The Drill Down
Monday 14 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
Copper Slips as Inflation Data Raises Bets on Fed Hiking Rates
LME copper fell as much as 0.6% after a hotter than expected US inflation print lifted bets on a rate hike at this week's Fed meeting, with three month metal down 0.3% at $14,193 a tonne. The spot to three month premium has narrowed to $4.50 a tonne, zinc fell 0.7%, aluminium was flat and iron ore slipped 0.4% to $97 a tonne for a fourth straight session.
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Our Take
Copper set a record last week on US tariff positioning and has handed back only a fraction of it, so the physical call sits untouched while the rate deck reprices around it. Oil at $102.16 on the October contract, up 2.11%, feeds the next inflation print, which keeps the pressure on the metal complex well past Wednesday's decision.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,332
-0.39%
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Silver
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$64
-1.00%
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Platinum
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$1,796
+0.27%
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Palladium
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$1,297
-0.02%
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Base Metals & Commodities
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Copper USD/t
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$14268.59
-1.55%
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Nickel USD/t
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$16483.50
-0.63%
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Zinc USD/t
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$3820.18
-0.87%
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Lead USD/t
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$1869.10
-0.70%
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WTI Crude USD/bbl
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$102.16
+2.11%
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Prices updated as of 14 Sept 2026, 3:49 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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AuKing Mining Limited
First assays from the maiden RC program at the Tundulu rare earth project in southern Malawi returned 91m at 1.51% TREO from 40m in 26NH005, including 15m at 3.40%, and 80m at 1.54% TREO from surface in 26NH029, including 11m at 4.33%. Intercepts are downhole lengths and true widths are not yet known. AuKing has started work on a maiden resource estimate targeted before the end of 2026, with 1,160.6m of diamond core across four holes still awaiting assay.
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Aspire Mining Limited
Glogex has reconfirmed a 130.1Mt JORC coal reserve at the Ovoot coking coal project in Mongolia, 76.8Mt Proved and 53.3Mt Probable, with the 97.9Mt marketable reserve unchanged. The updated cost model returns a post-tax NPV10 of US$1.48 billion and a real IRR near 60% on a US$230/t long term price, with Phase 1 pre-production capital cut to US$61.2 million on a rented mining fleet and contracted haulage. Aspire separately raised US$10 million under its Mongolian OTC bond programme on the same day.
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Tasman Resources Ltd
No specific catalyst identified. Tasman's most recent project disclosure, on 27 July, lifted high priority targets at the 100% owned Parkinson Dam project in South Australia from 6 to 20 after an Archimedes Consulting review, with up to 20 holes planned from September subject to rig availability and government approval. Fortescue subsidiary FMG Resources, which has earned 51% of the Lake Torrens IOCG joint venture and can reach 80% on $11 million of sole funding, is drilling two maiden holes at Titan West, about 30km north of Olympic Dam.
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Sunrise Energy Metals Limited
SailingStone Capital Partners has cut its holding from 12,616,777 shares, or 8.07%, to 11,025,310 shares, or 6.70%, through a run of partial sell-downs between 5 August and 9 September, with the Form 604 lodged today. Sunrise is developing the Syerston scandium project in central New South Wales, where the US Office of Strategic Capital conditionally committed up to US$400 million under a proposed 25 year facility on 10 August, alongside an intention to pursue a US listing.
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Vysarn Limited
Vysarn and NWG Enterprises have mutually agreed not to extend completion of Vysarn's acquisition of 100% of NewGround, first announced on 3 June, so the share sale agreement will be terminated and the deal will not proceed. Completion had been due on or before 2 October, with extension discussions disclosed on 3 September. Managing director James Clement authorised the release through the board.
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Cauldron Energy Limited
No specific catalyst identifier. Cauldron's most recent project disclosure, on 2 September, extended uranium mineralisation about 2.5km upstream of the 2026 resource polygon at Manyingee South, which carries an inferred 21.2Mt at 319ppm eU3O8 for 14.9Mlb. Seventy aircore holes for 7,850m have been completed across the wholly owned Yanrey project in WA, which holds 55.6Mlb of defined resources across Bennet Well, Manyingee North and Manyingee South.
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Market data as of 14 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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Minerals 260
Additional A$200 Million Funding Agreed With Franco-Nevada
Franco-Nevada will pay A$170 million for an additional gross royalty over Bullabulling, lifting its effective interest from 2.45% to 3.90%, and subscribe A$30 million as lead order in a future equity raise. Total Franco-Nevada support reaches A$420 million after the A$220 million package struck in February, with the royalty stepping down to 2.75% after 6Moz of production from royalty lands.
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Our Take
Two royalty sales inside seven months has Luke McFadyen funding a 6.2Moz development off the royalty line while leaving the register largely alone, and at 3.90% gross that carry is permanent against a PFS averaging around 150,000oz a year for the first decade. The A$30 million lead order now sets the price reference for an equity raise that still has to be struck before the DFS and final investment decision land in early 2027.
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The West Australian
WA Mines Minister Daniel Pastorelli Clashes With Albanese Government Over Capital Gains Tax Overhaul
Pastorelli has publicly called on his federal Labor colleagues to rethink the capital gains tax changes, which replace the 50% discount for individuals, trusts and partnerships with cost base indexation and a 30% minimum tax on gains accruing from 1 July 2027. Draft legislation released on 11 September carves out eligible start-ups under an Innovative Business CGT Concession but gives junior explorers no equivalent pathway, with the Minerals Council putting the hit to investor returns at 19%.
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Our Take
A state mines minister carries no vote on a Commonwealth tax bill, so whatever gets fixed will be fixed through AMEC and the Minerals Council in the consultation window before the provisions bed down for 1 July 2027. The exposure sits with the explorers that book no revenue and pay no dividends, where retail money is effectively the whole raising, and WA hosts most of them.
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Bloomberg
Odd Lots: Robert Friedland on the World's Monumental Shortage of Copper
Robert Friedland, founder and executive co-chairman of Ivanhoe Mines, argues the world is nowhere near having enough copper for what is coming, with demand in overdrive on data centres, electric cars and the global push to reindustrialise. Copper has run another 15% this year and sits in the crossfire of trade wars and resource nationalism, with the US expected to place tariffs on the refined metal.
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Our Take
Friedland puts the shortage case while the LME spot premium sits at $4.50 a tonne after narrowing sharply, so the tightness the market is actually paying for right now is tariff flow into the United States. He is also non-executive chairman of Sunrise Energy Metals, which pulled a conditional US$400 million from the US Office of Strategic Capital last month for scandium, and that tells you where the sovereign money follows him next.
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Miningmx
Tharisa Seals US$300m Karo Platinum Funding
Tharisa has priced a US$300 million five year senior secured bond at 98% of face with an 11% annual coupon, covering the balance of the US$545 million Karo Platinum build in Zimbabwe, where first ore to the mill is expected in the fourth quarter of 2027. The book was oversubscribed with more than 150 investors engaging, against US$241 million of Tharisa equity already in the project and US$198.8 million cash at 30 June.
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Our Take
Phoevos Pouroulis has called the pricing a starting point, and with the jurisdiction and the construction stage carrying most of the 11%, refinancing inside the five year term becomes the real value lever once Karo commissions and a payment record exists. Phase one at 226,000oz takes group PGM output to just under 400,000oz a year, so that coupon ends up measured against a business more than twice the current size.
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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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