The Drill Down
Thursday 22 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
BHP Urges Australia to Compete Harder for Investment
BHP Chair Ross McEwan told the company's AGM in Sydney that Australia must compete for capital nationally and in every state, citing Canada's Productivity Mega Deduction and full first-year deductibility of mine development costs as policy that lowers the tax burden on new investment. CEO Brandon Craig, at his first AGM since taking the role on 1 July, said current plans support compound annual production growth of about 3% to 4% through to 2035, including around 5% a year for copper, which contributed more than half of FY2026 earnings for the first time. FY2026 underlying attributable profit rose 30% to US$13 billion, and total dividends of about A$2.40 per share returned US$8.7 billion to shareholders.
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Commodity Prices: 22 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,090 -1.23% |
| Silver (USD/toz) | $56 -2.87% |
| Platinum (USD/toz) | $1,596 -2.13% |
| Palladium (USD/toz) | $1,061 -2.62% |
| Copper (USD/t) | $14,424.79 -1.46% |
| Nickel (USD/t) | $16,261.50 +3.11% |
| Zinc (USD/t) | $3,719.72 -0.34% |
| Lead (USD/t) | $1,892.40 -0.12% |
| WTI Crude (USD/bbl) | $98.94 +1.84% |
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Winners & Losers - Australian Markets
Top Gainers
SRR +20.8%: Sarama Resources
Sarama's AGM on 21 October passed all 14 resolutions on a poll, including ratification of Tranche 1 placement securities, director placement participation and a 10% placement facility. Following the July sale of its Laverton gold projects to Riedel Resources (RIE) for A$3.2 million in cash and shares, Sarama holds about 32% of Riedel, rising to about 44% on performance milestones. The company is also pursuing a US$242 million arbitration claim against Burkina Faso over the withdrawal of the Tankoro 2 permit at its Sanutura project.
TAR +15.0%: Taruga Minerals
Most recent news, on 12 October, Taruga mobilised a diamond rig to the Weioko Gold Deposit at its East Normanby Gold Project on Normanby Island, PNG, for a maiden 10-hole, ~1,000 m program, the first drilling at Weioko since 2009. The program will test historical intercepts including 64.6 m at 2.2 g/t gold from surface in PWED047 and 63.8 m at 1.5 g/t gold from 1 m in WEH031, with several historical holes finishing in mineralisation. Taruga holds a 12-month option over the project, and assays will go to ALS in Brisbane.
BRE +13.9%: Brazilian Rare Earths
Most recent news, on 20 October, BRE's September quarterly reported A$121.8 million cash and no borrowings, with an updated Monte Alto Mineral Resource due in Q4 2026 to incorporate about 10,000 m of drilling completed after the Scoping Study cut-off. Monte Alto's current resource is 3.40 Mt at 11.3% TREO, and the Monte Alto + Camaçari Scoping Study outlines an after-tax NPV8 of US$6.0 billion and 90% IRR under Argus long-term EU/US prices. The study carries ±40% accuracy, and about 25% of its production target rests on Inferred Resources.
Top Losers
BVR -22.4%: Bellavista Resources
Bellavista reported first assays from maiden drilling at the Pickle Crow Gold Project in Ontario, including 12.2 m at 2.6 g/t gold from 116.0 m in BVRDD0024 and 3.4 m at 4.0 g/t gold from 43.2 m in BVRDD0015, testing open pit potential within the 1 Moz at 4.1 g/t near-surface portion of the 2.8 Moz Inferred Resource. Several holes hit mineralisation below 2023 pit shells set by former owner FireFly Metals at US$1,850/oz gold. Intervals are downhole lengths with true widths unknown, and the stock sold off on the release in a sell-the-news reaction.
PMM -19.6%: Pioneer Minerals
Most recent news, on 20 October, Pioneer identified five priority gold-copper geochemical targets at its San Francisco Gold-Copper-Silver Project in San Juan Province, Argentina, from a reinterpretation of historical surface data, with the nearest historical drill traces 271 m to 921 m away. No new sampling or drilling was reported, and the company states the targets' mineralisation potential remains to be established. Pioneer holds the project under staged option agreements and was reinstated to quotation on 9 October.
BTR -15.7%: Brightstar Resources
Brightstar reported first assays from deep diamond drilling at Two Mile Hill-Shillington in its Sandstone Gold Project, WA, with TMHDD26003 returning 305 m at 1.33 g/t gold from 584 m, including 173 m at 1.42 g/t gold from 716 m below the current 1.45 Moz Mineral Resource. Assays are pending for three holes, a ~6,500 m multi-rig follow-up program starts this month and true widths are not confirmed. The fall reads as sell-the-news after a strong run of Sandstone results, including the September resource upgrade to 3.6 Moz.
