The Drill Down
Friday 9 October 2026
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Presented By
ASX: TM1
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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.
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Lead Insight
Ivanhoe Copper Jumps 19% as Kamoa-Kakula Rebounds
Ivanhoe Mines' Kamoa-Kakula complex in the DRC produced 76,401 tonnes of copper in saleable products in the third quarter, up 19% on the second quarter, as mining rates rose 30% to more than 700,000 tonnes a month. Ivanhoe held 2026 guidance at 290,000 to 310,000 tonnes but said output is trending towards the lower end, following April's 23% guidance cut for 2026 and 2027.
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Commodity Prices: 9 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,133 +0.55% |
| Silver (USD/toz) | $59 -1.02% |
| Platinum (USD/toz) | $1,643 +0.80% |
| Palladium (USD/toz) | $1,124 +0.70% |
| Copper (USD/t) | $14,543.18 -1.35% |
| Nickel (USD/t) | $15,524.50 -1.04% |
| Zinc (USD/t) | $3,682.19 -1.41% |
| Lead (USD/t) | $1,860.20 -1.25% |
| WTI Crude (USD/bbl) | $90.63 -0.94% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
AZEM +25.0%: Arizona Eagle Mining Corp.
Arizona Eagle has engaged Hancon Mining to complete engineering design for reopening the past-producing McCabe Mine at its Eagle Project in Yavapai County, Arizona, covering full dewatering and underground access to the 830-foot level. The company expects underground drilling to need about 5% of the metres required to reach the same targets from surface, with a Phase 1 underground program targeted for Q3 2027.
EQTY +15.0%: Equity Metals Corporation
Equity Metals reported assays from 17 validation holes totalling 5,719 metres along about one kilometre of the No. 3 Vein at its Silver Queen project in BC, including 6.1 metres averaging 1.9 g/t gold, 166 g/t silver, 1.9% lead and 8.6% zinc (521 g/t AgEq) in SQ26-173. A fully funded program of up to eight holes for 2,500 metres resumes around the second week of October.
ALTA +12.5%: Altamira Gold Corp.
Altamira Gold's drill hole MBA045 at the Maria Bonita deposit in Brazil's Cajueiro district returned 134m @ 0.5 g/t gold from 215m to the end of the hole at 349m. Trench TCMBA05 on the same section returned 114m @ 0.7 g/t gold, including 36m @ 1.3 g/t. The results arrived after the cut-off for September's resource update, and drilling is now testing the Western Porphyry.
Top Losers
GSP -17.2%: Gensource Potash Corporation
Gensource Potash fell on volume of 495,425 shares, more than five times its 91,025 average. Its most recent release, on 23 September, welcomed Ottawa's Productivity Mega Deduction, which expands eligible assets from about 15% to more than 65% of capital investment and includes mining property, as a boost for its flagship Tugaske Potash Project in Saskatchewan.
DEFN -9.8%: Defense Metals Corp.
Defense Metals released final resource upgrade assays from its Wicheeda Rare Earth Project near Prince George, BC, where hole WI26-104 returned 2.33% TREO over 153.2 metres. Across the 19 inferred upgrade holes, assays averaged 87% of predicted block model grades, though six of seven west pit wall holes beat predictions by an average 24%. The company will now update its resource block models.
TI -8.8%: Titan Mining Corporation
Titan Mining fell in a sell-the-news move a day after its subsidiary Empire State Mines signed a term sheet with the US Army to lease about 97 acres at Anniston Army Depot in Alabama for a graphite processing facility. The proposed lease runs an initial 50 years with two 25-year renewals, and the Army would get a first offer on up to 10% of annual output of specified graphite products.
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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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Today's Stories
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Economic Times
Dalian Iron Ore Hits 15-Month Low on Thin Steel Margins
Dalian's most-traded iron ore contract fell 1.85% to 691.5 yuan ($103.19) a tonne on the first trading day after China's week-long holiday, its weakest since June 2025. Only about 6.9% of Chinese steelmakers were profitable at end-September and average daily hot metal output slid to a six-month low of 2.34 million tonnes, Mysteel data showed. Singapore's benchmark November contract rose 0.93% to $92.3 a tonne.
