Copper hits new record on Comex as metal flows out of LME into the US and China imports fall
MiFID II exempt information – see disclaimer below
Antofagasta (ANTO LN) – H1 financial results benefit from commodity prices, productivity and cost containment measures
Boliden (BOL STO) – Swedish government rejects appeals against the redevelopment of the historic Laver mine in Sweden
Brazilian Rare Earths (BRE AU) – Rocha da Rocha Rare Earth Project scoping study
GreenRoc Strategic Materials Plc (GROC LN) – Amitsoq graphite mine and Active Anode Materials pilot processing plant update
First Tin (1SN LN) – Larger ore-reserve estimate opens up potential for larger and/or longer life mine at Taronga
Hamak Strategy* (HAMA LN) – Consultant appointed for Akoko PEA
Nova Minerals (NVA US) – Three rigs turning at Estelle gold and antimony project, Alaska
Prospect Resources (PSC AU) – Recent drilling extends Nyungu Central mineralised envelope to the SE
Rio Tinto (RIO LN) – Agreement on the future of the Tomago aluminium smelter
Shuka Minerals (SKA LN) – Latest drilling intersects new mineralised zone at Kabwe
Unity Metals* (UM1 AU) – Geophysical survey defines new gold exploration targets in Cambodia
Gold (US$4,378/oz) holds near $4,400 as soft US inflation eases rate hike fears
- Gold touched a 10-week high after US inflation came in low, up just 0.1% in July (Bloomberg).
- Low inflation gives the Fed less reason to raise rates, which is good for gold.
- The next signals come from more US data and the Fed chairman’s speech in late August.
- Bank of Korea has disclosed US$250m in the SPDR Gold Trust ETF US at end-June
- The move is the bank’s first gold investment in 13 years and is worth ~US$355bn all bought in Q2
- Northern Star, Australia’s largest gold miner, rejected activist Elliott’s push to replace six board members and review a sale.
Copper ($14,019/t) – hits new record on Comex as metal flows out of LME into the US and China imports fall
- Copper on Comex hit a record $14,802/t on Wednesday before easing.
- Comex trades around $400/t above the LME, and LME stocks have fallen 14% since end July to 214,550t.
- The move follows the lowering of expectations for a US rate rise
- China unwrought copper imports fell 11.5% yoy to 425,000t
- Year-to-date imports also fell -6.2% to 2.92mt
- Copper concentrate imports at 2.38mt were down 1.8% as the nation struggled to draw in sufficient copper concs for its expanded smelter capacity
- Year-to-date copper concentrate imports were also down 7% at 16.985mt
- Antofagasta’s 1H profit rose 72% yoy to $2bn on higher prices (Dow Jones).
- Heavy rain in Chile Antofagasta’s guidance to 625,000-655,000t, from 650,000-700,000t.
- Freeport Indonesia pulled the Manyar smelter restart forward to late August, from a previous September target (Bisnis.com).
- The move answers the breakdown at the nearby PT Smelting plant, shut since 8 August for furnace repairs.
- Vale’s Salobo expansion in Brazil adds around 30,000t of copper a year from 1H28.
- It uses Coarse Particle Flotation, which recovers copper from coarser rock with less grinding.
- The move is encouraging the reactivation of some long-stalled copper mining projects
Tampakan, Philippines is due to commission in 2028 after two years of delays
- Production targets to average 375,000t of copper and 360,000oz of gold
Bougainville – Autonomous government of Bougainville will allow Lloyds Metals & Energy (India) to look at the potential to restart the Panguna copper mine
- Lloyds Metals & Energy India are reported to be ready to restart the Panguna copper mine on the island of Bougainville in PNG. (The Edge Singapore)
- The Lloyds team were authorised last week to carry out an approved programme of preparatory works and feasibility activities to assess the future redevelopment of the Panguna mine.
