The Drill Down
Wednesday 5 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
MPs Question Lindian's Mining Compliance
Malawi's Parliamentary Committee on Natural Resources, Energy and Climate Change says Lindian Resources has not supplied documents requested by the Ministry of Mining, which are needed to determine whether the Kangankunde rare earth mine in Balaka should continue under its current licence or be reclassified. Chairperson Khadija Leah Chunga told Parliament company representatives could not explain the delay and appeared unaware the ministry's deadline had passed. The committee has recommended enforcement including verification, suspension or revocation of the licence.
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Our Take
A committee recommending revocation moves licence risk from theory into process. Kangankunde is the asset the entire equity story rests on.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,153
+1.85%
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Silver
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$61
+2.86%
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Platinum
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$1,763
+2.52%
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Palladium
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$1,368
+1.76%
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Base Metals & Commodities
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Copper USD/t
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$14816.55
+0.48%
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Nickel USD/t
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$17107.50
-0.34%
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Zinc USD/t
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$3693.85
+1.47%
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Lead USD/t
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$1900.60
+1.12%
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WTI Crude USD/bbl
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$75.29
-0.63%
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Prices updated as of 5 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Group 6 Metals Limited
The tungsten producer returned to ASX quotation on 30 July after converting $81.13 million of debt to equity, and lodged an investor presentation on Tuesday. Its 100% owned Dolphin mine on King Island, Tasmania delivered a record 77,953 tonnes processed and $40.5 million net operating cash flow in the June quarter. Underground mining has started, with roughly 1% WO3 ore expected from the first quarter of FY27.
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VBX Limited
No announcement accompanied the move. VBX is developing Wuudagu, a low-silica bauxite project on Wunambal Gaambera country in northern Western Australia, 30km from the coast. Last week's quarterly reported environmental scope approvals from the WA EPA and DCCEEW, a A$10 million prepayment and offtake term sheet with a thyssenkrupp subsidiary, and an offtake and investment framework agreement with a major Chinese aluminium group covering 2 to 3 million tonnes a year.
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GWR Group Limited
GWR will return 6.1c per share in cash to shareholders, funded from cash reserves, against a share price of 14.5c. Shareholder approval is set for 9 September, with the record date 15 September and payment on 22 September. An ATO class ruling has been applied for but not yet received.
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Moonlight Resources Ltd
No announcement accompanied the move. The likely driver is profit taking after Monday's news that maiden RC drilling had started at the Peak Downs copper prospect in central Queensland, a system mined between 1862 and 1877 for roughly 100,000 tonnes at about 17% copper. Roughly 3,000m is planned, focused on the Central Zone.
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Ionic Rare Earths Limited
Ionic raised $8.0 million through a placement of roughly 30.8 million shares at 26c, a discount of about 17% to the previous close. US-based Argentem Creek Partners took $2.0 million and directors $500,000. Proceeds go to Belfast Plant commercialisation, US expansion, Makuutu and the Viridion joint venture.
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Lindian Resources Limited
Lindian requested a trading halt at 1:04pm pending an announcement responding to media speculation, following an earlier pause in trading. The halt runs until the announcement is released or normal trading resumes on Friday 7 August. Lindian also responded to an ASX price query on 28 July.
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Market data as of 5 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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Mongabay
Brazil's Mining Agency Under Fire Over Corruption and Omission Probes
The president of Brazil's National Mining Agency is under investigation for allegedly favouring companies operating illegally in Serra do Curral in Minas Gerais. The agency had nearly 20% of its budget blocked by the Ministry of Finance in May and has suspended tailings dam inspections for want of a travel budget. Gold seizures on federal roads rose 830% in the first quarter as illegal metal shifted to being smuggled out through the Venezuelan border.
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Our Take
A regulator that cannot fund dam inspections is a country risk line item.
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Wood Mackenzie
Metals Sector Weathers Middle East Shock as Aluminium Deficit Cut to 1 Million Tonnes, but Copper Surplus Signals Fragile Stability
The mid-year review cuts the expected aluminium supply deficit to roughly 900,000 tonnes, against the 2.5 to 3 million tonnes feared at the height of the conflict. Half of global sulphur supply has been disrupted, which combined with China's sulphuric acid restrictions is pressuring copper and nickel output in the DRC and Australia. Copper is still expected in surplus this year, with tariff-driven inflows into the United States supporting prices.
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Our Take
Sulphur is the disruption nobody priced, and it hits copper and nickel through the acid feed rather than the mine.
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Mysteel
China Lithium Carbonate Production Falls 4% Month on Month in July
July output came in at 101,200 tonnes, revised lower against early-month schedules as producers cut operating rates on insufficient spodumene feedstock and equipment maintenance. August is scheduled to lift 7.6% to 108,900 tonnes, with African shipments arriving at ports and halted producers planning restarts. Salt lake operations remain in seasonal peak.
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Our Take
Chinese converters are running short of rock, and African cargoes are what fixes it. That is pricing power moving upstream to the miners.
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Kitco
Bank of Korea Starts Long-Term Domestic Gold Buying Program
South Korea is buying gold for the first time since 2013, starting with spot gold exchange traded products. Jeong Hee-sup of the Reserve Management Group said a framework has been built to buy domestically produced metal through the Korea Exchange, the Korea Securities Depository and producer LS MnM, with Korea Zinc also expected to supply. The two producers make an estimated 4 to 5 tonnes a year for export, and purchases will be gradual rather than in one block.
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Our Take
Buying domestic output keeps the metal onshore and out of the export market entirely. Small tonnage, but it is a template other producing nations can copy.
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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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