The Drill Down
Wednesday 30 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
Gold Fields Said to Mull Sweeter Northern Star Bid With Cash
Gold Fields is weighing a bigger cash component for Northern Star after the board rejected its initial A$38.7 billion (US$27.1 billion) cash-and-scrip proposal on Monday, according to people familiar with the matter, though talks are early and a revised offer is not certain. The original terms carried a 22% premium and would have left Northern Star holders with about a third of a combined group producing 4.1Moz a year, with Gold Fields citing synergies of up to US$5 billion. Gold Fields shares fell 12% in Johannesburg on Monday before a partial recovery Tuesday, with gold around 25% below its January peak.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,176
-0.14%
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Silver
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$61
-0.64%
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Platinum
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$1,705
-0.24%
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Palladium
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$1,219
-0.28%
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Base Metals & Commodities
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Copper USD/t
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$14685.77
-0.47%
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Nickel USD/t
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$15950.50
-1.20%
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Zinc USD/t
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$3861.05
+0.50%
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Lead USD/t
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$1893.80
+0.21%
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WTI Crude USD/bbl
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$89.34
-0.04%
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Prices updated as of 30 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Image Resources NL
Image reported 2026 drilling at its 100%-owned Erayinia-King gold project, about 135km southeast of Kalgoorlie, with core hole EYDD010 returning 4.5m at 22.4g/t Au from 128m downhole, including 1.0m at 98.55g/t Au, and RC hole EYRC177 returning 16m at 2.51g/t Au from 76m. The 42 RC and eight diamond holes confirmed continuity through the main deposit and mineralisation about 140m below surface, with high grades tied to north-dipping quartz veins and the gold confirmed free-milling. Results feed an update of the current 2Mt at 2.1g/t Au resource for 139koz.
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Black Canyon Limited
Black Canyon's maiden resource for the 100%-owned Wandanya deposit in WA's Oakover Basin totals 23.6Mt at 25.8% Mn at a 12% Mn cut-off, 92% Measured and Indicated, including 16.8Mt at 30.0% Mn at a 20% cut-off and potential DSO of 3.7Mt at 38.9% Mn. A separate iron resource of 12.5Mt at 54.9% Fe is 100% Measured, and pilot-scale dense media testwork on feeds around 30% Mn produced 38.5% to 41% Mn products at about 80% recovery. A Scoping Study on the 3.4km base case is due in December 2026.
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Brightstar Resources Limited
Brightstar logged 40 visible gold occurrences across diamond holes TMHDD26005 and TMHDD26006 at Two Mile Hill, part of the 3.6Moz Sandstone project, with both holes cutting more than 400m of mineralised tonalite and ending in mineralisation. The ~3,800m program followed up the 305.4m at 1.82g/t Au intercept in TMHRCD26020, with the host tonalite now open below 700m and assays pending for all four holes, expected in six to eight weeks. A ~6,500m follow-up program is planned for the December 2026 quarter.
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Black Cat Syndicate Ltd.
Black Cat's FY27 Discovery and Growth Strategy states FY26 resource and reserve additions did not fully offset mining depletion, mainly at Myhree, leaving a 272koz Probable Reserve against FY27 production guidance of 80 to 90koz. It has allocated $30 to 35 million to exploration, about 65% to conversion drilling across roughly 814koz of Inferred Resources at Paulsens and Kal East, and deferred the bulk of the 35,000m Coyote program. Approval is in place to lift Lakewood processing capacity to 1.5Mtpa from 1.2Mtpa.
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Lindian Resources Limited
Lindian said Malawi's mining regulator has confirmed Kangankunde's beneficiated monazite concentrate is not barred from export under Executive Order No. 2 of 2025, while proposed Beneficiation and Value Addition Regulations remain consultation drafts open until 10 October 2026. The Minister of Mining has said the proposals are not final policy, and Lindian will submit a position paper alongside a joint industry position with other listed miners in Malawi. Stage 1 remains fully funded, with mining under way and first production targeted for Q4 2026.
