The Drill Down
Friday 17 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
Acid Test: IEA Warns Copper Supply Outlook Has Worsened Considerably
The IEA's Global Critical Minerals Outlook 2026 lands with copper at record highs and benchmark smelter treatment charges at zero dollars a tonne, the lowest on record. Investment across critical minerals fell 9% in 2025, while supply concentration deepened again in refining.
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Our Take
Treatment charges at zero mean smelters are bidding to nothing for concentrate that does not exist yet. Investment falling 9% into that is how a decade-long deficit gets built.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$3,976
-2.08%
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Silver
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$56
-3.89%
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Platinum
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$1,623
-3.10%
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Palladium
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$1,250
-4.74%
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Base Metals & Commodities
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Copper USD/t
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$13912.33
-1.52%
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Nickel USD/t
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$17090.00
+1.74%
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Zinc USD/t
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$3553.94
+0.79%
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Lead USD/t
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$1865.80
+1.00%
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WTI Crude USD/bbl
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$79.65
+0.10%
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Prices updated as of 17 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Coyote Copper Mines Inc.
No announcement accompanied the move on heavy volume. The 58 square kilometre Copper Springs project sits in Arizona's Copper Triangle and abuts Rio Tinto's Resolution claims, where a US$500 million drilling campaign has started near the boundary.
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Pacific Booker Minerals Inc.
Pacific Booker closed a $4 million placement at $2.15 a unit to fund a new economic assessment at the Morrison copper-gold project in British Columbia. Financing risk clears as the strategic review continues, after American Eagle's hostile bid was terminated last month.
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Spartan Metals Corp.
Spartan expanded the footprint at the past-producing Tungstonia mine in Nevada more than 13-fold in a year, defining eight tungsten-silver veins across roughly 5.7 square kilometres with samples up to 5.18% tungsten trioxide. Around half the claims remain unexplored, with drilling due in August.
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Minco Silver Corporation
No announcement accompanied the fall at the holder of a 90% interest in the Fuwan silver project in China's Guangdong Province. The stock ran hard on the silver bid earlier this week and has given all of it back, a round trip on profit-taking.
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Minaurum Silver Inc.
Minaurum sold off with the silver names despite engaging SGS this week to update the resource at Alamos in Sonora, Mexico, where a January estimate outlined 55.2Moz silver equivalent. A 50,000m campaign runs toward that update later this year.
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Bravo Mining Corp.
No announcement drove the fall, which takes the stock through its 52-week low despite results ten days ago of 51m at 3.67 g/t palladium, platinum and gold at Luanga in Brazil's Carajas. A prefeasibility study is still due this quarter.
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Market data as of 17 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
China's Rare Earth Curbs Endanger $6.5 Trillion of Western Industry, IEA Says
Full implementation of China's rare earth export controls could expose about $6.5 trillion of automotive, high-tech, defence and energy production to disruption, the IEA said, with the US and Europe taking nearly half the impact. Postponed graphite controls put a further $300 billion at risk.
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Our Take
The one-year delay is a countdown, not a reprieve. US and Malaysian refining has already pulled China's share from 90% to 85%, so the lever moves when capital funds the midstream.
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Binance News
Xingye Yinxi Subsidiary Plans to Subscribe for 20% of Australian TAT Shares
Xingye Gold (Hong Kong) has agreed to take Tartana Minerals placement shares in two batches at A$0.053, worth about A$5.18 million and 20% of the company on completion. The first batch is sized to stay just under 10%, with the balance subject to Chinese and overseas approvals.
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Our Take
Holding the first tranche below 10% is a bidder reading the regulatory weather. Days after Canberra froze China-linked voting rights at Northern Minerals, how this A$5 million cheque is treated marks the line.
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Mining.com
Cameroon Sees Mining Revenue Overtaking Oil at $1.75 Billion, Minister Says
Cameroon expects mining revenue to overtake oil at around $1.75 billion as output from maturing fields declines and Yaounde pushes to develop under-exploited iron ore and bauxite. The forecast comes with a regulatory clean-up targeting illegal mining and under-declaration.
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Our Take
Cameroon has the geology. Whether it can hold permits stable long enough for iron ore capital to fund rail and port decides if $1.75 billion is a trajectory or a target.
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Metal.com
First Quantum Considers Selling Stake in Taca Taca Copper Mine Amid Global Supply Rush
First Quantum is running an early-stage process to sell a minority stake in Taca Taca in Argentina's Salta province, with Rio Tinto, Mitsubishi and Mitsui named among potential bidders. The project needs about US$4.2 billion of initial capital and would produce over 320,000 tonnes of copper a year at peak.
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Our Take
Selling down is how a balance sheet still healing from Cobre Panama funds US$4.2 billion without asking shareholders. Three majors circling one deposit shows how thin the Tier 1 copper pipeline has become.
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AFR
Reality Bites BHP's Copper Boom as Volumes Set to Slump
BHP says copper production will slide by up to 15% in the year ahead, in an update that wiped $7.2 billion off its record share price rally. A mechanical failure at a South Australian mine will compound declining ore quality in Chile.
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Our Take
A 15% cut at the world's biggest miner is the supply thesis showing up in guidance rather than a forecast deck. Grade decline cannot be drilled out of an existing pit.
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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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