The Drill Down
Friday 2 October 2026
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
Terra Metals' Dante Project hosts large-scale Bushveld-style copper-PGE sulfide reefs just 15km from BHP's $1.7Bn Nebo-Babel development. With world-class polymetallic mineralisation from surface and strong metallurgical outcomes, Dante is rapidly emerging as Australia's next major PGM system.
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Commodity Prices: 2 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,178 +0.48% |
| Silver (USD/toz) | $61 +0.94% |
| Platinum (USD/toz) | $1,719 -0.01% |
| Palladium (USD/toz) | $1,180 -2.20% |
| Copper (USD/t) | $14,581.36 -0.95% |
| Nickel (USD/t) | $15,549.50 -2.18% |
| Zinc (USD/t) | $3,702.29 -2.42% |
| Lead (USD/t) | $1,857.40 -0.25% |
| WTI Crude (USD/bbl) | $93.05 +0.19% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
PUR +32.8%: Premier American Uranium
Bounced to C$0.425 from a C$0.32 prior close, near its C$0.30 52-week low, with no company news on the day. Michael Harrison replaced Tim Rotolo as chairman on 21 September, a week after PUR agreed to sell its non-core Colorado projects to DISA Uranium for US$2 million in DISA shares, with DISA set to take 8.7% of PUR at a 41.5% premium.
BUFF +12.4%: Buffalo Potash
Extended gains with no company news on the day, after completing the final horizontal well at its Disley Initial Production Module in Saskatchewan on 25 September. All three 565 m laterals achieved about 95% contact with the target clay seam, and brine circulation comes next ahead of targeted first production in Q1 2027 from the 125,000 tpa module.
PGLD +10.9%: P2 Gold
Traded through its C$1.44 52-week high to close at C$1.53, with no company news on the day. The feasibility study on the Gabbs gold-copper project in Nevada is targeted for Q4 2026, based on a nominal 12 Mtpa targeting 150,000 ounces of gold and 45 to 50 million pounds of copper a year.
Top Losers
SGML -15.2%: Sigma Lithium
Suspended all mining and industrial production at Grota do Cirilo, its only producing asset, on 30 September pending a federal appeals court ruling on an injunction over its environmental licences. Brazil's ANM separately ordered corrective work on a ruptured section of the north pit's eastern slope. The 12-month 240,000-tonne guidance is pushed back three months, while the 330,000-tonne fiscal 2027 target stands and lithium fines sales continue.
SPA -14.8%: Spanish Mountain Gold
Xatśūll First Nation terminated its 2012 Protocol Agreement and 2021 engagement protocol with the company, leaving no agreements in place on the Spanish Mountain project in BC's Cariboo region. The termination follows SMG's 21 September update that regulators had cleared it to resume its paused environmental assessment. The stock is showing as halted.
YMC -10.7%: Yukon Metals
Sold the news on hole BR26-007 at Birch, which returned 23.5 m of 0.48 g/t gold, 0.11% copper and 1.47 g/t silver from 39.5 m in a 200 m step-out east of BR25-003, extending drilled strike to about 1 km. The best sub-interval of 1.3 m at 4.05 g/t gold sits below BR25-003's 1.0 m at 14.35 g/t.
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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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Newswire.ca
Mayfair Gold Enters Into C$310 Million Engagement Letter and Non-Binding Project Financing and Equity Investment Term Sheet With Macquarie for Fenn-Gib
Mayfair Gold has signed an engagement letter and non-binding term sheet with Macquarie for a C$300 million project finance facility at Fenn-Gib in Ontario's Timmins region, plus a C$10 million equity placement at C$4.26, a 10% premium to the five-day VWAP. The facility would fund most of the C$450 million initial capital in the 2026 PFS, includes a C$25 million early draw and prices at CORRA plus 4.75%. Macquarie also takes offtake over the first 50,000 ounces a year, capped at 300,000 ounces, at reference price less US$50 an ounce.
Our Take: A global resources bank buying equity at a premium and underwriting the senior debt gives Fenn-Gib the anchor it needs to price the rest of the capital stack. Strip out the C$20 million of capitalised interest and the facility funds about C$280 million of the C$450 million build, leaving roughly C$170 million to find before a 2028 construction start. Half the offtake vests on signing, so the independent engineer's review is now the gate that matters.
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Mining.com.au
Cove Capital to Expand Beyond Kazakhstan
Cove Capital is looking for copper and other critical minerals assets in Uzbekistan, Tajikistan and the Caucasus, with CEO Pini Althaus telling Reuters the firm is in talks on a number of tier-one opportunities. Its Cove Kaz Capital holds 70% of Kazakh projects containing about 1.4 million tonnes of tungsten trioxide, developed with state-owned Tau-Ken Samruk and offered up to US$1.6 billion in US Government financing in November 2025. Production is targeted for 2030 at about 5,000 tonnes a year, rising to 12,000 tonnes, with a feasibility study due before the end of 2027.
Our Take: Cove is widening the hunt before its flagship has a feasibility study, which leaves the US$1.6 billion financing offer doing most of the work in its pitch to host governments. The Trump family's indirect interest through Skyline opens doors in Central Asia and invites scrutiny in equal measure, and every new deal will be read through that lens.
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Mining.com
BC First Nation Terminates Agreements With Spanish Mountain Gold, Shares Plunge
Xatśūll First Nation has terminated its 2012 Protocol Agreement and 2021 engagement protocol with Spanish Mountain Gold, saying the project has changed fundamentally and a relationship agreement was never finalised. No other agreements remain between the parties, and the move follows SMG's 21 September statement that regulators had cleared it to resume its paused environmental assessment. SPA shares closed down 14.7% in Toronto.
