The Drill Down
Tuesday 20 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
CuFe Agrees AUD 83.2 Million Share-Based Acquisition to Consolidate Tennant Creek
CuFe has signed a binding conditional agreement to acquire Gecko Mining Company, which holds the remaining 45% of the Tennant Creek Copper Project, for 1.6 billion new CuFe shares, lifting its interest from 55% to 100%. The project hosts a JORC 2012 resource of 23.5Mt at 1.73% copper and 0.72g/t gold for 405kt of copper and 544koz of gold, alongside 2.9Moz of silver and 16.5kt of bismuth. Gold Valley and its associates would hold about 53% of CuFe on completion, which is subject to shareholder approval, due diligence by 16 November and a January 2027 target.
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Commodity Prices: 20 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,142 +0.03% |
| Silver (USD/toz) | $57 +0.56% |
| Platinum (USD/toz) | $1,650 +0.74% |
| Palladium (USD/toz) | $1,120 +0.55% |
| Copper (USD/t) | $14,633.66 -0.09% |
| Nickel (USD/t) | $15,564.50 +1.41% |
| Zinc (USD/t) | $3,722.60 +0.59% |
| Lead (USD/t) | $1,894.70 +0.37% |
| WTI Crude (USD/bbl) | $98.78 +0.24% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
EM3 +20.9%: EMC Gold
EMC Gold owns 100% of the Salave gold project in Asturias, northern Spain, and its recent news includes the July appointment of Spain-based CEO Agne Ahlenius and an April High Court of Asturias ruling on urban planning at the project. No fresh announcement lines up with the move, which looks like momentum or thin-volume buying.
IXR +20.5%: Ionic Rare Earths
On 13 October Ionic Rare Earths reported in its September-quarter update that front-end engineering is under way for its planned Belfast commercial magnet recycling plant, with the planning application validated by Belfast City Council, and that a £600,000 upgrade at the Belfast demonstration plant is complete. The 60%-owned Makuutu heavy rare earths project in Uganda remains under strategic review.
LKY +18.5%: Locksley Resources
On 15 October Locksley outlined its Greater Tottenham copper growth strategy across about 1,000km² of central NSW, built on the Tottenham JORC 2012 resource of 9.86Mt at 0.73% copper, 0.22g/t gold and 2g/t silver and the option over the Iron Duke project, which carries a historical 1.3Mt at 1.0% copper estimate. A drilling update is due within weeks. No fresh announcement lines up with today’s move.
Top Losers
NAG -33.3%: Nagambie Resources
Today, Nagambie reported that Alkane’s first three diamond holes, 1,868m beneath the West Pit, confirmed continuity across the gold-antimony C-series lodes and extended the C2 zone 115m below its previously known extent, including 22.6m at 0.6g/t gold and 0.8% antimony from 592.59m in ADD013 (estimated true width 20.7m). The project remains subject to Alkane’s earn-in.
GDM -20.7%: Great Divide Mining
On 7 October Great Divide Mining reported 191.3 wet metric tonnes of gold concentrate from its Challenger mine at Adelong, NSW, in the September quarter, with monthly output rising from 62.1 tonnes in July to 81.1 tonnes in September after August maintenance and upgrades, and concentrate grades averaging about 43g/t gold. It dispatched 195.8 tonnes over July to September and plans to stabilise the plant at nameplate capacity in the second quarter of FY27.
FRB -14.5%: Firebird Metals
On 19 October Firebird reported its first 99.999% (5N) manganese sulphate, made at its Hunan pilot plant, and says it is the only Western company to have produced 5N material. It has also started a second Hunan program processing a representative Oakover ore subsample, with purity results to be reported once independent testing and validation finish.
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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
BHP: Copper Down 19%; New Olympic Dam Block-Cave Resource
BHP’s September-quarter copper production fell 19% to 401kt on planned lower grades, maintenance, Chilean weather, the Carrapateena conveyor failure and a mining suspension at Escondida after a fatality, with FY27 guidance held at 1,650 to 1,800kt. The average realised copper price rose 53% to US$7.01/lb. BHP also reported its first block-cave Mineral Resource at Olympic Dam, 10,730Mt at 0.59% copper, giving an updated underground resource of 88.1Mt of contained copper, though none of it has been converted to reserves and the development timeframe is not yet known.
