The Drill Down
Thursday 10 September 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
Mining Stocks Claim Record 60% of 2026 TSX30
Eighteen of the 30 companies on the 2026 TSX30 are miners, the most in the ranking's history and up from 17 last year. Montage Gold placed second overall on a 2,502% three-year dividend-adjusted gain, behind only Celestica. The 30 averaged 785% appreciation against 431% in 2025, adding $225.7 billion in market value, with four silver, three copper and one rare earths company alongside the gold names.
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Our Take
Fifteen of the 30 are TSX Venture graduates, the most since the ranking began in 2019, and 11 of those are miners. That pipeline is what converted a three-year precious metals bid into index-scale companies, and with the average return at 785% against 431% last year, the question for the 2027 list is whether the venture board still holds the discovery inventory to feed it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,400
-0.06%
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Silver
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$67
--
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Platinum
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$1,902
+0.34%
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Palladium
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$1,358
+0.40%
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Base Metals & Commodities
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Copper USD/t
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$15146.92
+0.09%
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Nickel USD/t
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$16842.50
+0.79%
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Zinc USD/t
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$4029.14
+1.06%
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Lead USD/t
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$1899.10
-0.25%
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WTI Crude USD/bbl
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$97.03
+0.34%
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Prices updated as of 10 Sept 2026, 8:52 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Perseverance Metals Inc.
Four holes into the Osprey target on the Voyageur project in Michigan's Upper Peninsula, with three intersecting a near-surface mafic-ultramafic intrusion documented at up to 50 metres thick. The basal peridotite locally carries 3 to 8% magmatic sulphides as chalcopyrite-pyrrhotite blebs and globules, and portable XRF screening indicates they are nickel and copper bearing, with laboratory assays, geochemistry and petrography all pending. Osprey sits about 65km west of the Eagle mine, and the rig has moved to a second target.
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American Pacific Mining Corp.
First assays from the 15,000 metre 2026 program at the 100%-owned Madison copper-gold project near Silver Star, Montana. Hole M26C-02 cut 30.8m of massive sulphide at 7.4 g/t Au, 9.62 g/t Ag and 0.29% Cu, including 20.1m at 11.15 g/t Au, 14.3 g/t Ag and 0.42% Cu, and 7.92m at 25.33 g/t Au, 0.86% Cu and 29.6 g/t Ag. The vertical step-out was drilled to connect the historical Madison and Broadway mine areas, and mineralisation is thickening to the southwest with no drilling beyond the hole in that direction.
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Nuvau Minerals Inc.
Hole TH-26-08 at the Thundermine target on the Matagami property in Quebec returned 138.87 g/t Au over 4.45m, including quartz-tourmaline veins of 629.15 g/t Au over 0.85m and 236.95 g/t Au over 0.35m. TH-26-05 gave 180.4m at 0.57 g/t Au from 102.30m with five separate intervals above 10 g/t Au. All ten summer holes intersected the targeted tonalitic intrusive, visible gold was logged in seven, and assays from seven holes remain pending with the system open at depth and to the southeast.
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Metal Energy Corp.
No specific catalyst identified, with profit taking after last week's run the likely driver. Metal Energy mobilised a second diamond rig on 3 September at the NIV copper-gold-molybdenum project in British Columbia's Toodoggone District, doubling capacity for the final four weeks of the season. Six holes for about 4,200m of a planned 6,000m are complete across a 5km strike length, with assays to be released as they are received.
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Decade Resources Ltd.
Shares gave back part of a sharp run into the news, with sell-the-news the likely driver. Decade expanded the Bonaparte drill program by 1,000m to at least 4,000m, staked 1,400 hectares to lift the land position about 34%, and identified mineralised porphyry outcropping roughly 5km east of the current drill area. The expansion follows porphyry-style copper logged visually in DDH 1, the first deep hole beneath a 3km by 4km chargeability anomaly at the Discovery Zone, with assays from that hole and from more than 750 soil and 30 rock samples still pending.
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Collective Mining Ltd.
Sold off on the maiden mineral resource for Apollo at the Guayabales project in Caldas, Colombia, published 8 September: 37.0Mt at 2.17 g/t AuEq indicated for 2.58Moz AuEq and 48.2Mt at 1.83 g/t AuEq inferred for 2.83Moz AuEq, 5.41Moz in total. The open pit component runs at a 3.4:1 strip ratio, alongside a high-grade underground Ramp Zone of 6.04Mt at 5.37 g/t AuEq inferred. About 40,000m has been drilled since the database cut-off, with an environmental licence application targeted for H2 2027.
