The Drill Down
Wednesday 19 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's New Boss Favours New Builds Over M&A
Brandon Craig used his first full-year result to put copper expansions ahead of acquisitions, brushing off speculation BHP could pursue uranium developer NexGen Energy. BHP puts its own copper pipeline at $16,000 to $30,000 a tonne of capital intensity against an implied $85,000 for listed pure-play copper companies, and well over $100,000 once a takeover premium is added.
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Our Take
McEwen says Rio is at the table this week for part of a US$600m equity slice. BHP the same day priced bought tonnes near $85,000 against $16,000 to $30,000 to build its own.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,341
+0.15%
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Silver
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$63
-0.92%
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Platinum
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$1,716
+0.12%
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Palladium
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$1,283
-0.34%
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Base Metals & Commodities
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Copper USD/t
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$14420.25
+0.06%
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Nickel USD/t
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$16747.50
+0.18%
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Zinc USD/t
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$3685.75
+0.42%
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Lead USD/t
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$1881.90
+0.27%
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WTI Crude USD/bbl
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$84.63
+0.68%
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Prices updated as of 19 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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American Tungsten & Antimony Ltd
Wholly owned subsidiary Trigg Minerals (USA) LLC has been selected by the US Department of Energy to begin negotiations on a potential award of up to US$18 million for the ASCEND-Sb antimony smelting project. It is one of nine projects chosen under a US$162 million program announced 18 August. DOE states selection is not a commitment to fund, and AT4 intends to discuss allocating funds to other assets including the Del Sol Refinery.
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Ore Resources Limited
Seven diamond holes for 640m at the 100% owned Kangaroo Hills lithium project returned 27m @ 1.33% Li2O from 4m in KHDD018, including 5m @ 2.01% from 11m, plus 22m @ 1.43% from 54m in KHDD015. A DSO study and a maiden Mineral Resource Estimate are both due within weeks. Ore held A$6.8 million cash and no debt at 30 June.
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Mammoth Minerals Limited
No specific catalyst identified. At the flagship Excelsior Springs project in Nevada, the 12 August release extended shallow gold 700m along the Buster trend at Lunchbox Ridge, with 22.9m @ 1.37g/t Au from 10.7m including 3.0m @ 4.15g/t. Five RC holes for 1,100m at the Blue Dick silver prospect were assayed with results guided within three weeks of that release, so positioning ahead of those assays is the likely driver.
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Arrow Minerals Limited
Profit-taking after yesterday's deal with Leeuwin Metals, which gave Arrow a 70% joint venture interest in tenement application E08/3668 next to its Yarraloola copper project for $125,000 in shares, plus a 12-month option over two more applications for a further $125,000. The ground carries over 2.4km of outcropping DSO-grade channel iron and sits less than 15km from Rio Tinto's Robe River operations. Leeuwin keeps 30% free-carried to a decision to mine.
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Lachlan Star Limited
No specific catalyst identified, with profit-taking the likely driver. The 90% owned New Waverley gold project sits 16km north-east of Norseman in WA, where maiden diamond drilling returned 6.15m @ 8.6g/t Au from 46.9m including 2.9m @ 17.7g/t. A 4,000m RC program started on 1 July, and Lachlan Star held $6.52 million cash at 30 June.
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Asara Resources Limited
Asara has signed a binding share purchase agreement to sell its 74.79% stake in the Paguanta copper and silver-lead-zinc project in northern Chile to Aquis-listed Ajax Resources, on care and maintenance since 2018. Total consideration is US$1.4 million, of which only US$50,000 cash and US$350,000 in Ajax shares is payable on completion, with the remaining US$1 million tied to Ore Reserve milestones. Capital stays pointed at the Kada gold project in Guinea, 30.3Mt at 1.0g/t for 923Koz.
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Market data as of 19 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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Bloomberg
McEwen Copper in Talks With Rio as It Seeks $4 Billion Financing
McEwen Copper, owner of the Los Azules project in San Juan province, is negotiating with Rio Tinto and other investors as it seeks a total of $4 billion to build the Argentine mine. Managing Director Michael Meding said one scenario raises about $600 million from existing shareholders and another $600 million from a new investor such as a European or Asian trading house.
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Our Take
BHP just priced its own copper build at $16,000 to $30,000 a tonne. McEwen needs $4 billion of other people's money to find out where Los Azules lands.
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Mysteel
Falling Tin Prices Boost Downstream Purchasing Interest
Chinese 1# tin ingot was quoted at Yuan 424,000 to 427,000/t on 18 August, averaging Yuan 425,500/t and down Yuan 6,000/t on the session. Lower prices pulled downstream buyers in to restock and trading was relatively brisk, though Mysteel expects a bearish bias as Middle East risk and higher oil push US Treasury yields up.
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Our Take
Cheap tin pulls buying forward without adding a single end-user order. That borrowed demand comes back out of September's book.
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Mining Weekly
BMI Revises Yearly Lithium Price Forecasts on Resilient Energy Demand
BMI has lifted its 2026 forecasts to $20,100/t for mainland Chinese lithium carbonate and $19,600/t for hydroxide monohydrate, while expecting prices to drift lower across the second half. Global demand is seen up 5.8% this year against 18.5% in 2025, with production up 13.2% led by Australia and China, and BMI views current prices as elevated beyond fundamentals.
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Our Take
Supply is set to grow at more than twice the pace of demand this year. The Australian restarts BMI expects will be first to test that gap.
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KapitaList
PhosCo's KH Discovery Boosts Gasaat Economics
All five maiden holes at KH hit broad phosphate, headlined by 19.4m @ 20.7% P2O5 from 81.6m including 9m @ 24.2%. KH sits 3.5km from the proposed plant at the wholly owned Gasaat project in Tunisia, alongside the existing KM and SAB resources, with an updated scoping study targeted for Q3 2026.
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Our Take
Five holes, five hits, and a third feed source into one plant before the study lands.
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PR Newswire
Niron Magnetics Receives $150 Million Loan for Iron Nitride Magnet Manufacturing
The Shakopee Mdewakanton Sioux Community, an investor in Niron since 2016, has lent $150 million towards the Sartell, Minnesota plant, alongside a separate conditional $150 million commitment from the US Department of War Office of Strategic Capital. Sartell is Niron's first full-scale rare-earth-free magnet plant, due to start production in 2027, with a second 10,000 tonne a year facility expected to break ground in 2028.
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Our Take
A tribal government and the Department of War now sit in the same funding stack. Sartell in 2027 is where the rare-earth-free claim stops being a lab result.
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Evolution Mining
Record Profits, Margins and Cash Flow Deliver Higher Returns to Shareholders
FY26 statutory net profit of $1,475 million and underlying profit of $1,563 million, up 59% and 63%, on underlying EBITDA of $3,171 million at a 57% margin, with group cash flow up 76% to $1,389 million. The board lifted the payout policy to 60% of group cash flow and declared a record fully franked final dividend of 21.0 cents, taking FY26 to 41.0 cents and about $833 million returned.
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Our Take
FY27 guidance sits below FY26's 715koz at a higher AISC. A 40% lift in the achieved gold price built this result, and the new payout rate spends most of it.
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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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