The Drill Down
Friday 14 August 2026
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
Antofagasta Posts $2B Profit, Cuts Copper Outlook
Antofagasta reported higher first-half profit on stronger copper and gold prices, but cut its annual production guidance to 625,000-655,000 tonnes from 650,000-700,000 tonnes following a shutdown at Los Pelambres. That represents roughly a 5% reduction at the midpoint.
|
Our Take
A 5% guidance cut delivered alongside a $2 billion profit. Price is carrying the earnings while the tonnes go backwards into a tight copper market.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,352
-1.30%
|
|
Silver
|
$64
-1.34%
|
|
Platinum
|
$1,724
+0.31%
|
|
Palladium
|
$1,308
-4.14%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14691.99
-0.23%
|
|
Nickel USD/t
|
$16725.50
-0.71%
|
|
Zinc USD/t
|
$3717.54
-0.01%
|
|
Lead USD/t
|
$1879.80
-0.69%
|
|
WTI Crude USD/bbl
|
$81.10
-0.10%
|
|
Prices updated as of 14 Aug 2026, 8:03 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Manhattan Uranium Discovery Corp.
Manhattan appointed Dennis W. Bartow II, former US Deputy Assistant Secretary of Defense for African Affairs Policy, as strategic advisor, granting 100,000 options at 22c over two years. Bartow advises miners and refiners on securing US government financing. The portfolio spans 15 past-producing uranium mines across 25 US properties in the Colorado Plateau and Nevada, plus Athabasca exposure.
|
|
Sherritt International Corporation
A third session higher on the unsolicited recapitalisation proposal from Kyma Capital, Glencore and a US anchor investor, which Sherritt confirmed this week as non-binding, conditional and not currently executable. From 20c on 10 August to 29c, on volume of 7.24 million against a 1.5 million average.
|
|
First Phosphate Corp.
First Phosphate rang the Nasdaq Opening Bell in Times Square on Thursday to mark its listing on the Nasdaq Global Market, closing on its 2.15 high against a 2.06 52-week high. The flagship Bégin-Lamarche property in Saguenay-Lac-Saint-Jean, Quebec, is a rare North American igneous phosphate resource feeding a planned mine-to-market LFP battery chain. Volume of 2.42 million ran roughly five times the average.
|
|
|
|
enCore Energy Corp.
enCore entered a Controlled Equity Offering agreement with a Cantor Fitzgerald-led syndicate for an at-the-market program of up to US$250 million, earmarked for acquisitions, strategic growth and general corporate purposes. That is more than three times the US$70 million ATM it launched in 2023 and suspended the following year. Volume of 827,428 ran nearly three times the average.
|
|
BCM Resources Corporation
No specific catalyst identified, with profit-taking the likely driver after a run from 13.5c on 29 July to a 70c high. BCM disclosed on 6 August that hole TK20 cut over 550m of porphyry and intercalated skarn at Thompson Knolls in Utah, with assays due once drilling stops. Volume of 1.17 million against a 547,868 average.
|
|
Hannan Metals Ltd.
Sold the news on first assays from the maiden seven-hole, 1,040m program at Stavaträsk in Sweden's Skellefteå district, which hit gold in all five holes reported over 650m of strike. Highlights were 9.2m at 1.3 g/t gold and 1.1m at 15.6 g/t, including 0.6m at 27.8 g/t. Two holes remain pending and IP geophysics is next.
|
|
Market data as of 14 August 2026, 9:30 AM AEST
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
|
Today's Stories
|
The Northern Miner
Vale Speeds Salobo Copper Expansion, Cuts Costs
Vale is accelerating its Salobo copper expansion in Brazil while cutting costs. The move comes as miners face mounting pressure to bring new copper mines online amid rising costs and permitting delays.
|
Our Take
Fast-tracking an existing Brazilian asset like Salobo is a lower-risk path to new copper supply than greenfield builds facing permitting gridlock. Vale accelerating a brownfield expansion while cutting costs is exactly the counter-cyclical discipline copper investors want to see.
|
|
Mining.com.au
Niche Critical Minerals Caught in China Supply Squeeze
Erbium, a rare earth element used in fibre optics, glass polishing and high-performance lasers, is seeing a sharp price rally as buyers stockpile ahead of a potential return of Chinese export restrictions. The move highlights the vulnerability of niche critical mineral supply chains.
|
Our Take
The erbium rally is a preview of how quickly obscure rare earths can spike when China threatens export controls, rewarding anyone with non-Chinese supply. Investors should scan junior portfolios for these overlooked byproducts, where a single policy signal can revalue an entire deposit.
|
|
Miningmx
For Sibanye-Stillwater, Home Is Where the Ore Is
New CEO Richard Stewart closed the offshore chapter with a $215 million Appian settlement and has refocused on contiguous South African PGM expansion, gold while the price allows, and chrome as a standalone business. Seven PGM projects require R25 billion to R26 billion, of which R8 billion is approved, to lift 2030 output to 1.5Moz against a do-nothing 1.2Moz. Chrome production of 2.3Mt could double.
|
Our Take
Only R8 billion of a R26 billion bill is approved against R12 billion of free cash flow. The rerating case is a funding question.
|
|
Bloomberg
US, Japan Plan World's Deepest Undersea Mine to Challenge China
Trump and Prime Minister Sanae Takaichi signed a memorandum in March covering rare earth muds near Minamitorishima, over 1,000 miles southeast of Tokyo and roughly 6,000 metres down. Cabinet Office test samples returned significant yttrium, gadolinium and dysprosium. University of Tokyo researchers estimate over 16 million tonnes of rare earths, with Takaichi pledging around $5.7 billion in public and private funding by 2040.
|
Our Take
No seabed project has reached commercial scale and this is the deepest yet proposed. A 2040 funding horizon is the honest tell.
|
|
Mining.com.au
Could Copper Scrap Be Next on the US Export Restrictions Hit List?
The Bureau of Industry and Security has imposed a 100% domestic sales requirement on lithium-ion black mass and tungsten scrap. Copper scrap was excluded, though Washington has proposed retaining 25% of high-quality scrap onshore and discussed export licensing. SMM says a full requirement is unlikely near term, since US secondary processing cannot absorb domestic supply and over 40% is already consumed at home.
|
Our Take
New US secondary smelting capacity will thin the freely tradable high-grade pool regardless of policy. The marginal tonne shifts back to mined copper.
|
|
GlobeNewswire
Lithium Ionic to Sell Salinas Lithium Properties to PLS for US$37.5 Million, Retaining a 2.0% Royalty
The sale covers ten mineral claims including the Baixa Grande resource in Minas Gerais, with US$30 million at closing and US$7.5 million on a positive Colina FID or by 31 December 2029. Lithium Ionic retains a 2.0% FOB royalty on future spodumene sales. Proceeds fund early works, procurement and construction readiness at its 100% owned Bandeira project.
|
Our Take
Non-dilutive cash at a soft point in the cycle, with PLS consolidating the ground beside Colina.
|
|
| |
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
|
