The Drill Down
Thursday 24 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
Tungsten West, Elmet Ink $1.8 Billion Offtake Deal for Hemerdon Mine
Tungsten West (AIM: TUN) signed a binding eight-year offtake with Elmet Technologies for 1,000 tonnes per annum of contained WO3 from its Hemerdon mine in Devon, valued at over £1.4 billion ($1.8 billion) at prevailing prices. The deal builds on the UK National Wealth Fund's up to £71 million investment in Tungsten West and its exclusive right to negotiate up to 50% of Hemerdon's annual production. The mine supplied tungsten through both World Wars before closing in 1944.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,281
-0.13%
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Silver
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$64
-0.61%
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Platinum
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$1,758
+0.13%
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Palladium
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$1,273
+0.71%
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Base Metals & Commodities
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Copper USD/t
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$14965.45
-0.48%
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Nickel USD/t
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$16437.50
-0.51%
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Zinc USD/t
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$3898.50
+0.58%
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Lead USD/t
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$1911.10
-0.06%
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WTI Crude USD/bbl
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$92.03
-0.14%
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Prices updated as of 24 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Arrow Minerals Limited
Arrow entered a trading halt this morning pending its response to an ASX price query, after an earlier unexplained pause in trading. No specific catalyst has been identified for the move; the company's most recent project update, on 17 September, covered an application for an additional West Pilbara iron ore tenement.
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Viking Mines Limited
Assays from LKRC0005 and LKRC0006 at the Linka Tungsten Project in Nevada returned 18m at 0.42% WO3 from 62m and 13m at 0.46% WO3 from 70m, both below the historic mine workings and consistent with the company's 3D model. Results follow the 14m at 0.56% WO3 reported in LKRC0002, with a further seven Linka holes awaiting assay when drilling resumes mid-October.
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Litchfield Minerals Limited
Litchfield secured a rig through Topdrill for an eight to ten hole program at the Oonagalabi Main Zone in the Northern Territory, commencing 8 October and targeting extensions to known copper-zinc mineralisation. Prior Main Zone drilling returned intercepts including 120m at 0.35% Cu, 0.92% Zn and 4.1g/t Ag from 52m in OGRC029.
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Core Lithium Ltd
Core's FY26 annual report, released this morning, showed cash of $181.8 million at June against $23.5 million a year earlier, built largely on the $120 million placement plus Glencore and InfraVia funding, but a net loss near $26 million and $21.1 million of operating cash outflow. The Finniss restart remains on track with first spodumene concentrate achieved within six months of FID.
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Unico Silver Limited
Unico raised approximately $60 million via a single-tranche institutional placement at $0.76 a share, a 10.1% discount to Monday's $0.845 close, funding 20,000m of resource drilling and the path to a maiden PFS at Joaquin by January 2027. The raise lifts pro-forma cash to roughly $110 million.
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Geopacific Resources Limited
No specific catalyst identified. Geopacific's flagship is the Woodlark gold project in PNG, where the company recently delivered a positive definitive feasibility study confirming a long-life open-pit development.
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Market data as of 24 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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Bloomberg
Indian Copper Producers Seek Tax Cut to Navigate Record Rally
The Indian Primary Copper Producers Association is lobbying government to cut GST on copper products to 5% from 18%, a move president Rohit Pathak says could unlock up to $3.6 billion in working capital tied up across the supply chain. The push comes as LME copper has set a run of records this year, climbing above $14,700 a tonne. Hindalco and Vedanta are among the producers carrying the tax burden.
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Bloomberg
Pentagon-Backed Elmet to Buy Stake in Vietnam Tungsten Miner
Elmet Group agreed to buy a 4.99% stake in Vietnam's Masan High-Tech Materials for $124.75 million, valuing the company at about $2.5 billion, with Masan Group retaining roughly 87.46% control. The deal pairs with supply and conversion agreements running more than eight years for roughly 1,250 tonnes a year of tungsten trioxide equivalent from Masan's Nui Phao mine, and gives Elmet a board seat.
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Company Release
Unico Raises $60 Million to Accelerate Development
Unico Silver received firm commitments for an approximately $60 million single-tranche institutional placement at $0.76 a share, a 10.1% discount to Monday's $0.845 close. Proceeds, with existing cash, leave the company with pro-forma cash of about $110 million to fund 20,000 metres of resource drilling, a maiden Pre-Feasibility Study by January 2027, and a Definitive Feasibility Study through to the end of 2027 at the Joaquin silver-gold project in Argentina.
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Mysteel
Indonesia IMIP Confirms Nickel Smelter Production Cuts as El Niño Tightens Water Supply
Indonesia Morowali Industrial Park confirmed several nickel pig iron smelters have cut production after El Niño reduced surrounding river water volumes, though it could not yet quantify the reduction by tenant. IMIP has previously estimated El Niño could cut park output by 30-40% against installed smelting capacity of about 4.2 million tonnes a year. Nickel Industries said its ENC HPAL project is running at about 30% of capacity through the drought, after reaching 50% of installed capacity within four weeks of commissioning.
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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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