The Drill Down
Wednesday 14 October 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.
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Lead Insight
SSR Mining Announces the Acquisition of Roxmore Resources
SSR Mining will acquire Roxmore Resources for C$6.75 a share in cash, a 27% premium to the 9 October close and 47% to the 20-day VWAP, implying US$464 million equity value and US$392 million enterprise value. Roxmore's Converse project sits 6 km from Marigold in Nevada with 2.2 Moz Indicated at 0.65 g/t and 3.0 Moz Inferred at 0.43 g/t, which SSR plans to develop as a contiguous asset with potential for 150,000 to 170,000 oz a year from 2033 on US$800 to US$900 million initial capital. Roxmore holders also receive 85.01% of a SpinCo funded with US$10 million, and closing is expected in Q4 2026.
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Commodity Prices: 14 Oct 2026, 8:04am AEST
| Gold (USD/toz) | $4,161 -0.25% |
| Silver (USD/toz) | $59 -1.89% |
| Platinum (USD/toz) | $1,666 -1.43% |
| Palladium (USD/toz) | $1,124 -1.35% |
| Copper (USD/t) | $14,949.51 -0.52% |
| Nickel (USD/t) | $15,510.50 -0.55% |
| Zinc (USD/t) | $3,691.79 -0.92% |
| Lead (USD/t) | $1,892.60 +1.04% |
| WTI Crude (USD/bbl) | $94.45 +0.33% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
RM +31.2%: Roxmore Resources Inc.
Roxmore agreed to be acquired by SSR Mining for C$6.75 a share in cash, a 27% premium to the 9 October close, plus shares in a SpinCo holding Rattlesnake Hills, Shabu River and Newton. The deal implies about US$464 million in equity value for the Converse gold project, 6 km from SSR's Marigold mine in Nevada. Shares closed at C$6.98, above the C$6.75 cash component, with the SpinCo shares still to come.
XTG +14.0%: Xtra-Gold Resources Corp.
Xtra-Gold lifted the Indicated resource at its Kibi Gold Project in Ghana by 33% to 1,404,900 oz at 1.12 g/t from 39,007,000 t, plus 180,800 oz Inferred, across 11 deposits within about 4.5 km. The estimate, effective 1 October 2026, adds 123 diamond holes (27,384.5 m) drilled since the September 2024 update.
ARG +6.8%: Amerigo Resources Ltd.
Amerigo produced 17.0 Mlb of copper in Q3 at a cash cost of US$1.55/lb from its Minera Valle Central operation in Chile, taking year-to-date output to 48.2 Mlb, or 76% of 63.8 Mlb annual guidance. Year-to-date normalised cash cost of US$1.65/lb sits 17% below guidance on higher molybdenum credits. US$69.5 million has been returned to shareholders this year, including US$27.8 million in Q3.
Top Losers
GRD -46.7%: Grounded Lithium Corp.
Grounded Lithium's Kindersley PFS, completed with partner Denison Mines, booked 82,499 t LCE of reserves, the first NI 43-101 lithium reserves declared in Saskatchewan. The reserves support 3,200 t a year of production for C$603.1 million capex. The study returns an NPV of C$125.0 million and a 10.8% IRR, and the fall suggests the market marked down modest returns against the capital required.
VGC -12.0%: Valor Gold Corp.
Valor Gold set Q1 2028 for an updated pre-feasibility study on Courageous Lake in the Northwest Territories, comparing open-pit, underground and combined mining, processing alternatives and tailings configurations. The study will assess adding non-refractory resources, including Walsh Lake's 555,000 oz Inferred, alongside updated metal price and cost assumptions. That timeline puts the next economic update more than a year away.
URE -11.8%: Ur-Energy Inc.
Ur-Energy made its first uranium shipment from Shirley Basin to the Lost Creek plant in Wyoming on 19 August, making it a two-mine ISR producer. Shirley Basin carries licensed capacity of up to 2.0 Mlb U3O8 equivalent. Q2 drumming hit a record 140,873 lb at a cash cost of US$40.20/lb sold, and the shares have slid from C$1.72 at the end of July.
