The Drill Down
Monday 21 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
CATL Jianxiawo Lithium Mine Restarts EIA Approval Process
CATL's Jianxiawo lithium mine in Yichun, Jiangxi Province, has restarted its environmental impact assessment approval process, after the previous acceptance announcement was revoked over compliance questions with the construction unit's public disclosure website. Yichun Times New Energy Mining Co Ltd published a pre-approval disclosure on 18 September for the Zhenkouli (Yifeng County) to Jianxiawo (Fengxin County) project, opening a public comment window. The mine, one of the world's largest single lithium mica operations, has been treated as a key swing factor for lithium carbonate supply since it was shut down.
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Our Take
The restart only covers the environmental approval stage. Project acceptance and a production sign off still stand between here and any tonnes returning to the market, and the fact CATL is back at the public disclosure stage after a full revocation means the clock has effectively reset rather than simply paused. Markets pricing supply relief on this headline are pricing a process step, not a restart date.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,355
-0.54%
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Silver
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$66
-0.14%
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Platinum
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$1,797
-0.21%
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Palladium
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$1,307
+0.71%
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Base Metals & Commodities
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Copper USD/t
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$14876.89
+0.12%
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Nickel USD/t
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$16204.50
-0.19%
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Zinc USD/t
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$3934.45
-0.30%
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Lead USD/t
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$1921.20
+0.55%
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| WTI Crude USD/bbl |
$94.00
-2.16%
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Prices updated as of 21 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Energy Transition Minerals Ltd
The move tracks the announced US-Denmark deal giving the US "permanent control" over Greenland's security and a bigger planned US military footprint there, rather than any company-specific news. ETM's flagship Kvanefjeld rare earth project in southern Greenland has been stalled since 2021 over a government uranium mining ban, with an arbitration dispute still unresolved, so the market is trading the geopolitical spotlight on Greenland rather than any change to the licensing dispute itself.
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White Cliff Minerals Limited
White Cliff's first-ever drilling at the Bornite Hills target within its Rae Copper Project intersected visually logged bornite-dominant mineralisation over more than 32 metres and a further 13.7 metres in two holes, more than 60 metres below a historic surface trench of 3.66m at 46.99% Cu. Assays are pending, expected October 2026; the reported intervals are visual core logging, not laboratory-confirmed grades.
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Meeka Metals Limited
MEK's annual Mineral Resource and Reserve Statement lifted the Group Mineral Resource to approximately 1.5 million ounces at 2.8g/t gold, including an initial 270,000 ounce resource at Mt Holland following its recent acquisition. Ore Reserves stand at 355,000 ounces at 2.8g/t gold.
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Wildcat Resources Limited
Wildcat raised $60 million before costs via an institutional placement of 196.7 million shares at $0.305, a 10.3% discount to last close and 11.2% to the five day VWAP, to fast-track Tabba Tabba development.
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Lefroy Exploration Limited
Lefroy is assessing an expanded Mt Martin Scoping Study to fold in the high-grade portion of the nearby Burns deposit, pushing delivery out to early in the December quarter 2026 from the previously flagged timeline.
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Element 25 Limited
Element 25 confirmed early site works have begun at the Butcherbird Expansion Project, covering earthworks, a new process water pond and site infrastructure ahead of the main construction phase. The announcement is dated 15 September; no fresher E25 disclosure is available, so today's move likely reflects broader sector selling rather than new company news.
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Market data as of 21 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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ASX Announcement
SVL Launches Placement to Raise $70 Million
Silver Mines (ASX:SVL) is raising approximately $70 million before costs via a two tranche placement at $0.145 a share, a 10% discount to the five day VWAP to 18 September. The raise issues 482,758,621 new shares, with 277,733,713 unconditional under existing placement capacity and the remaining 205,024,908 subject to shareholder approval at the company's AGM. Proceeds fund Bowdens Silver Project development consent and engineering, the cash component of the Fitzroy and Asia Metals royalty acquisitions, and continued exploration across Kramer Hills, Calico North and Tuena.
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Our Take
The raise lands against a silver price above US$60 an ounce, a materially stronger backdrop than the sub $30 environment Bowdens' initial development studies were scoped against.
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Miningmx
Fresh Capital, Old Problems for Zimbabwe Mining
Caledonia Mining and Tharisa are both increasing exposure to Zimbabwe despite lingering investor caution, with Caledonia developing the Bilboes gold project (200,000 ounces a year from 2029) after a $150 million seven year convertible bond drew over $600 million in demand, and Tharisa backing its Karo platinum project with a 23,903 hectare, 25 year special mining lease and an oversubscribed $300 million bond. Foreign exchange access remains uneven: Valterra Platinum still has roughly $100 million in historic export proceeds stuck, while Implats' Zimplats secured R746 million of a previously inaccessible R962 million balance under a new offset arrangement, with about $99 million offset against taxes and royalties.
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Our Take
The royalty math is the tell: Harare only doubles the take once gold clears $5,000 an ounce, comfortably above where spot is trading, so the concession currently costs the government nothing while buying goodwill with two majors mid-build. Caledonia and Tharisa are pricing that gap when they call Zimbabwe's risk mispriced, while the forex retention rules are the part still costing Valterra and Implats real cash today.
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Wood Mackenzie
Major Iron Ore Producers Have Used 11.1 Billion Tonnes of Reserves Over the Past Decade, Replacing Three-Fourths of Tonnes Mined
Wood Mackenzie's new Iron Ore Reserve Depletion and Replacement Analysis finds the six largest producers depleted 11.1 billion tonnes of marketable reserves between FY2016 and FY2025, with only three fully replacing what they mined and net replacement ratios ranging from 28% to 159%. C1 cash costs have roughly doubled for some producers as strip ratios rise, compressing cash margins from a FY2021 peak to roughly US$50 to US$60 a tonne by FY2025. Growth capex to add a tonne of reserve now spans a fivefold range of about US$2 to US$10 across the peer group, with reserve grades down as much as 1.6 percentage points at some producers since 2016.
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Our Take
The real signal sits in the capex spread. A fivefold gap between $2 and $10 a tonne to replace reserves splits the peer group into those who keep margin as ore bodies mature and those who face capital raising or resource downgrades first, and Wood Mackenzie's own anonymised framing means the market still has to work out which listed names sit at which end.
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ASX Announcement
Global Lithium Enters Trading Halt Pending Change of Control Announcement
Global Lithium Resources (ASX:GL1) has entered a trading halt under Listing Rule 17.1 pending an announcement regarding a potential change of control transaction. The halt is set to lift at the earlier of market open on 23 September or release of the announcement.
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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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