The Drill Down
Tuesday 6 October 2026
|
Presented By
ASX: TM1
|
| |
|
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.
Download Full Report
|
|
| |
| |
|
Lead Insight
Top 50 Mining Companies Take $264 Billion Hit as Gold Trade Unwinds, Lithium Stocks Exit
The world's 50 most valuable miners closed September worth US$2.26 trillion after losing $264 billion, the second-largest monthly fall in a series running back to 2019, as gold futures slid 6.4% to $4,158 an ounce. Gold miners gave up $79 billion, led by Shandong Gold (-27.8%) and Kinross (-21.3%) on guidance cuts, while BHP shed $26.4 billion after the Escondida fatality. Lithium carbonate fell 22.5%, leaving SQM as the only lithium producer left in the ranking.
Our Take: Gold miners fell roughly twice as hard as the metal, 12.7% against 6.4%, so the leverage that built August's gains is now running in reverse. The trigger was rates, and September US payrolls of just 29,000, below every estimate in Bloomberg's survey, ease pressure on the Fed to hike again. If that holds, the same leverage rebuilds the sector quickly, though Kinross and Shandong carry guidance cuts that won't re-rate with the bullion price.
|
Commodity Prices: 6 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,141 -0.04% |
| Silver (USD/toz) | $61 +1.14% |
| Platinum (USD/toz) | $1,725 +1.49% |
| Palladium (USD/toz) | $1,174 +0.55% |
| Copper (USD/t) | $14,714.59 +0.82% |
| Nickel (USD/t) | $15,597.50 +0.66% |
| Zinc (USD/t) | $3,712.29 +0.44% |
| Lead (USD/t) | $1,865.80 +0.87% |
| WTI Crude (USD/bbl) | $89.25 -0.20% |
|
|
Market Movers: Winners & Losers, Canadian Markets
Top Gainers
ANOR +38.5%: AnorTech Inc.
Nasdaq-listed Greenland Mines exercised its option in full to buy another 25.17 million AnorTech shares at a deemed C$0.30, two-thirds above today's C$0.18 close, doubling its stake from about 9.9% to 19.9%. AnorTech receives Greenland Mines shares worth about US$5.3 million (C$7.55 million), and the new AnorTech shares carry a 60-month lock-up.
ALDE +18.4%: Aldebaran Resources Inc.
Aldebaran released the final holes of its 2025-26 infill and geotechnical program at the Altar copper-gold project in San Juan, Argentina, led by 1,728.9 m of 0.45% CuEq (0.41% Cu) from 141 m, including 756 m of 0.68% CuEq. The results feed a 2026 resource update covering more than 40,000 m at Altar and about 30,000 m at the adjacent Radio porphyry, ahead of a pre-feasibility study due in 2027.
WVM +13.2%: West Vault Mining Inc.
West Vault's flagship is the Hasbrouck gold project in Esmeralda County, Nevada, which the company describes as ready to build with key permits in hand. Its January 2023 updated pre-feasibility study by RESPEC outlines 561,000 saleable gold ounces for initial capex of US$66 million and a 15-month construction period.
Top Losers
MERG -20.2%: Metal Energy Corp.
Metal Energy's most recent update, on 3 September, added a second rig at its NIV copper-gold project in BC's Toodoggone for the final weeks of the season, with six holes and about 4,200 m completed toward a planned 6,000 m and no assays yet released.
RSG -16.7%: Rocky Shore Gold Ltd.
Rocky Shore's most recent news, on 29 September, closed the Springdale property purchase for C$30,000 cash and 285,000 shares and made the first option payment on Handcamp, both part of its new Rocky Pond VMS project in Newfoundland's Roberts Arm belt. Springdale's vendors keep a 2.5% NSR, of which 1.5% can be bought back for C$1.5 million, while the flagship remains the Gold Anchor project in central Newfoundland.
NVX -14.8%: NV Gold Corporation
NV Gold eased on profit-taking after a run from a 52-week low of C$0.16 to a high of C$1.42, still closing well above the C$0.40 unit price of the C$1.4 million placement completed on 25 September. Its 2026 drill program at the Slumber gold project in Humboldt County, Nevada, began in late August, initially targeting newly leased private land that potentially links two previously drilled target areas.
|
|
Do you want exclusive access to future capital raises and investment opportunities?
Join the Kamoa Capital Investor Register TODAY!
Investor Register
Registration is not an application for securities and does not guarantee participation in any offer. Any offer is made separately by the issuer or an appropriately authorised party.
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
| |
|
Today's Stories
|
|
Mining.com.au
US-Ukraine Fund Firms Up $43 Million Critical Minerals Deal
The US-Ukraine Reconstruction Investment Fund (URIF) sealed its first critical minerals deal, putting about US$30 million ($43.14 million) into a joint platform with Ukraine's BGV Group. DFC head of investments Conor Coleman said the capital will target early-stage exploration in rare earths, uranium, beryllium and zirconium, taking the fund's active portfolio to about US$70 million across five sectors.
