MineLife Resource Report

MineLife Resource Report Providing independent coverage of Australian resource stocks, commodities and issues impacting the broader mining and energy sectors internationally.

I have been a resource analyst following the fortunes of the Australian resource scene for the past 25 years in terms of both equities and commodities - working with stockbroker Intersuisse and financial group Fat Prophets, prior to working for myself. I believe the most interesting resource opportunities are typically found at the smaller end of the market - which is the area that I exclusively focus on. Follow us to stay up to speed and informed of the latest in the resource sector.

Global borrowing costs are rising not only because interest rates are at multi‑decade highs, but because the entire stru...
03/09/2026

Global borrowing costs are rising not only because interest rates are at multi‑decade highs, but because the entire structure of bond markets is shifting. Recent geopolitical shocks - especially the closure of the Strait of Hormuz and renewed US–Iran hostilities - have pushed up energy prices, lifted inflation, and forced markets to price in higher interest rates for longer.

Demand for capital is also surging globally, with governments borrowing more at the same time that major tech companies are issuing unprecedented amounts of debt to fund AI data‑centre expansion. US hyperscalers have already raised over $219bn this year (and may reach $400–500bn) - pushing up borrowing costs for everyone.

Crude oil is strongly outperforming gold - with a 38% gain versus 21% for gold - over the past 12 months. Volatility is ...
02/09/2026

Crude oil is strongly outperforming gold - with a 38% gain versus 21% for gold - over the past 12 months. Volatility is the key here - with geopolitical uncertainty, inflation, debt, interest rates and yields just a few of the major factors at play.

Markets have consistently downplayed the risks associated with a prolonged Middle East conflict - but inflation is increasingly becoming an existential threat, exacerbated by tariff-related inflation and growing levels of global debt.

Zinc isn't as prominent in ASX investors' minds as other commodities, but the underlying fundamentals are pretty compell...
27/08/2026

Zinc isn't as prominent in ASX investors' minds as other commodities, but the underlying fundamentals are pretty compelling at present. Prices have surged to a +4-year high on the back of a 64% plunge in LME inventories.

· LME warehouse stock has dropped from 264,000 tonnes in December 2024 to 95,000 tonnes - it’s lowest since April 2023.
· LME zinc for cash settlement closed at $4,107 a tonne ($1.86 a pound) on Aug. 27 - its highest level since June 2022 and up 55% from a trough of about $2,650 in mid-2025.

Why It’s Significant
· The simultaneous decline in inventory and rise in price shows physical tightness, as the cash settlement price rises while warehouse stock declines because buyers have less to draw on. The tightness is mostly concentrated in Western warehouses.
· HSBC’s Global Commodity Team forecasts a 2.1% year-on-year decline in 2026 to 12.5 million tonnes, due to lower production levels in Latin America. JP Morgan expects zinc prices to stay elevated through 2026 as global supply tightens and demand rises.
· Major zinc producers exposed to the LME price have risen in 2026 - Teck Resources (TSX: TECK; NYSE: TECK) up 47%, Glencore (LSE: GLEN) up 46%, and Nexa Resources (TSX: NEXA) up 60%.

President Trump’s actions with respect to Iran have done wonders for the price of crude oil – and now it’s copper’s turn...
27/08/2026

President Trump’s actions with respect to Iran have done wonders for the price of crude oil – and now it’s copper’s turn. Whilst there’s presently no physical shortage of copper globally, Trump’s tariffs have sucked metal into the US and created a shortage elsewhere, leading to a surge in prices.

Why It’s Significant
· Copper hit a fresh all-time high this week – of $6.72 a pound (about $14,830 a tonne).
· Stocks on warrant in LME warehouses jumped 74.5% in a week, including the largest daily inflow since 2024.
· The US imported 885,000 tonnes of refined copper in the first half of 2026, up 3% from a year earlier and on pace to approach 2025’s record 1.64 million tonnes, as traders position for another round of tariff roulette - duties on refined copper of 15% from January 2027, stepping up to 30% from 2028, remain on the table in Washington.
· CRU projected a 639,000-tonne global surplus for 2026 - but now regards the market as at best balanced.
· Wall Street has gotten the copper bug – pushing the value of Southern Copper, a unit of Grupo Mexico, to a market value that’s greater than Rio Tinto - despite Rio generating nearly four times the revenue and more than twice the profit over the past year.

