The Drill Down
Tuesday 27 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
Australia Refreshes Critical Minerals Strategy and Investment Prospectus
Resources Minister Madeleine King unveiled a refreshed Critical Minerals Strategy at IMARC that places greater weight on processing and refining where Australia has, or can develop, a comparative advantage. Austrade's accompanying prospectus, a showcase for investors rather than committed funding, now lists 94 investment-ready projects, with 29 added since February: 20 upstream and nine midstream, taking midstream projects to 36. A separate review of the critical minerals and strategic materials lists opened for consultation on 26 October and closes on 17 November.
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Commodity Prices: 27 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,014 -0.10% |
| Silver (USD/toz) | $54 -0.87% |
| Platinum (USD/toz) | $1,519 -0.62% |
| Palladium (USD/toz) | $1,038 -0.44% |
| Copper (USD/t) | $14,652.73 +0.54% |
| Nickel (USD/t) | $15,492.50 -2.04% |
| Zinc (USD/t) | $3,814.65 +0.41% |
| Lead (USD/t) | $1,918.70 +0.56% |
| WTI Crude (USD/bbl) | $101.15 -0.60% |
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Market Movers: Winners & Losers, Australian Markets
Top Gainers
NGX +85.7%: NGX Limited
NGX returned from suspension after securing rights to earn up to 85% of seven exploration licences covering more than 1,300 square kilometres in Namibia's Damara Belt, near WIA Gold's 3.78 million ounce Kokoseb deposit. It also secured rights to the Karas copper licence adjacent to Koryx Copper's Haib porphyry, and completed a A$3.6 million placement at A$0.06, with directors committing A$540,000 subject to shareholder approval.
ELK +25.9%: Elk Range Mining
Elk Range's maiden hole at the Friday gold project in Idaho returned 290.3 metres at 2.8 g/t gold from 18.7 metres, including 89.6 metres at 5.5 g/t and 11.3 metres at 21.4 g/t. The hole was drilled along the shear zone, so all intervals are downhole with true widths not estimated. It extended mineralisation about 170 metres below where historical hole PFR2014_06 stopped, with the next assays expected in late November.
PUR +18.5%: Pursuit Minerals
Pursuit completed its 2026 induced polarisation survey at the Sascha Marcelina gold-silver project in Santa Cruz, Argentina, and designed a revised eight-hole, 3,350-metre diamond program testing epithermal targets at depth beneath historical drilling. A further 20 follow-up holes for 7,150 metres have been designed, with drilling to start once rig mobilisation and site access are complete.
Top Losers
BOC -31.3%: Bougainville Copper
Bougainville Copper resumed trading after a suspension from 1 September for failing to lodge its half-year report on time, which it filed on 14 October. Its half-year net loss widened to K13.4 million, and its EL01 licence over Panguna was suspended and subordinated after a large-scale mining lease over the same area was issued to Bougainville Minerals in June.
ALV -20.9%: Alvo Minerals
Alvo's electromagnetic survey mapped thick, continuous clays across eastern Boa Vista at its Bluebush ionic clay heavy rare earth project in Brazil, though the release carried no new assays. The move reads as sell-the-news ahead of assay and leach results for more than 1,000 samples from 188 auger holes, due from late October, with a maiden Boa Vista resource targeted for early 2027.
DTR -14.4%: Dateline Resources
A US District Court in California heard applications from Dateline subsidiary Colosseum Rare Metals and the Federal Defendants to stay the August preliminary injunction over Colosseum pending appeal, and reserved its decision. If the stay is declined, the parties can seek one from the Ninth Circuit, while site operations at Colosseum remain suspended.
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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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National Reconstruction Fund
Donald Receives Conditional Government Finance Approvals
Export Finance Australia has conditionally approved up to A$70 million and the National Reconstruction Fund Corporation up to A$110 million for phase one of Astron's Donald rare earths and mineral sands project in Victoria, part of a proposed A$200 million senior debt facility with commercial lenders providing the balance. The facilities carry a 10-year tenor from financial close and remain subject to due diligence, documentation and conditions precedent, with Astron noting conditional approval is not a commitment to lend. Astron (51%) and Energy Fuels (earning 49%) are targeting a final investment decision in the December quarter.
