The Drill Down
Friday 21 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
Peru Aims for $33 Billion Mining Pipeline as Fujimori Cuts Red Tape
Prime Minister Luis Galarreta told Congress the Fujimori government expects at least $33 billion of mining investment across its five year term, and plans to authorise 240 exploration and extraction projects this year. Private companies would carry the spending, with the state confined to legal certainty, predictable permitting and timely decisions. Galarreta said officials would cut delays and remove overlapping procedures without weakening environmental or social standards.
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Our Take
Peru's constraint has rarely been capital. Las Bambas is halted this week, a reminder that an approval does not carry a project past the operating risk that follows it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,539
+0.44%
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Silver
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$69
+1.28%
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Platinum
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$1,869
+2.25%
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Palladium
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$1,345
+1.16%
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Base Metals & Commodities
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Copper USD/t
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$14618.14
+0.92%
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Nickel USD/t
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$16894.50
-1.16%
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Zinc USD/t
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$3784.10
+1.62%
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Lead USD/t
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$1900.30
+0.54%
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WTI Crude USD/bbl
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$86.22
-0.70%
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Prices updated as of 21 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Hamelin Gold Limited
Firm commitments for a placement of about $8 million at $0.16 through 49,575,892 shares were announced on 17 August, a 13.5% discount to the 12 August close of $0.185. Gold Fields subscribed roughly $1.5 million and Vault Minerals about $600,000, lifting them to about 17.7% and 10.9% of issued capital, with directors committing a further $321,000 subject to shareholder approval at a late September meeting. Proceeds fund drilling at the wholly owned Day Dawn, Venus, West Tanami and Cue regional projects in Western Australia.
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Broken Hill Gold Ltd
A 19 August review of the historical database at the wholly owned White Dam project, 80km east of Broken Hill in South Australia's Curnamona Province, identified multiple untested near-mine gold-copper targets. Historical intercepts include 16m @ 0.9g/t Au and 2.2% Cu from 13m at Mary Mine, 36m @ 1.0g/t Au and 0.3% Cu from 56m at Green and Gold, and 29m @ 0.7g/t Au from 315m beneath the Hannaford pit, none followed up. Induced polarisation and magnetic surveys start imminently ahead of a planned program of more than 30,000m of drilling over 18 months, with an upgraded oxide resource due in the fourth quarter.
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Manuka Resources Limited
Gold production restarted today at the Wonawinta processing facility in the Cobar Basin, following a five month recommissioning covering power generation, laboratory facilities and plant components. More than 50,000 tonnes of ore from the wholly owned Mt Boppy mine grading about 1.1g/t is stockpiled on site, with 125,000 to 140,000 tonnes targeted for processing over the next three months. Silver production is slated for the fourth quarter of 2026 once the new de-slime circuit is installed, after which gold and silver ores will be fed through the plant simultaneously.
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Globe Metals & Mining Limited
Globe disclosed on 20 August, alongside a response to an ASX price query and after a trading halt from 18 August, that it is in confidential and incomplete negotiations with Sinomine Hong Kong Rare Metals Resources over the sale of the UK subsidiary holding the Kanyika Niobium Project in Malawi. Discussions have been based on a non-binding indication of interest for cash consideration of about US$80 million, with commercial terms still being negotiated and due diligence in progress. No binding terms have been agreed, any deal would require shareholder approval, and the company said there is no certainty the transaction proceeds.
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European Metals Holdings Limited
No specific catalyst identified, with profit-taking the likely driver. The flagship asset is a 49% interest in the Cinovec lithium project in the Czech Republic, held through Geomet alongside CEZ on 51%, which carries a December 2025 definitive feasibility study pre-tax NPV8 of US$1.455 billion on 37,500 tonnes a year of battery grade lithium carbonate over a 28 year life. The environmental impact assessment public hearing was held on 17 June and the process is expected to conclude by the end of 2026, opening the way to mining and construction permit applications, with company cash of $0.75 million at 30 June.
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Felix Gold Limited
Profit-taking after the 19 August announcement that the US Department of Energy selected the Treasure Creek Antimony Pilot Processing Facility in Alaska for a non-dilutive award of up to US$18 million, one of nine projects chosen from a US$162 million program. The selection is only an invitation to enter award negotiations, which may run up to 120 days, and carries a proposed company cost share of 26.8%, about US$4.8 million, to be delivered in kind as ore. Felix is targeting mining operations in June 2027 and a US smelter by the end of 2027, both stated as aspirational rather than production targets.