- Bougainville, which was run by Rio Tinto was once the world’s largest copper mine till it was forced to close by local insurgents in 1989.
- Panguna is reported to hold 5.3mt of contained copper and 19.3moz of gold.
- A number of groups have negotiated for permission to restart the mine since its closure. We don’t advise including production from the restart of Bougainville in any forecasts just yet.
Rare Earths – US and Japan plan world’s deepest subsea mine
- The two countries are studying deep-sea rare earth deposits near Minamitorishima, a Japanese island 1,000 miles from Tokyo.
- The mud sits 6km underwater. A 2018 study put it at over 16m tonnes of rare earths.
- That includes heavy rare earths, which almost all come from China today.
- China has sent survey ships and an aircraft carrier near the island. Japan has moved missiles there.
- A full mining test is planned for February 2027.
- Chinese rare earth exports hit a four month low down 17% in July.
| Dow Jones Industrials | -0.04% | at | 53,770 | |
| Nikkei 225 | +1.16% | at | 68,309 | |
| HK Hang Seng | -0.25% | at | 25,377 | |
| Shanghai Composite | -0.52% | at | 3,926 | |
| US 10 Year Yield (bp change) | -1.6 | at | 4.68 |
Currencies
US$1.1519/eur vs 1.1537/eur previous. Yen 159.38/$ vs 159.36/$. SAr 16.170/$ vs 16.191/$. $1.348/gbp vs $1.351/gbp. 0.705/aud vs 0.706/aud.
CNY 6.747/$ vs 6.747/$. Dollar Index 100.03 vs 99.87 previous.
Economics
US – In line CPI calm rate hike expectations that along with positive earnings reports see equity indices higher.
- S&P and Nasdaq closed 0.3% and 0.5% higher yesterday with futures up this morning.
- Core measure matched its five years low from February.
- The data follows softer than expected July payrolls data.
- September rate hike odds gone down from ~48% to ~36%.
- CPI (%mom, Jul / Jun / Est): 0.1 / -0.4 / 0.1
- CPI (%yoy, Jul / Jun / Est): 3.4 / 3.5 / 3.4
- Core CPI (%mom, Jul / Jun / Est): 0.2 / 0.0 / 0.2
- Core CPI (%yoy, Jul / Jun / Est): 2.5 / 2.6 / 2.5
- NFIB business optimism index 99.8 in July vs 97.4 in June. The index is at its highest since Aug 2025.
Japan – The yen is gradually losing all its post intervention gains trading at over 159.
- Meanwhile, latest factory gate inflation data showed producer prices are growing at close to the fastest pace since early 2023 and >2x compared to the start of the year.
- With energy prices remaining elevated and the government embarking on an expansionary policy the pressure on the central bank to tighten the policy remains.
- 10y bond yields approaching 2.9% mark, the highest since mid-1990s.
- PPI (%yoy, Jul / Jun / Est): 7.2 / 7.1 / 7.4
China – vehicle sales fell 0.3% in July vs -3.2% in June
- China is struggling to reflate its economy with July inflation at -0.1% mom and 0.5% yoy.
- Food is 30% of Chinese CPI with pork down 13% yoy and eggs 14% higher
- Housing is 22% of the CPI with President Xi holding back the property market with his mantra that housing is for living and not for speculation.
UN Food and Agriculture Organization (FAO) index of food commodity prices hit a three year high in Julyon rising cereals, sugar and vegetable oil.
- The FAO see heatwaves hitting wheat yields in several key producing regions, sugar driven up by fears over “persistent hot and dry weather on crop yields in the European Union” and damage caused by the developing El Niño weather system.
UK – Preliminary GDP numbers see growth in consumption and business investment compensating for a drop in government spending.
- 2Q26 GDP held up despite headwinds from the Iran war and domestic political challenges.
