| The Sunday Wrap |
| Mining Stocks Rally Comes to Abrupt Halt as Copper, Silver Prices Plummet and Gold Slides |
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| Comex December copper fell as much as 5.4% to US$6.5160/lb, a day after a record US$6.8885 settlement, on a Reuters report that the White House has not decided on refined copper tariffs, while a US producer price report lifted odds of a Fed hike next week to about 70%. By early afternoon in New York gold was down 1.6% at US$4,391/oz and silver 5.9% at US$64.575, with platinum and palladium each off more than 6%. Freeport-McMoRan dropped over 7% to a US$101.7 billion value, and Teck, Lundin Mining and First Quantum each fell more than 6%. |
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| Aclara Receives EXIM Bank Letter of Interest for Up to US$750 Million |
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| EXIM has issued a non-binding Letter of Interest indicating willingness to consider up to US$750 million for Project Dynamo, Aclara's planned rare earth separation, metals and alloys facility at the Port of Vinton in Louisiana, with a repayment tenor of up to 15 years under the Make More in America initiative. The plant is designed to separate Super Pure Rare Earth Carbonate from Aclara's South American ionic clay deposits into NdPr, dysprosium, terbium, samarium, gadolinium and yttrium oxides, then convert those oxides into magnet alloys. Basic engineering by Hatch and key permitting are in their final stages, targeting construction readiness by the end of 2026. |
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| Aclara Resources |
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| Brazilian Court Suspends Licences for Sigma Lithium Mine |
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| A Minas Gerais judge suspended all environmental licences and ordered mining to stop at Grota do Cirilo, Sigma's only productive asset, with nameplate capacity of 330,000 tonnes of lithium oxide concentrate a year. The judge cited studies placing the Bau Quilombola territory about 2.7km from the directly affected area, inside the 8km threshold that triggers free, prior and informed consultation. The state is barred from issuing new licences, a fine applies if operations continue, and an independent georeferencing review has been ordered. |
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| Mining.com |
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| China Rare Earth Firms Halt Some US Shipments Over Geopolitical Worries |
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| A handful of Chinese suppliers have refused to ship rare earths to US buyers since early August, when Beijing sanctioned the Responsible Business Alliance, leaving them wary of following its linked audit framework. Yttrium exports to the US sit at about half 2024 levels, some buyers have waited over six months for licences, and shipments to Japan are tighter again. |
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| Reuters |
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| Mining Stocks Claim Record 60% of 2026 TSX30 |
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| Eighteen of the 30 companies on the 2026 TSX30 are miners, the most in the ranking's history and up from 17 last year. Montage Gold placed second overall on a 2,502% three-year dividend-adjusted gain, behind only Celestica. The 30 averaged 785% appreciation against 431% in 2025, adding C$225.7 billion in market value, with four silver, three copper and one rare earths company alongside the gold names. |
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| Mining.com |
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| Global Coal Demand Forecast to Rise by 1.2% in 2026 to a Record 8.94bn Tonnes Due to Middle East Conflict, IEA Says |
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| The IEA now forecasts global coal demand rising 1.2% in 2026 to a record 8.94 billion tonnes, reversing its earlier call for a slight decline. Disruption to oil and LNG shipments through the Strait of Hormuz since the US-Iran war began has lifted prices and pushed systems with gas-fired fleets and spare coal capacity toward coal, with use running higher than expected in Europe, Japan, Korea and China. The 2027 outlook turns on whether Hormuz traffic recovers. |
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| Mining Weekly |
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THEME: SIGNED VERSUS SIGNALLED
Lingbao Wrote a Cheque While Washington Wrote a Letter
Lingbao Gold Group has agreed to pay St Barbara A$410 million in cash on completion plus a A$43 million construction capital repayment for its remaining New Simberi interest, and will fund St Barbara's share of cash calls until the deal closes. At Etango, every condition to CNNC Overseas' strategic investment and joint venture has been satisfied or waived, which let Bannerman complete a fully underwritten A$124 million placement that, alongside CNOL's contributions, is expected to fully fund the project through construction and ramp-up. Both carry a price and a committed counterparty, even with New Simberi still awaiting PRC and PNG approval.
