 |
THURSDAY 29 OCTOBER 2026 |
|
|
The Drill Down
|
 |
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.
|
| |
|
Lead Insight
Turaco has firm commitments for a A$120 million placement at A$0.60 a share, a 12.4% discount to the 26 October close, led by a global long-only resources fund. Proceeds and a planned A$10 million SPP fund the US$30 million cash component of buying Sodim's remaining 20% of Afema, with 55.1 million shares and 36.7 million options also issued to Sodim, taking Turaco to 100% subject to the State's 10% non-contributing interest. Completion needs shareholder approval at an early December EGM, which also covers the A$23 million second tranche, while pro-forma cash is about A$125 million and the DFS is due in Q2 CY2027.
|
|
| |
|
Commodity Prices: 29 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $4,041 -0.65% |
| Silver (USD/toz) | $53 -1.32% |
| Platinum (USD/toz) | $1,521 -1.30% |
| Palladium (USD/toz) | $1,007 -0.41% |
| Copper (USD/t) | $14,819.18 -0.45% |
| Nickel (USD/t) | $15,650.50 +0.99% |
| Zinc (USD/t) | $3,865.65 +0.46% |
| Lead (USD/t) | $1,899.90 +0.36% |
| WTI Crude (USD/bbl) | $101.17 -1.57% | |
|
| |
| Market Movers: Winners & Losers, Australian Markets |
|
|
|
Top Gainers
|
M24 +30.4%: Mamba Exploration
Mamba has started maiden RC drilling at its 70% owned Meeka East Gold Project near Meekatharra, beginning at 140 Foot Well, the first of three targets across more than 20km of gold-in-soil anomalism. The program is up to 50 holes for about 6,000m, due for completion by mid-December 2026. A diamond program of up to ten holes at the Copper Hills Project has its PoW approved and is targeted for Q1 2027.
|
|
ADN +20.0%: Andromeda Metals
Andromeda reported 4N+ HPA from its continuous pilot plant at up to 99.9989% purity, confirmed by independent EAG Eurofins analysis on the industry-standard calculation, with a more conservative method giving up to 99.9966%. The first commercial sample has gone to a potential high-tech manufacturing customer in Japan, with further samples expected through Q4 2026. Planning for a pre-feasibility study is under way.
|
|
MNB +20.0%: Minbos Resources
Minbos' latest disclosure is its 22 October quarterly, which reported Phase 2 construction under way at the Subantando fertiliser plant in Angola's Cabinda Phosphate Project, with dry commissioning targeted for Q2 2027 subject to financing. Cash was A$5.27 million at 30 September, and an A$6.0 million placement at A$0.015 a share completed after quarter end. CABMINAS has since been appointed for Cacata earthmoving and ore haulage.
| |
|
| |
|
Top Losers
|
RTR -20.0%: Rumble Resources
The move follows the 28 October Western Queen updated scoping study, which shows a pre-tax NPV8 of A$86 million, an IRR of 45% and free cash flow of A$133 million at A$5,714/oz gold, to a plus or minus 30% accuracy. The production target is 1.2Mt at 3.2g/t for 125,000oz over almost four years, 20% of it Inferred, with AISC of A$4,390/oz and about A$8 million of pre-development capital. No funding commitments are in place and the Mining Development and Closure Proposal is outstanding.
|
|
CIA -17.3%: Champion Iron
Champion's FY27 second-quarter result showed a net loss of C$48.4 million (C$0.09 a share) against net income of C$56.8 million a year earlier, with adjusted EBITDA of C$23.3 million against C$174.8 million. The net realised price fell 30% year on year to C$89.9 per dmt, leaving a cash operating margin of negative C$8.0 per dmt despite record sales of 4.5 million dmt. The first commercial DRPF shipment was completed, with more scheduled for Q3 FY27.
|
|
LOT -16.7%: Lotus Resources
Lotus' September quarterly reported 101.8klb of U3O8 from 31 operating days at Kayelekera, with recovery lifting to 69% for the quarter and 80% in September. Cash was A$57.4 million, and the Appendix 5B shows 1.30 quarters of funding available against A$45.5 million of relevant outgoings. The first export shipment of about 145klb U3O8 is due in November, and Mercuria inventory-backed funding of up to US$30 million is documented.
| |
|
| |
|
Do you want exclusive access to future capital raises and investment opportunities?
Join the Kamoa Capital Investor Register TODAY!