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Minister for Resources
GAM Wins Conditional Approval for US$41.4 Million Tantalum Loan
Export Finance Australia has conditionally approved a US$41.4 million loan to Global Advanced Metals to support its tantalum production, announced alongside the Donald approvals on the first anniversary of the US-Australia critical minerals framework. More than A$6 billion in support for critical minerals projects has been announced since the framework was signed in October 2025. GAM sources tantalum in Western Australia and processes it at Boyertown, Pennsylvania, where it secured a US$25 million EXIM loan in August.
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Elemental Royalty
Elemental Closes Four Orion Assets and Upsizes Revolver
Elemental Royalty completed four of the five royalty and stream acquisitions from Orion Mine Finance funds announced on 21 September, paying US$188 million in cash and issuing 3,942,881 shares. The assets are the Ruby Hill Complex and Granite Creek silver stream, the Kouroussa gold stream, the Homestake District royalty and the La Negra royalty, with the Snowy River gold stream due to close in Q1 2027 subject to New Zealand approvals. Its revolving credit facility rises from US$150 million to US$250 million, with a US$50 million accordion and interest at SOFR plus 2.25% to 3.5%.
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Listcorp
Brightstar Secures A$82 Million Placement Commitments
Brightstar has binding commitments for a single-tranche placement of 164 million shares at A$0.50, a 12% discount to the 22 October close, with Genesis Minerals taking A$30 million to lift its stake from 0.8% to about 5.4%. Proceeds fund accelerated drilling, an early-mining strategy and an exploration decline at Two Mile Hill, where the Two Mile Hill-Shillington resource doubled to 1.45 million ounces at 1.8 g/t gold. The Sandstone PFS is targeted this quarter, while the separately funded Goldfields Project remains on schedule for first gold in the June quarter of 2027.
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Chile Ministry of Mining
Capstone Unveils Atacama Investment Plan Exceeding US$3 Billion
Capstone Copper outlined a plan of more than US$3 billion in Chile's Atacama region, including about US$2.3 billion for the Santo Domingo copper-iron project, 35 kilometres from Mantoverde, and US$220 million for the Mantoverde Optimised and Pyrite Augmentation growth projects. Announced at Mantoverde during a visit by President José Antonio Kast, the plan aims to double Capstone's Chilean copper output by 2031. Environmental and sectoral permitting for Santo Domingo is expected to begin in the coming months, with Orion having agreed to acquire a 25% interest in the project.
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Cision
Nordic Mining Suspends Engebø Mining as Creditor Talks Diverge
Engebø Rutile and Garnet has temporarily suspended mining at the Engebø project in Norway to cut costs and preserve liquidity, after positions in talks with bond trustee Nordic Trustee and the royalty holder moved further apart since 20 October. The proposals include waivers allowing a new series of short-term super senior bonds, extended covenant waivers and a further deferral of cash interest on ERG's 12.5% senior secured bonds. The suspension runs until further notice, with no assurance the proposals or a comprehensive restructuring will be agreed.
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Mysteel
Chinese Copper Smelters Curb Purchases as Treatment Charges Remain Deeply Negative
Mysteel's imported copper concentrate spot treatment charge index stood at minus US$241.07 per dry metric tonne on 23 October, edging lower week on week as the pace of decline slowed. Smelters limited purchases to immediate needs, with some leaning on more copper scrap to hold marginal profitability and others already covered for the rest of the year. A strike that began on 24 October at Teck's Highland Valley Copper, which produced 127,000 tonnes in 2025, has the mine running at reduced capacity.
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Mysteel
Lithium Futures Weakness Contrasts With Physical Destocking
China's most-traded lithium carbonate futures contract settled 5.33% lower week on week in the session ending 23 October, holding below Yuan 100,000 a tonne. The lower price lifted spot transactions slightly, and sustained destocking points to tighter spot supply. Low prices are pushing marginal capacity toward production cuts, though cost support remains limited until supply visibly contracts.
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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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