The Drill Down
Wednesday 26 August 2026
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
UK Government Backs Tungsten West with Up to £71m Funding Package to Restart Hemerdon Mine
Tungsten West has agreed terms with the UK Government's National Wealth Fund on up to £71 million completing the funding package for the restart of the Hemerdon tungsten and tin mine in Devon. The package is £36.0 million of equity at 36 pence, a 7.5% discount to the 20 day VWAP, leaving NWF on about 7.42%, plus a £25 million facility and a non-committed £10 million accordion at SONIA plus 5.5% over 366 days. From admission around 27 August the Government holds a limited window to conclude an offtake for up to 50% of Hemerdon's 2025 feasibility study tungsten production.
|
Our Take
A 366 day term at around 9% and escalating a point a quarter is bridge pricing, so the £25 million holds the restart together while the £36 million of equity does the actual funding and the offtake is negotiated. Up to half of feasibility study production, committed before the mine is back at full rate, is the real consideration in this deal, and it shows what Whitehall will now pay for tungsten it does not have to import.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,658
+0.14%
|
|
Silver
|
$69
-0.52%
|
|
Platinum
|
$1,858
-0.97%
|
|
Palladium
|
$1,337
-1.17%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$15007.36
+1.59%
|
|
Nickel USD/t
|
$17012.50
+0.22%
|
|
Zinc USD/t
|
$3859.54
+1.45%
|
|
Lead USD/t
|
$1887.30
-0.63%
|
|
WTI Crude USD/bbl
|
$81.00
-0.09%
|
|
Prices updated as of 26 Aug 2026, 8:03 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Oreterra Metals Corp.
Hole TS26-06 at the Trek South prospect intersected strong porphyry-style epidote and garnet alteration with local bornite, chalcopyrite and magnetite, minerals that generally form at higher temperatures and which the company reads as placing the hole close to the source intrusion believed to centre the system. Trek South sits in British Columbia's Golden Triangle adjacent to the Teck-Newmont Galore Creek copper-gold project, and drilling is continuing. The observations are visual logging only, with assays yet to be reported.
|
|
Westward Gold Inc.
Hole T2602 at the SSD target on the Toiyabe Hills property in Lander County, Nevada returned 34.9 metres at 2.91 g/t Au, including 4.1 metres at 16.15 g/t Au. It follows T2601, announced on 18 August, which returned 27.0 metres at 3.72 g/t Au including 12.0 metres at 8.06 g/t Au, the two core holes drilled to total depths of 123 and 116 metres. Intervals are downhole lengths on a 0.14 g/t Au cut-off, with true thickness estimated at 50% to 70% of reported widths.
|
|
Metalsource Mining Inc.
No specific catalyst identified, with momentum carrying over from last week's assays the likely driver. At the flagship Silver Hill polymetallic project in North Carolina, step-out hole SH26-20 returned 9.57 metres at 364 g/t AgEq including 2.26 metres at 913 g/t AgEq, and SH26-21 returned 15.3 metres at 207 g/t AgEq including 2.4 metres at 515 g/t AgEq, extending mineralisation to roughly 335 metres below surface. A second rig mobilised in early August, the land package now runs to about 1,300 acres, and further assays remain pending.
|
|
|
|
Sherritt International Corporation
No specific catalyst identified, with profit taking after a sharp August run the likely driver. Sherritt's dispute with Kyma Capital remains live, the Ontario Superior Court advising on 19 August that it could not compel a shareholder meeting by the end of September and finding that no such meeting had been called, against a scheduled combined annual and special meeting date of 15 December. The company is pursuing a recapitalisation under a non-binding term sheet with Gillon Capital while its Cuban operations sit under the US executive order of 1 May 2026 expanding sanctions, with cash and equivalents of $203.80 million against liabilities of $808.90 million.
|
|
Arizona Eagle Mining Corp.
Final five holes of the Phase 1 program at the Eagle Project in Yavapai County, Arizona extended high-grade gold about 50 metres northeast beyond the roughly 750 metre strike covered by the historical estimate, with Eagle-26-02 returning 4.2 metres at 5.73 g/t Au including 0.8 metres at 11.35 g/t Au. Holes Eagle-26-05 and Eagle-26-06, sited 200 and 250 metres northeast of the McCabe Mine, cut zinc-silver mineralisation the company describes as VMS type, including 2.2 metres at 6.9% Zn, 36.30 g/t Ag and 0.66 g/t Au, and 0.6 metres at 25.5% Zn. A SkyTem airborne survey has been commissioned to define Phase 2 targets, and the McCabe historical estimate of roughly 880,000 ounces at 11.7 g/t Au dates to 1984 and is not NI 43-101 compliant.
|
|
Tintina Mines Ltd.