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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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Video
Terra Metals' Southwest Prospect Points to PGM Potential
Terra Metals (TM1) has reported an 80 m interval of platinum, palladium and gold mineralisation at its Southwest prospect on the Dante Project in Western Australia, with the richest section grading above 3 g/t. Terra believes Southwest, in a layered intrusion setting, may host a sulphide deposit, and plans a maiden resource estimate there once thousands of metres of outstanding assays are returned, alongside Dante's existing 148 Mt resource. Soul Pattinson was a cornerstone investor in Terra's A$85 million placement in February, and the company has joined the S&P/ASX All Ordinaries Index.
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Listcorp
Fortescue Warns China Negotiations Could Affect Operations by Year-End
Fortescue (FMG) shipped 46.8 Mt of iron ore in the September quarter, including 2.5 Mt from Iron Bridge, but sales of 42.9 Mt ran 3.9 Mt below shipments due to ongoing negotiations with China Mineral Resources Group (CMRG), with inventory expected to rise a further 4 to 5 Mt in October. If talks are not concluded by calendar year-end, operations may be affected, potentially including production adjustments, and FY27 guidance of 197 to 207 Mt shipped remains subject to the negotiations. Hematite C1 costs rose 13% on the prior quarter to US$21.98/wmt, while net debt climbed to US$2.8 billion from US$0.9 billion at 30 June.
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Listcorp
Polymetals Adds US$10m to Endeavor's Funding Capacity
Polymetals (POL) has executed an extended working capital facility with trading partner Ocean Partners UK, drawable to US$10 million, taking total facilities with Ocean Partners to US$20 million at 5% a year interest on drawn amounts. The company moved after replacing the $27.956 million Endeavor Mine rehabilitation bond from cash reserves in July and booking lower than planned September quarter revenue. Funds will go to developing the Upper Main Lode, the potential Supergene Zone and the Deep Zinc Lode, with an updated Mine Reserve statement due this quarter.
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Listcorp
BOA Secures A$9.245 Million Placement Commitments for Neds Creek
BOA Resources (BOA) has firm commitments for an A$9.245 million placement at A$0.105 a share to fund drilling at Ricci Lee, Thaduna and Rooneys on its 100%-owned Neds Creek Copper Project in WA, with drilling to resume in three to four weeks. Thaduna and Green Dragon hold Mineral Resources of 5.3 Mt at 2.3% Cu for 121 kt of contained copper, while Ricci Lee has returned 22 m at 3.05% Cu and 9.5 g/t Ag from 250 m, with high-grade copper in 28 of 34 holes reported. Tranche 1 raises A$7 million, with the A$2.245 million Tranche 2, including about A$130,000 of director participation, subject to approval at the 30 November AGM.
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Eastmoney
Tianqi Lithium Forecasts a Sharp Profit Rebound
Tianqi Lithium expects net profit attributable to shareholders of 5.10 billion to 6.00 billion yuan for the nine months to 30 September, up from about 180 million yuan a year earlier, an increase of 2,735% to 3,235%. The company attributed the jump to markedly higher average selling prices for its main lithium products and a sharp rise in investment income from associate SQM. Because SQM has not yet reported its third quarter, Tianqi calculated that contribution from Bloomberg's forecast of SQM's third-quarter earnings per share, and the preliminary figures are unaudited.
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CME Group
CME Prepares Tungsten Futures as Supply Pressures Lift Prices
CME Group plans to launch tungsten futures by early Q1 2027, pending regulatory review, listed on COMEX and financially settled against the Fastmarkets assessment for tungsten APT, duty unpaid, CIF Rotterdam and Baltimore. CME puts annual production at 85,000 to 95,000 tonnes and the market at more than US$20 billion at current spot prices, noting tungsten has an active spot market but no futures market. CME's metals business set a record in the first nine months of 2026, averaging 1.2 million contracts a day, up 41% year on year.
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Mining.com
Lithium's $100 Billion Question: Who Funds the Next Generation of Mines?
Benchmark Mineral Intelligence forecasts lithium demand will reach nearly 7 million tonnes LCE by 2050 from 2.11 million tonnes this year, requiring the equivalent of 134 new mines and more than $100 billion in investment. Australia's share of mined supply is forecast to fall from 29% this year to 20% by 2050 as existing operations deplete, while North America's rises to 13% from 1.7%. Benchmark expects recycling to supply almost half of lithium by mid-century, and its upside case of nearly 9 million tonnes would need about 180 new mines and more than $150 billion.
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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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