The Drill Down
Thursday 15 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
ICSG Sees Global Refined Copper Surplus Widening in 2027
The International Copper Study Group expects the global refined copper surplus to widen from about 104,000 tonnes in 2026 to 368,000 tonnes in 2027. Refined production is forecast to rise 0.4% in 2026 and 3.4% in 2027, driven by smelter and refinery ramp-ups in Indonesia, India and the European Union, while apparent usage grows 1.5% and 2.5%. Mine production is forecast to grow 1.3% in 2026 and 3.1% in 2027.
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Commodity Prices: 15 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,105 -1.34% |
| Silver (USD/toz) | $56 -5.97% |
| Platinum (USD/toz) | $1,602 -3.71% |
| Palladium (USD/toz) | $1,092 -2.87% |
| Copper (USD/t) | $14,704.10 -1.64% |
| Nickel (USD/t) | $15,507.50 -0.02% |
| Zinc (USD/t) | $3,691.09 -0.02% |
| Lead (USD/t) | $1,902.00 +0.98% |
| WTI Crude (USD/bbl) | $95.15 +0.06% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
UUU +61.8%: Uranium One Mining Corp.
Uranium One's most recent disclosure, on 26 June, was an agreement to acquire the Foghorn property in British Columbia and the Pasfield Lake property in Saskatchewan, the latter from Zadar Minerals for 3,160,000 shares. Pasfield Lake carries a 2% NSR in favour of Canterra Minerals, with a buydown to 1% for C$1 million. The move came on 1.27 million shares traded against a 32,478 average.
LXM +13.2%: Lux Metals Corp.
Lux Metals reported 19.50 metres at 17.57 g/t gold from 220.5 metres in LG26-241, its first hole at Zone 32 on the La Grande project in Quebec's James Bay region, including 8 metres at 39.08 g/t. Capped at 50 g/t, the intervals grade 11.67 g/t and 24.70 g/t, with true width estimated at 75% of core length. Final assays from the program are due mid to late November.
BKM +11.9%: Pacific Booker Minerals Inc.
Pacific Booker upsized its non-brokered placement on 7 October to about C$12.0 million from C$10.0 million, offering up to 5,128,206 units at C$2.34 with warrants exercisable at C$2.75 for 36 months. Proceeds will advance the Morrison copper-gold-molybdenum project in British Columbia, with closing subject to TSX Venture conditional approval. The stock closed at C$3.47, well above the unit price.
Top Losers
BRW -21.9%: Brunswick Exploration Inc.
Brunswick reported on 8 October that hole AN-26-15 returned 202.45 metres at 1.31% Li2O from 274.25 metres, including 85.75 metres at 1.73% Li2O, at the Anais dyke on its Anatacau Main project in Quebec's James Bay region. The dyke is confirmed to 300 metres vertical depth and remains open in all directions.
SEND -20.2%: Sendero Resources Corp.
Sendero's most recent disclosure, on 8 October, was a 3D inversion of airborne magnetic data at its Peñas Negras project in La Rioja, Argentina, modelling the system to about 3 kilometres depth. The model outlines several large intrusive centres, a preserved lithocap and deep structures, which the company reads as potential porphyry and epithermal targets. The fall came on 101,141 shares, nearly three times the 36,532 average.
RAK -18.6%: Rackla Metals Inc.
Rackla released assays from its first four modern holes at the Lentung tungsten project in the Northwest Territories on 13 October, led by 17.95 metres at 2.28% WO3 in DDH26L-002 and 20.35 metres at 1.72% WO3 in DDH26L-001, both downhole widths. The results line up with Union Carbide's 1982 historical resource model, with further assays due over the next two to three months.
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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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MarketScreener
Gold Drops Over 1% as Hot US Inflation Data Boosts Fed Hike Bets
Spot gold fell 1.8% to US$4,083.94 an ounce, its lowest since 7 October and a third straight losing session, after US consumer prices rose 0.6% in September. Markets now price about a 42% chance of a Fed hike this month, up from 22% before the data, and 93% for December. Silver dropped 6.6% to US$55.53, platinum 3.5% to US$1,605.37 and palladium 2.8% to US$1,094.50.
