The Drill Down
Tuesday 15 September 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
Canada Courts $1 Trillion With Mining at Centre of Pitch
Prime Minister Mark Carney is putting mining at the centre of a bid for C$1 trillion, about US$721 billion, of global investment, with more than a third of the 167 projects pitched at the first Canada Investment Summit in Toronto this week involving minerals and mining. Carney invited 100 investors overseeing more than $70 trillion, with BlackRock chairman Larry Fink, Temasek chief executive Dilhan Pillay, managers of Norway's government pension fund and Abu Dhabi National Oil Co expected. The slate includes Troilus Mining (TSX: TLG), seeking $1.43 billion for its Quebec gold-copper project, and a nuclear fuel services plant billed as Canada's first uranium refining and conversion facility in more than 40 years.
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Our Take
BMO already has its covered miners spending roughly C$350 billion over five years on operating costs, sustaining capital and growth, so the trillion-dollar ask is chasing the builds that sit outside existing corporate budgets, which is why Troilus at $1.43 billion for a single Quebec project is the honest unit of the pitch. The money in the room is sovereign and pension capital that allocates on jurisdiction before geology, and Dominic Barton arrives at Invest in Canada from the Rio Tinto chair knowing precisely what that audience needs to see on approval timelines before it signs.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,299
-1.15%
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Silver
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$63
-1.94%
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Platinum
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$1,764
-0.08%
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Palladium
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$1,282
-1.14%
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Base Metals & Commodities
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Copper USD/t
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$14142.14
-2.42%
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Nickel USD/t
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$16411.50
-0.44%
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Zinc USD/t
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$3775.09
-2.04%
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Lead USD/t
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$1869.60
-0.67%
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WTI Crude USD/bbl
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$101.89
+1.84%
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Prices updated as of 15 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Coyote Copper Mines Inc.
No specific catalyst identified, with copper strength and positioning ahead of maiden drilling the likely driver. Coyote's Copper Springs project sits in Arizona's Copper Triangle, where Phase 1 and Phase 2 soil geochemistry reported on 5 August returned copper and molybdenum anomalies supporting the 3D IP inversion announced in May, prompting the staking of a further 2,000 acres to take the position to 774 BLM claims over roughly 16,000 acres. The company closed the final tranche of an oversubscribed non-brokered placement upsized to C$8.5 million at C$0.25 a unit in June and is preparing to drill the donut-shaped chargeability anomaly.
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Fox Tungsten Ltd.
No specific catalyst identified, with the US Department of War's US$450 million tungsten commitment announced the same day the likely driver across North American tungsten names. Fox received an exemption from the British Columbia Ministry of Water, Land and Resource Stewardship on 4 September authorising construction of a new access trail through a Wildlife Habitat Area to the Fox Tungsten Project, roughly 75km northeast of 100 Mile House in south-central British Columbia. Two diamond rigs have been turning there since late June on a fully funded 20,000 metre program, the largest in the company's history.
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Lavras Gold Corp.
Lavras approved roughly 25,000 metres of diamond drilling at the consolidated Caneleira Target, starting immediately and running six to eight months, two kilometres north of the Fazenda-Butia development project in Rio Grande do Sul. The decision follows hole 26CN044, which returned 24.30g/t Au over a drilled width of 9m from 87m including 99.56g/t Au over 0.85m, and hole 26CN051 at 9.31g/t Au over a drilled width of 4m from 10m, true widths unknown. EIA field studies are complete ahead of a Preliminary Licence application by December 2026, with a consolidated LDS resource update, including a maiden estimate for Caneleira, due by the end of Q1 2027.
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Cosa Resources Corp.
Cosa reported summer results from the Murphy Lake North joint venture with Denison Mines in the eastern Athabasca Basin, where Cosa operates and holds 70%. All 13 holes of the 6,752 metre program intersected structure and alteration over 650 metres of strike, but the release carried logged alteration and radioactivity without reported uranium mineralisation, and assays remain pending. MLN26-020C1 extended the basement alteration zone 36 metres east of MLN26-017 with nickel and cobalt pathfinder enrichment, and Cosa holds C$16 million with drill starts at Darby and Aurora expected shortly.
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ONGold Resources Ltd.
SRK's updated estimate for Monument Bay in northeastern Manitoba, effective 31 July 2026, put open-pit constrained Measured and Indicated resources at 74.39Mt at 0.84g/t Au for 2.009Moz, with Inferred of 24.46Mt at 0.62g/t Au for 0.491Moz, at a 0.20g/t cut-off and a US$3,000 gold price. The 2017 Yamana estimate carried 58Mt at 1.24g/t Au for 2.32Moz Measured and Indicated, which ONGold does not treat as current and states is not directly comparable given different modelling, classification and economic assumptions. Tungsten was excluded despite roughly 13,900 tungsten assays added to the database, and SRK has proposed 20 holes for 11,150 metres targeting higher-grade domains.