Gold has enjoyed one of its strongest recoveries since the beginning of the year, briefly reaching $4,696 per ounce – it...
27/08/2026

Gold has enjoyed one of its strongest recoveries since the beginning of the year, briefly reaching $4,696 per ounce – its highest level in more than three months. Although the price has eased slightly following the US inflation report, this move is not enough to invalidate the current recovery trend.

Why It’s Significant
· Gold’s underlying support remains intact - but breaking above $4,700 and advancing further will require more than the traditional safe-haven narrative.
· Gold’s rally reflects not only demand for protection against geopolitical risks, but also concerns about the sustainability of US public debt and the US dollar’s long-term purchasing power – which could continue supporting gold even if yields do not decline significantly.
· Fund flows are also reinforcing this trend – with global gold ETFs recording net inflows of $6.4 billion for the week ending August 21, boosting gold holdings by 46.7 tonnes, the largest weekly increase in around 10 months.
· Meanwhile, central banks made net purchases of 289 tonnes of gold in the second quarter - up 62% from a year earlier.
· This suggests that gold’s recovery is not being driven solely by short-term speculation - but is also supported by investment flows and long-term reserve demand.

Torque Metals (ASX: TOR) has been engaged in ongoing RC and diamond drilling programs at its Ritz Gold Project, specific...
26/08/2026

Torque Metals (ASX: TOR) has been engaged in ongoing RC and diamond drilling programs at its Ritz Gold Project, specifically targeting the HHH deposit and potential extensions to the existing 73koz Au MRE (1.15Mt @ 2.0g/t Au) – along with possible additional lodes not previously modelled. It has just released highly encouraging assay results from a series of holes.

Why It’s Significant
· Drilling in combination with DHEM surveying has generated high-grade gold intercepts – including stand-out hole 26HRC135 that returned an exceptional grade intercept of 11m @ 456g/t Au from 122m (including the highest concentration of visible gold within the first three metres of this intercept).
· The result appears to coincide with the drillhole hitting the potential intersection point between two mineralised structures (flat and steep).
· Hole 26HRC135 intersected multiple mineralised shear zones - 2.0m @ 8.06 g/t Au from 282m down-hole – aligning with the main HHH west-plunging structure and previously modelled DHEM plates.
· All of this work forms part of its RPM (Rapid Pathway to a Million Ounces) strategy.

Aureka (ASX: AKA) has released encouraging gold and silver assay results from diamond drilling at its Comstock deposit i...
25/08/2026

Aureka (ASX: AKA) has released encouraging gold and silver assay results from diamond drilling at its Comstock deposit in Stawell, Victoria – where it has near-term production ambitions. Mineralisation has been encountered on both of the targeted lines of reef – the Walkers Zone and the main Comstock Shear.

Why It’s Significant
· NED032 intercepted 4.4m @ 8.9g/t gold and 57.8g/t Ag silver from 102.8m at Comstock, while various holes intersected significant shallow gold mineralisation within the Walkers Zone – including 0.8m @ 5.65g/t Au from 19.25m and 0.7m @ 57g/t Au from 56.65m in NED035.
· The latest mineralisation within the Comstock Shear lies just 48m below the southern portion of the main Comstock pit surface, where only limited historical drilling has been conducted - a new area for future targeting and growth (lying within the area specified under the recently submitted production licence application).
· The shallow drill hits within the Walkers pit are consistent with legacy drilling results from the 1980s and 1990s.
· The results from Comstock and Walkers will be incorporated into a future JORC upgrade of the Comstock Project - which presently stands at 56koz Inferred grading 1.21g/t gold within a previously mined pit.
· AKA is focused on an initially low-risk pathway that utilises nearby third-party processing infrastructure to toll-treat Comstock ore. It has lodged an application for a production licence and secured a binding toll mill partnership with Core Prospecting to access the Wedderburn Gold Processing facility.
· Separately, the company’s Irvine Gold Project JORC MRE was recently upgraded to 398,300oz grading 2.59g/t Au.

