The Drill Down
Friday 23 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
China’s September Tungsten Ores & Concentrates Imports
China imported 3,663.4 tonnes of tungsten ore and concentrate in September, down 33.5% from August's record 5,505.8 tonnes, yet declared value rose 27.5% to RMB625 million, or RMB170,685 a tonne. Myanmar and Kazakhstan supplied 82.7% of the month, and January to September volume of 28,405.9 tonnes is up 110.7% year on year, already 40% above the full 2025 total. Kazakhstan declared RMB263,964 a tonne, 73% of the domestic ex-VAT benchmark, and with domestic prices now falling, Sinamin Consulting says October volumes will show whether the import pull is structural or a price arbitrage.
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Commodity Prices: 23 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,006 -0.46% |
| Silver (USD/toz) | $54 -1.80% |
| Platinum (USD/toz) | $1,565 -0.06% |
| Palladium (USD/toz) | $1,051 -0.13% |
| Copper (USD/t) | $14,298.73 +0.37% |
| Nickel (USD/t) | $15,972.50 -1.78% |
| Zinc (USD/t) | $3,672.45 +0.66% |
| Lead (USD/t) | $1,897.30 +0.43% |
| WTI Crude (USD/bbl) | $100.29 +0.82% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
GDM +15.4%: Great Divide Mining
In its 7 October update, GDM reported Challenger gold concentrate production of 191.3 wet tonnes in the September quarter at an average 43.1g/t, with 195.8 tonnes shipped across eight shipments. September output of 81.1 wet tonnes was the strongest month, and GDM targets about 25 wet tonnes a week at above 40g/t in the December quarter.
ALV +13.1%: Alvo Minerals
In its 16 October update, Alvo began maiden auger drilling at the Florence prospect of its Bluebush heavy rare earth clay project in Brazil, with over 100 holes planned on the Serra Dourada granite. It follows 6m at 2,537ppm TREO from surface at Boa Vista, and 188 auger holes (1,369 samples) are at the laboratory with first results due from late October. A maiden JORC resource for Boa Vista is targeted for early 2027.
GPR +11.1%: Geopacific Resources
Geopacific signed a bond subscription agreement with Deutsche Balaton AG, part of the group holding 47% of the company, for A$8 million of unsecured funding through four bearer bonds issued at its election. The bonds carry 15% interest, mature on 30 June 2027 and are issued at 96.5% of face value, with proceeds to advance the 1.98Moz Woodlark project in Papua New Guinea towards a final investment decision. The May DFS forecast a post-tax NPV8 of A$1.3 billion and an IRR of 50.6%.
Top Losers
VR8 -23.7%: Vanadium Resources
Vanadium Resources' 5 October Scoping Study for a V-Iron plant at Steelpoortdrift in South Africa showed a base case post-tax NPV10 of about US$842 million and an IRR of about 36% on 2016 to 2025 median prices, against about US$665 million at current prices and US$53 million in the low case. The study is preliminary (±30% accuracy) and needs about US$400 million of pre-production capital, with funding still being sought to advance to a feasibility study. A non-binding term sheet with US Vanadium covers 100% of planned vanadium slag.
HAR -20.6%: Haranga Resources
In its 16 October update, Haranga reported the first Phase 2 hole at Lincoln in California's Mother Lode, DDH0294, returning 32m at 10.4g/t Au from 143m with a peak of 1m at 51.4g/t, reported as uphole length with true width yet to be determined. The 16-hole, 1,500m program is more than half drilled and targets upgrading Lincoln's 402koz resource, 77% of which is Inferred, with completion expected in early November.
BC8 -16.9%: Black Cat Syndicate
Black Cat produced 16,740oz of its own gold in the September quarter at an AISC of A$3,735/oz and maintained FY27 guidance of 80,000 to 90,000oz at A$3,500 to A$3,900/oz. Operating cash flow before capital fell to A$39 million from A$77 million in the June quarter on toll treatment of lower-margin material, Lakewood bearing repairs and lower-grade tonnes, and cash and liquid investments dropped to A$78 million from A$105 million. The annual Resource and Ore Reserve update lowered grades across the operating mines, and Chris Stone replaced James Bruce as managing director on 8 September.