- GDP (%qoq, 2Q / 1Q / Est): 0.4 / 0.6 / 0.4
- Private Consumption (%qoq, 2Q / 1Q / Est): 0.3 / 0.6 / 0.2
- Government Spending (%qoq, 2Q / 1Q / Est): -0.3 / 1.3 / 0.2
- Business Investment (%qoq, 2Q / 1Q / Est): 1.2 / 0.4 / -0.1
- Exports (%qoq, 2Q / 1Q / Est): 0.5 / 0.2 / 0.3
- Imports (%qoq, 2Q / 1Q / Est): 0.5 / 1.4 / 0.2
Burnham move to devolve power to Mayors and cities could push 90,000 jobs out of London
- Government positions will move to Manchester, Birmingham and Leeds under Burnam’s decentralisation (The Times).
- The migration of white-collar jobs is estimated to bring a £9bn boost to regional economies according to Robert Walters analysis.
- Let’s hope someone remembers to invest in the commuting infrastructure to enable everyone to get to work on time!
Precious metals:
Gold US$4,378/oz vs US$4,402/oz previous
Gold ETFs 97.3moz vs 97.3moz previous
Platinum US$1,735/oz vs US$1,756/oz previous
Palladium US$1,348/oz vs US$1,370/oz previous
Silver US$64.7/oz vs US$65.9/oz previous
Silver ETFs 797.5moz vs 794.0moz previous
Rhodium US$8,725/oz vs US$8,675/oz previous
Base metals:
Copper US$14,019/t vs US$14,205/t previous
Aluminium US$3,270/t vs US$3,343/t previous
Nickel US$16,760/t vs US$16,850/t previous
Zinc US$3,705/t vs US$3,756/t previous
Lead US$1,897/t vs US$1,906/t previous
Tin US$55,570/t vs US$56,270/t previous
Energy:
Oil US$88.5/bbl vs US$89.3/bbl previous
- Crude oil prices remain edged lower after the EIA estimated a large and unexpected 17.4mb w/w crude build to commercial US inventories offset by draws of 6.1mb to the SPR, 1.0mb to gasoline and no change to distillate stocks, with refinery utilisation down 0.3% w/w to 96.2% on 13.8mb/d of domestic supply.
- The IEA’s August OMR forecast that global oil demand will contract by 1.6mb/d y/y in 2026 (-0.5mb/d m/m), before growing by 2.4mb/d to 105.2mb/d in 2027. Global oil supply is now projected to decline 4.3mb/d (-0.6mb/d m/m) to average 102mb/d in 2026, including growth of 1.4 mb/d from the Americas, before jumping 8.3mb/d in 2027.
- OPEC’s August MOMR forecasts that global oil demand will grow by 0.6 mb/d in 2026 and 2.2 mb/d in 2027, while non-OPEC+ global supply is expected to increase by 0.6mb/d for oil and 0.1mb/d for NGLS in both years.
- European energy prices remain elevated as EU natural gas storage levels increased by 1.4% w/w to 59.3% full (vs 76.6% 5-Yr average), with aggregate inventory at 670TWh and German inventories falling w/w to 47.3% full (vs 75.1% avg.).