EXIM's letter of interest for up to US$750 million for Aclara's Louisiana separation and alloys plant is explicitly non-binding and subject to due diligence and underwriting. The White House has yet to decide on refined copper tariffs, and that report took Comex December copper down as much as 5.4% from a record settlement and cut Freeport more than 7%. Meanwhile a handful of Chinese suppliers have stopped shipping rare earths to US buyers since Beijing sanctioned the Responsible Business Alliance, precisely the dependency Aclara's plant is pitched at.
Private capital moved without waiting for policy to settle. Agnico Eagle swapped Delta and Helm Bay for 19.99% of Vizsla Copper, Jupiter Asset Management cornerstoned A$20 million of Gateway's A$45 million raise, and Trafigura and Eric Sprott are among the backers of the US$60 million already committed to Goldgroup. For juniors, price is set by whoever signs, and this week the signatures came from miners, traders, fund managers and Chinese strategics.
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| Bannerman Completes A$124 Million Underwritten Placement To Fully Fund Etango (US$88.7M) |
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| Bannerman has completed the bookbuild for a fully underwritten placement of approximately 31 million shares at A$4.00 to raise A$124.0M (~US$88.7M) before costs, a 5.4% discount to the A$4.23 close on 8 September, after all conditions precedent to CNNC Overseas' strategic investment and joint venture at the Etango uranium project in Namibia were satisfied or waived. Proceeds cover Bannerman's 55% share of the residual Etango working capital requirement plus construction headroom, and alongside existing cash and CNOL's subscription, reimbursement and pro-rata contributions are expected to fully fund Etango through construction and ramp-up. A non-underwritten SPP at the same price targets a further A$10.0M (~US$7.2M), with placement settlement due 15 September and a final investment decision expected in Q4 2026. |
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| Goldgroup Announces US$75 Million Private Placement With US$60 Million Already Committed |
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| Goldgroup has launched a non-brokered private placement of up to 20,547,945 units at US$3.65 for gross proceeds of up to approximately US$75.0M, with about US$60.0M already committed by entities representing or affiliated with Trafigura, Eric Sprott, Rick Rule, Fiscal Wisdom, Calu Opportunity Fund and two further institutional natural resource funds. Each unit carries one share and one half warrant exercisable at US$5.10 for 18 months, and net proceeds go to working capital, advancing its mining and development assets in Mexico and Michigan, and pursuing acquisitions and M&A. Closing is expected on or about 30 September, subject to TSXV and NYSE American approval. |
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| Gateway Mining Raises A$45 Million To Expedite Yandal Gold Exploration (US$32.2M) |
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| Gateway has received firm commitments for a A$45.0M (~US$32.2M) placement of 562.5 million shares at A$0.08, a 16.7% discount to the last close of A$0.096, cornerstoned by a A$20.0M (~US$14.3M) commitment from Jupiter Asset Management, with JP Equity Partners as sole lead manager. Funds add to about A$15.1M in cash and liquid securities at 30 June and back approximately 120,000m of RC and diamond drilling at the Yandal gold project in Western Australia across Cowza, Celia South, Ward, Haflinger, Dusk 'til Dawn and Horse Well, plus resource estimation and regional exploration at Glenburgh South and Barrelmaker. |
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| Lingbao Gold To Acquire St Barbara's Remaining New Simberi Interest For A$453 Million (US$323.9M) |
