The Drill Down
Tuesday 18 August 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
Canadian Miner NexGen Energy Holds Talks With BHP as It Seeks $1 Billion for Uranium Project
NexGen chief executive Leigh Curyer told Reuters the company shares technical information and talks regularly with BHP about Rook I, when asked about a potential equity stake. NexGen broke ground on the Saskatchewan project on Thursday and will seek $1 billion over the next nine months through utility prepayment agreements, debt finance or direct project equity. BHP has bought a large parcel of land near Rook, already produces around 5% of global uranium as a byproduct at Olympic Dam, and ran the ruler over NexGen last year under Mike Henry.
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Our Take
BHP reports full year results today, Brandon Craig's first as chief executive. NexGen's market cap has doubled to C$9.68 billion, which prices out a clean takeover.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,416
+0.91%
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Silver
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$66
+1.68%
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Platinum
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$1,772
+1.69%
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Palladium
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$1,325
+0.64%
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Base Metals & Commodities
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Copper USD/t
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$14758.06
+0.10%
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Nickel USD/t
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$16717.50
-0.22%
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Zinc USD/t
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$3731.54
-0.66%
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Lead USD/t
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$1876.30
-0.44%
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WTI Crude USD/bbl
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$84.22
+0.14%
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Prices updated as of 18 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Kairos Gold Inc.
Moving on no fresh announcement. Kairos closed a $9,824,341 placement on 16 July, 16,373,902 units at $0.60 with a half warrant exercisable at $0.88 over two years, upsized from a $6 million target. Proceeds fund a Phase One drilling program at Carmona, starting once Phase Three at Las Garillas-Oro Brillante seven kilometres away is finished. The company holds 17,201 hectares across three Chilean projects and listed on the TSXV in March.
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Decade Resources Ltd.
Moving without an announcement, on a drill mobilised 6 August to the Bonaparte copper-gold property 50km north of Kamloops. Decade plans at least 3,000 metres of NQ core across five to six holes, the first testing a chargeability anomaly interpreted from about 275 metres below the Discovery area. Historic bulk sampling on the vein systems reported 3,160 ounces of gold from 3,700 tonnes at 25.4 g/t, per BC Minfile and a 43-101 report. Assays from 750 soil samples taken in late July are pending.
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Rackla Metals Inc.
Drilling has started at the Lentung tungsten project in the Northwest Territories, the first on the property since 1982. The 2026 program runs about 10,000 metres, roughly 4,000 diamond and 6,000 reverse circulation, with the diamond crew on site 14 August and the first hole collared. The diamond holes confirm Union Carbide's 26,900 metres drilled between 1977 and 1982 and build the database for a modern resource estimate. Lentung sits 60km by road north of the past-producing Cantung mine.
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Sendero Resources Corp.
Three reconnaissance holes for 396.3 metres on the southwestern margin of the target area at Peñas Negras, plus 453 rock samples. Best intercept was 1.04 g/t gold over 1.5 metres from 14.0 metres in PNDH-201, within a halo running from surface to 46.0 metres at a weighted average of 0.11 g/t, alongside 48 g/t silver over the same 1.5 metres. A leached cap was logged in all three holes, and surface rocks returned up to 4.82 g/t gold at the PN-NNW target 9km north-northwest of the drilling. Sendero says it is funded to keep drilling along the Mogotes Fault.
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BCM Resources Corporation
TK20 was terminated at 4,317 feet at Thompson Knolls in Millard County, Utah, adding 255 feet since the 6 August update and extending the mineralised interval to 1,951 feet. The bottom of the hole cut mineralised tonalite and latite porphyry dikes intercalated with skarn, then passed into hornfels and marbles and ended in barren marble. Sample preparation is ongoing and assays are pending. TK21 will be collared about 250 metres west, near TK5.
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Lithium Chile Inc.
Lithium Chile and China Union have received a notice under subsection 25.2(1) of the Investment Canada Act over the sale of Argentum Lithium, announced 22 December 2025. The Director of Investments has reasonable grounds to believe the deal could be injurious to national security, opening the way to a review order. Lithium Chile wrote to ISED on 7 January arguing Argentum is not Canadian and holds no Canadian assets, and received no reply before the notice landed. Second consecutive session lower.
