The Drill Down
Friday 28 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
St Barbara Books A$490 Million FY26 Profit and Declares A$0.05 Fully Franked Dividend
Statutory profit after tax of A$490 million on a A$499 million Lingbao deconsolidation gain, against an underlying net loss after tax of A$27.8 million. Net assets rose 148% to A$928 million, cash sits at A$475 million including A$81 million restricted, with no debt and no hedging, and a fully franked A$0.05 dividend is payable 16 October. New Simberi produced 48,395oz at AISC of A$4,829/oz against a realised A$6,232/oz, with a buy-back of up to 100 million shares held until the updated 15-Mile PFS at the end of September.
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Our Take
Andrew Strelein has put the buy-back decision and the updated 15-Mile capital number on the same release at the end of September, so one announcement settles whether the balance sheet backs the register or the project. Franking falls to A$71 million after this payment, which caps how long that pass-through can run regardless of the cash position.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,573
-0.63%
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Silver
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$69
-0.82%
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Platinum
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$1,845
+0.03%
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Palladium
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$1,351
+0.06%
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Base Metals & Commodities
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Copper USD/t
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$14742.39
-0.05%
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Nickel USD/t
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$16841.50
-0.28%
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Zinc USD/t
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$3902.20
+1.11%
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Lead USD/t
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$1908.90
+0.37%
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WTI Crude USD/bbl
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$82.90
-0.75%
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Prices updated as of 28 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Accent Resources NL
No specific catalyst identified, with thin volume the likely driver. Magnetite Range, 250km east of Geraldton on the Great Northern Highway, holds a JORC resource of 523.3Mt at 31.3% Fe, lifted more than 20% in 2024. Studies across mine design, metallurgy, flowsheet, power and water are under way, with test work pointing to a clean, low impurity concentrate suited to direct reduced iron feed.
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St Barbara Limited
FY26 statutory profit after tax of A$490 million on a A$499 million Lingbao deconsolidation gain, net assets up 148% to A$928 million, cash of A$475 million, no debt and no hedging. A fully franked A$0.05 dividend is payable 16 October, with a buy-back of up to 100 million shares held until the updated 15-Mile PFS at the end of September. New Simberi produced 48,395oz at AISC of A$4,829/oz against a realised A$6,232/oz.
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Sierra Nevada Gold Inc.
Firm commitments on 26 August for a $12.3 million single tranche placement of about 123 million CDIs at $0.10, a 13.0% discount to the last traded $0.115, with directors and management adding $0.55 million subject to an EGM in late October. Foster Stockbroking and Argonaut Securities were joint lead managers. Funds go to As Safra in Saudi Arabia, where Phase 2 of more than 25,000m of drilling plus about 10.5km of trenching starts within six weeks.
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Kali Metals Limited
No specific catalyst identified, with thin volume across gold juniors the likely driver. Kali completed 4,059m RC and 281.7m diamond drilling at Marble Bar in the East Pilbara in the June quarter, returning 3m at 3.6g/t Au from 41m at Tiger 2 and defining roughly 3km of strike. Post-quarter mapping added four prospects with rock chips to 53.1g/t Au, against $6.84 million cash and zero debt at 30 June.
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Falcon Metals Limited
Falcon resumed trading on a A$30 million placement of 50 million shares at A$0.60, an 11.8% discount to the last traded A$0.68 on 25 August, with the stock settling back toward the issue price. Canaccord Genuity, Jett Capital Advisors and Bell Potter were joint lead managers. Proceeds fund about 60,000m of diamond drilling at Blue Moon, immediately north of the 22Moz Bendigo goldfield, and a maiden 4,000m to 5,000m RC program at Errabiddy in September, funding Falcon for 24 months.
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Black Bear Minerals Limited
Black Bear resumed trading on a $12.5 million placement of 22,727,273 shares at $0.55, a 16.0% discount to the last traded $0.655 on 25 August, with executive chair Matthew Hayes subscribing for $500,000 subject to shareholder approval. Canaccord Genuity was sole lead manager. Funds go to Stage 1 underground drilling at Shafter in Presidio County, Texas, which carries a foreign estimate of 1.89Mt at 289g/t Ag for 17.57Moz being converted to JORC.
