The Drill Down
Wednesday 16 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
First Au to Acquire Javelin Minerals in Recommended All-Scrip Takeover
First Au and Javelin Minerals have executed a binding Takeover Implementation Deed for a recommended off-market all-scrip takeover, combining Gimlet and Riverina East with Eureka and Coogee in the Eastern Goldfields outside Kalgoorlie. Javelin shareholders are offered 11.7647 First Au shares per share, an implied A$0.1153 and a 40.6% premium to the 11 September close of A$0.082 on First Au's 10-day VWAP, valuing Javelin at approximately A$46.5 million fully diluted. Combined Mineral Resources total about 350,600 ounces of gold across Gimlet, Eureka and Coogee, with Javelin holders taking roughly 48.7% of the enlarged company and the offer subject to 50.1% minimum acceptance.
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Our Take
A 48.7% holding in the enlarged company puts Javelin shareholders closer to a merger of equals than the takeover label suggests, and the 20:1 consolidation running alongside it points to a share count being prepared for a raise. The premium is struck off a A$0.0098 VWAP, so what holders actually bank depends on where First Au trades through to 30 November.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,330
+0.84%
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Silver
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$65
+1.59%
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Platinum
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$1,795
+1.08%
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Palladium
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$1,315
+1.02%
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Base Metals & Commodities
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Copper USD/t
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$14333.19
+0.37%
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Nickel USD/t
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$15922.50
-2.98%
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Zinc USD/t
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$3841.75
+1.01%
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Lead USD/t
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$1879.30
+0.73%
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WTI Crude USD/bbl
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$104.70
-1.07%
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Prices updated as of 16 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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White Cliff Minerals Limited
Hancock Prospecting will subscribe for 515,791,601 shares at $0.017, the prior day's close, for $8,768,457 and approximately 13.5%, subject to shareholder approval at an EGM on or about 19 October. Proceeds fund an Exploration Target and maiden resource at Danvers 1 in Nunavut, step-outs at Danvers 2 and 3, and sediment-hosted targets ahead of an ultra-high resolution airborne survey.
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Javelin Minerals Limited
First Au has agreed a recommended all-scrip takeover at 11.7647 First Au shares per Javelin share, an implied A$0.1153 and a 40.6% premium to the 11 September close, valuing Javelin at about A$46.5 million fully diluted. The combination holds roughly 350,600 ounces of gold across Gimlet, Eureka and Coogee in the Eastern Goldfields, subject to 50.1% minimum acceptance.
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EAU Lithium Limited
No specific catalyst identified today. EAU holds a licence to Vulcan Energy's VULSORB A-DLE technology and a negotiation agreement with Bolivia's state-owned YLB covering possible future industrial lithium plants, with testing completed on Pastos Grandes, Empexa and Coipasa brines. Likely driver is lithium sector momentum on thin volume.
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Kingfisher Mining Limited
No specific catalyst identified today. Recent drilling at Stephens Trig and Allendale near Broken Hill returned 9 metres at 8.05% lead plus zinc and 17.9g/t silver from 64 metres, with flagship Copper Blow set for a larger RC and diamond program aimed at a maiden resource. Likely driver is profit-taking on thin volume.
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Lion Rock Minerals Limited
No specific catalyst identified today. Lion Rock holds 80% of the 8,800km² Minta rutile and monazite project in central Cameroon, with Tronox at roughly 5% after an A$8.6 million placement and a maiden Mineral Resource Estimate targeted for the second half of 2026. At $0.018 the stock sits below May's $0.02 placement price.
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Mount Ridley Mines Limited
No specific catalyst identified today. Mount Ridley upgraded the Grass Patch scandium resource on 26 August to 946Mt at 50.1ppm for 47,357 tonnes of contained scandium, which the company states is the largest publicly reported JORC resource of its kind, and raised A$2.0 million on 4 September. Today reads as profit-taking after that run.
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Market data as of 17 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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Mysteel
China's Shanxi Pushes for Faster Coal Mine Restarts, Snapping Price Rally
Shanxi has told its provincial energy groups to accelerate coal mine restarts, with Governor Lu Dongliang delivering the instruction at a state-owned enterprise reform meeting on 13 September. Provincial energy companies were told to carry the political responsibility for stable output and supply, with a passed safety check the precondition for any resumption. Supply has been constrained since a fatal accident in May.
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Our Take
A governor invoking political responsibility moves faster than an inspection roster, which puts a date on tonnes that have been withheld since May. The scarcity premium the seaborne market has carried through that period now unwinds at whatever pace the safety desk clears, and Chinese steel mills take the margin relief first. Restart announcements have run ahead of actual output all year, so the tonnage print is the number worth watching.
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Canadian Mining Report
China Is Buying Twice What It Reports. The Official Gold Bid Did Not Leave
Goldman Sachs put identifiable central bank gold purchases at 44 tonnes in July, with China the largest name at 35 tonnes against a published PBOC figure of 19.9 tonnes. The official-sector trend now sits near 91 tonnes a month on a three-month seasonally adjusted basis, against a pre-2022 pace of 17 tonnes. Poland has taken 82 tonnes year to date, 43% of the official total, and sits roughly 88 tonnes short of a stated 700-tonne target.
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Our Take
Warsaw's 88-tonne gap to a published target carries a number and an obligation, which makes it more useful to a producer than any estimate of what Beijing is hiding. A disclosure gap gets argued over, while a stated target gets filled. The commercially relevant point for Australian and Canadian gold equities is that the marginal buyer at these levels answers to reserve policy, and reserve policy does not withdraw when jewellery volumes fall.
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Stockhead
Evion Gets a Second Key to the US Defence Critical Minerals Door
Evion Group has been accepted into the US Defense Industrial Base Consortium, a second Department of Defense membership after joining the Cornerstone Consortium in August. DIBC is managed by Advanced Technology International under an Other Transaction Agreement and is the route through which Defense Production Act Title III and Industrial Base Fund investments are contracted. The relevant assets are the Carp Fluorspar Project in Nevada, the Maniry Graphite Project in Madagascar and the 50:50 Panthera graphite processing joint venture in India.
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Our Take
Cornerstone gave Evion sight of solicitations, and DIBC is where the money is actually contracted, so the two memberships cover visibility and access to the same industrial base budget. Australia has been a designated domestic source for Defense Production Act funding since the FY24 NDAA, which means an ASX parent disqualifies neither Carp nor the Indian processing line.
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Moneyweb
How South Africa Became a Mining Country Again
Resources now account for more than 30% of the JSE All Share index, up from under 10% in 2015 and more than triple the weighting of a decade ago, with gold and PGM companies holding four of the 10 largest positions on the JSE on analysis by valuations firm Multiples. Gold Fields at $43 billion is South Africa's largest listed company by market capitalisation, ahead of Naspers at $35 billion, Impala Platinum at $14 billion and Harmony Gold at $13 billion. Monday showed the other side, with Harmony down 5.6%, Implats 3.7% and Valterra 3.1% as the Alsi lost 1.4%.
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Our Take
A 30% index weighting rebuilt by price, with output still falling, revalues ounces already in the ground, which is why it can hand back 5.6% in a single session. South African exploration spend fell for a seventh consecutive year in 2025 and sits below 1% of the global total, so nothing in the pipeline replaces what Gold Fields and Harmony are mining today. What the JSE resources complex offers at this level is leverage to the gold and PGM basket, and that leverage runs in both directions.
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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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