The Drill Down
Thursday 13 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
Rio Tinto Aluminium Smelter Receives $1.8 Billion Bailout
Anthony Albanese and NSW Premier Chris Minns confirmed the Tomago rescue, with NSW funding almost half. The smelter faced closure in 2028 as its AGL power contract expires, with the energy regulator forecasting contract prices to double by 2029. Tomago produces up to 590,000 tonnes of aluminium a year and draws about 10% of NSW electricity.
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Our Take
Majority owner Rio Tinto booked $6.9 billion in first-half profit. Tomago joins Boyne, Whyalla, Mount Isa and Nyrstar on the taxpayer-backed list.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,409
+0.92%
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Silver
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$65
+0.98%
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Platinum
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$1,753
-0.14%
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Palladium
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$1,364
+0.03%
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Base Metals & Commodities
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Copper USD/t
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$14725.15
-0.31%
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Nickel USD/t
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$16844.50
+0.32%
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Zinc USD/t
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$3717.94
+0.32%
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Lead USD/t
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$1892.80
+0.01%
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WTI Crude USD/bbl
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$82.69
+0.10%
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Prices updated as of 13 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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BCM Resources Corporation
Still running on the 6 August disclosure that hole TK20 cut over 550m of porphyry and intercalated skarn at Thompson Knolls in Utah, the project's most strongly mineralised intercept to date. Around 70% of the core is quartz monzonite and latite porphyry, with mineralisation from 588.4m to the then-current depth of 1,238.4m. From 13.5c on 29 July to 68c, on volume of 2.37 million against a 472,857 average.
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Rocky Shore Gold Ltd.
Rocky Shore has started first-phase drilling at the newly defined Mosquito Target Horizon, immediately south of its Mosquito Hill deposit on the Gold Anchor Project in central Newfoundland. Reprocessed 3D resistivity inversions indicate about 63% of the interpreted intrusive footprint sits outside the drilled deposit outline. Data from 25 completed holes at Lane Pond is still being interpreted.
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Kingfisher Metals Corp.
A bounce after yesterday's 19.4% fall on the HWY 37 and Forrest Kerr exploration update, which reported over 4,500 metres in seven holes at the Hank and Cash porphyry targets on visual core observations, with no 2026 assays yet returned. Closed on its 1.42 high, on volume of 888,037 against a 452,579 average.
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Prospector Metals Corp.
Sold off on the TESS Zone progress update at the ML Project in the Yukon, which returned 5.15m at 7.3 g/t gold, 22.26 g/t silver and 0.9% copper from 101.30m, including 1.3m at 25.6 g/t gold, inside 18.06m at 2.73 g/t gold. That sits well short of 2025 hole ML31, which cut 44m at 13.79 g/t gold. Volume of 8.32 million ran nearly thirty times the average.
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Canadian Goldfields Discovery Corp.
No specific catalyst identified, closing on its 21.5c low against a 60c 52-week high. A US$350,000 investor relations engagement with Gold Standard Media ran to 8 August. Canadian Goldfields started an inaugural 1,500-metre diamond program at Swayze Central in Ontario on 21 July, alongside a 6,000-sample soil survey, with the Miminiska project in the northwest still the flagship.
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IMPACT Silver Corp.
No specific catalyst identified, with profit-taking the likely driver after touching 33.5c intraday before closing at 29c, on volume of 2.83 million against a 466,835 average. IMPACT carries C$50.24 million in cash and no long-term debt, with four underground mines and one open pit feeding the 500 tpd Guadalupe plant at Zacualpan. Plomosas underground remains suspended since March.
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Market data as of 13 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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ABC News
NT's Mount Bundy Gold Mine Being Revived Amid High Gold Price
Primary Gold, a subsidiary of Hong Kong-listed Hanking Gold, is reviving Mount Bundy 100km southeast of Darwin, covering the Rustlers Roost and Quest 29 open pits. The feasibility study puts output at 150,000 ounces a year across the first decade of a 17-year life, from 3.47Moz of resources and 1.88Moz of reserves. First gold is targeted for the first quarter of 2028.
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Our Take
Sanctioned at $4,400 gold with first pour two years out. A 17-year life means the economics have to survive a cycle, not a spike.
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Mining Weekly
Elliott Pushes Australian Gold Miner Northern Star for Board Change After Talks Stall
Elliott unveiled six board candidates and invited shareholder support after negotiations stalled. It built a stake worth more than A$1 billion, or 4%, in early June and has since lifted its economic interest to 5.6%. Former Anglo American chief Mark Cutifani is on the slate. Elliott says it is not seeking board control or placing its own employees.
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Our Take
Six names landing just as Suresh Vadnagra arrives from Glencore. Northern Star is down 14% this year against a rising gold tape.
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Mysteel
Coal Exports From Australia's Newcastle Drop 16.5% MoM in July
The fall was driven by Northeast Asia, with July deliveries to China down 41% on the month and 25% on the year at 2.38 million tonnes. Chinese utilities held 97.89 million tonnes of coal at 493 surveyed plants by 30 July, enough for 22 days. Port thermal coal stocks topped 79 million tonnes on 24 July, the highest since Mysteel began tracking in 2018.
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Our Take
Peak summer demand and Chinese buyers still would not touch the spot market. Long-term domestic contracts are doing the work seaborne used to.
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Junior Mining Network
Snowline Gold Completes C$172.6 Million Bought Deal Including Full Over-Allotment Exercise
Snowline issued 11.9 million shares at C$14.50 for gross proceeds of C$172.6 million, up from the C$150 million announced on 5 August. B2Gold participated to maintain its 9.9% interest. Proceeds fund the Valley gold deposit on the Rogue Project in the Yukon, which holds 7.94Moz at 1.21g/t measured and indicated plus 0.89Moz inferred.
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Our Take
Berdahl sized the raise to reach a construction decision, not a drill season. B2Gold following its money at C$14.50 is the endorsement.
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Financial Post
$1.4-Billion Gold Mine Expansion Softens Blow for BC Region Slammed by Forestry Downturn
Crews have started main works on Phase 2 of Artemis Gold's Blackwater gold-silver mine, 160km southwest of Prince George, 15 months after first production. The three-phase plan had Phase 2 four or five years after the $1 billion first phase, which broke ground in 2023. Gold rose 44% during the 22-month Phase 1 build, and Artemis green-lit Phase 2 before its first full year of production.
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Our Take
Phase 2 pulled forward roughly three years on a 44% move in bullion. Andres is resizing the plan to the price.
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Fastmarkets
DRC May Reduce Cobalt Quota if Market Needs Rebalancing, ARECOMS Says
ARECOMS is holding DRC cobalt export quotas for 2026 and 2027 despite the ongoing supply-demand imbalance, with no changes currently planned. Reductions remain on the table if conditions deteriorate. Weak Chinese battery demand and lower cobalt prices continue to pressure the market while producers push for higher export allocations.
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Our Take
Producers want bigger allocations while the regulator holds the line. Kinshasa only tightens further if prices force the decision.
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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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