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The Drill Down
Friday 10 July 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.
Download Full Report
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Lead Insight
Carney Pitches Tighter Canada-Saudi Mining and Energy Ties
Prime Minister Mark Carney, the first Canadian prime minister to visit Saudi Arabia in 26 years, met Crown Prince Mohammed bin Salman in Jeddah to pitch closer mining and energy cooperation. Saudi Arabian investors are said to be interested in Canadian energy, mining and infrastructure.
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Our Take
The first Canadian prime ministerial visit in 26 years points to Saudi sovereign capital seeking Canadian mining assets, a potential source of patient funding for capital-starved developers that could reshape financing options beyond traditional equity markets.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,123
+1.14%
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Silver
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$60
+2.88%
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Platinum
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$1,614
+2.13%
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Palladium
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$1,250
+3.16%
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Base Metals & Commodities
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Copper USD/t
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$13808.58
+2.13%
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Nickel USD/t
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$16572.00
+1.15%
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Zinc USD/t
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$3593.04
+2.32%
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Lead USD/t
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$1884.10
+0.12%
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WTI Crude USD/bbl
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$71.76
-0.08%
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Prices updated as of 10 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Doubleview Gold Corp.
Doubleview Gold graduated to the OTCQX Best Market from OTCQB, widening US investor access to its flagship Hat copper-gold-cobalt-scandium project in British Columbia. The uplisting, on a project whose PEA showed a C$6.7 billion after-tax NPV, drew a re-rate as US buyers gained easier access to a large critical-minerals story.
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NEO Battery Materials Ltd.
NEO Battery, with the University of Toronto, secured a non-dilutive C$180,000 Mitacs grant to develop niobium-based, non-flammable, high-power lithium-ion batteries aimed at defence and AI data-centre backup uses. The grant is small, but the defence and data-centre angle alongside its core silicon anode work drew speculative buying in the thinly traded stock.
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Kenorland Minerals Ltd.
Kenorland completed its maiden nine-hole drill program at the Western Wabigoon gold project in Ontario, funded by Centerra under an earn-in, confirming the targeted shear structures with assays still to come. The move looks like anticipation ahead of those results from a team with a strong discovery record, including the Regnault gold system.
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First Tellurium Corp.
No specific catalyst identified, with no price-sensitive news on the day, though the sell-off came on above-average volume. First Tellurium is a thinly traded critical-minerals microcap whose flagship Deer Horn project in BC hosts a rare gold-silver-tellurium resource, and a move of this size looks like position-trimming rather than anything fundamental.
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Mogotes Metals Inc.
Mogotes reported the full result for its discovery hole at the Albor target, 180 metres at 0.98% copper-equivalent, confirming and expanding the find next to BHP and Lundin's Filo del Sol in the Vicuna district. The stock fell hard anyway, a sell-the-news reaction after May's high-grade partial assays ran it up around 150%, with the grade easing over the fuller interval and the drill season now finished.
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Blue Lagoon Resources Inc.
No specific catalyst identified, with no price-sensitive news on the day. Blue Lagoon is a new gold producer, having reached commercial production at its Dome Mountain mine near Smithers in BC, and after a strong re-rate on that transition the stock is drifting back toward recent lows.
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Market data as of 10 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Mining.com
Macquarie Says Copper Price Rally Still Running Ahead of Reality
Macquarie says copper's rally is being driven by investor positioning, short-covering and tariff-related trade flows rather than physical tightness, with visible stocks up more than 870,000 tonnes since early 2025 and LME inventories at eight-year highs. The bank trimmed its 2026 demand growth forecast to 1.8% and is sceptical on near-term AI data-centre copper demand, though it stays structurally bullish long term.
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Our Take
A useful counter to the copper-bull chorus: the tightness is largely tariff-driven inventory games, not demand. Watch physical premiums and Chinese buying, not the LME headline price.
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Fastmarkets
Washington's Five-Week Rare Earths Funding Surge: How the US Is Rebuilding a Supply Chain Outside China
Between 2 and 26 June, the US committed close to US$2.9 billion in direct federal funding to build a rare earths and permanent magnet supply chain outside China, most of it through the Commerce Department's CHIPS Act rather than the Pentagon. Companies layered on another US$1.4 billion of their own capital, and the Defense Department opened military installations to critical minerals processors for the first time.
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Our Take
The scale and speed signal a deliberate industrial-policy push, not scattered grants. The buildout is real, but downstream magnet demand still lags supply, so ex-China output keeps flowing to Asia.
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HR Leader
Biggest Mine Strike in Over 30 Years Likely to Cripple Iron Ore Port
The Mining and Energy Union provided notice on 8 July ahead of strike action set to cripple Australia's biggest iron ore port. Unions are seeking improved conditions in what is described as the biggest mine strike in over 30 years.
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Our Take
A stoppage at Australia's biggest iron ore port would tighten seaborne supply and support prices in the near term, but investors should watch for margin risk from any settlement that raises structural labour costs across the sector.
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The Guardian
Former Top BHP Economist Urges Tougher Government Policies to Push Miners to Decarbonise
Former BHP chief economist Dr Huw McKay, now a visiting fellow at Australian National University, told the Guardian that tougher government policies are needed to push miners to decarbonise. He called for stronger carbon pricing measures.
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Our Take
A former BHP chief economist advocating stronger carbon pricing signals that decarbonisation cost pressure may come from within the industry's own ranks, and investors should price in the risk that heavier miners face rising carbon liabilities on unabated operations.
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Kamoa Capital
kamoacap.com
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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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