The Drill Down
Wednesday 22 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
Copper Price Rises as Key China Gauge Hits One-Year High and Chile Output Losses Mount
China's premium for imported copper hit $100 a tonne, its highest in over a year, as Beijing's crackdown on scrap-trade VAT fraud pushed buyers toward refined metal. Supply losses added up in Chile, where South32 became the latest miner to count the cost of a severe winter storm and Antofagasta's first-half output fell 9.5%.
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Our Take
A scrap-to-cathode squeeze and Chilean weather are doing the work here, with end demand still unproven. The tell is whether refined buying holds once the VAT crackdown clears.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,078
+1.73%
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Silver
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$59
+4.24%
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Platinum
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$1,627
+2.35%
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Palladium
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$1,276
+1.87%
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Base Metals & Commodities
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Copper USD/t
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$14471.71
+2.99%
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Nickel USD/t
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$17072.00
+1.02%
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Zinc USD/t
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$3520.39
+0.91%
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Lead USD/t
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$1865.30
-0.18%
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WTI Crude USD/bbl
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$84.64
+0.12%
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Prices updated as of 22 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Brixton Metals Corporation
Brixton drilled 20m at 5,015 g/t silver, including 0.65m at 89,125 g/t, in a new discovery area at its Langis silver project in Cobalt, Ontario. The ultra-high-grade hit opens a previously unmined zone that stays open along strike and at depth.
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Kingfisher Metals Corp.
Kingfisher jumped after Barrick agreed to a C$20.9 million placement for a 9.9% stake, with at least 80% funding its HWY 37 copper-gold project in British Columbia's Golden Triangle. A major taking a strategic position validates the recent Hank porphyry discovery and leaves Kingfisher with about $47 million in cash.
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Canada Nickel Company Inc.
Canada Nickel advanced its Crawford project to the final stage of the federal Impact Assessment, with the minister's decision expected within 30 days. Crawford, in Ontario's Timmins nickel district, is billed as the Western world's largest nickel sulphide project, with a construction decision targeted for 2027.
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Goldgroup Mining Inc.
Goldgroup extended its slide for a second session, with no fresh news beyond Eric Sprott's early-warning notice covering the share swap from the just-closed Gold Resource Corporation merger. The fall continues the post-merger repricing that followed the four-for-one consolidation. The company holds gold assets in Sonora, Mexico.
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Lara Exploration Ltd.
No announcement accompanied the fall, which came on volume many times the daily average. Lara is a prospect generator advancing its wholly owned Planalto copper-gold project in Brazil's Carajas district, where a 14,000m validation program is underway. After a strong run, the move looks like profit-taking.
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Largo Physical Vanadium Corp.
No announcement accompanied the fall. Largo Physical Vanadium holds physical vanadium rather than operating assets, so its price tracks the metal, and the move reflects vanadium price action rather than any company event. Thin trade widens the swing.
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Market data as of 22 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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Kitco
Gold Rallies as Buyers Ignore Higher Yields and Oil Shock
Spot gold and silver rose sharply in late-afternoon US trading Tuesday as short covering and renewed haven demand lifted metals. The gains held despite rising Treasury yields, a firmer US dollar and another jump in crude oil prices tied to the US-Iran conflict.
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Our Take
Gold climbing against higher yields and a stronger dollar, its usual headwinds, signals that geopolitical fear over the US-Iran conflict is overriding macro fundamentals. That decoupling is bullish for producers but fragile if the conflict de-escalates.
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AFR
Why the ASX Mining Sector Has Gone From Dux to Dunce This Month
Australia's mining stocks were the best-performing sector on the local sharemarket over the past 12 months but slumped over the past month. The article examines what drove the reversal for resources equities.
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Our Take
A sector rotating from market leader to laggard in a single month points to profit-taking rather than a change in fundamentals. Investors should treat the pullback as a chance to reassess quality names rather than a signal to exit the trade.
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The Northern Miner
Sprott Sees Value as Uranium Stocks Trail Market
Uranium mining equities fell 3.9% over the period reviewed, while junior uranium miners lost 7.4%. In June alone the two equity indexes dropped 14.4% and a larger amount respectively, prompting Sprott to see value in the sector.
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Our Take
The 14.4% June drop in uranium equities against a physical thesis that remains intact is exactly the dislocation Sprott is calling out. Contrarian investors get a cheaper entry, but the juniors' 7.4% underperformance is a reminder that leverage cuts both ways.
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Mining.com.au
China Keeps Gobbling Iron Ore and It Won't Stop
China's top leaders are expected to decide on additional stimulus for the world's second-largest economy, according to the Financial Times, with implications for iron ore demand. The piece argues Chinese appetite for the steelmaking ingredient shows no signs of slowing.
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Our Take
The pending stimulus decision is the near-term swing factor for iron ore, and the majors' margins ride on it. Investors should size positions around the policy outcome rather than the perennial bull narrative that demand never slows.
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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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