The Drill Down
Wednesday 21 October 2026
|
 |
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.
|
| |
|
Lead Insight
Codelco Offers Record 2027 European Copper Premium
Codelco has offered European customers a record 2027 premium of US$350 a tonne above LME prices, up more than 7% from US$325 for 2026, Reuters reports, citing two sources. The offer follows Aurubis lifting its own 2027 European premium by around 10% to a record US$347 a tonne last week, as expected US import tariffs keep pulling copper out of Europe. Codelco declined to comment.
|
| |
Commodity Prices: 21 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,116 -0.22% |
| Silver (USD/toz) | $57 -1.16% |
| Platinum (USD/toz) | $1,639 -0.95% |
| Palladium (USD/toz) | $1,092 -0.79% |
| Copper (USD/t) | $14,675.61 -0.31% |
| Nickel (USD/t) | $15,770.50 +1.32% |
| Zinc (USD/t) | $3,719.40 +0.08% |
| Lead (USD/t) | $1,889.80 +0.13% |
| WTI Crude (USD/bbl) | $99.16 +1.37% |
|
|
Winners & Losers - Australian Markets
Top Gainers
FRB +40.0%: Firebird Metals
No news today. Most recent news, on 19 October the company produced its first 99.999% ultra-high-purity manganese sulphate at its Hunan Pilot Plant, a grade it says prices at about a 33% premium to standard battery-grade material. A second program has started processing ore from its Oakover project ahead of commissioning its Australian Demonstration Plant in Perth in 2027, with purity results to be independently validated.
LNQ +39.2%: LinQ Minerals
No news today. News yesterday, reported visually observed high sulphidation epithermal and porphyry-style mineralisation from 321 m to end of hole at 750.3 m, a 429 m downhole zone dominated by pyrite. These are visual observations, not assays, and laboratory results expected in six to eight weeks will determine economic significance.
CRR +25.0%: Critical Resources
No news today. News yesterday, the company secured exclusivity to acquire 90% of the 29 km² Gadu Manda gold project in Suriname, its third Suriname gold project. The acquisition remains subject to due diligence, definitive documentation and ministerial approval.
Top Losers
AEV -22.2%: Avenira
No news today. The most recent announcement, on 15 October, secured up to A$85 million in facilities from Hebang for the Wonarah development, comprising a A$50 million term loan and a A$35 million working capital revolver. The facilities have not yet been drawn.
CVR -15.0%: Cavalier Resources
No news today. The most recent announcement, on 8 October, confirmed all primary mining approvals for Crawford Stage 1, with remaining financing drawdown conditions still outstanding at the time.
FXG -12.5%: Felix Gold
No news today. The most recent release, on 9 October investor presentation, reviewed pilot-scale antimony work at Treasure Creek and the company's selection to negotiate up to US$18 million of US Department of Energy funding. No award has yet been obligated.
|
| |
|
Do you want exclusive access to future capital raises and investment opportunities?
Join the Kamoa Capital Investor Register TODAY!
Investor Register
Registration is not an application for securities and does not guarantee participation in any offer. Any offer is made separately by the issuer or an appropriately authorised party.
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
|
Today's Stories
|
|
NSW Government
NSW Passes Coal-Region Transition Legislation
The NSW Government has passed the Future Jobs and Investment Bill 2025, establishing an Authority to support the Hunter, Illawarra, Central West and North West coal regions, with the Hunter and Central West Local Divisions set up first. Coal mine operators must now give notice of closure within specified timeframes and provide plans for supporting workers when operations cease. The Authority is backed by A$29.7 million in ongoing funding and more than A$170 million under a new Future Jobs and Investment Fund, with additional contributions each year.
|
|
Listcorp
Nickel Industries Establishes US$245 Million ENC Facility
PT Fajar Metal Industry, owner of the ENC HPAL project in which Nickel Industries (NIC) holds 46%, has signed a seven-year, OCBC-led non-recourse facility comprising a US$220 million amortising term loan and a US$25 million working capital line at SOFR plus 2.00%. Because NIC equity accounts for ENC, the debt sits outside group borrowings and covenants, and NIC will receive 46% of any distribution made from term loan proceeds. An accordion could lift the term loan to US$800 million but is not committed, and drawdown remains subject to customary conditions.
