The Drill Down
Monday 12 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
EU Puts KGHM's $2.4B Copper Projects on Fast Track
The European Commission granted Strategic Project status under the Critical Raw Materials Act to two KGHM Polska Miedź projects worth a combined 9.5 billion zlotys: the Retków-Grodziszcze mine and the conversion of the Legnica smelter into a recycling facility. KGHM plans to extract more than 100 million tonnes of ore at Retków-Grodziszcze by 2055 for nearly 1.5 million tonnes of copper and over 5,000 tonnes of silver, while Legnica would produce about 135,000 tonnes of electrolytic copper and 250 tonnes of nickel a year. The status brings faster permitting and preferential financing access, though no guarantee of substantial funding.
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Commodity Prices: 12 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,198 +0.09% |
| Silver (USD/toz) | $61 +0.39% |
| Platinum (USD/toz) | $1,702 +0.89% |
| Palladium (USD/toz) | $1,158 +0.83% |
| Copper (USD/t) | $14,992.22 +0.55% |
| Nickel (USD/t) | $15,660.50 +0.88% |
| Zinc (USD/t) | $3,818.65 +0.49% |
| Lead (USD/t) | $1,887.30 +0.56% |
| WTI Crude (USD/bbl) | $90.23 -1.76% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
IMA +42.1%: Image Resources NL
No news today, most recent news on 29 September drilling at the Erayinia-King gold project, 135 km southeast of Kalgoorlie, which returned 4.5 m at 22.4 g/t Au from 128 m in EYDD010 and 16 m at 2.51 g/t Au from 76 m in EYRC177. Image is investigating whether coarse gold is causing its 139 koz maiden resource, at 2.1 g/t Au, to understate grades. The new data feeds an updated estimate that could change classification, tonnes or contained ounces.
TM1 +34.5%: Terra Metals Limited
Terra entered a trading halt pending its response to an ASX price query. Trading is due to resume by the open on Wednesday 14 October. The move follows its 1 October update on major intercepts and access cleared for resource drilling at the Dante copper-PGE project in the West Musgrave.
FEG +28.6%: Far East Gold Ltd
Far East faces a 3 November meeting convened by shareholder Inner Mongolia Xingye Group to spill its board, after four directors opposed Xingye's takeover offer as undervaluing the company. Managing director Shane Menere said the independent directors will defend their seats. He urged Xingye to pursue a project-level deal for FEG's Indonesian assets instead.
Top Losers
KAO -56.5%: Kaoko Metals Limited
First assays from Otniel in Namibia returned 37.1 m at 1.23% Cu and 15.2 g/t Ag from 54 m in DDOT001, and 48 m at 1.02% Cu and 12.9 g/t Ag from 46 m in DDOT002. Kaoko said reportable widths are narrower than the visible-copper envelopes logged on 2 September, which had driven a run from a 20c IPO to $2.50.
MMI -25.4%: Metro Mining Limited
Metro put calendar-year volume guidance under review after shipping 659,000 WMT from Bauxite Hills in September, for 4.013 million WMT year to date. A mid-month sand-bank collapse cut the barging channel from 1.8 m to 1.3 m. Absenteeism and staff turnover also limited equipment use during a stripping ramp-up.
BOA -19.4%: Boa Resources Limited
BOA's latest 11 Ricci Lee RC holes included 10 m at 2.78% Cu from 208 m in 26NCRC021 and 11 m at 2.04% Cu from 253 m in 26NCRC022. High-grade copper has now come from 28 of the 34 holes reported, and the Main Lode extends over 400 m of strike and beyond 200 m depth. The fall reads as selling the news, with three holes in the batch returning no significant result and the Main Lode tapering in thickness and grade to the south.
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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
Caledonia Mining Cuts 2026 Gold Production Guidance, Raises Cost Outlook
Caledonia cut 2026 Blanket guidance to 69,000 to 72,500 oz from 72,000 to 76,500 oz after September-quarter output fell to 17,030 oz from 19,106 oz, citing insufficient compressed air in deeper, higher-grade areas and gold retained in the processing circuit. AISC guidance rises to US$2,650 to US$2,850/oz from US$2,500 to US$2,700/oz, while group capex falls to US$94.3 million from US$103.3 million as parts of the power line project shift to 2027. About 1,100 oz of retained gold is due for recovery from mid-October.