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Listcorp
Regis: September-Quarter AISC Rises to AUD 3,617/oz
Regis produced 83.0koz of gold at an AISC of A$3,617/oz, against FY27 guidance of A$2,990 to A$3,390/oz, after heavy September rain disrupted open-pit mining and haulage and cut head grade. Duketon produced 56.1koz at A$3,657/oz and Tropicana 27.0koz at A$3,423/oz, with FY27 production guidance of 360 to 400koz unchanged and weighted to the second half. Cash and bullion rose to A$1.28 billion, including the A$51 million Vault Minerals break fee, and the Federal Court ruled the Section 10 Declaration over part of McPhillamys legally invalid.
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Yahoo Finance
Canada’s Resources Minister Pitches Mining Investment in London
Energy and Natural Resources Minister Tim Hodgson told a Canada House event in London that the world is entering the largest investment supercycle in the history of metals and mining, saying dependable supply is the shortfall and that large supply gaps will soon emerge. He pointed to the Building Canada Act and the 240-page Building Canada Strong Act tabled in September, under which major project approvals would be reviewed by one federal agency within one year. Hodgson conceded Canada has not always been competitive on execution and said Indigenous communities are now often partners in major resource projects.
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Bloomberg
POSCO’s Proposed AUD 4.4 Billion Port Hedland Iron Plant
The Australian government has approved POSCO Holdings’ plan for a low-emissions iron-ore processing plant at Port Hedland, which the Western Australian government estimates at about A$4.4 billion. Annual capacity is planned at about 2 million tonnes of iron, with first output targeted from 2031. A final investment decision still needs approval from partners Marubeni and China Steel, and the plant will run on natural gas with green hydrogen a possible later replacement.
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Mining Magazine
Volvo Creates a Dedicated Mining Business
Volvo Group will launch Volvo Mining on 1 January 2027, hosted within Volvo Construction Equipment, to sell Volvo trucks, construction equipment and autonomous solutions to mining customers and their contractors. It starts in Sweden, Norway and Finland before phased expansion, with dedicated financial resources, responsibility for the group’s global mining product and service portfolio and a coordinating role in mining research across the group. Per-Erik Lindström, currently senior vice president of Volvo Trucks International, will head the unit.
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Mining.com
Ghana Outlines Phased Restrictions on Raw-Mineral Exports
President John Mahama said Ghana plans to ban exports of unprocessed minerals by 2030, naming bauxite, manganese, iron and lithium, through a phased ban backed by legislation, mineral-specific requirements and clear implementation timelines. Ghana already bars exports of iron scrap, non-ferrous metals and raw gold from artisanal and small-scale miners. It is the third-largest manganese exporter at about 10% of global mined supply, and the move follows Guinea weighing bauxite restrictions, Zimbabwe’s ban on lithium concentrate exports and DRC limits on cobalt volumes.
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Listcorp
PLS Proposes up to USD 700 Million in Senior Unsecured Notes
PLS intends to offer up to US$700 million of senior unsecured notes due 2032, subject to market and other conditions, to qualified institutional buyers under Rule 144A and to certain investors offshore under Regulation S. Net proceeds are earmarked for general corporate purposes, including capital expenditure and other growth opportunities, and the notes will be guaranteed by certain wholly owned subsidiaries. The announcement gives no coupon or pricing.
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Mysteel
Coking-Coal Futures Fall on Supply-Recovery Expectations
The most-traded coking coal contract on the Dalian Commodity Exchange, for January delivery, closed Monday’s daytime session at Yuan 1,403/t (US$209.8/t), down 5.6% from the prior settlement and the steepest single-session drop in more than two months. Mysteel says market focus has shifted from concern over an immediate supply shortage to expectations of accelerating supply recovery.
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Mysteel
China’s Copper Market, 12 to 16 October
Mysteel reports Chinese copper prices fluctuated lower over 12 to 16 October, as stronger-than-expected US inflation lifted rate-hike expectations and the US dollar index. Higher domestic and imported arrivals eased spot supply, while demand stayed limited even as trading sentiment improved on the dip. With supply outpacing demand, China’s refined copper retail inventory rebounded, weighing on both prices and spot premiums.
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Mysteel
China’s Lithium-Ion Battery Materials Market
The most-traded lithium carbonate futures contract on the Guangzhou Futures Exchange slumped in the session ending 15 October, with the settlement price down 15.56% on the previous Friday. Mysteel says traders are pricing the early 2027 supply-demand balance, with bearish signals including the Jianxiawo mine restarting its environmental impact assessment, Jiangte Motor’s lithium mine passing a safety check and the EU mulling halving electric vehicle imports. September domestic EV sales also failed to confirm the traditional seasonal high.
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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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