The Drill Down
Monday 21 September 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
Gold Is Tariff Proof. Canada Has $11 Billion a Year of It Stuck in Permitting
Mining.com screened Canada's gold development pipeline and found fifteen projects, holding 36.6 million ounces of reserves between them, that have completed studies and declared reserves but no construction decision. At today's roughly $4,300 gold price they would generate close to $11 billion a year in revenue on combined initial capital of about $9.4 billion, and gold enters the US duty free regardless of the tariff fight. Canada averages about 20 years from discovery to permitted construction, six years longer than Australia, according to PwC's Mine 2026 report.
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Our Take
Every dollar figure in this piece is struck at $4,300 gold, and J.P. Morgan already has $5,400 to $6,000 pencilled in for 2027. That is a re-rate of the entire fifteen-project queue without a single extra permit issued, and it is the kind of optionality equity holders in these names are still underpricing while the market treats permitting delay as pure downside.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,379
+0.87%
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Silver
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$66
+1.61%
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Platinum
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$1,800
+1.66%
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Palladium
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$1,297
+1.55%
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Base Metals & Commodities
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Copper USD/t
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$14859.26
+1.57%
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Nickel USD/t
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$16204.50
-0.19%
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Zinc USD/t
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$3946.32
+2.25%
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Lead USD/t
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$1910.60
+0.55%
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| WTI Crude USD/bbl |
$96.08
-2.34%
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Prices updated as of 21 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Sailfish Royalty Corp
Sailfish signed a non-binding LOI with Mako Mining on 11 September for a 20-year gold purchase agreement, structured to fund a gold price-linked quarterly dividend plus a one-time US$1.00 per share special dividend on closing. Mako would receive 70 million new Sailfish shares, taking roughly 49% ownership, and shares were CIRO-halted for pending news again on 18 September.
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FireFox Gold Corp
FireFox discovered the high-grade Lammas Zone at its Mustajärvi project in Finland, more than 650 metres from previous drilling, returning 21.0 metres at 4.13 g/t gold including 1.0 metre at 21.6 g/t. The zone remains open along strike toward ground held by Agnico Eagle.
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Pan Global Resources Inc
Drillhole PVD16 at the Providencia target on Pan Global's Cármenes project in Spain returned 83 metres at 1.74 g/t gold from near surface, the widest high-grade intercept at the target to date. The hole included a bonanza 32.2 g/t over 0.5 metres and remains open both laterally and at depth.
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ZincX Resources Corp
ZincX closed a $1.82 million non-brokered private placement on 11 September at $0.12 a unit, well below today's price, bringing in Dr. Quinton Hennigh as a new participant. The stock has continued lower since, consistent with post-financing supply.
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Juggernaut Exploration Ltd
Juggernaut's 10 September assays from the Whopper Zone at Big One in BC's Golden Triangle returned 5.03 metres at 3.08 g/t gold including 2.00 metres at 6.97 g/t, part of a district-scale gold-silver-copper discovery.
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Avanti Gold Corp
Avanti's 16 September assays from the Akyanga deposit in the DRC returned 11.50 metres at 6.50 g/t gold in hole MSDD0151, extending mineralisation at depth and into the hanging wall.
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Market data as of 21 September 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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Kitco
The Fed Raised Rates and Gold Didn't Break: Here's Why
Gold is holding critical support above US$4,300 an ounce and has snapped a three week losing streak despite the Federal Reserve's 25 basis point hike and Chair Kevin Warsh's hawkish tone. Kitco argues the metal no longer needs loose monetary policy to justify a portfolio allocation, since investors are increasingly buying it against deteriorating US government finances rather than rate expectations. Washington spends more than US$1 trillion a year servicing over US$40 trillion in federal debt, an arithmetic problem that higher rates make worse, not better.
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Our Take
A rate driven gold bid unwinds the moment cuts get priced back in, but a debasement driven bid is stickier, and it explains why gold miners have kept re-rating even as the market pushes out its timeline for the next Fed cut. The equity thesis no longer needs Warsh to turn dovish, it just needs the debt arithmetic to stay broken.
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Investing News Network
TNR Gold Would Rather Cancel Meeting Than Face Shareholders
Eucalyptus Resources, TNR Gold's largest shareholder alongside Jon Christian and Alicia Evensen, says it holds proxies representing more than 46% of eligible votes ahead of TNR's annual and special meeting, which the company then moved to cancel. Eucalyptus is seeking an expedited British Columbia Supreme Court order to preserve the meeting's record date and the votes already collected, and says it has alerted the BC Securities Commission to letters TNR's legal advisors sent shareholders alleging undisclosed joint action. The meeting, called to elect Eucalyptus's board nominees, had been scheduled for 22 September.
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Our Take
Cancelling a meeting after the dissident side already banked 46% of the vote reads poorly with the BC Securities Commission already alerted, and it hands Eucalyptus the cleaner public narrative regardless of how the court rules on preserving the record date. The version of events in the market right now is the one written entirely by the party trying to replace the board, since nothing from TNR's own side has surfaced yet.
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Mining Weekly
China Rare Earth Group in Talks to Buy MP Materials Shareholder Shenghe Resources, Sources Say
State owned China Rare Earth Group is in talks to acquire Shenghe Resources, according to two sources who spoke to Reuters on condition of anonymity, in a move that would consolidate Beijing's control over the rare earth sector. A deal would hand China Rare Earth Group control of Shenghe's 3% stake in MP Materials, the US rare earths producer whose largest shareholder is the US Department of Defense following last year's investment. MP Materials has said neither Shenghe nor the Chinese government controls its operations, and none of the parties named responded to requests for comment.
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Our Take
The MP Materials headline is the eye catcher, but a change of control at Shenghe would also hand China Rare Earth Group the Ngualla project in Tanzania, the asset it took full control of last year when it acquired Australia's Peak Rare Earths. A 3% MP stake sitting next to the Pentagon on the same shareholder register is more symbolic than operational, since MP itself says Shenghe has no say in how it runs, so the transfer that actually matters is whoever ends up allocating Shenghe's export quotas.
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Mining.com
Copper Mine Supply Risks First Annual Decline Since 2017: Sprott
Global mined copper output could fall in 2026 for the first time in nearly a decade, according to a new Sprott Asset Management report, with production down 1.1% in the first half of the year. Disruptions at Freeport-McMoRan's Grasberg mine in Indonesia and Ivanhoe Mines' Kamoa-Kakula complex in the Democratic Republic of Congo have removed an estimated 600,000 tonnes of expected 2026 output, while Antofagasta and Lundin Mining both cut guidance in August.
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Our Take
Two of the five disruptions named in this report already sit on TSX boards Canadian investors hold, Ivanhoe through Kamoa-Kakula and Lundin Mining through its own guidance cut, which pulls the supply story directly onto this market. A first supply decline since 2017 landing in the same year copper already trades near record levels is the setup that keeps the majors bid regardless of what happens to demand.
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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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