The Drill Down
Wednesday 21 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
Copper's Investment Gap: USD 332 Billion
BloombergNEF's Transition Metals Outlook 2026 finds most of the 10 metals and minerals it covers will have enough supply capacity through 2050, with copper the exception. It puts the investment needed to bridge the looming copper shortage at US$332 billion. Demand is forecast to grow fastest for lithium, which triples by 2050, and graphite, which more than doubles.
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Commodity Prices: 21 Oct 2026, 8:04am AEST
| Gold (USD/toz) | $4,125 -0.38% |
| Silver (USD/toz) | $58 +1.58% |
| Platinum (USD/toz) | $1,659 +1.31% |
| Palladium (USD/toz) | $1,100 -1.23% |
| Copper (USD/t) | $14,721.91 +0.51% |
| Nickel (USD/t) | $15,770.50 +1.32% |
| Zinc (USD/t) | $3,716.59 +0.43% |
| Lead (USD/t) | $1,887.30 -0.03% |
| WTI Crude (USD/bbl) | $98.18 -0.37% |
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Winners & Losers - Canadian Markets
Top Gainers
LAF +37.9%: Lithium Africa
Shares were at C$2.00 after the company disclosed today two non-binding offers to fund its Springbok project, including a US$60 million investment proposal. The offers are subject to due diligence and definitive agreements, and the production decision is not based on a feasibility study, with no current Mineral Resources or Reserves.
KTO +24.6%: K2 Gold
Shares were at C$0.86 after Dragonfly hole DF26-031 returned 83.82 m at 3.40 g/t gold from surface, announced today. The interval is a downhole apparent length and true thickness is unknown.
VCG +16.5%: Visionary Copper and Gold Mines
Shares were at C$1.20 after Manitoba exploration work permits for the Pine Bay and Alberts Lake projects were extended through 31 December 2028, announced today. A bulk-sample permit is still pending, and the permits are not production approvals.
Top Losers
NVRO -22.6%: NVRO Metals
Shares were at C$0.12 after the company announced today a proposed best-efforts private placement of up to C$35 million, including participation from Hecla. Closing and the strategic terms remain conditional.
CGM -14.3%: Canadian Goldfields Discovery
Shares were at C$0.15. The most recent announcement, on 14 October, reported a re-assay of historic core at the Michelle zone, Swayze Central, returning 35 m at 3.26 g/t gold. The interval was not newly drilled, true width is unknown and the historic collar and orientation are unverified.
ETG -11.2%: Entrée Resources
Shares were at C$2.69 after the company announced today a proposed C$31.9 million non-brokered private placement with a Tether affiliate. Closing is targeted for Q4 and remains conditional.
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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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Investegate
Cornish Metals Proposed Fundraising of Approximately £135 Million to Develop the South Crofty Tin Project
Cornish Metals (TIN) is raising approximately £135 million at 60 pence per share to develop the South Crofty tin project in Cornwall. Glencore is subscribing about £11.2 million and has signed a six-year offtake for 100% of tin concentrate, with first production targeted for mid-2028. The raise needs shareholder approval around 9 November and would meet the US$161 million equity condition for releasing its US$210 million Nordic Bond proceeds, due by 21 November 2026.
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Newsfile
Lithium Africa Receives Two Non-Binding Offers to Fund the Springbok Project, Including a US$60 Million Investment Proposal
Lithium Africa (LAF) has received two non-binding offers to fund its Springbok project in South Africa: a prepayment facility with offtake of 100% of spodumene concentrate for the first three years, and a US$60 million investment for 55% of a holding company that would own its 70% project interest. The investment implies a pre-money valuation of approximately US$70 million for 100% of the project. First production is targeted for H2 2027 and discussions continue with more than 20 counterparties, though there are no current Mineral Resources or Reserves and the production decision is not based on a feasibility study.
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Anglo American
Anglo American Plc Production Report for the Third Quarter Ended 30 September 2026
Anglo American's third-quarter copper production fell 5% to 174,900 tonnes on extreme winter weather in Chile and lower-grade stockpile ore at Collahuasi, while premium iron ore fell 4% to 13.8 million tonnes. Full-year guidance is unchanged apart from Copper Peru unit costs, cut to c.50 c/lb from c.65 c/lb, and De Beers output, lifted to 25 to 28 million carats. The Teck merger is still expected to complete by March 2027, with China's anti-trust approval the last outstanding regulatory milestone.
