The Drill Down
Tuesday 6 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
Copper Gains with Other Metals as China Returns in Positive Mood
Copper rose alongside other base metals as Chinese traders returned from a week-long holiday in a buying mood, Bloomberg reports. London Metal Exchange copper futures gained as much as 1.2% on Thursday, climbing straight after China's main exchange reopened. Other major LME contracts also rallied, as did iron ore futures in Singapore.
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Commodity Prices: 6 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,122 -0.45% |
| Silver (USD/toz) | $61 -0.91% |
| Platinum (USD/toz) | $1,710 -0.36% |
| Palladium (USD/toz) | $1,166 -0.70% |
| Copper (USD/t) | $14,758.99 +0.30% |
| Nickel (USD/t) | $15,597.50 +0.66% |
| Zinc (USD/t) | $3,748.28 +0.97% |
| Lead (USD/t) | $1,872.80 +0.38% |
| WTI Crude (USD/bbl) | $90.13 +2.10% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
ALV +215.0%: Alvo Minerals Limited
Diamond hole BLD002 at the Bluebush ionic clay heavy rare earth project in Brazil returned 5 metres at 1,390 ppm TREO (68 ppm DyTb) from surface, including 2 metres at 2,040 ppm TREO (123 ppm DyTb), and auger hole BLG0008 returned 6 metres at 2,537 ppm TREO (65 ppm DyTb) from surface. DyTb averages about 26 ppm across the significant intercepts, and earlier testwork showed neodymium extraction of up to 89%. Alvo also signed the definitive contract for Bluebush, taking its tenure to 9,859 hectares.
EMA +23.8%: Eminence Minerals Limited
Eminence completed first-pass reconnaissance sampling across the three areas of its Tayra Rare Earth Project in Bahia, Brazil, collecting 97 channel, soil and rock samples. The samples are going to ALS Brasil for total rare earth and whole-rock analysis, with assays expected in November and December 2026. No assay results are reported, and parts of Tayra adjoin tenure held by IMC Rare Earths, which is not evidence of mineralisation at Tayra.
FUN +18.0%: Fortuna Metals Limited
Maiden aircore drilling at the Mlongo prospect of the Mkanda Project in Malawi returned 24 metres at 1.50% rutile and 25 metres at 1.17% from surface, and 7 metres at 2.27% from 26 metres to end of hole, including 3.43% from 30 to 32 metres, which the company says is the highest rutile grade at the project to date. All three intersections run to end of hole below the 8 metre depth of the Mkanda Inferred Resource of 298 million tonnes at 0.87% rutile and 1.19% total graphitic carbon. A 0.5% rutile cut-off applies, and further aircore assays are at the laboratory.
Top Losers
TER -22.8%: TerraCom Limited
TerraCom's audited FY2026 accounts carry non-cash impairments of $53.0 million on the Blair Athol mine and $50.5 million on its South African associates, turning the preliminary $45.6 million loss into a $155.5 million loss and cutting total equity to $23.9 million from $133.9 million. The auditor's report includes a material uncertainty on going concern, a disclosure absent from the 31 August Appendix 4E. TerraCom has signed term sheets for a US$20 million coal prepayment and is pursuing a formal debt financing process.
PRX -20.3%: Prodigy Gold NL
Prodigy launched a fully underwritten, non-renounceable entitlement offer of one new share for every two held at $0.047, raising up to $7.92 million. Largest shareholders APAC Resources, Plutus Prospecting and Jetosea have committed to take up their full entitlements and underwrite the shortfall for a 2% fee. Proceeds fund exploration at Tanami North and Tanami West, heap leach testwork at Tregony and the Hyperion and Old Pirate approvals processes, with the offer closing on 28 October.
DAL -19.4%: Dalaroo Metals Limited
Maiden RC drilling at the Wilfred target of 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, plus 16 metres at 1.46 g/t from 113 metres, and 23 metres at 2.14 g/t from surface in BDRC001. True widths are not yet known, and the next assays, from BDRC003 and BDRC004, are expected in early November. The shares had gained 93.3% the previous session on these results.
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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 Journal
Codelco Discovers New Evidence in Production Probe
Codelco is investigating new evidence that its copper output was over-reported in 2024 and 2025, with the same material apparently recorded as production by more than one division. The Ministro Hales and Salvador divisions are involved, and the findings emerged from an audit ordered this year by chairman Bernardo Fontaine. EY has been hired for an external audit, the findings have gone to the public prosecutor, and Codelco's own mines produced 1.33 million tonnes last year.
