The Drill Down
Thursday 16 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 and the New Era of Critical Minerals Diplomacy
Ageing mines and soaring demand for electrification metals are heightening supply risks even before Beijing's export controls take hold, experts warn. China's dominance reflects decades of sustained investment across mining and refining.
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Our Take
China's leverage is a refining story, not just a mining one, and that is where Western capital is most exposed. Investors should price a structural premium into ex-China processing capacity, because export controls turn midstream bottlenecks into the real chokepoint.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,060
+0.18%
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Silver
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$58
-1.58%
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Platinum
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$1,677
+2.83%
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Palladium
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$1,312
+1.19%
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Base Metals & Commodities
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Copper USD/t
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$14127.34
+0.29%
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Nickel USD/t
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$16798.00
+0.54%
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Zinc USD/t
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$3526.09
-0.80%
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Lead USD/t
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$1847.30
-0.85%
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WTI Crude USD/bbl
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$80.43
+0.24%
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Prices updated as of 16 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Electrovaya Inc.
Electrovaya signed a commercial agreement with Amazon covering deployment of its Infinity battery technology across material handling, with scope to extend into robotics and energy storage. Amazon takes warrants over up to 13.88 million shares that fully vest once it reaches US$280 million of cumulative purchases, tying the customer to the outcome and anchoring the Jamestown, New York build-out.
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Adex Mining Inc.
Adex bounced with no fresh announcement after collapsing two-thirds a session earlier, when New Brunswick cancelled mineral claim 1505, the claim hosting its Mount Pleasant tin-indium-tungsten project, over unmet work expenditure requirements. The claim sits in protected status pending engagement on a potential transaction, leaving speculation on that outcome as the only support under the price.
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North Arrow Minerals Inc.
North Arrow returned 12m at 1.71 g/t gold within 27m at 1.11 g/t at Target AE and 9m at 4.04 g/t, including 3m at 7.21 g/t, at Target AF from its Kraaipan project in Botswana, with mineralisation continuous over 260m and 450m of drill-tested strike. Mapping also found an undrilled zone in the hanging wall at AE carrying a 6.7 g/t grab sample over 200m of strike.
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Metals Creek Resources Corp.
Metals Creek doubled its non-brokered placement to up to $2 million, issuing flow-through units at $0.055 with half-warrants struck at $0.08, and reset warrant pricing on the existing tranche. Pricing the raise at the market on a stock trading in single-digit cents is a hard ask, and the explorer sold down as the added paper landed ahead of a 31 July close.
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Altius Minerals Corporation
Altius launched a C$181.5 million bought deal, selling three million shares at C$60.50 to shore up the balance sheet after a run of acquisitions this year, with a 15% over-allotment option and closing due around 21 July. The royalty company had been trading near record levels, and the stock fell straight through the issue price as the market repriced to the discount.
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Osisko Metals Incorporated
No fresh announcement drove the fall, with the market still absorbing Glencore's conversion of its US$25 million debenture into 88.96 million units struck at C$0.40, a quarter of the market price, plus a further 6.86 million units for accrued interest and a cashless warrant exercise. The overhang lands on a company holding 1.83Bt at 0.32% copper equivalent in measured and indicated resources at Gaspe Copper in Quebec.
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Market data as of 16 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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Reuters
Ghana Approves Revised Mining Law to Strengthen Oversight
Ghana's cabinet approved a revised mining law that caps single exploration licences at five years, replacing reconnaissance and prospecting permits. The law would also create district mining committees to strengthen oversight.
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Our Take
A five-year exploration cap tightens the runway for junior explorers who need long lead times to define a deposit in Africa's top gold producer. The new district committees add a local approval layer, so investors should reassess permitting risk and timelines for Ghana-focused developers.
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Bloomberg
China Coal Mining Output Falls Most in Decade After Deadly Blast
China's coal production dropped the most in a decade in June after a deadly mine explosion triggered widespread safety inspections across a key coal region. The disruption hit one of the country's core producing areas.
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Our Take
The steepest output fall in ten years tightens Chinese domestic supply and could pull in seaborne imports, a near-term tailwind for exporters. Watch whether the safety crackdown proves temporary or ushers in structurally lower production capacity.
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Canadian Mining Journal
Codelco Pushes Maricunga Lithium Project Start to 2034
Codelco has pushed the start of its Maricunga lithium project to 2034. The project is central to Chile's strategy of expanding lithium output through state-led partnerships with global miners.
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Our Take
A start date slipping to 2034 signals that Chile's state-led lithium ambitions face slower execution than the policy rhetoric implies. For partners and lithium bulls, the delay removes meaningful new supply from the medium-term picture and underlines the gap between government strategy and shovels in the ground.
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Mining.com
Angola Wants De Beers Stake to Shape Strategy, Minister Says
Angola wants a stake in De Beers to help shape strategy, with the minister describing the company as more than just a miner. Anglo American is in the final stages of its De Beers sale process.
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Our Take
A producing-nation buyer entering the final stretch of Anglo's De Beers sale changes the auction dynamic and could cap the price Anglo extracts. For Anglo shareholders keen to see De Beers gone, a strategic state buyer offers a clean exit even if it is not the highest bid.
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Department of War
Office of Strategic Capital Announces the National Security Fund Finance Program
The Department of War's Office of Strategic Capital has launched the National Security Fund Finance program, funded under the One Big Beautiful Bill Act, to strengthen the US critical minerals supply chain. The program will partner with private capital to drive investment in minerals and materials needed to restore domestic production, with a Notice of Funding Opportunity due shortly.
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Our Take
Washington keeps adding levers to the critical minerals funding stack, and the co-investment structure means private capital sets the pace rather than waiting on appropriations. The Notice of Funding Opportunity is the document that matters, since eligibility terms will decide whether allied developers with US processing can reach this money or only domestic incumbents can.
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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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