The Drill Down
Tuesday 25 August 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
US Preps $1.1 Billion Loan for Ivanhoe's Santa Cruz Copper Project
Ivanhoe Electric received a new letter of interest from the US Export-Import Bank for $1.1 billion of debt financing for the Santa Cruz copper project in Arizona, a third above the letter issued in April last year and marking completion of EXIM's preliminary due diligence. The letter follows President Trump's public backing for financing Santa Cruz at a 7 August mining roundtable at the State Department. Last year's preliminary feasibility study put initial capital at $1.24 billion, output at 72,000 tonnes of copper a year over the first 15 years of a 23 year life, and an after-tax net present value of $1.4 billion with a 20% internal rate of return at $4.25 a pound, with an updated study due next month and first cathode targeted in the first half of 2029.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,651
+1.05%
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Silver
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$69
-0.02%
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Platinum
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$1,878
+0.05%
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Palladium
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$1,353
+0.68%
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Base Metals & Commodities
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Copper USD/t
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$14772.20
+0.44%
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Nickel USD/t
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$16975.50
-0.20%
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Zinc USD/t
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$3804.34
-0.32%
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Lead USD/t
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$1899.30
+0.46%
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WTI Crude USD/bbl
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$85.11
+0.14%
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Prices updated as of 25 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Solstice Gold Corp.
A definitive agreement dated 22 August will acquire two patented claims of 24 hectares hosting the Leckie Gold Zone plus 43 unpatented claims of 9.4km², consolidating the Strathy Gold Project in Ontario's Temagami Greenstone Belt to about 57km². Consideration is C$600,000 cash, 2 million shares and the transfer of 11 Kanichee claims, funded by a fully subscribed C$650,000 placement of 10,833,333 shares at C$0.06. Leckie carries more than 23,000m of historical drilling including 4.85g/t Au over 17.10m and 7.24g/t Au over 10.45m, with 62% of 133 assayed holes meeting a 3.0g/t cut-off over 1.5m, and closing is anticipated on 14 September.
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Radisson Mining Resources Inc.
Agnico Eagle has subscribed for C$57.16 million through a non-brokered private placement of 53,420,000 units at C$1.07, a 6% premium to Friday's close and 19% above the 20 day VWAP. Each unit carries one share and half a warrant exercisable at C$1.39 over 60 months, leaving Agnico at about 10.45% non-diluted and 14.90% partially diluted, with board nomination and anti-dilution rights under an investor rights agreement. The money supports the O'Brien gold project in Quebec's Abitibi, where a 140,000m surface drill program continues, and closing is expected around 2 September subject to TSX Venture approval.
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Tintina Mines Ltd.
No release crossed the wires, though escrow release conditions on the C$91 million subscription receipt financing were expected to be satisfied today after shareholder approvals passed at the 21 August meeting, with the board reconstituted and Claude Dufresne appointed chief executive on the same schedule. The financing, backed by the Gignac family and Sumitomo, consolidates ownership of the Domeyko Sulfuros copper-gold project in Chile's Atacama Region to 100% and funds work toward a final investment decision. A February preliminary economic assessment put pre-tax NPV8 at US$560 million on a 35,000tpd operation over a 26 year life.
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Enduro Metals Corporation
Enduro completed its inaugural drill program at the Andrei copper-gold porphyry target on the wholly owned 688km² Newmont Lake project in British Columbia's Golden Triangle, drilling seven diamond holes for 2,700m against a planned 3,000m after drilling conditions and limited contractor personnel cut the metreage. Initial logging identified porphyry-style alteration and quartz-sulphide veining in hole AD-03, interpreted as peripheral to a porphyry system, and low sulphidation epithermal veining in AD-04 and AD-06 at the northeast anomaly. All assays remain pending, with a 20 line-km induced polarisation survey northeast of Andrei and mapping at Southmore, FK, Camp Zone, Burgundy and the 72 Zone forming phase two.
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Astra Exploration Inc.
No news today, with selling continuing after the recent Phase III results from the La Manchuria gold-silver project in Argentina's Deseado Massif. Those results covered eight of 16 holes from a 5,176m program drilled between April and June, headlined by 2m at 80.54g/t gold and 44.5g/t silver in hole LMD-148 and 56m at 0.50g/t gold equivalent, with eight assays still outstanding. Astra exercised its first earn-in on 11 August for an 80% interest in the property from Patagonia Gold after spending more than US$3 million, and a Phase IV program incorporating new geophysical targets is scheduled for early October.