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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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Moneyweb
Botswana Said to Near Agreement on Size of Its De Beers Stake
Botswana and the Global Diamond Consortium, preferred bidder for Anglo American's 85% of De Beers, are nearing an agreement that would likely lift the government's stake from 15% to around 25%, according to people familiar with the talks. Botswana, Angola and Namibia would together hold less than 50%, keeping De Beers under private control, a key condition for some consortium backers. The agreement has not been finalised.
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Reuters
India May Need to Raise Coal Power Capacity as Demand Surges, Official Says
India may need to lift planned coal-fired additions to 2035 from 97 GW to 105 GW or as much as 150 GW, Central Electricity Authority chair Ghanshyam Prasad said, with daily peak demand running 45 GW to 50 GW above year-earlier levels. India has about 230 GW of coal capacity against the 307 GW targeted for 2035 under last year's plan. Coal-fired generation rose 13.3% year on year in September as hydropower fell about 20%.
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Finimize
Nickel's 2026 Shortage Outlook Just Flipped to a Surplus
The International Nickel Study Group now forecasts a 19,000-tonne surplus in 2026, reversing its April call for a 32,000-tonne deficit, with demand at 3.85 million tonnes against production of 3.87 million tonnes. The 2027 surplus widens to about 70,000 tonnes as output reaches 4.07 million tonnes against 4.00 million tonnes of demand. Stainless steel is driving consumption while LFP batteries slow nickel's growth in EVs.
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Company Release
Equinox Gold Reports Q3 Production Results Following Transformational Combination With Orla; Expanded Canadian Production Platform Positioned for Strong Finish to 2026
Equinox Gold produced 237,019 oz in Q3, including two months from Musselwhite and Camino Rojo after the Orla combination closed on 31 July, taking year-to-date output to 611,483 oz against 2026 guidance of 870,000 to 920,000 oz. It repaid US$190 million of debt in the quarter, about US$1.2 billion year to date, and ended September with US$527 million cash and US$163 million net cash. South Railroad in Nevada received its Record of Decision, with first gold planned for 2028.
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Rare Earth Exchanges
Malaysia Seeks Foreign Technology to Unlock $183 Billion Rare Earth Resource Potential
Malaysia is seeking foreign technology to develop an estimated 16.2 million tonnes of non-radioactive rare earth resources valued at about $183 billion, as China, the US, Europe, Japan and Australia compete for influence in the sector. Lynas has invested roughly $931 million in Malaysia through FY2025. The valuation remains unverified without confirmed grades, recoveries, element distribution and processing costs.
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Company Release
Labrador Gold Announces Upsize of Non-Brokered Private Placement to Up to $7 Million
Labrador Gold lifted its non-brokered placement from C$4 million to up to C$7 million at C$0.05 a share, or 40 million to 140 million shares against 170.8 million on issue. Lead investors Matachewan Consolidated Mines and McChip Resources take C$2.13 million of flow-through shares in the first tranche, due around 15 October. They can reach up to 19.99% after the second tranche, due around 23 October.
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AFR
Gold Fields Has 'Plenty of Capacity' to Pursue Northern Star Deal
Gold Fields is open to sweetening the cash component of its rejected near-A$40 billion offer for Northern Star Resources, and is pitching the benefits of an ASX listing as CEO Mike Fraser courts Australian investors. Fraser said Gold Fields has discussed selling some Northern Star mines to rivals, including Raleigh Finlayson's Genesis Minerals, if the takeover succeeds. That would leave it focused on the Kalgoorlie Super Pit, Alaska's Pogo mine and the undeveloped Hemi project in WA's Pilbara.
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Moneyweb
Glencore Set for Sydney Debut in Test of Mining Giant's Allure
Glencore begins trading on the ASX on Wednesday 14 October through CHESS Depositary Interests, each representing one London-listed share, with no new shares issued and no funds raised. The listing tests Glencore's ability to draw capital from Australia's pension industry and gives local investors a proxy for copper exposure. The CDIs carry no franking credits on Glencore dividends.
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Mining.com
JPMorgan Names Critical Minerals Chief for $1.5T Push
JPMorganChase appointed Andrew Frame to lead critical minerals investment under its US$1.5 trillion, 10-year Security and Resiliency Initiative, covering extraction, refining and processing. The initiative carries a separate US$10 billion allocation for potential equity and venture investments, with critical minerals one of 27 targeted subcategories.
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Kamoa Capital
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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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