The Drill Down
Friday 25 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.
Download Full Report
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Lead Insight
Glencore Sets Oct. 14 for Australian Market Debut
Glencore expects to begin trading on the ASX on 14 October under ticker GLC, tapping Australia's A$4.4 trillion pension market to support its copper expansion and potential acquisitions. The secondary listing carries no capital raise or new share issuance, with each ASX CDI representing one ordinary share and Computershare managing the register. UK and South Africa shareholders can request CDI conversions from 24 September ahead of the debut.
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Our Take
No new shares change hands, so the debut gives Glencore an ASX-quoted instrument for local M&A while leaving the London register untouched. That is the settled option after New York and a coal spin-off were both weighed and dropped, with the collapsed Rio Tinto merger talks earlier this year cited as the trigger for chasing local pension money instead.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,275
-0.28%
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Silver
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$64
-0.91%
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Platinum
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$1,755
-0.04%
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Palladium
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$1,264
-0.06%
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Base Metals & Commodities
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Copper USD/t
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$14997.71
-0.26%
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Nickel USD/t
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$16489.50
+0.32%
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Zinc USD/t
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$3947.94
+1.85%
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Lead USD/t
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$1923.10
+0.56%
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WTI Crude USD/bbl
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$94.43
-0.40%
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Prices updated as of 25 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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NiCAN Limited
NICN continues to run on its 14 September Horseshoe Gold Zone assays, headlined by 75m at 0.65g/t gold and 30m at 0.9g/t gold including 2m at 8g/t gold, which extended the zone at least 400m along strike. The company's Pipy South land position now stands at 65.2km², with nine more holes from the 16-hole program still to be assayed.
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ATERRA Metals Inc.
Aterra delivered its maiden Totora Cu-Au resource Wednesday, an Inferred 159.8Mt at 0.51% copper equivalent for 1.07 billion pounds of contained copper and 792,900oz of gold across four deposits, with Frontera carrying the largest tonnage at 81.5Mt. The estimate, prepared by SRK Consulting, is entirely Inferred with no metallurgical testing completed, but marks the company's first independently verified resource at Totora.
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Nine Mile Metals Ltd.
NINE continues to run on Wednesday's Wedge Mine assay results, an Upper Zone copper lens grading up to 3.47% Cu and a Lower Zone returning up to 117g/t silver and 0.805g/t gold, with one sample at 5.68% copper equivalent. The company has now drilled 18 holes for 4,934.5m of its 10,000m program, with VP Exploration Gary Lohman calling the deposit more robust than previously thought.
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Defense Metals Corp.
Defense Metals is raising up to $6 million through a non-brokered private placement of up to 42.86 million units at $0.14, each with a half warrant exercisable at $0.21 for 36 months. The financing is earmarked for advancing the Wicheeda rare earth project toward a bankable feasibility study due to start in Q1 2027, with Executive Chairman Guy de Selliers expected to lead order about $500,000.
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Pacific Ridge Exploration Ltd.
Pacific Ridge completed its 2026 programs at RDP and Kliyul, five holes for 3,010m at RDP's Day target and four first-pass holes at Kliyul's M39 zone, with RDP logging 300m of continuous copper-sulphide mineralization. The release carries visual and geological observations only, assay results are still pending, which left the market with alteration and mineralogy rather than grades to price.
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Kinross Gold Corporation
Kinross confirmed Wednesday's operational update, cutting 2026 and 2027 production guidance about 8% to 1.84 million to 1.86 million gold-equivalent ounces after weather and metallurgical setbacks at La Coipa and weaker output at Round Mountain, with all-in sustaining costs rising to US$1,850 to US$1,900 an ounce. The guidance cut outweighed the offsetting 50% free cash flow payout increase in the market's read, with the stock down 11.3% on the session.
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Market data as of 25 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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Mining.com.au
MP Materials Set to Deliver First Offtake to General Motors
General Motors is set to receive its first offtake from MP Materials' Independence Plant in Fort Worth, Texas, more than five years after the two signed a long-term supply deal in September 2021. The agreement covers US-sourced rare earth materials, alloy and finished magnets for electric motors across GM's Ultium platform. MP Materials began producing rare earth metal for GM in 2024, with first magnets following in 2025, and remains the only fully integrated rare earth producer in North America.
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Our Take
Five years passed from signature to first delivery, with metal production starting only in 2024 and magnets in 2025, which is the actual build-out timeline for a US rare earth supply chain. Every other onshoring pledge in this space, El Moto and Round Top included, is running on a materially similar clock, whatever completion date its press release carries.
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The Northern Miner
Kinross Gold Cuts Output, Boosts Shareholder Payout
Kinross Gold has cut 2026 and 2027 production guidance about 8% to 1.84 million to 1.86 million gold-equivalent ounces after weather and metallurgical setbacks at La Coipa in Chile and weaker performance at Round Mountain in Nevada, with 2026 all-in sustaining costs rising to US$1,850 to US$1,900 an ounce from US$1,730. The company partly offset this by lifting its 2026 shareholder return target to 50% of free cash flow from 40%, having already returned about US$800 million this year including US$655 million in buybacks. Toronto shares fell 3.8% to C$38.91 on the news, with Desjardins cutting its target to C$53 from C$58 while keeping a buy rating.
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Our Take
Lifting the payout ratio to 50% of free cash flow while cutting production guidance is a specific signal, management is defending the capital return policy over chasing the missed ounces back, effectively pricing La Coipa and Round Mountain as isolated problems rather than portfolio-wide ones. Scotiabank's own numbers back that read, with La Coipa and Round Mountain worth just 2% and 5% of net asset value respectively even as per-share cash flow estimates fall about 10%.
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Investing News Network
Spanish Miner Abenójar Eyes London IPO for Tungsten Project
Spanish developer Abenójar Tungsten is exploring a London listing to fund its US$241 million El Moto underground tungsten and gold project, engaging Bank of Montreal, Deutsche Bank and Peel Hunt with an announcement expected in coming weeks, according to Bloomberg. Construction began on 18 September after a 14 year preparation period, targeting 4,227 tonnes of tungsten concentrate a year over an 18 year mine life with commercial production from the first quarter of 2029. The European Commission named El Moto a strategic project under the Critical Raw Materials Act in March 2025, one of only seven in Spain, as China controls roughly 79% of global tungsten mine production.
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Our Take
A London listing values the IPO market's revival as much as the mine, LSE proceeds are running near US$686 million so far this year, and El Moto's EU strategic project status under the Critical Raw Materials Act gives underwriters a policy backstop most tungsten juniors don't have. The DFS numbers, a 62% after-tax internal rate of return struck on US$1,415 a tonne tungsten, are the pitch that has to hold once pricing lands in front of London investors.
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Mining Weekly
Heavy Rare Earths Central to Western Supply Squeeze as Market Grows
The global rare earths market is forecast to grow from US$6.86 billion this year to US$10.44 billion by 2030, an 11.1% CAGR, with North America the fastest growing region as it builds integrated supply chains. The real constraint is heavy rare earths and yttrium, with China placing samarium, gadolinium, terbium, dysprosium, scandium, lutetium and yttrium under export licensing controls in April 2025. North American dysprosium oxide is trading at US$3,250 a kilogram and terbium oxide at US$7,500, against Chinese reference prices of US$212 and US$218 respectively.
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Our Take
Dysprosium is trading over 15 times the Chinese reference price and terbium more than 34 times, the exact price signal new supply outside China needs to clear its cost curve. That premium is what makes projects like NioCorp's Elk Creek and Energy Fuels' White Mesa expansion investable, well ahead of anything the headline CAGR implies.
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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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