The Drill Down
Thursday 6 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
Snowline Gold Announces C$150 Million Bought Deal Financing
A BMO-led syndicate will buy 10,350,000 shares at C$14.50 for gross proceeds of about C$150 million, with a 15% over-allotment option and closing expected around 12 August. Proceeds go to Snowline's Yukon projects and working capital. Its Valley deposit at Rogue holds 7.94 million ounces at 1.21g/t measured and indicated, plus 0.89 million ounces inferred.
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Our Take
A bought deal of this size says Valley is financeable at scale without a partner. Yukon remoteness has stopped being the capital constraint.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,263
+0.37%
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Silver
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$62
-0.21%
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Platinum
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$1,756
+1.30%
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Palladium
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$1,371
+0.63%
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Base Metals & Commodities
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Copper USD/t
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$14921.36
-0.59%
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Nickel USD/t
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$17122.50
+0.09%
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Zinc USD/t
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$3727.05
+0.14%
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Lead USD/t
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$1881.80
+0.09%
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WTI Crude USD/bbl
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$75.43
+0.28%
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Prices updated as of 6 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Vertex Minerals Limited
A third session higher since Monday's news that the trial longhole stope at Decline 3, Reward Gold Mine had fired its first production rings. Diluted head grade from the 1,200-tonne stope is expected at about 8g/t gold, mined at 1.2m width against the historic 4m.
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iTech Minerals Ltd
Drilling at the Sabre prospect, Reynolds Range in the Northern Territory, returned 36m at 5.60g/t gold and 1.2% antimony from 81m, including 8m at 13.41g/t and 1.9% antimony. Peak metre grades reached 63g/t gold and 13.7% antimony. Mineralisation remains open and thickening at depth, with two holes still pending.
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Group 6 Metals Limited
A second session higher after Tuesday's investor presentation, following reinstatement to quotation on 30 July. The Dolphin tungsten mine on King Island delivered a record 77,953 tonnes processed and $40.5 million net operating cash flow in the June quarter, with underground mining now started.
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Alurion Resources Limited
No announcement accompanied the move. Alurion listed on 31 July after raising $50 million at $1.05 in a demerger from Brazilian Rare Earths, which retains about 16%. The close of 62c sits 41% below the issue price, with the 568Mt Amargosa bauxite-gallium project in Bahia the sole asset.
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Trek Metals Ltd
Maiden assays at the Kuro manganese discovery returned 10m at 42.3% manganese from 13m, with a peak metre of 54.4%. The market focused on the spread: six of 21 holes returned nothing above a 5% cut-off, no resource has been estimated, and remaining Phase 1 assays are 3 to 5 weeks away.
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Citigold Corporation Limited
No specific catalyst identified. Citigold has run hard off a low base over 12 months on sentiment rather than a funded restart at Charters Towers in north Queensland. The stated deposit runs to roughly 14 million ounces, with a 620,000oz probable reserve.
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Market data as of 6 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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The West Australian
Greatland Resources, West African Resources and Minerals 260 Take Out the Big Diggers & Dealers Gongs
Greatland Resources, West African Resources and Minerals 260 took the major honours at the Forum Awards, presented at Wednesday's gala dinner in Kalgoorlie. Greatland told the conference it is now Australia's third largest gold producer, having paid back the A$541 million Telfer acquisition in five months.
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Our Take
All three winners are gold, in a year when gold funded everything. The awards track the cycle as reliably as any index.
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The West Australian
Regis Resources Reignites Tropicana Gold Mine Acquisition Speculation After Missing Out on Vault Minerals
Regis holds 30% of Tropicana, with AngloGold Ashanti owning the remaining 70% and operating the mine. The speculation follows Regis walking away from Vault Minerals in July rather than match Genesis Minerals' higher bid, collecting a A$50.7 million break fee.
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Our Take
Buying out a joint venture partner is cheaper than winning an auction. Regis kept its discipline and its capacity, and now has an obvious place to spend it.
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Mining.com
China's Copper Smelting Grip Worries Veteran Metallurgist
Metallurgist Phillip Mackey says China now smelts about 60% of the world's copper, producing 12 to 13 million tonnes of refined metal from roughly 45 smelters, against about 26 million tonnes globally. China mines only about 8% of world copper. Chile, the largest producer, is down to four smelters.
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Our Take
Mining 8% and smelting 60% is the leverage that matters, and it took 25 years to build. Concentrate producers have no near-term alternative.
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Miningmx
Glencore Weighs Restart of South African Coal Projects
Glencore Coal South Africa chief executive Murray Houston says growth projects are back on the table as Transnet rail capacity recovers toward 70 million tonnes. Thermal coal exports reached 57.66Mt last year against 52.08Mt in 2024 and a 40-year low of 47.21Mt in 2023. Any restart would have to return to feasibility and compete for capital.
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Our Take
Rail recovery, not the coal price, is what reopens South African supply. Fixing Transnet is worth more to the sector than any new deposit.
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CNBC Africa
Zambia Miners Eye Election With Hopes for Support for Copper Expansion
More than 8 million Zambians vote on 13 August, with Hakainde Hichilema expected to win re-election and policy continuity to follow. Miners want stronger processing incentives, revived exploration and more power generation to support a 3 million tonne copper target. Mining is 9% of GDP, 72% of export earnings and close to half of government revenue.
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Our Take
Tripling output is a power problem before it is a mining one. Analysts put the shortfall at 2,000 megawatts, and nobody has funded that.
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SunSirs
Can 'Project Vault' Resolve the Bottleneck in the US Supply of Critical Minerals?
Launched in February, Project Vault is the first US strategic reserve covering the entire civilian industrial chain, working alongside the Mineral Security Partnership and FORGE. SunSirs argues it has real tactical value in stabilising prices and buffering disruption, but inventory structure, industrial support, resource endowment and funding cycles make breaking free of Chinese minerals unlikely.
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Our Take
A stockpile buys time, it does not build a refinery. The Chinese read of Project Vault is worth knowing precisely because it is the target.
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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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