The Drill Down
Tuesday 22 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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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,344
-0.81%
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Silver
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$66
-0.36%
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Platinum
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$1,805
+0.25%
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Palladium
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$1,307
+0.71%
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Base Metals & Commodities
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Copper USD/t
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$15029.59
+1.15%
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Nickel USD/t
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$16347.50
+0.88%
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Zinc USD/t
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$3902.79
-1.10%
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Lead USD/t
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$1926.10
+0.81%
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WTI Crude USD/bbl
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$91.98
+0.02%
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Prices updated as of 22 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Waraba Gold Limited
Waraba appointed capital markets veteran Adam Cegielski to its board effective immediately, adding a director who was a founding director of Cayden Resources, sold to Agnico Eagle for approximately C$205 million, and who currently chairs Silver Viper Minerals and Orex Minerals. The appointment comes as Waraba advances its West African gold strategy and evaluates opportunities in Cote d'Ivoire; Cegielski receives a C$50,000 annual retainer paid in deferred share units.
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Vista Gold Corp.
Vista Gold jumped after Artemis Gold agreed to acquire the company in an all-share deal worth approximately US$427 million, with Vista holders receiving 0.0966 Artemis shares apiece, a 29% premium to Vista's 20-day VWAP. The deal adds Vista's Mt Todd project in the Northern Territory, which holds 9.1 million ounces of measured and indicated resources and key permits for a 50,000 tonne per day plant.
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Spanish Mountain Gold Ltd.
Spanish Mountain released an updated PEA and mineral resource estimate lifting the base-case after-tax NPV to US$2.16 billion at a 35.2% IRR using US$3,600/oz gold, with measured and indicated resources up 12% to 4.66 million ounces and mine life extended to 25.8 years for 3.33 million total ounces. BC's Environmental Assessment Office also confirmed the company can resume its previously paused EA process, with a draft Detailed Project Description due Q4 2026 ahead of a targeted build decision in H1 2028.
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Apollo Silver Corp.
Ejido Benito Juarez's September 20 assembly to vote on lifting its 2012 mining moratorium at Cinco de Mayo was adjourned before business was conducted due to a lack of quorum. The Ejido will reconvene under Mexican agrarian law, likely in October, when the standard 50%-plus-one attendance threshold no longer applies and resolutions can pass by simple majority of whoever attends.
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Cosa Resources Corp.
Cosa's most recent disclosure, September 14, reported 13 holes over 650 metres of strike at the Murphy Lake North joint venture with Denison Mines, all intersecting structure or alteration, with the company holding $16 million in treasury and fully funded for follow-up drilling.
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Global Atomic Corporation
Global Atomic's most recent disclosure, September 16, saw the board of the U.S. International Development Finance Corporation approve a debt facility of up to US$414.2 million for the Dasa Uranium Project in Niger, a milestone that drove the prior run-up. That approval remains subject to several material conditions, including securing a viable yellowcake export route and extending the project's mining convention.
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Market data as of 22 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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Junior Mining Network
Osisko Critical Minerals Upsizes Previously Announced Private Placement of Special Warrants to C$250 Million
Osisko Critical Minerals Corporation, a new subsidiary of Osisko Metals (TSX: OM), upsized its private placement of special warrants from C$100 million to C$250 million, led by Canaccord Genuity as sole bookrunner. Incoming CEO John Burzynski cited overwhelming investor demand for the entity, which holds 645 square kilometres of New Brunswick copper claims including the NB Copper Project, geologically analogous to the nearby Gaspé Copper Project.
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Junior Mining Network
Artemis Gold Agrees to Acquire Vista Gold, Adding an Advanced Stage Gold Development Asset in Australia
Artemis Gold will acquire Vista Gold in an all-share deal valuing Vista at roughly US$427 million, with Vista shareholders receiving 0.0966 Artemis shares per share for a 29% premium to the 20-day VWAP. The deal adds Vista's Mt Todd project in the Northern Territory, which hosts 9.1 million ounces of measured and indicated resources and holds key permits for a 50,000 tonne per day plant, while Artemis keeps its Blackwater Phase 1A and EP2 expansions as the priority.
