The Drill Down
Tuesday 13 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
France to Become Eramet's Top Shareholder
France will lift its Eramet stake to up to 49% from 27% during a €500 million capital increase, buying part of the Duval family's 37% holding to become the largest shareholder. The raise, flagged in February to repair a slump in earnings and a jump in debt, is planned between Eramet's third-quarter sales release on 29 October and year-end. Chair and interim CEO Christel Bories said the state will stay below 50% of capital and voting rights, and the clearer register should help recruit a new chief executive after Paulo Castellari was fired this year.
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Commodity Prices: 13 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,195 +0.55% |
| Silver (USD/toz) | $61 +0.46% |
| Platinum (USD/toz) | $1,700 +0.59% |
| Palladium (USD/toz) | $1,147 +0.65% |
| Copper (USD/t) | $14,971.14 -0.37% |
| Nickel (USD/t) | $15,595.50 -0.42% |
| Zinc (USD/t) | $3,733.85 +0.21% |
| Lead (USD/t) | $1,885.30 +0.65% |
| WTI Crude (USD/bbl) | $92.42 -1.41% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
IMA +14.8%: Image Resources NL
ASX queried the move from a $0.017 low on 9 October to a $0.035 high today, alongside heavy volume across two sessions. Image said it is not aware of any unannounced information, pointing to the potential transaction flagged on 25 September, with binding documents targeted by 31 October, and its 29 September drilling results from the Erayinia-King Gold Project.
ALV +14.7%: Alvo Minerals Limited
Alvo extended its run after the 8 October update on its Bluebush ionic clay heavy rare earth project in Brazil, which sits on the same Serra Dourada granite as USA Rare Earth's Serra Verde mine. Diamond hole BLD002 returned 5 m at 1,390 ppm TREO with 68 ppm DyTb from surface, and the definitive purchase contract with vendor Mata Azul was signed. Shares from a $1 million strategic placement at $0.02, carrying no cash fee, are scheduled for issue today.
STM +7.9%: Sunstone Metals Ltd
Sunstone lifted the Bramaderos gold-copper resource in southern Ecuador 72% to 464 Mt at 0.42 g/t AuEq for 6.2 Moz AuEq, with Indicated ounces up 450% to 3.3 Moz. AuEq uses US$3,000/oz gold, US$6.0/lb copper and US$40/oz silver, and the company is evaluating a new Scoping Study on the larger base.
Top Losers
POL -26.3%: Polymetals Resources Ltd
Endeavor processed 68,334 tonnes for 230,256 oz of silver in the September quarter, against a plan of 93 kt and 330 koz, after a 10-day ventilation shutdown and the switch to contract mining. Unrestricted cash was $8 million against $17.7 million of debt, with an enlarged facility of about $50 million targeted for first-half 2027. Development of the high-grade Upper Main Lode has started, and December quarter guidance is more than 350 koz silver.
CDR -22.5%: Codrus Minerals Ltd
Codrus's latest disclosure, on 7 October, covered first fieldwork at the 100-hectare Tiquihua molybdenum-copper concession in Peru's Ayacucho region. Rock-chip samples from historical adits have gone to assay, with results due in the second half of October. Visual molybdenite estimates remain subject to laboratory confirmation.
IXR -18.2%: Ionic Rare Earths Limited
The September quarterly showed $5.07 million cash against $4.02 million of operating outflows, about 1.26 quarters of funding, and the company flagged a further equity raise. In Belfast, the commercial magnet recycling plant planning application was validated, with a funding update and an AIM dual listing both targeted for Q4 2026.
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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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MiningHub
Strategic $20M Placement With Strong Institutional Support
Maronan Metals has firm commitments for a $20 million placement of 50 million shares at $0.40, a 2.3% discount to the five-day VWAP, subject to shareholder approval at its 4 November AGM. Largest shareholder Kinterra Capital will lift its stake to 22.99%, alongside significant North American institutional demand. Proceeds fund work beyond the existing program, including $7.2 million of drilling and $5 million for the Mining Lease application and early site works, with a third rig due in early November.
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Kitco
Gold Price Needs a Dovish Fed or Renewed Debasement Fears to Reverse Its Downtrend, Says Bank of America
Bank of America is holding its fourth-quarter gold forecast at an average $4,000/oz, rising to $4,813 in 2027, after flagging a possible fourth-quarter low of $3,750 earlier this month. Its analysts said ETF inflows cannot offset slower buying from central banks, China and India, and central banks could turn sellers as Middle East conflict escalates. Gold will likely bottom only once inflation and Iran war concerns ease, the dollar stops rising and the Fed exits its tightening cycle.
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Southern Alliance Mining
His Majesty Yang di-Pertuan Agong Sultan Ibrahim Acquires Stake in Southern Alliance Mining
Malaysia's Yang di-Pertuan Agong, Sultan Ibrahim of Johor, has bought 14.3 million Southern Alliance Mining shares, about 2.25%, from managing director Dato' Sri Pek Kok Sam in an off-market deal. The S$0.425 price is an 11.84% premium to the S$0.380 close, for roughly S$6.1 million, and Pek retains about 55.74% directly. The SGX Catalist-listed iron ore miner holds 40% of MCRE Resources, which operates an ionic clay rare earth mine in Perak, and is pursuing Paramount Synergy, linked to the Labis rare earth project in Johor.
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Mysteel
China Battery Recycling Market Price Review Weekly
Payables for ternary battery black mass held at around 67% to 69% last week, with ternary battery quotes at ¥36,000 to ¥37,000 a tonne. Lithium carbonate futures and spot prices kept falling after the holiday, dragging down pricing benchmarks for both LFP and ternary black mass. Cobalt sulfate and cobalt chloride prices also fell, and most smelters suspended public quotes, further eroding cost support.
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Australian Mining
WA Commits More Than $6 Million to Uncover New Mineral Deposits
Round 34 of WA's Exploration Incentive Scheme co-funded drilling program will share more than $6.16 million across 40 projects from 36 applicants, Mines Minister Daniel Pastorelli announced. Around half the programs target copper, more than a quarter of applicants are chasing gold, and 12 projects target critical minerals including rare earths, cobalt, niobium, lithium and tungsten. Almost two-thirds of successful applicants are in the Goldfields-Esperance and Pilbara regions.
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Mining.com.au
Tungsten Price Crash Puts Project Economics to the Test
Shanghai Metals Market's average price for 65% wolframite concentrate fell to ¥337,000 per standard tonne on 12 October, down 67.92% from the ¥1.05 million record set on 12 March. APT is down 67% from its peak at ¥500,000 a tonne, with SMM citing weaker end-use demand, high smelter inventory and ample fourth-quarter mining quotas. A widening gap between Chinese and overseas prices could lift Chinese exports in the fourth quarter as overseas buyers stockpile ahead of Christmas.
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Mining.com.au
US Has Built a Strategic Copper Reserve. Now Can It Keep It?
The CME premium to the LME since the February 2025 copper probe has pulled metal into the US. Citi estimates the US stockpile at around 1.1 million tonnes, above the Cold War National Defense Stockpile peak of about 900,000 tonnes. CME registered stocks have risen to 711,617 tonnes from 88,595 tonnes, but the metal is commercially owned and could leave if market structure shifts, with phased refined copper tariffs of 15% in 2027 rising to 30% in 2028 among the options to hold it.
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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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