The Drill Down
Tuesday 4 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
China Signals New Era for Mining M&A After Zijin Gold's Travails
Zijin Gold's abandonment of a C$5.5 billion takeover of Canada's Allied Gold is the clearest sign yet of a shift in Beijing's approach to outbound resource deals. Chinese regulators never formally rejected the transaction, they simply withheld approval within the required timeframe. Zijin pivoted to a $295 million purchase of roughly 9% of Allied instead, with security concerns in Mali having shadowed the deal for months.
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Our Take
Beijing withholding approval rather than refusing it is the tell. Chinese capital is still buying, at minority stakes and frontier discounts.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,062
+0.17%
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Silver
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$59
+1.22%
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Platinum
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$1,648
+1.14%
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Palladium
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$1,279
+1.22%
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Base Metals & Commodities
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Copper USD/t
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$14693.89
+1.01%
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Nickel USD/t
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$17165.50
-0.29%
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Zinc USD/t
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$3655.50
+1.21%
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Lead USD/t
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$1879.80
+0.91%
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WTI Crude USD/bbl
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$81.02
+0.85%
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Prices updated as of 4 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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RTG Mining Inc.
No specific catalyst identified. The likely driver is a bounce after recent selling. RTG's near-term development asset is Mabilo, a high-grade copper-gold magnetite skarn in Camarines Norte in the Philippines, with a probable reserve of 7.79Mt at 2.04g/t gold and 1.95% copper.
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Gwardar Resources Limited
A third consecutive session higher since Friday's debut, with no announcement to accompany the move. The copper and gold explorer raised $6 million at 20c and has only 33 million shares on issue, with the top 20 holders controlling roughly 89% of the register.
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Meteoric Resources Limited
The Caldeira definitive feasibility study outlines a US$498 million build for 12,500 tonnes a year of rare earth oxide over an initial 20-year life, with operating costs of US$11.68 per kilogram of TREO. Post-tax NPV runs at US$847 million at spot and US$2.72 billion on forecast pricing. Non-binding offtake sits with POSCO International, Neo Performance Materials and Ucore.
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Kalgoorlie Gold Mining Limited
KalGold reported 21 RC holes for 3,702m at Kirgella Gift and Providence, headlined by 28m at 1.15g/t gold from 20m. The market focused on the negatives: two holes through the gap between the deposits found no significant mineralisation, indicating gold pinches out over roughly 140m of strike, and northern holes were subdued enough to close the deposit out along strike.
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Trek Metals Ltd
No announcement accompanied the move. Trek has been sold down steadily since releasing its June quarterly on 31 July.
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Kuniko Limited
Kuniko resumed trading after securing a A$1.30 million placement at 2c, a 20% discount to the 10-day volume weighted average price of 2.5c. Participants receive one free listed option for every two shares. Funds go to Phase 2 drilling at the Commonwealth-Silica Hill gold-silver project in New South Wales, with assays due from September.
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Market data as of 4 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 Technology
AngloGold Reports 58% Rise in Q2 2026 Headline Earnings
Headline earnings reached $1 billion against $639 million a year earlier, on a 35% rise in the realised gold price to $4,446 an ounce. Free cash flow lifted 36% to $727 million and an interim dividend of $364 million was declared. Production fell to 744,000oz from 804,000oz on the Serra Grande sale and lower Obuasi output.
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Our Take
Earnings up 58% on 60,000 fewer ounces is the gold price doing the work. The test arrives when the price stops rising.
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AFR
A $150m Critical Minerals Smelter in NSW? Not Without a Floor Price
Antimony aspirant Larvotto Resources says prices must double and carry a guaranteed floor before it commits to a $150 million smelter, stalling the federal government's processing powerhouse ambition. Demand has rocketed since China imposed export curbs on the metal, a hardening agent used in solar panels and munitions casings.
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Our Take
A floor price shifts smelter risk onto the taxpayer. Processing ambition keeps running into the fact that China sets the antimony price.
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AFR
Gupta's Tasmanian Smelter to Be Liquidated in Painful Blow for Jobs
Creditors took less than an hour to vote to close the Liberty Bell Bay manganese smelter, a landmark in Tasmania's north-east for more than six decades. The plant was the country's only manganese smelter and employed 204 people in George Town, about 50km from Launceston.
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Our Take
The country just lost its only manganese smelter in under an hour of voting. Downstream processing ambition is running backwards while the policy debate continues.
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Business News
Liontown 'Would Look' at Mothballed Rio Asset
Managing director Tony Ottaviano says Liontown is open to growing its lithium portfolio and would look at Rio Tinto's mothballed Mt Cattlin mine if approached.
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Our Take
Ottaviano is signalling appetite rather than making a bid. Worth watching against yesterday's Chinese lithium inventory drawdown, which changes what a restart is worth.
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Business News
Evolution Open to More Deals
Managing director Lawrie Conway says Evolution Mining is not against buying assets in the current gold market, with a $1.3 billion cash stockpile behind it.
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Our Take
A $1.3 billion cash pile at these gold prices is pressure to deploy. Australian mid-tier gold assets are the obvious hunting ground.
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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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