The Drill Down
Thursday 3 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
Barrick Is Said to Weigh Delaying North America Gold IPO to 2027
Barrick Mining is weighing pushing the initial public offering of its North American gold business into next year, against the end-of-2026 completion chief executive Mark Hill gave analysts on the 10 August earnings call. Goldman Sachs is working on the deal and further banks are in talks, with timing and other details still able to change. Some of Barrick's largest holders oppose chairman John Thornton's separation strategy, with one calling publicly for him to retire from the role.
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Our Take
Barrick handed Newmont a stake in a Nevada gold project last month to secure support for this listing, and the register marked the stock down on the terms. A slip to 2027 spends that consideration a full year ahead of the event it bought, and leaves Thornton carrying the separation case through it with at least one large holder already calling for him to go.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,433
+1.01%
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Silver
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$66
+0.66%
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Platinum
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$1,777
+1.09%
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Palladium
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$1,355
+0.42%
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Base Metals & Commodities
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Copper USD/t
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$14533.96
-0.26%
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Nickel USD/t
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$16875.50
+1.39%
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Zinc USD/t
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$3864.22
+0.47%
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Lead USD/t
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$1891.40
+0.19%
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WTI Crude USD/bbl
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$90.00
-1.11%
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Prices updated as of 3 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Vanadium Resources Limited
VR8's subsidiary signed a term sheet with Highveld Industrial Park for a right of first refusal over portions of the brownfield site at eMalahleni in Mpumalanga, running to 31 July 2027 with a 15-day pre-emptive right and an option for up to 12 months of exclusivity while financing and engineering design are completed. The site is the planned home of the V-Iron Plant, co-producing vanadium-bearing slag and pig iron from Steelpoortdrift ore, with heavy-industrial zoning and access to power, water, gas and rail already established. Securing it lets the accelerated Scoping Study finish on schedule by 30 September, with Rand Merchant Bank running an integrated debt, offtake and strategic funding process.
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Kaoko Metals Limited
Kaoko's first ever drilling at the Chalkos copper-silver project in Namibia logged visible copper across broad intervals in both maiden holes at Otniel, with DDOT002 returning 60.25m from 36.65m including 32.36m of strong mineralisation from 59.30m, and DDOT001 returning 51.83m from 39.27m including 17.20m from 58.37m. Minerals recorded include chalcocite, cuprite, malachite, native copper, dioptase and chalcopyrite, with zones of mylonitisation coinciding with the strongest intervals. Assays are four to six weeks away, a third hole is turning, and the company is looking at mobilising a second diamond rig.
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Bathurst Resources Limited
Bathurst delivered FY26 consolidated EBITDA of NZ$45 million at the top of NZ$35 million to NZ$45 million guidance on revenue of NZ$261 million, holding NZ$145 million of cash at 30 June with no debt, against a consolidated operating loss of NZ$5 million. FY27 EBITDA guidance was maintained at NZ$30 million to NZ$40 million, with the hard coking coal benchmark recovering to US$260.60/t on 26 August after falling to US$213/t in early August. The Buller fast track application went in on 21 August and Tenas entered its 150-day British Columbia effects assessment on 18 August.
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Lindian Resources Limited
No specific catalyst identified. Lindian's Kangankunde rare earths project in Malawi is mining and stockpiling ore ahead of front-end commissioning in late October, practical completion in November and first monazite concentrate in the fourth quarter, drawing on a Stage 1 ore reserve of 23.7Mt at 2.9% TREO for about 15,300tpa of 55% TREO concentrate over 45 years. The SARECO mixed rare earth carbonate facility in Kazakhstan is being staffed from 25 people toward roughly 75, targeting its own carbonate production in the same quarter.
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Voltaic Strategic Resources Ltd
No specific catalyst identified, with thin volume the likely driver. Voltaic picked up seven granted prospecting licences in the Meekatharra Gold District on 20 August for $30,000 cash, consolidating ground around its existing position there. The same release added the Donnybrook Gold Project in the state's south west, three exploration licences including one still pending, bought from Kula Gold for $60,000 in scrip struck on a 20-day volume weighted average price, with chairman Daniel Raihani pointing to the cash and scrip mix as a way to expand the Western Australian gold book without drawing down the balance sheet.
