The Drill Down
Thursday 20 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
Northern Star Seeks Turnaround By Paying Its CEO More Than BHP's Chief
Incoming managing director Suresh Vadnagra, who starts 5 October, is set for a package that could top $18 million this financial year, ahead of what BHP pays its chief executive. The board is defending the number against Elliott Investment Management, which holds a 5.6% economic interest through cash-settled swaps and has put six director candidates on the table, among them former Anglo American chief executive Mark Cutifani.
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Our Take
FY26 sold 1,543koz, down 6%, at an AISC of A$2,698 an ounce, up 25%. FY27 guides to 1,500 to 1,650koz at A$3,050 to A$3,450. The package is being written against a recovery that does not show up in the guidance.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,481
-0.93%
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Silver
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$67
-0.26%
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Platinum
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$1,798
-1.01%
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Palladium
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$1,325
-0.90%
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Base Metals & Commodities
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Copper USD/t
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$14487.01
-0.33%
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Nickel USD/t
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$17092.50
+2.06%
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Zinc USD/t
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$3708.57
+0.54%
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Lead USD/t
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$1888.20
+0.62%
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WTI Crude USD/bbl
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$84.77
+0.45%
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Prices updated as of 20 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Latitude 66 Limited
Binding agreement to sell two non-core Australian royalties to Vox Royalty Australia for A$3.4 million cash, being the 2.0% Kalman royalty over Queensland tenement EPM13870 and the Sylvania royalty in Western Australia. Together with the Piastri Project sale announced 14 August, Lat66 has realised A$4.9 million of non-dilutive funding in a week, enough to fund drilling at the KSB and PSB projects in Finland and Laverton in WA. The Sylvania leg is conditional on Greenmount Resources waiving its right of first refusal.
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PC Gold Ltd
PFS metallurgy at the Spring Hill gold project in the Northern Territory returned 99.4% gold extraction from weathered composites at a coarse P80 150 micron grind, with fresh domains at 90.2% to 98.7% between 106 and 150 micron. Gravity recovery ranged 33.1% to 48.9% with very low lime and cyanide consumption and a very low abrasion index across all domains. True specific gravities of 2.87 to 3.07 t/m3 sit above the 2.57 to 2.77 used in the July interim resource of 43.6Mt at 1.1g/t for 1.5Moz, with the PFS due mid-November and an updated MRE mid-December.
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Horseshoe Metals Limited
Direct shipping ore operations have commenced at the 100% owned Horseshoe Lights copper-gold project in WA, with a Senior Site Executive appointed and the Notice of Operations lodged. Personnel mobilise in early September, with 500 tonne DSO stockpiles built progressively and first sale targeted for October and the second for December. Multiple buyers have been engaged and sales are targeted off a copper price sustained above US$6.50/lb, with revenue funding a scoping study on small and large scale oxide heap and vat leach with cementation.
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Golden Globe Resources Ltd
Follow-up at the historic Burns Spur copper mine on the Ridler Creek tenement within the Dooloo Creek project in Queensland, where rock chips returned up to 4.22% Cu and 0.472ppm Au. A review of 1970 Noranda percussion drilling identified 60m at 0.16% Cu from surface in DH3a and about 40m at 0.14% Cu from 55m in DH4, with the remaining four holes recorded as low to very low. No modern exploration has been undertaken at the prospect and the forward program is mapping and rock chip sampling, with drilling subject to results.
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Globe Metals & Mining Limited
Globe confirmed confidential and incomplete negotiations with Sinomine (Hong Kong) Rare Metals Resources over the acquisition of 100% of the UK subsidiary holding its Kanyika niobium project in Malawi, based on a non-binding indication of interest for cash consideration of about US$80 million. No binding terms have been agreed, commercial terms and due diligence are still in progress, and shareholder approval would be a condition precedent to completion. The update followed a trading halt on 18 August and was released alongside a response to an ASX price query.
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Ark Mines Ltd
Stage 3 resource expansion drilling at the 100% owned Sandy Mitchell rare earth and heavy minerals project in North Queensland is complete, with 218 vertical holes for 2,330.5m across 18 drill lines on a 280m by 280m staggered grid. Total heavy minerals averaged 3.5% and monazite plus xenotime 1,413.5ppm across Stage 3, described as consistent with the Stage 1 and 2 data behind the existing 71.8Mt at 1,730ppm monazite equivalent Measured Resource. No Stage 3 resource figure was disclosed, with an updated estimate from HGS Australia expected in September ahead of a revised scoping study and a PFS targeted for CY2027.
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Market data as of 20 August 2026, 4:20 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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Mining.com
Greater Regulatory Scrutiny No Bar To Mining Mergers, Bosses Say
Glencore, Anglo American and Rio Tinto say antitrust and national interest reviews now run 12 to 18 months where copper and critical minerals are involved, with China the last jurisdiction still to clear Anglo Teck and its roughly 5% of global copper production.
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Our Take
On 5% a structural remedy is hard to argue, so the price of Anglo Teck is tonnes pointed at Chinese buyers.
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Zuleika Gold
Zuleika Directors Back CZR Bid After Expert Calls It Not Fair
Zuleika's Target's Statement carries an independent expert finding of not fair but reasonable on CZR's off market offer of 0.1742 CZR shares per Zuleika share, with the independent directors still unanimously recommending acceptance absent a superior proposal.
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Our Take
The A$44.8 million headline was struck on a June reference price of 4.27 cents a share. All scrip, no cash floor, and the expert still would not call it fair.
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North American Mining
Critical Minerals Funding Windfall
Washington allocated $10 billion to critical minerals between January 2025 and 30 June 2026 on the Council on Foreign Relations tracker, yet defence manufacturers must stop buying rare earths, magnets, tungsten, molybdenum and tantalum from China, Russia, Iran and North Korea from 1 January 2027.
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Our Take
Nineteen weeks out and Project Vault has already conceded it will buy from anywhere, China included.
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Mysteel
Lithium's September To November Volatility Ahead As Jianxiawo Uncertainty Looms
Battery grade lithium carbonate rebounded from below Yuan 140,000/t in early August to Yuan 152,800/t on 17 August, with Jianxiawo still shut and warehouse receipts at 36,700 lots capping the upside.
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Our Take
Destocking moved units from traders to cathode plants, not into cells, and converter inventories actually rose.
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Washington Times Opinion
Trump Must Stop EPA Bureaucrats From Killing Critical Mineral Mining
Republican congressman Pete Stauber argues the EPA's Section 404(c) veto remains a kill switch for any future administration, and wants it narrowed by rule after his Reducing Permitting Uncertainty Act passed the House twice and stalled in the Senate.
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Our Take
An administrative fix carries the same reversal risk it is meant to remove.
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Australian Financial Review
Fortescue Cuts Dividend After Iron Bridge Woes Drag On Profit
Statutory profit fell 15% to US$2.9 billion on a US$750 million pre tax Iron Bridge impairment and native title compensation, taking the FY26 dividend to $1.08 from $1.10 and the Forrest family's cut to $1.2 billion. Iron Bridge is guided to 11 to 14mt in FY27 against 22mt nameplate.
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Our Take
Iron Bridge has never hit its 22mt nameplate and now guides to 11 to 14mt. Asked whether it should be curtailed, Dino Otranto said they will keep ramping it up.
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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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