The Drill Down
Monday 19 October 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
World Bank Targets $19 Billion in Critical Minerals Financing by 2030
The World Bank Group plans to quintuple its critical minerals business, targeting $19 billion in financing over fiscal 2026 to 2030, up from $3.6 billion in fiscal 2021 to 2025. President Ajay Banga announced the target at the IMF and World Bank annual meetings in Bangkok, alongside country partnerships with eight governments including Egypt, Malawi, Mauritania and Zambia. The bank has identified 20 countries it could partner with on critical minerals projects.
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Commodity Prices: 19 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,166 -0.13% |
| Silver (USD/toz) | $57 -0.76% |
| Platinum (USD/toz) | $1,646 +1.12% |
| Palladium (USD/toz) | $1,112 -1.63% |
| Copper (USD/t) | $14,600.48 +0.09% |
| Nickel (USD/t) | $15,347.50 +0.85% |
| Zinc (USD/t) | $3,678.18 +0.85% |
| Lead (USD/t) | $1,875.60 -0.03% |
| WTI Crude (USD/bbl) | $98.46 -0.57% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
RCK +33.9%: Rock Tech Lithium
Rock Tech's most recent disclosure, on 9 October, was the close of its upsized C$6 million private placement, issuing 9,219,301 units at C$0.65. A strategic investor took C$3.25 million and is expected to enter a project-level equity participation in the Guben lithium hydroxide converter in Germany. Proceeds fund the Georgia Lake definitive feasibility study and the Red Rock converter in Ontario, and final TSX Venture approval is pending.
NINE +22.7%: Nine Mile Metals
On 15 October Nine Mile reported wedge drilling that returned 4.88% copper equivalent over 7.6 metres true width, alongside the acquisition of additional claims at its Nine Mile Brook project.
LAF +21.2%: Lithium Africa
On 15 October Lithium Africa reported Norrabees drilling that returned 8 metres at 1.70% Li₂O, including 4 metres at 2.59% Li₂O. Intervals are downhole and true widths are not known.
Top Losers
NEXX -16.9%: Nexcel Metals
On 16 October Nexcel agreed to acquire 3,994 hectares adjoining Burnt Hill, paying one million shares, subject to CSE acceptance.
HART -12.8%: Gold Hart Copper
On 15 October Gold Hart announced the acquisition of the 4,000-hectare Mantocobre copper-gold property in Chile, along with preliminary surveys. Shares sit at C$0.17 against a 52-week low of C$0.155.
HRNY -10.7%: Bighorn Metals
On 5 October Bighorn outlined its autumn exploration program at Loljuh, including trenching and sampling of seven anomalies. Its 28 September clarification rejected third-party promotional claims and confirmed no established resource or reserve. Shares have pulled back from a 52-week high of C$2.25, against a 52-week low of C$0.25.
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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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MarketScreener
LME Week: Antofagasta Nets Its Best Ever Copper Treatment Charges in Auction, Sources Say
Antofagasta was paid more than US$300 a tonne to have its copper concentrate processed in recent tenders, two sources said, with one calling it a record for the miner as 2027 contract talks begin at LME Week. It sold 10,000 tonnes from Centinela at negative US$310 a tonne for November shipment, and 40,000 tonnes from Los Pelambres for next year in the negative US$330s. Teck sold Highland Valley material in the negative US$370s a few weeks ago, according to sources.
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Mining Weekly
Vale Says High Costs Making 10% of Iron-Ore Market Lose Money
Vale CEO Gustavo Pimenta estimates that surging energy and freight costs from the Middle East conflict are making about 10% of seaborne iron ore supply unprofitable, roughly 160 million tonnes, with about 15 million tonnes already offline. Singapore futures dipped below US$90 a tonne this week for the first time in two years and are down about 15% in 2026. Pimenta expects prices to recover as marginal producers cut output.
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MarketScreener
AFC Eyes Iron Ore and Uranium Investments in Africa
The Africa Finance Corporation is seeking iron ore and uranium investments to add to its existing gold, bauxite, copper and manganese interests, said Franklin Edochie, its head of mining and metals, in Cape Town. He said combined output from Guinea, Liberia, Mauritania and Sierra Leone could within 10 years easily equate to a top-three iron ore producer by volume, and expects announcements within six to 12 months. AFC is also lead developer of the US-backed Lobito minerals transport corridor.
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Miningmx
AngloGold Ashanti Rules Out Share Buy-Back Binge
AngloGold Ashanti CFO Gillian Doran told the FT London Metals and Mining Summit that buybacks must be opportunistic and cannot simply be a way to return cash when share prices are high. Her comments came a day after BlackRock's Evy Hambro criticised "reckless capital allocation" by gold miners announcing large buybacks, with BlackRock holding about 10% of AngloGold. AngloGold, Barrick, Newmont and Gold Fields have approved buyback programmes worth about US$12 billion in total.
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National Energy Administration
China Convenes Shanxi Meeting to Restart Halted Coal Mines and Lift Output
China's National Development and Reform Commission and National Energy Administration met in Taiyuan, Shanxi on 16 October and told the province to restart halted coal mines and lift output to normal levels while maintaining safety. Measures include mine-by-mine restart plans, a streamlined restart acceptance process, daily monitoring, stronger delivery of long-term power coal contracts and a list of emergency supply mines. Working groups with the National Mine Safety Administration are heading to Shanxi's coal cities to support winter heating-season supply.
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Bloomberg
Peru Indigenous Group Bids for Part of China-Owned Mine
The Indigenous community of Pamputa has offered to buy mining rights to part of an MMG copper concession in Peru, according to a document sent to the company last month and seen by Bloomberg News. The area is occupied by about 3,000 artisanal miners and related workers, whom the community proposes to turn into official suppliers to the Chinese-owned operation. Community and company representatives were due to meet in Cusco on Friday, and MMG did not immediately comment.
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Mining.com.au
Peru Copper Output Ticks Down in August
Copper output in Peru, the world's third-largest producer, fell 5% year on year in August to 230,676 tonnes, the energy and mines ministry said on Friday. January to August production rose 1.2% year on year to 1.8 million tonnes.
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Miningmx
TechMet Taps Venezuela for US Vanadium Supply
TechMet is buying refinery by-products from Venezuela for its US Vanadium plants in Arkansas, chairman and CEO Brian Menell said at the FT Metals & Mining Summit in London on Friday. US easing of restrictions on parts of Venezuela's oil and minerals sectors, after US forces captured president Nicolas Maduro in January, lets American companies buy refinery by-products under Treasury licences. In July US Vanadium won the largest contract in its history from the US Defense Logistics Agency, supplying high-purity vanadium pentoxide to the National Defense Stockpile over three years.
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Miningmx
Congo Detains 300 Chinese in Illegal Mining Crackdown
About 300 Chinese nationals working in Congo's copper belt were detained this week, mainly in Kolwezi, over alleged illegal mining on concessions belonging to other companies, Bloomberg reported, citing people familiar. The operation involved Congo's National Security Council and immigration authorities. Congo has roughly tripled copper production since 2015 and overtaken Peru as the world's second-largest producer.
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GlobeNewswire
San Lorenzo Announces Upsize of Private Placement to Up to $80 Million
San Lorenzo (SLG) doubled its best-efforts private placement to up to 15,094,400 shares at $5.30 each, for gross proceeds of up to $80,000,320, from up to 7,547,200 shares and the $40 million announced earlier the same day. Proceeds fund exploration at the Salvadora Project in Chile, with closing expected on or about 10 November, subject to TSX Venture Exchange approval.
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Kamoa Capital
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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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