The Drill Down
Wednesday 26 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
Lynas Profit Rockets 2,679% to $222m as Rare Earth Prices Surge
FY26 revenue rose to A$977.9 million from A$556.5 million and net profit after tax to A$222.4 million from A$8.0 million, on a record average selling price of A$80.7/kg REO. NdPr sales lifted 12% to 7,337 tonnes and closing cash and short term deposits reached A$1,209.1 million, from A$166.5 million.
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Our Take
The updated JARE agreement carries a US$110/kg floor on 5,000 tonnes a year of NdPr, which sits above the US$100.8/kg China domestic price Lynas cites for June 2026. That floor underwrites a slice of FY27 revenue whatever the index does, and with A$1.21 billion of cash the constraint shifts to how quickly Kalgoorlie and the expanded Malaysian heavy separation circuit can absorb it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,638
-0.42%
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Silver
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$69
+0.73%
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Platinum
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$1,866
+0.59%
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Palladium
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$1,341
+0.26%
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Base Metals & Commodities
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Copper USD/t
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$15108.78
+0.68%
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Nickel USD/t
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$17012.50
+0.22%
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Zinc USD/t
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$3884.60
+0.65%
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Lead USD/t
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$1899.30
+0.64%
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WTI Crude USD/bbl
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$80.81
-1.88%
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Prices updated as of 26 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Torque Metals Limited
Extensional RC drilling below the HHH deposit at the renamed Ritz Gold Project in South Kalgoorlie returned 11.0m at 456.00g/t Au from 122m in hole 26HRC135, including 1.0m at 3,625.00g/t Au, with abundant visible gold in the spoil. The original photon assay was unreportable with combined uranium and thorium above 80ppm, and re-assays gave 419.00g/t Au on a duplicate split and 456.00g/t Au milled to 75 microns, reported as a downhole width with true width undetermined. Other holes returned 8.0m at 3.79g/t Au from 111m and 4.0m at 6.90g/t Au from 46m, against an HHH resource of 1.15Mt at 2.0g/t Au for 73,000oz and two rigs turning.
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GBM Resources Limited
No specific catalyst identified, with momentum across the gold explorers the likely driver. GBM holds roughly 1.84Moz of gold across the Drummond Basin in Queensland, anchored by the 1.0Moz Twin Hills project, where about 23,000m of a 50,000m Stage 2 program is complete at the 309 and Lone Sister deposits. June quarter hits included 115m at 1.69g/t Au from 73m at Lone Sister and 45m at 2.21g/t Au from 346m at 309, with about 12,000m of assays outstanding, an updated resource due in Q4 2026, and A$31.7 million cash and no debt at 30 June.
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Eclipse Metals Ltd
Eclipse completed mapping and 54 rock-chip samples across the Gronnedal carbonatite in southwest Greenland during August, with assays due in Q4 2026 and no results in today's release. Metallurgical work on four composites from 2025 core is running at ALS in Western Australia with Tetra Tech, staging physical separation ahead of flotation and leach testing, while the University of Western Australia characterises the rare earth host minerals. Gronnedal holds 208Mt at 0.72% TREO for about 1.5Mt contained TREO, including roughly 456,000 tonnes of neodymium and praseodymium oxide.
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First Au Limited
First Au lodged a notice of meeting for 23 September seeking a 20-to-1 consolidation, cutting shares on issue from 3,763,480,224 to about 188,174,012, with options and performance rights consolidated in the same ratio and exercise prices adjusted inversely. Shareholders also vote on ratifying the 127,552,699 shares and 357,147,557 performance rights issued to Viking Mines on 24 July as part consideration for the Riverina East gold project, alongside A$1.2 million cash. Those rights vest against resource milestones on the Viking tenements running to 100,000oz, with at least A$500,000 of drilling committed there within 12 months of completion.
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Bougainville Copper Limited
No specific catalyst identified, with drift on no news the likely driver. Bougainville Copper's Exploration Licence No. 1 over Panguna in Papua New Guinea is suspended and subordinated after the Bougainville Executive Council granted a 25 year Large-Scale Mining Lease over the same ground to Bougainville Minerals Limited under the Bougainville Mining (Amendment) Act 2026. A committee of independent directors is being formed to weigh the legal and strategic options, and the latest quarterly confirms no production at the mine since 15 May 1989.
