The Drill Down
Thursday 17 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.
Download Full Report
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Lead Insight
EU Objects to MMG's Anglo American Nickel Deal
European Union antitrust regulators have issued a statement of objections against MMG's acquisition of Anglo American's Brazilian nickel business, agreed last year for up to $500 million. The Commission says MMG could divert the assets' low-carbon ferronickel towards affiliated stainless steel producers controlled by China's SASAC and away from European buyers. The transaction covers the Barro Alto and Codemin ferronickel operations plus the Jacare and Morro Sem Bone development projects.
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Our Take
MMG has already put long-term supply guarantees to European customers on the table, so the live question is whether behavioural remedies can satisfy a Commission whose objection rests on who ultimately controls the buyer. Barro Alto and Codemin produced 39,400 tonnes of nickel in 2024, modest against global supply and material to a Europe running short of ferronickel options, and Anglo still needs completion to bank the $350 million upfront leg of its portfolio simplification.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,262
-0.06%
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Silver
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$63
-0.03%
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Platinum
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$1,750
-0.11%
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Palladium
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$1,281
+0.34%
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Base Metals & Commodities
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Copper USD/t
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$14244.10
--
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Nickel USD/t
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$16109.50
+1.17%
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Zinc USD/t
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$3786.84
-0.44%
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Lead USD/t
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$1874.60
+0.48%
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WTI Crude USD/bbl
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$101.96
-0.05%
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Prices updated as of 17 Sept 2026, 8:05 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Global Atomic Corporation
The board of the US International Development Finance Corporation approved a debt facility of up to US$414.2 million for the Dasa uranium project in Niger, with Hannam & Partners advising. Drawdown remains subject to conditions including a viable yellowcake export route, extension of the Mining Convention and Mining Permit, and a direct agreement with the government of Niger. Dasa is scheduled for commercial production in the second half of 2028, with offtake agreements covering 11% of the current mine plan.
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Highway 50 Gold Corp.
Discovery hole GK-26-9A at the 100% owned Gold Knob project in north-central Nevada returned 51.82 metres at 0.60 g/t Au from 130.0 metres, including 2.74 g/t Au over 4.6 metres. That compares with 12.2 metres at 0.73 g/t Au in historic hole BV-3, 152 metres to the north. Follow-up hole GK-26-18, drilled 1.15 kilometres to the southeast, intersected 13.7 metres of similar geology with assays pending.
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FireFox Gold Corp.
Discovery hole 26MJ032 at the 100% owned Mustajarvi gold project in Lapland, Finland returned 21.0 metres at 4.13 g/t Au from 114.0 metres, including 1.0 metre at 21.6 g/t Au, plus 4.2 metres at 3.41 g/t Au from 138.0 metres. The new Lammas Zone sits more than 650 metres from previous drilling and nearly a kilometre east of the main Mustajarvi Shear Zone. All intervals are core widths and true widths are not yet estimated.
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New Break Resources Ltd.
The final four holes of a ten-hole, 1,996 metre summer program in the Zavitz zone at the 100% owned Moray project near Timmins returned 3.12 g/t Au over 6.5 metres in NBR-26-31 and 1.61 g/t Au over 10.8 metres in NBR-26-29. Intervals are drill intersections and do not necessarily represent true widths. The numbers fall short of the 5.28 g/t Au over 11.2 metres reported in August, and the market sold the completed program.
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Pelangio Exploration Inc.
The 2026 resource extension program at the Pokukrom deposits on the Manfo project in Ghana is complete with all assays received, and the company reported extensions at the northern end and down dip near the southern end of Pokukrom East. Best of the five newly reported holes was SPDD26-009 at 43 metres of 0.54 g/t Au, against the 26 metres at 2.99 g/t Au already reported from SPDD26-008. A completed program without a fresh headline intercept invited profit-taking.
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Focus Graphite Inc.
