The Drill Down
Tuesday 25 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
FireFly Bolsters Funding for Project Development and Growth
FireFly has launched a A$190 million raising at A$1.78 per share, comprising a A$150 million ASX institutional placement, a C$29.6 million BMO-led bought deal under the Listed Issuer Financing Exemption and a share purchase plan of up to A$10 million. Proceeds lift pro-forma cash and liquid investments to about A$373 million against A$183 million at 31 July, funding early underground development, resource growth and regional drilling at the Green Bay copper-gold project in Newfoundland. The money also carries a definitive feasibility study on the 1.8Mtpa base case and a pre-feasibility on the 4.6Mtpa alternative, ahead of a final investment decision targeted by mid-2027.
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Our Take
Pricing at A$1.78 the same morning the PEA lands puts institutions into the book on the study itself, and a 6.3% discount to the last traded price is thin for A$180 million at that speed. Pro-forma A$373 million with debt capacity still untouched funds early works, both studies and long-lead items through to a mid-2027 FID.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,647
-0.08%
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Silver
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$68
-0.93%
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Platinum
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$1,855
-1.16%
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Palladium
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$1,340
-0.99%
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Base Metals & Commodities
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Copper USD/t
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$14768.89
-0.02%
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Nickel USD/t
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$16975.50
-0.20%
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Zinc USD/t
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$3830.35
+0.68%
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Lead USD/t
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$1906.20
+0.36%
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WTI Crude USD/bbl
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$84.28
-0.86%
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Prices updated as of 25 Aug 2026, 4:24 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Metal Hawk Limited
RC drilling at the newly named Numbat lode returned 9m at 12.3g/t Au from 70m in hole 26LSRC077, including 5m at 20.7g/t Au from 72m, the best result to date at the 100% owned Leinster South project in the Agnew-Lawlers region of Western Australia. The second 2026 campaign comprised ten RC holes for 1,153m with assays received for six, other results including 8m at 3.6g/t Au from 40m in 26LSRC075 and 3m at 4.2g/t Au from 5m in 26LSRC074. The 26LSRC077 intersection is interpreted as close to true thickness and remains open at depth and along strike, with the next RC campaign due to commence in late September.
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Alvo Minerals Limited
Alvo advised yesterday it has executed a definitive agreement to acquire 100% of the mineral rights over 575ha directly adjacent to the Boa Vista prospect at its Bluebush ionic adsorption clay heavy rare earth project in Brazil. Consideration is US$210,000, with US$150,000 paid and the US$60,000 balance settled on lodgment of the transfer documents on 20 August. The ground sits on the Serra Dourada granite, the same host as the Serra Verde heavy rare earth mine that USA Rare Earth agreed to acquire in a transaction valued at about US$2.8 billion. Reconnaissance auger drilling across 40 holes returned multiple pXRF readings above 1,000ppm XREO, indicating the mineralisation mapped at Boa Vista extends into the new area.
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Manhattan Gold Corporation Limited
No announcement today, with continued buying after maiden RC results from the Jaws gold target released on 20 August. Hole JWS26006b returned 41.15m at 4.66g/t Au from 83.82m, including 7.62m at 18.67g/t Au from 85.34m and individual 1.52m samples grading up to 41.0g/t Au, wider and higher grade than the nearest historic intercept of 22m at 2.41g/t Au. Jaws carries a foreign estimate of 3.4Mt at 2.38g/t Au for roughly 285,000oz within the 665km² Hook Lake project in Nunavut. The 2026 program has passed 3,000m across 13 RC holes, further assays are pending and the rig has moved to the Spectre copper-zinc VMS target.
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Golden Deeps Limited
No specific catalyst identified, with profit taking the likely driver. Golden Deeps holds 80% of the Central Otavi project in northern Namibia, where four shallow diamond holes were completed during the June quarter below the Gossan 1 and Gossan 1 East zones of the 800m Graceland corridor. The deepest, GLBPD009, cut an 8.8m downhole zinc, copper and lead mineralised zone in sheared and brecciated dolomite. Channel sampling has returned 3m at 11.2% Cu, 294 g/t Ag and 8.7% Zn at Gossan 1, and a ten hole diamond program testing induced polarisation sulphide targets in the top 100m is set to commence. Cash was A$4.28 million at 30 June against quarterly outgoings of A$343,000.
