The Drill Down
Thursday 10 September 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
St Barbara to Sell Remaining New Simberi Interest to Lingbao for A$453 Million
Consideration comprises A$410 million cash on completion and A$43 million repaying St Barbara's share of construction capital funded since April, with the company retaining a 2.75% NSR over New Simberi gold and silver and 1.5% over the Tabar Islands exploration licences. Pro forma cash lifts to roughly A$880 million from A$427 million unaudited at 31 August, with the board to consider a special A$0.13 per share fully franked dividend at completion on top of the A$0.05 declared 28 August, and a buy-back of up to 100 million shares under review. Completion is targeted for the March quarter of FY27 subject to PRC and PNG approvals, shifting focus to the 100% owned Nova Scotia pipeline where the Touquoy restart is planned to commence by December 2026.
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Our Take
Pro forma cash of A$880 million sits against a A$895 million market capitalisation at the 9 September close, so completion would leave the Nova Scotia pipeline carried at close to nothing. The buy-back decision turns on the 15-Mile PFS due at the end of September, well ahead of the A$0.13 special, which waits on PRC and PNG approvals and a March quarter close.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,429
+0.62%
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Silver
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$68
+0.80%
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Platinum
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$1,892
-0.24%
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Palladium
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$1,361
+0.60%
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Base Metals & Commodities
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Copper USD/t
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$15175.58
+0.28%
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Nickel USD/t
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$16842.50
+0.79%
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Zinc USD/t
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$4019.50
-0.24%
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Lead USD/t
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$1907.90
+0.46%
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WTI Crude USD/bbl
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$96.02
-0.03%
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Prices updated as of 10 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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St Barbara Limited
Agreed to sell its remaining interest in the New Simberi Gold Project to Lingbao Gold for A$453 million, being A$410 million cash on completion and A$43 million repaying construction capital funded since April, plus a 2.75% NSR over New Simberi gold and silver and 1.5% over the Tabar Islands exploration licences. Pro forma cash of roughly A$880 million supports a possible special A$0.13 per share fully franked dividend at completion and a buy-back of up to 100 million shares. Completion is targeted for the March quarter of FY27, subject to PRC and PNG approvals.
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Resolution Minerals Limited
American Depositary Shares commenced trading on the Nasdaq Capital Market on 9 September US time under the ticker RML, each representing 200 ordinary shares, with no associated capital raising and Bank of New York Mellon appointed depositary. The secondary listing follows SEC effectiveness of the Form 20-F, with ASX remaining the primary listing. Golden Gate and Antimony Ridge at the Horse Heaven Project in Idaho both carry FAST-41 permitting status.
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Zenith Minerals Limited
Forrestania Resources lodged a third supplementary bidder's statement on 7 September for its off-market scrip offer of 1 Forrestania share for every 4.3 Zenith shares, holding a relevant interest of about 58.14%. The offer now closes 21 September under Takeovers Panel interim orders that bar Forrestania from processing acceptances or declaring the offer free of defeating conditions, following the Panel's 27 August declaration of unacceptable circumstances. Implied offer value was $0.0977 per Zenith share at Forrestania's $0.42 close on 4 September.
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Venus Metals Corporation Limited
Venus traded ex-dividend on 10 September for a special cash dividend of $0.1697 per share returning $35 million, franked to 80.01%, with a record date of 11 September and payment due 18 September. The distribution follows the sale of the group's 1.0% net smelter return royalty over all gold production from the Youanmi mining leases to Franco-Nevada Australia, announced 29 May 2026.
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Citigold Corporation Limited
Citigold is reviewing its 2020 Charters Towers Gold Project Mineral Resources and Ore Reserves report, with the Competent Person reassessing technical assumptions, geological interpretations and reporting formats. The company advised on 4 September that any change to the estimate cannot be quantified at this stage and will update the market once the revised report is complete. The announcement followed the Stockholm joint venture agreement executed on 3 September.
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Famien Resources Limited
No specific catalyst identified. Famien's most recent disclosure, on 3 September, reported RC results from the northern target of the 5km Bonougbara Trend on the Gogo permit in Côte d'Ivoire, including 8m at 0.94g/t Au from 94m with 4m at 1.69g/t, and 8m at 1.27g/t Au from 52m, across 400m of tested strike. Four shallower holes intersected artisanal mining voids at 41m to 56m vertical depth, which the company says depressed recorded average grades, and net ground expanded 871km² through the Korhogo permit grant and three Ferkessedougou applications against surrender of a 262km² permit.
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Market data as of 10 September 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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Mining Weekly
Canadian Gov Signs Project Streamlining Agreement With Newfoundland and Labrador
Canada and Newfoundland and Labrador have signed an agreement enabling a one project, one review approach, cutting duplication where projects face both federal and provincial assessment. It follows equivalent agreements with British Columbia, Alberta, Manitoba, Ontario, New Brunswick, Prince Edward Island and Nova Scotia.
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Our Take
Eight provinces now sit inside the same framework, which makes single review the federal default rather than a bilateral concession. For Labrador explorers the value shows up in the first project actually assessed under it, and nothing in the agreement compresses the Indigenous consultation running alongside.
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Mining.com
Chile Bill Targets Foreign Cash for Next Mining Boom
Chile's Senate has approved a bill creating a simplified regime for junior explorers outside the national Securities Registry, overseen by a sponsoring agent, with capital gains tax exemptions on share sales and write-offs for greenfield exploration spend. Cochilco put 2025 exploration investment at a projected US$874 million, fourth globally, with copper taking 76% and only about US$206 million going to initial-stage work.
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Our Take
Chile is building a junior board without the ecosystem that makes one work, since the brokers, analysts and generalist bid behind the TSX-V took decades to form. Tax relief lowers the cost of listing, and the harder question is whether domestic funds will carry grassroots geological risk when spend is already concentrating in major-run programs.
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Mining.com
Chile Mines a Quarter of World's Copper, but Smelts Just 4%
Chile produced about 23% of global copper concentrate in 2025 but accounts for just 4.2% of world smelted copper, down from 13.3% in 1990, with 5.44 million tonnes of annual treatment capacity running near 60% of nominal. Two-thirds of its concentrate exports go to China, and Cochilco wants operational continuity restored at the five existing smelters before any new build.
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Our Take
Running 5.44 million tonnes of capacity at 60% leaves roughly 2.2 million tonnes of concentrate treatment idle every year, a number Cochilco declines to put a value on. Restoring that is far cheaper than building, and it changes nothing about treatment charges near zero, which are set by the Asian smelters competing for the same feed.
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The Northern Miner
Brazil Needs Price Floors to Back Processing, Miners Say
Brazil's R$7 billion (US$1.4 billion) National Critical and Strategic Minerals Policy cleared Congress on 2 September and could become law this month, carrying a loan guarantee fund with up to R$2 billion in federal backing and R$5 billion of tax credits across 2030 to 2034. Miners say it lacks a price floor comparable to the Pentagon's US$110 per kilogram NdPr guarantee to MP Materials, against Chinese prices as low as US$61 per kilogram this year.
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Our Take
Five years of tax credits comes to roughly US$1 billion, less than the US$1.55 billion Washington has already committed to Serra Verde alone before the DFC's separate US$565 million. Credit covers construction and leaves price risk sitting with the refiner, which is why CBL says its own lithium operation is the thing at risk.
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Kamoa Capital
kamoacap.com
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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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