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FRIDAY 30 OCTOBER 2026 |
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The Drill Down
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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.
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Lead Insight
Vale's attributable net income fell 53% year on year to US$1.3 billion in the September quarter, and proforma EBITDA dropped 20% to US$3.5 billion as the realised iron ore fines price slid 10% to US$85.1 a tonne. Iron ore output of 88.4 Mt was down 6%, and Vale now points to the lower end of its 335-345 Mt production guidance. Copper and nickel are tracking the upper half of their 2026 ranges, with Salobo posting its best third-quarter output.
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Commodity Prices: 30 Oct 2026, 3:48pm AEST
| Gold (USD/toz) | $3,991 -0.75% |
| Silver (USD/toz) | $51 -1.70% |
| Platinum (USD/toz) | $1,455 -2.22% |
| Palladium (USD/toz) | $989 -1.25% |
| Copper (USD/t) | $14,601.32 -0.62% |
| Nickel (USD/t) | $15,487.50 -1.04% |
| Zinc (USD/t) | $3,876.85 +0.67% |
| Lead (USD/t) | $1,908.80 +0.38% |
| WTI Crude (USD/bbl) | $103.18 +1.16% |
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Top Gainers
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KTA +25.0%: Krakatoa Resources
Krakatoa's September quarterly, released this morning, reports Zopkhito antimony-gold assays in Georgia including 5.61m at 3.31g/t Au and 4.28% Sb, and 1.8m at 11.09g/t Au and 3.56% Sb, with a second surface rig starting after quarter end and further assays due in November. The company raised $4.0 million in two placements and held $2.03 million in cash at 30 September. The move is one tick, from $0.004 to $0.005.
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LNQ +20.7%: LinQ Minerals
LinQ's most recent update, the 27 October quarterly, reports Monza intercepts including 72m at 0.95% CuEq and Gidginbung drilling of 61m at 2.3g/t AuEq, with equivalents calculated at Au US$2,500/oz and Cu US$10,000/t. Visual logging of the first Gidginbung South hole shows mineralisation over 429m, with no assays yet and results due in six to eight weeks. Cash of $14.4 million funds a 30,000m drill campaign across eight priority targets.
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BOA +20.0%: BOA Resources
BOA's September quarterly, released this morning, reports high-grade copper from 28 of 34 RC holes at Ricci Lee in Western Australia, including 22m at 3.05% Cu with 9m at 6.86% Cu, and aircore drilling extending the Rooneys trend beyond 500m. The company has consolidated 100% of Neds Creek, including the Thaduna and Green Dragon resources of 5.3Mt at 2.3% Cu for 121kt contained copper.
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Top Losers
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CYL -24.8%: Catalyst Metals
Catalyst's September quarterly cut FY27 guidance to 90-105koz at an AISC of A$3,600-4,100/oz, against a September 2025 indication of 130-150koz, as Trident and Old Highway production slips into FY28. The quarter delivered 22,231oz produced at an AISC of A$4,267/oz on lower staffing, down from 31,886oz in the prior quarter. Cash and bullion held at A$371 million with an undrawn A$200 million facility, and Plutonic Belt reserves rose to 2Moz.
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CYM -17.8%: Cyprium Metals
Cyprium announced a staged funding package of up to A$83 million, made up of a A$21 million placement at $0.33 a share, a A$5 million share purchase plan and a proposed US$40 million extension of its Nebari debt facility. The placement was priced at a 9.6% discount to the $0.365 last trade on 28 October and the shares closed at $0.30, a sell-the-news reaction to the dilution. The Nebari tranches remain subject to binding documentation and lender due diligence, with funds targeting the Nifty open-pit DFS and an SXEW expansion above 20,000 tonnes of copper a year.
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STK -15.9%: Strickland Metals
Strickland's September quarterly, released this morning, reported no drilling at the Rogozna Project in Serbia, with approvals on the Sanac licence still pending. It also flagged the 25 October Serbian election, where the Student List won an outright majority on preliminary results, and Managing Director Paul L'Herpiniere's planned exit once a successor is found. The company held $54.7 million in cash and $21.0 million in Gateway Mining shares, against a 9.25Moz AuEq resource that is mostly Inferred.
