The Drill Down
Tuesday 8 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
Russia Could Control a Third of World's Uranium Production by 2040
UK think tank the Centre for Strategic Advantage puts Russia's controlled share of global uranium mining capacity at almost a quarter in 2024, rising to 36% by 2040 if all planned and prospective production proceeds. Only 5% was mined on Russian soil in 2024, with the rest held through Rosatom's Uranium One across Kazakhstan, Tanzania and Namibia, plus a recent agreement with Niger.
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Our Take
The gap between 5% mined on Russian soil and almost 25% controlled is equity in other countries' mines, so Moscow's share can climb without a single new Russian tonne. Urenco wanting a government commitment before it funds expansion puts the 2040 outcome on Western energy policy long before it becomes a mining question.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,425
+0.43%
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Silver
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$67
+0.83%
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Platinum
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$1,831
+0.63%
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Palladium
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$1,396
+0.99%
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Base Metals & Commodities
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Copper USD/t
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$14966.25
+1.10%
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Nickel USD/t
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$16662.50
-0.83%
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Zinc USD/t
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$4013.80
+1.54%
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Lead USD/t
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$1897.20
+0.13%
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WTI Crude USD/bbl
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$93.29
+1.98%
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Prices updated as of 8 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Vanadium Resources Limited
Term sheet on 3 September gives subsidiary VR8 Highveld a right of first refusal over the Highveld Industrial Park site at eMalahleni, Mpumalanga, running to 31 July 2027 with a 15-day pre-emptive right and an option for up to 12 months of exclusivity. The brownfield site carries heavy industrial zoning, electricity, water and gas, and an adjacent rail siding, securing a location for the planned V-Iron Plant treating Steelpoortdrift ore. The accelerated Scoping Study remains on schedule for 30 September, with Rand Merchant Bank running funding talks with US Government-aligned DFIs and EU Critical Raw Materials Global Gateway partners.
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Mount Ridley Mines Limited
Oversubscribed and right-sized $2.0 million placement of about 60.6 million shares at $0.033 announced 4 September, a 17.5% discount to the last close of $0.040 on 1 September and 9.2% below the 15-day VWAP, with directors adding $100,000 subject to shareholder approval. Funds go to a flotation program, bulk Selectro leaching testwork, a scoping study and resource definition across the scandium, gallium and heavy rare earth resources at Grass Patch, 25km north of Esperance.
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Sunrise Energy Metals Limited
S&P Dow Jones Indices confirmed on 4 September that Sunrise joins the S&P/ASX 200 effective prior to the open on 21 September, added alongside Elsight, Smartgroup, Service Stream and Weebit Nano, with EVT, GrainCorp, GQG Partners, Pantoro Gold and Tuas removed. Inclusion brings mandated index buying ahead of the effective date, with capped and equal weighted proforma files delivered from 11 September. Sunrise is developing the Syerston scandium project near Fifield in central-west New South Wales.
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Antilles Gold Limited
Prospectus lodged 8 September for a 1-for-9 non-renounceable entitlement offer at $0.007, a 30% discount to the last close of $0.01, with one free option per new share exercisable at $0.02 to 31 December 2028, raising up to $2.55 million against a $1.5 million minimum. Mahe Capital is lead manager and partial underwriter to $500,000, with chairman Brian Johnson sub-underwriting $200,000 through Moonstar Investments. Proceeds cover $1.37 million of overheads and $1.05 million of working capital earmarked for infill drilling at La Demajagua, conditional on the US State Department sanction over 50% owned Minera La Victoria being lifted.
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TechGen Metals Limited
Drilling is complete at Blue Devil, 40km northeast of Halls Creek in the East Kimberley, with the airborne EM conductors interpreted as widespread pyrite at Red Devil and graphitic pyritic black shale at Blue Devil. BDDD002 reached 416.5m and logged only blebby chalcopyrite in a quartz-pyrite vein at 47.7m, with quartz-carbonate-pyrite zones through the hole read as a new vector to an untested magnetic feature at depth. Core goes to Perth for gold and base metal assays with initial results due in October, and TechGen says it is funded for this campaign and further gold drilling in the December quarter.