Natural Gas €59.9/MWh vs €61.2/MWh previous
Uranium Futures $87.3/lb vs $87.0/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$95.7/t vs US$95.5/t
Chinese steel rebar 25mm US$463.9/t vs US$464.3/t
HCC FOB Australia US$221.0/t vs US$217.7/t
Thermal coal swap Australia FOB US$134.0/t vs US$133.8/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$107,167/t vs US$107,685/t
Lithium Carbonate 99% (China) US$20,381/t vs US$20,381/t
China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t
Ferro-Manganese European Mn78% min US$1,040/t vs US$1,035/t
Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu
China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu
China Graphite Flake -194 FOB US$390/t vs US$390/t
Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb
Europe Ferro-Vanadium 80% US$25.7/kg vs US$25.7/kg
China Ilmenite Concentrate TiO2 US$205/t vs US$205/t
US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t
China Rutile Concentrate 95% TiO2 US$1,164/t vs US$1,164/t
Brazil Potash CFR Granular Spot US$392.5/t vs US$392.5/t
Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/kg
China Gallium 99.99% US$430.0/kg vs US$430.0/kg
Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb
EV & Battery news:
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 0.0% | 1.0% | Freeport-McMoRan | 0.5% | -0.2% |
| Rio Tinto | -3.6% | -1.9% | Vale | 0.7% | -3.5% |
| Glencore | 0.0% | 1.2% | Newmont Mining | 0.5% | 13.0% |
| Anglo American | 0.0% | 2.1% | Fortescue | -0.4% | -3.1% |
| Antofagasta | 0.0% | 1.4% | Teck Resources | -0.1% | -0.6% |
Antofagasta (ANTO LN) 3,830p, Mkt Cap £40bn – H1 financial results benefit from commodity prices, productivity and cost containment measures
- Reporting a 27% rise in H1 2026 EBITDA and 53% increase in operating cash flow, CEO Ivan Arriagada attributed the performance to a combination of higher commodity prices, productivity and disciplined cash cost management.
- An 18% revenue increase to US$4.48bn (H1 2025 – US$3.80bn) drove the increased EBITDA of US$2.84bn (H1 2025 – US$2.23bn) and a 72% higher pre-tax profit of US$2.00bn (H1 2025 – US$1.16bn).
- In addition to the commodity price, productivity and cost management contribution, today’s announcement explains the working capital impact of “lower receivables and higher payables” on the increased US$2.77bn operating cashflow (H1 2015 – US$1.81bn).
- Antofagasta declares an 81% higher dividend of US30.1₵/share “equivalent to a pay-out ratio of 35% of underlying net earnings, in line with the Group’s capital allocation framework and dividend policy”.
- The Los Pelambres mine contributed US$1.40bn (~50%) of EBITDA “a 30% increase compared with … the first six months of 2025” reflecting “35% higher realised copper prices, 55% higher realised gold price and 54% higher realised molybdenum price … partially offset by lower sales in copper (15% decrease), gold (22% decrease) and molybdenum (6% decrease”.
- The Centinela mine increased its EBITDA contribution by 9% to US$1.03bn (36% of the total) reflecting similar influences to those experienced by Los Pelambres.
- A further 9% of Group EBITDA was generated by Antucoya which increased its contribution by 61% to US$0.25bn.
- Mr. Arriagada explained that Antofagasta is advancing “our major projects at Centinela and Los Pelambres towards the completion of commissioning in 2027, which are collectively expected to deliver a 30% increase in copper production and strengthen the long-term resilience of our portfolio”.
- He also confirmed “full year copper production … [is expected] … to be in the range of 625,000-655,000 tonnes” as Antofagasta stated in July when the company released its Q2 and H1 production results.
- 2026 cash costs after by-product credits “are expected to be in the range of $1.15-1.35/lb”.
- Antofagasta spent US$23.3m on exploration during H1 2026 “primarily related to activities at the Cachorro exploration project in Chile and the Group’s development-stage project in the United States (Twin Metals Minnesota)”.
Conclusion: Antofagasta reports increased H1 revenue, EBITDA, pre-tax profits and dividends reflecting robust commodity prices, operational productivity and cost-control management. The company is targeting a 30% rise in medium term copper output.
Boliden (BOL STO) – SEK522, Mkt cap SEK 150bn – Swedish government rejects appeals against the redevelopment of the historic Laver mine in Sweden
- The Swedish government has paved the way for the reopening of the Laver mine in Sweden through the rejection of appeals against the mine.
- Unfortunately, the process may leave some major environmental and Sámi related reindeer winter grazing access issues unresolved.
- Key metrics:
- Capex: ~US$1.9bn.
