The Drill Down
Tuesday 14 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
China Launches Vehicle to Steer Overseas Mining Deals
China has established a new state-backed investment company, Guangyan International Investment (also known as Vast Rock International), to coordinate its overseas mining deals as Beijing tightens its grip on global mineral supply chains against Western efforts to dilute its dominance. Operating under the powerful National Development and Reform Commission, the vehicle will offer Chinese miners equity investment, compliance advice, risk management and market analysis. Beijing is pushing companies to standardise how they pursue metals deals and to share risk through partnerships rather than chase outright ownership.
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Our Take
State coordination makes Chinese bidders faster and more disciplined competitors for the same assets Western buyers want. Expect more partnership structures and tougher competition for copper, cobalt and lithium deals.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,002
-2.87%
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Silver
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$58
-3.73%
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Platinum
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$1,603
-1.72%
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Palladium
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$1,248
-1.99%
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Base Metals & Commodities
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Copper USD/t
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$13885.50
-0.11%
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Nickel USD/t
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$16717.00
+0.49%
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Zinc USD/t
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$3542.34
-1.91%
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Lead USD/t
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$1861.60
-1.34%
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WTI Crude USD/bbl
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$78.86
+1.19%
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Prices updated as of 14 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Minco Silver Corporation
No company-specific news, with the rally coming on above-average volume as silver names caught a bid. Minco Silver holds a 90% interest in the Fuwan silver project in China's Guangdong Province, a large high-grade deposit, and the move reads as leverage to the stronger silver price rather than any fresh catalyst.
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AbraSilver Resource Corp.
AbraSilver rose on strong Phase VI drill results from its Diablillos project in Argentina, headlined by 109m at 221 g/t silver and 0.72 g/t gold, including 14m at 580 g/t silver, in a previously undrilled gap at Oculto West. The intercept extends mineralisation beyond the recently completed feasibility mine plan, pointing to further resource growth with underlying copper adding a second dimension.
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Cerrado Gold Inc.
Cerrado gained after reporting a strong second quarter at its Minera Don Nicolas mine in Argentina, producing 15,415 gold-equivalent ounces, up from 13,835 a year earlier, to lift first-half output to 28,257 ounces. Improving heap leach output and rising underground grades point to a stronger second half, reinforcing the production growth story.
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Sterling Metals Corp.
Sterling reported three more holes of continuous, near-surface copper at its Soo Copper project in Ontario, extending the MEPS porphyry zone over broad widths of 248m to 323m. The intervals graded only 0.30% to 0.34% copper equivalent, however, and the market sold the thin grades despite the scale, in a classic sell-the-news reaction on a widely-held explorer.
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Galway Metals Inc.
Galway fell after an updated resource for its Clarence Stream gold project in New Brunswick lifted total ounces to about 2.7Moz, but at a markedly lower grade than the 2022 estimate, with indicated grade dropping to 1.62 g/t from 2.31 g/t. The market read the grade dilution, rather than the added tonnes, as the headline, marking the stock down despite the larger resource and higher antimony credits.
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LibertyStream Infrastructure Partners Inc.
LibertyStream announced a fresh non-brokered private placement of units to fund the scale-up of its direct lithium extraction operations in the Permian Basin in Texas. With the raise adding new shares and warrants, the market sold the dilution, extending the pullback from the stock's earlier highs.
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Market data as of 14 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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Financial Times
De Beers Idles South Africa's Top Diamond Mine for Two Years
Anglo American-controlled De Beers is halting production at its Venetia mine in South Africa for two years as weak prices weigh on the business. The pause reduces and defers spending on Venetia's underground expansion, with competition from lab-grown stones intensifying and Anglo looking to sell its diamond business.
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Our Take
Idling Venetia for two full years isn't a pause, it's a fire sale prep. Anglo wants diamonds gone. No buyer pays up for a mine bleeding on lab-grown competition.
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Rare Earth Exchanges
Northern Rare Earth Deepens Downstream Push as China Expands Its Mine-to-Manufacturing Strategy
China Northern Rare Earth, the Baogang Group subsidiary that controls output from the giant Bayan Obo deposit, is pushing deeper downstream into magnets, motors, hydrogen storage and advanced materials, extending Beijing's mine-to-manufacturing strategy. The move reframes rare earths as enablers of entire industrial ecosystems, from EVs and robotics to defence, rather than raw commodities for export.
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Our Take
The signal for Western developers is blunt. Mines and separation plants close the supply gap but leave the value gap, the magnets and motors, in Chinese hands.
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Junior Mining Network
Mogotes Metals Announces US$15 Million Strategic Investment by Rio Tinto and Proposed Formation of Strategic & Technical Alliance
Mogotes Metals has signed a binding term sheet for a US$15 million strategic investment from Rio Tinto, which will take an initial 5% stake at C$0.70 a unit and form a technical alliance centred on the Filo Sur copper-gold-silver project in Argentina and Chile's Vicuña district. The deal hands Rio Tinto 15 months of exclusivity and a right to lift its stake to 9.99%, while giving Mogotes access to the major's porphyry exploration tools in one of the world's hottest copper belts.
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Our Take
Rio Tinto buying into Filo Sur validates the Vicuña district's pull on major capital. For a junior, a technical alliance beats an outright sale, keeping discovery upside while de-risking exploration.
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Bloomberg
Brazil Draft Rule Opens Uranium Mining to Private Partners
Brazil plans to open its uranium mining sector to private investment through partnerships with companies, provided the state-owned nuclear firm retains a role. The government-owned company that currently holds a monopoly over the country's nuclear fuel cycle would be allowed to solicit bids for joint mineral development.
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Our Take
Cracking a state monopoly to allow private joint development is the concrete mechanism that matters here, since it gives foreign uranium developers a first legal entry into a large untapped jurisdiction. The catch is the mandatory state role, which will dictate whether partners actually control economics or just underwrite them.
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Mining.com
Codelco Chair Puts Profit Ahead of Copper Output
New Codelco chairman Bernardo Fontaine has ordered a strategic reset as debt, weak production and governance issues weigh on the miner. Fontaine said the company is reassessing its strategy through an external audit.
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Our Take
Fontaine prioritising profit over volume at the world's largest copper producer signals Codelco may pull back on marginal tonnes just as the market debates supply tightness. An external audit that exposes the true scale of debt and governance problems could reshape assumptions about global copper supply growth.
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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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