The Drill Down
Friday 11 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 Rally Comes to Abrupt Halt as Copper, Silver Prices Plummet and Gold Slides
Comex December copper fell as much as 5.4% to US$6.5160/lb, a day after a record US$6.8885 settlement, on a Reuters report that the White House has not decided on refined copper tariffs, while a US producer price report lifted odds of a Fed hike next week to about 70%. By early afternoon in New York gold was down 1.6% at US$4,391/oz and silver 5.9% at US$64.575, with platinum and palladium each off more than 6%. Freeport-McMoRan dropped over 7% to a US$101.7 billion value, and Teck, Lundin Mining and First Quantum each fell more than 6%.
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Our Take
Four record sessions were priced on a US premium, and the 695,624 tonnes sitting in Comex sheds is that premium in physical form. A ruling against refined duties removes the reason to hold that metal in the US and sends it back toward LME and Shanghai buyers, which is the exposure copper equities carry until the White House decides. Nothing in that decision adds a tonne of mine supply, so the correction reprices the tariff trade and leaves the supply case behind the August rally standing.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,318
-1.90%
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Silver
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$64
-5.48%
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Platinum
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$1,784
--
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Palladium
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$1,280
-5.35%
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Base Metals & Commodities
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Copper USD/t
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$14458.24
+0.29%
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Nickel USD/t
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$16587.50
-1.51%
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Zinc USD/t
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$3821.04
-5.16%
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Lead USD/t
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$1890.10
-0.47%
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WTI Crude USD/bbl
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$103.84
-0.13%
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Prices updated as of 11 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Prospect Ridge Resources Corp.
Prospect Ridge completed the first two holes ever drilled at its Excalibur copper-gold porphyry project, with EXC26-001 logging 515m of hydrothermal alteration and pyrite-dominant disseminated sulphides in felsic intrusive and intermediate volcanic rocks, consistent with a porphyry system. EXC26-002, collared 948m to the northeast, logged potassic alteration over a combined 225m with trace sulphides including rare chalcopyrite. All observations are visual, with assays outstanding at ALS.
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Talon Metals Corp.
Assays from Vault Zone hole 25TK0562A at the Tamarack project in Minnesota returned 46.43m at 13.37% Ni, 16.54% Cu, 14.49g/t Pt, 7.85g/t Pd and 8.56g/t Au from 752.97m, the longest massive sulphide intercept yet at the project, with lengths downhole and true width unknown. A further 4.60m of footwall below the interval carried 8.90g/t Pt, and the hole sits about 50m southwest of the Vault Zone discovery hole.
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Apollo Silver Corp.
Ejido Benito Juárez in Buenaventura Municipality, Chihuahua, has scheduled a 20 September assembly to vote on lifting the moratorium on exploration and development in place since 2012 over lands including Apollo's optioned Cinco de Mayo project. Members will also vote on a long-term access agreement, and Apollo describes the moratorium as a key outstanding condition for advancing the project.
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Juggernaut Exploration Ltd.
First assays from the Whopper Zone at the 100% controlled Big One property in BC's Golden Triangle returned 3.08g/t Au over 5.03m, including 6.97g/t Au over 2.00m, in hole BO-26-11, against a zone exposed for 600m on surface and confirmed 580m down-dip in core. Assays from multiple Eldorado System holes are pending, with the expanded 2026 program due to finish within weeks. Separately, Gold Runner more than doubled its Golden Girl property to 14,480ha, where Juggernaut holds 13% of optionor B-ALL Syndicate.
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Perseverance Metals Inc.
Profit taking after Perseverance announced on 9 September a near-surface, blind nickel-copper sulphide-bearing mafic-ultramafic intrusion at the Osprey target on its Voyageur project in Michigan's Upper Peninsula, about 65km west of Talon's Eagle mine. Three of four diamond holes intersected intrusion of similar composition to the one hosting Eagle, and the company is moving straight to a follow-up phase to vector toward massive sulphide.
