The Drill Down
Monday 20 July 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
Major Australian Coal Customer Calls for Export Pricing Overhaul
A major customer is pushing Australia's $38 billion coking coal industry to change how its exports are priced, echoing China's pressure on iron ore miners for a new pricing system. The challenge targets the benchmark mechanisms underpinning met coal sales.
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Our Take
A pricing overhaul on a $38 billion export industry threatens the margin structure that underpins the earnings of every Australian met coal producer. Any move toward buyer-set benchmarks would shift pricing power downstream and compress the cash flows the market currently capitalises.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,017
+1.04%
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Silver
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$56
+0.70%
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Platinum
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$1,590
-1.77%
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Palladium
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$1,250
-0.03%
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Base Metals & Commodities
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Copper USD/t
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$13891.89
-0.15%
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Nickel USD/t
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$17005.00
-0.50%
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Zinc USD/t
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$3525.59
-0.80%
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Lead USD/t
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$1876.10
+0.55%
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WTI Crude USD/bbl
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$84.01
+2.73%
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Prices updated as of 20 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Sandfire Resources America Inc.
At CIRO's request Sandfire confirmed management is unaware of any material change behind the recent activity, so the surge ran on no fresh news, and the stock is now halted. The company is advancing the high-grade underground Black Butte copper project in Montana, and the move reads as momentum rather than catalyst.
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Adex Mining Inc.
No announcement accompanied the rise, which looks like a bounce after heavy-volume selling in the prior session. Adex holds the Mount Pleasant project in New Brunswick, host to tungsten-molybdenum and tin-indium-zinc, following a CIRO halt and resumption last week. The action is technical, not fundamental.
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Tactical Resources Corp.
No announcement drove the move, which came on above-average volume. Tactical is advancing the Peak rare earths project near El Paso, Texas, targeting production from Sierra Blanca quarry tailings. With critical-minerals sentiment running hot, the bid looks like sector rotation rather than a company catalyst.
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Pacific Booker Minerals Inc.
Pacific Booker closed its $4.0 million non-brokered placement, priced at $2.15, to fund a new economic assessment at the Morrison copper-gold project in British Columbia. The stock had run on the raise and gave it back as the placement closed and the warrants came into view, a sell-the-news reversal from the prior session.
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First Atlantic Nickel & Cobalt Corp.
No fresh announcement accompanied the fall, which continues selling from the prior session. First Atlantic's 16 July hole at the Alloy Max zone reported visible awaruite over its full 525 metre drilled length at the Pipestone XL project in Newfoundland, but carried no assays, and the market is fading a visual-only result.
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Nuvau Minerals Inc.
No announcement accompanied the fall, which came on large volume. Nuvau is advancing its wholly owned Matagami base-metal district in Quebec, a past-producing copper-zinc camp with gold targets. With no catalyst on the tape, the move looks like profit-taking.
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Market data as of 20 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Mongabay
US Government Announces Plans to Lease Deep-Sea Mining Rights in American Samoa
The US government moved to launch a deep-sea mining industry starting in the waters of American Samoa, with the newly formed Marine Minerals Administration making the announcement on July 17. The step advances despite public opposition.
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Our Take
A dedicated Marine Minerals Administration signals Washington is building the institutional machinery to fast-track seabed mining, a policy tailwind for the handful of players positioned in the space. Litigation risk from public opposition remains the key overhang on any capital committed here.
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Moneyweb
Zimbabwe Rejects Lithium Miners' Request to Delay Export Ban
Zimbabwe will not defer its ban on lithium concentrate exports, due to take effect on 1 January, after producers asked for more time to build processing capacity. Mines Minister Polite Kambamura said the industry had an 18-month window from a June 2025 notice and must construct lithium sulphate plants to comply.
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Our Take
Zimbabwe is forcing beneficiation onto a producer base that is not ready, with most sulphate plants still under construction. Holding the January line prices in a supply gap for spodumene units and hands leverage to the few operators that can process in-country.
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Bloomberg
Wild Weather Disrupts Copper Mines and Ports in Central Chile
Copper mines and ports in central Chile curtailed some operations as a powerful winter storm swept the region, while major installations in the northern mining heartland were unaffected. The prolonged atmospheric river was flagged as a multi-day risk to output and concentrate shipments in the country that supplies about a quarter of the world's mined copper.
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Our Take
The tonnage at risk sits in central Chile, not the northern porphyry belt, so the direct hit to output is contained. The signal that matters is fragility: a supply base already grinding against grade decline now carries weather as a recurring tax on delivery.
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Yahoo Finance
France Pulled $15B in Gold From US Vaults, and More European Countries May Follow
France's central bank sold 129 tonnes of gold held in New York and replaced it with newer bullion stored in Paris, booking a gain of about $15 billion as prices ran. Total holdings were unchanged. The World Gold Council's 2026 survey found 89% of reserve managers expect official gold holdings to rise over the next year.
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Our Take
Repatriation without selling is a sovereignty trade, not a bullion trade, and a G7 central bank doing it openly tells you where reserve managers now see counterparty risk. Every tonne moving home is structural demand sitting under the gold price regardless of the daily tape.
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Mining.com
Malaysia Probes Lynas' Pentagon Rare Earths Supply Deal
A Malaysian parliamentary committee is scrutinising Lynas Rare Earths' US$96 million, four-year supply agreement with the US Department of Defense, weighing whether it sits against the country's support for Palestine. The committee, which heard from officials, NGOs and Lynas, has urged the government to set a clearer foreign investment policy and state a position within two weeks.
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Our Take
Lynas runs the largest rare earths separation capacity outside China, and that leverage is exactly what makes its host politics a live risk. A Pentagon offtake that reads as strategic in Washington reads as a sovereignty question in Kuala Lumpur, and the two-week deadline puts a clock on it.
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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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