The Drill Down
Wednesday 23 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
Copper Price Closes In on New Record as Shanghai, London Warehouses Empty Out
Comex December copper rose as much as 1.6% to US$6.8710/lb on Tuesday for a sixth straight gain, closing on the US$6.8885 record settlement of 9 September, while LME three-month metal added 0.7% to US$14,766/t. SHFE warehouse stocks have fallen 70% since early June and Shanghai cathode inventories dropped to 43,900 tonnes last week, the lowest since 2023, with imports going straight to fabricators ahead of Chinese holidays. In London, cash flipped to a US$62/t premium over three-month from an US$86 discount a week earlier, and cancelled warrants reached 122,150 tonnes, 48% of metal on warrant.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,357
+0.30%
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Silver
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$67
+1.51%
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Platinum
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$1,835
+1.62%
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Palladium
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$1,308
+0.12%
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Base Metals & Commodities
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Copper USD/t
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$15277.10
+1.65%
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Nickel USD/t
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$16522.50
+1.07%
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Zinc USD/t
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$3888.09
-0.38%
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Lead USD/t
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$1923.10
-0.16%
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WTI Crude USD/bbl
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$89.85
-2.73%
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Prices updated as of 23 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Galway Metals Inc.
Galway agreed a best-efforts C$14 million flow-through placement with Beacon Securities of up to 19,437,000 units at C$0.72, each carrying a warrant at C$0.80 for 36 months, priced above Monday's C$0.66 close. Michael Gentile takes 17,150,000 units under a 12-month lock-up, becoming an insider at about 11.04%, or 19.9% on exercise of his warrants. Proceeds fund exploration at the Clarence Stream gold project in New Brunswick, with closing expected around 14 October.
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Meridian Mining plc
The definitive feasibility study for the Cabaçal gold-copper-silver project in Mato Grosso, Brazil returned an after-tax NPV5 of US$2.092 billion, a 107.6% IRR and a 0.9 year payback at base case prices of US$3,570/oz gold, US$5.03/lb copper and US$50.17/oz silver. Initial capital is US$322 million, with the first five years averaging 183,526oz AuEq a year at an AISC of US$715/oz AuEq. At spot prices the NPV5 rises to US$2.902 billion.
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American Critical Minerals Corp.
American Critical Minerals completed drilling and coring at the Duma Point AP-S-02 well on its Green River potash and lithium project west of Moab, Utah, reaching 2,818m on 13 September. Visual logging confirmed sylvite in the Cycle 5 potash bed, about 2,000 ft from a historic oil and gas well that reported 5.9m at 24.3% KCl, with core headed to the Saskatchewan Research Council for assay. Brine samples from the Paradox and Leadville formations have been submitted for lithium and bromine analysis.
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Silver Tiger Metals Inc.
Silver Tiger agreed a C$87 million bought deal with a Stifel Canada-led syndicate at C$1.00 a unit, each carrying half a warrant at C$1.35 for 24 months, with a 15% over-allotment that would lift proceeds to about C$100 million. The raise came alongside a US$37 million increase in El Tigre Stockwork Zone capex to US$124 million on cost escalation and expanded earthworks, with first gold-silver pour still targeted for December 2027. The stock closed at C$0.94, below the issue price.
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Selkirk Copper Mines Inc.
Selkirk's PEA for the Minto copper-gold-silver restart in Yukon returned an after-tax NPV7 of C$494 million and a 47.8% IRR at US$5.00/lb copper, US$3,600/oz gold and US$50/oz silver, rising to C$1.023 billion and 78.2% at spot. Initial capital is C$186 million for a 13-year mine life at 4,100tpd, with concentrate production targeted by 2028. The fall reads as sell-the-news profit-taking after a run from a 52-week low of C$0.42.
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Premier American Uranium Inc.
Tim Rotolo resigned as chairman and director effective 21 September, with director Michael Harrison appointed chairman. Rotolo, PUR's first chief executive after its formation in late 2023, said he was stepping away to focus on Sachem Cove's other commitments now that the DISA Uranium relationship is in place. That relationship followed the 15 September Colorado asset sale to DISA, which also made an equity investment in PUR.
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Market data as of 23 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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Reuters
India's Lohum Seeks to Buy Nickel Mines in Indonesia and the Philippines
Indian critical minerals producer Lohum is seeking nickel mines in Indonesia and the Philippines to lift capacity tenfold to 10,000 tonnes a year within 18 months, from the 1,000 tonnes it now recovers from recycled material in Gujarat. Chief executive Rajat Verma plans to raise 10 billion rupees (US$105 million) in equity and 20 billion rupees in debt over 12 to 18 months, alongside a 5,000 tonne a year cathode active material plant in Uttar Pradesh due by March and a US$100 million lithium investment in Zimbabwe.
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Bloomberg
Panama's Giant Copper Mine Is Too Valuable to Waste
Bloomberg Opinion columnist Juan Pablo Spinetto argues First Quantum's Cobre Panama is too valuable to leave idle, nearly three years after the Supreme Court ruled the law approving its contract unconstitutional in late 2023. That ruling followed mass protests over a concession rushed through the National Assembly and the mine's environmental impact, capping a period of discontent over inflation, corruption and the then government's handling of the pandemic.
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AFR
Bellevue Gold Counts $200m Cost From Bad Macquarie Hedges
Bellevue Gold posted FY26 net profit after tax of A$7.1 million on revenue of A$576.3 million, and says profit would have been about A$205 million had all gold been sold at spot. It delivered 83,400 ounces into lower-priced hedge contracts during the year, leaving 68,700 ounces in the book at 30 June and no contractual deliveries until the end of June 2027. FY27 guidance is 150,000 to 170,000 ounces at an AISC of A$2,800 to A$3,100/oz, with the remaining hedges to be closed out during the year.
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AFR
Eric Sprott-Backed Unico Silver Launches $60m Cash Call
Unico Silver entered a trading halt on Tuesday to launch a capital raising, with the silver developer valued at roughly A$550 million going into the halt. The company holds 330Moz of silver equivalent resources across its Cerro Leon and Joaquin projects in Santa Cruz, Argentina, where it has drilled more than 68,000m since Q4 2024.
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Mining.com
Vale Takes 30% of Ligga Iron Ore Mine in $190M Deal
Vale confirmed it is taking a 30% minority stake in Ligga S.A. in a deal carrying about US$190 million of investment and an exclusive right to buy 100% of Ligga's sinter feed. The funding backs an expansion of the Ferro Sul mine in Para's Carajas region from about 2 million to 8 million tonnes a year, with expanded operations due mid-2028 via the Carajas railroad to the Ponta da Madeira terminal. Vale disclosed the deal only after Brazil's B3 exchange queried a media report, arguing it did not constitute a material fact.
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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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