The Drill Down
Friday 16 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
Copper Squeeze Breathes New Life into Old Mines
Benchmark Mineral Intelligence is tracking almost 1 million tonnes of potential annual copper production from mine restarts by 2030, over 4% of current output, though about half sits with Cobre Panama and Panguna, where a restart is as much political as commercial. Sibanye-Stillwater approved the restart of Tasmania's Mt Lyell in September after 12 years idle, expecting to spend about US$340 million to reach 26,000 tonnes a year once back online in 2029, while Glencore plans to revive Argentina's Alumbrera in the second half of 2027 for 75,000 tonnes over four years. Wood Mackenzie puts average output from revived mines at about 33,000 tonnes a year, against more than 100,000 tonnes for many extensions at existing operations.
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Commodity Prices: 16 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,174 +0.07% |
| Silver (USD/toz) | $58 +0.59% |
| Platinum (USD/toz) | $1,642 +0.89% |
| Palladium (USD/toz) | $1,141 +0.96% |
| Copper (USD/t) | $14,760.11 +1.19% |
| Nickel (USD/t) | $15,217.50 -1.87% |
| Zinc (USD/t) | $3,711.00 +1.75% |
| Lead (USD/t) | $1,889.60 +0.72% |
| WTI Crude (USD/bbl) | $97.35 -0.63% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
HAR +43.4%: Haranga Resources Limited
The first hole of Haranga's 16-hole, 1,500m Phase 2 underground program at the Lincoln Gold Project in California's Mother Lode belt, DDH0294, returned 32m at 10.4 g/t Au from 143m, with 13 assays above 10 g/t and a peak of 1m at 51.4 g/t Au. The interval is an uphole length, not true width. The program aims to lift confidence in Lincoln's 402koz at 5.1 g/t Au resource, 77% of which is Inferred, ahead of a planned PFS.
TAT +36.4%: Tartana Minerals Limited
Tartana reported selective surface samples of up to 17.1% Cu at OK Blocks, 12.0 g/t Au at Hobblechain and 10.7% Cu at Windmill across its OK-Bellevue project in Far North Queensland's Chillagoe district. The samples are selective and partly ex situ mullock, so they do not establish grade or width, while historical drilling by previous explorers includes 9m downhole at 4.24% Cu from 160m at OK North. The results will set priorities for scout drilling, with a land-access agreement already in place.
OR3 +22.7%: Ore Resources Limited
Ore Resources' most recent disclosure, on 13 October, expanded its Kal East Gold Projects in WA's Eastern Goldfields by more than 400km² through 18 new tenement applications, lifting the landholding above 1,100km². First-pass aircore drilling of 3,000m to 5,000m is scheduled for November at the Kims, Scotch Star and Rummy prospects at Mt Monger, with 10,000m to 20,000m of AC and RC drilling planned for 2027. The company held A$6.8 million in cash and no debt at 30 June.
Top Losers
MBK -20.0%: Metal Bank Ltd
Metal Bank's most recent disclosure, on 13 October, was a $752k placement of 60 million shares at $0.01254 to JAG Capital, a subsidiary of Bursa Malaysia-listed JAG Berhad, priced at a 12% premium to the five-day VWAP. Proceeds will fund its expedited production strategy at the Livingstone Gold Project in WA, where the Homestead and Kingsley deposits host 122,000oz Au. The stock now trades at $0.008, below the placement price.
BAK -17.0%: Barkly Rare Earths Ltd.
Barkly's most recent disclosure, on 6 October, reported significant rare earth intercepts in 43 of 44 Phase 1 holes at its Barkly Project in the Northern Territory, including 1.5m at 2,869 ppm TREO from 16.5m in BAK0121. Magnet rare earths make up 29% to 39% of TREO in 42 of 45 intercepts, and an update to the existing 40Mt at 2,100 ppm TREO Inferred resource is targeted for Q4 2026. Drilling resumed on 5 October after downtime awaiting replacement parts, with a second rig being tendered.
