The Drill Down
Wednesday 15 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
Chalmers Puts Chinese Rare Earths Investors in a Deep Freeze
Australia's Federal Government has moved to block three China-linked shareholders of Northern Minerals from voting or exercising other rights. The company is scheduled to take a final investment decision on development of a $592 million mine at Browns Range before September 30.
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Our Take
Stripping voting rights from China-linked holders ahead of a $592 million FID at Browns Range is a clear signal that Canberra will police strategic rare earths ownership. The move cuts one funding avenue but strengthens Northern Minerals' case for Western government and allied capital.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,053
+1.27%
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Silver
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$59
+1.81%
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Platinum
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$1,630
+1.95%
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Palladium
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$1,297
+3.90%
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Base Metals & Commodities
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Copper USD/t
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$14086.65
+1.45%
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Nickel USD/t
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$16708.00
-0.05%
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Zinc USD/t
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$3554.64
+0.35%
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Lead USD/t
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$1863.10
+0.08%
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WTI Crude USD/bbl
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$79.94
+0.08%
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Prices updated as of 15 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Mogotes Metals Inc.
Mogotes surged as CD Capital Fund IV exercised its rights under an investor rights agreement, extending a run that began a day earlier when Rio Tinto unveiled a US$15 million strategic investment and technical alliance over the Filo Sur copper-gold-silver project in Argentina's Vicuna district. Back-to-back commitments from two heavyweight backers drove the re-rating.
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Talon Metals Corp.
Talon rose as the public scoping comment period opened for the Tamarack nickel-copper-cobalt project's environmental impact statement in Minnesota, a key step in the state-led review. The permitting milestone, alongside the company's operating Eagle nickel mine in Michigan, reinforced its US-focused critical minerals platform.
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Trekor Metals Limited
Trekor, the newly renamed Taseko Mines, reported second-quarter output of about 36 million pounds of copper across its Gibraltar mine and the ramping Florence Copper operation in Arizona, and reaffirmed full-year guidance. Steady production and a smooth Florence ramp-up supported the copper producer.
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Adex Mining Inc.
Adex shares resumed trading sharply lower after the company disclosed that its wholly-owned subsidiary, which holds the Mount Pleasant tin-indium-tungsten project in New Brunswick, has become the subject of a regulatory action in the province. With Mount Pleasant its sole material asset, the market moved hard on the uncertainty.
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BCM Resources Corporation
BCM fell after a Phase 4 drilling update from its Thompson Knolls copper-gold-silver-molybdenum porphyry-skarn project in Utah reported no new assays and noted the skarn mineralisation becoming less pronounced to the southwest, with the latest holes intersecting a peripheral part of the intrusion. A progress report without fresh high-grade hits, and the market sold it.
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Antimony Resources Corp.
Antimony Resources appointed a US Military Academy professor who leads its Critical Minerals Consortium as a board advisor, aiming to open doors to US Department of War funding and offtake for its Bald Hill antimony project in New Brunswick. The appointment is strategic rather than operational, and with no new drill results the stock eased after a strong recent run.
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Market data as of 15 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
BHP Workers to Proceed With Strike After Talks Fail
BHP workers will proceed with strike action after talks failed to reach a resolution. Port Hedland is a major artery through which BHP routes around $80 million of iron ore a day.
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Our Take
$80 million a day flows through Port Hedland. Every strike day BHP loses that tonnage into a tight seaborne market. Watch iron ore spreads jump.
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Bloomberg
Gold Miners Cadillac, Amapa Minerals Add to Canada IPO Rebound
Cadillac Mines and Amapa Minerals Holdings have both filed for Toronto IPOs, adding to a reviving Canadian listings pipeline. Cadillac, chaired by Franco-Nevada co-founder Pierre Lassonde, is anchored by Ontario's Kerr-Addison project, while Amapa's key asset is a past-producing Brazilian gold mine that sold more than 1.5 million ounces between 2005 and 2021.
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Our Take
Gold near record levels is reopening the IPO window for Canadian juniors. A deeper Toronto pipeline hands resource investors fresh primary paper to back.
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MiningHub
ReElement Technologies Announces $25 Million Department of War Investment to Expand U.S. Critical Mineral Refining Capacity
ReElement Technologies, a minority holding of American Resources Corporation, has secured a $25 million US Department of War investment to expand critical mineral refining at its Marion, Indiana facility. The funding backs new equipment and working capital to accelerate commercial output of high-purity rare earth oxides and specialty minerals including germanium and gallium.
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Our Take
Washington is funding the refining bottleneck, not just mining, in its mine-to-magnet push. Domestic separation capacity is where China's grip is hardest to break.
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Bloomberg
Giant Copper Mines Brace for Winter Deluge in Top Producer Chile
Chile convened mining companies and industry groups for emergency talks as a powerful winter storm threatens to dump heavy rain across key copper mining regions. Chile is the world's top copper producer.
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Our Take
Emergency talks in the world's largest copper producer point to genuine near-term supply risk that could tighten an already fragile market. Traders should track any weather-driven output disruptions as a potential catalyst for copper price spikes.
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Mining.com
Trafigura Makes a Record Delivery of Lead Into LME Warehouses
Trafigura made a record delivery of lead into LME warehouses, sending prices tumbling and lifting stockpiles to the highest level in 14 years on Tuesday. The move reshaped near-term positioning in the lead market.
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Our Take
Trafigura pushing LME lead stocks to a 14-year high in a single delivery shows how one trader can dictate short-term price direction in a thin market. Lead producers face weaker realised prices until this inventory overhang is worked down.
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The Northern Miner
Canada Bets on Digital Hub to Speed Mine Permitting
Canada is establishing a digital innovation hub to speed up mine permitting as part of a broader regulatory modernization effort. The initiative targets the permitting timelines that have long slowed Canadian project development.
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Our Take
Faster permitting is the single biggest lever for unlocking value in Canada's stalled project pipeline, so any credible timeline reduction directly improves NPV for developers. Investors should reserve judgement until the hub demonstrates real cuts to approval periods rather than adding another layer.
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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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