The Drill Down
Wednesday 12 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.
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Lead Insight
Fortuna Acquires Bambadji Project in Senegal From Barrick and IAMGOLD
Fortuna has bought the 190 km² Bambadji advanced gold exploration project in Senegal for US$200 million, acquiring Senegalese subsidiaries held by Barrick and IAMGOLD. The ground sits adjacent to its feasibility-stage Diamba Sud project and consolidates about 60 kilometres of strike along the Senegal-Mali Shear Zone.
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Our Take
US$200 million for pre-resource ground is a scale bet. Ganoza is paying for strike length that cannot be assembled any other way.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,369
-0.48%
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Silver
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$65
-1.56%
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Platinum
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$1,738
+0.06%
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Palladium
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$1,364
-1.05%
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Base Metals & Commodities
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Copper USD/t
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$14772.66
+0.01%
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Nickel USD/t
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$16790.50
-0.68%
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Zinc USD/t
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$3705.94
-0.06%
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Lead USD/t
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$1892.60
+0.16%
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WTI Crude USD/bbl
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$83.47
+0.29%
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Prices updated as of 12 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Trinity One Metals Ltd.
First session back after a halt pending review of a fundamental change. Trinity One holds a definitive option over 100% of the Juan Godoy concession covering the historic Chañarcillo silver mine in Chile's Atacama Region, for US$10 million in staged cash payments over four years. Historic records put Chañarcillo production at about 100 million ounces of silver.
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Sherritt International Corporation
Sherritt confirmed receipt of the unsolicited proposal from the consortium of Kyma Capital, Glencore and a US anchor investor, while cautioning that it is non-binding, conditional and not currently executable. A second consecutive session higher, on volume of 8.95 million against a 1.1 million average.
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Getty Copper Inc.
A second batch of assays from nine holes at Getty North in the Highland Valley District returned 194m at 0.62% copper from 27m. Expansion drilling extended mineralisation by 60 metres, to over 230 metres beyond the historical holes. The 10,807-metre spring program is complete and the fall program starts in October.
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Kingfisher Metals Corp.
An exploration update on the HWY 37 and Forrest Kerr projects in the Golden Triangle reported over 4,500 metres in seven holes across the Hank and Cash porphyry targets. No assays have been returned from the laboratory for any 2026 drilling, with all descriptions based on visual core observations. Volume of 2.07 million shares ran roughly five times the average.
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Coyote Copper Mines Inc.
No specific catalyst identified, on volume of 266,305 against a 178,384 average, with profit-taking the likely driver after a run into a fresh 52-week high of 57c. Coyote's most recent update reported soil geochemistry confirming a large porphyry system at Copper Springs in Arizona's Copper Triangle, alongside a 2,000-acre expansion of the land package.
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Alphamin Resources Corp.
No specific catalyst identified. CIRO applied a single stock circuit breaker halt on 11 August, a mechanical volatility trip rather than a news halt, with trading resuming at 3:01 PM ET. The Bisie tin producer traded between 1.23 and 1.65 on volume of 4.70 million against an 870,904 average.
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Market data as of 12 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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Bloomberg
Indonesia Copper Shipments Delayed by Gresik Smelter Outage
A boiler leak over the weekend halted the Gresik smelter, which processes ore from Grasberg. Buyers were told the plant will be closed for assessment and repair over coming weeks. Freeport's preliminary view is repairs complete by end September, with Manyar now targeted to restart earlier than planned.
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Our Take
Grasberg's recovery now has a downstream bottleneck. Pulling Manyar forward is the tell on how tight cathode supply has become.
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Mining Weekly
Surge in China's Coal Imports May Start to Taper Off
China's July coal imports rose 23% year on year to 43.73 million tonnes, the highest this year, after safety inspections cut domestic output following a Shanxi mine accident. DBX Commodities estimates August seaborne imports at 31.23 million tonnes, the first monthly decline in four.
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Our Take
The July surge is a safety-inspection artefact, not demand. Fossil fuels supplied under half of China's electricity in the first half, a first.
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Mining.com
Cobre Panama Restart Hopes Rise as Thousands Return to Mine
Commerce Minister Julio Moltó toured Donoso, Omar Torrijos Herrera and La Pintada to hear from workers and suppliers, with proposals going to the interministerial commission reviewing the mine. Stockpile processing now supports about 3,200 direct jobs, with 38 million tonnes of ore and 70,000 tonnes of recoverable copper remaining.
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Our Take
First Quantum can reach 80% to 90% of capacity within nine months of approval. The stockpile runs about twelve. That is the decision window.
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Mining Technology
Hindustan Copper Plans Supply of Chilean Copper to Hindalco and Adani
Hindustan Copper plans to sell Chilean-sourced concentrate to Hindalco and Adani, according to Reuters sources, from mines it is acquiring from Codelco. A joint venture with Codelco is also under discussion, with Coal India and NTPC Mining possible partners. India produces about 573,000 tonnes of refined copper a year against 1.8 million tonnes of demand.
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Our Take
New Delhi expects to import up to 97% of its concentrate needs by 2047. Sources put first production a decade away.
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Kitco
Barrick Names Sebastiaan Bock to Lead International Business Before IPO
Bock becomes chief executive of Barrick's Rest of World division effective immediately, taking gold and copper operations outside North America. The portfolio spans Africa, the Middle East, Latin America and Asia Pacific and produces more than 2 million gold-equivalent ounces a year. He joined Barrick in 2019 as Africa and Middle East finance chief.
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Our Take
Structure is following the settlement within 24 hours. Barrick is also flagging closer Chinese partnerships for the international arm.
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Miningmx
Metals of War: Why US Govt Has Weaponised Mining
Eighteen mining companies have listed in the past 12 months aiming to supply the US defence industry. The US Army has struck preliminary deals with REalloys, Titan Mining, ioneer and EnergyX to build rare earth, graphite, lithium and boron processing plants on military bases.
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Our Take
The five largest US defence primes carry a $1.36 trillion order backlog. Processing is now being built inside the fence line.
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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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