The Drill Down
Friday 4 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
Stanmore to Acquire Moranbah South
Stanmore will pay Exxaro US$105 million in cash from existing balances for 100% of the Moranbah South tenements, two mineral development licences and one exploration permit holding 724Mt of Measured and Indicated Coal Resources in the Goonyella Middle Seam, expected to be premium hard coking coal quality and sitting immediately adjacent to Eagle Downs and the Isaac Plains Complex. The deal extinguishes up to US$60 million of deferred and contingent consideration under the 2024 Designated Area Agreement covering the Isaac Downs Extension, needs no shareholder approval, and completes before the end of the fourth quarter subject to Exxaro first closing its pre-emptive purchase of Anglo American's 50% and to FIRB, ACCC and ministerial approvals.
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Our Take
Net of the US$60 million Marcelo Matos no longer has to pay on the Designated Area, the effective outlay is closer to US$45 million for 724Mt of premium coking coal ground that Stanmore was already paying to mine through. The catch is sequencing: completion waits on Exxaro closing its pre-emptive over Anglo's half, a transaction Stanmore does not control.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,471
-0.05%
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Silver
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$67
-0.33%
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Platinum
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$1,805
-1.01%
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Palladium
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$1,408
-0.68%
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Base Metals & Commodities
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Copper USD/t
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$14700.72
-0.11%
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Nickel USD/t
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$16874.50
-0.01%
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Zinc USD/t
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$3900.18
+0.88%
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Lead USD/t
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$1902.30
+0.30%
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WTI Crude USD/bbl
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$91.52
+0.24%
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Prices updated as of 4 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Arcadia Minerals Limited
No specific catalyst identified. Arcadia's fully permitted, construction-ready Swanson Tantalum Project in Namibia holds a 2.59Mt resource at 486g/t Ta2O5 and an 866kt probable reserve at 454ppm, with financing talks running with Hongkong Xinhai Mining Services and European DFIs under the EU Global Gateway. Tantalum has risen from about US$90/lb in October 2025 to US$200 to 210/lb by March 2026, against $434,000 cash at 30 June.
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Turnstone Resources Ltd
Firm commitments for a two-tranche A$1.1 million placement of 55 million shares at A$0.020, an 11.1% premium to the last traded A$0.018 and a 3.7% discount to the 15-day VWAP of A$0.0208. Funds go to evaluating new critical minerals opportunities, exploration across the Swedish copper-gold portfolio including drill targets at Glava and Torsby West, and a strategic options review of the German potash assets.
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Forrestania Resources Limited
Completion of the Edna May Gold Project acquisition from Ramelius for A$210 million cash plus 225 million shares valued at A$90 million, alongside Tranche 2 of the A$310 million placement raising about A$215 million after approval at the 28 August general meeting. Edna May gives Forrestania a second processing hub with Lake Johnston, targeting combined milling capacity above six million tonnes a year after refurbishment.
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Terramin Australia Limited
No specific catalyst identified. Terramin holds 49% of Tala Hamza, a zinc project 15km from Bejaia in Algeria, where site works are accelerating, major construction is out to tender and state bank financing is well advanced, against $0.1 million cash at 30 June.
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Manuka Resources Limited
Manuka called a trading halt on 3 September pending an announcement on a proposed material capital raising, requested to allow a bookbuild to run in an orderly manner and to run until the announcement or the start of trading on Monday 7 September. The move reflects the last session before the halt.
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Iron Bear Resources Ltd
No specific catalyst identified. Vale paid the final US$1.3 million tranche of its Phase 1 contribution on 21 August, taking its total to US$18 million and leaving subsidiary Iron Block 103 Corporation with about US$2.3 million cash. Vale can fund up to US$138 million across two phases to earn 75% of the Iron Bear project in Labrador, which holds 13.6 billion tonnes at 30% Fe including a 3.3 billion tonne probable reserve at 29.1% Fe over a 44 year mine life.