- Throughput: 36mtpa
- Production: ~80,000tpa copper
- Resource:
- Indicated: 849.5mt @ 0.24% copper
- Inferred 122,2mt @ 0.23% copper and 0.17g/t gold, 6.6g/t silver
- Contained metal:
- 281,000t copper
- 668,000oz gold
- 25.9moz silver
- The mine is expected to generate 2,000 direct and indirect jobs.
Brazilian Rare Earths (BRE AU) A$4.7, Mkt Cap A$1.2bn – Rocha da Rocha Rare Earth Project scoping study
- The Company released a Scoping Study for the high grade Roch da Rocha Rare Earth Project, Brazil.
- Scoping study highlights include:
- Flowsheet design initially focused on simple two product suite including separated NdPr oxide and heavy rare earth rich concentrate (HRE+)
- Potential to add further by product stream including uranium, scandium, niobium and tantalum (not part of the study
- Higher production rates forecast in first 5y reflecting higher grade feed.
- Hub and spoke development model with mining/crushin/screening/ore sorting at Monte Alto and downstream processing at Camacari separation facilities.
- Camacari benefits from access to infrastructure, utilities, reagents, logistics and skilled labour helping project development costs.
- LOM 14y
- Mining inventory 13.4mt including 4.8mt Monte Alto (high grade material Y1-8) and 8.6mt Sulista (Y8+)
- Average annual output – 5,276tpa NdPr oxide, 2,253tpa HRE+ concentrate (incl 247tpa DyTb, 319tpa Gd, 989tpa Y)
- Uranium production potential estimated at ~0.8mlbs pa U3O8 in yellow cake (not currently included in the Scoping Study)
- Development capex US$969m
- Opex ~US$21/kg NdPr, the first quartile in global cash cost
- Average annual revenue and EBITDA US$1.7bn and US$1.4bn
- Rough revenue split includes ~45% NdPr and 55% HRE+ concentrates with Y accounting for >50% of HRE+ revenues or ~30% of total
- Base case pricing assumptions – US$141/kg NdPr, US$930/kg Dy, US$3,381/kg Tb, US$677/kg Gd, US$760/kg Y (US Spot: US$111/1,800/4,70/1,900/1,025)
- After-tax NPV8 and IRR $7.9bn and 89%
- Payback 1.1y
- FID mid-2029 and first production 2031
- Latest MRE estimates:
- Monte Alto primary/residual MRE: 3.4mt at 11.3% TREO (2.51mt Indicated at 12.7% TREO, 0.89mt Inferred at 7.1% TREO), plus a separately reported 1.25mt secondary monazite resource at 2.17% TREO.
- Sulista total MRE: 8.49mt at 2.29% TREO (2.2mt Indicated at 2.94%, 6.28mt Inferred at 2.07%), including maiden Sulista East, West and Outcrop Ridge estimates.
- Most of the the high-grade hard rock mineralisation is hosted within chevkinite/apatite-britholite domain (CAB at Monte Alto) with lower grade primary and weathered monazite mineralisation seen at both Monte Alto and Sulista.
- Next steps include MRE growth, infill drilling, process optimisation, product qualification, strategic partner discussions, permitting, by-product commercialisation discussions.
- The Company has a strategic partnership with Carester, a leading rare earths processing specialist, that led downstream separation design work informing the Study and a binding 10y offtake for heavy rare earth products.
GreenRoc Strategic Materials Plc (GROC LN) 2.95, Mkt cap 8.71m – Amitsoq graphite mine and Active Anode Materials pilot processing plant update
- GreenRoc Strategic Materials reports the completion of drilling at its Amitsoq graphite mine in Greenland with all three holes reporting significant graphite ore intersections.
- Drilling and geotechnical measurements are expected to be ready for the start of a PFS later this year.
- Drilling intersected:
- Lower Graphite Layer with 9.7m true thickness.
- Upper Graphite Layer at ~36m depth with 4.8m of true thickness and LGL at ca 93m depth with 9.2m of true thickness.