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Austral Gold Limited
No specific catalyst identified, with profit taking the likely driver. Guanaco in Chile produced 3,381 gold equivalent ounces in the June quarter, up 17% on March, at C1 of US$2,542/oz and AISC of US$2,954/oz after a second secondary crusher was commissioned, while Casposo in Argentina earned US$5.9 million toll processing 39,342 tonnes of Challenger Gold's Hualilan ore. An updated technical report filed post quarter extends Guanaco to about 14 years to February 2040 for an after-tax NPV of US$192.1 million at a 10% discount rate, with net financial debt down to US$1.7 million against US$20.3 million cash.
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Market data as of 26 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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Company Release
Highland Copper Announces Final Approval of US$50 Million Grant From the State of Michigan for Copperwood Project
The Michigan Strategic Fund gave final approval to US$50 million of performance-based Strategic Site Readiness Program funding for the fully permitted Copperwood project in Gogebic County, split US$44.97 million to Copperwood Resources and US$5.03 million to the Gogebic County Road Commission. A separate US$7.54 million MDOT grant lifts committed County Road 519 spending to roughly US$12.6 million, with no further state approvals required.
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Our Take
Reimbursement is conditional on Highland evidencing a further US$150 million of project financing to the MEDC by 31 March 2028 and standing up 380 jobs, so nothing is drawn until the balance of the capital stack closes. Set against the EXIM letter of interest, the state has now taken the site readiness and infrastructure spend off the project's own funding task, which is the part a lender would otherwise price as risk.
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ASX Announcement
Perseus Delivers Record Shareholder Returns
FY26 profit after tax of US$480.5 million on revenue of US$1.484 billion, with US$1.03 billion in cash and bullion and US$400 million of debt undrawn. The 9.0 Australian cent final dividend takes the full year to 14.0 cents, up 87%, alongside a buyback of up to A$350 million and a proposed A$100 million distribution from the Meyas Sand sale.
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Our Take
Gold sold fell 19% to 399,023 ounces while the realised price rose 45% to US$3,693, so the record return was paid for by the tape and Craig Jones has chosen to hand it back. FY27 guidance of 420,000 to 480,000 ounces at an all-in site cost of US$1,835 to US$2,070, with roughly US$450 million of development capital, puts the new 20% minimum dividend up against Nyanzaga's first full construction year.
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AFR
Why Rio Tinto CEO Simon Trott Wants to Do More With BHP
Rio Tinto chief executive Simon Trott wants the world's second-biggest miner collaborating further with rivals including BHP, extracting more value from shared information and assets. He casts the push through competitive barriers in iron ore as an answer to Australia's lagging productivity, warning the country is struggling to stay in the top quartile of global investment destinations.
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Our Take
The template already exists. Rio and BHP signed two non-binding MOUs in January to unlock up to 200 million tonnes across Yandicoogina and Yandi, building on the 2023 Mungadoo Pillar deal, and Trott is now proposing to widen that from stranded ore bodies to information and assets generally. One year into the job, shared infrastructure is the cheapest tonne available to him at a point where Pilbara growth otherwise demands new capital.
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Philippine Canadian Inquirer
Marcos Orders Creation of National Critical Minerals Industry Under New Executive Order
Executive Order 122, signed 21 August, sets a single national critical minerals policy and reorganises the Mining Industry Coordinating Council under DENR and DOF co-chairs, with the MGB to run exploration and mineral reservation work across at least nine million hectares. It directs the DTI to incentivise refining and battery production, streamlines permitting within six months and applies a use it or lose it rule cancelling underutilised critical minerals tenements.
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Our Take
The tenement clause is the operative provision, because cancelled ground reallocated into declared mineral reservations is the only mechanism in the order that actually moves an asset into new hands. Downstream refining incentives need capital that will wait on the MICC work plan due inside 90 days, which is where the valuation frameworks and sourcing standards get written.
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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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