The Drill Down
Thursday 23 July 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.
Download Full Report
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Lead Insight
Lithium Sinks to Five-Month Low Amid 2027 Glut Fears
The most active lithium carbonate contract on the Guangzhou Futures Exchange fell to 136,800 yuan ($20,210) per tonne, its lowest since February 10. A wave of mine restarts convinced traders the battery metal is headed back into surplus in 2027.
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Our Take
The market is pricing restarts faster than demand can absorb, and the 2027 glut call caps any rebound. High-cost producers restarting here are donating margin.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,130
+1.29%
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Silver
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$60
+1.55%
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Platinum
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$1,643
+1.05%
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Palladium
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$1,292
+1.25%
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Base Metals & Commodities
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Copper USD/t
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$14392.74
-0.55%
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Nickel USD/t
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$17118.00
+0.27%
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Zinc USD/t
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$3563.49
+1.22%
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Lead USD/t
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$1882.80
+0.94%
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WTI Crude USD/bbl
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$88.10
+1.93%
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Prices updated as of 23 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Coyote Copper Mines Inc.
No announcement drove the rise. Coyote is exploring its Copper Springs project in Arizona's Copper Triangle, next to Rio Tinto's Resolution deposit, where recent geophysics flagged a large near-surface porphyry target. With copper sentiment running hot and no company news, the move looks speculative.
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Adex Mining Inc.
Adex has no fresh news; the rise extends a bounce off the lows after the stock was sold down when New Brunswick cancelled the mineral claim underpinning its Mount Pleasant tin-indium project for insufficient work spend. The regulatory problem is unresolved and the company is in discussions to recover the claim, so the move reads as a speculative bounce rather than a fix.
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Graphite One Inc.
Graphite One rose after highlighting its alignment with the White House critical-minerals executive order that curbs defence sourcing of Chinese graphite, casting its Graphite Creek project in Alaska as a domestic beneficiary. It is a policy tailwind rather than an operational catalyst, with the mine still targeting first production around 2029.
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Quartz Mountain Resources Ltd.
No announcement accompanied the fall, which extends a slide to fresh lows. Quartz Mountain, part of the Hunter Dickinson group, is drilling its Maestro gold-silver property in British Columbia, home to the Prodigy discovery. With no catalyst, the move looks like continued selling in a thin stock.
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Foremost Clean Energy Ltd.
Foremost fell after its president and chief executive and its chief operating officer both departed, with Denison Mines chief executive David Cates, a Foremost director, stepping in as interim. Denison is Foremost's largest shareholder at about 20%, and the market read the double departure at the top as instability. Foremost holds ten optioned Athabasca Basin uranium projects.
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Purecore Metals Inc.
Purecore completed the first, boots-on-the-ground phase of mapping and sampling at its Bankier critical-minerals property in southern British Columbia, near the past-producing Brenda copper-molybdenum mine. With no assays or drilling yet, it is an early reconnaissance milestone, and the stock eased on a soft update after also engaging a digital marketing firm this week.
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Market data as of 23 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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The Northern Miner
Gold, Silver Prices Bounce as US-Iran War Spreads
Gold and silver jumped on Wednesday as a sharp escalation in the United States war on Iran sent oil surging and investors scrambling back into safe-haven assets.
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Our Take
The spike is geopolitical, not structural, so treat this leg higher as a trade rather than a thesis. Producers with unhedged output capture the upside now, but positioning for a conflict-driven rally cuts both ways if de-escalation arrives.
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Investing.com
Chile Seeks Copper Buyers Beyond China With $100 Billion Plan
Chile plans to invest about $100 billion in copper over the next decade to diversify its customer base beyond China and tap data-centre demand, its foreign affairs minister said. The plan includes moving from exporting concentrate toward shipping refined copper, and Chile has begun negotiating a free trade agreement with India.
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Our Take
The world's biggest copper supplier hedging its China exposure tells you where the demand risk sits. Moving up the value chain to refined metal is the harder, higher-margin bet.
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Mining Weekly
Brazilian Rare Earths Spinoff Alurion Gets Maximum A$50m Subscription in IPO
Alurion Resources, an ASX spinoff of Brazilian Rare Earths, raised the maximum A$50 million in its IPO after demand outstripped the offer, placing 47.6 million shares at A$1.05. The float values Alurion at about A$256 million and funds an accelerated two-year program at its Amargosa bauxite and gallium project in Brazil. Shares are expected to list on 3 August under the ticker ALU, with Brazilian Rare Earths retaining about 16%.
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Our Take
A maxed-out raise for a bauxite and gallium play shows capital chasing the gallium supply gap China created. The parent keeps 16% and the optionality.
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Mining Weekly
Vale Posts Largest Second-Quarter Iron-Ore Output Since 2018
Vale posted its largest second-quarter iron-ore output since 2018, producing 84.3 million tonnes, up 0.8% year-on-year and above analyst estimates, on a record quarter at its S11D complex. The miner held 2026 guidance at 335 to 345 million tonnes, with realised fines prices up 11.6% year-on-year to $95 a tonne. Copper and nickel output also rose, and Vale reports full earnings on 30 July.
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Our Take
Record Brazilian tonnes into a firm price keep the seaborne market well fed and cap any iron-ore squeeze. For juniors, that points to a lower price ceiling.
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BBC
US Signs Landmark Nuclear Deal With Saudi Arabia
The US and Saudi Arabia signed a civil nuclear cooperation agreement that opens a pathway for the kingdom to enrich uranium on its own soil and commits it to using US firms, led by Westinghouse, to build its reactors. Framed as a decades-long, multibillion-dollar partnership, the deal stops short of the IAEA 'gold standard' safeguards the UAE accepted and now goes to Congress for review. Critics warn it could spur a regional nuclear race amid the Iran conflict.
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Our Take
On-soil enrichment plus a US reactor build is fresh structural demand for the nuclear fuel cycle. Uranium and enrichment names sit closest to the read-through.
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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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