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WEDNESDAY 4 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
ACG Metals has agreed to buy Blue Moon Norway from Blue Moon Metals for US$220 million in shares, including a 94.52% interest in the construction-stage Nussir copper mine in northern Norway. Nussir targets first concentrate in H1 2028 and is expected to average about 18,400 tonnes of copper-equivalent a year over 2029 to 2033 on a 100% basis, lifting combined output with Gediktepe above 50,000 tonnes a year. Closing is anticipated by 30 November 2026.
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Commodity Prices: 4 Nov 2026, 8:03am AEST
| Gold (USD/toz) | $3,921 -0.66% |
| Silver (USD/toz) | $50 -1.95% |
| Platinum (USD/toz) | $1,417 -1.88% |
| Palladium (USD/toz) | $934 -3.19% |
| Copper (USD/t) | $14,281.65 -2.10% |
| Nickel (USD/t) | $15,385.50 -0.69% |
| Zinc (USD/t) | $3,762.74 -2.61% |
| Lead (USD/t) | $1,873.80 -1.05% |
| WTI Crude (USD/bbl) | $96.87 +0.43% |
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| Market Movers: Winners & Losers, Canadian Markets |
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Top Gainers
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AUGC +39.0%: Au Gold Corp
Au Gold engaged Geomorphic AI on 27 October to independently validate drill targeting at its 100%-owned Havelock gold-antimony project in Victoria, Australia, and to generate new Victorian projects. Havelock's 9 km Shaw-McFarlane Trend has never been drilled. Historical records show about 17,097 oz mined there at 28.7 g/t Au between 1864 and 1891, though these figures pre-date NI 43-101.
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MSV +25.3%: Minco Silver Corporation
On 16 October, Minco Silver renewed the Luoke-Jilinggang exploration permit for its Fuwan Silver Project in Guangdong, China, extending it to 8 March 2031. It is in talks with several parties on potential transactions for Fuwan and the adjacent Changkeng Gold Project, and some of them are conducting due diligence. No binding agreement has been signed.
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XRI +25.0%: Xcite Uranium Inc.
On 5 October, Xcite Uranium began a 1,300 m, six-hole diamond drilling program at the past-producing Black Bay Uranium Mine near Uranium City, Saskatchewan, and added a second rig. Its 2026 trench samples, which are selective, returned up to 1.17% U3O8. Historical records show the mine produced about 1,375 tons at 0.17% U3O8.
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Top Losers
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LGHT -31.8%: Lighthouse Gold Inc.
On 2 November, Lighthouse Gold said it cannot confirm that historical Sardine Hill drill results, including 113.5 m at 1.39 g/t Au, lie within its Mariwa-Sardine Hill property in Guyana's Oko district. The non-NI 43-101 holes are located on a historical local grid rather than by UTM coordinates. The company also moved its private placement close to the week of 9 November, from about 4 November.
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CUPR -18.6%: Super Copper Corp.
On 3 November, Super Copper said ALS assays for the first four holes of its maiden Cordillera Cobre program in Chile are in QA/QC review, and it released no results. Eight holes are complete and a deeper ninth hole is underway. The same release disclosed new and extended investor-awareness agreements totalling US$117,000.
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BAU -18.0%: Blue Star Gold Corp.
On 26 October, Blue Star Gold reported final 2026 Phase 2 results from its Nunavut projects, including 6.0 m at 8.18 g/t Au in an undercut at North Fold Nose. It also reported 8.0 m at 2.94 g/t Au in a 100 m step-out south of the resource. Intervals are downhole, and true thicknesses have not been determined.
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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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World Gold Council
Central banks bought a net 321 tonnes of gold in Q3 2026, up 42% year on year and well above the five-year quarterly average of 227 tonnes. Year-to-date purchases reached 675 tonnes, 6% ahead of 2025. Reported buying was only 120 tonnes, led by China at 63 tonnes and Poland at 40 tonnes, leaving about 63% of demand unreported.
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Mining Weekly
Macquarie says the Simandou ramp-up in Guinea has single-handedly supported seaborne iron ore volumes as lower prices, high freight rates and diesel costs squeeze other producers. If October shipment rates hold, Simandou's 2026 exports could reach about 28 million tonnes. Iron ore has fallen about 24% from its May peak and dipped below US$90/t last month, a level at which UBS says up to 170 million tonnes of output becomes loss-making.
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Mining.com.au
JPMorgan estimates the US could add up to 1.3 million tonnes of annual copper production through renewed investment, though most is unlikely before 2030. US mined output has halved over 30 years to about 1 million tonnes. The bank sees Rio Tinto and BHP's Resolution Copper in Arizona supplying about half the potential growth, with Freeport-McMoRan holding more than 250,000 tonnes a year of brownfield upside.
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MarketScreener
The People's Bank of China will lift the foreign exchange deposit reserve ratio for financial institutions by 2 percentage points to 6% from 15 November, reversing its September 2023 cut. The PBOC framed the move as strengthening forex liquidity management, while Reuters reported it as aimed at slowing the yuan's rally.
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MarketScreener
The Democratic Republic of Congo has opened an investigation into suspected mining fraud after seizing more than 500 trucks and thousands of tonnes of copper and cobalt at several sites, notably Menda. A mission of police, military personnel, military magistrates and mines ministry experts made the seizures. Congo, the world's largest cobalt producer and second-largest copper producer, is battling illegal mining that increasingly encroaches on industrial concessions.
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Collective Mining
Hole APC174-D4 returned 154.30 m @ 12.66 g/t AuEq (12.44 g/t Au) from 1,208 m below surface at the Ramp Zone of the Apollo deposit in Caldas, Colombia, including 30.45 m @ 39.01 g/t AuEq. It is the broadest high-grade intercept at Ramp to date and ended in mineralisation when the rig reached capacity. AuEq uses US$3,000/oz gold and US$60/oz silver, and intervals are downhole, with true widths estimated at 60% to 100%.
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Mining Weekly
MMG has extended the long-stop date on its purchase of Anglo American's Brazilian nickel business to 31 December 2026. The European Commission has moved its review to Phase II, with completion due by 21 December. In October, MMG offered to guarantee ferronickel supply to European stainless steel producers.
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Stockwatch
Falcon Energy Materials will buy a 49% non-operating stake in Weihai Hensen New Materials Technology, a graphite anode producer in Shandong, China, for US$22 million cash. Weihai runs a full 25,000 tpa CSPG circuit, has been in commercial production since H2 2025, and complements Falcon's planned 25 ktpa CSPG plant in Morocco. The deal is funded from Falcon's C$34 million placement and is expected to close by the end of Q4 2026.
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Newsfile
Galleon Gold closed an upsized bought deal of about C$30 million, comprising C$7.5 million of flow-through shares at C$1.59 and C$22.5 million of shares at C$1.12, including the full over-allotment. Pan American Silver took a concurrent C$7 million non-brokered placement at C$1.12. Proceeds go to the West Cache Gold Project in Timmins, Ontario, where an 86,500-tonne bulk sample is planned.
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Mining.com.au
Maaden shareholders have approved its mineral exploration joint venture with Aramco, which starts with paid-up capital of SAR197.5 million, held 51% by Maaden and 49% by Aramco. The JV will explore Zone-4, a roughly 182,000 km² Transition Zone on the Arabian Platform, targeting copper alongside zinc, lead and rare earths. Incorporation remains subject to regulatory and antitrust approvals.
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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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