The Drill Down
Monday 19 October 2026
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ASX: NRL |
Record Intercepts at Tlamino
9 holes, 750m, including the widest and highest-grade intervals at the Barje deposit to date
36m @ 5.85g/t AuEq from 47m, including
14m @ 7.74g/t (BAR046) 17.5m @ 5.22g/t AuEq from 14.4m, including
8.2m @ 7.60g/t (BAR050) Q4 2026 Maiden JORC (2012) Mineral
Resource Estimate scheduled The results point to broad, high-grade continuity across the central zone, ground the 2021 estimate¹ models as low-grade. BAR047, BAR045 and BAR043 returned further intercepts of 4.87g/t, 4.16g/t and 2.39g/t AuEq over 18.3m, 10.2m and 24.6m. The rig is still on site, step-out drilling along strike from Barje, as part of a fully funded 9,000m+ program at Tlamino.
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Lead Insight
New Hope Merger Values Malabar at AUD 1.8 Billion
New Hope will acquire the Malabar shares it does not already own, and with them full ownership of the Maxwell Mine, through a scheme paying 0.500 New Hope shares for each Malabar share. At New Hope’s 16 October close of A$5.84, that implies A$2.92 a share, a fully diluted equity value of about A$1.8 billion and an enterprise value of about A$2.4 billion, with New Hope holders owning about 79% of a combined group carrying a pro forma market capitalisation of about A$6.3 billion. The Malabar board, excluding New Hope nominee Rob Bishop, unanimously recommends the scheme subject to an independent expert finding it in shareholders’ best interests, with implementation targeted by March 2027.
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Commodity Prices: 19 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,180 +0.34% |
| Silver (USD/toz) | $58 +1.27% |
| Platinum (USD/toz) | $1,654 +0.49% |
| Palladium (USD/toz) | $1,132 +1.79% |
| Copper (USD/t) | $14,714.02 +0.78% |
| Nickel (USD/t) | $15,347.50 +0.85% |
| Zinc (USD/t) | $3,687.25 +0.25% |
| Lead (USD/t) | $1,881.70 +0.33% |
| WTI Crude (USD/bbl) | $97.36 -1.68% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
AEV +28.6%: Avenira
On 15 October Avenira entered facility arrangements with major shareholder and offtake partner Hebang for up to A$85 million, comprising a A$50 million term facility and a A$35 million working-capital revolver. The facilities are expected to fully fund the 100%-owned Wonarah phosphate project in the Northern Territory through first shipment and ongoing direct shipping ore operations. They run eight years at the RBA cash rate target with no additional margin, and principal and cash interest are deferred for two years.
SKM +19.5%: Skylark Minerals
Today Skylark lifted the Zaranou Inferred resource in Côte d’Ivoire 228% to 29.0Mt at 1.28g/t Au for 1.20Moz, with M’Basso now at 872.6koz from 85 RC holes. It also signed a binding agreement to raise its Zaranou interest from 51% to 90% for US$1.2 million in cash.
BNZ +19.5%: Benz Mining
Today Benz reported 68 RC holes totalling 25,776m at the Icon gold camp at Glenburgh in Western Australia, including 46m at 6.5g/t Au from 454m, 42m at 3.0g/t Au from 337m and 39m at 3.1g/t Au from 388m. Systematic 50 x 25m drilling has delineated a 100 to 200m wide system across the first 1km of a 3km trend to depths beyond 500m, with a maiden resource targeted for Q1 2027. Intercepts are downhole lengths.
Top Losers
AAU -28.6%: Antilles Gold
On 8 October Antilles closed its rights issue oversubscribed, with a A$900,000 follow-on placement lifting total proceeds to A$3.45 million at A$0.007 a share. It is issuing 492,914,969 new shares with free attaching options, the likely overhang on the stock. Proceeds cover fixed costs for 12 months while it negotiates to lift the US sanction on its 50%-owned Cuban miner Minera La Victoria.
POW -25.5%: Powerhaus Uranium
On 6 October Powerhaus mobilised field crews at the Terrace del Molle calcrete uranium target at its Malbec project in Chubut, Argentina, its first field program since its August listing. A staged radiometric survey and grab sampling covers an initial 9km² of a roughly 17km² terrace, with a 4,000 to 5,000m drill campaign at Central Malbec planned from November. The fall looks like profit-taking after a recent run higher.
AQX -14.3%: Alice Queen
On 13 October Alice Queen completed Stage 1 RC drilling at the Horn Island gold project in Queensland, 20 holes for 4,157m, with every hole intersecting quartz veining, sericite alteration and sulphide mineralisation. No laboratory assays are in yet, with 3,708 samples at ALS and initial gold results due in about two weeks, while the pXRF readings and one visible-gold pan observation are qualitative only. The pullback looks like sell-the-news ahead of assays.
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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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Listcorp
South32 Holds Guidance as Copper Rises and Cannington Retreats
South32 held FY27 production guidance across all operations in its September quarter, with net cash up US$14 million to US$297 million. Sierra Gorda (45%) payable copper equivalent production rose 11% to 22.4kt on higher planned grades, and it paid a record quarterly distribution of US$153 million, while Cannington payable zinc equivalent fell 27% to 59.2kt as reduced paste backfill availability delayed access to planned stopes. Shareholders approved the sale of the aluminium value chain assets to Alcoa on 15 October, with completion expected in the June 2027 half.
