The Drill Down
Monday 28 September 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
Northern Star rejects Gold Fields bid, calls it opportunistic
Northern Star's board unanimously rejected a confidential, non-binding proposal lodged by Gold Fields on 14 September, offering 0.3125 new Gold Fields shares plus A$7.25 cash per share by scheme of arrangement. The offer implied A$27.00 a share and A$38.7 billion on 11 September prices, but only A$25.19 and A$36.1 billion on 25 September prices, a 14% premium, with 73% of the consideration in Gold Fields stock. The board cited opportunistic timing and onerous conditions including hard exclusivity without a fiduciary out, and said it will not engage further.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,184
-2.35%
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Silver
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$62
-4.10%
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Platinum
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$1,728
-2.81%
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Palladium
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$1,221
-3.49%
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Base Metals & Commodities
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Copper USD/t
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$14754.65
-1.74%
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Nickel USD/t
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$16347.50
-0.86%
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Zinc USD/t
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$3864.80
-0.78%
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Lead USD/t
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$1913.40
-0.33%
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WTI Crude USD/bbl
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$94.17
+1.90%
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Prices updated as of 28 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Dateline Resources Limited
The US Department of Justice filed a motion on 25 September (US time) to stay the 10 August preliminary injunction on Dateline’s Colosseum Gold-REE Project in California pending appeal, supported by a Department of War declaration citing US national security interests. A stay would allow operations to resume under the approved Plan of Operations. The stay motions, including Dateline’s, are listed for hearing on 26 October before Judge Snyder. The National Parks Conservation Association opposes the stay. Appeals to the Ninth Circuit were filed on 22 September.
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BOA Resources Limited
RC hole 26NCRC023 at the Ricci Lee prospect, within the Neds Creek Copper Project in Western Australia, returned 22m at 3.05% Cu and 9.5g/t Ag from 250m, including 9m at 6.86% Cu and 22.1g/t Ag, plus a shallower 10m at 1.81% Cu from 133m that defines a new hanging-wall lode. High-grade copper has now been intersected in nine of the first 10 RC holes, with assays for 36 more Ricci Lee holes pending. Widths are downhole with true widths not yet known, and BOA holds 49% of the project, with a General Meeting on 12 October to vote on acquiring the remaining 51%.
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WIN Metals Ltd
Astral Resources announced a tenure rationalisation with WIN under which WIN receives A$9.05 million excluding GST, with A$8.05 million on completion by 5 October and A$1.0 million after registration of the M15/96 transfer. WIN transfers tenure and non-lithium mineral rights over five mining leases and a miscellaneous licence at its Mt Edwards Nickel Project to Astral, keeps mining rights over its McEwen and McEwen Hangingwall nickel resources, and gains gold rights on M15/99, M15/101 and M15/102. Astral said the deal gives it title over the Mandilla Gold Project development footprint.
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Minbos Resources Limited
No specific catalyst identified. The latest project update, on 2 September, reported Phase 2 construction commencing at the Cabinda Phosphate Project in Angola, with steel framework shipped from Portugal on 26 August and installation scheduled from 7 September. The initial drawdown of about US$1.3 million under the Banco de Fomento Angola facility awaits the Fundo de Garantia de Crédito guarantee, and two contractors are shortlisted for mining and ore haulage.
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Anax Metals Limited
The fall looks like sell-the-news or profit-taking after the 23 September Mons Cupri drilling release at the Whim Creek Copper-Zinc Project in Western Australia, which reported 85.90m at 2.89% CuEq from 34.60m in 26ANXDD001 and 62.54m at 2.95% CuEq from 107.32m in 26ANXDD003. CuEq assumes US$13,500/t copper, US$3,000/t zinc, US$2,000/t lead, US$50/oz silver and US$4,100/oz gold, and widths are downhole with true widths not determined. Anax continues to advance project funding and FEED workstreams towards a final investment decision.
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Metal Hawk Limited
The fall looks like profit-taking after the 21 September release, which reported RC drilling under way at the Numbat lode in the Leinster South project in Western Australia and a A$1.2 million placement at 9.5 cents a share. The drilling follows 26LSRC077, which returned 9m at 12.3g/t Au from 70m including 5m at 20.7g/t Au from 72m, the best result at Leinster South to date. Initial assays are expected within six to eight weeks.
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Market data as of 28 September 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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Mining News
Jacaranda Aims to Bloom on ASX
Jacaranda Natural Resources is raising A$10 million at A$0.20 a share, with the offer expected to close on 2 October and ASX listing expected on 22 October under JRL. The offer is not underwritten, with Gaia Natural Capital and Boston Global as joint lead managers. On listing it will hold 100% of the White Cockatoo Project in Queensland and the Globe, Nkwe and Motloutse Projects in Botswana.
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Mining.com
North America Is Building Rare Earth Plants Faster Than It Is Building Rare Earth Engineers
US mining engineering output is less than half the roughly 600 graduates a year implied by DOE's estimate that the country needs 6,000 new mining engineers over the next decade. The 7 August package puts more than US$180 million into mining education, including up to US$100 million for the PROSPECT programme, against more than US$10 billion committed to US rare earths and magnets. PROSPECT remains subject to appropriations, with the stopgap funding bill expiring on 11 December.
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Mining Zimbabwe
Bikita Targets US$900 Million in Beneficiation Investment by 2027
Sinomine Bikita Minerals expects direct beneficiation investment at its Zimbabwean lithium operation to reach US$383 million by end-2026 and more than US$900 million by end-2027, Deputy General Manager Thomas Mufumi said. The largest project is a US$400 million lithium sulphate plant due for commissioning in July 2027, alongside a tantalite extraction Phase Two due by March 2027 and a spodumene flotation expansion from 2 million to 3.3 million tonnes in the second quarter of 2027. Mufumi cited a 130-million-tonne lithium resource supporting a mine life of more than 15 years, with no reporting standard stated.
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AFR
‘A Lot of Value to Be Created’: Elliott Investment on Northern Star
Elliott Investment Management, which owns 6.24% of Northern Star, said the two sides can put months of public acrimony behind them after two of its preferred directors, former Woodside Energy director and ex-Anglo American chief executive Mark Cutifani and mining veteran Peter Rozenauers, joined the board this month. Elliott's global co-head of engagement Steven Barg said half the board, including the chief executive, has changed since the investment became public, and that Elliott sees a lot of value to be created. The campaign began in June with a 4% stake and criticism of seven guidance misses in the past four financial years, including multiple downgrades in 2026.
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AFR
Gina Rinehart’s Hancock Prospecting Takes $680m Loss on Rare Earths
Hancock Prospecting recorded an estimated $680 million paper loss on its rare earths holdings over the past year, driven primarily by MP Materials and Lynas Rare Earths, with MP accounting for roughly two-thirds. Hancock retains an 8.4% stake in MP valued at US$834 million. A spokesperson said its investments in companies with projects yet to be developed take a long-term view.
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AFR
Indonesia Enlists Ex-BHP Engineer to Police $100b Resource Trade
Luke Mahony, from Tamworth in NSW and formerly of BHP and Glencore in Queensland, was appointed in June to run Danantara Sumberdaya Indonesia (DSI), and says his team will monitor every shipment and analyse every sales contract in coal, nickel and palm oil exports. Indonesia is the world's biggest supplier of all three, generating US$70 billion (A$99.6 billion) in annual revenue, and President Prabowo Subianto is convinced exporters understate volumes, qualities or prices to undermine tax and royalty revenues. DSI was given the power to be the exclusive selling agency for the three commodities and has been told to be operating before the end of 2026.
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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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