Tintina completed the acquisition and financing transactions first announced on 2 June, releasing roughly C$91 million from escrow, of which about C$36 million funded the minority interest acquisition and about C$55 million is dedicated to advancing the project toward a final investment decision. The company now holds 100% of ABR and indirectly 100% of the Dos Amigos copper-gold project in Chile, formerly Domeyko Sulfuros, with a new board and management appointed and a roughly 50,000 metre drilling, feasibility and permitting program launched, drilling due to start at the end of September. The subscription receipts were priced at C$0.68 and have converted into freely tradeable stock well below market, which is the likely source of the selling.
|
|
Market data as of 26 August 2026, 9:30 AM AEST
|
| |
| |
|
Presented By
|
| |
|
| |
|
Sierra Nevada Gold
|
| |
|
ASX: SNX
|
| |
|
| |
|
Emerging Saudi Arabian Developer & Explorer
|
| |
|
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.
|
| |
|
Find Out More
|
| |
|
| |
|
In-Country Operating Subsidiary
|
| |
|
| |
|
|
| |
|
Today's Stories
|
Mining.com
Copper Price Sets Fresh Record as US Tariff Threat Wipes Out Global Surplus
Comex September copper rose as much as 1.8% to $6.7270 a pound, about $14,830 a tonne, topping the $6.7140 record set on 12 August and sitting close to 4% above London, where the three month contract added 0.4% to $14,251. Comex inventories have risen for 46 straight days to a record 675,185 tonnes, and CRU has moved its 2026 call from a 639,000 tonne surplus to at best balanced against proposed refined duties of 15% from January 2027 stepping to 30% from 2028.
|
Our Take
Comex is trading roughly $550 a tonne over London on a duty that has not been imposed, which is a windfall for anyone holding US-deliverable metal and a working capital penalty for every fabricator outside it. The tape is being set by a policy decision with a date attached, so the resolution that finally ends the uncertainty also removes the reason the premium exists.
|
|
Mining Technology
Lithium Argentina, Ganfeng Sign Agreements to Finalise PPG JV
Lithium Argentina has signed definitive agreements with Ganfeng forming the PPG joint venture in Salta, held 67% and 33% respectively and targeting 150,000 tonnes a year of lithium carbonate equivalent across three phases. Ganfeng will separately invest US$180 million through a six year convertible note at a 4% coupon converting at US$12.50 a share, repaying US$259 million of convertible debt due January 2027. Ganfeng's Salta team will operate the venture and completion is expected in September 2026.
|
Our Take
Clearing a US$259 million maturity with paper that converts at US$12.50 gives Ganfeng a second route onto the register on top of the 9.6% it already owns, at a 4% coupon no bank was going to match. Lithium Argentina keeps 33% and hands over the operatorship, so the equity case now rests on Cauchari-Olaroz cash flow while PPG gets built to someone else's schedule.
|
|
Mining Technology
Alcoa Starts Construction on Gallium Plant at Wagerup Refinery
Alcoa has broken ground on a gallium production plant co-located with its Wagerup alumina refinery about 150km south of Perth, at a ceremony attended by Australian, Japanese and US government representatives. The facility will support up to 200 construction jobs and around 20 permanent roles at a refinery operating since 1984 with capacity of roughly 2.9 million tonnes of alumina a year.
|
Our Take
Twenty permanent roles does not explain three governments at a groundbreaking, and the appeal is that gallium here comes off a refinery stream Australia already produces, with no new mine and no new permit required. Wagerup's 2.9 million tonnes of alumina caps what can be recovered, and with no capacity figure disclosed the market cannot yet size what this actually does to a supply chain Beijing controls.
|
|
Miningmx
Gold Fields Flags Ghana Risk as Profits Surge
Gold Fields warned that an adverse outcome on renewal of the Tarkwa leases, which expire in April 2027, would have a material and adverse impact, with no timetable for a Ghanaian government response to the proposal it lodged in July. Half year headline earnings rose 81% to US$1.86 billion on production up 12% to 1.27 million gold equivalent ounces at a realised US$4,678 an ounce, funding an interim dividend of 1,625 SA cents and a further US$500 million of shareholder returns. Ghana declined to renew the Damang licence last year and took formal transfer of that mine on 18 April.
|
Our Take
Damang went the same way and was handed over in April, so a precedent already exists for how Accra settles an expiring lease and it did not favour the incumbent. Committing another US$500 million to buybacks and dividends with eight months left on Tarkwa's tenure and no government timetable is a confidence the negotiation has not yet earned.
|
|
Wood Mackenzie
China's AI Boom to Drive Data Centre Power Demand to 774 TWh by 2030
Wood Mackenzie forecasts China's data centres will quadruple electricity consumption to 774 TWh by 2030, tripling their share of national power demand to 6% and reaching 17% by 2060. Eight national hubs are expected to hold more than 70% of computing capacity, with latency-tolerant AI training, batch processing and storage workloads shifting west towards renewable-rich generation under the 15th Five Year Plan.
|
Our Take
Every one of those 774 TWh has to be wired, and pushing AI training west towards the generation means long-haul transmission, the most metals-intensive way there is to deliver a megawatt. Copper and aluminium demand models built around EVs and rooftop solar do not carry this as a separate line, and it arrives in the same decade the copper market is already struggling to balance.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
|
