The Drill Down
Monday 26 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
Brazil Confirms Lula's Re-Election
Brazil's electoral court confirmed the runoff result overnight, with Luiz Inácio Lula da Silva (PT) re-elected on 64,256,232 votes, or 51.79% of valid votes, ahead of Flávio Bolsonaro (PL) on 59,826,041 votes, or 48.21%, on turnout of 128.2 million of more than 158 million eligible voters. The official result is the new event; September's minerals-policy initiatives are older context, not new laws or funding announced today.
Political continuity is relevant to Brazilian iron ore, lithium and rare-earth investment; specific future policy implementation remains to be established.
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Commodity Prices: 26 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,013 +0.41% |
| Silver (USD/toz) | $54 +0.50% |
| Platinum (USD/toz) | $1,550 -0.03% |
| Palladium (USD/toz) | $1,051 +0.83% |
| Copper (USD/t) | $14,441.83 -0.24% |
| Nickel (USD/t) | $15,815.50 -0.98% |
| Zinc (USD/t) | $3,746.70 +0.07% |
| Lead (USD/t) | $1,901.70 +0.37% |
| WTI Crude (USD/bbl) | $100.89 -2.30% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
SPD +19.9%: Southern Palladium
Southern Palladium's updated PFS (13 October) lifts post-tax NPV at the 70%-owned Bengwenyama PGM-chrome project in South Africa to US$1.96 billion on a 100% basis, from US$857 million, with IRR of 39.1% against 26.4% and payback of 2.8 years. Chromite recovery rises to 85.6% from 30%, making chrome a co-product at about 1Mtpa, and life-of-mine 6E recovery improves to 87.5%. Peak funding is US$329 million, the study is at prefeasibility level and about 30% of tonnes mined are Inferred.
IPT +18.2%: Impact Minerals
Impact Minerals concluded its 100-day strategic review, concentrating development capital on high-purity alumina at the 80%-owned Lake Hope project in WA, where the June 2025 PFS showed an NPV10 of A$1.165 billion and a 47% post-tax IRR. Its 50% Alluminous HPA business will be held as an investment, Broken Hill assets will be monetised without further exploration spend, and exploration shifts to critical minerals including manganese, tungsten and bismuth. The Lake Hope pilot plant is due to be commissioned by 30 November, the date of the AGM where a name change goes to shareholders.
MTM +16.2%: Metallium
Metallium signed a non-binding MOU with Traxys North America, a commodity trader with annual turnover above US$10 billion, to evaluate US critical metals processing across feedstock, tolling, offtake, prepayments and strategic investment. The framework runs to 30 November 2027, with definitive agreements targeted by 31 December 2026, and no binding volumes, financing or investment have been agreed. Traxys is a named Project Vault supplier, but the MOU confers no Project Vault status or US Government funding on Metallium.
Top Losers
STK -29.6%: Strickland Metals
Strickland told the ASX it is not aware of undisclosed information behind the fall, and that trading may reflect the outcome of Serbia's 25 October parliamentary elections, which the company says the opposition Student List won on preliminary results. Its flagship Rogozna project is in Serbia. ASX had queried the drop from a 23 October close of A$0.054 to a low of A$0.036 alongside a sharp rise in volume.
YUG -20.8%: Yugo Metals
Yugo Metals' most recent project release (6 October) secured a six-year land access and lease agreement over 1.82 hectares at the Petrovo tenement in Republika Srpska, Bosnia and Herzegovina, covering the planned drill sites and the area of 1969 historical drilling. Consideration is EUR300,000 in cash plus 18 million shares escrowed for 24 months, with an option to buy the land for EUR400,000 plus 20 million shares. An IP survey precedes drilling planned for Q4 2026 to twin the historical nickel intercepts.
FRB -14.3%: Firebird Metals
Firebird reported its lithium-manganese-rich precursor from the Hunan R&D facility reached a tap density of 1.35g/cm³, 35% above its previous result (28 July) and 11% above a commercial reference, with sulphur cut about 46% to 610ppm. Key indicators were consistent across three batches, although the detailed results relate to one sample, and replication at the Perth Australian Demonstration Plant is proposed next.
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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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Listcorp
Wildcat Releases Tabba Tabba DFS
Wildcat's DFS for the 100%-owned Tabba Tabba lithium project in WA's Pilbara delivers a post-tax NPV8 of about A$1.5 billion and a 28.4% IRR at US$1,500/t SC6 FOB, on pre-production capital of A$774 million. Stage 2 is pulled forward to Year 3, reaching 600ktpa four years earlier than the 2025 PFS, off a Probable Ore Reserve of 48.3Mt at 0.97% Li₂O, with C1 costs of US$570/t and AISC of US$709/t. Wildcat held A$76.1 million in cash at 30 September.
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Listcorp
Lotus Secures Final Key Export Authorisation for Kayelekera
Lotus Resources has secured transport and export authorisation from Namibia's National Radiation Protection Authority, completing the permits needed across Malawi, Zambia and Namibia for the first uranium shipment from Kayelekera. About 145,000 lbs of U₃O₈ in four containers is expected to leave site within a week, with shipment ex Walvis Bay booked for November to Orano CE's conversion facility in France. Remaining approvals are routine per-shipment notifications and inspections already under way.
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Listcorp
Metallium and Traxys Agree Non-Binding Commercial Framework
Metallium's US subsidiary Flash Metals USA signed a non-binding MOU with Traxys North America, a commodity trader with annual turnover above US$10 billion, covering feedstock supply, tolling, offtake, hedging, offtake-linked prepayments and potential strategic investment. The MOU runs from 16 October 2026 to 30 November 2027, with the parties aiming for one or more definitive agreements by 31 December 2026, and Flash Metals USA is barred from rival collaborations within scope until that date.
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Listcorp
Rio Tinto Signs Staged Liamu Earn-In with LCL
Under a binding term sheet, Rio Tinto may earn 51% of LCL's Liamu gold-copper project in Papua New Guinea, home to the Dada porphyry discovery and the Ubei epithermal prospect, by sole funding at least A$6 million of exploration including 3,000m of drilling within five years. Rio can lift its interest to 80% by funding a further A$40 million, or by defining a JORC-compliant resource of at least 1Mt contained copper (or copper equivalent) and completing a Scoping Study. LCL stays operator on a management fee of up to 10% of spend, the deal is conditional on PNG ministerial approval and registration, and it is Rio's second farm-in with LCL after Ono in March.
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AFR
Rio Tinto: Apollo and GIC Join Infrastructure Auction
Apollo Global Management and Singapore's sovereign wealth fund GIC have lodged non-binding indicative offers for the energy infrastructure Rio Tinto is auctioning, an asset package valued at about A$7 billion. The assets cover power plants, transmission and loading infrastructure at mining sites in Western Australia's Pilbara and in Canada. Both bids were tabled before the non-binding offer deadline earlier this month, adding to an already contested process.
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IndexBox
China's Argentina Mining Footprint Is Smaller Than Headlines Suggest
Chilean consultancy Plusmining estimates Chinese firms hold 9.2% of the US$21.2 billion of mining investment approved under Argentina's RIGI, roughly US$1.95 billion on an ownership-weighted basis, well short of the 70% share often cited for planned lithium output. The 70% figure reflects announced lithium capacity at projects with Chinese shareholders, including those awaiting approval, and the analysis could not independently confirm it. Approving Ganfeng's Pozuelos-Pastos Grandes would lift the share to 16.3%, and all three pending lithium projects to 22.3%, before counting spending outside RIGI.
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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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