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Terramin Australia Limited
Major shareholder Asipac Group agreed on 1 September to lift Terramin's unsecured Standby Term (No.2) Facility from $4.925 million to $5.50 million, the second variation from the same lender since June. The June quarter closed with $0.1 million of cash against $32.11 million of drawn Asipac facilities and a US$6.68 million convertible note maturing 3 January 2027, with the company estimating 1.94 quarters of available funding. Tala Hamza in Algeria, 49% held and Terramin's primary development asset, has site works accelerating and state bank financing described as well advanced.
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Market data as of 3 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.com.au
China Scales Up Lithium Sulphide: Will There Be a Spike in Q4?
China produced 7.79 tonnes of battery-grade lithium sulphide in August on Shanghai Metals Market numbers, up 3.6% month-on-month and 143% year-on-year, taking the first eight months to 52.9 tonnes against the 34 tonnes produced globally across all of 2025. China now holds roughly 95% of world output, with overseas supply held back by equipment commissioning and weak downstream orders. SMM sees 9 to 10 tonnes a month through the fourth quarter and 85 to 95 tonnes for the year, with leading cell makers yet to open large-scale procurement of sulphide electrolytes and broader deployment put at 2028 to 2030.
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Our Take
Ninety-five percent of world supply for a chemistry nobody has ordered at scale yet follows the same sequence China ran on cathode and refining, building the position well before the demand arrived to justify it. If sulphide cells reach vehicles between 2028 and 2030, the precursor question is already answered before Western cell makers get to ask it.
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Mining.com
Greenland Mines Closes Acquisition of Sarfartoq Rare Earth Magnet Project
Greenland Mines has closed its $35 million acquisition of the Sarfartoq rare earth project from Neo Performance Materials, following an independent Initial Assessment carrying a pre-tax NPV of about $2.05 billion and a pre-tax IRR of 118.6% on Indicated and Inferred resources. The assessment covers only the ST1 deposit, under 1% of the 191km2 licence, with five further rare earth occurrences along a roughly 32km outer ring structure largely untested. President Bo Moller Stensgaard says NdPr oxide from ST1 alone would run at roughly a third of all NdPr oxide refined outside China at 2025 consumption levels, in each of nine scheduled operating years.
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Our Take
Thirty-five million dollars buys 15 years of exploration and more than 23,000m of drilling, well below the cost of generating that dataset from scratch, which is why an Initial Assessment could be struck this quickly after the deal was agreed. The number that has to hold is the NdPr claim, because a third of non-China refined oxide only exists if separation capacity gets built outside China, and the infill drilling and pilot metallurgy starting this month are what move ST1 toward the pre-feasibility that tests it.
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Mining.com
There's No Shortage of Copper, It's Just in the Wrong Place
Reuters senior metals columnist Andy Home told the Northern Miner podcast that the available copper is sitting in the wrong places, with China buying on the London Metal Exchange and drawing LME stocks down as a once-global market splits along regional lines. He raised the prospect of separate pricing dynamics across the LME, Shanghai Futures Exchange and Chicago Mercantile Exchange, describing a new age of arbitrage in which regional differences replace freely moving supply. On rebuilding Western capacity, Home said the supply chain was collectively outsourced and remains nowhere near independent of China, and that a new US smelter would draw as much power as a city the size of Boston.
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Our Take
Three prices changes what a feasibility study is worth, because a deck struck on LME copper stops describing the revenue of a mine whose concentrate lands in Shanghai or at a US smelter. For anyone financing a project now, the destination of the offtake starts to matter as much as the grade, and that is a variable most Australian and Canadian developers have never had to model.
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BNamericas
Chile's US$3bn Dominga Mining-Port Project Starts Construction Despite Pending Lawsuit
Andes Iron declared the start of construction at Dominga in La Higuera, Coquimbo Region, on 10 August, notifying the environmental regulator inside the deadline set by its environmental approval after 13 years of permitting and litigation. General manager Pedro Ducci confirmed the milestone publicly at the SONAMI annual dinner, with works so far covering access roads, fencing and minor site preparation alongside local contractors. The build is costed above US$3 billion and planned at about 12 million tonnes a year of iron concentrate and 150,000 tonnes a year of copper concentrate, with a case still before the Supreme Court that the company characterises as procedural.
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Our Take
Roads and fencing declared inside a regulatory deadline is a cheap way to hold an approval that took 13 years to secure, and it puts 150,000 tonnes a year of Chilean copper concentrate back onto the supply schedule every long-run deck depends on. The capital that follows is the real test, because a US$3 billion commitment made while the Supreme Court matter sits open is a very different funding conversation to one made after it closes.
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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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