The Drill Down
Friday 23 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
Gold Juniors at Bargain Prices? Michael Gentile Predicts a Massive Mining Takeover Wave
Bastion Asset Management co-founder Michael Gentile told MINING.com that junior gold valuations have significant catch-up potential against current gold prices, with producers' high cash margins likely to support much higher prices per ounce in the ground. With few large, construction-ready projects available, he expects majors to move upstream and acquire companies at the resource stage. Gentile calls the current market a historically attractive entry point despite sentiment swings and temporary closures of financing windows, but stresses capital discipline and avoiding shareholder dilution.
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Commodity Prices: 23 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,024 -2.82% |
| Silver (USD/toz) | $55 -5.81% |
| Platinum (USD/toz) | $1,566 -3.94% |
| Palladium (USD/toz) | $1,052 -3.39% |
| Copper (USD/t) | $14,249.52 -2.66% |
| Nickel (USD/t) | $15,972.50 -1.78% |
| Zinc (USD/t) | $3,648.34 -2.26% |
| Lead (USD/t) | $1,889.10 -0.29% |
| WTI Crude (USD/bbl) | $99.10 +2.01% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
NEXX +36.4%: Nexcel Metals Corp.
Provided an update on its Burnt Hill Tungsten Project in New Brunswick ahead of a fully permitted Phase 1 diamond drill programme of about 5,000m from up to 15 drill pads. On completion of the Northex claims acquisition announced 16 October, the land position will total about 12,598ha, more than eight times the original 1,553ha property.
MOO +13.3%: Moon River Moly Ltd.
Released an updated PEA for the Davidson molybdenum-copper-tungsten project near Smithers, British Columbia, lifting the after-tax NPV8 to C$1.23 billion and the IRR to 33%, from C$1.03 billion and 32%. Initial capital is C$750.1 million with a 1.5-year payback, helped by a 350% increase in annual tungsten production from switching to flotation recovery. A Pre-Feasibility Study is targeted for the first half of 2027.
IDEX +4.2%: IDEX Metals
Intersected a porphyry intrusion with visually logged copper-molybdenum mineralisation at the Solstice target on its Freeze project in Idaho. Assays are pending, so grades are not yet established.
Top Losers
GLDC -15.7%: Cassiar Gold
Proposed an insider-led placement of up to C$3 million, comprising hard-dollar units at C$0.35 and flow-through units at C$0.50, each carrying half a warrant. Closing is expected around 4 November, subject to approvals.
DEC -15.4%: Decade Resources
Outlined a 2026 geophysical target at Nobody Knows and progress at Bonaparte. The high-grade boulder assays highlighted were selective samples from 2024 and 2025 rather than new drill results, with final 2026 sampling results still pending.
EQTY -15.0%: Equity Metals
The most recent disclosure, on 8 October, reported assays from 17 validation holes at the Silver Queen project. The company plans up to 2,500m of additional drilling, plus permitted rehabilitation of the Earl Adit for an underground lidar survey.
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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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Newmont
Newmont Reports Third Quarter 2026 Results with Record Third Quarter Adjusted Net Income; Positioned to Achieve Full-Year Guidance; Provides Update on Red Chris Block Cave Project
Newmont produced 1.3 million attributable gold ounces in the third quarter at an AISC of US$1,454/oz, generating US$1.9 billion of free cash flow and adjusted net income of US$2.3 billion, or US$2.20 a share. Full-year cost guidance improved to US$925/oz CAS and US$1,520/oz AISC, with 5.3 million ounces of production guidance reaffirmed. The Red Chris Block Cave in British Columbia now carries a US$4.2 to 4.8 billion capital estimate on a 100% basis, with a full-funds investment decision expected in early 2027 and commercial production targeted for 2033.
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Kitco
'Very Bizarre Action' as Gold Retraces Entire Summer Rally to Test $4,000/oz: AI Weakness, or Yen Intervention?