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| Lingbao Gold Group has agreed to acquire St Barbara's remaining interest in Tabar Islands Holdings, owner of the New Simberi gold project in Papua New Guinea and the Tabar Islands exploration licences, for A$453.0M (~US$323.9M), comprising A$410.0M cash on completion and a A$43.0M repayment of St Barbara's share of construction capital funded between April and signing. St Barbara retains a 2.75% NSR on New Simberi gold and silver production and a 1.5% NSR on all minerals from the Tabar Islands licences, both guaranteed by Lingbao, which also funds St Barbara's share of cash calls until completion. Completion is targeted for the March quarter 2027, subject to PRC and PNG regulatory approvals and shareholder approvals where required, and St Barbara's board will consider a special A$0.13 fully franked dividend at completion. |
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| Vizsla Copper To Acquire Delta And Helm Bay Projects From Agnico Eagle For C$32.0 Million (US$23.1M) |
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| Vizsla Copper has agreed to acquire 100% of the Delta polymetallic VMS project and the Helm Bay gold project in Alaska from Agnico Eagle for 25,426,773 shares at a deemed C$1.26, approximately C$32.0M (~US$23.1M), of which 2,903,490 deferred shares await disinterested shareholder approval. Agnico also receives 3,041,480 warrants at C$1.95, a 2.0% NSR on Delta, a 3.0% NSR on Helm Bay and up to C$20.0M (~US$14.4M) in milestone payments tied to Delta's resource, feasibility and production, holding 19.99% at closing and about 22.0% after the deferred issue. Delta carries a historical inferred estimate of 15.4Mt at 0.6% Cu, 1.6% Pb, 3.8% Zn, 62 g/t Ag and 1.7 g/t Au that Vizsla is not treating as a current mineral resource, with closing expected in Q4 2026. |
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| Talon Metals Corp. (TLO : TSX) |
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| 51m at 25.25% NiEq from 753m |
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| Tamarack North, Minnesota, United States |
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| PolarX Limited (PXX : ASX) |
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| 24.8m at 9.8% Cu from 2.4m |
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| Caribou Dome, Alaska, United States |
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| Week-on-Week |
Price |
% |
| Gold |
US$4,325.30/oz |
-2.34% |
| Silver |
US$63.42/oz |
-4.23% |
| Platinum |
US$1,771.00/oz |
-2.48% |
| Palladium |
US$1,263.00/oz |
-7.68% |
| Rhodium |
US$9,825.00/oz |
+4.52% |
| Copper |
US$14,390.00/t |
+0.13% |
| Nickel |
US$16,620.00/t |
-0.42% |
| Zinc |
US$4,105.00/t |
+0.44% |
| Lead |
US$1,870.00/t |
-0.05% |
| Aluminium |
US$3,343.00/t |
+1.53% |
| Tin |
US$54,725.00/t |
+0.37% |
| Iron Ore |
US$98.68/t |
-0.89% |
| Manganese |
US$4.33/dmtu |
+0.02% |
| Uranium (U3O8) |
US$89.75/lb |
+0.28% |
| WTI Crude* |
US$99.99/bbl |
+9.30% |
| Lithium |
US$23,665.43/t |
-7.11% |
| Cobalt |
US$43,690.00/t |
-13.77% |
| Molybdenum† |
US$91,951.00/t |
0.00% |
| Antimony |
US$15,575.32/t |
+1.98% |
| Tungsten |
US$156,553.44/t |
+0.06% |
| Niobium‡ |
US$957.63/t |
-0.16% |
| Neodymium |
US$156.26/kg |
+0.23% |
| Praseodymium† |
US$181.53/kg |
-0.40% |
Prices sourced from Pulse Intelligence, week-on-week to Friday 11 September 2026. *WTI Crude sourced from Investing.com, front-month futures settlement. †This price feed reprices intermittently; the change shown reflects a small number of discrete repricings rather than continuous movement. ‡Quoted basis under review.
[This week the table moves to a single pricing source. Uranium is now quoted per pound and antimony, tungsten and niobium per tonne, where all four were previously per kilogram. Lithium is a single metal line rather than China carbonate spot, and neodymium and praseodymium are quoted separately as metals in place of the former NdPr oxide composite. Silver now carries two decimals. Fluorspar, gallium and germanium are discontinued. Price levels differ from last week's table across the board for the same reason, most visibly in base metals.]
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This newsletter is for general information, education and 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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