The Drill Down
Thursday 22 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
Hudbay and Mitsubishi Approve Copper World Project Construction; Advancing Next Major U.S. Copper Mine Towards First Production in 2029
Hudbay (HBM) and 30% joint venture partner Mitsubishi have made a final investment decision on the Copper World project in Arizona, about 50 km southeast of Tucson, targeting first production in the second half of 2029. The definitive feasibility study outlines 102,000 tonnes a year of copper over the first 10 years at cash costs of US$1.65/lb, with a 15-year Base Case after-tax NPV(8%) of US$1.2 billion and 17% IRR at US$5.00/lb copper, rising to US$2.3 billion and 22% at US$6.00/lb. Initial capital of US$2.07 billion is funded by Mitsubishi's US$600 million equity, Wheaton's US$230 million stream deposit and about US$650 million of anticipated project debt, with Hudbay's roughly US$500 million share not required until 2028.
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Commodity Prices: 22 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,141 +0.39% |
| Silver (USD/toz) | $58 -0.05% |
| Platinum (USD/toz) | $1,632 -1.39% |
| Palladium (USD/toz) | $1,089 -1.00% |
| Copper (USD/t) | $14,638.64 -0.57% |
| Nickel (USD/t) | $16,261.50 +3.11% |
| Zinc (USD/t) | $3,732.54 +0.43% |
| Lead (USD/t) | $1,894.60 +0.39% |
| WTI Crude (USD/bbl) | $97.71 -0.11% |
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Winners & Losers - Canadian Markets
Top Gainers
HRNY +37.3%: Bighorn Metals
Bighorn completed its fall program at the Loljuh porphyry copper-gold project, 40 km south of Smithers, BC, with infill soil sampling over five targets and hand trenching at three areas, including a newly identified copper occurrence. Samples are with Actlabs in Kamloops and results are pending. The company has not drilled the project and there are no mineral resources or reserves.
EDG +22.9%: Endurance Gold
Endurance reported six Imperial Zone holes at its Reliance Gold Project in BC, with DDH26-140 stepping out 50 m to return 5.89 g/t gold and 0.19% antimony over 5.2 m. DDH26-137 extended the Lower Imperial Zone 55 m with 2.24 g/t gold over 16.2 m, and five holes hit new high-grade footwall structures grading up to 31.90 g/t gold over 0.5 m. Intervals are core lengths, with true widths estimated at 80% to 100%.
GSTM +16.7%: Goldstorm Metals
Goldstorm released first assays from its Crown property in BC's Golden Triangle, with OR-26-03 returning 407.55 m of 0.39 g/t gold equivalent, including 15.0 m of 2.89 g/t AuEq. AuEq uses a 66 gold-to-silver price ratio and assumed 85% recoveries not supported by any metallurgical testing at Crown, and true widths are not yet known. Assays for four of the seven Phase I holes are pending.
Top Losers
KIRO -32.3%: Kairos Gold
Kairos reported its first two Phase Three holes at Oro Brillante in Chile. OB-26-01 returned no significant assays among the principal highlights, while OB-26-02 returned 130.5 m of 0.43% copper, 0.12 g/t gold and 7.30 g/t silver, with shallower gold intervals including 20 m of 0.96 g/t gold. All intervals are downhole lengths.
LAF -20.0%: Lithium Africa
Most recent news, on 20 October, Lithium Africa received two non-binding offers for its Springbok project in South Africa, including US$60 million for 55% of a holding company owning its 70% project interest, implying a pre-money valuation of about US$70 million. The second offer is a prepayment facility with offtake of 100% of spodumene concentrate for the first three years. The H2 2027 production target is not based on a feasibility study, and the project has no current mineral resources or reserves.
BBB -13.0%: Brixton Metals
Most recent news, on 20 October, Brixton reported 97.0% combined gravity and rougher flotation gold recovery from a single high-grade composite at the Trapper target on its Thorn project in BC, alongside final 2026 Trapper holes including 138.00 m of 0.80 g/t gold. The company cautions the composite may not be representative and that rougher recoveries are typically lower after cleaning. A maiden resource is expected in Q1 2027.
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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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Prime Minister of Canada
Prime Minister Carney and Premier Ford Launch New Action Plan to Protect Workers From Tariffs and Strengthen Ontario Industries
Prime Minister Mark Carney and Ontario Premier Doug Ford announced C$8.7 billion in investments and measures for tariff-hit industries, led by a Joint Steel Action Fund with five-year commitments of C$3.55 billion from Canada and C$1.67 billion from Ontario. A further C$2.5 billion over two years goes to automotive capital projects. Ottawa will also match Ontario's initial investment of up to C$1 billion over three years in road infrastructure for the Ring of Fire critical minerals region, alongside a coordinated federal and provincial permitting process.