Gold's Thursday sell-off erased its gains since the summer, with spot last trading at US$4,034.76/oz, down 2.57% on the session. Independent analyst Jesse Colombo said the move was unusual because the US dollar index and bond yields also fell, pointing to a possible yen intervention, AI-linked equity liquidations or risk aversion ahead of next week's Fed meeting. He flagged US$3,900 to US$4,000/oz as the key support range where gold bounced over the summer.
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Benchmark
Lithium Industry Needs the Equivalent of 134 New Mines by 2050 to Meet Growing Demand
Benchmark Mineral Intelligence forecasts global lithium demand will reach about 7 million tonnes LCE in 2050, up from 2.11 million tonnes in 2026, requiring the equivalent of 134 new mines at an average 36,000 tonnes LCE each. That implies more than US$100 billion of investment before any contribution from recycling, rising to around 180 mines in the upside case. Australia's share of mined supply is forecast to fall from 29% in 2026 to 20% by 2050, while North America's rises from 1.7% to 13%.
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Newswire.ca
Boroo Announces Agreement to Acquire Victoria Gold Corp. and Expects to Commit Over $1.5 Billion to the Yukon-Based Eagle Gold Mine
Singapore-based Boroo has agreed to acquire Victoria Gold, owner of the Eagle Gold Mine in Yukon, from receiver PricewaterhouseCoopers for C$140 million, comprising C$40 million upfront and C$100 million in milestones tied to permitting and commercial production. Boroo plans about C$800 million between 2027 and 2029 for remediation, water treatment, stabilisation of the failed heap leach facility and a phased restart, plus more than C$600 million in follow-on commitments over the initial mine life. The deal requires Ontario Superior Court approval, to be sought in early December, with closing targeted on or about 31 December 2026.
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Moneycontrol
Malaysia Allows First Export of Raw Rare Earths Under New Rules
Malaysia has approved its first export of unprocessed rare earths under a new conditional framework, granting a single application for research and development purposes. The natural resources ministry did not name the applicant or provide shipment details. Guidelines released earlier this month eased a moratorium on raw rare earth exports in place since 2024, allowing shipments for research or processing subject to conditions.
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Newswire.ca
Canada and Türkiye launch strategic partnership including minerals
Prime Minister Mark Carney and President Recep Tayyip Erdoğan launched a Canada-Türkiye Strategic Partnership in Ankara, backed by a three-year action plan across four pillars. The leaders agreed to work toward a free trade agreement and to strengthen cooperation on sustainable mining and critical minerals supply chains, alongside LNG, civil nuclear energy and defence production. Carney's visit was the first by a head of government between the two countries.
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MarketScreener
Ghana Moves to Standardise Mining Pay Amid Local-Content Drive
Ghana has ordered the Minerals Commission to standardise pay and employment conditions across mining, as operators including Newmont, AngloGold Ashanti, Zijin and Ghana Manganese Company face a December deadline to shift operations to local contractors under local-content rules. The ministry said no contractor worker may suffer cuts to wages, benefits or conditions from the move to contract mining. The regulator must also introduce a capacity-based contractor classification system and submit implementation proposals by 30 November.
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Investing News Network
Benchmark: New Lithium Mine Needed Every Two Months to Meet 2050 Demand
Benchmark's forecast requires a new lithium mine roughly every two months for the next 24 years, with demand growth between 2040 and 2050 alone accounting for 44 of the 134. It lands after a volatile 2026, with battery-grade lithium carbonate ending the third quarter at US$19,025/t, down 20.8% quarter on quarter, and spodumene concentrate down 23.5% to US$1,780/t. Benchmark's Cameron Perks said sustaining investment through price cycles is the biggest challenge, with capital competing against AI and defence.
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Wood Mackenzie
Wood Mackenzie: Data Centre Metals Demand Isn't an Asset Story. It's a Grid Story.
Wood Mackenzie estimates total system-level metals demand from data centres is three to four times the volume used inside the facilities once grid reinforcement, transmission and on-site power are included. Internal aluminium demand peaks at 0.6 to 0.9 million tonnes a year before declining from the late 2030s, while data centre power capacity additions are projected to peak at about 30 to 33 GW a year in the early 2030s. Asia-Pacific will account for more than half of global additions at peak.
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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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