The Drill Down
Wednesday 2 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 Drilling at Chalkos Intersects Visual Copper Mineralisation
Kaoko Metals' first two diamond holes at the Otniel prospect, the maiden drilling at its Chalkos copper-silver project in Namibia, returned 60.25m of shallow disseminated copper from 36.65m and 51.83m from 39.27m, including 32.36m of strong visible copper from 59.3m and a 17.2m interval from 58.37m. Malachite, chalcocite, cuprite, native copper, dioptase, chrysocolla and chalcopyrite run through quartzite, conglomerate and siltstone, with ductile shear zones coinciding with or sitting beside the strongest mineralisation. Assays are due in four to six weeks, a third hole is testing strike continuity and two more will chase western and southern extensions before the rig moves to Donkey Hill.
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Our Take
Otniel's case was built on outcrop, with surface sampling to 69.6% copper and 2,030g/t silver across roughly 700m of a 20km confirmed mineralised trend. Broad disseminated widths at depth open a bulk tonnage question the surface work could never answer.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,320
-0.20%
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Silver
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$64
-0.18%
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Platinum
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$1,742
-0.05%
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Palladium
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$1,305
-0.19%
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Base Metals & Commodities
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Copper USD/t
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$14432.44
+0.13%
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Nickel USD/t
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$16644.50
-0.57%
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Zinc USD/t
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$3860.45
-0.35%
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Lead USD/t
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$1908.70
+0.24%
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WTI Crude USD/bbl
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$90.72
+0.55%
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Prices updated as of 2 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Kaoko Metals Limited
The first two diamond holes at Otniel, the maiden drilling at the Chalkos copper-silver project in Namibia, logged 60.25m of shallow disseminated copper from 36.65m and 51.83m from 39.27m, including 32.36m of strong visible copper from 59.3m. Malachite, chalcocite, cuprite, native copper and chalcopyrite run through quartzite, conglomerate and siltstone, with assays due in four to six weeks. A third hole is testing strike continuity and two more chase western and southern extensions before the rig moves to Donkey Hill.
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Canadian Phosphate Limited
No specific catalyst identified, with thin volume the likely driver. All eight holes completed in the 2026 diamond program at the Wapiti phosphate project in British Columbia intersected the target horizon and extended the Phosphate Main Zone strike by more than 3km, with an updated Mineral Resource Estimate due in Q4 CY26. Canadian Phosphate also completed the Diamond Mountain acquisition in Utah, a foreign estimate of 26.8Mt Measured and Indicated plus 23.1Mt Inferred at 19.67% P2O5, retaining $6.25 million cash.
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Patagonia Lithium Limited
Patagonia lodged a director appointment, adding to a board of Executive Chairman Phillip Thomas and non-executive directors Rick Anthon and Pablo Tarantini. A placement of up to A$11.4 million at A$0.10 funds Well 8 at the Formentera lithium brine project in Jujuy, Argentina, an updated resource estimate and a demonstration plant. Well 7 was called at 476m and returned a 270ppm lithium assay from the 282m packer test.
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Andean Silver Limited
Andean resumed trading on firm commitments for A$40 million through 16,326,531 shares at A$2.45, a 13.7% discount to the A$2.84 close on 28 August and 5.8% below the A$2.60 10-day VWAP, with the stock settling back toward the issue price. Canaccord Genuity and Euroz Hartleys were joint lead managers and Jett Capital Advisors co-manager. Pro forma cash of about A$82.7 million funds six rigs at Cerro Bayo in Chile, a scoping study inside six months and early restart works including mill refurbishment and underground dewatering.
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Boab Metals Ltd
No specific catalyst identified, with profit-taking across silver names the likely driver after a heavy run. Sorby Hills in the East Kimberley is under construction and fully funded on a A$109 million EPC contract with GR Engineering Services, a binding A$236 million debt facility from Merricks Capital and Davidson Kempner, and A$97.8 million cash at 31 March. Phase IX drilling of up to 5,000m across about 45 holes targets reserve conversion and silver upside, with assays from early Q4 2026 and first concentrate in H2 2027.