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SMM
Spot Lithium Carbonate Falls 3,400 Yuan/Tonne as Supply and Demand Stay Weak
SMM's battery-grade lithium carbonate price averaged 108,250 yuan/tonne on 14 October, down 3,400 yuan, in a range of 104,400 to 112,100 yuan. The most-traded LC2701 futures contract hit an intraday low of 100,220 yuan before closing at 100,900 yuan, down 4,580 yuan or 4.34%, as open interest rose 4,909 contracts. SMM expects bearish sentiment to persist near term, with falling social inventory and tight spot supply offering some support.
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MarketScreener
EU Seeks Closer Vietnam Ties on Critical Minerals in China Hedge, Documents Show
Internal EU documents seen by Reuters recommend financial support for Vietnam's mining and processing industry to maintain and expand access to tungsten, bismuth, antimony and titanium. They cite a failed bid last year for a majority stake in Masan High-Tech Materials' tungsten operation, which two sources attribute to EQ Resources, and a Lynas and LS Eco Energy rare earth metals project in Vietnam as competition that risks leaving the EU behind. Vietnamese leader To Lam is expected in Brussels next week, with meetings with EU leaders slated for 22 October.
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Mining Weekly
Mercuria Agrees $250m Congo Copper Deal With China Miner
Mercuria will pay Shanghai Jayson New Energy Materials units Hongkong Excellen Mining Investment and Singapore Excellen up to US$250 million for three years of Congolese copper supply, including from the newly started Kinga Kila project, people familiar with the matter told Bloomberg. An investment vehicle of CATL chairman Robin Zeng owns nearly 30% of Hongkong Excellen, and Jayson's three Congo projects produced about 56,000 tonnes of copper in the first half. Rabobank is expected to support the syndication financing most of the advance.
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MarketScreener
JPMorgan Raises Glencore and Anglo American
JPMorgan upgraded Glencore to overweight from neutral with a 730 pence target, up from 510 pence, and lifted Anglo American to neutral from underweight with a 3,850 pence target, up from 3,350 pence. It also raised its Antofagasta target to 4,500 pence from 4,300 pence, while cutting targets on Rio Tinto to 7,950 pence, Endeavour Mining to 5,000 pence and Fresnillo to 4,600 pence.
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Sojitz
Sojitz Divests Gregory Crinum Coal Mine in Australia
Sojitz has agreed to transfer all its interests in the Gregory Crinum coal mine in Queensland, held 100% through subsidiary Sojitz Development, subject to conditions precedent including regulatory approvals. The sale follows its policy of divesting the majority of its Australian metallurgical coal businesses, with a commitment to exit all coking coal interests by 2050. The release did not name a buyer or price.
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Mining Weekly
Europe's Battery Boom Has a Dirty Secret, Says Public Policy Expert
Europe installed 36 GWh of battery storage last year, taking its total above 100 GWh, and SolarPower Europe expects additions to exceed 50 GWh in 2026. Martin Vladimirov of the Center for the Study of Democracy argues batteries are profiting from expensive evening fossil-fuel pricing, with Bulgarian systems capturing spreads above €100 per MWh. Capacity mechanisms such as Germany's newly approved 15-year, €35.2 billion scheme are keeping coal and gas plants running.
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Mysteel
Coal Exports From Australia's Newcastle Port Drop 11% MoM in Sept
Coal exports from the Port of Newcastle in New South Wales fell to 11.28 million tonnes in September, down 11% month on month and 20% year on year, according to port authority data. The decline came on lower shipments to East Asian markets, with Newcastle cargoes mainly thermal coal from NSW mines.
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Mining.com
Equinox Gold Output Jumps 34% After Orla Merger
Equinox Gold produced 237,019 ounces in the September quarter, up 34% on the June quarter's 176,836 ounces, including two months of output from Musselwhite and Camino Rojo after the Orla merger. Nine-month production of 611,483 ounces means it needs roughly 258,500 to 308,500 ounces in the fourth quarter to meet 870,000 to 920,000 ounce guidance. South Railroad in Nevada has its federal record of decision and early construction under way, with first gold scheduled for 2028.
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Diario Financiero
Escondida Union Approves Company's Latest Offer: These Are the Multimillion-Dollar Figures of the New Collective Agreement
BHP's Escondida supervisors and staff union approved the company's final offer on 14 October, with 64.14% of its 1,020 members voting in favour. The deal includes a CLP 30 million closing payment, which incorporates a CLP 3 million soft loan, plus a CLP 1.5 million holiday bonus payable in November. Mobility, lunch and night-shift allowances rise 56%, 16% and 53% respectively, with key bonuses indexed to inflation twice a year.
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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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