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Market data as of 21 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
Gold Miner Evolution Open to More North America, Australia Deals
Chief executive Lawrie Conway told Bloomberg TV on Thursday that Evolution will consider acquisitions in Australia and North America, and has not ruled out buying assets from Northern Star Resources should any come to market. The comments follow July's all-scrip agreement to acquire Carnaby Resources for about A$213 million, adding the Greater Duchess copper-gold project near the Ernest Henry operation in north-west Queensland. Greater Duchess carries a resource of 29.2 million tonnes at 1.3% copper and 0.2g/t gold and could add roughly 10,000 tonnes a year of copper using latent mill capacity at Ernest Henry.
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Our Take
Evolution closed FY26 in net cash with $1.347 billion on hand. Naming a peer's assets on television is how a buyer tells the market it is ready.
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Mysteel
Las Bambas Shutdown Adds Copper Concentrate Supply Volatility
MMG suspended operations at Las Bambas in Peru on 19 August after an incident the day before killed two workers, with a gradual restart expected from 21 August and 2026 copper guidance left unchanged. The mine produced 410,829 tonnes of copper in 2025, about 28% above 2024 and roughly 2% of global mined supply. The halt lands beside a 3% fall at Escondida to 1,261,000 tonnes in FY2026, Lundin's 10,000 tonne cut to Chilean guidance and five consecutive years of decline at Collahuasi, with Mysteel's clean concentrate spot treatment charge index CIF China at negative $176.22 a dry metric tonne on 14 August.
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Our Take
Chinese smelters are already paying for feed at minus $176 a tonne. Every South American outage now lands on a market with no buffer left to absorb it.
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Investing News Network
Philippines' Tampakan Copper Mine Moves Closer to Reality After Decades of Delay
Dominion Holdings, backed by the Sy and Consunji families, is executing a three way merger to absorb the holding companies that control Sagittarius Mines, operator of the Tampakan copper-gold project, and will lift authorised capital to 30 billion pesos, about US$486.7 million, from 3.42 billion. The exchange ratio follows an independent valuation of the three entities, with a shareholder vote set for 14 September. Tampakan is estimated to average 375,000 tonnes of copper and 360,000 ounces of gold in concentrate a year over 17 years, with operations now targeted for 2028 against an earlier 2026 timeline.
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Our Take
Glencore walked in 2015 when South Cotabato banned open pits. The Sy and Consunji families bring domestic political weight no foreign major could buy.
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ASX Announcement
Record Profit Delivers Record 20cps Final Dividends
Regis reported FY26 net profit after tax of $715 million, up $461 million, on record EBITDA of $1.345 billion at a 57% margin and record operating cash flow of $1.247 billion. Fully franked final dividends of 20 cents a share totalling $151 million, split 15 cents ordinary and 5 cents special, take FY26 declared dividends to 35 cents for a 39% payout ratio and a 6.1% grossed up yield. The company sold 373,879 ounces at an average $6,283 an ounce, closed the year with $1.184 billion in cash and bullion, remains unhedged, and reaffirmed FY27 guidance of 360,000 to 400,000 ounces at an all-in sustaining cost of $2,990 to $3,390.
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Our Take
A 39% payout leaves the majority of the cash inside the company. Unhedged, with McPhillamys still in study and a $220 million tax bill due in December, Regis is holding firepower rather than spending it.
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Mining.com.au
Elevra Secures Long-Term Canadian Lithium Customer
Elevra has signed a binding take-or-pay agreement to supply spodumene concentrate from North American Lithium in Quebec to Mangrove Lithium's proposed 20,000tpa lithium carbonate equivalent conversion plant in Eastern Canada, covering 122,000 dry tonnes in year one and 144,000 dry tonnes a year thereafter. The initial term runs seven years with a seven year renewal, pricing carries a floor above NAL production costs and no ceiling, and performance depends on Mangrove reaching a final investment decision by 31 December 2028.
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Our Take
A floor with no ceiling is what a seller gets when the buyer needs the feedstock more than the tonnes need a home. The Canada Growth Fund sits behind both sides of this contract.
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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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