The Drill Down
Wednesday 16 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
Glencore Faces $2bn Lawsuit as It Alleges Radiant World Fraud
Iron ore trader Radiant World, joined by Sapphire Minmetals, is seeking more than US$2 billion from Glencore, alleging the Swiss group deliberately kept the true nature of the partnership out of its audited books and pushed business into face-to-face meetings and WhatsApp rather than paper trails, driven by the compliance scrutiny that followed the US Department of Justice investigation. Glencore calls the claims meritless and says Radiant and related firms circulated falsified invoices, contracts and emails wrongly attributed to its staff to a number of banks. It has taken a US$480 million provision on the exposure, one of its largest trading losses as a public company, and is reviewing its historic dealings with Radiant, Sapphire Minmetals and associated companies.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,294
-0.12%
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Silver
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$64
+0.69%
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Platinum
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$1,778
+0.20%
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Palladium
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$1,301
+1.44%
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Base Metals & Commodities
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Copper USD/t
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$14279.99
+0.97%
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Nickel USD/t
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$15922.50
-2.98%
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Zinc USD/t
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$3803.39
+0.75%
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Lead USD/t
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$1865.60
-0.21%
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WTI Crude USD/bbl
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$105.35
-0.16%
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Prices updated as of 16 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Bitterroot Resources Ltd.
The US Department of War invested up to US$5,223,431 of Defense Production Act Title III funding in Trans Superior Resources, Bitterroot's Michigan subsidiary and operator of the LM nickel-copper project with 51%, on a 50/50 cost share covering drilling, geophysics, geochemistry and permitting. The non-dilutive money targets the untested 400 to 700 metre depth range of the LM magma conduit, with 15 to 20 core holes of 500 to 700 metres each planned from the fourth quarter of 2026. Earlier drilling of 7,565 metres in 26 core holes to 300 metres returned disseminated, semi-massive or massive nickel-copper-PGM sulphide of high metal tenor in 10 of those holes.
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Orosur Mining Inc.
The first hole at the El Cedro prospect on the Anzá project in Colombia, CED001, returned 61.35m at 0.93g/t Au from surface, including 42.15m at 1.02g/t Au from 19m. The targeted vein system was cut at about 100m with polymetallic veining logged and those assays still pending, and the hole is planned to 500m with completion expected by the end of September. Drilling started at El Cedro on 26 August, and copper through the shallow zone was anomalous but below economic significance.
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Forge Resources Corp.
Forge completed its 2026 program at the Alotta project in Yukon's Dawson Range Gold Belt, 2,792m in six holes across the Commission, Payoff and Severance zones. Alteration and mineralisation have been logged in every hole drilled at Alotta to date across a footprint of more than 4km, supporting the company's multi-centre porphyry interpretation. ALT-26-021, the deepest hole on the property at 651m, is altered and mineralised along its full length, and visible gold was observed in ALT-26-020 at 217m in the Payoff Zone. All of this is visual logging, with assays pending.
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Coyote Copper Mines Inc.
Coyote received Phase 1 drill permits for its wholly owned Copper Springs project in Arizona, authorising 37 drill locations on a three-year term to test shallow oxide and deeper sulphide targets, and staked 111 new claims to lift the project from 63.33km² to 72.36km². The same release gave notice of acceleration on warrants exercisable between C$0.14 and C$0.20, with holders to 15 October and roughly C$3.14 million of gross proceeds if all are exercised. The fall came on the news rather than against it, with profit-taking after the run into the permit decision the likely driver.
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Electric Metals (USA) Limited
No specific catalyst identified, with selling on volume well above the recent average the likely driver. Electric Metals' most recent disclosure, on 24 August, launched an integrated optimisation program spanning geology, ore sorting, metallurgy, downstream engineering and environmental review at the North Star Manganese project in Minnesota, host to the Emily deposit. The project PEA carries a post-tax NPV at a 10% discount rate of US$1.390 billion and an after-tax IRR of 43.5%, with initial HPMSM output of 100,000 tonnes a year lifting to 200,000 tonnes in year three, alongside a 10,000 tonne a year EMM circuit that sits outside the PEA and is now in FEL-1 engineering.
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Arizona Eagle Mining Corp.
