The Drill Down
Wednesday 7 October 2026
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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
BHP and Gold Fields Agree on Divestment of Kambalda Nickel Concentrator
BHP has agreed to divest the Kambalda Nickel Concentrator and a package of tenements and mineralisation rights to Gold Fields, with completion expected during CY2027 subject to conditions including regulatory approvals. Gold Fields will evaluate options for the concentrator's long-term use and offer employment to people directly supporting the asset. The rest of BHP's WA Nickel assets remain in temporary suspension, announced in July 2024, with a review due by February 2027 covering divestment, continued suspension, restart or closure.
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Commodity Prices: 7 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,137 -0.66% |
| Silver (USD/toz) | $61 -0.99% |
| Platinum (USD/toz) | $1,696 -0.81% |
| Palladium (USD/toz) | $1,162 -0.49% |
| Copper (USD/t) | $14,722.86 -0.36% |
| Nickel (USD/t) | $15,642.50 +0.29% |
| Zinc (USD/t) | $3,754.20 +0.18% |
| Lead (USD/t) | $1,868.90 +0.42% |
| WTI Crude (USD/bbl) | $90.14 +0.78% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
DAL +93.3%: Dalaroo Metals Limited
Maiden drilling at the Bondoukou Gold Ridge Project in Côte d'Ivoire returned 18 metres at 7.31 g/t gold from 63 metres in BDRC002, including 12 metres at 8.66 g/t, with a second zone of 16 metres at 1.46 g/t from 113 metres. BDRC001 intersected 23 metres at 2.14 g/t gold from surface. These are the first holes drilled along a roughly 7 kilometre corridor, within a planned 102-hole, 12,000 metre program, and true widths are not yet known.
BOA +22.6%: BOA Resources Limited
New RC results from the Ricci Lee prospect at the Neds Creek Copper Project in Western Australia include 10 metres at 3.60% copper from 31 metres, including 6 metres at 5.57%, and 22 metres at 1.74% copper from 104 metres. High-grade copper has now been intersected in 20 of the first 23 RC holes reported, with continuity over more than 400 metres along strike and down dip, and assays are pending for 23 further holes. Shareholders vote on 12 October on BOA acquiring the remaining 51% of Neds Creek.
KZR +17.9%: Kalamazoo Resources Limited
Kalamazoo secured binding commitments for a $10 million placement of 55,555,554 shares at $0.18, a 29% premium to its 5 October close and 27% to the 15-day VWAP. Saudi-led Muqasab SPV Holdings will invest $7.84 million for a 9.9% stake, and YT International $2.16 million, lifting its holding from about 6.6% to 8.5%. Proceeds fund resource-growth drilling, the Pre-Feasibility Study and early feasibility work at the 1.44 million ounce Ashburton Gold Project, plus evaluation of Xanadu as a second development option.
Top Losers
LUX -28.4%: Lux Copper Corp Ltd
The first three diamond holes at the Baird Copper Project in Alaska all intersected visible copper mineralisation, including 26.6 metres from surface in DDBA26-001 and 32.2 metres from surface in DDBA26-003. These are visual estimates only, with assays not due until November. Drilling is paused for 2026 ahead of a larger multi-rig program from March 2027, and the company plans to pursue a US listing. The shares fell on what looks like sell-the-news trading.
EGR -19.0%: EcoGraf Limited
EcoGraf completed a $4.727 million raise, made up of a $1.175 million placement of 5,292,796 shares at $0.222 and the $3.552 million Share Purchase Plan. The $0.222 price is a 20% discount to the five-day VWAP before the 5 October SPP issue date, and the shares fell to $0.235, 5.9% above it. Funds go to finalising Epanko Project debt financing, the strategic equity and offtake process, expansion studies and Tanzanian gold exploration.
