The Drill Down
Thursday 27 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
Boliden to Acquire Controlling Stake in Nexa Resources
Boliden will issue 21.4 million new shares to Votorantim at 0.250x per Nexa share, taking 64.68% of the NYSE listed zinc and silver producer for implied consideration of US$1,310 million. That values Nexa at roughly US$2,025 million of equity and US$3,666 million enterprise value, a 6.5% premium to the 20 day VWAP at 26 August. Votorantim ends with about 7.0% of Boliden and a board seat, a cash tender offer for the remaining 35.32% follows closing in the first quarter of 2027, and the deal is expected to add more than 8% to earnings per share.
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Our Take
Paying in scrip at a 6.5% premium protects the balance sheet, with combined net debt to equity moving to about 33% from 24%, and the US$2.0 billion bridge is held back for the tender offers rather than the acquisition itself. LME zinc hit a four year high of US$3,858 a tonne this week while spot treatment charges for Chinese imports sit at a record minus US$117.50 a tonne, so Boliden is buying mine supply at precisely the point its own smelters are being squeezed by the shortage of it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,605
+0.24%
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Silver
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$69
+0.86%
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Platinum
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$1,841
+0.65%
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Palladium
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$1,328
+0.60%
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Base Metals & Commodities
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Copper USD/t
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$14762.91
+0.01%
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Nickel USD/t
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$16889.50
-0.72%
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Zinc USD/t
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$3885.35
+0.62%
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Lead USD/t
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$1901.30
+0.27%
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WTI Crude USD/bbl
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$81.42
-0.99%
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Prices updated as of 27 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Culpeo Minerals Limited
Access secured to Lana Corina and the Vista Montana prospect in Chile, clearing a maiden four hole, 2,000m diamond programme for early September. Vista Montana sits 1km north-east of the Lana Corina copper-gold-silver-molybdenum discovery, where CMLCD014 returned 454m at 0.96% CuEq from 90m. The rig moves straight from a 200m hole at El Quillay South, with an IP survey at Lana Corina starting within days.
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Iondrive Limited
No specific catalyst identified, with momentum and thin volume the likely driver. Iondrive's last operational step was the 3 August commissioning of a five tonne IONSolv campaign with Kingston Process Metallurgy in North America, targeting about 1.4 tonnes of mixed rare earth oxide in Q4 CY2026 from end of life NdFeB magnets. It bridges to a proposed first US module of roughly 2,000 tonnes of feedstock a year, with no FID taken.
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Cygnus Metals Limited
No catalyst in the announcement, a procedural lodgement of Central Asia Metals' unaudited H1 2026 results and MD&A onto SEDAR+. It is a condition of Canadian exemptive relief tied to the scheme under which CAML acquires 100% of Cygnus, required 21 days before the shareholder vote at 2:00pm AWST on 18 September. The likely driver is the market reading the CAML numbers ahead of that vote.
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Magmatic Resources Ltd
Magmatic closed its FY26 Fortescue-funded programme at the Myall copper-gold project near Narromine, New South Wales, with 16 diamond holes for 6,240.4m and 17 aircore holes for 1,846m, and the best assays came back thin. Calais hole FMD0522 returned 38m at 0.17% Cu and 0.04g/t Au from 324m, Stingray hole FMD0528 returned 36.3m at 0.16% Cu and 0.03g/t Au from 400m, both downhole widths with true widths unknown. Fortescue can earn up to 75% for $14 million of spend and already holds 19.9% of Magmatic, against a 2023 inferred resource of 110Mt at 0.33% CuEq at Corvette and Kingswood.
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Boss Energy Limited
FY26 revenue of $151.1 million and a $2.5 million net profit came with a New Feasibility Study cutting the Honeymoon resource to 20.8Mlb U3O8 at 440ppm, down 42% on the 2019 estimate of 35.9Mlb and 63% like for like at 250ppm undepleted. FY27 guidance is 1.25 to 1.30Mlb at C1 of $51 to $56/lb and AISC of $83 to $92/lb, against FY26 actuals of $39 and $61. The wide spaced wellfield plan carries 13.8Mlb over nine years to FY2035, peaking at 1.9Mlb a year, at life of mine C1 of $50 and AISC of $79/lb.
