nearly 600,000 households, and the fund will also take equity in a combined heat and power platform to restore damaged grids. URIF was created under a bilateral minerals pact signed in April last year, and DFC's Conor Coleman said the fund is seeking additional capital.
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Watch List News
Lundin Gold Eyes Fruta del Norte Expansion to Sustain 500,000-Ounce Output
Lundin Gold (LUG) is moving ahead with an expansion of the Fruta del Norte mill in Ecuador from about 5,500 tonnes a day to between 6,500 and 7,000 tonnes a day, with a company representative saying the decision has effectively been made. The aim is to hold output near 500,000 ounces a year, supported by reserves that have grown to about 6 million ounces from just under 5 million at the 2019 start of production, with Fruta del Norte East or South possibly entering the mine plan in 2028. Lundin is drilling about 130,000 metres this year, expects a maiden resource for the Sandia copper porphyry in the first quarter of 2027, and will detail expansion capital and sequencing later this year.
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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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