St George Mining Ltd (ASX: SGQ) has provided an important update with respect to its 100%-owned Araxá rare earths and ni...
23/08/2026

St George Mining Ltd (ASX: SGQ) has provided an important update with respect to its 100%-owned Araxá rare earths and niobium project in Minas Gerais, Brazil – with a major upgrade to the Mineral Resource Estimate (MRE) at Araxá, reinforcing the Tier 1 status of the deposit.

Why It’s Significant
· SGQ has announced of a significant boost to the size and confidence of the Araxá Project MRE – which has increased to 111.2Mt @ 3.57% TREO, 0.70% MREO, 0.68% NdPr and 0.57% Nb₂O₅.
· Importantly, Measured & Indicated Resources have increased by 155% to 75.2Mt @ 3.64% TREO, 0.71% MREO, 0.69% NdPr and 0.58% Nb₂O₅ - and now comprise 68% of the MRE, providing a high confidence foundation for completion of economic studies and potential mine planning, which is underway in conjunction with feasibility technical adviser, Worley.
· Araxá represents the largest and highest grade hard-rock rare earths resource in South America and the world’s largest undeveloped Measured niobium resource.
· Araxá hosts a larger volume of contained NdPr tonnes in the Measured & Indicated category than each of MP Materials’ Mountain Pass and Lynas’ Mt Weld – the two largest producing rare earths mines outside China - demonstrating the strategic significance of the Araxá resource as potential near-term feedstock for rare earths refineries outside of China.
· The MRE remains open in all directions, including at depth, providing potential for further drilling to add significant volume to the resource. Importantly, 100% of the resource within the top 120m is constrained within the weathered profile – comprising mineralisation that is free-digging, supporting potential for low-cost open-pit mining.
· In terms of upside, the East Araxá discovery is not yet included in the new MRE - with five diamond rigs operating 24/7 at East Araxá to deliver a maiden resource estimate scheduled for Q4 2026.

Historically, gold struggles when real interest rates rise – with the 10-year treasury yield near the top of its 3-year ...
20/08/2026

Historically, gold struggles when real interest rates rise – with the 10-year treasury yield near the top of its 3-year range - at 2.5% - 2.7%. Significantly, though, gold is rising – which likely means private investors and central banks have continued to accumulate, likely using gold’s recent pullback to below $4,000 as a buying opportunity, even whilst ETF buying has potentially eased.

Coverage stock King River Resources Ltd (ASX: KRR) has recently flown high-resolution drone magnetics at its Mindoolah G...
12/08/2026

Coverage stock King River Resources Ltd (ASX: KRR) has recently flown high-resolution drone magnetics at its Mindoolah Gold Project in WA's Murchison Province, revealing multiple new high-priority gold targets, including previously unrecognised structural corridors beyond historical mining. Encouragingly, Mindoolah is displaying all of the characteristics of an underexplored, high-grade gold system.

Why It’s Significant
· The new data has enabled KRR to better define magnetic units, structural breaks, lithological boundaries and possible alteration-related features across the survey area.
· In particular, the survey has improved the delineation of prospective shear zones, cross-cutting structures and geological contacts that might have influenced the distribution of gold mineralisation.
· The survey has identified previously unrecognised structural corridors that extend beyond historical mining. Four priority targets have been defined from interpreted hydrothermal alteration, fold–shear interaction and structural repetition.
· Importantly, these targets are supported by geological observations from the historical workings and provide a strong technical basis for the next phase of exploration.
· With follow-up extension of aeromagnetic surveying, targeted geochemical programs and RC drilling scheduled over the coming months, KRR is well positioned to systematically test these new targets.
· KRR is well supported financially to continue its focused exploration campaign, with total cash and listed company investments as of 30 June 2026 of $30.2M.

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