KRR -16.2%: King River Resources Limited
The fall comes two days after the 5 October Mindoolah Gold Project update, in which 15 of 19 Phase 1 RC holes returned significant gold at an average depth of about 41 metres. Results include 1 metre at 13.59 g/t gold from 43 metres and 12 metres at 1.10 g/t from 35 metres at Bertram's, and 3 metres at 4.70 g/t from 38 metres at Le Soleil, where swelling clays stopped the hole at 42 metres. Phase 2 RC drilling by Jarahfire was scheduled to mobilise in early 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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Mining Weekly
Congo Launches Geological Survey in Push to Unlock Mineral Potential
The National Geological Service of the Congo has launched PC2G-RDC, a nationwide airborne geophysical mapping programme run with Spanish geophysics firm Xcalibur. It covers Kongo Central, Kwango, Kwilu and Greater Kasai, building on work already done in Greater Katanga, and will lift geoscientific coverage to 46.1% from 22.27%, according to Mines Minister Louis Watum Kabamba. Authorities say less than 10% of Congo's territory has been thoroughly explored, and the state is extending its control to the geological data underpinning future discoveries.
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Mining Weekly
World Bank Urges Guinea to Use Iron-Ore to Diversify Economy
The World Bank has urged Guinea to use Simandou revenue to build jobs, investment and a more diversified economy, speaking at the signing of $320.8 million in support for agriculture, energy and tax administration. The funding sits under a new $3 billion country partnership running 2027 to 2033. Guinea shipped 6.8 million tons of iron ore from Simandou in the first half, and the IMF expects growth of 8.7% this year, while the World Bank estimates 2025 unemployment at 5.2% and poverty at 33%.
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Investing News Network
KGHM, South32 Launch US$725 Million Chile Copper Expansion
KGHM Polska Miedz and South32 have announced a US$725 million expansion of the Sierra Gorda copper-molybdenum mine in northern Chile, targeting a 20% lift in annual copper production. Processing capacity rises from about 48 million tons to 60 million tons of ore a year, with completion by the end of 2029 and full commercial capacity in the second half of 2030, funded from operating cash flow and Sierra Gorda's debt facilities. KGHM holds 55% of the operation and South32 holds 45%, and Sierra Gorda produced roughly 160,000 tons of commercial-grade copper in 2025.
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Mining.com
Sumitomo Metal Expects Global Nickel Market to Stay in Surplus in 2027
Sumitomo Metal Mining forecasts a global nickel surplus of 34,000 metric tons in 2027, narrowing from 38,000 tons this year, as Indonesian output recovers on potentially higher mining quotas and lower sulphur and sulphuric acid prices. Indonesian nickel pig iron production is expected to rebound 11.9% to 1.88 million tons after falling 2.3% in 2026. Global demand is forecast to rise 6% to 3.92 million tons, with battery demand lifting to 620,000 tons from 560,000 tons.
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Bloomberg
Trafigura and Partners Back $300 Million Zambia-Congo Power Link
Trafigura and partners have agreed to build a $300 million, 200-kilometre high-voltage transmission line linking Zambia's grid to the Democratic Republic of Congo's copperbelt, the Kalumbila-Kolwezi Interconnector Project. The DRC's Strategic Investment Fund, EnPower and British International Investment's Gridworks Development Partners plan to invest equity, and Trafigura has agreed to arrange a significant share of the debt financing. The link will allow imports of up to 700 megawatts into Katanga, expandable beyond a gigawatt, and will connect to a substation at First Quantum Minerals' Sentinel mine, with Zambia's regulator having approved the project last year.
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Bloomberg
Codelco Probes New Signs of Overstated Chile Copper Output
Codelco is investigating new evidence of over-reported copper production in 2024 and 2025 at its Ministro Hales and Salvador divisions, potentially because both mines recorded the same material as output. The finding emerged from a production audit ordered this year by newly appointed chairman Bernardo Fontaine, and Codelco has engaged EY for an external audit and referred the findings to the public prosecutor's office. It follows an earlier probe into improper reporting of 2025 production at Chuquicamata and Ministro Hales that led to an executive being fired, and Codelco's own mines produced 1.33 million tons last year.
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Mining.com.au
Vedanta Eyes $3 Billion Investment in India and Saudi Arabia for Copper
Vedanta Copper plans to invest US$2.3 billion in India and Saudi Arabia over the next three to four years, targeting annual copper production above 1 million tonnes by 2030. About US$2 billion of that is for Saudi mining, smelting and rod projects, with an investment decision on a proposed Saudi smelter due this quarter. In India, a court ruling on restarting the shuttered Tuticorin smelter is expected within three months, after which Vedanta would spend US$250 million refurbishing it for output of 250,000 tonnes a year, while its Silvassa facility runs at about 95% capacity.
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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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