The Drill Down
Wednesday 9 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
The World Is Hungry for Copper, So Why Aren't We Looking for It?
Copper reset its record for the second time this week, with LME three month metal touching US$14,635 a tonne on Tuesday after US$14,533 on Monday, lifted by AI demand and the US trade war and up around 17% this year. The AFR reports the price has still not been enough to push Australia's mining industry into spending more on finding it.
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Our Take
ABS has the June quarter at $565.6 million into gold against $177.9 million across all selected base metals, copper included. A record LME print moves the acquisition market long before it moves a drill budget, because a copper discovery still has to be permitted and built inside a timeframe no fund mandate covers.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,395
+0.89%
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Silver
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$67
+1.14%
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Platinum
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$1,841
+1.20%
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Palladium
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$1,354
+0.44%
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Base Metals & Commodities
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Copper USD/t
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$14921.65
-0.29%
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Nickel USD/t
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$16710.50
+0.29%
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Zinc USD/t
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$3980.68
-0.16%
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Lead USD/t
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$1909.70
+0.31%
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WTI Crude USD/bbl
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$94.03
+1.07%
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Prices updated as of 9 Sept 2026, 3:48 pm AEST
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Market Movers
Winners & Losers - Australian Markets
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Alara Resources Limited
Alara dispatched its 62nd copper concentrate shipment from Sohar Port on 6 September, 1,060 wet metric tonnes containing roughly 207 tonnes of copper. The Al Wash-hi Majaza mine in Oman is operated by joint venture Al Hadeetha Resources, in which Alara holds 51%, and shipped 216 tonnes of contained copper in the late August cycle.
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Iondrive Limited
An updated IONSolv evaluation returned a post-tax NPV of US$243 million at a 10% real discount rate for a single 2,400tpa module in the United States, on modelled EBITDA of US$62.1 million, revenue of US$121.8 million and development capital of US$11.9 million. Output is about 630tpa of rare earth oxide, of which roughly 624tpa is payable neodymium, praseodymium and dysprosium. Iondrive flags it as a study ahead of any final investment decision, with the base case assuming feedstock at 30.66% REO.
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Resolution Minerals Limited
American Depositary Shares commence trading on the Nasdaq Capital Market on 9 September US time under the ticker RML, each representing 200 ordinary shares, with no capital raising attached. The secondary listing follows an A$20 million placement in April corner-stoned by Tribeca Investment Partners and L1 Capital, and sits behind the Horse Heaven Project in Idaho, where Golden Gate and Antimony Ridge both carry FAST-41 permitting status.
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Dateline Resources Limited
S&P Dow Jones Indices confirmed on 4 September that Dateline comes out of the S&P/ASX 300 at the September rebalance, effective prior to the open on 21 September, and the index-driven selling has carried into a further session. Colosseum in San Bernardino County returned a bankable feasibility pre-tax NPV of US$785 million and a 49.5% IRR at US$4,200 gold in May, with rare earth drilling continuing 10km north of Mountain Pass.
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Blackstone Minerals Limited
No specific catalyst identified. The Mankayan copper-gold-silver project in the Philippines holds 793Mt at 0.65% CuEq for 2.8Mt of copper, 9.7Moz of gold and 20.4Moz of silver, with a high-grade core of 170Mt at 0.93% CuEq. Pre-feasibility consultants were appointed in the June quarter and the study is scheduled for completion within FY27, against $13.8 million of cash at 30 June.
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Gateway Mining Limited
Gateway resumed trading on a $45 million placement of 562,500,000 shares at $0.08, a 16.7% discount to the last close of $0.096 and 9.1% below the 15 day VWAP, with Jupiter Asset Management corner-stoning A$20 million and JP Equity Partners sole lead manager. Proceeds fund around 120,000m of drilling at the Yandal Gold Project, where Cowza returned 41m at 2.0g/t Au including 9m at 7.5g/t Au inside a corridor defined over more than 13km of strike.
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Market data as of 9 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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Reuters
Some Critical Mineral Firms Chosen by EU Flag Project Liquidity Concerns
23 of the 60 projects the EU has designated as strategic sent an Urgent Call to Action to Ursula von der Leyen and industry commissioner Stephane Sejourne, warning that acute liquidity and market pressure puts some in immediate jeopardy. The Commission says it has a framework in place to mobilise EUR1.7 billion since December, against nearly US$40 billion in critical mineral deals approved in the US.
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Our Take
The second CRMA call closed in January, so the designated list keeps growing while the first cohort waits on capital. For the ASX names carrying EU strategic status, the label is worth whatever the financing eventually clears, and the US deal flow is running on a much shorter clock.
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Stockhead
Evion Group Sees Big Scale for Carp Fluorspar
Evion has mapped a 200m by 200m target 300m southwest of the historic South Pit at Carp in Nevada, with barite fluorite alteration and hydrothermal brecciation on two northwest trending structures over 200m of strike and no evidence of prior mining. 41 rock chips, 10 of them from the new zone, are at the lab with assays due within weeks, ahead of a drone magnetic survey and further surface geochemistry targeted for completion by year end.
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Our Take
Carp produced roughly 44,900t at about 69% CaF2 to 1971 and the US still imports all of its fluorspar, which puts as much value on the address as on the grade. Assays inside weeks decide whether the new zone earns a drill program before the drone survey closes out the year.
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Bloomberg
Lithium's Inventory Upheaval Confounds Industry, Hits Prices
A methodology change at SMM Information & Technology, leaning on a larger sample, lifted reported stockpiles to 175,000 tonnes from a previous 78,800 tonnes. The most active lithium carbonate contracts in China fell more than 14% across three days, with some in the market calling on authorities to step in.
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Our Take
Nothing in mine supply or cell demand moved across those three days, so the fall priced a wider sample. Australian spodumene sellers wear the mark-down anyway, and until the series has a run of comparable weeks behind it the next print can unwind the move as easily as confirm it.
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Bloomberg
EU and Canada Plan Deal to Boost Trade, Security as US Ties Fray
The EU and Canada are working toward an all encompassing relationship running from trade to security, with Ursula von der Leyen expected to announce it at her state of the union address in Strasbourg on 16 September and Mark Carney addressing European lawmakers the following day. Talks centre on strategic capabilities including defence, space exploration and scientific research, with Ottawa pursuing everything short of membership.
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Our Take
Canada arrives with producing mines at a moment when 23 of the EU's own 60 strategic projects are asking for emergency funding, which makes imported supply the faster route to the 2030 CRMA targets. The 16 September text is the thing to read, specifically whether raw materials sit alongside defence and space in the framing.
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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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