The Drill Down
Monday 17 August 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
Ausgold Halted Pending Potential Change of Control Transaction
Ausgold requested an immediate halt this morning under Listing Rule 17.1, pending an announcement on a potential change of control transaction. The company expects to release it before normal trading resumes on Wednesday 19 August. Katanning, 275km south-east of Perth, holds a 2.44Moz resource and a 1.33Moz ore reserve, with the December 2025 updated study outlining a 3.6Mtpa operation producing 1.22Moz over a ten-year-plus life and a final investment decision targeted for the end of 2026.
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Our Take
The final $20 million of the Katanning land deal falls due 26 August, FID targeted year end. A potential control transaction lands nine days out.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,395
+0.42%
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Silver
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$66
+1.65%
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Platinum
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$1,755
+0.73%
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Palladium
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$1,335
+1.43%
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Base Metals & Commodities
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Copper USD/t
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$15007.96
+1.79%
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Nickel USD/t
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$16754.50
+0.17%
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Zinc USD/t
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$3774.85
+0.49%
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Lead USD/t
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$1899.90
+0.81%
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WTI Crude USD/bbl
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$81.19
-0.34%
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Prices updated as of 17 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Mount Hope Mining Limited
Firm commitments for $1.82 million at $0.145 across 12,539,655 shares, a 9.4% discount to the last traded $0.16 on 13 August and a 2.8% premium to the 15-day VWAP. Ronin Metals, the fund of former Spartan Resources executives Simon Lawson, Craig Jones and David Coyne, took $1.03 million for 11.9% and a board nomination right. Phase 3 drilling is underway at Mt Solitary in the southern Cobar Basin, first assays due October.
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European Metals Holdings Limited
Moving without an announcement. Geomet, 49% held by EMH and 51% by CEZ, completed the Cinovec definitive feasibility study in December 2025 on a 26-plus year life and roughly 37,500 tonnes a year of battery grade lithium carbonate. The Czech government approved a grant of up to EUR360 million in November 2025, and the full environmental impact assessment was submitted on 13 January.
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Hamelin Gold Limited
Firm commitments for $8 million through 49,575,892 shares at $0.16, a 13.5% discount to the last close of $0.185 on 12 August. Gold Fields subscribed about $1.5 million and Vault Minerals about $600,000, taking them to roughly 17.7% and 10.9% on completion. Proceeds fund drilling now underway at Day Dawn plus programs at Venus, West Tanami and the Cue regional prospects.
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Right Resources Limited
Moving without an announcement, giving back last week's run on Blue Tungsten metallurgy. Initial flotation testwork recovered 87.3% of contained tungsten into 1.6% of the original ore mass, following heavy liquid separation that returned a 66.5% WO3 concentrate at 81.6% recovery. Both are beneficiation results on a prospect with no reported drill program behind them.
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Locksley Resources Limited
A board portfolio review has halted all field exploration, drilling and regional mapping across the Mojave claim blocks in California, concluding further significant spend at the Desert Antimony Mine and El Campo is not justified. Locksley cites European CIF antimony falling more than 57%, from US$63,000 a tonne in mid-2025 to US$27,000, with trioxide benchmarks down over 41%. Claims will be held on a low cost basis subject to board review.
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American Tungsten & Antimony Ltd
Moving without an announcement, on the session Locksley put European CIF antimony down more than 57% to US$27,000 a tonne. AT4's flagship is the Antimony Canyon project in Utah, and on 28 July it signed a share and purchase agreement over the Del Sol refinery in Nevada and the White Spar antimony mine in Arizona for undisclosed cash and stock. The May placement priced 142,857,143 shares at $0.07.
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Market data as of 17 August 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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Premier of Tasmania
Parliament Backs Better Environmental Outcomes at Mt Lyell
The Mt Lyell Acid Drainage Reduction (Repeal) Bill 2025 has passed the Tasmanian Parliament, clearing a legislative barrier to restarting the West Coast copper mine. The state has delivered a $9.5 million works package and committed a further $25 million subject to due diligence. Sibanye-Stillwater is completing final assessments.
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Our Take
Hobart is arguing a working mine treats legacy acid drainage better than a shut one. Sibanye now holds the only decision left.
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Korea JoongAng Daily
Korean Defence Firms Quietly Bypass China's Rare Earth Curbs Via Third Countries
Korean defence firms are routing Chinese rare earths through Russia and Arab states, with about 90% of the country's heavy rare earth supply originating in China. Shipments of the four controlled elements carrying distinct customs codes fell roughly 14% to 10,200kg in the first half, and likely samarium volumes dropped 63%. China holds 97% supply dominance across the seven elements under control.
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Our Take
Korea's defence exports rose 60% to US$15.4 billion last year on missiles needing samarium-cobalt magnets. The workaround runs through sanctioned territory.
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S&P Global
Indonesia to Launch Mineral and Commodity Exchange in 2027
Prabowo told the People's Consultative Assembly the exchange will be operating by 1 January 2027 under Financial Services Authority supervision, with implementing regulations due by 17 September and parliamentary approval sought for the governing rules. The stated aim is an Indonesian reference price for major commodity exports. Platts assessed Indonesian nickel pig iron at 10% nickel content at $145.40/mt FOB on 14 August.
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Our Take
A reference price only binds if buyers turn up to trade against it. Indonesia controls the tonnes; the demand sits offshore.
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Kitco
Wall Street Goes Full-Bull on Gold as Rate-Hike Bets Recede
Nine of ten Wall Street analysts polled expect gold higher next week, with one bearish and none calling sideways, while 68% of 222 retail voters were bullish. Spot gold set a weekly high of $4,450.23 on Thursday and a low of $4,311.22 on Friday, finishing the week up 0.84% at $4,376.82. July FOMC minutes land Wednesday.
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Our Take
An unexpected 0.6% drop in retail sales moved the rate view more than either inflation print. The 200-day average sits near $4,500.
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Australian Financial Review
Remote Tungsten Mine's Revival Delivers Windfall for Its Lenders
Group 6 Metals has returned to the ASX, delivering a windfall to the Tasmanian government and other long-term backers amid the global rush for non-Chinese critical minerals supply. The company was suspended from trading in September 2024 after production delays and cost overruns at the Dolphin mine on King Island left it carrying $81.1 million of debt.
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Our Take
The state lent into a suspended tungsten miner and got repaid by geopolitics rather than by the mine plan. Dolphin still has to run.
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Bloomberg
Anglo Strikes Yearlong Iron Ore Deal With China's State Buyer
Kumba Iron Ore, part of Anglo American, has agreed to supply China Mineral Resources Group's mills from 1 April this year to 31 March 2027, joining BHP among miners that have finalised terms with the state-backed buyer. Ore from Anglo's Minas-Rio project in Brazil is excluded, as it is not sold to China on a long-term contract basis.
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Our Take
Beijing's single-buyer model now has two majors locked in for a full year. The leverage question shifts to whoever holds out longest.
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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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