The Drill Down
Thursday 20 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
Lundin Mining Cuts Copper Outlook as Chile Storms Strike Again
A second severe winter storm in the Atacama has cut full year copper guidance at Caserones to 120,000 to 130,000 tonnes from 130,000 to 140,000 tonnes, with cash costs lifted to $2.15 to $2.35 a pound from $2.05 to $2.25. Consolidated group guidance falls to 300,000 to 325,000 tonnes at $1.95 to $2.15 a pound. Wind and snow damaged a transmission tower on 14 August, a second power loss after the mine was down from 18 to 30 July.
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Our Take
Two storms in a month cost Caserones 10,000 tonnes and 10 cents a pound. High-altitude weather now sits inside the guidance range rather than beside it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,523
+4.35%
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Silver
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$67
+5.80%
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Platinum
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$1,818
+6.10%
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Palladium
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$1,337
+3.80%
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Base Metals & Commodities
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Copper USD/t
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$14535.51
+0.86%
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Nickel USD/t
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$17092.50
+2.06%
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Zinc USD/t
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$3688.79
+0.51%
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Lead USD/t
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$1876.60
-0.01%
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WTI Crude USD/bbl
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$84.29
-0.09%
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Prices updated as of 20 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Athena Gold Corporation
Discovery hole LL-26-006A returned 23.85g/t Au over 5m from 21m at the flagship Laird Lake project in Ontario's Red Lake district, including 62.9g/t over 1m and 54.1g/t over 1m, defining the new Scooby Zone. A step out in LL-26-008 about 400m vertically below returned 8.03g/t over 0.62m inside 4.5m @ 1.37g/t from 609.5m, and the zone sits on the Balmer-Confederation contact traced over 10km at Laird. The result came from a nine-hole, 5,134m maiden program, with roughly 10,000m of follow-up drilling planned from the northern autumn.
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Independence Gold Corp
Hole 3TS-26-34 at the Tommy Vein System returned 31.04m @ 9.07g/t Au and 70.56g/t Ag from 11.96m, including 9.77m @ 18.24g/t, with 3TS-26-27 about 50m north returning 27.63m @ 5.86g/t Au and 51.83g/t Ag from 7m. True widths are put at roughly 19m and 16m. The wholly owned 3Ts project sits 16km southwest of Artemis Gold's Blackwater mine and carries a November 2025 resource of 378koz AuEq indicated and 387koz inferred.
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McFarlane Lake Mining Limited
A bought deal private placement led by ATB Cormark Capital Markets will raise C$15.0 million through 20,953,000 flow-through shares at $0.525 and 10,527,000 hard dollar shares at $0.38, with an underwriters' option for up to $2.25 million more. Flow-through proceeds fund Canadian exploration expenses at the Juby gold project near Gowganda, Ontario, and closing is set for about 9 September. The 14 August Juby resource stands at 5.06Moz inferred at 0.87g/t and 1.14Moz indicated at 0.95g/t.
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Northern Graphite Corporation
Northern said a third quarter restart at the Lac des Iles mine in Quebec is now unlikely, after the MRNF issued a notice on 10 August suspending the mining lease over an unpaid portion of a site restoration guarantee that rose about $1.8 million to roughly $10.1 million. The company will contest the decision in the Quebec Court, and the suspension is stayed with the lease in effect until judgment. It also plans to temporarily cut the LDI workforce, with any restart contingent on new working capital and firmer graphite demand.
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Eastern Platinum Limited
No specific catalyst identified, with selling continuing after the 13 August second quarter result. Revenue fell 25.8% to US$7.9 million and mine operating income swung to negative US$4.2 million from US$0.36 million, taking gross margin from 3% to negative 53%. Interim chief executive Charlie Liu pointed to run-of-mine processing tonnages at the Crocodile River Mine in South Africa running below target.
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Stallion Uranium Corp
No specific catalyst identified, with drift ahead of assays the likely driver. The 13 August update at the flagship Coyote target in the Athabasca Basin put drilling at 4,626m, about 84% of the 5,500m program, with a peak downhole response of 1,416 cps in ML26-005 inside a 2.3m interval averaging 595 cps. Core has gone to the Saskatchewan Research Council in Saskatoon and the program is being extended to roughly 6,750m.
