The Drill Down
Tuesday 20 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
ILZSG Forecasts Zinc Returning to Surplus and a Wider Lead Surplus in 2027
The International Lead and Zinc Study Group expects refined zinc to swing from an 88,000-tonne deficit in 2026 to a 25,000-tonne surplus in 2027, with output up 2% to 14.21 million tonnes against demand up 1.2% to 14.19 million tonnes. The refined lead surplus is forecast to widen from 90,000 tonnes this year to 163,000 tonnes in 2027, as supply rises 1.5% to 14.08 million tonnes and demand 1% to 13.92 million tonnes. Zinc mine output is expected to recover 3% to 12.78 million tonnes next year after a 2.6% fall in 2026, helped by new Chinese capacity and completed expansions at Rosh Pinah and Gamsberg.
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Commodity Prices: 20 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,141 -0.60% |
| Silver (USD/toz) | $57 +0.19% |
| Platinum (USD/toz) | $1,641 -0.29% |
| Palladium (USD/toz) | $1,114 +0.22% |
| Copper (USD/t) | $14,646.89 +0.32% |
| Nickel (USD/t) | $15,564.50 +1.41% |
| Zinc (USD/t) | $3,700.84 +0.62% |
| Lead (USD/t) | $1,887.80 +0.65% |
| WTI Crude (USD/bbl) | $98.30 -0.24% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
MILI +22.5%: Military Metals Corp.
Slovak authorities extended the exploration licence for the flagship Trojárová antimony-gold project by four years to 18 October 2030, after the Environment Ministry annulled its May cancellation on 2 October. Trojárová hosts an inferred resource of 6.5 Mt at 1.02% antimony and 1.06 g/t gold. The company has opened talks with Slovakia's Ministry of Economy on the pathway to a mining authorisation.
BARU +22.2%: Baru Gold Corp.
Indonesia's energy ministry has confirmed Baru's Sangihe production operations application is complete, with the approval letter drafted and awaiting the Minister's final signature. Subsidiary TMS has filed five civil lawsuits seeking C$74.58 million in damages from alleged illegal mine operators and landowners on its concession. Several named landowners have since approached the company about settlements.
VLTA +15.4%: Volta Metals Ltd.
Volta lifted the Indicated resource at its Springer rare earth project in Ontario by 116% to 122.4 Mt at 0.59% TREO. A supplementary gallium estimate accompanies the update, with no standalone gallium resource or economic value assigned. A preliminary economic assessment is targeted for the first half of 2027.
Top Losers
QIM -25.8%: Quimbaya Gold Inc.
Six holes at Tahami Center confirmed a copper-molybdenum porphyry system but returned anomalous, subeconomic grades, announced after Friday's close. Quimbaya plans to finish the current drilling phase and then pause Center drilling for interpretation, while work at Tahami South continues.
RCK -22.8%: Rock Tech Lithium Inc.
Rock Tech closed a C$6 million placement on 9 October at C$0.65 per unit, each unit carrying half a warrant, to advance Georgia Lake and Red Rock and fund working capital. The stock now trades below that placement price, and final TSXV approval of the offering remained outstanding at closing.
NSJ -11.5%: NSJ Antimony Corp.
NSJ proposed a flow-through placement of up to 1.4 million shares at C$0.66 for gross proceeds of up to C$924,000, funding exploration and development at Antimony 2.0 in New Brunswick. The financing is proposed and has not yet closed.
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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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The Korea Herald
Korea's Only Copper Smelter Considers Cutting Raw Material Purchases as Record-Low Processing Fees Squeeze Profitability Despite Soaring Copper Prices
LS MnM, operator of the 680,000-tonne-a-year Onsan smelter in Ulsan, is reviewing cuts to copper concentrate purchases and output as treatment and refining charges sit at record lows. The International Copper Study Group now sees 2026 mine production growth of just 1.3%, while global smelting capacity rose about 3.4 million tonnes from 2024 to 2025 to reach 29.1 million tonnes. LS MnM is weighing more recycled feedstock and better by-product recovery to offset any reduction.
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President of Uzbekistan
The President of Uzbekistan and the US Secretary of State Discussed Priorities for the Further Development of Their Strategic Partnership
President Shavkat Mirziyoyev received US Secretary of State Marco Rubio on 19 October, during Rubio's visit for a C5+1 ministerial meeting and the second session of the US-Uzbekistan Business and Investment Council. New agreements worth $12 billion were reached at the council session, and bilateral trade has risen 35% since the start of the year. Both sides named strategic minerals, energy, transport and artificial intelligence as areas of significant potential.
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OECD
OECD Urges Regional Processing Hubs for Africa's Critical Minerals
The OECD has published a policy paper, Critical Minerals in Africa: A Regional Overview, assessing the continent's role in cobalt, copper, graphite, lithium, manganese and nickel supply chains. It sets out recommendations to strengthen resilience, promote responsible investment and raise the domestic value captured from Africa's mineral resources. The OECD's April regional note on Africa argued that coordinated processing hubs sourcing ore from multiple countries can operate at greater scale, limit excess capacity and compete more effectively on cost.
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Miningmx
Ivanhoe Electric in Advanced Talks Over Arizona Copper
Ivanhoe Electric is in advanced talks with traders and strategic buyers over copper from its Santa Cruz project in Arizona, CEO Taylor Melvin told Bloomberg, and potential offtake agreements could include project financing. The company is already working with the US Export-Import Bank on a potential debt package of up to $1.1 billion and is in talks with about a dozen commercial banks. The first phase is estimated to cost $1.4 billion, with initial production targeted for 2029.
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Economic Times
NMDC Puts Nickel Foray on Hold on Global Oversupply Concerns, Sources Say
India's state-run NMDC has put its planned move into nickel on hold, partly on oversupply concerns centred on Indonesia, which accounts for more than 60% of global output, two company officials told Reuters. NMDC had explored Russian nickel assets and supply arrangements but failed to secure a meeting with Nornickel despite repeated invitations. India classified nickel as a critical mineral in 2023 and relies primarily on imports.
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DFAT
EU Free Trade Agreement; Ukraine; Digital Duty of Care Laws
Assistant Trade Minister Matt Thistlethwaite said the government will negotiate across the Senate to pass the Australia-EU Free Trade Agreement after Nationals leader Matt Canavan said his party would not back it. Thistlethwaite said critical minerals are among the exports that would enter the EU tariff free under what he called Australia's largest free trade agreement. The deal was finalised in March after eight years of negotiation and still requires ratification by parliament.
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MiningHub
Galleon Gold Announces $20M Bought Deal Private Placement of Flow-Through and Hard Dollar Shares and $4.75M Concurrent Non-Brokered Private Placement
Galleon Gold agreed a C$20 million bought deal led by ATB Cormark, comprising 4,717,000 flow-through shares at C$1.59 and 11,160,700 hard-dollar shares at C$1.12, alongside a C$4.75 million placement to Pan American Silver at C$1.12. Proceeds will advance the West Cache Gold Project in Timmins, Ontario, ahead of an 86,500-tonne bulk sample program. Later the same day the bought deal was upsized to about C$27 million, with closing expected on or about 3 November.
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World Gold Council
Unlocking Digital Gold's US$700bn Opportunity
A World Gold Council and Boston Consulting Group report sizes the digital gold market at US$45 to 55 billion today, with a base case of around 27% annual growth to US$160 to 170 billion by 2031. The US$700 billion headline is estimated latent demand if adoption barriers were removed, not a near-term forecast. Tokenised gold has grown fivefold since late 2024 to about US$6 billion, and the base case implies around US$95 billion of new gold demand by 2031.
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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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