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Tiger Gold Corp.
No specific catalyst identified, with sector selling as gold fell on Thursday the likely driver after a run toward the stock's C$1.00 52-week high. Tiger is advancing its flagship Quinchía Gold Project in Colombia's Mid-Cauca belt, where its most recent drill release sighted, from April, returned 169.7m at 0.9g/t Au including 25m at 2.2g/t Au at Tesorito.
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Market data as of 11 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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Junior Mining Network
Talon Metals Reports Assays from Record 46.43-Metre Vault Zone Intercept at Tamarack
Hole 25TK0562A returned 46.43m at 13.37% Ni, 16.54% Cu, 0.10% Co, 7.85g/t Pd, 14.49g/t Pt and 8.56g/t Au from 752.97m, including 26.22m at 14.95% Ni and 17.85% Cu from 758.00m, the longest combined massive and mixed massive sulphide intercept yet at Tamarack in Minnesota. The hole sits about 50m southwest of Vault Zone discovery hole 25TK0563, with lengths reported downhole and true width unknown. Talon holds 51% of Tamarack in a joint venture with Rio Tinto and can earn in to 60%.
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Our Take
I have no words - this is truly amazing.
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Company Release
PT Weda Bay Nickel Restarts Its Mining Operations
Eramet's PT Weda Bay Nickel is progressively restarting mining after four months of care and maintenance, following authorisation from Indonesian authorities. The mine, the world's largest for nickel, was idled in May once its initial 2026 allowance of 12 million wet metric tonnes was used up, against an initial 32 million allocated for 2025. Ramp-up depends on remobilising contractors and equipment, redesigning the annual mine plan and finalising administrative work, and Eramet cannot yet estimate 2026 ore production, sales or grades.
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Our Take
The restart puts ore back into Eramet's external sales book, but the release carries no revised quota figure. Until guidance is reissued, the market cannot tell whether Jakarta lifted the 2026 cap or granted a limited top-up, and that ministry number sets Weda Bay's output for the rest of the year.
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Mining Weekly
Global Coal Demand Forecast to Rise by 1.2% in 2026 to a Record 8.94bn Tonnes Due to Middle East Conflict, IEA Says
The IEA now forecasts global coal demand rising 1.2% in 2026 to a record 8.94 billion tonnes, reversing its earlier call for a slight decline. Disruption to oil and LNG shipments through the Strait of Hormuz since the US-Iran war began has lifted prices and pushed systems with gas-fired fleets and spare coal capacity toward coal, with use running higher than expected in Europe, Japan, Korea and China. The 2027 outlook turns on whether Hormuz traffic recovers.
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Our Take
Supply tightens the call further, with the IEA also expecting 2026 production to fall as China's safety inspections after a major mine accident in May cut output, so the inventory build of recent years starts to unwind. Seaborne exporters hold that advantage for as long as Hormuz stays shut, and a recovery in LNG flows has the IEA taking 2027 demand down 0.4% to 8.91 billion tonnes.
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Mining.com
Platinum, Palladium Price Forecasts Cut by BMI as Car Sales Shrink and South African Supply Recovers
BMI cut its 2026 average forecasts to US$1,900/oz for platinum from US$2,000 and US$1,400/oz for palladium from US$1,500, as global vehicle sales are now seen falling 1% against 2.6% growth expected at the start of the year. It lifted South African platinum mine output 2% to 4.3 million ounces, almost entirely on Valterra's recovery. Both metals still end 2026 in deficit, platinum by 204,000 ounces and palladium by 102,000 ounces.
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Our Take
BMI sits US$166 under Bloomberg consensus on 2026 platinum yet US$575 above it by 2030, at US$2,300 against US$1,725, so the cut is a call on timing that leaves its long-run platinum view the most bullish on the Street. Thursday's 6%-plus fall in both metals, as US yields firmed again after the producer price data, tests the near-term half of that view first.
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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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