Focus established a secured revolving line of credit of up to C$2.0 million with CIBC to bridge reimbursement timing under more than C$15 million of non-dilutive federal funding, including roughly C$14.1 million from NRCan's Global Partnerships Initiative. The facility addresses working-capital timing on Lac Knife and downstream processing work already underway. A C$2.0 million bank line was too small to move the funding picture and the stock drifted with it.
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Market data as of 17 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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Gate
Tether Provides $1.5B Gold Financing to US Dealer
Gold.com Inc's annual report shows Tether provided roughly $1.5 billion in financing to the US precious metals dealer as at 30 June, the majority of Gold.com's $1.7 billion in outstanding precious metals loans. Gold.com owed Tether $1.45 billion in payables and advances at the report date. Tether also acquired equity in the company earlier this year.
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Our Take
A single lender standing behind $1.5 billion of a $1.7 billion loan book leaves Gold.com structurally dependent on one counterparty, and that dependence hardens with the equity stake Tether took earlier this year. The wider signal is crypto balance sheets moving into physical bullion financing at institutional scale, which brings a large and largely untested source of working capital into the precious metals trade.
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Livewire Markets
Behind Lithium's Price Swing: What the Supply Chain Is Signalling
Datt Capital's Tony Gu puts the move in Guangzhou Futures Exchange lithium carbonate from about 140,000 yuan a tonne in early August to over 153,000 yuan by mid-month down to Chinese industrial restart, September and October auto demand, and orders pulled forward ahead of the new lithium-ion battery consumption tax from 1 September. Permitting delays at CATL's Jianxiawo mine, designed for 100kt LCE or roughly 10% of Chinese domestic production, have cut near-term supply expectations. Datt projects a slim FY2027 surplus against S&P Global's 109,000t surplus call and deficit forecasts of up to 80,000t from UBS and Morgan Stanley.
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Our Take
A 190,000 tonne spread between the S&P Global surplus call and the UBS and Morgan Stanley deficit call is wider than most single mine restarts, so there is little edge in positioning off published balance forecasts this cycle. The tighter signal sits in Chinese social inventories under one month of supply and Ganfeng flagging September delivery shortfalls, because physical tightness shows up in converter behaviour long before it shows up in a consensus balance.
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The Northern Miner
Lundin Gold Tax Fight Tests Ecuador Mining Rules
Ecuador's Internal Revenue Service has assessed Lundin Gold $154 million for the 2023 fiscal year under the sovereign adjustment mechanism, comprising $73 million plus $81 million in potential fines and penalties, excluding interest. The mechanism requires Ecuador's share of cumulative benefits from Fruta del Norte to stay at or above 50%. CEO Jamie Beck says the assessment stems from a misinterpretation of the calculation methodology set out in the Exploitation Agreement and the company will escalate.
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Our Take
A clause that triggers when the state's share drops under half the cumulative benefit is mechanically a bull-market clause, and with gold near $4,250 an ounce Fruta del Norte's free cash flow has run well past anything contemplated when the terms were negotiated. Operations, guidance and the capital-return plan are unaffected, so the exposure here is fiscal and precedential, and every operator pricing Ecuadorian terms now has to underwrite how the SRI reads its own methodology.
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Kitco
India's Gold Imports Fall 58% in August, Silver Imports Rise 127%
India's gold imports fell 57.75% to $2.3 billion in August while silver imports rose 127% to $1.02 billion, on Ministry of Commerce data. Switzerland supplied 40% of August gold shipments, ahead of the UAE at over 16% and South Africa at about 10%. Duties on precious metals imports were lifted from 6% to 15% in May.
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Our Take
Silver imports more than doubling under the identical 15% duty isolates the gold price as the deterrent, since both metals carry the same tariff treatment. Indian buyers are trading down the value chain at $4,250 gold, and with Metals Focus already flagging a 17% fall in Indian jewellery consumption over the first half, investment and central bank demand has to absorb a larger share of supply, which leaves the physical bid thinner and more reflexive on the way down.
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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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