The Drill Down
Friday 18 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
Luca to Acquire El Barqueño From Agnico Eagle for Up to US$60M
Luca has agreed to acquire 100% of El Barqueño in Jalisco, Mexico from a Mexican subsidiary of Agnico Eagle under a definitive agreement dated 17 September, for staged consideration of up to US$60 million plus a 2.0% NSR over areas hosting defined resources. The 32,000 hectare property holds a historical 2025 estimate, not current under NI 43-101 and not to be relied upon, of 399,265oz AuEq indicated at 1.47g/t and 650,046oz AuEq inferred at 1.43g/t. El Barqueño is not permitted for exploration drilling because of the Jalisco POETR, with an Amparo proceeding on foot and closing targeted for Q4 2026.
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Our Take
Agnico drilled roughly 225,000 metres here between 2015 and 2018 and is taking Luca shares plus a 2.0% NSR, so it stays exposed to ground it is handing over. Only US$10 million is committed at closing and the first US$15 million falls three months after the first drill program starts, which puts the Amparo ruling in control of the whole deferred structure.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,344
+0.06%
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Silver
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$65
+0.14%
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Platinum
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$1,769
-0.16%
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Palladium
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$1,281
+0.29%
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Base Metals & Commodities
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Copper USD/t
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$14629.51
--
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Nickel USD/t
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$16235.50
+0.78%
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Zinc USD/t
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$3859.54
+1.92%
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Lead USD/t
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$1900.10
+1.36%
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WTI Crude USD/bbl
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$101.11
+0.05%
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Prices updated as of 18 Sept 2026, 8:50 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Brunswick Exploration Inc.
Hole AN-26-15 at Anatacau Main in Eeyou Istchee James Bay cut 202.45m of spodumene-bearing pegmatite, visually estimated at about 25% spodumene, on a 130m down-dip step-out extending the Anais Main dyke to 300m vertical depth. The 202.45m sums 12 separate intervals, widest 96.95m from 298.40m, with all assays pending. Two holes for roughly 800m have been drilled in the Anais sector, 20km east of Rio Tinto's Galaxy project.
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Newcore Gold Ltd.
KBRC411 at the Boin deposit at Enchi in Ghana returned 69.0m at 2.59g/t Au from 58m, including 24.0m at 6.41g/t Au from 59m, above reserve grade and among the widest zones drilled at Boin. KBRC414 gave 32.0m at 0.83g/t Au from 70m and KBRC404 22.0m at 0.68g/t Au from 70m, across five sections over 1.9km of strike to 125m maximum vertical depth. The results sit outside the current resource and pre-feasibility study, with 47,100m in 295 holes reported under the 80,000m program.
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San Lorenzo Gold Corp.
Mapping and sampling at Quebrada Salada on the 11,962 hectare Salvadora project in Chile's Atacama Region outlined an approximately 2km north to northwest trending corridor of felsic dykes and iron oxide-quartz veins. Twenty-seven rock and regolith samples from June 2026 returned gold up to 12.80g/t Au, selective and not necessarily representative of grade or continuity. New IP lines D10 and D11 extend the San Juan footprint beyond the D8 discovery drilling, and the permitted 20-pad program at Cerro Blanco is underway.
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E3 Lithium Ltd.
E3 upsized its best efforts offering from roughly C$8.5 million to roughly C$10 million a day after launching it, selling 11,115,000 units at C$0.90 through ATB Cormark Capital Markets and Canaccord Genuity. Each unit carries one share and one full warrant at C$1.10 for 36 months, with an over-allotment over 1,667,250 units and closing around 24 September. Proceeds fund the Clearwater Lithium Project and working capital, with shares at C$0.78 against the C$0.90 offer price.
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Global Atomic Corporation
No specific catalyst identified, with profit taking after the previous session's financing news the likely driver. The DFC board approved a facility of up to US$414.2 million on 16 September for Dasa in Niger, operated through SOMIDA, 80% Global Atomic and 20% the Niger government. Drawdown stays conditional on a viable yellowcake export route, extension of the Mining Convention and Mining Permit to match the facility tenor, government assurances on loan repayments and a direct agreement with Niger.
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Eminent Gold Corp.