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Market data as of 10 September 2026, 9:30 AM AEST
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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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Company Release
Goldgroup Announces US$75 Million Private Placement With US$60 Million Already Committed by Leading Natural Resource Investors
Non-brokered offering of up to 20,547,945 units at US$3.65 for up to US$75 million, with about US$60 million committed by entities representing or affiliated with Trafigura, Eric Sprott, Rick Rule, Fiscal Wisdom, Calu Opportunity Fund and two further institutional resource funds. Each unit carries half a warrant at US$5.10 for 18 months, worth another US$52.4 million if exercised in full. Closing is expected around 30 September subject to TSXV and NYSE American approval, with proceeds directed at the San Francisco restart, Don David, Back Forty and Cerro Prieto.
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Our Take
Trafigura sitting in an equity book beside Sprott and Rule is the line to watch, since a physical trader taking paper in a producer usually arrives with a commercial interest attached. The half warrant is struck 40% above the unit price and would deliver a further US$52.4 million, giving Goldgroup a second tranche of capital without returning to market.
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Company Release
Aya Gold & Silver Announces Updated PEA for Boumadine: After-Tax NPV Doubles to $3.5B With 93% IRR
The 2026 PEA for the Boumadine polymetallic project in Morocco lifts after-tax NPV5% to US$3,537 million from US$1,475 million and IRR to 93% from 47%, on initial capital of US$463 million and a 14 year life, up from 11. Base case assumes US$3,500/oz gold and US$50/oz silver, against US$2,800 and US$30 in the 2025 study, for 3.9Moz AuEq over the life at LOM AISC of US$1,300/oz AuEq. The PEA is preliminary and includes inferred resources of 45.4Mt at 2.92 g/t AuEq, with feasibility targeted for H2 2027.
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Our Take
Inferred tonnes rose 55% while inferred grade fell 35%, so the extra three years come from lower grade material, with the LOM head grade down to 3.10 g/t AuEq from 3.85. Payability lifting to 83% from 73% and the higher deck carry the rest, and La Salle intends to fund the US$463 million from cash flow and debt, which is the part that keeps the equity intact if feasibility holds the plan.
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Company Release
Vizsla Copper to Acquire the Delta Polymetallic VMS and Helm Bay Gold Projects in Transaction With Agnico Eagle
Vizsla Copper will take 100% of the Delta VMS project in central Alaska and the Helm Bay gold project near Ketchikan from Agnico Eagle for 22,523,283 shares at closing, 2,903,490 deferred shares and 3,041,480 warrants at C$1.95, a deemed C$32.0 million, plus 2.0% and 3.0% net smelter return royalties. Agnico holds about 19.99% on closing, rising to roughly 22.0% subject to shareholder approval at the 18 November meeting, with a board nomination right and participation rights attached. Delta carries a historical inferred estimate of 15.4Mt at 0.6% Cu, 1.6% Pb, 3.8% Zn, 62 g/t Ag and 1.7 g/t Au, which Vizsla does not treat as a current mineral resource.
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Our Take
No cash left Agnico and it kept the upside twice over, through the royalties and C$20 million of milestones tied to a 300,000 tonne copper equivalent resource, feasibility and commercial production. The commitment to take up to C$5 million of the next raise, conditional on a minimum C$30 million offering before 31 December, is the clearest signal of the financing Vizsla is expected to run into a fourth quarter close.
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Mining Zimbabwe
Zimbabwe Platinum Output Hits Quarterly Record as Global Market Swings to Surplus
Zimbabwean refined platinum production rose 11% year on year to a record 152,000 ounces in the June quarter, on World Platinum Investment Council figures, helped by a one-off drawdown of 29,000 ounces of semi-finished inventory at Zimplats after first quarter smelter maintenance. The global market swung to a 244,000 ounce surplus from a deficit of about 76,000 ounces a year earlier, with supply steady at 1.91 million ounces and demand down 16% to 1.66 million. WPIC still expects Zimbabwe's full year output to fall 1% to 508,000 ounces on lower grades at Unki.
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Our Take
Back out the Zimplats drawdown and underlying refined output lands near 123,000 ounces against about 137,000 a year earlier, so the record measures processing catch-up. Zimbabwe's exposure now sits with Unki grades and Mimosa's power supply, and with demand off 16% the country is adding refined metal into a market that has stopped absorbing it.
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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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