The Drill Down
Tuesday 11 August 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
Barrick and Newmont Reach Agreement Regarding Nevada Gold Mines Joint Venture
Barrick's Fourmile and Newmont's Fiberline and Mike will be vended into Nevada Gold Mines, with Newmont paying Barrick $1.95 billion within 30 days. All outstanding disputes are resolved and Newmont has consented to Barrick's North American IPO, targeted for completion by year end.
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Our Take
Consent was the last obstacle to the IPO and it cost Newmont $1.95 billion. Barrick fell 9.7% on whether Fourmile went too cheap.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,390
+1.11%
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Silver
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$66
+3.35%
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Platinum
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$1,754
+0.99%
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Palladium
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$1,378
-0.08%
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Base Metals & Commodities
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Copper USD/t
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$14775.02
-0.04%
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Nickel USD/t
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$16905.50
-0.18%
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Zinc USD/t
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$3708.24
+0.39%
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Lead USD/t
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$1889.60
+0.74%
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WTI Crude USD/bbl
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$82.13
-0.22%
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Prices updated as of 11 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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NV Gold Corporation
Still running on the 5,000-metre RC program at Slumber in Humboldt County, Nevada, and the lease of 1,500 acres of private land between the Awakening and Slumber target areas. Volume of 130,102 ran roughly twelve times the average.
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Coppernico Metals Inc.
Peru has approved the expanded environmental assessment at Sombrero, lifting the permitted drill area from 904 to about 3,122 hectares and authorised platforms from 38 to 181. Fierrazo will be the first target tested, pending a start-of-activities authorisation from MINEM.
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Hercules Metals Corp.
Still running on the C$4.5 million personal investment by all seven incoming Arizona Sonoran team members, subscribing at C$0.62 ahead of formally taking over on 1 September. Proceeds fund drilling at the Leviathan porphyry copper system in Idaho.
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Tribeca Resources Corporation
No specific catalyst identified, on volume of 307,500 against a 16,121 average. The Chile-focused explorer holds the La Higuera IOCG project in Coquimbo, drilled over 10,000m with mineralisation across a 1.4km strike, plus options over the Jiguata porphyry and Chiricuto.
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NEO Battery Materials Ltd.
A second consecutive session lower, now at 16.5c against the 20c repriced LIFE offering that was cut from 25 million units at 24c. The stock has taken out its 52-week low of 19c with closing set for about 13 August.
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Ucore Rare Metals Inc.
Ucore priced a $60 million bought deal of 21.43 million shares at C$2.80 on 6 August to fund the Louisiana Strategic Metals Complex, a day after confirming RapidSX equipment scale-up verification. The stock is drifting toward the issue price with closing set for about 13 August.
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Market data as of 11 August 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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Mysteel
Australian Coal Shipments From North QLD Drop 24% MoM in July
Coal throughput across the three North Queensland Bulk Ports terminals hit 10.04 million tonnes in July, down 24.4% on the month and 10.1% on the year. The monthly fall repeats a five-year seasonal pattern as shippers clear backlogs before 30 June.
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Our Take
The monthly drop is calendar noise. The 10% annual decline is the number that matters.
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Codelco
Codelco Will Capitalize 100% of Its Annual Profits for the First Time
Chile will let Codelco retain all US$2.422 billion of its 2025 profits rather than transferring them to the state, a first for the company. The Kast government framed it as support for the Strategic Recovery Plan, with the funds aimed at containing debt and restoring productive capacity.
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Our Take
Santiago has stopped treating Codelco as a dividend line. Reinvestment at this scale means the production decline is now a fiscal problem.
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Mining.com
US Investor Group Taps Glencore in Bid for Sherritt
A consortium including Glencore, Kyma Capital and Brevan Howard co-founder Trifon Natsis has offered to recapitalise Sherritt at 12c a share, taking at least 55% on a fully diluted basis. It competes with a Gillon Capital warrant structure. Sherritt jumped 24% to 15c.
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Our Take
Fort Saskatchewan is North America's only significant cobalt refinery. Washington has already signalled it will not block the buyers.
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ABC News
Unions, BHP Claim Wins as Workers Return From Port Hedland Strike Action
BHP staff returned to work after 48 hours of industrial action at Port Hedland, with both unions and the company claiming wins. The hub handles 75% of BHP's iron ore exports. Fortescue and Hancock Prospecting were not expected to be affected.
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Our Take
Two days without escalation through 75% of BHP's export volume. The precedent for chokepoint leverage is the part worth watching.
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MiningHub
MAX Power Announces $10 Million Strategic Investment at $2.50 Per Unit From Eric Sprott
Sprott will take 4 million units at $2.50, each with a warrant exercisable at $3.25 over 24 months, lifting him from 17.6% to 19.5%. Proceeds fund the commercial validation drill program at the Lawson natural hydrogen complex in Saskatchewan. Shareholders vote on 20 August on approving him as a control person.
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Our Take
A second cheque in three months, this one 25% higher per unit.
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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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