The Drill Down
Monday 3 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
Tether Increases Gold Reserves by 14 Tonnes in Q2 as Profits Increase by $1.5 Billion
The stablecoin issuer added 14 tonnes of physical gold in the June quarter, lifting total holdings above 146 tonnes worth about $18.8 billion. Gold now accounts for roughly 10% of Tether's $187.8 billion in reserves. Central banks bought 289 tonnes over the same quarter, putting Tether at close to 5% of official sector demand.
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Our Take
Tether buying at nearly 5% of central bank pace is a bid gold has not had to price before. Whether rival issuers copy the reserve mix is what matters.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,064
+0.50%
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Silver
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$58
+0.77%
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Platinum
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$1,648
+0.50%
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Palladium
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$1,293
+1.02%
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Base Metals & Commodities
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Copper USD/t
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$14543.38
+0.52%
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Nickel USD/t
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$17215.50
-0.27%
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Zinc USD/t
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$3664.35
+0.73%
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Lead USD/t
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$1876.00
+0.34%
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WTI Crude USD/bbl
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$79.26
-6.39%
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Prices updated as of 3 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Codrus Minerals Limited
Codrus returned from suspension with a binding agreement to acquire EdgeMet, bringing the Copperhole Creek copper project in Queensland and the Tiquihua molybdenum project in Peru. Consideration is 230 million shares, 60 million performance rights, $100,000 cash and up to $1 million in milestone payments. A separate two-tranche placement will raise up to $2.5 million at 2.5c.
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Gwardar Resources Limited
The copper and gold explorer listed on Friday after raising $6 million at 20c, closing its debut session at 41c. With only 33 million shares on issue and the top 20 holders controlling roughly 89% of the register, free stock is scarce. Doolgunna in the Murchison and Kurnalpi in the Eastern Goldfields are the two projects.
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Vertex Minerals Limited
Vertex fired the first production rings of its trial longhole stope at Decline 3, Reward Gold Mine at Hill End in New South Wales. Diluted head grade to the plant from the 1,200-tonne stope is expected at about 8g/t gold. The 1.2m mining width replaces the historic 4m width that had proven heavily dilutive.
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Cauldron Energy Limited
No specific catalyst identified. The likely driver is profit taking after a run of roughly 220% over the past six months, which has made Cauldron one of the standout performers in the uranium sector.
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Matsa Resources Limited
Friday's June quarterly disclosed 0.89 quarters of funding available, with $6.24 million cash against $15.39 million of relevant outgoings. Unplanned mining dilution at the Devon Pit has run at roughly 40%. The Deutsche Balaton debt facility carries 25% interest and is repayable by 31 December.
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Chariot Resources Ltd
Friday's June quarterly reported $0.78 million of group cash against $3.5 million of borrowings at 18% interest, leaving 1.09 quarters of funding. The proposed A$1.425 million Greatpower investment lapsed after the required PRC registrations were not obtained. The Nigerian lithium acquisition remains incomplete.
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Market data as of 3 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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Mining.com
Column: Iron Ore Giants BHP and Rio Are Morphing Into Copper Plays
BHP and Rio Tinto are increasingly repositioning toward copper as data centre demand and the energy transition boost the metal's appeal. The shift marks a strategic pivot for two miners historically dependent on iron ore.
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Our Take
For shareholders long accustomed to BHP and Rio as iron ore proxies, the copper pivot recasts both as leveraged bets on data centre buildout and electrification demand. The valuation multiple these names command will increasingly hinge on copper growth pipelines, not Pilbara tonnes.
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Financial Post
Ottawa Approves Ontario Nickel Mine That Could Be Western World's Largest
Canada Nickel has federal approval for the Crawford project 42km north of Timmins, expected to be the largest nickel sulphide operation in the western world. Ottawa says the project should attract $5 billion in investment and create 4,000 jobs. Chief executive Mark Selby put the build cost near US$2 billion, with US$2.5 billion to be raised and construction not starting until the fourth quarter of 2027.
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Our Take
Approval was the easy gate. Raising US$2.5 billion against a US$2 billion build, with ground still more than a year away, is the harder one.
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Business Insider Africa
How Indian Billionaires Are Challenging China for Gold, Lithium, Copper and Telecom Wealth in Africa
China has been Africa's leading foreign investor for more than two decades, financing roads, rail, ports, power stations and mines. India's wealthiest families are now expanding across mining, telecommunications, manufacturing and clean energy on the continent. Both are targeting the same clean energy minerals, lithium, copper, cobalt and graphite, though China remains Africa's largest trading partner.
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Our Take
Two capital pools chasing the same lithium, copper and cobalt ground lifts the price of African entry. Incumbent licence holders get repriced first.
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Mysteel
China Nickel Market Review Weekly
The most traded Shanghai Futures Exchange nickel contract closed Friday at RMB131,680 a tonne, up 0.32% on the week after trading as low as RMB128,850. Hawkish Fed signalling drove the early fall. Indonesian inspections then intensified, with a growing number of vessels carrying nickel pig iron and MHP forcibly checked, shifting supply concern from expectation to actual disruption.
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Our Take
Cargoes being physically held moves Indonesian policy from headline risk to real disruption. A 0.32% weekly gain badly understates what that repricing could run to.
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Mysteel
China Lithium Inventory Alert
Converter maintenance through July and August, plus weaker selling interest after prices broke lower, has tightened spot availability. Buying volumes picked up below RMB140,000 a tonne on Friday and LFP orders remain strong, with the August production ramp on track. Industry inventories are drawing down at an accelerating pace and 14,000 lots of warehouse receipts were cancelled in one concentrated move.
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Our Take
Accelerating drawdowns and 14,000 cancelled receipts is physical tightening under a falling price. Spodumene names only get paid if August restocking holds.
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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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