The Drill Down
Wednesday 14 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
Federal Government Declares the Blocking of Regis Gold Mine in NSW Invalid
The Federal Court has found the Section 10 Aboriginal Protection Order that halted Regis Resources' McPhillamys Gold Project near Blayney invalid, ruling that then environment minister Tanya Plibersek made the 2024 declaration without authority. Justice James Stellios returned the project to current minister Murray Watt for redetermination and said the ruling does not address the merits of the heritage claim, which covered 400 hectares including the planned tailings dam site. Regis is still progressing an alternative tailings design, warns redetermination could be protracted or go against it, and is targeting a final investment decision in the first half of 2028.
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Commodity Prices: 14 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,166 +0.11% |
| Silver (USD/toz) | $59 +0.30% |
| Platinum (USD/toz) | $1,665 +0.09% |
| Palladium (USD/toz) | $1,135 +0.97% |
| Copper (USD/t) | $15,063.60 +0.76% |
| Nickel (USD/t) | $15,510.50 -0.55% |
| Zinc (USD/t) | $3,743.50 +1.40% |
| Lead (USD/t) | $1,899.30 +0.35% |
| WTI Crude (USD/bbl) | $94.70 +0.59% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
PMM +20.8%: Pioneer Minerals Limited
Pioneer holds staged options to acquire up to 100% of the San Francisco and José Mario interests, with historical drilling including 109 m at 4.94 g/t Au, 109 g/t Ag and 1.13% Cu from 12 m in hole SFDH-012, as previously reported by Turmalina Metals Corp. Pioneer has not recalculated the historical intersections, true widths are unknown and no Mineral Resource has been reported.
GRS +16.0%: Gwardar Resources Limited
Gwardar is an Australian company formed to explore and develop mineral projects, primarily in Australia, and has entered Acquisition Agreements to secure a 100% interest in the Doolgunna and Kurnalpi projects in Western Australia, both prospective for gold and base metals. Doolgunna sits within the Murchison Mineral Field and Kurnalpi within the Eastern Goldfields, regions the company describes as prospective and historically productive, in line with its gold and copper exploration focus.
MTM +8.7%: Metallium Limited
Metallium is pioneering a low-carbon, high-efficiency approach to recovering critical and precious metals from mineral concentrates and high-grade waste streams. Its patented Flash Joule Heating technology extracts gallium, germanium, antimony, rare earth elements and gold from feedstocks such as refinery scrap, e-waste and monazite. Aligned with US strategic supply chain objectives, it has secured its first commercial site in Texas through wholly owned subsidiary Flash Metals USA Inc., and was formerly known as MTM Critical Metals Limited.
Top Losers
IMA -22.6%: Image Resources NL
Image gave back ground after a 13 October ASX price query noted the shares had risen from A$0.017 on 9 October to a high of A$0.035 that day, on sharply higher volumes on 12 and 13 October. IMA told ASX it knew of no unannounced information explaining the trading and, while not treating them as an explanation, pointed to its 25 September potential transaction, where binding documents are targeted by 31 October with no certainty one will be signed, and its 29 September Erayinia-King gold results, where no updated Mineral Resource estimate is yet available.
KRR -20.0%: King River Resources Limited
King River started its Phase 2 RC campaign at the Mindoolah Gold Project, about 70 km north-west of Cue in WA, on 7 October, an 11,082 m program across eight targets that is the largest at the project, with 73% of metres on Excelsior, the Demagnetised Target and Excelsior Repeat. It includes the first deep test beneath the historical Excelsior pit, with holes planned to about 354 m, and a second aeromagnetic survey is due mid-October. The 20% fall two days after the 12 October announcement points to sell-the-news trading, and the same release said waste dump drilling did not justify further priority work.
CAY -12.5%: Canyon Resources Limited
No news today. Most recent news was Canyon announced on 23 September that the unsolicited, conditional off-market takeover offer from A2MP Investments FZCO closed at 7.00pm Sydney time on 21 September and has lapsed, voiding all acceptances and leaving shareholders free to deal with their shares. The register filed with the notice showed 2.06 billion shares on issue at 22 September, with HSBC Custody Nominees (Australia) holding 56.78% and WMA Holding FZCO 6.54%.