Registration is not an application for securities and does not guarantee participation in any offer. Any offer is made separately by the issuer or an appropriately authorised party.
|
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
|
|
|
Agnico Eagle
Agnico Eagle has amended and restated its unsecured revolving credit facility, lifting it from US$2.0 billion to US$3.0 billion with an October 2031 maturity and an uncommitted US$1.5 billion accordion. Third-quarter gold production was 814,012 ounces at an average realised price of US$4,264, with net income of US$1.35 billion (US$2.67 a share) and free cash flow of US$852.2 million. Net cash was US$3.42 billion at 30 September, and 2026 production is still expected at the low end of the 3.3 to 3.5 million ounce range.
|
|
| |
|
Mining.com.au
LME three-month zinc touched US$3,874.50 a tonne on Wednesday, its highest since 30 September, before trading flat at US$3,842 by 15:15 GMT. The premium of LME cash over three-month metal jumped to US$106 a tonne from US$45 last week, and available LME stocks are down 14% on the week. Declining mine output has pushed treatment charges to record lows and prompted cutbacks in smelters' refined output, with record long and short fund positions amplifying the moves.
|
|
| |
|
Bloomberg Línea
Marimaca Copper has picked an unnamed mining-specialist lender for US$375 million to US$400 million of project debt, according to CEO Hayden Locke, who said the terms sit at or below the low end of the company's expectations. Marimaca is targeting a financing close before year-end against a total funding need of about US$750 million for an open-pit mine in Chile's Antofagasta region, designed to produce roughly 50,000 tonnes of refined copper a year. Large-scale construction is planned for the second half of 2027, with first production in 2029.
|
|
| |
|
GlobeNewswire
Eldorado Gold cut 2026 gold guidance to 425,000 to 475,000 ounces including Skouries and McIlvenna Bay, from 495,000 to 600,000, as Skouries now targets 10,000 to 35,000 ounces against 60,000 to 100,000 on a slower ramp-up. Skouries project capital rises to about US$1.425 billion with commercial production still expected in late Q4, while AISC guidance for the other operations lifts to US$1,975 to US$2,125 an ounce. Third-quarter production was 106,351 ounces at AISC of US$2,050 an ounce, with consolidated free cash flow of negative US$191.1 million.
|
|
| |
|
GlobeNewswire
First Quantum narrowed 2026 copper production guidance to 405,000 to 435,000 tonnes from 405,000 to 475,000, citing lower grades at Sentinel and Kansanshi, while lifting nickel guidance to 40,000 to 45,000 tonnes. Third-quarter copper output rose to 108,959 tonnes with all three Cobre Panamá trains online, EBITDA was US$844 million and net debt fell US$98 million to US$5.31 billion. Copper C1 cost guidance rises to US$2.50 to US$2.65 a pound on higher fuel prices and a strong Zambian kwacha.
|
|
| |
|
Listcorp
Lynas produced a record 2,082 tonnes of NdPr in the September quarter, with revenue of A$310.1 million up 55% on the prior corresponding period and a record average selling price of A$102.1 a kilogram, up 88%. A planned shutdown of about one month at Lynas Malaysia will lower December-quarter output, and Kalgoorlie faces a planned shutdown of about two weeks in the same quarter. Closing cash was A$1.21 billion.
|
|
| |
|
Listcorp
Greenbushes (100% basis) produced a record 435,000 tonnes of spodumene concentrate in the September quarter, up 12%, as Chemical Grade Plant 3 reached nameplate capacity in September, nine months after first ore. Cash costs fell 7% to A$418 a tonne, while the realised price slipped 7% to US$2,130 a tonne. Nova mining and processing concludes by the end of October after a final quarter of 4,635 tonnes of nickel, with the sale to Global Lithium Resources due to complete in the December quarter.
|
|
| |
|
Rio Tinto
Rio Tinto has officially opened its Fénix 1B expansion and Sal de Vida operation in Catamarca, a combined investment of about US$1.4 billion. Both delivered first production in the second quarter ahead of plan and will add 25,000 tonnes a year of lithium carbonate equivalent capacity at full rate. Rio is targeting 200,000 tonnes a year of LCE capacity by 2028, with around 70% of roughly US$4 billion in Argentine growth capital expected to go to local suppliers.
|
|
| |
|
MarketScreener
Russian state-owned Rosgeologiya (RusGeology), through its overseas unit Zarubezhgeologia, signed agreements with Mali's Ministry of Mines on the sidelines of the Russia-Africa forum in Moscow. The deal covers a medium-scale geological map of two areas making up more than half of Mali's territory, identifying zones prospective for exploration, plus an information system for geological data, mineral licensing and regulatory oversight. It is a new step in Russia's engagement with Mali's military-led government, which has deepened ties with Moscow since the 2020 coup.
|
|
| |
|
Prime Minister of Australia
At a Canberra press conference on Thursday, Resources Minister Madeleine King said it is unacceptable for any Australian court order to be disregarded by foreign shareholders, in reference to Northern Minerals. She said the Foreign Investment Review Board and the Treasurer are looking very seriously at how to deal with the issue, that options exist and that she would not detail them. King described the deposit as important feedstock for Iluka's Eneabba rare earths refinery in Western Australia, and Prime Minister Anthony Albanese said the issues are being worked through.
|
|
| |
| |
|
Kamoa Capital
|
|
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.
|
|
