The Drill Down
Friday 21 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.
Download Full Report
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Lead Insight
Peru Investigates MMG After Two Deaths At Las Bambas
Peru's labour inspection authority Sunafil has opened an investigation and sent inspectors to Las Bambas after an accident on 18 August during pump replacement at a clarification pond 9km from the processing plant killed two workers and injured three. MMG suspended operations across the mine and has guided a progressive restart from 21 August without changing 2026 production guidance. Las Bambas produced 410,829 tonnes of copper in 2025, roughly 2% of global mined supply.
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Our Take
Las Bambas has lost more than 100 days to blockades in 2019 and a month to land re-entry in 2022. This will have a major impact to local copper output and the whole sector tightens.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,523
+0.09%
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Silver
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$68
+0.22%
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Platinum
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$1,843
+0.51%
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Palladium
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$1,333
+0.26%
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Base Metals & Commodities
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Copper USD/t
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$14484.76
--
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Nickel USD/t
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$16894.50
-1.16%
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Zinc USD/t
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$3723.64
+0.94%
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Lead USD/t
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$1890.10
+0.72%
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WTI Crude USD/bbl
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$86.30
+0.07%
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Prices updated as of 21 Aug 2026, 8:49 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Lion One Metals Limited
Hole TGC-0650 returned 4.2m @ 715.15g/t Au from 121.1m at the Tuvatu mine in Fiji, including 0.45m @ 6,571.20g/t, the highest grade assay ever returned at the operation. The interval sits 55m from the Western Decline on a shallow-dipping roscoelite vein in the Murau lode system, outside the current resource. Fourteen of eighteen holes across 3,337.30m of underground infill and grade control drilling hit high-grade mineralisation, most of it 15m to 75m from existing development and targeted for the mine plan within twelve months.
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CANEX Metals Inc
No specific catalyst identified, with buying continuing after the 18 August release confirming the final procedural step in the year-long hostile takeover of Gold Basin Resources. The consolidated Gold Range and Gold Basin oxide gold district in Mohave County, Arizona now runs to 546 lode claims, 2 patented claims and 5 split estate titles across mineralised trends exceeding 8km, with more than 950 historic and current drill holes in the database. A two-year extension to the Gold Range Notice of Work permit allows up to 37 additional drill pads.
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CleanTech Vanadium Mining Corp
A non-brokered private placement announced 20 August will raise up to $1,000,000 through 10,000,000 units at $0.10, each carrying one share and one transferable warrant exercisable at $0.15 for three years. Insiders are expected to take 1.5 million units, a related party transaction under MI 61-101 relying on the section 5.5(a) and 5.7(1)(a) exemptions. The raise is subject to TSX Venture approval, with a four month and one day hold on all securities issued.
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Sherritt International Corporation
The Ontario Superior Court of Justice advised it could not compel a shareholder meeting inside the timeframe sought by Kyma Capital, and in an endorsement issued 20 August found no meeting had been called for late September despite Kyma's 18 August release saying otherwise. Sherritt expects Kyma's application to move the combined annual and special meeting ahead of the scheduled 15 December date to be heard in late September. The company continues to pursue a recapitalisation with Gillon Capital amid financial and operational strain at its Cuban nickel and cobalt business.
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Giyani Metals Corp
No specific catalyst identified, with volume at 1.68 million shares against a 45,835 average pointing to position clearing rather than news flow. The definitive feasibility study for the flagship K.Hill battery-grade manganese project in Botswana's Kanye Basin, filed 10 July, carries a post-tax net present value of US$481.5 million at an 8% discount rate, a 20.3% internal rate of return and initial capital of US$535 million over a 25-year mine life. Construction is scheduled to start in April 2027 with cold commissioning in November 2028.
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BCM Resources Corporation
No specific catalyst identified, with profit-taking the likely driver after August's run to a 52-week high of $0.70. BCM said on 19 August that Zonge International has begun ground induced polarisation and magnetotellurics surveys at the Thompson Knolls porphyry-skarn discovery in Utah, an eleven-day program weather permitting. Hole TK20 was completed on 17 August after intersecting more than 550m of mineralised porphyry and skarn, with the remaining core due at the laboratory within weeks.
