The Drill Down
Tuesday 18 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
BHP - Copper Delivered a Record US$18.2 Billion at a 70% Margin
Underlying EBITDA rose 27% to US$32.9 billion and underlying attributable profit 30% to US$13.2 billion, on revenue up 15% to US$58.8 billion. Copper contributed 54% of group EBITDA against 45% in FY25, the first year above half, while copper production eased 3% to 1,953kt against FY27 guidance of 1,650 to 1,800kt. Net debt fell to US$8.7 billion from US$12.9 billion, and a 99 US cent final dividend takes cash returns for the year to US$8.7 billion, the highest in four years, struck after a US$2.3 billion impairment on Jansen.
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Our Take
That margin came from price, not volume. Output fell 3% and FY27 guidance steps down again.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,394
-0.51%
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Silver
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$65
-1.11%
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Platinum
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$1,748
-1.21%
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Palladium
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$1,315
-0.75%
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Base Metals & Commodities
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Copper USD/t
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$14676.49
-0.55%
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Nickel USD/t
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$16717.50
-0.22%
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Zinc USD/t
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$3734.40
+0.08%
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Lead USD/t
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$1882.40
+0.33%
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WTI Crude USD/bbl
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$84.46
+0.86%
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Prices updated as of 18 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Ausgold Limited
OceanaGold's scheme presentation sets 0.03365 OceanaGold shares per Ausgold share, implying A$1.36 and A$776 million of equity value, a 28% premium to the last close. Cash elections are capped at A$194 million and funded from about US$855 million of cash and undrawn facility, with a A$20 million bridge loan to Ausgold in November 2026. Katanning carries a 54,000 metre drill program and a 250-room village under construction, first gold set at 2029 and an updated technical study in 2028.
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Chariot Resources Ltd
Binding term sheet with C&D (Hainan), a wholly owned subsidiary of Xiamen C&D, alongside Hong Kong ZhongNuo Energy and C&C Minerals, over one project selected from Fonlo, Iganna and Saki in Nigeria. ZhongNuo funds at least 1,500 metres of diamond core across at least three pits and any trial mining, capped at 240,000 tonnes of DSO within 24 months of a definitive agreement. C&D buys qualifying DSO priced off the SMM China battery grade lithium carbonate benchmark, with no obligation to ship below US$150 per dry metric tonne. No Mineral Resource has been estimated for any of the three areas.
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Arrow Minerals Limited
Arrow takes a 70% joint venture interest in tenement application E08/3668 next to its Yarraloola copper project, with a 12-month option over E08/3719 and E08/3777, a combined 319 square kilometres. The ground carries more than 2.4 kilometres of strike of DSO grade channel iron at surface, less than 15km from Rio Tinto's 65Mtpa Robe River operations, and Arrow says it may host the strike extension of the Ava copper-gold target. Consideration is $125,000 in Arrow shares, with a further $125,000 on exercise, and Leeuwin keeps 30% free carried to a decision to mine.
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Accent Resources NL
Trading resumed after the company released its response to an ASX query letter, ending a voluntary suspension requested on 17 August under Listing Rule 17.2. The first query, on 13 August, followed a move from a $0.20 close on 12 August to a $0.64 intraday high on heavy volume, which Accent put down to continued interest in its 10 August dry magnetic separation testwork at Magnetite Range indicating concentrate above 60% Fe. The stock reopened sharply lower.
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WA Gold Limited
Reconnaissance drilling at Bullabulling North returned 41 RC holes for 1,897 metres and no better than sub-gram anomalism. Best results were 2 metres at 0.16 g/t gold from 52 metres to end of hole in 26BBRC008, and 4 metres at 0.25 g/t from 40 metres to end of hole in 26BBRC027, within a plus 20ppb trend running about 2.6 kilometres of strike. A sub-audio magnetics survey follows in September and deeper RC drilling in October, with 34 one-metre samples away for assay. Abercromby resource drilling is due to start before the end of August.
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American Tungsten & Antimony Ltd
No specific catalyst identified. The 6 August update flags a September quarter restart of the Del Sol antimony flake circuit in Nevada on White Spar feedstock, and a pre-application meeting with the Nevada Division of Environmental Protection on lifting permitted capacity from 18,500 short tons of feed a year to about 100,000. Requests for proposal are out to international engineering firms covering flake expansion plus Regulus II metal, antimony trisulphide, sodium antimonate and ammonium paratungstate circuits, all conditional on completing the 28 July acquisition and with no resource, reserve or cost estimate prepared.
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Market data as of 18 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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Wood Mackenzie
Energy Volatility Could Fast-Track Global EV Adoption to 50% Above Base Case
Base case has EVs at 25% of the global fleet by 2040, from 4% today. The electric shock scenario, policy, fuel prices and technology moving together, cuts 2040 oil demand to 99 million barrels a day, five million below base case, and could close around 40 refineries. It needs US$45 billion of extra greenfield metals supply, US$25 billion of it copper.
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Our Take
Copper is the binding constraint. Annual mine capacity additions must lift from 850,000 tonnes to 960,000 tonnes, much of it in Argentina, the DRC and Pakistan.
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Argus Media
UAE Firm to Invest in Kazakhstan Coal Sector
MQ Emirates holds a 25-year licence over Kenderlyk in eastern Kazakhstan, near the Chinese border, with exploration this year and production from 2028 to 2050. Output starts at 10,000 t/yr and reaches 50,000 t/yr by 2034, against recoverable reserves of 940,000t, open pit on coal field no. 1 at 35% to 40% ash.
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Our Take
Trivial next to 128.9mn t of national output. The signal is Gulf money joining Russian, Chinese, German and US capital in Kazakh coal this year.
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Fastmarkets
Main Takeaways From Fastmarkets Lithium South America: Market & Investment Outlook
South America held 30% of 2025's 1.6 million tonnes of mined lithium supply, Chile on 300,000 tonnes LCE, Argentina 130,000, Brazil 32,000. A further 450,000 tonnes LCE by decade end takes the region above 915,000, more than half from Argentina, now carrying over 80 projects and debating a Super RIGI regime at US$1 billion minimum per project. Infrastructure, power, qualified labour and port logistics are the constraints.
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Our Take
The advice from the floor was to stop at concentrate. Refining at 4,000 metres cannot beat Chinese conversion costs, so the value stays offshore.
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Mysteel
Iron Ore Shipments to China via Port Hedland Slump 16% MoM in July
Shipments to China through Port Hedland fell 7.3 million tonnes, or 16.1%, to 37.9 million tonnes in July, on Pilbara Ports Authority data. Total shipments to all destinations dropped 14.5% to 44.2 million tonnes, a five-month low and 3.8% below July 2025.
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Our Take
A five-month low out of Hedland lands the same day BHP books record FY26 iron ore shipments. July sits in FY27, against guidance of 260 to 272Mt.
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QIC
Walford Creek Investment Advances One of Queensland's Largest Undeveloped Copper Systems
The QIC-managed Queensland Critical Minerals Fund is putting $20 million into Aeon Metals' Walford Creek in North West Queensland, funding a pre-feasibility study, a definitive feasibility study and resource expansion drilling ahead of FID. The system holds an estimated 75 million tonnes of resources carrying copper, cobalt, zinc, lead, silver and nickel over more than 10 kilometres of strike, with plans targeting at least 2 million tonnes a year of copper, lead and zinc concentrates. It is the fund's tenth investment against more than $175 million committed.
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Our Take
One cheque funding both a PFS and a DFS puts FID years out. Aeon is unlisted and OCP Asia owned, so the state fund is setting the mark.
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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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