The Drill Down
Monday 24 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
Zijin Says Copper Target Under Pressure After Congo Mine Flood
Zijin Mining said its full-year copper production target is under pressure, with its share of Kamoa-Kakula output expected to fall by as much as 57,000 tonnes this year as the complex continues ramping up after last year's suspension for seismic activity and the flooding that followed. Zijin puts its interest in the project at just over 44%, the largest single equity holding in the complex. The guidance warning lands with copper trading near a record high.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,635
+0.70%
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Silver
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$69
-0.28%
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Platinum
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$1,877
-0.01%
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Palladium
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$1,347
+0.19%
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Base Metals & Commodities
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Copper USD/t
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$14670.65
-0.25%
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Nickel USD/t
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$17009.50
+0.68%
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Zinc USD/t
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$3802.80
-0.36%
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Lead USD/t
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$1896.80
+0.33%
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WTI Crude USD/bbl
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$85.71
-1.55%
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Prices updated as of 24 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Discovery Alaska Limited
A binding share purchase agreement to acquire 100% of the Cuddingwarra Gold Project near Cue in Western Australia was announced today, eight prospecting licence applications over 13.86km² adjoining Westgold Resources' Cue operations and within trucking distance of the 1.4Mtpa Tuckabianna mill. Consideration is A$720,000 in shares plus A$35,000 cash, with 0.4% and 0.8% net smelter return royalties attaching. Firm commitments for a A$900,000 placement at A$0.009, a 27.6% discount to the 15 day VWAP of A$0.01243, landed alongside, and the stock was reinstated to quotation today.
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Atomic Eagle Limited
Terms were agreed today for a mining convention with the Republic of Niger re-establishing a 60% interest in the Madaouela uranium project, with the State on 40% through a 15% free carried and 25% contributing interest. Madaouela carries a foreign estimate of 116.5Mlb U3O8 at 1,282ppm, built on roughly 600,000m of historical drilling and about US$160 million of prior GoviEx spend, with JORC conversion expected late in 2026. Atomic Eagle pays US$5 million within 30 days of permit issuance and US$5 million at construction start, and arbitration over the 2024 expropriation will be withdrawn within seven days of signing.
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Lotus Resources Limited
No specific catalyst identified, with renewed interest across ASX uranium names the likely driver. Lotus holds 85% of the Kayelekera mine in Malawi, where sulphuric acid production and uranium processing resumed on 12 August after a June halt caused by third party acid supply disruption and a partial refractory failure in the sulphur furnace. Steady state of about 2.4Mlb U3O8 a year is now guided for late calendar 2026, with first customer deliveries targeted in the fourth quarter subject to export approval, following an approximately A$95 million capital raising in July.
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Viridis Mining and Minerals Limited
Profit taking after last week's funding package, with the stock up more than 200% over the past 12 months as the Colossus ionic clay rare earth project in Minas Gerais advances through development and project finance. On 20 August Viridis secured commitments for up to about US$120 million of strategic equity from OneIM, ORE/Régia and additional strategic investors, which the company says fully addresses the indicative US$135 million equity requirement, with placement settlement due 27 August. The definitive feasibility study released the same week carries a post-tax NPV8 of US$1.196 billion, a 36.4% post-tax IRR and C1 costs of US$9.84/kg REO over a 25 year, 5Mtpa operation, with senior debt still to be bound and lender term sheets targeted by the end of September.
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Group 6 Metals Limited
No specific catalyst identified, with profit taking the likely driver after a strong run. Group 6 Metals wholly owns the Dolphin tungsten mine at Grassy on King Island, Tasmania, which produced 21,297 MTU of WO3 in the June 2026 quarter from a record 77,953 tonnes of ore processed, generated A$40.5 million of operating cash flow and closed with A$49.5 million cash. Underground mining commenced during the quarter, and the stock returned to quotation in July after a suspension tied to remediation of ASX Listing Rule 10.1 breaches on related party equipment dealings.
