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WEDNESDAY 28 OCTOBER 2026 |
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The Drill Down
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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
Jacaranda Natural Resources began trading on the ASX today after completing an $8 million IPO at $0.20 per share. The company has about $7.0 million in pro-forma cash, which funds a 24-month copper-gold exploration program across Queensland and Botswana. A rig is due at the Globe Gold Project in Botswana within days to drill roughly 540m across eight diamond holes, and maiden drilling at the 409 km² White Cockatoo project in central Queensland is planned for early 2027. Ever-Sun Development cornerstoned the raise with $2.49 million and existing shareholder Purebond contributed $700,000.
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Commodity Prices: 28 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,041 -0.47% |
| Silver (USD/toz) | $54 -0.80% |
| Platinum (USD/toz) | $1,533 -0.55% |
| Palladium (USD/toz) | $1,030 -0.24% |
| Copper (USD/t) | $14,803.02 -0.22% |
| Nickel (USD/t) | $15,497.50 +0.03% |
| Zinc (USD/t) | $3,843.30 +0.70% |
| Lead (USD/t) | $1,920.70 -0.14% |
| WTI Crude (USD/bbl) | $101.49 +1.59% |
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| Market Movers: Winners & Losers, Australian Markets |
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Top Gainers
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TYX +50.0%: Tyranna Resources Limited
Tyranna's latest update from its Coola Rare Earths and Niobium Project in Angola reported vendor trench samples up to 10.6% TREO and soils up to 10.8% TREO at the Sulima West prospect. Work to date covers less than 5% of the 4.2km-diameter ring complex. Assays from 513 new soil samples are due in Q1 2027, with drilling likely from Q2 2027.
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CLA +33.3%: Celsius Resources Ltd.
Celsius' latest corporate update confirmed progress on the US$15 million sale of its 95% interest in the Opuwo Cobalt-Copper Project in Namibia to a Chinalco subsidiary. Shareholder approval and licence renewals are now satisfied, while Namibian and Chinese regulatory approvals remain outstanding. In the Philippines, the company continues to pursue arbitration and court action to protect its MMCI interest.
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SGA +28.1%: Sarytogan Graphite Limited
Sarytogan's September quarterly followed its Definitive Feasibility Study for the 50,000tpa upstream graphite project in Kazakhstan. The study returned a pre-tax NPV8 of US$132.7 million and a 19.8% IRR on US$80.5 million total capex. The shares returned from a three-day voluntary suspension to rectify a 2025 options issue, and the company held A$1.0 million cash at quarter end.
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Top Losers
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RTR -37.5%: Rumble Resources Limited
Rumble released an updated Scoping Study for Western Queen in WA. It outlines a production target of 1.2Mt at 3.2g/t Au for 125koz over almost four years, with a pre-tax NPV8 of $86 million and a 45% IRR at A$5,714/oz. The market sold the news. The plan depends on toll treatment at Gylden's Kirkalocka plant, which is still being refurbished for early 2027, no funding commitments are in place, and 20% of the target sits in Inferred Resources.
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AQX -14.3%: Alice Queen Limited
Alice Queen reported the first assays from Stage 1 RC drilling at its Horn Island Gold Project in Queensland, including 15m at 10.3g/t Au from 30m with 1m at 68.0g/t Au in 26NGRC005. Step-out holes outside the resource returned lower grades, including 3m at 2.7g/t Au.
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MGU -14.3%: Magnum Mining and Exploration Limited
Magnum's latest update reported 119 new auger holes at Piracanjuba North in Goiás, Brazil, including 5m at 626ppm D-TREO with 27.5ppm D-TbDy in PIR-AH-0420. These are laboratory desorption-screening grades, not recoveries. The stock eased one tick to $0.006 ahead of its maiden JORC Mineral Resource Estimate, which is targeted for November 2026, with an Initial Scoping Study to follow in January 2027.
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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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Listcorp
Centaurus Metals has signed binding offtake agreements with Glencore and CNGR, each for a minimum 20,000 dry metric tonnes a year of 30% nickel concentrate from H1 2029, which brings Jaguar's contracted output to 100% of production over the first five years. Glencore and CNGR will each invest US$20 million at A$0.425 a share, a 5% premium to the 20-day VWAP. The second US$7.5 million tranche from each investor depends on shareholder approval and a Final Investment Decision. Senior debt financing is well advanced, according to the company.
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WA Government
Western Australia and France signed a Letter of Intent at IMARC in Sydney today covering co-operation on critical minerals supply chains, midstream and downstream processing, recycling, research and skills. State Development Minister David Michael co-signed the agreement for WA. Two-way trade between WA and France exceeds $900 million, and France is Australia's tenth-largest source of foreign direct investment.
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MyJoyOnline
Ghana's Minerals Commission has defended its termination of Northern Ashanti Mines' mining leases and prospecting licences. It cited more than US$8.38 million in unpaid annual mineral right fees and no meaningful mining on the concession for more than two years. The company has started legal proceedings against the State, while the Commission says the rights have reverted to the State and it will pursue the outstanding fees.
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Listcorp
Hastings Technology Metals has completed its acquisition of a 49% interest in BZNM, owner of the Kabin Buri hydrometallurgical plant in Thailand. Consideration is capped at US$15 million, of which US$5.5 million is deferred and tied to production and sales. Upgrade works target about 12,000 tonnes a year of mixed rare earth chloride, with commissioning in Q1 2027 and first production in Q2 2027. Feedstock comes from Enuo Holdings, which is contracted to supply 10,000 tonnes a year of monazite concentrate, and Hastings is negotiating to lift its stake to 51% or more.
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Listcorp
The Government of Greenland has asked the High Court of Greenland to move its deadline for a defence in the Kvanefjeld rare earths case from 27 October to 15 December 2026. It says the extra time is needed to translate the defence into Greenlandic and have it approved by Naalakkersuisut. Energy Transition Minerals, whose subsidiary Greenland Minerals brought the proceedings, has opposed the request. Managing Director Daniel Mamadou noted the company has waited more than four and a half years for a response on the substance of its claim.
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IAMGOLD
IAMGOLD reported drilling results from its Nelligan Mining Complex in Quebec. They include 7.3m at 49.6g/t Au in Monster Lake's Megane Zone and 77.0m at 2.23g/t Au in Nelligan's Zone 36. Drilling extended the Megane Zone to 600m depth and Nelligan further down-plunge, and updated Mineral Resource estimates for Nelligan and Philibert are targeted for year end. A Preliminary Economic Assessment will follow the next exploration update, which is due in the first half of 2027.
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Fastmarkets
LME Week discussions set expectations of stronger, data centre-driven copper demand against a bearish 2027 outlook for European aluminium, continued zinc ore scarcity and persistent nickel oversupply. Aurubis said it is paying about US$1,500 to produce each tonne of refined copper. Fastmarkets' implied Asia Pacific spot treatment charge was minus US$245 per tonne. In a seminar poll, 26.5% of respondents picked tin, the LME's best-performing metal of 2026, as having the most upside in 2027.
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Mysteel
The most-traded lithium carbonate futures contract rebounded on Tuesday after several days of declines, driven partly by short-covering rather than improved fundamentals, according to Mysteel. Continued destocking of GFEX warrants eased bearish sentiment. Expected supply growth, an unclear demand outlook and signs of possible cathode production cuts in November continue to weigh on prices.
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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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