The Drill Down
Monday 13 July 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
EU Warns Push to Diversify Away From China Will Need Funding
Bloomberg reports the EU is developing a "solidarity instrument" to help companies diversify critical supplies away from China and cushion any Beijing retaliation, but the tool needs funding just as member states fight over the bloc's next budget. Brussels is trying to close a trade deficit with China that now tops 360 billion euros, even as Beijing keeps its grip on the minerals and chips underpinning European defence and autos.
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Our Take
Diversification has a price Brussels has not funded. Until the solidarity instrument is paid, Europe's shift from China remains ambition, and non-Chinese suppliers still lack the buyers to scale.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,121
-0.07%
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Silver
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$60
-0.11%
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Platinum
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$1,631
+1.05%
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Palladium
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$1,273
+1.87%
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Base Metals & Commodities
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Copper USD/t
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$13901.33
+0.67%
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Nickel USD/t
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$16635.00
+0.38%
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Zinc USD/t
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$3611.49
+0.51%
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Lead USD/t
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$1886.80
+0.14%
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WTI Crude USD/bbl
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$73.66
+3.15%
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Prices updated as of 13 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Auric Minerals Corp.
Auric announced a proposed debt settlement, issuing 296,551 shares at a deemed $0.145 to clear outstanding consulting and legal fees. The settlement is immaterial to a 44% move, so on a thinly-traded microcap the pop reads as speculative buying rather than a response to the news.
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Ucore Rare Metals Inc.
Ucore produced commercial-grade 99.9% dysprosium oxide at its Kingston demonstration facility for qualification samples to Japanese, South Korean and US magnet and electronics customers. The milestone feeds its planned Louisiana Strategic Metals Complex and Sumitomo cooperation framework, landing as heavy rare earth supply outside China stays the industry's tightest bottleneck.
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Almonty Industries Inc.
No specific catalyst identified, with no fresh Almonty release on the day. The largest Western tungsten producer, which began processing at its Sangdong mine in South Korea on 1 July, is riding the thematic bid as APT prices hold near records on China's export curbs.
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Doubleview Gold Corp.
No new catalyst, with the pullback reading as profit-taking after a recent re-rate. Doubleview had graduated to the OTCQX Best Market from OTCQB, widening US access to its Hat copper-gold-cobalt-scandium project in British Columbia, whose PEA showed a C$6.7 billion after-tax NPV, and the stock gave back part of that gain.
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Discovery Energy Metals Corp.
Discovery Energy Metals launched a non-brokered placement of up to $1.25 million, pricing units at $0.25 and flow-through units at $0.30 to fund working capital and exploration at its Crystal Lake copper-molybdenum project. With the unit price struck below market, the stock sold off on the dilution.
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Lithium Americas Corp.
No company-specific catalyst, with the fall tracking broad weakness across lithium names. Lithium Americas is building Thacker Pass in Nevada, the GM-backed development that hosts the world's largest known lithium resource, and the stock stayed hostage to the sector's ongoing downcycle.
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Market data as of 13 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Mining.com
Gold Price Loses Its Grip as World's 50 Biggest Mining Companies Shed $228 Billion in Q2
The world's 50 biggest mining companies lost $228 billion in value during the second quarter as gold slid back below $4,000 an ounce, erasing most of the sector's 2026 gains. Diversified giants led by a resurgent BHP staged a partial recovery.
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Our Take
$228 billion gone when gold slipped under $4,000. That's a leveraged bet on one metal masquerading as diversified mining. BHP's rebound tells you where the real safety sits.
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UPI
Chile, Argentina Revive Mining Treaty With $20.7B Pipeline
Chile and Argentina have relaunched a mining integration treaty first signed in 1997, targeting a cross-border project pipeline worth more than $20.7 billion as Argentina's copper investment wave builds along the shared Andes frontier. Officials met in Buenos Aires this week, with Chile positioning its northern ports and infrastructure to service deposits sitting just across the border in Atacama and Coquimbo.
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Our Take
Argentina has the copper, Chile has the ports. Reviving a 1997 treaty turns two national pipelines into one export corridor, handing both leverage over Chinese buyers neither holds alone.
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Mining.com
Giustra: Copper Market Needs Six New Mines a Year to 2050
Mining financier Frank Giustra told MINING.COM's Top of Mine that only four undeveloped world-class copper deposits remain outside major producers' hands, leaving the market needing roughly six new mines of that scale each year to 2050. He pointed to JPMorgan forecasts of a 2 million tonne copper deficit by 2030, widening to 8 million tonnes by 2035, with data centres alone set to draw around 500,000 tonnes by the decade's end.
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Our Take
The pipeline math is the whole story. Four deposits left, each 10 to 15 years from production, leaves higher prices as the only lever left to balance copper this decade.
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Reuters
Saudi Arabia Adds Industry, Mineral Resources Portfolio to Energy Minister Prince Abdulaziz's Role
Saudi Arabia has handed Energy Minister Prince Abdulaziz bin Salman the additional portfolio of industry and mineral resources by royal order, consolidating energy and mining under one minister. The order removed Bandar Alkhorayef from the industry and mineral resources post, naming him minister of state with oversight of the General Authority for Military Industries.
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Our Take
Folding minerals into the energy ministry signals Riyadh treats mining as strategic infrastructure. For a kingdom courting critical-minerals capital, single-point control sharpens how fast deals move.
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Business Insider Africa
Burkina Faso's Administration Asserts 100% State Control Over the New $68 Million Gold Mine
Burkina Faso has granted an industrial mining permit to state-owned SOPAMIB for the Bouboulou gold project in the country's north, its fourth state-run mine and the first developed entirely by the state since 1999. The project needs more than 32 billion CFA francs, around $55 million, and is expected to produce over 7.27 tonnes of gold and roughly $68 million in direct revenue across a 15-year life.
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Our Take
Traoré's state-first model keeps advancing, with SOPAMIB now running four mines. Foreign operators still dominate output, but the direction across the Sahel is clear: less concession, more state ownership.
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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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