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Neometals Limited
Neometals reported no significant assays today from 45 samples covering 78m to 124m at the end of hole 26RCRC006 at the Rinaldi copper prospect within the Barrambie Gold Project in the Murchison. The samples were prioritised for expedited analysis on visual identification of broad pyrite with quartz veining and one metre of weak chalcopyrite, and represent about 12% of the 388 samples collected in the July program. The hole was discontinued roughly 50m short of target depth due to water ingress, leaving the T2 dipole-dipole induced polarisation target untested. Assays from 0m to 78m and 662m across five holes at Ironclad remain pending, with a diamond tail planned for September.
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Us1 Critical Minerals Limited
No specific catalyst identified, with drift on no news the likely driver. US1 is awaiting Federal Court judgment in proceedings against Stephen Baghdadi, Dateline Resources and others over rare earth tenements in California identified under its agreement with Apex USA Resources, the Court having reserved its decision following closing arguments on 15 and 16 June. The company holds 100% of the Mkuju uranium tenements in Tanzania, where a technical review continued through the June quarter and sale discussions over several licences remain ongoing. Cash was A$303,000 at 30 June after a A$1 million placement at A$0.02 led by Snow Lake Energy, equal to 0.20 quarters of funding on the Appendix 5B.
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Market data as of 25 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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Reuters
India to Sell Up to 6% Stake in Hindustan Copper via OFS
India's Department of Investment and Public Asset Management will divest a base 3% of state-run Hindustan Copper through an offer for sale at a floor price of Rs 514, with a further 3% green shoe on oversubscription. The floor sits 10.38% below Monday's BSE close of Rs 573.55, with 10% reserved for retail, and the non-retail tranche opened on 25 August against a government holding of 66.14% at 30 June.
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Our Take
A 10.4% discount is a wide clearing price for a producer that lifted June quarter revenue 81% on copper, and the market took the hint, opening down 5.9% at Rs 540. Even if the full 6% clears, the government is still left above 60%, so this reads as opportunistic timing against a strong copper tape rather than any change in who controls the asset.
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AFR
Kremlin Furious as UK Gets Intelligence 'Gold Mine' From Ukraine
Ukraine has passed Britain a large body of battlefield intelligence that will train sensors at UK bases and feed a project turning buried fibre-optic cables into an AI-enabled military detection network. Kremlin spokesman Dmitry Peskov accused Britain of adding fuel to the fire and of blocking progress in the peace process, with UK Prime Minister Andy Burnham responding from Kyiv by asking who started the war.
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Our Take
What Britain has actually acquired is a training set, and the value sits in the volume of real battlefield signal rather than in any hardware changing hands. Cable already in the ground becomes a detection network once there is enough of that data behind it, which is a considerably faster route to capability than building the sensor estate from scratch.
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Mining.com.au
US Gives $2.2 Billion Backing to Brazil's Only Rare Earth Mine
The Department of War's Economic Defense Unit will put US$750 million behind an offtake for mixed rare earth carbonate from Serra Verde's Pela Ema project in Goiás, inside a US$1.55 billion structure adding a US$300 million Defense Logistics Agency purchase commitment and US$500 million from a major US bank. The package capitalises USA Rare Earth's proposed acquisition of Serra Verde and follows a US$565 million DFC loan, at an operation targeting 6,400 tonnes of rare earth oxides a year by end-2027 over a 25 year life.
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Our Take
Three separate US instruments now sit on one 6,400tpa Brazilian operation, and none of them require a mine to be built on American soil. For non-Chinese magnet feedstock developers the read-through is that offtake plus price support has become the template, and Washington will apply it offshore wherever production already exists.
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Global Mining Review
As El Nino Risk Rises, Mining Needs to Close the Gap Between Warning and Action
The World Meteorological Organisation has flagged rising odds of heatwaves, drought and heavy rainfall as a potentially strong El Nino develops, with the African Development Bank putting a super event at US$10 billion to US$20 billion across African economies. Insight Terra chief executive Alastair Bovim argues seasonal forecasts cannot tell a mine what happens in the next few hours, and that drainage and stormwater infrastructure needs continuous monitoring rather than periodic inspection, with tailings standards and the repricing of insurance on water-exposed assets making measurable water risk a condition of operating.
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Our Take
Insurance is doing the enforcing here. A seasonal forecast warns that a bad summer is coming without telling an operator which pit floods, so water risk sits uncosted until it turns up in a renewal quote, and by that point continuous monitoring is the cheaper of the two line items.
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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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