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Market data as of 20 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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AFR
Whitehaven Says It Won't Be a Passenger in Rare Earths Pivot
Whitehaven posted FY26 underlying net profit after tax of $227 million on underlying EBITDA of $1.3 billion, and used the result to defend its move into rare earths. Management said the position is small and a longer-term diversification option rather than a near-term shift away from coal, and cast the dropping of Coal from the corporate name as a modernisation. The company disclosed an 8.4% holding in Rare Earths Americas in June, 1,672,478 shares. FY27 guidance is 38 to 41 million tonnes of managed run-of-mine production on capital expenditure of $390 million to $490 million.
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Our Take
The name changed before the capital did. One 8.4% stake against a $1.3 billion EBITDA base costs shareholders almost nothing to hold.
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Mining.com
Copper Inventories Surge 50%, Easing LME Squeeze
On-warrant LME copper stocks rose 63,000 tonnes between 17 and 19 August, with total stocks up 28,000 tonnes, after falls of about 100,000 tonnes in July and 75,000 tonnes in June. The cash to three-month backwardation, which reached nearly $550 a tonne on Monday and its widest in more than five years, dropped to about $176 from $436 at Monday's close. Three-month copper traded at $13,885 a tonne on Wednesday, down close to $300 since Monday.
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Our Take
Benchmark's sources put most of that metal with one trading house. A squeeze a single counterparty can end, the same one can restart.
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Mining Weekly
Wanguo Gold to Launch $701m Convertible Bond Issue for Overseas Asset Acquisitions
The Hong Kong-listed miner has agreed to issue HK$5.50 billion, about $701.18 million, of 0.75% convertible bonds maturing in 2027 to buy overseas gold mining assets, with UBS AG Hong Kong Branch as sole manager. The initial conversion price of HK$15.62 a share is a 20.2% premium to Tuesday's close, and full conversion would create up to 352.1 million new shares, 8% of current capital or 7.40% of the enlarged capital. Wanguo intends to list the bonds on the Vienna MTF.
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Our Take
A 0.75% coupon running to 2027 is close to free money for an acquirer. Wanguo has funded the bid before naming the asset.
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Migalhas
Brazil's Supreme Court Confirms Deadline for Congress to Regulate Mining on Indigenous Lands
The STF has upheld by majority Justice Flávio Dino's February ruling that Congress is in breach for leaving article 231, paragraph 3 of the constitution unregulated, and confirmed a 24-month deadline to legislate on mineral research and mining on indigenous land. Provisional rules stand in the interim, capping any activity at 1% of a territory, confining it to indigenous cooperatives and requiring community consent along with executive and congressional authorisation. Case MI 7.516 was brought by the Cinta Larga people's organisation against the federal government and Congress, with Chief Justice Edson Fachin dissenting on the injunction but agreeing on the deadline.
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Our Take
Ground unregulated since 1988 now carries a legislative clock. Congress owns the timetable, and anyone modelling Brazilian indigenous tenure owns the wait.
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Mining Weekly
Indian Steel Mills Face Margin Squeeze as Global Coking Coal Prices Rise
Premium hard coking coal averaged $236 a tonne FOB Australia across the first seven months of 2026, up 25% on last year, on Australian supply disruptions, slow ramp-ups at new mines and a large accident in Shanxi, according to CRU. India imports 95% of its coking coal, at least half of it from Australia, and the input accounts for close to 40% of steel production costs. BigMint expects imports to rise 2 to 3 million tonnes in 2026/27 from 64 million tonnes, with Mozambique, Russia and the United States taking a larger share.
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Our Take
Every $10 a tonne on coal adds up to $9 to steel, and cheap Chinese imports block the pass-through. Australian met coal keeps that margin.
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MiningHub
Founders Metals to Consolidate 100% Ownership of Antino Gold Project; Gold Fields Increases Strategic Stake to 19.9%
Founders will buy Nana Resources' remaining 30% of Lawa Gold for US$17 million cash, 13,568,944 shares and up to US$21 million in milestone payments tied to resource size, permitting, a construction decision and production, taking it to a 100% royalty-free interest across the 102,360 hectare Antino district in south-eastern Suriname. Gold Fields Netherlands Services will invest C$76,958,864 for 14,146,850 shares at C$5.44, lifting Gold Fields to about 19.9% on closing with Nana left near 10.6%. Completion requires TSX Venture approval, the Gold Fields placement closing and an end to Nana's alluvial activity at the project.
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Our Take
Gold Fields is funding the removal of the partner standing between it and a clean asset. At 19.9% it takes the seat without triggering a bid.
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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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