The Drill Down
Friday 7 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
Australian Lithium Miners Seek More Value From Battery Supply Chains in the Face of Stiff Competition From China
IGO chief executive Ivan Vella told the November 2025 AGM he could not see a way to profitably refine lithium hydroxide in WA. Albemarle says higher spodumene prices and state support have not offset Kemerton's operating costs, and PLS has taken its downstream step to a POSCO joint venture in South Korea. In April the WA government waived around $30 million in fees for hydroxide refineries over two years.
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Our Take
Three major producers have now said the economics do not work. Fee waivers will not close a cost gap Monash measures in decades.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,271
+0.74%
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Silver
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$62
+1.59%
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Platinum
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$1,747
+1.39%
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Palladium
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$1,374
+0.38%
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Base Metals & Commodities
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Copper USD/t
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$15009.24
+0.43%
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Nickel USD/t
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$16690.50
-2.52%
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Zinc USD/t
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$3777.95
+0.93%
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Lead USD/t
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$1889.30
+0.80%
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WTI Crude USD/bbl
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$78.20
+1.18%
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Prices updated as of 7 Aug 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Albion Resources Limited
The WA Department of Mines approved the Programme of Work for Albion's maiden drilling campaign at the 100%-owned Gidgee gold project in the Gum Creek Greenstone Belt. RC and aircore drilling will test the German Well South target and eight anomalies from ultrafine soil geochemistry. Drilling starts late August.
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American Tungsten & Antimony Ltd
Restart and expansion planning has begun at the Del Sol antimony refinery in Nevada and the White Spar mine in Arizona, with the flake circuit targeted for restart in the September quarter. A pre-application meeting with Nevada regulators covered lifting permitted throughput from 18,500 to about 100,000 short tons of feed a year. The acquisition announced 28 July has not completed.
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iTech Minerals Ltd
Hole SBRC26-001 at the Sabre prospect in the Northern Territory returned 36m at 5.60g/t gold and 1.2% antimony from 81m, including 8m at 13.41g/t gold. Individual metre samples ran to 63g/t gold and 13.7% antimony. Mineralisation is open and thickening at depth, with two holes still pending.
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Trek Metals Ltd
A second consecutive session lower on the first Kuro manganese assays, after a 26.88% fall on Wednesday. Six of the 21 holes reported came in below cut-off. The market is still working through a release the headline framed as high grade.
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InVert Graphite Limited
All 16 resolutions at the extraordinary general meeting were carried, clearing the RapidGraphite acquisition, the A$2.5 million placement at 3c and director participation. RapidGraphite holds the exclusive worldwide licence to Curtin University's RapidPulse catalytic graphitisation process, which InVert intends to pair with its 100%-owned Morogoro graphite project in Tanzania. The placement price sits under the current market.
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Chilwa Minerals Ltd
Reconnaissance sonic drilling at Mpyupyu West in southern Malawi intersected free-dig mineralised saprolite from surface across 60 holes, 22% of the Phase I programme. The announcement reports no assays and no exploration results, with first sink-float grades due October. Malawi licence risk has been front of mind since the parliamentary committee recommendation on Kangankunde.
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Market data as of 7 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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Miningmx
Allied Gold Flags Upside to 2027 Kurmuk Guidance
Allied Gold expects Kurmuk in Ethiopia to deliver 240,000 to 270,000 ounces in 2027, the top end above February guidance, and 300,000 ounces in 2028. The $500m project ramps up this quarter. Zijin Gold International abandoned its takeover in late July and took a $295m stake instead.
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Our Take
Zijin walked from the company and funded its growth anyway. The stake buys exposure to Kurmuk without the political cost of owning it.
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Mysteel
Supply Disruptions and Weak USD Index to Lift August Tin Prices
Mysteel expects tin to trade between Yuan 400,000 and 440,000 a tonne in August with a bullish bias. Yinman Mining in Inner Mongolia has twice been ordered to suspend operations since a 26 July accident, tightening mine supply. Electronics and PVC demand stays weak, with AI server demand steady.
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Our Take
A price held up by one suspended mine and a soft dollar is a fragile bid. Consumption is doing none of the work.
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Bloomberg
Nickel Drops After Report Indonesia to Lift Quota for Major Mine
Nickel fell to its lowest level since mid-July on renewed speculation Indonesia will grant a higher ore production quota to one of its largest mines. The metal sank as much as 3.2% to $16,565 a tonne in London. Shanghai Metals Market reported the additional quota runs to tens of millions of tonnes for the second half, without naming the producer.
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Our Take
Jakarta moved the nickel price with an unconfirmed permit and an unnamed miner. Quota policy is the supply curve now.
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Mining.com
The Next Mining Supply Shock Won't Start at a Mine: Study
A GEM Mining Consulting study argues processing plants, chemical supply and logistics, not mines, are the likely source of the next critical mineral supply shock. Roughly half of seaborne sulphur trade passes through the Strait of Hormuz, and China halted sulphuric acid exports in May 2026. Graphite and rare earth magnet bottlenecks cannot be cleared by opening another mine.
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Our Take
This is the acid squeeze that has been repricing copper all week, finally written down. Treat sulphur as a production constraint, not a reagent line item.
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Kitco News
Gold Market Sees Positive ETF Inflows in July, Ending Two Months of Outflows
Global gold ETFs added 23.5 tonnes worth $2.965 billion in July, reversing two months of outflows. European funds drove it with 17.3 tonnes, led by the UK and Switzerland. North America managed 0.3 tonnes and remains the only region still in net outflow for the year.
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Our Take
Europe bought the dip and North America did not. A 0.3 tonne inflow after four months of price decline is not a turn.
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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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