SKM -12.8%: Skylark Minerals Limited
Skylark's most recent disclosure, on 30 September, completed 2026 drilling at the M'Basso prospect of its Zaranou Gold Project in Côte d'Ivoire, confirming continuous mineralisation over 2km of strike and beyond 200m vertical depth. Final holes included 14m at 3.26 g/t Au from 78m in ZARC0213A and 10m at 2.40 g/t Au from 140m in ZARC0211. An updated M'Basso resource, building on Zaranou's 364,600oz at 1.8 g/t Au Inferred estimate, is being finalised for release.
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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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The West Australian
Hemi Gold Development Could Be Delayed Again Under New Northern Star Resources Regime, According to Citi
New Northern Star chief executive Suresh Vadnagra, who took the role on 5 October, left analysts with the impression that building the A$1.3 billion Hemi gold mine could be pushed down the priority list, according to Citi. Northern Star had been targeting a final investment decision on the Pilbara project in late FY27.
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Bloomberg
Zijin Halts Processing at Copper-Zinc Mine Due to Fuel Shortage
Processing at Zijin Mining's Bisha copper-zinc mine in Eritrea has been halted since last week, after Zijin brought forward maintenance scheduled for around year end because of a temporary regional fuel shortage. Fuel supply has since stabilised, but no restart date has been given and some customers were told the stoppage could run about four weeks, putting concentrate deliveries at risk. Bisha produced 83,000 tonnes of zinc and 23,000 tonnes of copper last year, and the Eritrean National Mining Corporation holds 45%.
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Listcorp
Enhancing Infrastructure to Strengthen Pilgangoora Operation
PLS will invest about A$600 million to A$650 million in infrastructure at its 100%-owned Pilgangoora operation, phased through FY29 with A$375 million to A$400 million of it falling in FY28. The package covers sealing the roughly 24km Wodgina Road East to cut daily concentrate haulage movements by about 35%, a 1,200-bed permanent village and a new mine services facility for ultra-class haul trucks, with the WA government committing an initial A$11 million. The works also provide infrastructure capacity for the P2000 expansion, which reached a final investment decision the same day.
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MOFCOM
The Ministry of Commerce Held a Regular Press Conference
Commerce Ministry spokesperson He Yadong said China is willing to keep facilitating approvals of rare earth export licences for Europe, and expects the EU to reciprocate by facilitating key dual-use licence cases for China, with both sides continuing to use their export control dialogue mechanism. He also said China would respond firmly to any economy that uses the US-led joint statement on structural overcapacity as grounds for measures that harm Chinese interests.
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Reuters
Indian Mutual Funds Stop Bulk Subscriptions to Gold ETFs Ahead of Festive Season
Several large Indian fund houses, including Kotak Mahindra, UTI and HDFC Mutual Fund, suspended bulk subscriptions to gold ETFs late on Thursday ahead of Dussehra and Diwali, with redemptions unaffected and no reason cited. A mutual fund executive and two bullion industry officials said the halt followed discussions with SEBI, as the rupee stays under pressure from higher oil prices and foreign selling of Indian equities. Gold imports fell to US$1.8 billion in September from US$2.3 billion in August.
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AFR
Northern Star Shareholders Get the Merger Logic, Says Gold Fields Boss
Gold Fields CEO Mike Fraser said Australian institutional investors were not overly familiar with the business, but after a number of conversations he believed they buy into the logic of the merger, as he tours a market that accounts for about half of Gold Fields' business. He said South African shareholders, including the Public Investment Corporation with its 15% stake, saw the strategic logic, though some were concerned about cost escalation, Northern Star's turnaround and the risk of overpaying. Fraser also met Elliott, which holds 6% of Northern Star, and said the activist is focused on a short-term outcome.
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Australian Mining
Parliamentary Inquiry to Put Critical Minerals in the Spotlight
The House of Representatives Standing Committee on Primary Industries will hold a public hearing in Melbourne on Monday 19 October on the social licence requirements and economic contribution of critical minerals projects, hearing from miners, industry experts and regional communities. It then moves to Horsham on Wednesday 21 October to meet local community and government representatives on potential land-use conflicts with agriculture. The inquiry was referred by Resources Minister Madeleine King and adopted in December 2025.
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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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