The Drill Down
Friday 31 July 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
Chinese Stimulus Could Lift the Mining Sector Over the Next Year
Chinese leaders discussed reviving domestic demand this week after data showed the economy below its target growth rate, with the leadership signalling it will speed up public spending. Iron ore sits near US$95 a tonne, with a seven-year property drawdown still suppressing consumption and port inventories reported near record highs. Rio Tinto's analysts point the other way, modelling a 650 million tonne supply shortfall by 2035.
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Our Take
Stimulus talk moves iron ore well before it moves steel demand. The number that matters is whether the spending is large enough to carry the price back above US$100.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,078
-0.63%
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Silver
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$59
-0.85%
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Platinum
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$1,634
-1.22%
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Palladium
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$1,299
-1.15%
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Base Metals & Commodities
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Copper USD/t
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$14469.32
+0.20%
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Nickel USD/t
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$17262.50
+0.89%
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Zinc USD/t
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$3625.50
+1.13%
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Lead USD/t
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$1890.30
+0.38%
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WTI Crude USD/bbl
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$82.04
-1.85%
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Prices updated as of 31 July 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - ASX Markets
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Connected Minerals Limited
Shareholders passed all resolutions on 28 July approving the acquisition of Frontier Group and the A$4.5 million raising behind it. Angola's National Mineral Resources Agency has since expanded the Bailundo carbonatite licence in Huambo Province to cover niobium, rare earth elements and phosphates, satisfying the final condition precedent. Completion is expected imminently, with exploration already underway on the ground.
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Power Minerals Limited
The first hole of the maiden program at Morro do Ferro in Minas Gerais returned 116 metres at 4.78% total rare earth oxides from surface, including 31 metres at 10.0% from 14 metres. The hole extended high-grade mineralisation from a previously known 71 metres to 116 metres downhole and carried gallium to end of hole. A maiden resource is targeted before year end.
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Galan Lithium Limited
The June quarter marked Galan's transition to producer at Hombre Muerto West in Catamarca, with wet commissioning complete and first processed lithium chloride made. The company is targeting stabilised output at 4ktpa LCE and first product sales in the second half, with roughly 10,000 tonnes LCE of brine inventory already sitting in the ponds. Cash closed at A$35.5 million with no debt.
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Pacgold Limited
The driver was a $13 million placement announced this morning at 15c, struck after a trading halt on 29 July, with the stock closing below the issue price. Funds are directed at the White Dam North gold-copper sulphide discovery and the heap leach ramp-up in South Australia. Cash stood at $3.8 million at 30 June, or 1.3 quarters of funding.
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Dynamic Metals Limited
The June quarter carried modest gold results from co-funded diamond drilling at Cognac West in the Widgiemooltha Project, including 4 metres at 1.5g/t gold from 311 metres. Approvals continued to advance at the Meentheena fluorspar project in the Pilbara. Cash finished the quarter at $1.92 million, or roughly 2.3 quarters of funding.
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Felix Gold Ltd.
The June quarter reported open-cut extraction of massive stibnite at the Bundtzen Vein, with bagged direct shipping ore now in Seattle awaiting a toll treatment agreement. Felix incorporated Frontier Antimony Refinery Corp in Delaware as its US refining platform and is assessing building its own smelter. Cash fell $4.5 million over the quarter to $9.6 million.
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Market data as of 31 July 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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The Herald
Zim Unveils Major Mining Reforms to Attract Global Exploration Capital
Mines and Mining Development Minister Polite Kambamura told the Mine Entra Exploration Symposium that Zimbabwe has the geology and the people but needs exploration finance. The package covers a computerised mining cadastre, digitisation of the Geological Survey, deductible prospecting expenditure, and customs duty rebates and VAT deferment on qualifying equipment. Titles will carry work obligations on a use it or lose it basis.
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Our Take
A cadastre that is searchable and transferable does more for junior financing than any tax rebate. The lithium export restrictions still sit awkwardly against the pitch.
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AFR
Fortescue's Flagship Iron Bridge Takes $1b Hit as China Talks Stumble
Fortescue booked a non-cash after-tax impairment of approximately US$525 million against Iron Bridge in its FY26 result, excluded from underlying earnings. The group still shipped a record 201.3 million tonnes for the year, with Iron Bridge concentrate up 27% to 9.0 million tonnes, closing with US$5.1 billion in cash and US$0.8 billion of net debt. FY27 guidance holds at 197 to 207 million tonnes.
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Our Take
Writing down Iron Bridge while guiding its volumes higher resets carrying value without touching the plan. The China Mineral Resources standoff is the live risk here.
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ABC News
Ports Unions Set to Hit BHP With 24-Hour Strike in Port Hedland
The Combined Ports Unions, covering the Electrical Trades Union, the Australian Manufacturing Workers' Union and the Western Mine Workers Alliance, have given BHP notice of a 24-hour stoppage at Port Hedland. The dispute centres on pay parity with other BHP Pilbara sites and a binding enterprise agreement, after months of bargaining failed to produce a new four-year deal. An eight-hour stoppage on 16 July was the first protected action at the terminal in decades.
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Our Take
Tripling the stoppage tests how much throughput BHP can cover with contingency crews. Port Hedland is the single highest-leverage point in the Pilbara.
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AFR
Argonaut's Eddie Rigg Starts New Fund Backing Mining 'Rockstars'
Eddie Rigg, founder and dealmaker at Perth-based Argonaut, is running a new private equity-style resources vehicle called the Special Situations Fund. It will build holdings of up to 20% in mining companies, or in associated infrastructure, logistics and service businesses. The selection thesis is backing the operators the firm rates as the industry's strongest performers.
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Our Take
A 20% stake buys board influence, which is a different instrument from a placement. Concentration that deep only pays if the read on management is right.
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Bloomberg
Copper Set for Monthly Gain on Tightening Global Supply Outlook
Copper is heading for a monthly advance, up 3% across July, on growing signs of tight supply and demand optimism tied to data centres and power infrastructure. A squeeze on scrap flows in China has added to the tightness. The larger driver is refined metal moving into the United States ahead of a decision by the Trump administration on import tariffs.
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Our Take
A 3% month built largely on tariff front-running is pricing a policy verdict more than a deficit. The China scrap squeeze is the part that survives either outcome.
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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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