The Drill Down
Friday 18 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
A Tale of Two Resources Superpowers
Canada and Australia have moved their mining tax settings in opposite directions. Prime Minister Mark Carney used the first Canada Investment Summit to announce the Productivity Mega Deduction, which the government says cuts the marginal effective tax rate on new business investment from roughly 13% to 6.4%, and the Mining Association of Canada expects it to make Canada one of the most competitive mining tax jurisdictions in the world. In Australia, draft legislation released last Friday confirmed the 50% capital gains tax discount will be replaced by inflation-adjusted cost base indexation from 1 July 2027 with no exemption for mineral exploration, which AMEC chief executive Warren Pearce called beyond disappointing.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,377
+0.82%
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Silver
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$67
+2.08%
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Platinum
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$1,802
+1.75%
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Palladium
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$1,316
+2.99%
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Base Metals & Commodities
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Copper USD/t
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$14696.75
+0.46%
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Nickel USD/t
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$16235.50
+0.78%
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Zinc USD/t
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$3894.78
+0.91%
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Lead USD/t
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$1913.90
+0.73%
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WTI Crude USD/bbl
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$100.24
-1.64%
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Prices updated as of 18 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Lincoln Minerals Limited
No specific catalyst identified. Lincoln's most recent project disclosure, on 4 August 2026, confirmed a mineralised system at the Minbrie Copper Project on South Australia's Eyre Peninsula across 17km of target stratigraphy, with diamond drilling planned at Eagle Ridge in the fourth quarter.
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Almasar Minerals Limited
No specific catalyst identified. The Saudi explorer only recently listed on the ASX at 20 cents a month ago.
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Mithril Silver and Gold Limited
No specific catalyst identified. Mithril's most recent project disclosure was the 30 June 2026 Target 1 resource upgrade at Copalquin in Durango, Mexico, lifting the Indicated category to 343,000oz gold and 8.479Moz silver for 464,000oz gold equivalent, with roughly 75% of contained metal now Indicated. Firmer precious metals on the day are the likely driver.
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Sentinel Metals Limited
Sentinel reported fire assays from Columbia in Montana on 17 September, with DDCO26-003 returning 48m at 1.13g/t gold from multiple stacked zones and fire assays reconciling the maiden hole at 46.8m at 5.33g/t gold. Selling looks like profit-taking after the run that followed the August maiden result, with the wider new intercept grading well below it. Assays for holes five to seven are due in October and the updated resource in November.
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Caravel Minerals Limited
Caravel pushed the Definitive Feasibility Study for its Caravel Copper Project, 150km northeast of Perth, into the fourth quarter from the September timing advised on 13 August. Four workstreams drive the delay: eight weeks of further metallurgical testwork, numerical groundwater modelling for the Gillingarra borefield, an updated Environmental Review Document for the EPA, and company review of the Primero process plant capital estimate. A final investment decision is still targeted for the end of 2027.
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Maritana Minerals Limited
Maritana's most recent project disclosure, on 7 August 2026, was a 4,000m aircore program at the Wilsons gold prospect near the Black Swan Processing Hub in the Eastern Goldfields, with results due late September to early October. Profit-taking after the run into September is the likely driver.
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Market data as of 18 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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Almonty Industries
Almonty Signs Tungsten Offtake Agreement with Sandvik Group Subsidiary for Recycling of Existing Mine Tailings
Almonty has signed a multi-year, take-or-pay agreement with Sandvik Group subsidiary Wolfram Bergbau und Hütten covering a minimum of approximately 1,720 tonnes of contained WO3, recovered by retreating the existing tailings inventory at the Los Santos mine in western Spain. WBH pays a conditional US$3.0 million upfront for the offtake rights, with index-linked pricing subject to a floor and a share of the cost of reinstating the processing plant at the open-pit scheelite operation, in planned care and maintenance since February 2020.
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Australian Mining
CME Identifies $8 Trillion Opportunity in WA Resources
The Chamber of Minerals and Energy of WA has put the state's known mineral and energy resources at $8.1 trillion in saleable product value across 27 commodities, assuming 80% of the resource base is developed. The report, Unearthing Potential, also models $476 billion in WA royalties, $855 billion in Commonwealth company tax, $1.1 trillion in wages, 864,000 construction jobs and up to 158,000 onsite operational jobs a year.
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Mysteel
Copper Prices Resume Uptrend Despite Short-Lived Pullbacks
Mysteel reads last week's sharp copper correction as the unwinding of a tariff risk premium after expectations for US tariffs on refined copper cooled, with prices regaining the uptrend later in the week despite the Federal Reserve's rate rise. Chinese smelters lost around 33,000 tonnes of refined output to raw material shortages in August, with roughly 35,000 tonnes expected in September, and September exports are forecast near 60,000 tonnes. The COMEX-LME spread has narrowed to about $200 a tonne while the Yangshan premium holds above $100 a tonne.
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Mining.com.au
Codelco Turnaround Plan Faces Year-End Delay
Codelco says its restructuring plan may not be ready until the end of 2026, later than the October release previously expected, with CEO Jorge Gómez in the role since July. Reuters sources say measures under consideration include cutting the workforce by 5 to 20%, with contractors bearing the largest share, and they account for about 80% of a workforce of nearly 77,000. Chairman Bernardo Fontaine said in August that output would likely hold near 1.3Mt a year, against earlier ambitions of 1.7Mt by the end of the decade.
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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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