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Mining Weekly
China's State Iron Ore Buyer Agrees New Annual Supply Contract With Rio Tinto, Sources Say
China Mineral Resources Group (CMRG), Beijing's centralised iron ore buyer, has agreed a new supply deal with Rio Tinto and verbally notified some steel mills on Wednesday, Reuters reports, citing people familiar with the matter. CMRG will begin collecting each mill's volume requirements on Thursday, and how much Rio iron ore will be allocated under the contract is not yet clear. The deal follows CMRG directing some mills in early August to halt negotiations with Rio for shipments from September.
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Mining Weekly
Chile Plans Five New Lithium Tenders in Push to Double Output
Chile plans to tender five more lithium projects next year, Mining Minister Daniel Mas told Reuters at LME Week, once five fully private projects awaiting approval are cleared, which he hopes will happen early next year. The goal is to lift output from about 300,000 tonnes a year to 700,000 tonnes within five to 10 years, with the private sector leading development. Mas said appeal processing times have fallen 80% and 22 mining projects worth nearly US$3 billion have been approved this year.
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ASX
Wiluna Mining Corporation (WMC) Admission and Quotation
Wiluna Mining Corporation (WMC) was admitted to the ASX Official List on 21 October and begins quotation at 12:00 pm AEDT today, with 702.5 million shares quoted. It raised A$180 million under its replacement prospectus, issuing 263.9 million shares at A$0.65 and 16.8 million shares at A$0.5038 under a subscription right offer, a 22.5% discount to the offer price. Barrenjoey and Argonaut were lead managers, with CommSec as co-manager.
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Mining Weekly
Incoming Northern Star CEO Flags Possibility of Asset Sales
Northern Star (NST) CEO Suresh Vadnagra, who took the helm on 5 October, said each asset is being assessed for value, including potential sales, calling it high on the agenda. September quarter gold sales revenue rose 7.2% to A$1.82 billion on a realised price of A$4,999/oz but missed the Visible Alpha consensus of A$1.93 billion, with full-year guidance unchanged. Barrenjoey has identified Jundee, Thunderbox, Carosue Dam and parts of the Kalgoorlie operations as potential sale candidates.
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Mining Weekly
Half of India's Coal Plants Run Critically Low on Fuel as Power Demand Surges
96 of India's 191 coal-fired power plants had less than three days of fuel as of 19 October, up from 60 in mid-September, according to Central Electricity Authority data reported by Reuters. Total coal stocks at power stations have fallen about 5% since the start of October as hotter-than-usual weather linked to El Niño lifts demand, despite the coal ministry saying it had ramped up supplies. In September, the gap between power demand and supply widened to 560 million kWh, the highest since August 2023.
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The Northern Miner
Spain Hunts Hidden Metals With €197M Plan
Spain's Geological and Mining Institute (IGME) plans to begin airborne magnetic, radiometric and gravity surveys over 100,000 sq km within weeks, with completion scheduled for 30 June. The flights are part of a 2026 to 2030 national exploration program with estimated investment of €197 million (C$311.5 million), combining public and private spending. Initial target areas are San Silvestre de Guzmán in Huelva for copper with germanium, gallium and indium, and Morille in Salamanca for tungsten, tin, niobium, tantalum and lithium.
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Mining.com
Brazil Court Halts Belo Sun's $300M Gold Project
Brazil's Supreme Federal Court has temporarily suspended the installation licence for Belo Sun Mining's (BSX) $300 million Volta Grande gold project in Pará state, at the request of federal prosecutors. The suspension holds until a settlement agreement between Belo Sun and Indigenous agency Funai, already submitted to the TRF-1 federal regional court, receives judicial approval. Volta Grande hosts proven and probable reserves of about 3.8 million oz of gold.
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Mining.com
Mining Industry Entering Largest Investment Supercycle in History, Canada's Energy Minister Says
Canada's Energy and Natural Resources Minister Tim Hodgson told a Canada House event in London that the world is entering the largest investment supercycle in the history of metals and mining, the Financial Post reported. Ottawa is seeking to pass the Building Canada Strong Act, a 240-page bill tabled in September that would have one federal agency review major project approvals within one year. Canada released an updated Critical Minerals Strategy in August.
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Mining.com
Chile's Rare Earth Ambitions Hit Refining Bottleneck
A new GEM Mining Consulting study finds Chile has no industrial-scale rare earth separation or magnet manufacturing capacity, even after Aclara Metals opened a demonstration plant at Huachipato on 7 October that can produce up to 175 kg of metal a day. Aclara Metals is a 50-50 joint venture between Aclara Resources (ARA) and CAP, and Aclara plans to separate its Chilean and Brazilian carbonates at a proposed facility in Louisiana. GEM estimates processing plants outside China face capital costs 20% to more than 150% higher than Chinese peers and operating costs about 50% greater.
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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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