First RC assays from Otis at the Hot Springs Range project in Humboldt County, Nevada gave 57.9m at 0.3g/t Au in HSR2601, including 6.1m at 0.9g/t Au, ending in 3.0m at 2.1g/t Au at the rig's depth limit. HSR2604 at Little Humboldt returned 35.0m at 0.3g/t Au including 3.0m at 1.1g/t Au, while HSR2602, HSR2603 and HSR2607 to HSR2609 were anomalous only or did not fully test their targets. Composites use a 0.1g/t Au cut-off and lengths are downhole with true widths unknown, and the width was sold against the 9.2m at 3.2g/t Au core intercept reported in January.
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Market data as of 18 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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MiningHub
Osisko Critical Minerals Corporation Announces C$100 Million Private Placement of Special Warrants
OCMC, a newly incorporated wholly owned subsidiary of Osisko Metals (TSX: OM), is raising C$100 million through a best efforts private placement of special warrants at $0.25, with Canaccord Genuity as lead agent and sole bookrunner. Each special warrant converts into a unit of one common share and half a warrant exercisable at $0.35 for 24 months, with release conditions requiring a final prospectus and TSXV conditional approval within 180 days of the 17 November expected close. Proceeds fund exploration across 2,972 claim units covering about 645km² in northern New Brunswick, including the NB Copper Project, under incoming CEO John Burzynski.
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Our Take
C$100 million raised ahead of a listing, against 645km² carrying no drill-defined resource, prices the Burzynski record and the read across to Gaspé Copper. Subscribers carry the 180 day release condition, so prospectus receipt and TSXV conditional approval outrank the 17 November close, while Osisko Metals keeps an interest and moves the exploration bill off its own balance sheet.
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The Northern Miner
China's MMG Moves to Ease EU Concerns Over $500M Anglo Nickel Deal
The European Commission issued a Statement of Objections on Wednesday over MMG's purchase of Anglo American's Brazilian nickel business for up to US$500 million, warning the deal could divert low-carbon ferronickel toward affiliated Chinese stainless producers and weaken European pricing and supply resilience. MMG says it has no incentive to redirect volumes, will supply Europe with at least the volumes Anglo provides now and is prepared to give guarantees to customers or the Commission. The assets include Barro Alto and Codemin, which produced 39,700 tonnes of nickel in ferronickel in 2025, plus the undeveloped Jacaré and Morro Sem Boné projects, with a final decision due by 30 November.
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Our Take
The objection is an ownership argument, with SASAC controlling both MMG and the stainless producers the ferronickel could reach, and a volume undertaking leaves that structure intact. Anglo's counter on 12 months of supply growth goes at the limited alternatives premise, and the 30 November ruling sets the regulatory cost Chinese buyers carry across the rest of its disposal programme.
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Mining.com
West Africa Key to Gold Growth, Fortuna CEO Says
Fortuna Mining CEO Jorge Ganoza says West Africa's endowment and permitting speed justify the higher geopolitical risk, with the region collectively producing more gold than China and Fortuna running two mines there alongside two in Latin America. At Bambadji in Senegal, acquired from Barrick Mining and IAMGOLD, he rates competition for skilled labour and equipment above security as the pressing development risk, with power generators the tightest item because of data centre demand. Fortuna has been placing orders for months and is committing capital before a final investment decision while it waits on the exploitation permit.
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Our Take
Ordering long-lead equipment before the exploitation permit and before a final investment decision puts capital at risk on Senegal granting it. The constraint Ganoza names is a generator queue set by data centre demand, and time to production is the one premium the region gets credited for, so anything that slips the build erodes the case for being there.
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Mining Weekly
Indonesian Nickel Smelters Group Says New Price Formula Provides Operational Certainty
Indonesia's Energy Ministry cut the corrective factor in its benchmark ore price calculation to 14% from 26% for low-grade ore at 1.2% nickel, and to 17% from 30% for other contained minerals such as cobalt, effective 15 September. Smelter group FINI says the cheaper limonite pricing structure protects HPAL operators from operating losses and cash flow deficits after the previous formula lifted feedstock costs into higher sulphur prices. Miners association APNI wants the effect on realised prices, traded volumes and state revenue monitored.
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Our Take
Cutting the reference price moves margin from ore miners to HPAL operators and takes royalties and tax with it, so Jakarta is funding processor cash flow out of upstream returns and its own revenue line. Lower HPAL cash costs at the bottom of the nickel curve is the pressure that has already closed capacity in Australia and New Caledonia.
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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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