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Investing.com
Phoenix Tailings to Build $375-Million Rare Earths Facility in New York State
Phoenix Tailings will build a US$375 million commercial-scale rare earth processing facility in Rochester, New York, with some operations starting next year and full production expected in 2028. The 500,000-square-foot plant is expected to process about 18,000 tons of rare earth material a year, and the state will provide US$3 million in performance-based tax credits. The announcement follows a conditional US$500 million Pentagon long-term debt commitment to the company for a US rare earth midstream processing plant.
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Mining Weekly
China Resumes Sulphuric Acid Exports to Copper King Chile After Three-Month Halt
China shipped 31,666 tonnes of sulphuric acid to Chile in September, 93.5% of its total exports of 33,873 tonnes and the first cargoes to the country since May. Beijing had restricted exports to protect domestic fertiliser supply after the Iran war disrupted sulphur shipments, cutting monthly exports to under 1,000 tonnes in June and July from 116,703 tonnes in May. Chile relies on imported acid for copper leaching, while Indonesia, which uses it in nickel production, received no shipments for a fourth consecutive month.
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Kitco
CIBC Slashes Gold Price Forecasts but Sees Recovery to $5,200 in 2027 as Central Bank Demand Offsets Fed Headwinds
CIBC cut its fourth-quarter 2026 gold forecast to US$4,500 an ounce from US$6,500 and its 2027 average to US$5,200 from US$6,500, with 2028 now at US$5,500. The bank cites higher real interest rates and a stronger US dollar after the Federal Reserve's 25 basis point hike in September, with gold nearly 24% below its record near US$5,600. It still sees a recovery supported by central bank purchases of 345 tonnes in the first half and record third-quarter gold ETF inflows of US$30.7 billion.
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Mining.com.au
Copper Price Flat Despite Goldman Upgrade, US Stockpiling
Three-month LME copper was flat at US$14,339.50 a tonne as cautious Chinese buying at high prices offset Goldman Sachs raising its end-2026 forecast to US$14,700 and its 2027 average to US$15,400. Goldman expects deficits outside the US of 950,000 tonnes in 2026 and 220,000 tonnes in 2027, citing weaker mine supply. Comex inventories reached 791,679 short tons as buyers stockpile ahead of potential US import tariffs.
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European Commission
EU Sets Out a New Strategy for the Arctic
The European Commission and the High Representative for Foreign Affairs and Security Policy presented a new Arctic Strategy today, built on four priorities: security and resilience, climate change, prosperity, and opportunities for Arctic communities. It identifies emerging economic cooperation in critical raw materials, renewable energy, dual-use transport, digital connectivity and sustainable marine industries. The EU will also back the Pan-Arctic Cable linking Greenland directly to Europe and secure satellite connectivity through IRIS² Arctic Connectivity.
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ABC News
Australia Could Collect an Extra $45b a Year if It Taxed Surging Resource Profits Better
Prosper Australia, a tax reform think tank, estimates Australia forgoes about $45 billion a year in resource revenue because its royalty and tax settings do not lift when prices and profits surge, including around $28 billion from mining and $16 billion to $18 billion from oil, gas and LNG. The report finds Australia's mining public-capture ratio beats Quebec, Chile and Peru, but its petroleum ratio is weak against Norway and Alaska. It points to Queensland's coal royalty, which rises from 7% to 40% above $300 a tonne, as proof that boom-sensitive royalties are workable.
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Mining Weekly
China's Australian Coal Imports Surge to Six-Year High
China's coal imports from Australia rose 56% year on year to 9.81 million tonnes in September, the highest since April 2020, before Beijing's unofficial ban disrupted trade. Imports of Australian steelmaking coal more than quadrupled to 2.43 million tonnes as the aftermath of a deadly May accident at a Shanxi coking coal mine constrains domestic supply. Indonesian imports fell 32% to 14.62 million tonnes on export quota adjustments and low river levels in Kalimantan, while China's overall coal imports fell 6%.
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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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