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Market data as of 4 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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Miningmx
Copper Tipped to Hit Record $15,000 in Early 2027
ANZ expects copper to approach $14,500/t by year end and potentially reach a record $15,000/t in early 2027 as US tariff speculation pulls metal into American warehouses and tightens supply elsewhere, with three-month LME copper around $14,245/t on Thursday and the metal up about 15% this year.
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Our Take
The tightness ANZ is pricing comes from metal parked in US sheds against a refined tariff that has not been imposed, so the forecast carries a policy decision inside it rather than a supply number. Anything that settles the tariff question releases that inventory back into the LME network, which is the risk sitting under a $15,000 call built on where the metal is rather than how much of it exists.
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Miningmx
India, Zambia Restart Critical Minerals Talks
India's Ministry of Mines held preliminary discussions with Zambian counterparts on 26 August over copper and other critical minerals, with the disputed 9,000 square kilometre area awarded to India last year, which stalled talks in April, left off the table.
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Our Take
Dropping the acreage question is what got India back in the room, and it changes what New Delhi can realistically walk away with from ground to concentrate offtake. India has imported the bulk of its copper units since Sterlite closed in 2018 and its own government puts import dependence at 91% to 97% of concentrate by 2047, so the pressure to sign something sits entirely on the Indian side of the table.
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Mining.com
Ukraine-Focused Miner Ferrexpo to Raise $100 Million in Funding
Ferrexpo launched a US$100 million raise at 16.5 pence, a 42.3% discount to the 28.6 pence close before its 1 May suspension, comprising a US$60 million placing anchored by a US$50 million cornerstone from Andriy Verevskyi and a US$40 million subscription by 49.27% holder Fevamotinico, with group cash at US$26.4 million on 28 August and the board warning insolvency is likely as early as end-October without it.
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Our Take
Fevamotinico is subscribing on terms that hold it above 45.2% of the enlarged register, so the Zhevago association that triggered the VAT suspension in March 2025 survives the raise intact and the US$88 million receivable stays where it is. The money restarts pellet lines that still have no Black Sea route out after the July drone strike, which makes the alternative logistics work, not the 21 September vote, the thing that decides whether the 18 month runway is real.
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Australian Financial Review
Lithium Traders on Edge After China's Biggest Mine Closes (Again)
CATL's Jianxiawo mine, China's largest by capacity at close to 150,000 tonnes LCE a year, is back in care and maintenance after regulators revoked its environmental impact assessment following a July restart that drew more than 70 formal complaints over an unresolved tailings pond dispute, with Benchmark Mineral Intelligence cutting its 2026 output forecast 49% to 32,000 tonnes LCE and warning a sustained restart could slip into 2027.
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Our Take
A further 108,000 tonnes of expected 2026 Jiangxi production is now facing inspection, so the number at risk is several times the 30,500 tonnes Benchmark stripped from Jianxiawo alone. Beijing has spent a year converting lepidolite from a permitting formality into a licence condition, and every month the review runs is a month Australian spodumene sells into a market with less Chinese supply than the strip price assumes.
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Sxcoal
Indonesia's Bid to Set Global Commodity Prices Risks Backfiring, Analysts Warn
Industry veterans and analysts say President Prabowo Subianto's new commodities exchange, launching next year with participation made mandatory by chief supervisor of commodity trading Sarjito, will struggle against established bourses and risks deterring investors in the world's largest supplier of palm oil, nickel and thermal coal and a major source of copper and bauxite.
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Our Take
Indonesia produced 51.66 million tonnes of crude palm oil last year against Malaysia's 20.28 million, and the physical market still prices off Malaysia's FCPO, which is the working answer to whether export volume buys a benchmark. Compulsion is the part that carries the risk, because a venue counterparties are forced into starts without the liquidity or the trust that makes a reference price stick, and Prabowo is spending that credibility with his approval rating already down 30 points to 51% in eight months.
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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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