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Market data as of 21 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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Mysteel
Copper Prices Continue Falling Under Macro Pressures
Copper fell in both futures and spot on 19 August as rising expectations of a September Federal Reserve rate hike weighed on risk appetite, with Chinese spot premiums easing and warrant cargoes released to supplement supply. Mysteel notes low global available inventory and firm demand expectations holding a high floor, but sees no meaningful recovery in Chinese consumption near term.
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Our Take
Macro is setting the price while the concentrate market runs tight. Las Bambas and Caserones are the reminder that this floor is physical, not sentiment.
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Kitco
Trump Administration To Back US Minerals Projects With $500 Million In Grants
The Department of Energy is awarding $500 million across seven companies in a third round of Battery Materials Processing and Battery Manufacturing funding, with $100 million each to Lilac Solutions for direct lithium extraction at Utah's Great Salt Lake, Jervois for the country's only cobalt refinery in Idaho, and Trafigura-backed Nth Cycle for black mass processing. A further $50 million each goes to Princeton NuEnergy, Arcanum Ventures and Coreshell Technologies.
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Our Take
Jervois went through a pre-packaged bankruptcy on cobalt prices last year and now gets $100 million to build a refinery. The grant is the reason the project exists, not a top-up on one that already worked.
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Wood Mackenzie
India's Battery Storage Self-Sufficiency Remains Over A Decade Away
India holds 2 GWh of commissioned cell manufacturing capacity against China's 2,695 GWh, and domestic manufacturing covers less than 1% of a roughly 260 GWh tender demand pipeline in 2026. Wood Mackenzie puts India 10 to 15 years from a competitive self-sufficient cell industry, with locally made cells costing 25% to 40% more than imports and a 5 GWh plant running at negative 10% EBITDA against breakeven at 10 GWh.
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Our Take
Scale is the whole problem. Nothing under 20 GWh makes money, and nearly every Indian player is licensing Chinese or Korean technology to get there.
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Mining.com
Government Cash Reshapes Mining's Capital
A GEM Consulting study argues governments have moved past regulating critical minerals projects into lending, investing and buying, so companies now compete on product origin, domestic content, workforce and security of supply rather than geology and bankability alone. August's US package spanned a conditional $1.4 billion loan to Sila, about $400 million to Sunrise Energy Metals and $150 million to Niron Magnetics, with the study's final test being whether public money produces development that would not otherwise occur.
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Our Take
Additionality is the right test and almost nobody applies it. Cheap public capital chasing projects that would have been financed anyway just transfers strategic rights for free.
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Mining Weekly
Colombia Coal Output Could Rise 40% By 2030 With Right Measures
Industry association Fenalcarbon says annual output could return to 90 million tonnes by 2030 from a 2026 forecast of 53 million tonnes, given changes to taxation, freight and port costs, licensing and controls on illegal mining. Exports fell 31% to $4.9 billion last year under Gustavo Petro, and the new De La Espriella administration is reviewing some 330 decrees affecting mining and power, including scrapping Petro's ban on coal exports to Israel.
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Our Take
Colombia last cleared 90 million tonnes a decade ago. Reversing decrees is fast, rebuilding 37 million tonnes of capacity and the freight to move it is not.
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Canadian Mining Journal
Gitxsan Huwilp Rescinds Support For KSM
The Gitxsan Huwilp government's hereditary chiefs voted unanimously on 13 August to withdraw support for Seabridge Gold's KSM project in northwestern British Columbia, held since 2013, in solidarity with the Tsetsaut Skii km Lax Ha Nation. BC's supreme court ruled in June that the province breached its constitutional duty to consult TSKLH over tailings risk to the Nass and Unuk river systems. KSM's 2022 prefeasibility study carried reserves of 47.3Moz gold and 7.3 billion pounds of copper for a US$5.8 billion after-tax NPV.
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Our Take
Thirteen years of support gone on one vote, and the chiefs are asking for shared decision-making rather than a veto. A US$5.8 billion NPV does not finance without that conversation being settled first.
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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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