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Canyon Resources Limited
Canyon disclosed today that AFG Bank Cameroon has suspended all further drawdowns under its XAF 82 billion, roughly US$140 million, syndicated facility pending a full review of the project schedule and financial model and a site visit, with about US$75 million already drawn. The previously announced development timetable, including first bauxite shipment from Minim Martap in the fourth quarter of 2026, has been withdrawn and the company says it can no longer achieve Stage 1 as planned. Cash was about A$31 million at 31 July, with Jefferies running offtake linked, prepayment and strategic funding processes while ASX Listing Rule restrictions arising from the A2MP takeover bid limit equity raisings until late October 2026.
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Market data as of 24 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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Mysteel
China's Coking Coal Imports Hit Near-Record High In July As Domestic Supply Tightens
China imported 13.62 million tonnes of coking coal in July, up 11.8% on June and 41.7% on a year earlier, the second-highest monthly volume on record on General Administration of Customs data. The import pull reflects domestic tightness, with safety inspections across Shanxi keeping capacity offline following the province's fatal mine accident in late May.
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Listcorp
Second 650m Intercept Transforms Las Openas Project
Hole LODH-027 returned 657m at 0.30 g/t AuEq from surface at NewPeak's 100% owned Las Opeñas project in San Juan, Argentina, including 117m at 0.60 g/t AuEq from 77m. It sits roughly 45m from discovery hole LODH-023, which returned 663m at 0.42 g/t AuEq from surface. Drilling has paused after 2,464m across six holes, with gold grades strengthening westwards and permitting in place for up to 7,500m more this year.
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Startup Fortune
Sulfuric Acid Shortage From The Hormuz Crisis Sends Rare Earth Stocks Higher
Sulfur prices are up more than 50% since the Iran conflict began on Benchmark Mineral Intelligence figures, with the Gulf supplying roughly a quarter of global output and about half of seaborne cargoes normally transiting Hormuz. China restricted sulfuric acid exports in May, and Chinese spot acid has held near US$1.26 to US$1.42 a kilogram against US$0.13 to US$0.17 before the crisis. USA Rare Earth, Critical Metals and MP Materials gained 8%, 10% and 5% on the squeeze.
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Luxembourg Times
EU Slips Further Behind US In Race For Critical Minerals
Washington has announced about US$40 billion in provisional funding for mineral projects since 2022, taken equity stakes in domestic miners and lobbied for American companies bidding for mines in countries including the Democratic Republic of Congo and Kenya. Brussels has selected dozens of strategic projects for faster permitting over the past 18 months. EIT RawMaterials chief executive Bernd Schäfer said Europeans hesitate, over-administrate and lose time where Americans take an idea and run with it.
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Bloomberg
PLS Group's Henderson: Lithium Market In Recovery
PLS delivered record FY26 production up 17% to 879.5kt and sales up 17% to 891.6kt, with revenue of A$1.93 billion and underlying EBITDA of A$1.14 billion on realised pricing 121% higher at US$1,488 a tonne. The year closed with A$2.29 billion cash after an inaugural US$600 million bond, and the board declared a fully franked final dividend of 5 cents, about A$161 million. FY27 guidance sits at 1,030 to 1,100kt as the restarted Ngungaju plant ramps up.
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Stockhead
Sierra Nevada Confirms Large-Scale As Safra Copper System
Phase 1 drilling at As Safra in Saudi Arabia covered about 5,400m across 28 holes and has outlined copper over more than 800m of strike in the Central Copper Zone, open along strike and at depth. New assays include 16m at 1.49% Cu from 160m in ASDD0009, with 3m at 3.62%, and 9m at 1.83% Cu from 99m in ASDD0012 followed by 38m at 0.54% Cu from 118m. As Safra Southeast returned 25m at 0.52% Cu from 7m including 2m at 4.21%, while ASRC0009 extended the polymetallic breccia 400m south of the Central Copper Zone with 11m at 0.18 g/t Au, 15.09 g/t Ag, 0.05% Cu, 2.18% Zn and 0.17% Pb from 55m.
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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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