The Drill Down
Tuesday 15 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
Hancock Prospecting Acquires 13.5% Strategic Stake in WCN
Hancock Prospecting will invest A$8,768,457 in White Cliff Minerals through a placement of 515,791,601 shares at $0.017, the previous trading day's close, for approximately 13.5% of the company. Proceeds fund accelerated drilling at the Rae Copper Project in Nunavut, targeting an Exploration Target and maiden resource at Danvers 1, step-outs at Danvers 2 and 3, and the sediment-hosted horizon ahead of an ultra-high resolution airborne survey.
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Our Take
Hancock priced at the previous close with no discount, which is not how a small-cap placement clears when the money is passive. The A$8.8 million gives White Cliff a funded run at a maiden resource on Danvers 1 and genuine step-out capacity across Danvers 2 and 3, breaking the incremental raise cycle that has governed Nunavut exploration budgets.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,295
-0.09%
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Silver
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$63
-0.01%
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Platinum
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$1,773
+0.48%
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Palladium
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$1,292
+0.71%
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Base Metals & Commodities
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Copper USD/t
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$14161.98
+0.14%
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Nickel USD/t
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$16411.50
-0.44%
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Zinc USD/t
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$3784.63
+0.25%
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Lead USD/t
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$1877.70
+0.43%
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WTI Crude USD/bbl
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$103.18
+1.77%
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Prices updated as of 15 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Latrobe Magnesium Limited
LMG will pursue a 50ktpa primary magnesium plant in South Carolina, with LOIs for 32ktpa: a minimum 25ktpa in-principle commitment from Metal Exchange, 5ktpa Meridian Lightweight Technologies, 2ktpa Twin City Die Castings. Feedstock is fully covered by a binding 20-year ferronickel slag MOU with Société Le Nickel (Eramet), Bechtel nominated as engineering partner. Indicative economics: capex US$1.1-1.5B, opex US$2,600-4,000/t, NPV10 US$1.4-2.7B, unlevered IRR 18-26%, first production April 2030.
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Stelar Metals Limited
Maiden soil geochemical survey completed at the Hill of Leaders tungsten project, Northern Territory: 1,350 samples on a 200m by 200m grid over roughly 50km², results due in coming weeks. Nighttime UV lamping identified fluorescent mineralisation consistent with scheelite in granite beside the historically mined veins, a visual observation only and no substitute for assay. Phase 1 and 2 rock chips returned up to 15.69% WO3, with a 3,500m maiden bedrock RC program mobilising next week.
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EQ Resources Limited
Binding framework agreement for a 10% interest in a JV with The Elmet Group (70%, operator) and Blue Moon Metals (20%) to restart the 4,000tpa Springer APT plant in Nevada. Elmet funds the first US$75 million with US Department of War financing support, EQR contributes engineering, project management and ore-sorting technology with additional exposure capped at US$3.125 million. EQR takes an eight-year spot-priced offtake for 4,000t contained WO3 and up to 1,000tpa of plant capacity for five years, subject to definitive agreements within 90 days.
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Iron Bear Resources Limited
Vale issued a draft notice completing Phase 1 and declining Phase 2, which on final notice terminates the Development Agreement and leaves Iron Bear with 100% ownership. The board attributes it to internal developments at Vale, having deployed US$18 million of Vale funding without dilution and holding A$15.3 million cash at 11 September. The July PFS carried an unleveraged NPV of US$9.0 billion at 8% WACC and a 15.2% IRR on 23Mtpa including 18Mtpa of DR pellets, with Phase 1 drilling deferred up to two years.
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Manhattan Gold Corporation Limited
Manhattan resumed trading on firm commitments for up to A$4.5 million at $0.02, a 20% discount to the last traded $0.025 on 10 September, with the stock settling to the issue price. Euroz Hartleys and Alpine Capital were joint lead managers, Leeuwin Wealth co-manager, and Viaticus Capital clients took over $1.8 million. Tranche 2 of 57 million shares needs approval at the 6 November AGM. Proceeds fund more than 4,000m of RC drilling at Hook Lake, Nunavut, where JWS26006b returned 41.15m at 4.66g/t Au from 83.82m at Jaws.
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Core Lithium Ltd
No specific catalyst identified today. Core produced first spodumene concentrate from the recommissioned Finniss plant within six months of FID and on its September quarter target, after upgrades lifting throughput roughly 20% to 1.2Mtpa. The plant remains in commissioning and optimisation, first shipment is targeted for the December quarter, and BP33 underground development continues alongside mining at the Grants open pit.
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Market data as of 15 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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Reuters
UK Financial Regulator Seeks Views on Tokenising Gold
The FCA opened a Call for Input on 14 September on whether tokenisation improves how gold is traded, transferred, pledged and held in UK markets, with responses due 23 October 2026. Working with HM Treasury and the Bank of England, it is testing tokenised gold as wholesale collateral in securities lending, repo and derivatives, and whether certain products should sit outside the collective investment scheme and alternative investment fund perimeters.
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Our Take
Collateral eligibility is the prize, and retail access follows from it. Allocated bullion that moves as wholesale collateral without triggering fund regulation puts gold into the repo stack alongside sovereigns, a larger demand channel than ETF flows. The CIS and AIF carve-out decides whether it happens, and 23 October is when the industry has to put its position in writing.
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Sxcoal
Indonesia's Bayan Resources Declares Force Majeure After Failing to Secure RKAB Approval
PT Bayan Resources and subsidiaries Tiwa Abadi, Tanur Jaya and Fajar Sakti Prima declared force majeure on coal supply obligations in a 14 September filing, after the government declined revisions to their 2026 RKAB mining quotas. Bayan produced 68Mt in 2025, up from 56.9Mt, with 2026 guidance spanning 30 to 76Mt on approval against H1 revenue of $1.74 billion.
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Our Take
A guidance range spanning 30 to 76Mt is an admission that Jakarta's permitting desk sets the output of Indonesia's largest listed coal producer. The RKAB regime does the work a production quota would, without notice or appeal. With $666 million of H1 sales going to East Asia, the exposure lands on Chinese, Japanese and Korean utilities heading into the northern winter.
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Mirage News
NSW Voters Back Uranium Mining for Clean Energy
Insightfully surveyed 1,000 NSW voters last month for the Minerals Council of Australia, finding 67% support uranium mining if it helps address climate change and 52% support it on the same terms as other Australian jurisdictions. Twice as many would back a pro-uranium candidate over an opponent, with net support at 47% among Labor voters and 36% among Greens voters.
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The Northern Miner
U.S. Takes 10% Trilogy Stake in Alaska Push
The US government closed a $35.6 million (C$49.4 million) investment for about 10% of Trilogy Metals, with the Department of Defense paying $17.8 million to Trilogy for 8.2 million new shares and $17.8 million to South32 for 8.2 million existing shares, both committed to their 50-50 Ambler Metals JV. Warrants at 1c on first-stage Ambler Road completion and a 10-year option over 6.2 million South32 shares could lift Washington to roughly 17.5%, cutting South32 to about 6% from nearly 11%.
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Our Take
Washington is shareholder, permitting authority and financing partner on one asset, which de-risks Arctic into the September 2028 record of decision. The terms are the template for US equity intervention: penny warrants on road completion, a board nomination right to October 2028, government consent above $1 billion of debt. The 2023 feasibility ran on $3.65 per pound copper, so the C$775 million market cap carries a stale price deck and a road still contested by Indigenous groups.
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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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