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West Wits Mining Limited
West Wits will not release its Project 200 Scoping Study after ASX consultation, with inferred material at 74% of the 35 year life of mine model and above 90% in some years, failing ASX requirements for a production target and the financials derived from it. The company says the study met its internal objectives and will carry Project 200 into the next study stage while converting inferred resources up. The Witwatersrand Basin Project holds 7.24Moz at 4.0g/t, 3.23Moz of it inferred, with Qala Shallows in development.
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Market data as of 27 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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ASX Announcement
Boss Energy FY2026 Financial Results and FY2027 Guidance
Boss Energy produced 1.4Mlb of U3O8 at Honeymoon in FY26, booking $151 million of revenue and $2.5 million net profit after tax, and closed the year with $207 million in cash and liquid assets and no debt. FY27 guidance is 1.25 to 1.30Mlb at an all in sustaining cost of $83 to $92 a pound.
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Our Take
FY27 all in sustaining costs of $83 to $92 a pound run roughly 40% above the $60 to $64 range Boss reaffirmed for FY26 back in April, and they arrive alongside lower guided volume, so unit costs are climbing while output falls. A $2.5 million net profit on $151 million of revenue leaves no margin buffer at all, which puts the $207 million cash balance in charge of funding the wide spaced wellfield transition on its own.
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ASX Announcement
Mineral Resources FY26 Full Year Results
MinRes reinstated its dividend with a fully franked 83 cent final payout after record FY26 revenue of $6.5 billion, underlying EBITDA of $2.6 billion and underlying net profit after tax of $0.8 billion. Net debt closed at $4.3 billion, or 1.7 times underlying EBITDA, on record annual volumes of 341Mt in Mining Services, 29.5Mt of iron ore and 559,000 dmt SC6 of lithium.
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Our Take
Closing at 1.7 times net debt to underlying EBITDA puts MinRes inside the sub 2.0x threshold the board attached to dividends when it suspended them, and the payout lands a full year ahead of the FY27 resumption analysts had pencilled in. Restarting returns in the same year Onslow finished ramping and lithium prices turned is a confident read of the cycle, and FY27 now has to carry brownfield capital at Mt Marion and Onslow alongside a dividend the market will expect again.
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Reuters
Chinese Exports Help Ease the Pain for London Zinc Shorts
LME three month zinc hit a four year peak of US$3,858 a tonne on Tuesday morning, with the cash to three month premium widening to US$131 a tonne against last October's record US$323. China turned net exporter again in July to the tune of 4,100 tonnes and is warranting metal straight into Hong Kong, which has taken about two thirds of the 17,000 tonnes delivered onto LME warrant since the start of last week.
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Our Take
Investment funds hold more than 110,000 tonnes of long positions, the largest collective bet on higher prices since the LME began publishing positioning reports in 2018, so 17,000 tonnes of Hong Kong warranting will not break the squeeze on its own. Boliden agreed to take control of Nexa this morning on the same tightness thesis, which is what a four year high and record negative treatment charges look like once they reach the equity market.
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Northern Miner
Ranked: Southern Copper Knocks Rio From No. 2 Spot
Southern Copper displaced Rio Tinto as the second most valuable miner after surging 22% in New York in the first eight trading days of 2026, leaving Rio fourth behind Zijin at US$140.8 billion on a 2.2% gain and BHP first at US$162 billion on 4.6%. Agnico Eagle became the sixth miner worth more than US$100 billion, and the Top 50 collective value sits above US$2 trillion.
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Our Take
Seven months on the order has held, with Southern Copper still clear of Rio Tinto in late August, so what could have read as a January rally artefact has hardened into a durable repricing of concentrated copper exposure against diversified scale. Boliden's move on Nexa this morning is the same trade run from the other side, with a diversified base metals producer paying up to concentrate its exposure instead of waiting for the market to award it a rerate.
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Stockhead
The Big Bucks Behind the Growing Global Copper Sector
Advisory firm Harbour ranked the world's top 100 miners by revenue and found copper generated 28.1% of a combined US$730 billion across just 22 companies, against 21.3% from 39 gold companies. Rio Tinto's half year copper earnings of US$5.7 billion sat just behind iron ore at US$6.8 billion, and BHP's full year copper earnings outweighed iron ore for the first time.
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Our Take
Five deals this year at the small end, from Aeris taking Peel for $214 million to Evolution taking Carnaby for $213 million, put the rerate well below the majors. Boliden's move on Nexa this morning runs the same trade at the top of the market, which leaves drill-ready Northwest Queensland ground as the cheapest copper entry still on the board.
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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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