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Junior Mining Network
Luca Mining Announces Acquisition Of The Cozamin Mine, Creating A Leading Polymetallic Producer
Luca Mining will acquire Capstone Copper's Cozamin mine in Zacatecas, Mexico for US$290 million upfront plus up to US$95 million in deferred and contingent consideration, funded through a US$300 million package including a US$110 million bought deal, a US$40 million placement with Wheaton and Taurus, and a US$125 million loan facility. The 20-year-producing underground copper-silver mine is expected to more than double Luca's 2027 production and lift operating cash flow per share 93% to US$0.42.
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Mining.com
Copper Prices Bounce as US Runs Out of Warehouse Space
Comex copper climbed as much as 3.3% to US$6.84 a pound on Monday, its highest since 10 September, while LME cash copper flipped into a $26 a tonne backwardation from an $86 discount a week earlier. US warehouses hold 696,204 tonnes, 69% of global exchange stocks, with storage at the Port of New Orleans largely full and another 100,000 tonnes of African and South American metal due in September and October.
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FT
Chinese Rare Earth Shipments to US Drop Ahead of Trump-Xi Summit
Some Chinese rare earth suppliers are refusing to ship to US customers even after licences are approved, for fear of repercussions from Beijing, with the suspensions dating to early August when China sanctioned the Responsible Business Alliance. After two months without yttrium exports, China sent 27 tonnes to the US in July, the second-highest monthly total since January 2025, and the issue is now on Washington's agenda ahead of Xi Jinping's September 24 visit.
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Northern Miner
Cameco May Turn $2.1B Into $24B With Westinghouse Listing This Fall
Westinghouse is targeting a valuation above US$50 billion and could file for a US IPO as soon as October, implying a value above US$24.5 billion for Cameco's 49% stake against the US$2.1 billion it paid in 2023. Westinghouse has identified a pipeline of up to 91 AP1000 reactors over 20-plus years, and a separate deal gives Washington a rising participation interest if it commits to at least US$80 billion of new US reactor construction before January 2029.
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Le Lezard
Bridge Green and Hartree Announce Transformational $500 Million+ Agreement for Recycled Lithium to Strengthen Domestic Critical Mineral Supply Chains
Bridge Green Upcycle and Hartree Partners entered a lithium carbonate commercial agreement with an initial eight-year term valued at an estimated $500 million to $1 billion at current market conditions, renewable for a further seven years. Hartree receives exclusive marketing rights and will purchase and market approximately 10,000 metric tons per year across all grades produced at Bridge Green's facilities, alongside a coinciding equity investment into Bridge Green's bridge financing round. Bridge Green's Circularity Center India, commissioned in Q2 2026 with 7,200 tonnes per annum of lithium-ion battery input capacity, is expected to deliver first online lithium carbonate volumes under the agreement in 2028.
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AFR
Jefferies Hunts for Cash for $500m-Plus Tungsten Mining
Tungsten Mining, capitalised at $538 million on the ASX, sent out Jefferies and Euroz Hartleys on Monday morning to hunt for $50 million to spend on its Watershed mine in Queensland.
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Junior Mining Network
Banyan Announces $50 Million LIFE Offering and Concurrent $8 Million Private Placement
Banyan Gold engaged Canaccord Genuity as lead agent and sole bookrunner for a best-efforts LIFE offering of up to 25 million shares at $2.00 each for gross proceeds up to $50 million, with a concurrent non-brokered private placement of up to 8 million shares at the same price for an additional $8 million. Both are expected to close on or about September 29, 2026, subject to TSX Venture Exchange approval, with net proceeds directed to advancing Banyan's Yukon projects and general working capital.
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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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