The Drill Down
Wednesday 12 August 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
Major Bailout to Be Unveiled for Tomago Smelter
Anthony Albanese and NSW Premier Chris Minns will unveil a major bailout for the Rio Tinto-owned Tomago aluminium smelter on Thursday, after weeks of tense behind-the-scenes negotiations. Industry Minister Tim Ayres and Energy Minister Chris Bowen will travel to Tomago, outside Newcastle, for what is expected to be the largest rescue of a heavy metal smelter to date.
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Our Take
Tomago's power contract runs out at the end of 2028 and the alternative was closure. The terms set the template for every smelter that follows.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,389
+0.45%
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Silver
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$65
+0.76%
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Platinum
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$1,753
+0.93%
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Palladium
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$1,370
+0.45%
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Base Metals & Commodities
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Copper USD/t
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$14796.91
+0.18%
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Nickel USD/t
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$16790.50
-0.68%
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Zinc USD/t
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$3744.13
+1.03%
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Lead USD/t
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$1903.80
+0.59%
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WTI Crude USD/bbl
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$83.99
+0.95%
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Prices updated as of 12 Aug 2026, 4:07 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Accent Resources NL
A second leg after Accent closed at 1.4c on 10 August and hit a high of 10c on 11 August, which drew an ASX price and volume query and a company-requested trading halt. Accent pointed to its 10 August dry magnetic separation testwork at the Magnetite Range Project, flagging concentrate grades above 60% Fe on a fully dry flowsheet, and confirmed it holds no undisclosed information.
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Australian Mines Limited
No company announcement. Australian Mines holds the Flemington scandium project in central New South Wales, which sits on the same geological intrusion as Sunrise Energy Metals' Syerston deposit. Sunrise disclosed a conditional US$400 million loan commitment from the US Office of Strategic Capital for Syerston on 10 August. Flemington's high-grade core is 6.3Mt at 446ppm scandium.
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Mount Ridley Mines Limited
First-pass results from the proprietary Selectro leach process on unbeneficiated Grass Patch material returned heavy rare earth recoveries of 77% to 83%, scandium at 80% and gallium averaging 56%, against an HCl baseline that recovered no gallium at all. Grass Patch hosts JORC Inferred resources of 367.98Mt at 57.3ppm scandium and 838.7Mt at 29.3ppm gallium. Bulk sample testing is next.
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Dateline Resources Limited
Shares were reinstated to quotation after Dateline disclosed that a US District Court issued a preliminary order on 10 August requiring it to halt operations at the Colosseum Project until the injunction is lifted or final judgment is delivered. The order follows a National Parks Conservation Association challenge to the 2025 National Parks Service acknowledgement of the mine's existing plan of operations. A status hearing is set for October and an appeal is under consideration.
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Patagonia Lithium Limited
Selling into yesterday's Cilon Well 8 result, which reached basement at 485m with ten of twenty packer tests successful. The highest assay was 232ppm lithium at 303m, with the final successful test flowing at 347.8 litres an hour against a peak of 705 litres an hour higher in the hole. A 72 hour pump test and borehole porosity work precede the resource update.
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Alliance Nickel Limited
No specific catalyst identified, with volume the likely driver. Alliance is running vat leach testwork at the NiWest nickel-cobalt project in Western Australia, aimed at cutting the roughly A$310 million of water infrastructure capital carried in the 2024 DFS, with results due late in the September quarter. NiWest holds 93.4Mt at 1.04% nickel, and the Stellantis offtake covering about 40% of output is under renegotiation.
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Market data as of 12 August 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.com
Coal India Weighs Buying Canada's Wealth Minerals Unit for Chile Lithium Assets
Two sources told Reuters the world's largest coal miner is weighing an acquisition of Wealth Minerals' Chilean lithium unit. Coal India and Chilean subsidiary Kuska Minerals jointly applied for an extraction licence in October 2025, and the deal cannot proceed until it is granted. A joint venture remains the alternative structure.
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Our Take
India has secured one overseas lithium agreement to date. A coal major is now the vehicle for fixing that, and the licence is the gate.
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Mysteel
Lithium Destocks Yet Prices Fall: The Supply-Demand Dynamics Behind the Paradox
Chinese lithium carbonate inventories have drawn down since July while futures prices fell. July output was 101,200 tonnes, down 4.0% month on month on maintenance and feedstock shortages, with August scheduled at 108,900 tonnes. Mysteel expects an August drawdown of about 22,000 tonnes as LFP cathode production rises 5.2%.
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Our Take
The market has stopped pricing this month's tightness and started pricing 2027 supply. Jianxiawo, Zimbabwe and Australia are doing the work.
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Mysteel
Beijing Sketches China's Coal Path for 15th Five-Year Plan
The NDRC and National Energy Administration published a blueprint on 10 August targeting a peak in Chinese coal consumption by 2030 while reinforcing coal as the foundation of energy security. Shanxi, Inner Mongolia, Shaanxi and Xinjiang are to supply over 80% of national output by 2030, a level already reached in the first half. Reserve capacity is to top 100 million tonnes a year.
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Our Take
Peak consumption by 2030 is the headline. Consolidating supply into four provinces and holding a strategic reserve is the actual policy.
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Shanghai Metals Market
Zimbabwe Lithium Producers Commit $1.45B to Local Processing, Seek Export Ban Flexibility
Producers have committed about US$1.45 billion to local beneficiation, according to Lithium Producers Association chairman Innocent Rukweza, while asking Harare for flexibility on the pending export restriction on unbeneficiated spodumene concentrate. Of seven major producers, only the Huayou-linked plant at Arcadia has commissioned sulphate capacity. Sinomine's US$500 million Bikita plant is still under construction.
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Our Take
Six of seven producers are still shipping concentrate. If the ban lands before the plants do, Zimbabwean tonnes come off the market.
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Wood Mackenzie
Global Robotics Power Demand to Reach 363 TWh by 2035, Approaching France's Entire Nuclear Output
Wood Mackenzie forecasts combined robotics electricity demand at 363 TWh by 2035, against France's 373 TWh of nuclear generation in 2025, with industrial robots accounting for 357 TWh. The 5 million robots operating in 2025 already draw 78 TWh a year, with the fleet forecast to reach 16 million units. China accounts for over 70% of annual industrial installations and nearly 90% of humanoid deployments.
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Our Take
A second unmodelled load sitting behind data centres. For miners that reads as copper, nickel and magnet demand nobody has counted yet.
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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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