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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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Rio Tinto
Rio Commits USD 1.9 Billion to Kangwinan Bauxite
Rio Tinto will invest US$1.9 billion, including US$150 million of pre-approved early works, to develop Kangwinan in Western Cape York, adding 20 million tonnes a year of bauxite capacity at Weipa. First output is targeted in 2029 and full production by 2032, taking Weipa's annual capacity to about 44 million tonnes from current production of around 38 million tonnes and replacing Andoom as it reaches end of life this decade. Rio expects an IRR of about 22% on third-party market forecasts as at Q4 2026, and last month agreed to acquire the adjacent Aurukun project from Glencore (70%) and Mitsubishi (30%), subject to government approvals.
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Reuters
GM Cancels e-VAC Magnet Offtake
GM has cancelled its long-term magnet supply deal with VAC's South Carolina plant, e-VAC Magnetics, and the two sides are in arbitration, according to regulatory documents and a person with knowledge of the matter. The US$500 million plant, launched late last year with capacity just under 2,000 tonnes a year, had been set to sell 90% of its output to GM, and VAC is seeking damages for wrongful termination. Energy Fuels, which agreed in June to pay US$1.9 billion for VAC, told Reuters the arbitration outcome could bring adjustments to the purchase price.
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GlobeNewswire
Hercules Agrees CAD 30 Million Bought Deal
Hercules Metals has agreed a bought-deal private placement of 34.5 million shares at C$0.87 for gross proceeds of C$30.015 million, with Canaccord Genuity and BMO Capital Markets as joint bookrunners. The underwriters hold an option over up to 5.2 million more shares for a further C$4.524 million, and proceeds will advance the Hercules Project, which hosts the Leviathan porphyry copper system in Idaho, plus working capital. Closing is expected on or about 12 November, subject to TSX Venture Exchange approval.
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Listcorp
MinRes: Record Lithium Sales, Lower Realised Prices
MinRes recorded attributable lithium sales of 170,000 dmt of SC6 in the September quarter, up 8% on the June quarter, but the weighted realised price fell 23% to US$1,873/dmt CIF SC6 as spot prices dropped in September. Net debt fell A$0.2 billion to about A$4.1 billion, FY27 guidance was maintained across all divisions, and Chief Executive Lithium Joshua Thurlow has resigned, with Darren Hardy taking over the division. Mt Marion's SC6 FOB cost of A$1,029/dmt ran above its A$960 to A$1,020 guidance range, and the company expects the full year at the upper end.
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Whitehaven Coal
Whitehaven Output Rises, but Terminal Disruptions Defer Sales
Whitehaven's September quarter managed ROM production rose 3% on the June quarter to 11.0Mt, up 22% on the prior corresponding period, at an average achieved price of A$226/t, up 2% quarter on quarter. Equity sales of 6.0Mt fell 5% as disruptions at the RG Tanna and PWCS export terminals reduced vessel throughput, with Queensland sales down 12% to 2.8Mt and volumes slipping into the December quarter. Unit costs came in at the low end of the A$132 to A$147/t FY27 guidance range, and Whitehaven expects the temporary effect of slipped sales and elevated inventories on net debt of about A$1.4 billion to unwind in the December quarter.
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Queensland Government
Queensland Opens Critical-Minerals Processing Test Facility
The Queensland Government has opened the Queensland Resources Common User Facility in Townsville, which it describes as an Australian-first purpose-built site where companies can test and validate processing at scale without building their own demonstration plant. It is backed by A$146.1 million in the 2026-27 Budget and will initially focus on vanadium, with capacity to expand to cobalt and rare earth elements. Vecco Group is the foundation customer, validating its process for converting vanadium-bearing ore into a high-purity product for vanadium flow batteries.
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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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