The Drill Down
Thursday 15 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
Gold Miners' Earnings Surge but Valuations Lag: Sprott
The NYSE Arca Gold Miners Index traded at 5.7 times expected operating earnings at 30 September, about 22% below its roughly 7.3 times 20-year average, while its forward earnings per share is about 4.4 times its end-2023 level, according to Sprott. Sprott's Kenny Zhu says major producers' net debt is at a 20-year low as return on capital and shareholder distributions rise. BMO shows producer cash exceeding debt by about US$19.6 billion (C$28 billion), with Agnico Eagle on 7.3 times forecast 2026 EBITDA against 3.5 times for Barrick.
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Commodity Prices: 15 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,146 +0.98% |
| Silver (USD/toz) | $56 +0.68% |
| Platinum (USD/toz) | $1,606 +0.35% |
| Palladium (USD/toz) | $1,109 +1.62% |
| Copper (USD/t) | $14,621.42 -0.56% |
| Nickel (USD/t) | $15,507.50 -0.02% |
| Zinc (USD/t) | $3,694.35 +0.09% |
| Lead (USD/t) | $1,892.80 +0.01% |
| WTI Crude (USD/bbl) | $94.15 -0.99% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
DAL +27.3%: Dalaroo Metals Ltd.
Dalaroo reported on 12 October a 34 metre altered and veined interval from 62 metres in BDRC010C at its Bondoukou Gold Ridge project in Côte d'Ivoire, about 1.25 kilometres from the Wilfred discovery, with stronger quartz-sulphide veining from 78 to 84 metres and 91 to 96 metres. These are visual observations, with BDRC010C assays due before the end of October. Discovery hole BDRC002 returned 18 metres at 7.31 g/t gold from 63 metres, and a diamond rig is due to mobilise in mid to late October.
SLB +20.5%: Stelar Metals Limited
Stelar started its maiden 3,500 metre RC program at the Hill of Leaders tungsten project in the Northern Territory on 13 October, the first bedrock drilling since the field's discovery in 1951. The holes test beneath a corridor of more than 2 kilometres where surface sampling returned up to 15.69% WO3. The program is expected to run three to four weeks, with results reported as they arrive.
MRD +19.4%: Mount Ridley Mines Limited
Mount Ridley reported on 15 October that its Selectro process recovered 92% of aluminium and 97% of iron from a bauxite composite supplied by Australian Silica Quartz Group, its first third-party test, leaving a pH-neutral silica-rich residue in place of red mud. The result is first pass and not yet optimised for bauxite, with gallium results due within a week and a demonstration plant being fast-tracked.
Top Losers
BUX -42.9%: Buxton Resources Limited
Buxton completed MD004DD at its Madman copper-gold project in Western Australia at 627.2 metres, interpreting graphitic, pyritic metasediments from 505 metres as the source of the off-hole EM conductor it was targeting. Sulphide was limited to rare quartz-sulphide veins up to 5 centimetres and trace-sulphide stockwork zones of 0.2 to 1.2 metres, with assays due in December. The company says it remains well funded and is now preparing airborne magnetics and drilling in Arizona.
IVG -22.0%: Invert Graphite Limited
InVert's most recent disclosure, on 20 August, was completion of its acquisition of RapidGraphite, holder of the exclusive licence to the RapidPulse process developed at Curtin University, alongside an A$2.5 million placement to fund scaled-up trials. RapidPulse is at technology readiness level 4, validated at laboratory scale only. The flagship Morogoro graphite project in Tanzania carries a maiden inferred resource of 32.2 million tonnes at 8.0% total graphitic carbon.
LRM -11.1%: Lion Rock Minerals Limited
Lion Rock reported on 14 October the first 69 of 761 holes from its Minta Est campaign in Cameroon, with XRF-based TREO up to 1.94% and calculated monazite up to 3.62% of recovered heavy mineral concentrate, and about 40% of holes carrying intervals above 1% calculated monazite. NdPr makes up about 24% of TREO, and magnetic separation moved 75.6% and 84.1% of TREO into middlings holding 15.38% and 26.61% of concentrate mass. The fall follows a positive update and reads as sell-the-news selling, with the remaining results due over coming weeks.
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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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Investing.com
Trump Tariff Threat Built a US Copper Mountain, but the Effects Are Fading
Tariff threats have helped build US copper stocks of more than 1 million tonnes, leaving Comex-approved warehouses holding roughly 70% of the world's visible copper, with Macquarie estimating total US stocks on and off exchange at about 1.6 million tonnes. The Comex premium to the LME has narrowed to about US$310 a tonne from a record above US$3,000 in July last year, weakening the incentive to ship more metal. A 15% tariff on refined copper imports from 1 January 2027, rising to 30% in 2028, still awaits a decision, and Macquarie sees the January deadline passing without one.
