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TUESDAY 3 NOVEMBER 2026 |
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The Drill Down
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| Presented By |
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| ASX: TM1 |
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| Building a world leading PGM asset - MST Access $1.05 valuation |
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| 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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| Download Full Report |
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Lead Insight
The MINING.COM TOP 50 lost $226 billion in October, a 10% fall following September's $264 billion loss, leaving it $712 billion or 26% below its $2.75 trillion record from the end of February. Hotter US inflation data hardened bets on another Fed rate hike, oil rose on the Middle East conflict and a late-month tech rout forced funds to sell metals. Gold fell 6.6% to $3,884, its worst October since 2008, and the eleven copper producers lost $69 billion, the biggest sector fall in dollars, even though copper barely moved.
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Commodity Prices: 3 Nov 2026, 8:03am AEST
| Gold (USD/toz) | $3,945 +1.80% |
| Silver (USD/toz) | $50 +2.70% |
| Platinum (USD/toz) | $1,447 +0.94% |
| Palladium (USD/toz) | $966 -1.01% |
| Copper (USD/t) | $14,576.95 +0.43% |
| Nickel (USD/t) | $15,492.50 +2.04% |
| Zinc (USD/t) | $3,863.49 +1.23% |
| Lead (USD/t) | $1,893.60 -0.09% |
| WTI Crude (USD/bbl) | $96.34 -7.47% |
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| Market Movers: Winners & Losers, Canadian Markets |
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Top Gainers
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LFLR +18.0%: LaFleur Minerals
LaFleur's most recent disclosure is its 13 October definitive gold and silver purchase agreement with Ocean Partners for doré from the planned Swanson bulk sample, to be processed at its Beacon Gold Mill in Val-d'Or, Québec. The agreement allows a working capital advance of up to US$5 million at SOFR plus 7.50%, drawable from 1 January 2027 subject to conditions.
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UCU +17.6%: Ucore Rare Metals
Ucore's latest update, on 27 October, expanded the engineering and operating team for its Louisiana Strategic Metals Complex in Alexandria, retaining Process Engineering Associates as owner's engineer. Installation, testing and commissioning of its first 600 tpa total rare earth oxide RapidSX line, Enhanced Machine A, is targeted for the first half of 2027.
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OZ +16.7%: Valkea Resources
Valkea's most recent project update, on 22 September, reported diamond drilling completed on the Kari target at its Paana project in Finland's Central Lapland Greenstone Belt, with assays expected in Q4 2026. Base of till drilling is underway across Paana, which hosts 12 of the company's 24 new targets.
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Top Losers
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LGHT -51.6%: Lighthouse Gold
Lighthouse said it cannot confirm that historical Sardine Hill drill holes cited in its June and October releases lie within its Mariwa-Sardine Hill property in Guyana. The results come from non-NI 43-101 historical reports by International Roraima Gold (1997) and AngloGold (2002) and remain unverified. Closing of its private placement has moved to the week of 9 November.
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SGML -23.9%: Sigma Lithium
Sigma Lithium fell on the day it announced a US$100 million five-year convertible bond, convertible into ASX-listed CDIs at a 25% premium, to repay its Synergy Capital secured debt. The 7.00% fixed coupon replaces a floating SOFR plus 6.95% rate, and closing is expected around 16 November subject to approvals.
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EMO -18.5%: Emerita Resources
Emerita's decline follows its 29 October pre-feasibility study for the Iberian Belt West project in Spain, which reported a US$776 million after-tax NPV (8%), 23.51% IRR and 21-year mine life on a maiden Probable Reserve of 23.4 million tonnes. The plan carries US$567 million of initial capital and five years of pre-production development, with no offtake agreements yet executed.
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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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Pecoy Copper
Hudbay Minerals and a second strategic investor will subscribe for about C$30.1 million and C$19.7 million respectively at C$2.02 a share, a 10% premium to the 10-day VWAP, each taking about 9.99%. Hudbay gains participation rights and the right to nominate a director. Proceeds fund drilling and an updated resource estimate at the Pecoy copper-gold project in southern Peru, with closing expected around 5 November.
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West Red Lake Gold
West Red Lake Gold has signed a binding term sheet with Gunvor USA, a Centalion subsidiary, for up to US$95 million: a US$65 million first tranche and a conditional US$30 million second tranche earmarked as potential Rowan development capital. The five-year facility at SOFR plus 5.50% refinances the Nebari debt and carries a nine-month principal holiday on Tranche 1. Gunvor would also buy 100% of gold doré produced from the operation.
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Mining.com.au
A year-long reassessment of 17 strategic minerals across more than 1,800 mines has lifted China's retained resources of 13 of them, according to Ministry of Natural Resources data reported by Xinhua. Rhenium more than doubled, while gold rose by the equivalent of 50 large deposits and nickel by 30. The gains come from associated, low-grade and hard-to-mine material rather than new discoveries.
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Mining.com.au
Benchmark Mineral Intelligence reported 2.15 million EVs sold globally in September, up 17% month-on-month but down 2% year-on-year, with Europe and the UK posting a record of nearly 600,000. North America fell 44% year-on-year against a 2025 base inflated by the tax-credit rush, and China fell 18%. Benchmark's Adam Webb says lithium has been in deficit this year, driven by battery storage rather than EVs.
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TradingView
Sigma Lithium is offering US$100 million of five-year senior unsecured convertible bonds at a fixed 7.00% coupon, convertible at a 25% premium, to repay its Synergy Capital secured debt in full. That debt carries a floating rate of SOFR plus 6.95% and matures in June 2027. Closing is expected around 16 November, with an investor put in 2029 and final maturity in 2031.
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Business Recorder
LME three-month copper rose 0.7% to $14,251 a tonne in Monday trade on a weaker dollar, lower oil and Cochilco's sharp cut to Chile's 2026 production forecast. LME inventories climbed to 293,775 tonnes, the highest since mid-July, after 20,500 tonnes were delivered in New Orleans. Investors stayed cautious ahead of Tuesday's US midterm elections.
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Business Recorder
Indonesia exported 255.05 million tonnes of coal from January to September, down 10.58% on the same period last year, statistics bureau data showed. The value of shipments rose 4.86% to $18.81 billion. The customs-based figures may differ from Energy and Mineral Resources Ministry data, which draws on reports from mining companies.
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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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