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Mining Journal
New Streaming Opportunities Proliferate, Wheaton CEO Says
Wheaton Precious Metals has a strong growth pipeline even after benefiting from soaring gold and silver prices, CEO Haytham Hodaly told Mining Journal. Hodaly said streaming offers advantages over debt and equity financing.
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Reuters
Anglo-Teck Merger, Nickel Sale Are Test Cases for Navigating Geopolitical Complexities, CEO Says
Anglo American CEO Duncan Wanblad told a Johannesburg mining conference that the proposed US$54 billion Teck merger and the sale of its Brazilian nickel business to MMG are test cases for geopolitically charged antitrust reviews. The Teck deal has approval in every country where the companies operate except China, with both expecting completion by March 2027, while the nickel sale awaits EU approval after Brussels warned MMG could divert supply away from European stainless steel producers. Wanblad also said he hopes the De Beers sale completes by year end.
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AFR
Paradice Says 'Bloody Tough' Market Will Kill Australian Fundies
Paradice Investment Management founder David Paradice expects a wave of closures among Australian active fund managers as underperformance pushes clients towards cheaper index funds. He said the Your Future, Your Super performance tests have forced managers to cut risk, and Morningstar data shows only a quarter of active large-cap managers beat the S&P/ASX 200 last financial year, the weakest result in seven years. Cooper Investors and Platypus Asset Management have already shut or lost mandates, while all five of Paradice's Australian equity funds have beaten their benchmarks since inception.
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AFR
Former Northern Star Executive: Gold Fields Bid Needs Cash, Not Stock
Genesis Minerals executive chair Raleigh Finlayson doubts Gold Fields' rejected approach for Northern Star will succeed, calling it opportunistic and saying a larger cash component would be needed. He drew a comparison with Gold Fields' approach to Gold Road and said the volume of Gold Fields scrip could be an obstacle on a target this size, while its $4 billion to $5 billion synergy estimate deserves scepticism because no due diligence has been done. The proposal was $27 a share, or $38.7 billion in total, a 22% premium to Northern Star's 11 September close.
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Bloomberg
Rwanda Tungsten Miner Eyes New York IPO as Munitions Metal Soars
Trinity Metals, the Rwandan tungsten producer, is leaning strongly towards a New York IPO as tungsten prices, up more than eightfold in two years, support its expansion plans, CEO Peter Geleta told Bloomberg. It is talking to advisers and investors, mainly in the US, about the listing and a possible pre-IPO raise, and expects to generate about US$100 million in cash this year. Output at the Nyakabingo mine, currently 100 to 120 tonnes of concentrate a month, could triple within three to five years, with studies due in the first half of next year ahead of a US$60 million to US$80 million processing plant and tailings facility.
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AFR
Fortescue Iron Ore Sales Slump as China Cranks Up the Pressure
Fortescue's preliminary September quarter iron ore sales of 42.9 million tonnes were about 8% below shipments, which fell 6% year on year to 46.8 million tonnes, as the standoff with state-backed buyer China Mineral Resources Group over long-term contracts and pricing drags on. Maintenance including port shutdowns also weighed on the quarter. CMRG has told steel mills and traders it plans to restrict some Fortescue products, and net debt rose to US$2.8 billion from US$0.9 billion at 30 June.
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Mining Weekly
Workers at Chile's Centinela Copper Mine Strike After Talks Fail
Two unions at Antofagasta Minerals' Centinela copper mine in Chile rejected further contract talks and began striking at 8am local time on Wednesday, after government-mediated negotiations failed to produce a deal. Union leaders want all workers to receive the same benefits regardless of union affiliation, while Antofagasta says it remains willing to talk and that projected production is unchanged. The risk of a strike in Chile, the world's largest copper producer, had been supporting global copper prices.
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Mining.com.au
Torque Banks $25 Million for Ritz Expansion
Torque Metals has raised $25 million through an institutional placement of about 131.6 million shares at $0.19, a 7.3% discount to the last close of $0.205, to accelerate exploration at its Ritz Gold Project in Western Australia. Proceeds fund its Rapid Path to a Million strategy to grow the 351,000 ounce resource at 3.10 g/t Au toward 1 million ounces, lifting pro-forma cash to about $33 million. Canaccord Genuity Australia and Euroz Hartleys were joint lead managers, with settlement expected on 15 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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