Surface sampling across the Eagle Silver Zone, the three past-producing silver mines acquired in August about one kilometre northeast of the McCabe Mine in Yavapai County, returned silver grades to 467g/t, 455g/t and 340g/t over roughly 500 metres of strike between the Arizona National and Silver Belt workings, which ceased in 1931 at depths of only about 150 metres. Outcrop samples at the Esmeralda Gold Zone returned 8.5g/t, 2.5g/t and 1.1g/t gold. These are surface rock samples rather than drill intersections, and the stock sold off on them, with profit-taking after the August drilling and acquisition run the likely driver.
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Market data as of 16 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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NV
Nornickel Seeks Chinese Partner to Move Copper Processing Out of Russia
Nornickel is negotiating with China's North Copper to process its copper concentrate at facilities in Houma, Shanxi province, an arrangement that would let it shut the heavily polluting smelter at Norilsk, Bloomberg reported on 15 September. North Copper would need to rebuild and upgrade plant to handle Nornickel material, which carries more nickel than Chinese copper smelters typically treat, a process that could run as long as two years, with recovered nickel products shipped back to Russia. The talks follow the stalling of Nornickel's earlier plan for copper capacity at Fangchenggang after its Chinese partner withdrew late last year.
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Our Take
A two-year facility rebuild pushes Chinese copper capacity into 2028, against the mid-2027 date Vladimir Potanin set when the Norilsk closure was announced in April 2024, and Fangchenggang showed how fast a single partner exit resets that clock. Tolling the concentrate also hands the final processing step to the jurisdiction where the customers sit, which is what sanctioned equipment costs once it is off the critical path.
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Reuters
Congo Creates Task Force for US Minerals Deal, Cabinet Minutes Say
An 11 September cabinet decision formally establishes a DRC-USA Task Force to accelerate the strategic minerals partnership signed with Washington in December, according to minutes seen by Reuters. Economy Minister Daniel Mukoko Samba told ministers the body would translate partnership commitments into concrete economic and security results, with no detail given on its composition or on priority projects. A government official said it was originally due to become operational in February and was held up by administrative hurdles.
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Our Take
Seven months between the February target and a standing body measures how much of this partnership depends on Kinshasa's own administration. What has landed so far, the US-backed Virtus Minerals investment and the expanded Gecamines copper offtake with Mercuria and Glencore, came through counterparties rather than through the state, so the task force earns its keep only if it moves permitting and asset allocation at a pace the ministries have yet to show.
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Mining Weekly
Canadian Copper, Palladium Producer Generation Mining Secures $140m Federal Investment
Canada Growth Fund is committing about C$140 million to Generation Mining, comprising roughly C$90 million of common shares within a broader C$200 million equity financing and C$50 million of a C$100 million convertible note offering, to carry the Marathon copper-palladium project in Northwestern Ontario to a final investment decision and construction. Marathon is expected to produce 2.1 million ounces of palladium, 532 million pounds of copper, 488,000 ounces of platinum, 160,000 ounces of gold and three million ounces of silver over a 13-year life.
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Our Take
The CGF cheque sits inside C$340 million of final funding that, with a matching C$50 million note from the Canada Infrastructure Bank, completes a fully financed construction package for Marathon and leaves the shareholder vote on the notes as the last gate before a build decision. The cost lands on existing holders, with 375 million new shares issued at C$0.64 to get a federal anchor onto the register.
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AFR
Terms Out for WA Gold Player Wiluna Mining's $500m ASX Relisting
Wiluna Mining has launched an IPO bookbuild for an ASX relisting put at about A$500 million, with Street Talk describing the Western Australian gold business as backed by billionaire Mark Creasy. The company has been off the boards for two and a half years, delisted on 5 April 2024 after failing to lodge its half-year accounts for the period ended 31 December 2022, and returns through a deed of company arrangement that paid creditors out in full.
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Our Take
The bookbuild is the first market-set price on the Wiluna register since a control fight that ran through the Takeovers Panel this year, with AIM Mining pushing an alternative deed against Byrnecut and the Delphi parties over convertible notes and a controlling stake. Gold near records is doing the work on timing, and the terms are where you find out whether the register has been settled or simply priced.
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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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