The Drill Down
Monday 14 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
Global Mining Faces Transformation Amid Security, Tech and Governance Shifts
The Global Mining Development Report 2026, compiled by China Mining News of the China Geological Survey, was released Friday at the 28th China Mining Conference and Exhibition in Tianjin. Global solid mineral exploration spending fell to $12.4 billion in 2025 with grassroots work down to 20.8% of the total, while drilling projects rose 9.9% and boreholes 31.2%. Mining financing reached $21.43 billion and M&A $73.52 billion, capital favouring mature assets, as nickel and lithium oversupply deepened and platinum and silver stayed tight.
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Our Take
Half that $12.4 billion sits in gold, with S&P Global putting precious metals budgets up 11% to $6.15 billion in 2025, so the drilling weighting Zou flags is the gold price doing the capital allocation. Grassroots at 20.8% leaves roughly $2.6 billion funding genuine discovery against $73.52 billion of M&A, which has the sector buying ounces close to thirty times faster than it looks for them.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,349
+0.71%
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Silver
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$64
+1.41%
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Platinum
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$1,792
+0.43%
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Palladium
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$1,297
+1.34%
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Base Metals & Commodities
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Copper USD/t
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$14428.98
-0.44%
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Nickel USD/t
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$16483.50
-0.63%
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Zinc USD/t
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$3853.68
+0.85%
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Lead USD/t
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$1882.30
-0.41%
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WTI Crude USD/bbl
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$102.85
+2.86%
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Prices updated as of 14 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Cosa Resources Corp.
No specific catalyst identified, with momentum across the Athabasca uranium explorers the likely driver. Cosa operates the Murphy Lake North joint venture with Denison Mines on a 70/30 split, where March drilling intersected 5.0m at 0.55% U3O8 and a 6,000m follow-up program, the company's largest to date, began in June. Stated focus for the balance of 2026 is Murphy Lake North and the Darby joint venture, 10km west of Cameco's Cigar Lake mine.
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ATERRA Metals Inc.
No release on the day, with positioning ahead of an imminent maiden resource the likely driver. SRK Consulting was engaged on 6 August to prepare the first NI 43-101 estimate for the Totora copper-gold project in Chile's Dos Amigos district, covering the Frontera, Totora and Clinton porphyries, with release anticipated in September. Phase I drilling returned 284m at 0.64% CuEq from surface at Frontera and 194m at 0.41% CuEq from 254m at Totora, struck at US$4.00/lb copper and US$3,500/oz gold with 85% recoveries assumed for both metals.
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BCM Resources Corporation
San Cristobal Mining exercised all 24,050,000 of its BCM warrants on 8 and 9 September for C$6,185,000, lifting its position from 9.80% to 17.66% of 272,307,665 shares after BCM removed the beneficial ownership limitation. The exercise followed BCM's acceleration notice, triggered once the shares closed at or above C$0.45 for 20 consecutive trading days to 8 September. Funds the 100% controlled Thompson Knolls porphyry copper-gold-molybdenum project in Utah, where core cutting and sampling of the TK20 hole completed on 3 September.
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Lightning Resource Corp.
Prospector Metals completed its return of capital on 11 September, distributing all 29,400,000 Lightning shares, 43.98% of the register, to its own holders at 0.174977 of a Lightning share per Prospector share and a deemed price of $0.52. Prospector now holds nil. Lightning acquired Prospector's non-Yukon Savant, Devon, Whitton and TooGood projects on 2 September alongside $4.0 million of financing proceeds, with Rob Carpenter as interim chief executive and B2Gold taking a further 5,464,904 shares in the distribution on top of the 10,872,629 it already held.
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Apex Critical Metals Corp.
No release on the day, with profit-taking after the run the likely driver. Apex reported on 8 September that western step-out hole RIFT26-019 at the Rift rare earth project in southeast Nebraska returned 197.5m at 2.12% REO, including a 26.9m core at 3.15% REO, extending the Trinity Zone about 120m further down dip. The zone is now defined over roughly 500m of north-south strike and 300m down dip and remains open, with 19 of 34 completed holes reported and one rig running through September and October.
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First Tellurium Corp.
No release on the day, with profit-taking after the run the likely driver. First Tellurium advanced national phase patent filings on 8 September for majority-owned subsidiary PyroDelta Energy's Capillary Casting process in Canada, China, Europe, Japan, South Korea and the United States. Its mineral asset is the Deer Horn tellurium-gold-silver project in British Columbia, a primary tellurium source against a global supply base recovered almost entirely as a copper refining byproduct.
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Market data as of 14 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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Mining.com
Lithium's Inventory Upheaval Confounds Industry, Hits Prices
SMM Information & Technology lifted its lithium carbonate stockpile estimate to 175,000 tonnes from 78,800 tonnes after widening its sampling base, and China's most-active contracts fell more than 14% across three days. SMM says the revised method shows cathode-material plants stockpiling while smelters and battery plants destock, and that some previously published data will also change. A petition is circulating demanding agencies investigate, and Ganfeng Lithium has flagged more diversified pricing if third-party platforms fail to reflect real market levels.
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Our Take
The tonnage did not change, the sample did, and the market still took more than 14% off the curve in three days. The exposure sits with every offtake contract and hedge indexed to a series the agency has now said it will restate back through its own published history.
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Mining.com
EU Scrutiny of Anglo-MMG Nickel Deal Tests China Stance
MMG is pressing the European Commission to clear its US$500 million purchase of Anglo American's Brazilian nickel business, two ferronickel operations and two greenfield projects agreed in February 2025, with a formal warning expected next week. Brussels is weighing whether MMG, controlled by state-owned China Minmetals, could divert Brazilian ferronickel away from European stainless steel producers. Brazil's competition authority is running its own investigation after a complaint from regional competitor CoreX Holding.
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Our Take
The asset sits in Brazil, so there is no inbound investment to screen and Brussels has to run a supply security question through merger control, which is why MMG keeps returning to DG COMP's own commissioned data. However it lands, a US$500 million transaction becomes the reference point for Chinese acquisitions of non-EU assets that feed European industry.
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Weekly Wrap
Kaoko Copper Blitz, Talon's High-Grade Hits & St Barbara's Cash Pile
Scott North on Kaoko Metals (KAO) and its copper run in Namibia, Talon Metals (TLO) and high-grade nickel-copper from the Vault Zone, and why the copper market is looking properly bullish. Also two gold mergers with obvious industrial logic and no obvious timeline, and what St Barbara (SBM) does with the cash pile.
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Junior Mining Talks
6 Junior Mining Stocks That Spiked This Week & 6 That Crashed
Week 37 runs the week's junior movers, six that spiked and six that fell, with a neutral summary of what moved each name and why. Every stock is followed by a set of sceptical questions for management.
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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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