- Lower Graphite Layer intercepted at ~137m depth with a true thickness of 21.3m.
- Denmark; purification equipment for GreenRoc’s new AMM ‘Active Anode Material’ plant is packed and being shipped from Sepor Inc in Florida.
- The new kit should arrive by end September and has been specified by GreenRoc and its technical advisory partner, ProGraphite GmbH.
- The existing pilot plant is running further trials with the graphite mills, working with several parameters.
- IPU and DTU researchers have conducted further development of the purification recipe, focussing on achieving the required purification level while optimising the amount and types of reagents, energy and handling stages.
- EU: Management are working with the European Investment Bank InvestEU Advisory Hub
- The EIB are helping with the first draft of a market analysis along with a draft economic model on the integrated graphite mine and AAM processing plant business case.
- The AMM process plant is based partly on the PEA for Amitsoq and the PFS for the AAM plant with updated price date for graphite concentrate and graphite AAM products.
- Funding: GreenRoc has a £1.2m grant from the Danish government alongside a €5.2m secured loan facility from Danish Export and Investment Fund (EIFO) of which €3.3m was available for drawdown as of 27 March 2026.
- Conclusion: GreenRoc is making great progress towards the production of graphite concentrate from the Amitsoq mine and the potential processing of Active Anode Material to be trialled in Denmark.
First Tin (1SN LN) 12.5p, Mkt Cap £68m – Larger ore-reserve estimate opens up potential for larger and/or longer life mine at Taronga
- First Tin reports a 13% increase in ‘Proven & Probable’ ore reserves at its Taronga tin project in NSW.
- The new estimate shows a 5mt increase to a total of 45mt at an average grade of 0.12% tin (previous estimate – 40mt at an average grade of 0.13% tin).
- Almost 70% of the new estimate is classed as ‘Proven’ with 31mt at an average grade of 0.13% (previously 26mt at 0.14% tin).
- Today’s announcement explains that the “updated ore Reserves are contained entirely within the existing pit limits that form the basis of the current permitting process and add approximately one year to the current mine life”.
- The North Pit hosts 23mt of ‘Proven’ reserves at an average grade of 0.13% tin plus a further 8mt of ‘Probable’ reserves at an average grade of 0.09% tin.
- The South Pit reserve includes 8mt of ‘Proven’ reserves at 0.14% tin and 6mt of ‘Probable’ reserves at 0.11% tin.
- First Tin clarifies that the current mine plan for Taronga “is based on the 2024 DFS open-cut design and an earlier Mineral Resource model” and that subsequent the impact of increases to the resources and “updated assumptions relating to tin price and processing recovery” are being assessed to optimise the pit design in a revised geological model.
- CEO, Bill Scotting, said that the updated reserve estimate would add “approximately one year to the current mine plan, all within the existing pit limits”.
- He said that the increased reserve “also provides a compelling opportunity to extend the mine beyond the current pit limits. Preliminary optimisation indicates the potential for approximately 20 million tonnes of additional mill feed and around four additional years of mine life using only Measured and Indicated Resources”.
- Mr. Scotting cautioned that “This potential extension has yet to be converted into an Ore Reserve and will require detailed mine design, scheduling and permitting. Nevertheless, the combination of increased Ore Reserves, a lower strip ratio and the potential for a materially longer mine life provides further support for the development of Taronga”.
Conclusion: A new and larger ore reserve estimate for Taronga may support a larger and/or longer-life mining operation, subject to a new mine design and schedule and securing the appropriate permits.
Hamak Strategy* (HAMA LN) 0.65p, Mkt Cap £2.9m – Consultant appointed for Akoko PEA
(Hamak now has ~513m shares on a fully diluted basis)
- Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana has appointed the consulting company, Snowden Optiro, to produce a Preliminary Economic Assessment (PEA) for development of the Akoko oxide mineralisation.