Our Take: The restarted environmental assessment now proceeds with no formal agreement with the local Nation, and the Q1 2027 project description has to show how that gap closes. Xatśūll's statement backs sustainable development on its own terms, so a fresh agreement on the redesigned project remains possible, but the timetable now runs at the Nation's pace.
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Investing News Network
Pirate Gold Announces Up to $15 Million Brokered Flow-Through Private Placement
Pirate Gold has engaged Canaccord Genuity to lead a best-efforts flow-through placement of up to C$15 million at C$0.215 per FT share and C$0.2475 per special FT share, with a C$2.25 million agents' option. Proceeds fund exploration at the Treasure Island Project in Newfoundland, keeping drilling going into spring 2027 while preserving a treasury of about C$8 million. Three rigs are active at Moby Dick and Moosehead, and closing is expected around 22 October.
Our Take: The special flow-through tranche prices 15% above the standard one, a sign the tax-driven demand is there at a premium. Raising into a live three-rig program with C$8 million already in the bank means this money extends drilling into first tests at Coronation Lake and Clipper Brook, both undrilled in over 50 years.
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Mining.com
DPM's Vareš Mine Keeps Running as Concession Faces Review
Bosnia and Herzegovina's Constitutional Court has found the March 2013 concession agreement for DPM Metals' Vareš mine, its six annexes and related forest land decisions unconstitutional, in a final ruling published 30 September. Authorities have six months to review the acts with the Attorney General's Office and set aside any that breach state property law, though the ruling does not terminate or suspend the concession. Vareš, acquired through the Adriatic Metals takeover in September 2025, reached commercial production on 10 August and continues to operate normally.
Our Take: DPM bought Vareš on the assumption its land tenure held, and the six-month review now decides how much of that tenure survives. The court's reasoning goes to state authority over forest land, which DPM says touches several large concession investments in the country, and that breadth raises the odds of a negotiated fix. Ramp-up continuing through the review keeps cash flowing while the legal position resolves.
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Investing News Network
Rio Tinto, Government Deal Secures Bell Bay Smelter Until 2031
Rio Tinto, the Tasmanian Government and the Commonwealth have agreed a deal keeping the Bell Bay aluminium smelter running to December 2031, with its Hydro Tasmania power contract due to expire at the end of 2026. Hydro Tasmania will supply power under a new five-year agreement at undisclosed pricing, backed by a combined A$200 million government package with annual caps linked to aluminium prices. Bell Bay employs 550 people directly and produces about 190,000 tonnes a year.
Our Take: Five years of certainty for 550 direct jobs, with support that tapers as aluminium prices rise and caps each year, limits what taxpayers are on the hook for. Rio is buying upstream bauxite at Aurukun while its Tasmanian smelter needs public money to stay open, a clear read on where it sees the margin in the aluminium chain. The same negotiation returns in 2031.
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Miningmx
Orion Minerals' Cornerstone Investor Sells 12% Stake
Tembo Capital has sold its 12.1% stake in Orion Minerals, 1.08 billion shares for A$20.55 million at 1.9 cents, a 16% discount to the 2.25-cent ASX close. Former director and current financial backer Tom Borman bought just under half, lifting his holding to 14.32%, with the balance going to an undisclosed party. Orion is developing the Prieska Copper-Zinc Mine in South Africa's Northern Cape, targeting first production in the third quarter of 2027.
Our Take: A cornerstone holder since 2017 exiting at a 16% discount looks like a fund wind-down, and Borman taking half the line keeps the register out of weak hands. At 14.32% he can creep toward the 20% takeover threshold at 3% every six months, giving him a growing say as the undrawn Glencore prepayment and Triple Flag talks are settled.
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Miningmx
Petra Diamonds Puts Mines Up for Sale as Walls Close In
Petra Diamonds has launched a strategic review that could include asset sales after consulting its first and second lien creditors, bringing its flagship Cullinan mine into play. Net debt rose to $322 million at end-June from $298 million three months earlier, and Finsch is being closed after business rescue. Chair José Manuel Vargas has stepped down, with Lerato Molebatsi appointed interim chair.
Our Take: A creditor-prompted review with non-binding refinancing terms due by end-October puts Cullinan's price in the hands of lien holders focused on recovery, and equity sits behind both tiers. Mountain Province handed De Beers 49% of Gahcho Kué the same day to shed liabilities, so buyers of distressed diamond assets now have a choice of sellers.
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Mining.com.au
Eramet Plans $504.1 Million Argentina Lithium Expansion
Eramet is considering a US$350 million expansion of its Centenario-Ratones lithium operation in Argentina's Salta province, adding 11,000 tonnes a year of LCE capacity to the existing 24,000-tonne nameplate. A final investment decision could come by the end of 2027, part-funded from operating cash flow, and Eramet plans to apply for Argentina's RIGI incentive regime. The plant reached 90% of nameplate in June and is expected to be close to 100% by year-end.
Our Take: At about US$32,000 per annual tonne, the expansion comes in roughly 20% below the US$39,600 the first 24,000-tonne plant cost, which is the brownfield advantage in numbers. Part-funding it from a plant still finishing ramp-up, with 30 years of RIGI stability on top, lets Eramet add volume without depending on a lithium price recovery.
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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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