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FRIDAY 6 NOVEMBER 2026 |
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The Drill Down
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ASX: NRL |
Record Intercepts at Tlamino
9 holes, 750m, including the widest and highest-grade intervals at the Barje deposit to date
36m @ 5.85g/t
AuEq from 47m, including
14m @ 7.74g/t (BAR046)
17.5m @ 5.22g/t
AuEq from 14.4m, including
8.2m @ 7.60g/t (BAR050)
Q4 2026
Maiden JORC (2012) Mineral
Resource Estimate scheduled
The results point to broad, high-grade continuity across the central zone, ground the 2021 estimate¹ models as low-grade. BAR047, BAR045 and BAR043 returned further intercepts of 4.87g/t, 4.16g/t and 2.39g/t AuEq over 18.3m, 10.2m and 24.6m. The rig is still on site, step-out drilling along strike from Barje, as part of a fully funded 9,000m+ program at Tlamino.
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Lead Insight
The federal budget proposes extending both the 15% Mineral Exploration Tax Credit and the 30% Critical Mineral Exploration Tax Credit to 31 March 2032, an estimated C$956 million of support over five years. Antimony would join the 30% credit for flow-through agreements entered into after budget day. Ottawa also proposes C$424.4 million over four years from 2027-28 to renew the Canadian Critical Minerals Strategy.
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Commodity Prices: 6 Nov 2026, 3:48pm AEST
| Gold (USD/toz) |
$4,043 -1.12% |
| Silver (USD/toz) |
$51 -0.64% |
| Platinum (USD/toz) |
$1,512 -0.40% |
| Palladium (USD/toz) |
$1,020 -1.14% |
| Copper (USD/t) |
$13,886.82 +0.20% |
| Nickel (USD/t) |
$16,259.50 +2.58% |
| Zinc (USD/t) |
$3,751.15 -0.18% |
| Lead (USD/t) |
$1,883.40 +0.07% |
| WTI Crude (USD/bbl) |
$91.16 +0.71% |
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| Market Movers: Winners & Losers, Australian Markets |
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Top Gainers
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PSL +18.9%:Paterson Resources Limited
RC drilling started ahead of schedule at the Grace Gold Project on 2 November, a 34-hole, 8,000m program testing the 1.3km strike extent and down-dip continuity. A companion six-hole, 1,200m diamond program has completed two holes and aims to support upgrading part of the 3.46Mt at 1.79g/t Au Inferred resource (200,000oz) to Indicated. Together they are the largest drilling program in the company’s history.
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TZN +18.8%:Terramin Australia Limited
The 29 October quarterly confirmed the 1-for-1.5 entitlement offer fully subscribed, raising about A$28.65 million at 1.8 cents a share, with proceeds directed mainly to the Tala Hamza Zinc Project in Algeria (49% owned). Project finance negotiations with a state-owned Algerian bank continued to advance, and cash was A$0.2 million at 30 September, before the offer proceeds. Shares closed at 1.9 cents.
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LAC +15.1%:Lac Gold Limited
The 30 October quarterly reported assays from 20 further Astoria holes at the Rouyn Gold Project in Québec, including 7.50m at 11.17g/t Au and 2.00m at 17.08g/t Au (downhole lengths, true widths unknown). An updated resource estimate incorporating 52 holes from the 2026 campaign is targeted for the March 2027 quarter, against the existing 1.66Moz Indicated and Inferred resource (JORC 2012). Cash was A$9.85 million at 30 September.
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Top Losers
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CTO -17.6%:Citigold Corporation Limited
All six resolutions at the 6 November extraordinary general meeting were defeated on a poll. They covered the election of Antony Sage, Timothy Turner and Edward Jack as directors and the removal of Mark Lynch, John Foley and Dr Sibasis Acharya. Each failed with roughly 52% of votes cast against, leaving the incumbent board in place. Shares closed at 1.4 cents.
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NVA -15.0%:Nova Minerals Corp
On 28 October Nova confirmed final Alaska Department of Natural Resources approvals for its antimony project, covering mining at the Styx and Stibium prospects, processing at Whiskey Bravo and refining at Port Mackenzie, with production targeted for 2027. Phase 1 is funded by a US$43.4 million Department of War award and all major long-lead equipment has been delivered. The fall likely reflects profit-taking after the permit news.