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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
Kazakhstan Starts Gold Sales as Treasuries Burnish Dollar Appeal
Kazakhstan's central bank is switching from gold buyer to seller, aiming to cut gold from about 78% of reserves to 75% by the end of this year after 10-year Treasury yields hit a 24-year high last week. Deputy governor Aliya Moldabekova said the reduction will come half from selling options and half from physical gold, out of a 386-ton hoard. Gold is down about a fifth since the US-Iran war began in late February, and its share of reserves may fall toward the target automatically if bullion drops below US$4,000 an ounce.
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Mining.com
South America's Copper Boom Faces a $170B Reality Check
GEM Mining Consulting warns that Andean copper plans may not deliver the output governments expect, noting that much of Chile's $104.5 billion 2025 to 2034 pipeline is brownfield work that sustains existing output. On GEM's illustrative scenarios, Peru's plan to add one million tonnes a year by 2032 delivers about 700,000 tonnes of net growth if existing mines decline 2% annually, and about 570,000 tonnes at 3%. The IEA's 2026 base-case pipeline already points to a roughly 25% shortfall against primary copper requirements by 2035, and a US EXIM framework of up to $7 billion for Argentina is not an approved mine loan.
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Company Release
Rio Tinto Releases Third Quarter 2026 Production Results
Rio Tinto's Q3 consolidated copper production was flat on the year at 205 kt, with Oyu Tolgoi up 27% and running at an annualised rate of about 450 kt, and 2026 guidance of 800 to 870 kt unchanged. Global iron ore sales rose 3% to 90.8 Mt on a 100% basis, including 85.7 Mt from the Pilbara, while Simandou reached an annualised run-rate of about 10 Mtpa. Rio has released more than US$2 billion of capital year to date under its US$5 to 10 billion program, and lithium guidance of 61 to 64 kt LCE was held at the lower end.
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MarketScreener
Glencore Shares Trade Higher on ASX Debut as Investors Eye Copper
Glencore's CDIs opened on the ASX at A$11.44, or 603 pence, a small premium to Tuesday's 582.90 pence London close, as the company targets a better valuation from investors seeking copper exposure. CEO Gary Nagle expects S&P/ASX 200 inclusion within 12 months, while analysts see momentum potentially lifting it into the top indexes in about half that time. JPMorgan analysts said management still sees merit in a combination with Rio Tinto, which walked away from a US$240 billion tie-up in February, and Glencore shares have outperformed Rio by 10% since.
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Business Times
Asia's Coal Appetite Endures as Winter Looms and Supply Tightens; Iran War Boosts Outlook
Asian thermal coal prices have surged to a two-year high as power plants stockpile for winter, tightening a market already strained by elevated demand and supply disruptions from China to Indonesia. The International Energy Agency has flipped from expecting a fall in global coal consumption this year to forecasting a 1.2% rise to a record 8.94 billion tonnes, as the Iran war sent oil and gas prices sharply higher and deepened the power sector's reliance on coal.
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Company Release
Paladin Energy - Uranium Prices Rise as Quarterly Production Falls
Paladin produced 1.00Mlb of uranium, down 19% following maintenance and lower recoveries.
Sales reached 1.16Mlb, with realised prices up 12.5% to USD 79.40/lb. Production costs rose to USD 61.60/lb.
FY2027 guidance remains unchanged, with production expected to improve in H2.
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MarketScreener
China September Rare Earth Exports Rise 6.7% From a Year Earlier
China exported 4,269.8 tonnes of rare earths in September, up 6.7% from 4,000 tonnes a year earlier as overseas buying improved after a summer lull, customs data showed. Shipments fell 9.8% from 4,735 tonnes in August, and exports for the first nine months of 2026 are down 9.6% year on year at 43,711 tonnes.
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McKinsey
Profits and Cash Hit Record Levels in 2025, but Productivity Has Stalled. Closing That Gap Is the Industry's Next Test.
McKinsey's Global Materials Perspective 2026 values productivity improvements at $450 billion to $750 billion a year across mining and metals, or 15 to 25% of the industry's $3.1 trillion of 2025 revenue. Mining productivity is stagnating again as capital productivity drags the total, with capital intensity rising on deeper pits and declining ore grades. Steel and thermal coal fell from 65% of metals and mining revenue in 2021 to 49% in 2025 as value shifted toward gold and copper, and data centre capacity is set to grow from 84 GW to nearly 600 GW by 2040.
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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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