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Walhalla Gold Corp.
No specific catalyst identified. Walhalla Gold holds the district-scale 1,230km² Walhalla Gold Project across nine exploration licences in Victoria, Australia, spun out of Great Pacific Gold and listed on the Canadian Securities Exchange on 29 April. The district carries reported historic production of 1,510,309 ounces at 33.59g/t gold, of which Cohens Reef accounts for 1,480,000 ounces at 32.2g/t, and early work targets repeat structures near the old workings alongside the fully permitted Pinnacles target, where soil geochemistry has outlined a 400m by 1,100m mineralised aplitic dyke outcropping at surface.
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Market data as of 25 August 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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ASX Announcement
Evion Secures First Binding Agreement to Sell Graphite to EU
Evion has executed a binding terms sheet with an established German graphite purchaser for a minimum of about 10,000 tonnes a year of natural flake concentrate from the wholly owned Maniry project in southern Madagascar, running five years from first production for roughly 50,000 tonnes contracted. Pricing references published market prices for comparable concentrates normalised to CIF major German ports, with each shipment taken at the greater of that or a floor referenced to all-in production cost and project debt service. The volume covers about 26% of the 39,000tpa Stage 1 production target, leaving roughly three quarters uncommitted, and follows the July grant of mining permits over all project areas and Maniry's recognition by the European Union as a Strategic Project under the Critical Raw Materials Act, the only graphite project in Africa to hold it. A definitive long-form agreement is due within six months, with supply conditional on a final investment decision, project funding, approvals and construction.
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Mining Weekly
MMG Confirms Restart of Operations at Las Bambas Copper Mine in Peru
MMG confirmed on Monday that the mine and process plant at Las Bambas in Peru restarted from 21 August. Operations had been suspended since 19 August after an accident the previous day killed two workers and injured three others. Peru's labour watchdog has opened an investigation into the incident.
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Canadian Mining Journal
Seabridge Says Indigenous Nation Was Given Extensive Opportunity for Consultation
Seabridge Gold has responded to the Gitxsan Huwilp Government's decision on Thursday to rescind longstanding support for the KSM gold-copper project in north-west British Columbia, taken in solidarity with the Tsetsaut Skii km Lax Ha Nation after BC's Supreme Court ruled in June that the province had breached its constitutional duty over consultation on the tailings management facility. Seabridge says the nation received extensive, company-funded consultation on the facility at a conceptual level during the environmental assessment review, and disputes the claim of exclusive territory by pointing to Tahltan and Nisga'a treaty rights in the region. The nation has until 28 September to file documentation with the BC Environmental Assessment Office, which will then reconsider its decision, and Seabridge shares fell 10% in Toronto on Friday morning.
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Miningmx
Atomic Eagle Returns to Niger's Madaouela Uranium Project
Atomic Eagle has agreed terms of a mining convention with the Republic of Niger re-establishing a 60% interest and operational control at Madaouela, which hosts a foreign estimate of 116.5 million pounds of uranium oxide, with the State on 40% through a 15% free carried and 25% contributing interest. The company pays US$10 million for the permit, US$5 million within 30 days of allocation and US$5 million at construction start, and the convention carries legal and tax stabilisation provisions and clarity on offtake. The project was withdrawn from GoviEx in July 2024, prompting ICSID arbitration in December 2024 that was suspended in February 2025, and GoviEx became Atomic Eagle through the 2025 transaction with Tombador Iron. Muntanga in Zambia, holding 58.8 million pounds under JORC, remains the flagship.
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Fastmarkets
European Aluminium Market Watchful of Proposed US-Canada Tariff Reduction
President Trump said on 19 August he would delay new tariffs on a range of Canadian goods, with media reports pointing to a tentative agreement that would cut the US tariff on Canadian aluminium to 25% from 50%. European buyers have leaned on Canadian units to replace disrupted Middle Eastern supply, and traders told Fastmarkets a lower tariff could pull that metal back toward the US, compressing the Midwest premium while tightening the European duty-paid market. Fastmarkets assessed the P1020A premium ddp Midwest at 110 to 113 cents a pound on 21 August, unchanged on the week, with Rotterdam duty-paid at $460 to $465 a tonne, down from $465 to $510 a fortnight earlier, and duty-unpaid at $420 to $470. Low-carbon supply is already thinner after Mozal was placed on care and maintenance, though no agreement details have been released and participants remain split on which way the flows actually move.
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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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