The Drill Down
Monday 17 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
CATL Mine Shutdown Threatens to Flip Lithium Market Into Deficit
Benchmark Mineral Intelligence puts about 60,000 tonnes of LCE at risk in Jiangxi if the Jianxiawo restart stays delayed, against a forecast 2026 global surplus of roughly 78,000 tonnes. CATL secured a safety production permit on 29 June but has not resumed operations, suspended since August 2025 when the mining licence expired. Benchmark is weighing a cut to its 2026 Jianxiawo assumption, to 55,700 tonnes LCE from 111,400 tonnes.
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Our Take
One mine accounts for 60,000 tonnes of a 78,000 tonne surplus. Zimbabwe's January concentrate ban takes out most of what is left.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,376
+0.57%
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Silver
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$65
+0.36%
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Platinum
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$1,742
+0.74%
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Palladium
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$1,316
+0.63%
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Base Metals & Commodities
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Copper USD/t
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$14754.43
+0.07%
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Nickel USD/t
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$16754.50
+0.17%
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Zinc USD/t
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$3756.43
+1.05%
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Lead USD/t
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$1884.60
+0.26%
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WTI Crude USD/bbl
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$81.52
+0.06%
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Prices updated as of 17 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Baru Gold Corp.
Indonesia's ESDM has confirmed Baru's production operations application is complete with no further requirements outstanding, after the company lodged the audited financials, tax compliance certificates and beneficial ownership documents requested in a 29 May letter. Management met ESDM officials on 12 August to confirm the file and the expected timeline. The 70%-owned PT Tambang Mas Sangihe holds the Sangihe Gold Project, where the team is now on site.
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Antimony Resources Corp.
Visible gold logged in Central Zone hole BHC-26-13 at 165.85m at Bald Hill in New Brunswick, with a portable XRF reading of 285 g/t gold. The company notes a single occurrence does not indicate the average grade of the interval, and laboratory assays are outstanding. The Central Zone sits about 200m south of the Main Zone, where 6 August drilling returned 13.0% antimony over 0.65m with 2.2 g/t gold.
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McFarlane Lake Mining Limited
Moving without an announcement. McFarlane's Juby project near Gowganda in the Abitibi Greenstone Belt carries a September 2025 resource of 1.01Moz indicated at 0.98 g/t and 3.17Moz inferred at 0.89 g/t on a US$2,500/oz gold price, lifting to 1.20Moz and 4.23Moz at US$3,750/oz. Juby was bought from Aris Mining on a US$15 million debt facility, alongside the past-producing McMillan mine and Mongowin west of Sudbury and Michaud/Munro east of Timmins.
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Lithium Chile Inc.
CIRO halted all issues at 10:25 AM Eastern on 14 August citing pending news, with the stock already down 15.3% into the halt. No resumption notice and no company announcement has followed. Lithium Chile's outstanding transaction is the US$175 million sale of the Arizaro project to China Union Holdings under an amended and restated share purchase agreement signed on 7 May.
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Stallion Uranium Corp.
Still being sold off the 13 August Coyote update, where the peak reading of 1,416 cps in hole ML26-005 sat within a 2.3m interval averaging 595 cps. Stallion has drilled 4,626m of a 5,500m program in the Athabasca Basin and will extend it to roughly 6,750m before the season closes. The counts are downhole radiometrics rather than assays, and no mineralised intercepts have been reported.
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Honey Badger Silver Inc.
The statutory four-month hold on shares and warrants issued when the acquisition subscription receipts converted expired on 16 August, freeing that paper to trade. Honey Badger closed the purchase of Canadian Zinc and the fully permitted PC Silver mine in the Mackenzie Mountains on 27 April, with JDS Energy & Mining preparing an updated economic study. The stock has run from a 52-week low of 13c to a high of $1.19.
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Market data as of 17 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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Miningmx
Resolute, Nimba Launch Guinea Gold Venture
Resolute Mining and state-backed Nimba Mining Gold have incorporated Landaya Gold in Conakry to explore and develop Guinean gold projects, converting a March memorandum of understanding into a joint venture. It is Nimba's first partnership with an internationally listed gold producer. Resolute already holds a reconnaissance authorisation over 83 square kilometres in the Siguiri Basin.
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Our Take
Syama, Mako and Doropo across three jurisdictions, and Guinea lined up as the fourth. The state partner is the entry ticket, not the geology.
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Resource Talks
6 Junior Mining Stocks That Spiked This Week & 6 That Crashed
Kamoa Capital's Scott North joins Resource Talks for the third episode of the weekly series, running through the six biggest ASX junior mining gainers and the six biggest fallers, and what drove each move.
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Mining.com
NexGen Starts $1.6 Billion Uranium Build to Rival Top Mines
NexGen Energy has broken ground on the C$2.2 billion Rook I underground mine and mill in Saskatchewan, a four-year build designed for roughly 30 million lb of uranium a year. Cameco's McArthur River and Key Lake operations are licensed for 25 million lb, with 2026 guidance of 14 to 16.5 million. The 2021 feasibility study put after-tax NPV at C$3.5 billion, a 52.4% internal rate of return and a 0.9-year payback over an 11-year life.
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Our Take
Thirty million pounds a year would top Cameco's licensed capacity at McArthur River. Shaft development only starts in 2027, so the tonnes are late decade.
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Financial Times
Indonesia's Prabowo Subianto Retreats on Commodities Reform Amid Market Pressure
Prabowo told parliament on Friday that state export firm Danantara Sumberdaya Indonesia will monitor key commodity shipments without taking control of exports, after the May plan to centralise palm oil, coal and ferroalloy sales rattled markets. DSI has monitored more than 6,500 transactions and US$14 billion of exports in two months, flagging a potential US$5 billion gap between reported and actual prices. He also said a strategic minerals and commodities exchange will be operational by 1 January 2027.
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Our Take
In the same speech he said DSI will shortly manage all strategic commodity exports across 50 ports. The rhetoric softened, the architecture did not.
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ABC News
Controversial Hunter Valley Coal Mine Granted Six-Year Extension
The NSW Department of Planning, Housing and Infrastructure approved MACH Energy's Mod 8 at Mount Pleasant near Muswellbrook on Friday, extending consent from 22 December 2026 to 31 December 2032 and lifting approved ROM extraction from 10.5 Mtpa to 12.5 Mtpa. The department cited royalties, taxes and around 575 full-time equivalent jobs. The approval follows three years of litigation over the separate 2048 optimisation project.
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Our Take
Two extra million tonnes a year and six years of runway, granted while the 2048 case sits with the High Court. Consent risk priced down.
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Codelco
Codelco Strengthens Its Executive Team to Face Strategic and Operational Challenges
New chief executive Jorge Gómez has appointed five vice presidents in a Material Fact filed with Chile's CMF, including Lindor Quiroga to Northern Operations, Francisco Carvajal to Central-South Operations and Mario Quiñones to Mining Resources, Development and Innovation. Julio Díaz moves to general manager of El Teniente and Ricardo Weishaupt to Chuquicamata. Changes take effect 1 September, with Weishaupt from 15 August.
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Our Take
Three of the five new vice presidents came out of Collahuasi, while both division general managers were promoted internally. Outside oversight, inside operations.
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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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