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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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Yandal Resources
Yandal Resources has firm commitments for a $9.0 million placement at $0.075 a share, an 8.5% discount to the last traded price, plus a $1.0 million share purchase plan. Gold Fields will hold 19.9% after the placement, and $1.9 million of the raise needs shareholder approval at a December EGM. Funds go to drilling at the Arrakis discovery, regional target generation and selective work at Flushing Meadows, Siona and Mt McClure.
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Codelco
Codelco's board has terminated eight executives and professionals from the Chuquicamata, Ministro Hales, Salvador and head office divisions after new information emerged in audits, including reviews by KPMG and EY, into irregular production reporting for 2024 and 2025. Those dismissed include the Salvador Division general manager and the corporate manager of Mining Resources and Development. Codelco says the investigations are continuing and it may pursue legal action to protect its interests.
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Listcorp
The US Department of State has awarded a grant of up to US$1.5 million to advisory group CrossBoundary to mobilise US investment and commercial partners for PhosCo's Gasaat phosphate project in Tunisia, with the program aiming to attract an investment of up to US$100 million. PhosCo is not a party to the award and receives no funds. No investment, financing or offtake agreements have been signed as a result.
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Listcorp
Matsa Resources has proposed a Deed of Company Arrangement for Matsa Gold and Devon Gold Mining, both in receivership and administration, with creditors voting on 6 November and KordaMentha's administrators recommending approval. Matsa would contribute $4.4 million to an administration fund, $13.75 million to a trust for Blue Cap Mining and $1 million to a trust for other creditors. Completion depends on consent from secured creditor Deutsche Balaton, and Matsa calls the deed the first step in wider initiatives aimed at reinstating its shares to trading on the ASX.
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Mining Weekly
Interim President Delcy Rodriguez says Venezuela is well advanced in assessing non-essential state assets to offer to the private sector or return to former owners, a step that could reverse nationalisations ordered by Hugo Chavez. She said important mining negotiations are under way covering gold, aluminium and iron. Rodriguez added that 44 energy contracts are being negotiated under the January oil law, with 61 oil agreements already signed.
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Australian Mining
Terra Metals' September quarterly report shows flotation testwork at its Southwest PGM, copper and nickel discovery has moved from rougher to cleaner trials, with mineralogy pointing to characteristics potentially favourable for conventional processing. Geotechnical and groundwater drilling has begun to support future pit design, and four rigs continued resource-definition drilling in October. The maiden mineral resource estimate is due in early 2027 and is expected to underpin a scoping study targeted for mid-2027.
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Australian Mining
Aurelia Metals generated $65.3 million in Cobar Region operating cash flow after sustaining capital in the September quarter, its strongest since 2018 and up from $53.1 million in the June quarter. Cash rose to $160.7 million and liquidity reached $200.7 million, as higher gold, copper and zinc output and 226,000 tonnes of ore processed lifted the result. A tertiary ball mill and cyclone cluster are due to expand processing capacity by the end of the December quarter, while higher-than-expected water inflows slowed decline development at Federation.
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Australian Mining
The Geological Survey of NSW's Scandium in New South Wales report finds the state holds around 56,000 tonnes of scandium, 78% of Australia's Economic Demonstrated Resource. It integrates hyperspectral, mineralogical and geochemical data to refine models for regolith-hosted deposits and singles out the Fifield region, home to the Syerston, Burra and Flemington projects, for further exploration. Chief geoscientist Rebecca Sproule says the findings give explorers better information to target prospective areas and assess known deposits.
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Mysteel
The Indonesian Nickel Miners Association (APNI) said on 29 October that many smelters are buying ore below the Mineral Benchmark Price (HPM), with signed CIF contract prices even below the HPM FOB benchmark while miners still pay royalties on the higher HPM. Secretary-General Meidy Katrin Lengkey speculates that smelters whose production costs exceed their selling prices are passing the pressure downstream, and warned of a shortfall in state non-tax revenue and corporate income tax. APNI wants the Directorate General of Mineral and Coal to issue a circular requiring buyers and sellers to comply with HPM pricing and tax rules.
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Kamoa Capital
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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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