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Economic Times
India Reportedly Considers a Replacement Mining Law
The government is considering replacing the Mines and Minerals (Development and Regulation) Act, 1957 with a comprehensive new mining law, sources said on 18 October. An inter-ministerial panel chaired by the mines additional secretary would review the Act in its entirety, simplify its language, align it with related statutes and constitutional requirements, and consult state governments before drafting the bill. The move follows the MMDR Amendment Act 2026, passed in August to set a uniform fiscal framework for minerals.
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Listcorp
Orion Clears Conditions for USD 40 Million Glencore Tranche
Orion’s US$40 million Tranche A financing from Glencore is now unconditional after the final concentrate offtake and intercreditor agreements were executed, with first drawdown expected by the end of October. The funds start development of the Uppers Mine at the Prieska copper-zinc project in South Africa, with first production targeted by the end of 2027, Torque Africa appointed for drilling and ENPROTEC to deliver the 20,000 tonne a month Uppers concentrator. The US$210 million Tranche B for the Deeps remains conditional on the Deeps being fully funded and Glencore securing third-party funding for its prepayments.
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Fortescue
Fortescue Sells First Arsenic-Cleaned Copper Concentrate
Fortescue has sold more than 40 tonnes of copper concentrate cleaned with its patented Toowong Process, which cut arsenic to below 0.25% from feedstocks carrying up to 7%. Across seven campaigns and more than 3,000 hours at its Brisbane demonstration plant, the low-temperature, low-pressure hydrometallurgical process held arsenic below 0.3% while retaining more than 99.9% of the copper. Fortescue calls it an economic alternative to roasting with comparable capital and operating costs, and is now testing concentrate from its Cañariaco copper project in Peru.
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Stockhead
Evion Group Starts Carp Magnetic Survey to Guide Fluorspar Drilling
Evion has started a drone magnetic survey over all 59 claims, about 4.94km², at its optioned Carp fluorspar project in Nevada, flown at 25 metre line spacing and 20 to 25 metre height to guide placement of the maiden drill holes. Fieldwork is expected to take one to two weeks, with processed data due within a further two weeks, followed by 41 rock-chip assays in November and a surface geochemical survey by year end. Historical production at Carp was about 44,900t at roughly 69% CaF2 between 1958 and 1971, and Evion is preparing for Bureau of Land Management permitting for a maiden drill programme in 2027.
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Listcorp
Zaranou MRE Grows by 228% to 1.20M Oz Au
Skylark’s maiden systematic drilling at M’Basso lifted the Zaranou Inferred resource in Côte d’Ivoire to 29.0Mt at 1.28g/t Au for 1.20Moz, up 228% from 364.6koz, on a 0.5g/t cut-off within a US$3,500/oz pit shell. M’Basso now holds 872.6koz from 85 RC holes for 15,888m, defined over about 2km of strike and 200m of depth and still open, at an estimated discovery cost below A$9 an ounce. Skylark also signed a binding agreement to lift its Zaranou interest from 51% to 90% for US$1.2 million in cash, with the pathway to 100% retained.
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Bloomberg
Traders Are Shelling Out Millions to Secure Copper
Bloomberg’s commodities newsletter says the threat of Trump tariffs is driving huge demand for copper, with Mercuria Energy Group paying as much as US$250 million to secure access to the metal. That deal gives Mercuria three years of supply from units of Shanghai Jayson New Energy Materials Group in Congo, including the newly started Kinga Kila project, according to people familiar with the matter. It follows Trafigura’s US$200 million advance to Ivanhoe Mines for Kamoa-Kakula copper anodes and Mercuria’s US$100 million deal for three years of Eurasian Resources Group output.
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Listcorp
Power Minerals - Exceptional Results from New Hole at MdF up to 40.5% TREO
Power Minerals’ hole MFSR-057 at Morro do Ferro in Brazil returned 111m at 8.25% TREO with 1.28% MREO from surface, including 51m at 15.4% TREO and 2.43% MREO from 24m and 15m at 20.4% TREO and 3.0% MREO from 42m. The peak sample is 1.2m at 40.5% TREO with 7.73% MREO from 42m, the highest individual sample at the project, and a 15% top-cut would trim the 51m average to 14.8% TREO. Intervals are downhole with true widths unknown, and the hole supports the maiden JORC resource estimate, with assays still pending for the lower portions of MFSR-053 and MFSR-054.
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AFR
NSW Rushes Laws to Protect 400 Mine Jobs After High Court Ruling
The NSW Government will introduce legislation within a fortnight to protect about 400 jobs at MACH Energy’s Mount Pleasant coal mine near Muswellbrook, after the High Court ruled 3-2 on 7 October against the mine’s extension to 2048. MACH has agreed to a Jobs Guarantee to maintain its current permanent workforce until 2032, the mine’s statutory consent will not take effect until it signs, and extra conditions apply to minimise Scope 3 emissions. Premier Chris Minns called it a one-off intervention that will not extend to other projects, the NSW Minerals Council welcomed it and Greens MP Sue Higginson criticised it.
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Kamoa Capital
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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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