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PNN -12.1%:Power Minerals Limited
Power issued 35,714,286 placement shares at A$0.14 on 5 November to European Lithium, the Australian subsidiary of Critical Metals Corp, a A$5.0 million cornerstone investment giving the group about 8%. Proceeds fund expanded drilling at the Morro do Ferro rare earths project in Brazil. The fall looks like sell-the-news as the new shares were issued, with the stock closing at A$0.145, near the placement price.
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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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News Riveting
India’s Ministry of Mines launched the ninth tranche of critical and strategic mineral block auctions, offering 20 blocks across eight states with minerals including graphite, rare earths, tungsten, scandium and gallium. The previous eight tranches offered 100 blocks, of which 64 sold. Bids close 7 January 2027, and amended rules cut the minimum technically qualified bidders for the second round from three to two for Part D minerals.
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Cooperativa
Codelco halted the concentrator and tailings transport at its Andina division in Chile’s Valparaíso region after an object fell into a tailings channel, causing a partial spill that threatened the Blanco River. The company says water tests on the Blanco and Aconcagua rivers showed no significant variation. The environmental regulator is investigating, and water utility Esval closed its Aconcagua surface intake gates as a precaution while saying supply was normal.
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Shanghai Metals Market
LME copper closed overnight at US$13,774 a tonne, down 1.72%, as a US tech sell-off and AI sentiment risk drove long liquidation. The most-traded SHFE contract fell 1.29% to 104,950 yuan a tonne. SMM-tracked stocks in China’s main regions fell to about 60,000 tonnes, roughly 140,000 tonnes below a year ago, and Shanghai spot premiums averaged 2,100 yuan a tonne on 5 November, up 200 yuan.
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FinancialContent
MP Materials completed General Motors magnet qualification, with saleable magnet deliveries and revenue starting in the fourth quarter. Third-quarter NdPr oxide production rose 41% to 1,018 tonnes and sales rose 94% to 1,020 tonnes, lifting revenue 176% to US$147.7 million. Magnetics segment revenue was US$18.6 million, down 15%.
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PR Newswire
Wheaton produced 230,965 gold equivalent ounces in the third quarter, up 13% on the prior year, mainly from the BHP Antamina silver stream acquisition. Revenue was US$772 million, net earnings US$410 million and operating cash flow US$645 million, with year-to-date revenue a record US$2.6 billion. Net debt stood at US$1.5 billion after a US$372 million revolver repayment, and 2026 guidance of 860,000 to 940,000 gold equivalent ounces is unchanged.
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Shanghai Metals Market
LME three-month tin officially closed at US$45,479 a tonne, down 3.23%, and the most-traded SHFE contract closed its night session at 343,040 yuan, down 2.96%, as AI capital expenditure concerns hit sentiment. SHFE dipped to the 337,000 yuan level before recovering to 340,000. LME inventory held at 3,940 tonnes on 5 November, and SMM’s China ingot social inventory fell 347 tonnes to 6,342 tonnes in the week to 30 October.
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KPMG
KPMG’s September/October bulletin of broker and research forecasts puts the 2026 average hard coking coal price at US$240.2 a tonne (nominal, free on board), up from US$230.3 in the June/July bulletin. The 2026 average for Newcastle thermal coal is US$133.8 a tonne, up from US$130.7, and the average AUD:USD forecast is 0.70. Forecasts for 2027 average US$226.9 for hard coking coal and US$128.9 for thermal coal.
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Reuters
German Chancellor Friedrich Merz called for critical raw material stockpiles to be built at the European level in Brussels, to cut dependence on countries that dominate extraction and processing. Speaking at an economic conference in Berlin, he also said the state must help diversify supply sources and strengthen recycling and the circular economy. The European Commission chose 46 strategic raw material projects last month for faster permitting and help bidding for funding.
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Mining Weekly
Goldman Sachs cut its end-2026 gold forecast to US$4,150 an ounce from US$4,650 and its end-2027 forecast to US$4,800 from US$5,400, citing a more hawkish US Federal Reserve. The bank says structural central bank demand remains supportive. It warns that sharp equity drawdowns could initially pull gold lower as margin calls force investors to raise cash, and that higher oil prices could add pressure through systematic selling.
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Mining.com
Canadian engineering consultancy BBA says approval delays often start before an application is lodged, when decisions on how a mine will be built, operated and closed remain unresolved. Waste geochemistry, water management and closure inputs that arrive late can force developers to revisit engineering during permitting. BBA vice-president Isabelle Leblanc says juniors planning around a two-year permitting window need a plan B if approval runs longer.
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Kamoa Capital
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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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