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Dateline Resources Limited
The sell-down continues from the 10 August US District Court preliminary order requiring Dateline and subsidiary Colosseum Rare Metals to halt operations at the Colosseum gold-HREE project in California until the injunction is lifted or final judgment is delivered. The order came in proceedings brought by the National Parks Conservation Association challenging the National Parks Service acknowledgement of the mine's existing plan of operations, with a status hearing set for October and an appeal under consideration. Colosseum sits 10km north of Mountain Pass and carries a bankable feasibility study completed in May 2026.
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Market data as of 8 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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Element 25
Element 25 Executes Binding AU$50 Million NAIF Finance Facility Agreement for Butcherbird Expansion
E25 has executed a definitive AU$50 million NAIF facility for the Butcherbird Expansion, an AU$42.5 million term facility over 11 years plus an AU$7.5 million cost overrun tranche, borrowed by Butcherbird Operations on a senior secured basis. Financial close and first drawdown remain subject to conditions precedent, with BBX designed to lift Butcherbird to roughly 1.1Mtpa of manganese concentrate capacity.
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Our Take
Contractual close on an 11-year senior facility is long-tenor money a manganese junior rarely gets, and the dedicated AU$7.5 million overrun tranche covers the ramp-up risk that usually forces a second raise. Drawdown still waits on confirmation of committed funding to completion, which puts the remaining equity gap squarely on the critical path.
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Miningmx
What Resource Nationalism Means for Africa's Miners
DLA Piper recorded 32 investor-state resource disputes filed with ICSID in the first 10 months of 2025, a 10-year high, as Mali lifted state ownership to 35%, Burkina Faso took 35% of West African Resources' Kiaka and Niger nationalised Orano's Somaïr. Ghana's March 2026 sliding royalty reaches 12% above $4,500/oz, stability agreements are phased out by 2027, and Gold Fields' Tarkwa lease at 17% of group output expires in early 2027.
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Our Take
Niger seized the Somaïr stockpiles in apparent breach of an ICSID ruling, which prices the remedy sitting behind those 32 filings at whatever a sanctioned government chooses to honour. Boards will carry that in discount rates well before it shows up in reserve statements, and Tarkwa in early 2027 is the first test with a major's cornerstone asset attached.
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Stockhead
Tasmanian Exploration Is at Record Levels as Critical Minerals Draw Juniors to the Apple Isle
ABS data shows a record $16.5 million spent exploring in Tasmania in the June quarter, up 46% year on year, taking FY26 to $55.8 million against $39.3 million in FY25. Record tin and tungsten pricing is driving it, in a state hosting Renison, 50% held by Metals X and supplying around 4% of the world's primary tin, the Dolphin tungsten mine on King Island and MMG's Rosebery.
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Our Take
Tasmania offers the rarest thing in Australian exploration, which is producing mines to point a discovery at. Renison and Dolphin give a tin or tungsten hit a route to revenue without a standalone development case, and that optionality is doing more work here than the headline dollar figure.
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The Times of Central Asia
Afghanistan Critical Minerals: Can Central Asia Help Unlock Them?
Taliban foreign minister Amir Khan Muttaqi has invited US investment in Afghan mining, but the State Department said on 2 September it has no plans to engage on critical minerals, citing the Taliban's sanctions status. Central Asia sits further ahead institutionally, hosting the first in-person C5+1 Critical Minerals Dialogue in Astana on 10 June, and could supply the power, processing and transport corridors any Afghan project would need.
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Our Take
With Washington declining to engage and Chinese companies holding the active exploration positions, Central Asia's value to Kabul sits in transit and processing capacity its neighbours can price at will. The C5+1 seat gives Astana and Tashkent standing with US buyers that Afghanistan cannot obtain directly, which makes the neighbours the gatekeepers on any Afghan tonne heading west.
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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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