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Unity Metals Limited
No specific catalyst identified, with the only release a notice that Managing Director Craig Mackay would present at a ShareCafe and FNN investor webinar at 12:30pm AEST today. Unity holds about 700km² of gold and copper-gold projects across Cambodia and Thailand, including the Ngot Gold Project, which shares a licence boundary with the 1.5Moz Okvau mine. Selling pressure on no news the likely driver.
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Market data as of 30 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
Texas Startup Raises $133M to Build Rare Earth Magnet-Grade Iron Plant
Hertha Metals closed a US$133.65 million Series A, including US$65 million of US Government equity through the Industrial Base Analysis and Sustainment program, in a round co-led by Khosla Ventures and Doerr Capital. Proceeds fund Hertha Chalyx, a plant to produce 10,000 tonnes of steel-grade and magnet-grade high-purity iron using its single-reactor FLEXHERS process, which the company says runs 25% below blast-furnace costs. NdFeB magnets are about 70% high-purity iron by weight, and the US currently has no domestic production of it.
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Listcorp
Bellevue to Supply the Gold for the Regilding of St Paul's Cathedral
Gold from the Bellevue Gold Project in WA's Eastern Goldfields will regild the ball and cross atop St Paul's Cathedral's 111m dome and the Golden Gallery, last gilded in 1863, with more than 50oz expected to be required. Selection followed a March 2026 site visit by Joanna Hardy, Second Warden of The Goldsmiths' Company, and Single Mine Origin founder Charlie Betts, with the project's 83.5% renewable power in FY26 and emissions intensity of 0.18t CO2e/oz central to the choice. Bellevue's ABC Refinery arrangement keeps the supply chain traceable so the gold can be sold at a premium, and Parisian jeweller Messika already uses it.
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Bloomberg
Lithium Plunges 25% in China on Fears Over Battery Demand Growth
Chinese lithium futures have lost a quarter of their value in September on concerns over flagging demand, with the Guangzhou Futures Exchange lithium carbonate contract falling below 120,000 yuan (US$17,900) a tonne from above 160,000 yuan at the start of the month. The contract prices the refined form of the metal used in EV batteries and larger energy storage systems. The move extends the retreat from a two-year high above 200,000 yuan reached in mid-May.
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Listcorp
Orion Resource Demonstrates Grade and Scale Potential
Osmond Resources' maiden JORC resource for the Orión EU Critical Minerals Project in Andalucía, Spain, totals 60.0Mt at 9.39% TiO2, 3.06% ZrO2, 624ppm HfO2 and 6,274ppm TREO (1,801ppm MREO) at a 4.0% TiO2 cut-off, with 15.3Mt Measured and Indicated, from a footprint covering only 3.4% of the 232km² project. The Main Seam, sole basis of the Scoping Study on an underground room-and-pillar operation, holds 49.7Mt at 10.29% TiO2, 3.42% ZrO2 and 7,139ppm TREO. Drilling resumes in October targeting an updated resource in the first quarter of 2027, while modelled concentrate recoveries of 36.1% to 63.6% are not yet demonstrated at plant scale.
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Australian Financial Review
Gold Fields Spruiks $3.5b Tax Saving in Northern Star Takeover Pitch
Gold Fields told Mining Forum Americas on Tuesday that about half of the US$4 billion to US$5 billion in risk-adjusted synergies it sees in a Northern Star combination would come from a tax reset allowing accelerated depreciation, citing the benefit realised on its 2025 Gold Road acquisition. Operational synergies rank second, with 92% of Northern Star's Australian reserves outside Hemi within 100km of Gold Fields processing infrastructure, allowing Agnew ore into Thunderbox and South Kalgoorlie ore into the underutilised St Ives mill. CEO Mike Fraser said the estimates are net of transaction costs and made without due diligence, and that Gold Fields is comfortable standing alone.
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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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