Our Take: US$30 million spread across four commodities pays for drill programs, but it is the first critical minerals deployment under the 2025 minerals pact, with DFC taking equity at the exploration stage alongside a local operator. Whether Coleman's fresh capital raise lands decides if this stays a pilot or becomes a pipeline.
|
|
Miningmx
Gold Fields Will Have to Offer More to Bag Northern Star
Northern Star rejected Gold Fields' US$27 billion approach of A$7.25 cash plus 0.3125 Gold Fields shares per share, a 22% premium, against 30.4% paid by Newmont for Newcrest and 37% by AngloGold for Centamin. With Gold Fields' shares down 24% in 30 days, the offer sits close to its own US$31 billion market cap, leaving little room to sweeten.
Our Take: Northern Star fell just 3.1% in September while gold miners in the Mining.com Top 50 lost 12.7% as a group, so the market is already carrying a higher bid in the price. Gold Fields' scrip lost 21% over the same month, which means any sweetener has to come largely in cash while Tarkwa's licence renewal in Ghana is still unanswered.
|
|
Mining.com
Global Oil Supply Buffer Is 'Scarily Thin,' Aramco CEO Says
Saudi Aramco CEO Amin Nasser said global oil stocks have fallen from about 10 billion barrels at the start of the US-Iran war to under 6 billion, with only about 10% practically available. He warned pressure will intensify until the Strait of Hormuz fully reopens, with restocking adding at least 2 million barrels a day of demand over the next two years.
Our Take: For miners the cost lands in diesel, and Nasser says refined fuel has risen faster than crude. Producers with fuel hedged are covered for now, but a restocking cycle measured in years pushes the bill into 2027 budgets and AISC guidance.
|
|
The Northern Miner
World Bank Backs $1.4B for Chile's Copper Giant
The World Bank Group is promoting a MIGA guarantee structure used by Codelco, under which two 15-year financings total nearly US$1.4 billion, the latest a $600 million Santander and HSBC loan backed by an $859.1 million guarantee. The loans cover Codelco's payments under five renewable power contracts as it targets 100% renewable electricity by 2030, and fund none of its mine development.
Our Take: With MIGA absorbing the credit risk on its power bills, Codelco keeps its own balance sheet free for mining capex. For developers in emerging jurisdictions, the structure shows a route to financing power and infrastructure off the project balance sheet.
|
|
GlobeNewswire
Tanzania Renews Barrick North Mara Mining Licences for 15 Years
Tanzania renewed the Special Mining Licences for Barrick's North Mara gold mine for another 15 years. The mine runs through Twiga Minerals, where the government holds 16% of each mine and splits economic benefits equally with Barrick, which says it has injected about US$5.3 billion into Tanzania's economy since 2019.
Our Take: Fifteen years of tenure at North Mara lands while Gold Fields is still waiting on Ghana to answer its July proposal for Tarkwa. The equal Twiga split is what bought Barrick that certainty, and it is the model African governments will now cite in their own licence talks.
|
|
GlobeNewswire
Critical Metals Corp. (Nasdaq: CRML) Announces Receipt of Formal Greenland Government Mining Approvals for the Tanbreez Mine, Valid Through the Year 2050
Greenland's government approved the Mining Plan and Closure Plan for Critical Metals' Tanbreez project, covering 19 elements including terbium, dysprosium, yttrium, neodymium and praseodymium through September 2050. Activity-specific operating permits under sections 120 and 121 of the Mineral Activities Act, plus posted financial security, are the remaining steps before construction.
Our Take: With both plans signed off, Tanbreez now has a defined path to construction, and terbium and dysprosium are the heavy rare earths Western magnet supply is shortest of. The next gate is money: construction cannot start until financial security is posted, and the release carries no capex or funding figure.
|
|
Argus
Australia, Turkey Urged to Commit to Coal Phase-Out
A 350.org report released ahead of the pre-COP31 meeting in Fiji found the Australia-Turkey coal supply chain has generated more than 75 million tonnes of CO2 emissions since the Paris Agreement. The group urged both COP31 presidencies to set coal phase-out dates, noting they are among very few industrialised Annex 1 countries without one.
Our Take: With Chris Bowen presiding over the COP31 negotiations, Canberra is more exposed on coal than a typical delegation. A pre-COP meeting sets no export rules, so the near-term risk for Australian coal producers stays with domestic approvals.
|
|
Junior Mining Network
Franco-Nevada Becomes Significant Shareholder of Kenorland Minerals
Franco-Nevada bought 10 million Kenorland shares, about 12.42% of the company, at C$2.22 each for C$22.2 million in private deals with John Tognetti and CEO Zach Flood. Kenorland holds a 4% NSR on Sumitomo Metal Mining Canada's Frotet project, home to the Regnault discovery with an inferred resource of 14.5 Mt at 5.47 g/t gold for 2.55 Moz.
Our Take: Every share came from existing holders, so Kenorland raises nothing, and Flood sold 2.05 million shares into the deal. What the company gains is the sector's benchmark royalty buyer holding 12.42%, a third-party mark on the 4% Regnault NSR that anchors its valuation.
|
|
Kamoa Capital
Website | LinkedIn | Instagram | YouTube
|
|
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.
|
|