- In July, the company issued an initial mineral resource estimate for Akoko showing a ‘Measured & Indicated’ resource of 3.88mt at a grade of 0.83g/t (103,200oz of contained gold); and an ‘Inferred’ resource of 5.24mt at an average grade of 0.71g/t containing an additional 107,230oz
- The PEA will be prepared to NI-43-101 standards and will “focus on an open-pit heap-leach mining operation of the upper oxides gold mineralization zones … [which] … hosts over 120,000oz Au within 50m from surface”.
- CEO, Karl Smithson, said that Snowden Optiro had been selected to prepare the PEA following “a rigorous selection process … [and] … marks the next step in the project development stage for Akoko … [which] … we expect … to determine the pathway to project financing and ultimate development of the asset”.
Conclusion: Following the recent initial MRE at Akoko, Hamak Strategy has appointed consultants to prepare a PEA to assess the potential for an open pit, heap-leach gold mine.
*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy if Hamak elects to acquire Akoko.
Nova Minerals (NVA US) $7.4, Mkt Cap $209m – Three rigs turning at Estelle gold and antimony project, Alaska
- Nova Minerals updates on its summer field season at Estelle in Alaska.
- Estelle covers around 200 square miles in the Tintina Gold Belt.
- The project holds over 20 named prospects, or drill targets. This season centres on Styx, RPM, Stibium and Train.
- Drilling:
- Three rigs are running 24 hours a day through the Alaskan summer.
- Two holes at the Styx prospect tested a 1m-thick vein of stibnite, the main antimony ore.
- Drilling at the RPM prospect found several new mineralised zones.
- Lab results, called assays, are awaited to show what grades the holes hit.
- Infill holes at RPM Valley drill the gaps between old holes, firming up the existing resource.
- Earlier surface samples at the Train prospect ran up to 128g/t gold.
- Antimony:
- >50 tons of stibnite-rich rock went to camp for ore sorting, where machines split ore from waste rock.
- The sorted material becomes first feed for the pilot plant, a small plant testing the process before full scale.
- Military-grade antimony trisulfide was made at lab scale, with antimony metal alongside.
- Samples are now with independent labs for checking.
- The work is funded by a $43.4m US Department of War award.
- The Company targets antimony production in 2027.
- Construction:
- 40 containers of plant equipment ship by barge from Seattle in late August.
- Plant construction is expected to start this year.
- Trail building and a runway extension are underway at site.
- Permitting:
- The antimony mine plan is with the Alaska Department of Natural Resources for final review.
- Surveys are done for around 30 miles of new access trails.
- Nova CEO Christopher Gerteisen commented “This field season is the clearest evidence yet that Estelle is moving from exploration into execution.”
Prospect Resources (PSC AU) A$0.21, Mkt Cap A$200m – Recent drilling extends Nyungu Central mineralised envelope to the SE
- In an announcement to the ASX ysterday, Prospect Resources reported that recent drilling at the Nyungu Central Zone of its Mumbezhi project in Zambia has intersected “thick copper intercepts expanding a new zone to the southeast”.
- Intersections included in today’s announcement include:
- An interval of 65.8m at an average grade of 0.42% copper from a depth of 226m in hole NCDD-028 which also intersected 13.2m grading 0.82% copper from 278m depth; and
- 29.6m at an average grade of 0.34% copper from 237m depth in hole NCDD-025.
- The announcement says that “The intersections complement previous results, with NCDD028 lying to the southeast, outside existing Mineral Resource estimates (MRE), defining a new mineralised zone”
- A June 2026 presentation on the compnay’s website shows a resource of 154.4mt at an average grade of 0.42% copper, 0.03% cobalt and 0.05g/t gold at Nyungu Central and says that “35% of Nyungu Central MRE within the Indicated classification … [providing] … a robust foundation for near-term development studies”.
- The drilling results today come from a continuing 6,200m programme which stared in July.
