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MONDAY 9 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
Brazil's national critical minerals council (CIMCE) approved a list of 27 critical and strategic minerals on 5 November, ranked in three priority classes. Rare earths, graphite, lithium, nickel, cobalt, copper, manganese, silicon and uranium make up the top tier. Only projects focused on listed minerals and entered in the national projects register can access the policy's support, including a mining guarantee fund that can receive up to R$2 billion from the federal government and a processing program with a fiscal limit of R$1 billion a year from 2030 to 2034.
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Commodity Prices: 9 Nov 2026, 8:03am AEST
| Gold (USD/toz) | $4,072 -0.41% |
| Silver (USD/toz) | $52 +0.29% |
| Platinum (USD/toz) | $1,536 +1.14% |
| Palladium (USD/toz) | $1,023 -0.87% |
| Copper (USD/t) | $13,975.16 +0.84% |
| Nickel (USD/t) | $16,357.50 +0.60% |
| Zinc (USD/t) | $3,715.29 -1.13% |
| Lead (USD/t) | $1,877.60 -0.24% |
| WTI Crude (USD/bbl) | $90.34 -0.20% |
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| Market Movers: Winners & Losers, Canadian Markets |
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Top Gainers
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ELEF +120.8%: Silver Elephant Mining
Bolivia's Supreme Tribunal of Justice annulled COMIBOL's December 2024 cancellation of the Pulacayo-Paca mining production contract, finding it was terminated without legal basis or proper procedure. The ruling restores the contract's exclusive right to develop the 2,803-hectare project for up to 30 years, though reinstatement still depends on COMIBOL and Bolivian authorities implementing it. Pulacayo-Paca hosts an Indicated resource of 106.7 million ounces of silver, from a 2020 estimate not adjusted for subsequent mining at Paca.
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GTRE +20.1%: G3 Goldfields
G3 Goldfields has traded on the CSE since 26 October, following its spin-out from G2 Goldfields ahead of G2's acquisition by G Mining Ventures. Alongside its listing approval, the company filed an NI 43-101 technical report for its Puruni Project in Guyana, and it holds drill-ready targets in the Oko-Aremu gold belt and the Puruni district.
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CUPR +19.1%: Super Copper
Super Copper has completed eight holes in its maiden drill program at Cordillera Cobre in Chile, with ALS assay certificates for the first four in QA/QC review and a ninth, deeper hole underway. First results will follow in a separate release. The company says its treasury funds the current program with no new financing expected over the next 12 months.
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Top Losers
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TSG -22.2%: TriStar Gold
A Federal Court in Pará provisionally suspended the preliminary environmental licence for TriStar's Castelo de Sonhos gold project. Construction and operating licences are blocked until an Indigenous component study and consultation are completed. The licence was not cancelled and technical work can continue, and TriStar plans to run the process alongside a two-year Feasibility Study, subject to financing.
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AUM -14.3%: AuMEGA Metals
The fall is a single half-cent move, from C$0.035 to C$0.03. AuMEGA's most recent update reported selective float samples of up to 100.5 g/t gold at its Intersection Project in Newfoundland, with assays pending for most of the program. Phase one drilling assays from Cape Ray are also still pending.
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MSV -13.6%: Minco Silver
Minco Silver's last update confirmed the Luoke-Jilinggang exploration permit for its Fuwan Silver Project in Guangdong runs to 8 March 2031, with the adjacent Changkeng Gold permit valid to 21 November 2027. Discussions with several parties on potential transactions for both projects are ongoing, with no assurance a deal will be completed.
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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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Mining Weekly
Chinese sulphuric acid prices have fallen to about 1,484 yuan a tonne from a July peak of 2,107 yuan. That removes the by-product income that kept smelters profitable while spot treatment charges sat negative, and spot TC/RCs hit a record low of minus US$246.40 a tonne on 30 October, per Argus. Jiangxi Copper and Yunnan Copper posted sharp quarter-on-quarter profit declines, and two CSPT members said production cuts are coming.
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Antara News
Indonesia has added South Korea, Japan and the European Union to the jurisdictions whose investors qualify for relief from its natural resource export proceeds (DHE SDA) retention rules. They join the US, Canada, China including Hong Kong, and Australia. Qualifying mining exporters must hold at least 30% of proceeds in designated accounts for three months, against 100% for 12 months for other non-oil and gas exporters, and need a shareholder from a listed jurisdiction holding at least 10%.
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TradingView
IAMGOLD produced 186,900 attributable ounces in Q3 at AISC of US$2,184 an ounce including royalties, and remains on track for 2026 guidance of 720,000 to 820,000 ounces. Mine-site free cash flow was US$404 million, and net cash excluding leases and letters of credit reached US$317.6 million. The company has exercised its right to buy back half of Franco-Nevada's 7.5% Côté royalty for about US$525 million, with closing expected in December.
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GlobeNewswire
Aura Minerals produced a record 95,557 gold equivalent ounces in Q3, up 27% on Q2, led by a record 22,842 GEO at Borborema, and remains on track for 2026 guidance of 340,000 to 390,000 GEO. Adjusted EBITDA rose 56% year on year to US$236.9 million, with AISC of US$1,953 per GEO. Era Dorada reached 13.1% physical progress, on time and on budget.
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Newsfile
The Federal Court of Pará issued an interim ruling on 4 November that provisionally suspends, but does not cancel, the preliminary environmental licence for TriStar's Castelo de Sonhos gold project. Construction and operating licences cannot be issued until an Indigenous component study and free, prior and informed consultation are completed, though technical and environmental work can continue. TriStar plans to run that process alongside a Feasibility Study expected to take about two years, subject to financing.
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Newsfile
Centerra Gold will take a 9.9% stake in Mundoro through a private placement of 12,374,000 shares at C$0.33, raising about C$4.08 million for exploration on Mundoro's non-partnered projects. Closing is expected around 27 November, subject to TSXV acceptance. Mundoro is also regaining 100% of its Central Timok and Borsko licences in Serbia free of BHP's options, with five drill-ready porphyry targets.
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Mining.com
Paraguay's President Santiago Peña resigned amid a banking crisis sparked by the collapse of Ueno Bank, and the lower house then voted 78-0 to impeach him. The upheaval clouds US-backed plans for the country's titanium and uranium resources, including Uranium Energy Corp's Alto Paraná titanium project, where a PEA shows a US$419 million after-tax NPV at 8%. No existing mining developments have been halted and no agreements with Washington have been suspended.
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Business Recorder
LME three-month copper fell 0.8% to US$13,738 a tonne in Friday trade, its fourth straight loss, and was on track for a 2.9% weekly drop, the steepest since March. The selling followed a tech stock rout that weighed on AI and data centre sentiment. Supply tightness limited the decline, with Shanghai Futures Exchange stocks down more than 24% on the week to 33,848 tonnes, the lowest in almost three years.
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Mining.com
A contractor was fatally injured while working at Regis Resources' Duketon South gold operation in Western Australia. Operations at Duketon have been temporarily suspended while WA Police and WorkSafe investigate.
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Sharenet
AngloGold Ashanti generated US$722 million in Q3 free cash flow, lifted net cash to US$1.26 billion and declared an interim dividend of 71 US cents a share, or US$361 million. Production of 696,000 ounces at AISC of US$2,170 an ounce reflected grade sequencing and short-term operating issues, with full-year guidance of 2.8 to 3.17 million ounces reaffirmed. The board approved execution funding for the North Bullfrog project in Nevada, subject to federal and state permits.
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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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