The Drill Down
Friday 11 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
Leveraging Canada's Mining Moment Can Make This Country Strong
Agnico Eagle chair Sean Boyd and CEO Ammar Al-Joundi argue that converting commitments into built projects is the test ahead of the inaugural Canada Investment Summit, citing C$97 billion in foreign investment commitments and TSX and TSXV markets that host roughly 40% of global public miners and raised C$43 billion in five years. With mine permitting from discovery to operation estimated at almost 20 years, they call for faster, predictable approvals, more workforce and community capacity, and strategic infrastructure corridors.
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Our Take
The Summit opens in Toronto on Monday against Ottawa's target of C$1 trillion in investment over five years, and an almost 20-year permitting path puts any mine found today well outside that window. Bringing approvals inside a single financing cycle would reprice Canadian development assets across the board, since time to first cash flow is the heaviest discount in a junior's valuation.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,343
+0.56%
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Silver
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$64
+0.48%
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Platinum
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$1,797
+0.73%
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Palladium
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$1,297
+1.30%
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Base Metals & Commodities
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Copper USD/t
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$14483.59
+0.47%
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Nickel USD/t
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$16587.50
-1.51%
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Zinc USD/t
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$3883.50
+1.63%
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Lead USD/t
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$1898.60
+0.45%
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WTI Crude USD/bbl
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$101.35
-1.10%
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Prices updated as of 11 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Vanadium Resources Limited
Oversubscribed A$1.0 million placement of 31.25 million shares at A$0.032, a 15.8% discount to last trade and a 16.5% premium to the 15-day VWAP, with Alpine Capital as lead manager. Funds a September US roadshow, DFS and FEED workstreams and offtake talks with U.S. Vanadium for 100% of slag from the planned V-Iron Plant at Highveld Industrial Park. The Accelerated Scoping Study is due by end of September, drawing on Steelpoortdrift's 4.74Mt of contained V2O5.
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Yugo Metals Limited
No price-sensitive news, with an investor presentation released. Maiden diamond drilling at Erak, Sinjakovo Project in Bosnia and Herzegovina, returned 36.1m at 2.3g/t Au from 51.8m in ERDD006, including 3m at 14.5g/t Au, and 10.4m at 2.6g/t Au from 74.6m in ERDD009. Mineralisation is open in several directions, with the rig moving east to test the 61m at 1.5g/t Au trench.
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Geopacific Resources Limited
No specific catalyst identified, with momentum the likely driver a day after the half-year report. Woodlark in PNG carries a DFS at post-tax NPV8% of A$1.3 billion and 50.6% IRR on a 1.2Moz reserve within a 1.98Moz resource, with about A$650 million required ahead of FID targeted for late 2026 to early 2027. Cash was A$7.48 million at 30 June, with further funding needed in October and the largest shareholder signalling support for a raise.
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G11 Resources Limited
The 9 September update reported assays from SD2602 at Zig Zag Hill, beside Sibanye-Stillwater's Mt Lyell mine in western Tasmania, confirming about 62m of phyllic alteration with silver, arsenic and antimony pathfinders, but no copper or gold intervals, and DHEM found no notable off-hole conductors. Three follow-up holes are designed from a new pad, while drilling at Sunrise on the Linda Project is paused on poor ground pending a better-suited rig.
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Resolution Minerals Limited
Sell-the-news on completion of the 2026 program at Golden Gate, Horse Heaven in Idaho, with 42 diamond holes for 12,236m and gold and tungsten assays pending on 39. Best result this year is 305.7m at 0.64g/t Au from surface in HH-GG26-003C, extending gold at least 2,000m south to Golden Gate South. The stock began trading on NASDAQ as a 200:1 ADR on 9 September.
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Chariot Resources Ltd
No specific catalyst identified, two days after a half-year report showing A$0.78 million cash against a A$4.26 million working capital deficit, with auditors noting a material going concern uncertainty. Chariot is acquiring 66.667% of an 11-title, 257.1km² hard-rock lithium portfolio in Nigeria, where ZhongNuo is to fund at least 1,500m of diamond drilling and potential DSO trial mining capped at 240,000t for C&D offtake.
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Market data as of 11 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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Financial Times
Donald Trump's US Coal Revival Push Fails to Reverse Fuel's Long Decline
US coal-fired generation fell 11% in the first half of 2026 on EIA data, despite two executive orders and life extensions for seven plants due to retire. The plants saved from closure burned 1.6 million short tons against 4.8 million a year earlier.
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Our Take
A two-thirds fall in burn at the rescued plants means the orders are funding standby capacity while utilities keep dispatching cheaper gas and renewables first. Domestic volumes for US thermal producers are still set by merit order, and no executive order has yet reached that.
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The Northern Miner
Swiss Gold Ban Squeezes Sudan's War Economy
Switzerland has banned the purchase, import and transit of Sudanese gold and restricted mining inputs including chemicals, aligning with EU measures adopted 13 July. The EU says gold funds both sides of the war between the Sudanese Armed Forces and the Rapid Support Forces.
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Our Take
Sudan's central bank reported almost 97% of official 2024 gold exports from army-held areas went to the UAE, so the Swiss and EU bans mainly shut the route back into European refineries. Volumes only fall once Dubai imposes the same restriction, and neither Bern nor Brussels controls that.
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Mining.com.au
Anson Gets $296 Million Tax Credit for Utah Lithium Project
Utah's Governor's Office of Economic Development awarded Anson Resources a US$212 million post-performance tax credit for Green River, equal to 50% of an estimated US$425 million in state tax over 20 years. Total project rebates now reach US$406.5 million, to be built into the upcoming DFS.
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Our Take
Being post-performance, the US$406.5 million drops straight into DFS cash flow and strengthens the lender case with no dilution to the register. Converting the 590,000t inferred share of the 773,000t LCE resource is what lets the study carry a mine life long enough to collect it.
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Mining.com
Ghana Is Drafting Wage, Tender Floors for Mining Contractors, Official Says
Ghana's Minerals Commission is setting minimum wage and tender benchmarks for contract miners to curb underbidding, with the December 2026 deadline to shift surface operations to Ghanaian-owned contractors called non-negotiable. Newmont, Zijin and Ghana Manganese Company are among firms yet to comply.
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Our Take
Floors on both pay and bids strip out the price gap that made local contractors cheaper, so compliance now lands on producers' unit costs. Newmont and Zijin have under four months to hand over surface fleets or test how firm the December deadline really is.
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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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