- CEO, Sam Hosack, said that “Our Phase 3 extensional drilling continues to deliver highly encouraging results, with further broad copper intercepts expanding and delineating an emerging mineralised zone southeast of Nyungu Central … at and beyond the boundaries of the current Nyungu Central MRE”
- He said that the drilling continues “to demonstrate the strong association between copper mineralisation and the shallow, continuous AEM anomaly previously identified in this area”.
Rio Tinto (RIO LN) – 7,177p, Mkt cap £94bn – Agreement on the future of the Tomago aluminium smelter
- Rio Tinto reports agreement with the Australian and New South Wales Governments to secure the future of Australia’s largest aluminium smelter, Tomago.
- “Under the agreement … [which provides] … long-term certainty for Tomago Aluminium, its workforce … [and] … its customers … Tomago Aluminium will enter into a 10-year power purchase agreement (PPA) for electricity supply to the smelter through to 2038, with the power to be supplied by 100 per cent renewable sources from 2033”.
- Rio Tinto Aluminium & Lithium Chief Executive Jérôme Pécresse said that the agreement “demonstrates what can be achieved when industry, governments and workers come together to strengthen Australia’s manufacturing sector”.
- The agreement on the Tomago plant follows a March 2026 agreement with the National and Queensland Governments securing the future of the Boyne aluminium smelter at Gladstone.
Shuka Minerals (SKA LN) 2.9p, Mkt Cap £4m – Latest drilling intersects new mineralised zone at Kabwe
- Shuka Minerals reports the completion of its ninth drillhole at the former Anglo American Kabwe zinc mine in central Zambia.
- Hole KBDD-09 tests the mineral potential “slightly to the south of the previously unmined “Speaks” and “Mine Club” zones … [intersecting a] … previously unknown, near surface, orebody”.
- The 161.3m deep hole KBDD-09 is “the first of three exploratory drill holes, targeting this new ore body”.
- Assay results “will be verified in due course with JORC/NI 43 101 laboratory analysis and testing” but testing using portable X-ray (pXRF) readings show mineralisation in three zones.
- Shuka Minerals says that it “will report on drillholes KB010 and KB011 in due course, which also targeted the new orebody”.
- Today’s announcement confirms that, visually “the mineralisation thickens in the central part of the northerly area, also the copper oxide mineralisation we expected in the central and southern areas of Speaks and Mine Club is appearing”.
- Providing an insight into the drill targeting which led to this intersection, CEO, Richard Lloyd said that “speaking to some of the old time workers about the area and Kabwe history can uncover previously untouched areas”.
Conclusion: The latest drillhole at Kabwe intersected previously undetected mineralisation south of the ‘Speaks’ and ‘Mine Club’ zones. A further two holes are planned to test this new zone.
Unity Metals* (UM1 AU) A$0.185, Mkt cap A$31m –Geophysical survey defines new gold exploration targets in Cambodia
- In an announcement to the ASX, Unity Metals reports that it has identified two “strong and sizeable magnetic anomalies” which may represent magnetite-bearing intrusions beneath its Rohav Mountain prospect west of its Ngot gold project in Cambodia.
- The ‘Central Anomaly’ is located north of previous company drilling which included “intercepts of up to 7.9g/t gold… in a potentially large and significant mineralised system”.
- “A follow-up drill programme will now be planned to test these new target areas, especially on the eastern and northern margins of the interpreted intrusion, and is likely to occur in Q4/2026”.
- Managing Director, Craig Mackay, said that the geophysical anomalies “may represent intact zones of gold-bearing epithermal veins … [and that Unity Metals] … plans to conduct a follow-up drilling programme to test these targets following the current monsoon season when access will be better”.
Conclusion: Drilling is planned to investigate gold targets defined by geophysics at the Rohav Moutain prospect in Cambodia.
* An SP Angel analyst holds shares in Unity Metals
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| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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