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enCore Energy Corp.
No specific catalyst identified, with momentum selling in a stock already well down from its C$5.88 52-week high the likely driver. enCore completed the first phase of construction at the Upper Spring Creek ISR satellite ion-exchange plant in South Texas in June, with flow capacity being taken to 3,200 gallons per minute and the first production wellfield awaiting final permits before extraction starts. In the March quarter the company delivered 270,000 pounds of U3O8 at an average US$67.78 per pound against a weighted average delivered cost of US$68.02, and extracted 90,000 pounds at US$46.43 per pound.
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Market data as of 15 September 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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Mining.com
Saudi Arabia Touts 110 Million Tonnes of Uranium-Bearing Ore Find
Energy Minister Prince Abdulaziz bin Salman told the IAEA's 70th General Conference in Vienna on Monday that exploration in the Medina region has outlined an estimated 110 million tonnes of ore carrying high concentrations of rare earth minerals, especially the heavy elements, alongside promising concentrations of uranium. No grade and no contained uranium estimate were disclosed. The kingdom is also examining recovery of uranium as a byproduct of fertiliser production as it moves to build a civilian nuclear industry.
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Mining.com
Pentagon Backs $150M Blue Moon Tungsten Restart
The US Department of War has committed US$450 million to Elmet Group, with US$150 million directed to Blue Moon Metals' (TSX-V: MOON) Springer Tungsten Complex in Nevada through a majority-owned joint venture with Blue Moon and EQ Resources (ASX: EQR) to restart and expand ammonium paratungstate conversion capacity. The mine and mill are expected back in production by the end of 2027 and the APT facility by mid-2028, with more than US$165 million of the total going to Elmet's manufacturing plants in Maine, Michigan and Ohio. DoW funds US$200 million at closing with further drawdowns, and takes redeemable preferred equity of up to 19.9% of Elmet's common stock, one independent director and one board observer.
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Our Take
Elmet Technologies separately holds a Defense Logistics Agency contract with a US$2 billion ceiling for tungsten ores, concentrates and sodium tungstate, so the equity stake puts the funder and the offtaker on the same side of the table before a tonne is mined. Elmet holds the majority of the Springer venture, which means Blue Moon and EQ Resources get a funded end-2027 restart and a partner who controls the schedule that gets them there.
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Industry Queensland
Evolution Turns to Cloncurry Copper to Maintain Its Run
Chief operating officer Matt O'Neill told the Meeting of the Mines in Cloncurry that copper in north-west Queensland is Evolution Mining's key growth area, with the company hunting one to two million tonne a year operations running three to five years to supplement Ernest Henry, which has mine life well past 2040. Evolution produced 715,000 ounces of gold and 66,000 tonnes of copper last financial year for record operating mine cash flow of A$3,394 million and net mine cash flow of A$2,079 million. Ernest Henry, hit by flooding, returned 55,000 ounces and 38,000 tonnes against 70,000 ounces and 48,000 tonnes in FY25, and the Carnaby Resources acquisition brings Greater Duchess ground north of Cloncurry.
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Our Take
One to two million tonnes a year for three to five years describes satellite feed for the Ernest Henry mill, so haulage distance on the Carnaby ground is the number that decides whether any of it works. Flooding cost Ernest Henry 15,000 ounces and 10,000 tonnes year on year, and refilling that mill is the cheapest copper Evolution can add while the gold book pays for the search.
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Mining Digital
Newmont and Barrick Expand Nevada Gold Mines Joint Venture
Barrick and Newmont have finalised an agreement expanding the Nevada Gold Mines joint venture to take in Barrick's Fourmile project, adjacent to Goldrush, and Newmont's Fiberline and Mike developments, with Newmont paying Barrick US$1.95 billion in cash. The properties are added within 30 days of Fourmile being contributed. The deal follows resolution of the parties' dispute in August 2026 and carries Newmont's consent to Barrick's proposed IPO of its North American gold assets. NGM is held 61.5% by Barrick and 38.5% by Newmont.
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Our Take
Newmont is paying US$1.95 billion to move Fourmile inside a venture it holds 38.5% of, a price struck between two parties with no market test behind it, and that number now anchors how Nevada ounces get valued in the North American float. Clearing the consent is the larger prize for Barrick, and because the remaining properties follow within 30 days of Fourmile being contributed, the contribution date is what sets the IPO timetable.
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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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