The Drill Down
Tuesday 29 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
Copper Set to Give Australia's Mining Stock Rally a New Engine
Bloomberg reports analysts expect Australian miners to extend their rally as copper demand from power infrastructure and AI gives investors a new reason to buy the sector, which has been the S&P/ASX 200's best-performing sub-gauge over the past year. It says copper recently accounted for more than half of BHP's full-year revenue for the first time, while earnings growth stayed negative at iron ore-heavy Fortescue. Pure copper exposure on the ASX remains limited, with Terra Capital Holdings' Dylan Kelly saying large, long-life producers are found in Canada.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,137
+0.53%
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Silver
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$61
+0.21%
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Platinum
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$1,690
-1.73%
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Palladium
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$1,206
-0.11%
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Base Metals & Commodities
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Copper USD/t
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$14689.54
+0.30%
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Nickel USD/t
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$16144.50
-1.24%
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Zinc USD/t
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$3862.13
+0.87%
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Lead USD/t
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$1904.60
+0.55%
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WTI Crude USD/bbl
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$93.80
+1.30%
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Prices updated as of 29 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Dateline Resources Limited
Dateline extended its run on the 28 September announcement that the US Department of Justice filed a motion on 25 September (US time) to stay the 10 August preliminary injunction over its Colosseum Gold-REE Project in California pending appeal, supported by a Department of War declaration citing national security interests. A stay would let Dateline resume operations under its approved Plan of Operations. Both stay motions are listed for hearing on 26 October, and the appeal is already before the Ninth Circuit.
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BOA Resources Limited
The company reported yesterday,RC hole 26NCRC023 at Ricci Lee, part of the Neds Creek Copper Project in Western Australia's Murchison, 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 from the maiden program, with assays pending for another 36 Ricci Lee holes and AC drilling at five other prospects. Widths are down hole with true widths not yet known, and BOA, which owns 49% of Neds Creek, is seeking shareholder approval on 12 October to acquire the remaining 51%.
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Critica Limited
Critica's Mt Lindsay Scoping Study outlines a 1.0Mtpa underground tin-tungsten operation in north-west Tasmania over a 13.5-year mining schedule, with a Base Case pre-tax NPV of about A$1.42 billion, pre-tax IRR of about 65% and after-tax NPV of about A$1.01 billion on pre-production capital of A$244.5 million. After-tax payback is about 1.9 years, with tungsten contributing about 75% of modelled revenue on an assumed APT price of US$2,500/mtu. The production target is about 92% Indicated and 8% Inferred, and Critica has not secured funding for the project.
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Hawthorn Resources Limited
No specific catalyst identified, with sector selling amid weaker gold the likely driver. Hawthorn's most recent project news, on 27 August, was the start of a 25-hole aircore program of up to 2000m at Pinjin East, part of its Anglo Saxon gold JV in Western Australia, testing a gold-in-soil anomaly extending more than 800m with a peak result of 10.9g/t Au.
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Native Mineral Resources Holdings Limited
No specific catalyst identified, with sector selling amid weaker gold the likely driver. Its latest update, on 24 September, confirmed 279.5oz of gold and 186.2oz of silver from the 15 September smelt at the Blackjack Gold Operations near Charters Towers, Queensland, with the 22 September smelt producing 283.3oz of doré and refinery assays pending. More than 2,000m of RC drilling has been completed at North Pit.
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King River Resources Limited
No specific catalyst identified, with sector selling amid weaker gold the likely driver. King River's flagship is the Mindoolah Gold Project near Cue in Western Australia's Murchison, where a 1 September update reported rock chip assays up to 44.3g/t Au across five prospects ahead of a Phase 2 RC drill program scheduled for early October 2026.
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Market data as of 29 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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Miningmx
Gold Fields Threatens to Walk From Aussie Tilt
Gold Fields CFO Alex Dall said the group is prepared to walk away from its US$27 billion offer for Northern Star, which he said will not be pursued at all costs and does not define the company. Northern Star's board unanimously rejected the cash-and-share bid, citing Gold Fields' jurisdictional risk, and Gold Fields shares fell 12% in Johannesburg. Elliott, which holds 6% of Northern Star, wants the board to entertain an offer, and Northern Star says it has had multiple approaches over six months, though Dall said Gold Fields is unaware of any rival bids.
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IndexBox
US-Canada Tensions Threaten Critical Minerals Strategy, Ex-Official Warns
Former US sanctions official Edward Fishman told the Mining Forum Americas in Colorado Springs that antagonising Canada would make it virtually impossible for the United States to break its dependence on Chinese minerals, because Washington has the capital and political will but needs Canadian and Australian mining expertise. He cited International Energy Agency data showing China held 91% of global refined rare earth output in 2024, against 60% of mined output. Centerra is restarting its Thompson Creek molybdenum mine in Idaho for first output in mid-2027, with restart capital estimated at US$425 million to US$450 million.
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Business Insider Africa
Mining Giant Linked to Africa's Wealthiest King Sees Profit Jump From $40 Million to $395 Million as 2 Mines Boost Gold and Copper Output
Managem, Morocco's largest mining group, reported first-half profit attributable to shareholders of 3.778 billion dirhams (US$395 million), against 380 million dirhams a year earlier. Revenue rose 166% to 11.764 billion dirhams and EBITDA more than quadrupled to 6.197 billion dirhams, with the Tizert copper mine in Morocco and the Boto gold mine in Senegal at full capacity. Silver output at Imiter in Morocco and gold output at Tri-K in Guinea slowed, and Managem describes the second half of 2026 as a stage of consolidation.
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Mining.com.au
Coal India Unit Advances $1.14 Billion IPO
South Eastern Coalfields, a Coal India subsidiary, has reportedly appointed ICICI Securities, SBI Capital Markets, Motilal Oswal Investment Advisors and IDBI Capital Markets & Securities for a proposed Mumbai IPO that could be valued at up to US$800 million (A$1.14 billion), according to a Bloomberg-sourced report. A draft prospectus could be filed as early as December, though size and timing may change and neither Coal India, SECL nor the banks has confirmed the appointments. Coal India's board approved a structure on 23 March allowing an offer for sale of up to 25% of its SECL holding, plus new SECL shares of up to 10% of post-offering capital.
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The Northern Miner
US Needs Canada to Break China's Minerals Grip
Fishman said successive US administrations have expanded economic pressure, so supply chain competition will outlast President Trump, and that governments still have to define what secure mineral supply means, since eliminating reliance on China is a different goal from reducing it to an acceptable level. Hecla CEO Rob Krcmarov said lower jurisdictional risk underpins a premium valuation for a company running Greens Creek in Alaska, Lucky Friday in Idaho and Keno Hill in Yukon. Centerra CEO Paul Tomory said the company is open to an IPO or separation of its US molybdenum business but will not rush a deal at the expense of shareholder value.
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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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