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Market data as of 28 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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Kamoa Capital
Copper M&A Frenzy, Matty's Uranium Update and Plenty More: Mining Weekly Wrap
Matt Michael of LEVRD and Scott North run the week that was, with copper M&A leading the desk alongside Firefly Metals' study and the North Queensland copper story, Lynas Rare Earths and its cash balance, another Boss Energy disappointment and DevEx hit dusters. Robert Friedland pulls more US government money, Atomic Eagle gets back into Niger, and tungsten gets a look as the investment case nobody was watching.
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Mining.com
McEwen Copper Completes US$240 Million Term Loan to Advance Los Azules Toward Final Investment Decision
McEwen Copper, 46.3% owned by McEwen Inc, has closed a US$240 million senior secured four year term loan at 12.0%, with Sprott taking US$112 million, chairman Rob McEwen US$85 million and other lenders US$43 million. Each US$1 million carries 15,000 five year warrants at US$40, funding engineering and early works at Los Azules ahead of FID in mid 2027 and first cathode in 2030.
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Our Take
A 12% coupon with warrants attached is expensive money for a shovel-ready project that already holds a feasibility study and RIGI approval, and Rob McEwen funding US$85 million of the US$240 million himself says how much of that price the syndicate would not carry. The US$40 strike now sits as the reference any McEwen Copper listing has to clear, with FID still the better part of a year out.
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Stockhead
Explorers Put Big Bucks Into Drilling as Metals Run Hot: BDO
Junior exploration spending rose to $1.05 billion in the June quarter, the highest since December 2023, on a record $1.41 million average and a median lifting from $440,000 to $490,000, with cash balances at a collective record $13.04 billion. Financing inflows fell 10% to $2.85 billion, 49% below the December peak, with gold plays drawing $630.99 million, rare earths $316.54 million and oil and gas $300.07 million.
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Our Take
Spending hit a two and a half year high while inflows fell 49% below the December peak, so the June quarter was funded out of the balance sheet the sector built in late 2025. A $1.41 million average against a $490,000 median says most of that money sits with a small group, and the September quarter shows whether results arrive before the next raising window opens.
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Australian Financial Review
South32 Breaks Dividend Shackles in Hunt for Copper Growth
New chief executive Matt Daley will scrap the dividend guarantee and cut staff to fund growth in electrification and decarbonisation metals, with the 40% payout ratio lapsing once the US$5.6 billion Alcoa aluminium sale completes in the second half of FY27. FY26 underlying earnings rose 55% to US$1.0 billion and EBITDA 28% to US$2.5 billion, with net cash of US$283 million and a fully franked final dividend of US5.4c, or US$242 million.
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Our Take
The payout floor only lifts once the Alcoa money lands in the second half of FY27, and Daley has already ruled out chasing a replacement asset for its own sake. That leaves a full year of paying at 40% while the growth case behind the change, Taylor and the Sierra Gorda fourth grinding line, contributes nothing until FY28 and FY31.
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Stockhead
This Fundie Thinks the Mining Bull Run Is Still in Its Infancy
SG Hiscock's ARI Resources Fund returned 41.6% in FY26 and portfolio manager Stephen Gorenstein says the market is 15 to 16 months into a multi-year cycle driven by US and European resource nationalisation, with Lion Selection Group setting its mining clock at 7. His names include Genesis Minerals ahead of the Vault Minerals merger, Asara Resources on a 900,000oz resource due for update, FireFly Metals, Viridis Mining and Minerals and Lindian Resources.
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Our Take
A clock at 7 and 41.6% already banked means the beta is behind him, and almost every name he puts up is pre-production, so the position now rides on capital continuing to flow to single assets. Asara's resource update lands within days against the current 900,000oz, which makes it the first dated test of the call.
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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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