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Alliance Nickel Limited
No specific catalyst identified, with thin volume the likely driver at this price level. Alliance is running vat leach testwork on a 2t bulk sample from the NiWest nickel-cobalt project near Leonora, targeting cuts to the roughly A$310 million of water infrastructure capital carried in the 2024 heap leach DFS, with results due late Q3 2026. NiWest holds Major Project Status, and A$5.2 million of unsecured loans were extended to 30 June 2027 at 13%.
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Market data as of 2 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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Indonesian Mining Association
Copper Price Stalls Short of Record as Chile's Storm-Hit Output Slumps to 2011 Low
Comex December copper fell 1.3% to $6.6020 a pound, about $14,555 a tonne, after the September contract hit an all-time $6.7775 last Wednesday and LME three-month came within $2.50 of its $14,527.50 record. Chile produced 403,424t in July, down 9.4% year on year and its weakest July since 2011, with storms shutting Los Pelambres and Caserones and Antofagasta cutting 2026 guidance to 625,000 to 655,000t.
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Our Take
Comex holds about 688,000 tonnes against 234,275 on the LME, so the tariff trade has quietly absorbed a Chilean shortfall the rest of the market never had to price. That stockpile stops building when the 15% duty lands in January 2027, and the missing Chilean tonnes then meet demand without a warehouse arbitrage underneath them.
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Reuters
India Revives Talks With Zambia to Invest in Critical Minerals
Officials from India's Ministry of Mines held preliminary talks with Zambian counterparts on 26 August, reviving negotiations that stalled in April over Lusaka's failure to give assurances on mining rights across a 9,000 square kilometre area awarded to India last year. The disputed block was not raised, and state vehicle Khanij Bidesh India is separately assessing opportunities in Australia, Brazil, Canada, Russia and Indonesia alongside talks on a Malawi project.
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Our Take
Talks restarted by leaving the 9,000 square kilometre dispute off the table, so the exact item that broke them in April is still sitting there unresolved. Khanij Bidesh screening five other jurisdictions at the same time says New Delhi is spreading the risk while Lusaka decides whether exploration access ever converts into mining rights.
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The Australian
Ramelius Circles Northern Star's $800m Gold Mine
Ramelius Resources is circling Carosue Dam, an $800 million Northern Star gold asset, with the owner under pressure from an activist investor to rethink its entire portfolio.
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Our Take
Carosue Dam sits 120km northeast of Kalgoorlie carrying 696,000oz of ore reserves against 3.89Moz of resources, so $800 million buys a mill, a 240,000oz a year run rate and a reserve conversion job. Ramelius already holds Rebecca and Roe in the same district, which is the only reason the asset works harder in its hands than it does inside a portfolio Northern Star is being told to shrink.
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The Australian
Bellevue Gold Turns From Hunted to Hunter as It Mulls Merger
Bellevue Gold has gone from takeover target to potential acquirer inside a year, with market sources saying it has Catalyst Metals in its sights for a scrip merger.
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Our Take
Catalyst produced 103,761oz in FY26 at AISC of A$2,738/oz and closed June with A$331 million in cash and bullion and no debt, which is a target with no need of a bidder. Bellevue comes to this from a 2025 guidance downgrade, a A$156.5 million raise to close hedges and a strategic review, so the ratio has to carry that history before Catalyst holders will engage.
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Listcorp
Andean Announces Successful A$40 Million Raising
Andean Silver has firm commitments for A$40 million through 16,326,531 shares at A$2.45, a 13.7% discount to the A$2.84 close on 28 August and 5.8% below the A$2.60 10-day VWAP, lifting pro forma cash to about A$82.7 million. Proceeds run six rigs at Cerro Bayo in Chile, a scoping study inside six months, a feasibility study and maiden ore reserve by end CY27, and early restart works covering mill refurbishment, underground dewatering and infrastructure.
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Our Take
Andean scaled the book back and still priced 13.7% under the last close, which points at a company managing its own dilution while the bid ran ahead of the raise. An SPP was ruled out because one was completed inside twelve months, so the register tilts further toward institutions ahead of a scoping study on a 136Moz AgEq resource due within six months.
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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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