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MarketScreener
Zambia Says It Is Negotiating US Minerals Deal After 'Decoupling' From Health Pact
Zambia is negotiating a critical minerals deal with the US after decoupling it from a separate health agreement signed Thursday, under which the US will provide $1.5 billion in funding, foreign minister Mulambo Haimbe said. Zambia had resisted a deal directly linking health funding to greater US access to its minerals, and the minister did not specify which minerals are under discussion. Zambia is sub-Saharan Africa's second-largest copper producer after the DRC.
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The Northern Miner
Moly Heads for 6th Straight Deficit, Record Prices: BMO
BMO Capital Markets expects molybdenum to run a sixth straight supply deficit in 2027 and hit record prices, with no new projects to lift near-term output and inventories substantially depleted. First-half demand rose 8.5% to 358.2 million lb while supply slipped 0.6% to 335.6 million lb, according to International Molybdenum Association data cited by BMO. Prices are up about 43% this year to $41.97 a pound, and BMO's preferred miner is Centerra Gold, whose Thompson Creek mine targets production in mid-2027.
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First Majestic
First Majestic Reports Q3 2026 Production Results, Announces Q3 Conference Call Details and Renewal of Share Repurchase Program
First Majestic produced 3.4 million silver ounces and 29,552 gold ounces in Q3 2026, down 9% and 15% on Q2, after a labour dispute hit San Dimas operations for 12 days. La Encantada lifted silver output 68% year on year to 967,067 ounces, and the Jerritt Canyon restart remains on track for H2 2027. The TSX accepted a renewed buyback of up to 10 million shares, about 2% of issued capital, from 14 October.
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Miningmx
Govt and SA Mining "Almost as One" Over MPRD Amendments
South Africa's Department of Mineral and Petroleum Resources and the Minerals Council told the Joburg Indaba they now agree on almost everything in the Mineral Resources Development Bill, the MPRDA amendment before Nedlac, with historic mine dumps the main open issue. Minerals Council president Paul Dunne, who said the 2025 draft had serious shortcomings, called the engagement fruitful. The Council estimates sustained 3% annual mining growth could add about R65bn to GDP and 50,000 to 100,000 jobs by 2035.
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Mining.com
Chile Copper Mines Disruptions Put 5% of Production at Risk
GEM Mining Consulting's first Production-at-Risk Index puts an average 5.2% of output at 14 major Chilean copper operations at risk from strikes, weather, accidents and geology, led by El Teniente at 9%, Los Pelambres at 8% and Escondida at 7.5%. More than 700 workers at Antofagasta's Centinela walked off the job on 7 October after mediation failed. Chile's copper output fell 9.3% year on year from January to July.
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Reuters
NESR, Aramco Agree to Develop Lithium Project in Saudi Arabia
National Energy Services Reunited's NEDA unit signed an agreement with Aramco to execute the Aramco 2027 Lithium Demonstration Project, Saudi Arabia's first direct lithium extraction project, under a contract of up to five years worth about US$200 million. The project targets 2,000 tonnes a year of battery-grade lithium carbonate, with commissioning and first production scheduled for late 2027. NESR will use its LiThara platform to combine brine pre-treatment, direct lithium extraction and carbonation in one integrated process.
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AFR
Mining Giant Fortescue Sues Over Trouble-Plagued Pipeline
Fortescue and its Iron Bridge joint venture partner Formosa Steel have sued Clover Pipelines and Istanbul-based subcontractor Superlit Boru over defects in the water pipeline serving the Iron Bridge magnetite project. The claim, filed in the WA Supreme Court, alleges breach of contract and misleading and deceptive conduct, and seeks damages. Fortescue says the pipeline defects have not disrupted production.
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Miningmx
Anglo Warns EU Veto Could Close Brazil Nickel
Anglo American will probably close its Brazilian nickel business if EU antitrust regulators block its $500m sale to MMG, according to prepared remarks for a closed hearing reported by Reuters. The European Commission warned last month that Hong Kong-listed MMG could divert nickel supply away from Europe's stainless steel producers. Anglo's Brazil COO Ruben Fernandes will say MMG is the only credible buyer identified, leaving care and maintenance as the pathway to closure.
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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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