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Market data as of 18 August 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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Thesis Gold & Silver
AngloGold Ashanti to Lift Thesis Stake to 9.7% Through C$58.5M Offering
AngloGold Ashanti will move from about 5% to 9.7% through a C$58,462,111 offering, six months after its initial strategic investment closed in February. The raise splits into 8,342,257 hard dollar shares at C$3.4118, 2,020,202 BC flow-through shares at C$4.95 and 4,282,655 national flow-through shares at C$4.67. Proceeds fund working capital and technical studies at the 100% owned Lawyers-Ranch gold-silver project in British Columbia's Toodoggone district, with closing expected around 27 August.
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Our Take
Stopping at 9.7% keeps AngloGold under the 10% early warning threshold. A second cheque inside six months, priced ahead of feasibility and permitting.
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OceanaGold
OceanaGold to Acquire Ausgold in A$776M Scheme
Ausgold holders receive 0.03365 OceanaGold shares each, implying A$1.36 a share and A$776 million of equity value, a 28% premium to the last close and 44% to the 20-day VWAP. A cash alternative is capped at A$194 million and subject to scale-back, leaving Ausgold holders with 6% to 8% of OceanaGold. The board and Dundee Corporation, on 7.7%, back the scheme, with the booklet due October, the meeting late November and implementation targeted for December.
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Our Take
The premium buys out Katanning's funding risk before FID. OceanaGold now sets first gold at 2029 and a fresh technical report in 2028.
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Fastmarkets
Chile Lets Codelco Keep All Of Its 2025 Profit as El Teniente Slides
Chile will let Codelco capitalise all US$2.422 billion of its 2025 profit, the first full retention since the company was founded in 1976 and up from roughly 30% under the previous government. Output fell to 1.31 million tonnes in 2025, down 19% on 2021 and the lowest in nearly three decades, with El Teniente off about 27% year on year through May. Development at Andes Norte was suspended on 4 August after studies identified an emerging seismic risk, against net debt of US$25.1 billion.
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Our Take
Concentrate treatment charges hit minus $173.62 a tonne on Friday, from minus $45.50 in January. Smelters are wearing Codelco's shortfall, not miners.
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Mining Technology
Endeavour Suspends Terronera Operations After Ejido Blockade
An Ejido community blockade that began on 12 August has forced Endeavour Silver to suspend operations at Terronera in Jalisco, its primary underground silver and gold mine in Mexico. Community demands cover road maintenance, medical services, communications support, control of and access to water, and financial assistance. A reduced workforce is holding the site for safety and essential maintenance, with Endeavour in talks and prepared to start legal proceedings.
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Our Take
Ten months into commercial production and the ramp up stops at the gate. The 2,000 tonne a day plant is now a negotiation, not an operation.
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Seoul Economic Daily
Korea Eximbank Lends $1 Billion to Glencore to Secure Copper
Korea Eximbank will provide Glencore US$1 billion in working capital, about 1.4 trillion won, in return for reliable copper supply to Korean companies over the loan term. The bank framed the arrangement as preemptive policy financing at the level of economic security, aimed at a procurement base that leans heavily on imports. Demand is being pulled by AI data centre build-out and grid expansion.
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Our Take
Seoul is buying supply security through the loan book rather than the equity register. Cheaper than a mine, and it needs no permits.
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Lithium Chile
China Union and Lithium Chile Receive Investment Canada Act Notice
Lithium Chile and China Union Holdings have received a notice under subsection 25.2(1) of the Investment Canada Act over the sale of Argentum Lithium, announced in December 2025. The Director of Investments has reasonable grounds to believe the deal could be injurious to national security, opening the way to a formal review order. Lithium Chile argues Argentum is not a Canadian company, holds no Canadian assets and has no employees or place of business in Canada, and will seek all remedies available.
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Our Take
Ottawa is reaching for an Argentine asset because the vendor is listed in Calgary. If it sticks, the test follows the listing, not the ground.
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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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