|
|
Listcorp
Northern Star Discloses A$500 Million Credit Expansion as KCGM Commissions
Northern Star (NST) has added an A$500 million revolving credit tranche maturing October 2029, lifting total bank facilities to A$2.25 billion, and separately drew A$500 million on 9 October ahead of its final FY26 dividend. September quarter gold sold was 363,891 oz at an AISC of A$3,217/oz, with the KCGM tie-in completed on 28 September, about two weeks later than anticipated due to thickener and ball mill issues since addressed. Early commissioning of the integrated plant continues and FY27 guidance of 1,500 to 1,650 koz at an AISC of A$3,050 to A$3,450/oz is unchanged.
|
|
Micron Technology
Micron Invests in US Critical Minerals Processing
Micron (MU) will provide strategic funding for Indium Corporation to expand its refining and manufacturing operations in Rome, New York, restarting domestic processing of critical minerals used in advanced semiconductor manufacturing. The amount was not disclosed, and the companies will enter into a long-term supply agreement giving Micron access to the high-purity minerals. The investment sits within Micron's July plan to invest up to US$3 billion in its US semiconductor supply chain.
|
|
Mining.com.au
Japan Warns of Dwindling Yttrium Supplies
Japan's government has warned its yttrium stockpiles could run out within months and is seeking US help to persuade China to ease export controls, the Financial Times reports. Chinese yttrium oxide exports to Japan fell nearly 98% to 14.1 tonnes in the first five months of 2026, from 605.3 tonnes a year earlier. Argus data cited by the FT puts yttrium oxide outside China at around US$1,150/kg, against US$9/kg inside China.
|
|
Mining.com.au
Reported Indonesia Nickel-Cut Talks Resume, No Agreement Yet
Executives from Tsingshan, GEM, Lygend and Huayou are scheduled to meet this week to finalise a potential coordinated cut to Indonesian HPAL output, Bloomberg reports, though there is no guarantee the meeting goes ahead or an agreement is reached. One proposal would cut each producer's output by about 30%, a figure first reported in August, when talks ended without agreement. LME nickel is down about 20% from its May highs, while higher sulphur costs and tighter Indonesian ore quotas squeeze margins.
|
|
Listcorp
Yancoal Cash Improves, but Diesel Pushes Costs Higher
Yancoal (YAL) produced 9.4 Mt of attributable saleable coal in the September quarter and sold 9.0 Mt at an average A$170/t, up 6% quarter on quarter, lifting cash by A$340 million before the A$92.4 million interim dividend and Kestrel acquisition funding. Output was lower on a planned longwall relocation at Moolarben and challenging geology at Ashton. 2026 production is tracking to the upper half of 36.5 to 40.5 Mt guidance, while diesel prices push cash costs towards the upper end of A$90 to A$98/t, with guidance excluding Kestrel.
|
|
Listcorp
Westgold Builds Treasury While Quarterly Costs Rise
Westgold (WGX) produced 98,393 oz in the September quarter, steady on June, while AISC rose to A$2,912/oz from A$2,802/oz, a measure that excludes ore purchase agreement production and costs. Cash, bullion and liquid investments rose A$101 million to A$1.04 billion after A$111 million of non-sustaining capital and A$24 million of exploration, and the company remains debt-free and unhedged. FY27 guidance of 385 to 425 koz at an AISC of A$2,980 to A$3,380/oz is unchanged.
|
|
AFR
Northern Star's Costs Jump as Board Awaits Sweetened Gold Fields Bid
Northern Star's September quarter AISC came in at A$3,217/oz, with KCGM's rising to A$2,727/oz from A$2,411/oz in the June quarter as the mill changeover cut grades and recoveries. The board unanimously rejected Gold Fields' A$38.7 billion cash and scrip proposal last month as materially undervaluing the company. On 15 October, Gold Fields CEO Mike Fraser played down raising the offer, saying Northern Star first needs to acknowledge a potential path to a tie-up.
|
|
Miningmx
Southern Palladium "Vulnerable" to Takeover in Hungry Market
Southern Palladium CEO Johan Odendaal said the ASX- and JSE-listed developer is probably vulnerable to a bid now that its Bengwenyama mining right is granted, with the shares still too cheap. An updated prefeasibility study this month lifted the project's NPV to US$1.96 billion from US$857 million, with life-of-mine chrome output rising to 17.2 Mt from 6 Mt. Bengwenyama is planned in two phases, producing 200,000 oz of PGMs a year and rising to 420,000 oz.
|
| |
|
Kamoa Capital
Website | LinkedIn | Instagram | YouTube
|
|
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.
|
|