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MarketScreener
Glencore Sees Electrification Trend Driving Strong Uptake for Australia Listing
CEO Gary Nagle said Glencore has seen very strong interest ahead of its 14 October ASX secondary listing, including from investors previously limited by overseas mandate restrictions, and expects S&P/ASX 200 inclusion within 12 months. Analysts estimate copper could reach 50% of Glencore's earnings by 2030 from about 30% now if its assets are developed on time. Nagle said the listing had nothing to do with M&A, after Rio Tinto rebuffed tie-up talks earlier this year.
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Minerals Council of Australia
Retain Safeguard Mechanism Design Principles for Least-Cost Carbon Abatement
The MCA's submission to the 2026-27 Safeguard Mechanism Review says net emissions at covered mines and processing facilities fell 12% between FY23 and FY25, and that the scheme is on track to exceed its 2030 target. The MCA opposes any restriction on the use of Australian Carbon Credit Units for compliance and wants the 4.9% annual baseline decline rate to revert to the legislated 3.285% after 2030.
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MiningHub
Placement to Continue Growth Drilling & Early Works Capital
Ballard received firm commitments for a $45.0 million single-tranche placement at $0.66, a 7.7% discount to the $0.715 last close, with a share purchase plan of up to $5.0 million at the same price. Pro-forma cash of about $94.1 million funds $40 million of growth and infill drilling on the 1.84Moz Mt Ida resource, of which 1.19Moz is Inferred, plus a $28 million 250-person village and $10 million of front-end engineering design. A final investment decision is targeted for mid-CY2027.
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Listcorp
Kopsa Resource Jumps to 1.52Moz AuEq
Nordic's interim update lifts Kopsa in central Finland 86% to a pit-constrained JORC resource of 44.0Mt at 1.07g/t AuEq for 1.52Moz AuEq, including 1.18Moz contained gold, with 86% in Measured and Indicated and silver included for the first time. AuEq assumes US$3,500/oz gold, US$14,000/t copper and US$60/oz silver, and the update adds just 9,631 m of new drilling. District resources across three deposits now total 1.93Moz AuEq, with a 12,000 m program underway and the next Kopsa estimate due in Q2 2027.
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The Australian
Critical Minerals Warning as Chinese Miner Triggers Board Brawls Across Queensland Explorers
China's Inner Mongolia Xingye Group is seeking to spill the Far East Gold board after four directors opposed its FIRB-permitted takeover offer, and the independent directors will defend their seats at a 3 November meeting. At Tartana Minerals, shareholders excluding Xingye removed the two remaining directors opposed to its funding offer, Stephen Bartrop and Mal Hancock, in August. Both companies are small, at $44 million and $5.2 million, but hold critical minerals ground including Far East's Mount Clark West copper-molybdenum-gold system and Tartana's Chillagoe tenements.
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Reuters
At Least 72 Sudanese Artisanal Miners Killed in Strike, Rights Monitor Says
At least 72 artisanal miners were killed in an airstrike in northern Sudan on Saturday, rights monitor Emergency Lawyers said, the second such incident in several months. The group blamed Egypt's air force, a claim Reuters could not immediately verify, and Egypt's military did not comment. Gold has become the key cash source for both sides in Sudan's war, with much of it said to be smuggled into Egypt.
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The Australian
Gold Fields Executives Head to Perth as Northern Star Prepares Defensive Mine Sales
Gold Fields executives fly into Perth from South Africa later this month and stay through to November for site visits, with talks with Northern Star possibly on the agenda after it rejected a $38.7 billion cash and scrip bid valuing it at $27 a share. Sources say Gold Fields needs to return close to $30 a share to get a deal done. Northern Star is preparing defensive non-core sales of Carosue Dam, Jundee, Kanowna Belle and Bronzewing, with Ramelius Resources the most likely buyer for Carosue Dam at about $800 million.
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Listcorp
Statement Regarding a Possible Offer for First Tin PLC
Metals X confirmed it submitted a preliminary non-binding cash proposal for all of First Tin it does not already own, after First Tin disclosed the approach on the LSE on 9 October without Metals X's consent. First Tin put the proposal at 15p a share. Metals X has until 5pm on 6 November to announce a firm offer under Rule 2.7 of the UK Takeover Code or confirm it will not bid.
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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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