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THURSDAY 5 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
Freeport-McMoRan's board has approved a US$4.5 billion expansion of its wholly owned Bagdad copper and molybdenum operation in Arizona, which will more than double mining and milling rates. Long-term output is expected to exceed 400 million pounds of copper and 20 million pounds of molybdenum a year, increases of roughly 225 million and 12 million pounds. Initial production is targeted for mid-2030 after about 3.5 years of construction, with break-even supported at around US$4.00/lb copper and US$20/lb molybdenum.
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Commodity Prices: 5 Nov 2026, 8:03am AEST
| Gold (USD/toz) | $4,063 +3.38% |
| Silver (USD/toz) | $52 +4.93% |
| Platinum (USD/toz) | $1,500 +5.81% |
| Palladium (USD/toz) | $1,010 +8.25% |
| Copper (USD/t) | $14,295.29 -0.04% |
| Nickel (USD/t) | $15,850.50 +3.02% |
| Zinc (USD/t) | $3,776.19 +0.36% |
| Lead (USD/t) | $1,872.10 -0.09% |
| WTI Crude (USD/bbl) | $88.31 -8.10% |
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| Market Movers: Winners & Losers, Canadian Markets |
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Top Gainers
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CAPR +30.8%: Caprock Mining Corp.
Caprock's latest disclosure, on 7 October, reported three shallow holes totalling about 1,007m completed inside the open-pit-constrained resource at its Destiny gold project near Val d'Or, Quebec, with assays pending. All permits are in place for a 2027 winter program of 10 to 12 westward step-out holes, with a possible second eastward campaign, ahead of an updated resource estimate in spring 2027.
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MGG +29.5%: Minaurum Silver Inc.
Minaurum's latest disclosure, on 22 October, reported the discovery of the blind Africa vein at its Alamos silver project in Sonora, Mexico, with hole AL26-268 returning 2.05m at 669 g/t AgEq. Expansion drilling at Europa Sur returned 2.65m at 367 g/t AgEq, with true widths based on current interpretation and AgEq calculated on CIBC consensus prices including $29.73/oz silver. The results form part of a 50,000m Phase II program feeding an updated resource estimate.
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ZIGY +21.2%: Stardust Metal Corp.
Stardust's latest disclosure, on 20 October, outlined a fully funded 40,000m drill program through December 2027 across its McGarry, Omega and Kirkland West projects in the Kirkland Lake district, following its October 2026 financing. McGarry drill mobilisation is set for November 2026, with 20,000m planned there, and an updated Omega resource estimate is expected in December 2026.
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Top Losers
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OMI -20.9%: Orosur Mining Inc.
Orosur's same-session update from its Anzá project in Colombia reported hole MAP110 at APTA returning 43.55m at 1.53 g/t Au, including 14.2m at 3.1 g/t Au, with intervals downhole and true widths unknown, while several eastern Pepas holes returned no significant results. APTA drilling is being temporarily suspended after the current hole so its rig can move to South Pepas, with a resource drill-out likely early in the new year. The redrilled CED001A hole at El Cedro is now well beyond the original hole's 267m failure depth.
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MLP -16.2%: Millennial Potash Corp.
Millennial's latest disclosure, on 20 October, reported that extending hole BA-006 to 735.32m at its Banio potash project in Gabon lifted cumulative potash mineralisation to about 120m from about 80m, based on preliminary logging rather than assays. Samples were still being prepared for submission to the Saskatchewan Research Council, with an updated resource estimate and definitive feasibility study targeted for the end of 2026.
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UCU -14.8%: Ucore Rare Metals Inc.
Ucore's latest disclosure, on 27 October, named Process Engineering Associates as owner's engineering representative and added project and construction managers for its Louisiana Strategic Metals Complex in Alexandria. Installation, testing and commissioning of Enhanced Machine A, its first 600 tpa total rare earth oxide RapidSX line, are targeted for the first half of 2027.
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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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Kitco
Spot gold traded near US$4,041.30 an ounce, up 2.85%, and silver near US$51.91, up 4.50%, in early US trading Wednesday after Democrats won control of both the House and the Senate. The 10-year Treasury yield slipped to 4.9291% and the dollar fell to a roughly one-month low as markets weighed whether divided government could restrain fiscal expansion.
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The Northern Miner
Agnico Eagle and Vale Base Metals executives warned that a skilled worker shortage could inflate construction costs and stall investment as Ontario speeds up mine approvals. Agnico's Macassa underground mining school drew 500 applicants in two weeks for 25 places, and Northern Ontario could need about 20,000 more workers. Vale put its potential Ontario projects over the next five years at about C$5 billion (US$3.6 billion), an opportunity rather than a commitment.
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GlobeNewswire
Osisko Metals closed a non-brokered placement of 9,461,840 flow-through shares at C$2.64 each for gross proceeds of C$24,979,257.60, arranged by PearTree Securities. Existing strategic investors Agnico Eagle and Hudbay Minerals bought all the shares in a follow-on transaction. Proceeds fund qualifying exploration on its Quebec projects, home to the Gaspé Copper project, and the offering remains subject to final TSX acceptance.
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TMX Newsfile
Libra Energy Materials CEO Koby Kushner and VP Exploration Dr Jérémie Pfister will present at a Kamoa Capital investor webinar on Wednesday 11 November at 5:00pm EST, which is 9:00am AEDT on Thursday 12 November. They will cover the company's new flagship Obamska and Cisco West lithium projects in Quebec and its plans for the months ahead, with Scott North of Kamoa Capital moderating.
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Mysteel
Coal shipments from Queensland's Gladstone port to China reached 1.44 million tonnes in October, up 46% month on month and almost triple the level a year earlier, according to Gladstone Ports Corporation data. That made China the port's largest overseas coal destination for the month and marked the highest volume since November 2024, when 1.87 million tonnes shipped.
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Mining.com.au
Chinese overseas mineral acquisitions reached US$8.8 billion in the first nine months of 2026, already the highest annual total since at least 2018, according to Rhodium Group estimates cited by CNBC. Eurasia Group expects Chinese outbound investment in upstream critical minerals could double from 2021-2025 levels, with Beijing treating 70% import dependence as an implicit red line for minerals including copper, lithium, cobalt and nickel.
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The Northern Miner
Democrats' capture of Congress sets up divided government from January and raises the prospect of greater scrutiny of Trump's mining and energy agenda, including federal financial stakes in mining companies. Section 232 duties on steel, aluminium and copper products stay under presidential authority, BMO said. Wood Mackenzie sees pressure on energy costs opening room for a bipartisan permitting deal, with a Senate procedural vote scheduled for 9 November.
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Canadian Mining Journal
Rotterdam ammonium paratungstate (APT) traded at $278.22/kg in October against $74.43/kg for China ex-works APT, a 3.74-fold gap against a 1.24 times average from September 2021 to June 2025, according to a MetalMiner report. The split followed China's February 2025 export licensing, and the next shift lands on 1 January 2027, when a US defence procurement restriction on tungsten sourcing takes effect.
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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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