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IEA
Oil Market Report - October 2026
The IEA forecasts world oil demand falling 2.5 million barrels a day year on year in the fourth quarter and 2.6 million barrels a day across 2026, as the Iran war restricts product availability and lifts fuel prices. Global supply rose 2.5 million barrels a day to 102.3 million in September on Gulf output, but renewed attacks leave the recovery fragile, and North Sea Dated reached US$116.89 a barrel in September and was trading around US$134 at the time of writing. Observed global inventories are 509 million barrels below end-February, with diesel tightness expected to run into 2027.
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Miningmx
SA's Copper Hopeful Orion in Need of Momentum
Orion Minerals lost cornerstone investor Tembo Capital, which sold 1.08 billion shares, about 12.1% of the company, on 1 October for A$20.55 million at 1.9 cents each, a 16% discount to the prior close, with former chair Tom Borman taking about half and lifting his stake to just under 15%. Orion needs R6 billion to R6.7 billion to fund Prieska and Okiep, of which just under R4 billion is secured, and first production at Prieska is still targeted for the third quarter of 2027. Glencore's $250 million upfront offtake, approved by the Reserve Bank on 17 September, awaits Glencore and Triple Flag settling a final item, which CEO Tony Lennox expects within days.
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Mining.com.au
Data Centre Sentiment Sours and Takes Metals Down With It
Most commodity prices fell overnight as concerns over the data centre rollout weighed on demand sentiment, with Blackstone-backed AirTrunk delaying its Singapore IPO and the proposed Firmus Grid IPO failing last week. Tin dropped 2.7% and silver 1.8%, copper, aluminium, nickel and zinc edged lower and lead rose 0.98%, while gold slipped slightly. Energy held the strongest momentum, with Brent futures at US$106 a barrel and reports of physical barrels trading around US$150.
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Listcorp
Avenira Secures up to $85 Million in Term Facilities for Wonarah Development
Avenira has secured up to A$85 million in facilities from major shareholder and offtake partner Hebang, comprising a A$50 million term loan and a A$35 million working-capital revolving facility on an eight-year term. Interest is set at the RBA cash rate target with no margin, and principal and cash interest are deferred for two years, with interest capitalised monthly and cash interest paid quarterly in arrears thereafter. The company expects the facilities to fund its 100%-owned Wonarah Phosphate Project in the Northern Territory through first shipment and ongoing direct shipping ore operations.
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Reuters
Abu Dhabi's IRH Seeks More Mining Assets in Zambia
International Resources Holding and ZCCM Investments Holdings are jointly exploring new mineral exploration and mining opportunities beyond Mopani, two years after IRH, a unit of Abu Dhabi's 2PointZero Group, pledged US$1.1 billion to revive the Zambian copper operation, in which it holds 51%. Mopani produced 66,369 tonnes of copper in 2025 and has forecast annual output of 300,000 tonnes by 2029, central to Zambia's goal of 3 million tonnes a year by 2031. IRH also acquired a controlling stake in Alphamin Resources, owner of the Bisie tin mine in the Democratic Republic of Congo, last year.
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AFR
Creasy's AIM Mining Taps Two Brokers for $1b-Plus Pilbara Gold Float
Mark Creasy's gold production vehicle AIM Mining has hired Canaccord Genuity and Euroz Hartleys to test investor appetite for a sharemarket float of A$1 billion or more, according to people with knowledge of the discussions who spoke to AFR's Street Talk on Thursday. The mandate comes while the IPO market is under pressure.
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Listcorp
Penikat Area 6, Exploration Permit and Enforcement Granted
Finland's mining authority Tukes has granted the Exploration Permit and Enforcement Order for Area 6 at Kingsrose's Penikat project, and the company still targets drilling from January 2027. The permit allows 5,000 metres of drilling between 1 August and 31 March across successive years, while the Enforcement Order allows 3,000 metres a year during any appeal, with a buffer of at least 100 metres from the Natura 2000 area in wooded areas or 200 metres in cleared areas. The appeal window for both closes on 20 November 2026, after which the permit becomes legally binding if no appeals are lodged.
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MMG
Stable Production in Third Quarter
MMG's third quarter copper production rose 3% year on year to 131,215 tonnes, with Las Bambas contributing 100,289 tonnes in concentrate, Khoemacau 11,242 tonnes (up 24%) and Kinsevere 19,435 tonnes of cathode (up 31%). Zinc fell 5% to 55,914 tonnes, with Rosebery output hit by seismic activity in the X-South lens, while record quarterly silver production at Dugald River supported C1 costs. Two workers died at Las Bambas during the quarter, and CEO Ivo Zhao says the mine is on track for the upper end of its 2026 production guidance.
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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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