The Drill Down
Monday 26 October 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
Gold's $4,000 Support Breaks, but Is the Selloff Overdone?
Spot gold last traded at US$3,992.30 an ounce, down more than 4% on the week in its worst selloff since early June, after Thursday's break below US$4,065 triggered momentum-driven stop-loss selling. Saxo Bank's Ole Hansen is watching support at US$3,970 and says a recovery above US$4,230 is needed to confirm the correction has run its course. BCA Research and Britannia Global Markets both frame the drop as liquidity-driven rather than a shift in gold's fundamentals, with the Federal Reserve's policy decision due this week.
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Commodity Prices: 26 Oct 2026, 8:05am AEST
| Gold (USD/toz) | $3,996 -0.70% |
| Silver (USD/toz) | $54 -1.26% |
| Platinum (USD/toz) | $1,551 -1.02% |
| Palladium (USD/toz) | $1,042 -0.98% |
| Copper (USD/t) | $14,477.11 +1.62% |
| Nickel (USD/t) | $15,815.50 -0.98% |
| Zinc (USD/t) | $3,744.07 +2.62% |
| Lead (USD/t) | $1,894.60 +0.29% |
| WTI Crude (USD/bbl) | $103.44 +3.99% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
ECU +18.2%: Element 29 Resources
Element 29 mobilised a third drill rig at its flagship Elida copper-molybdenum-silver project in Peru, starting on the previously untested Zone 4 porphyry target while two rigs step out from Zone 1. The company aims to surpass its 10,000-metre 2026 drilling target, with cumulative drilling expected to exceed 30,000 metres as the program runs into 2027.
ESAU +16.3%: ESGold
ESGold has drilled about 4,074 metres at Montauban in Québec, more than 80% of its planned 5,000-metre program, with holes now stepping south and deeper beyond the historic workings. Core logging shows quartz veins and visible sulphides, but assays are pending and visual observations do not establish grades. Remaining mill equipment for its tailings reprocessing operation is on site or in transit from China.
W +15.8%: Spartan Metals
Spartan Metals updated the Victorio tungsten-molybdenum resource in New Mexico to 84.54 million short tons Measured and Indicated at 0.10% WO₃ and 0.09% Mo, plus 101.84 million short tons Inferred at 0.09% WO₃ and 0.06% Mo. Measured and Indicated contained metal totals 165.54 million pounds of WO₃ and 147.85 million pounds of Mo, feeding the preliminary economic assessment underway with SRK.
Top Losers
FOXT -15.4%: Fox Tungsten
Fox Tungsten mobilised a fourth drill rig to its Silverboss molybdenum-copper property in British Columbia, initially testing the 10 Mile Creek target for extensions of mineralisation from the adjacent historic Boss Mountain mine. Three rigs continue on the 20,000-metre program at the flagship Fox tungsten project, which targets an updated resource and PEA in the second quarter of 2027.
NCF -15.2%: Northcliff Resources
Northcliff filed the technical report for its Sisson tungsten-molybdenum feasibility study update in New Brunswick, with no material change to the post-tax NPV of C$6,915 million at 8%, 49.8% IRR and C$1,528 million initial capital. Basic engineering, project finance and offtake come next, ahead of a construction decision targeted for late 2027 and operations from 2030.
AGLD -13.2%: Austral Gold
Austral Gold's subsidiary Casposo terminated its toll processing agreement with Challenger Gold effective 1 October, with Challenger to pay a US$1.0 million deferred fee on the earlier of Hualilan commercial production or 2 April 2029. Austral expects no material financial impact in the current period, with Casposo processing its own ore on about 74 months of remaining reserve life.
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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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Government of Canada
Government of Canada Invests Over $190 Million to Advance Canada's Critical Minerals Sector and Strengthen Aluminium Processing
Industry Minister Mélanie Joly announced $193.3 million from the Strategic Response Fund for Quebec's aluminium sector. Rio Tinto receives $164.8 million toward $818.5 million of Saguenay-Lac-Saint-Jean projects, including a new billet casting centre at Alma and anode baking furnace upgrades at Grande-Baie, while Aluminerie Alouette gets $28.5 million for a $135 million electrolysis modernisation. The projects are expected to maintain about 6,000 jobs.
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GlobeNewswire
Hercules Metals Announces Upsize of "Bought Deal" Private Placement of Common Shares to $45 Million
Hercules Metals lifted its bought deal private placement to $45.0 million, up from the $30 million announced a day earlier, issuing 51,725,000 shares at $0.87 through a syndicate led by Canaccord Genuity and BMO Capital Markets. An underwriter option adds up to $5.0 million. Proceeds will advance the Hercules Project in Idaho, host of the Leviathan porphyry copper system, with closing expected on or about 12 November 2026.
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Yahoo Finance
US Designates Helium as a Critical Material, Citing Its Importance for Semiconductors
The US Energy Department designated helium its 20th critical material on Friday, opening more federal financing to producers. Qatar's exports have been curtailed by Iran's closure of the Strait of Hormuz, and Russia imposed temporary helium export controls in April. The US produced 81 million cubic metres in 2025, 43% of global supply, but extraction plants are running at their limits.
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Mining.com.au
MMG Offers EU Concessions for Anglo Nickel Deal
MMG offered a legally enforceable guarantee to maintain ferronickel supply to existing European stainless steel customers for the life of the mine, seeking EU antitrust approval for its US$500 million bid for Anglo American's Brazilian nickel business. The European Commission has warned that MMG, 67% held by China's Minmetals, could redirect supply to China. Anglo has threatened to close the mine if the deal is blocked, and the Commission's decision is now due 21 December.
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Business Wire
Lifezone Metals Confirms Advanced Negotiations with Orion CMC on Kabanga Nickel Project
Lifezone Metals confirmed that talks with the Orion Critical Mineral Consortium over a significant equity investment in the Kabanga Nickel Project in Tanzania are at an advanced stage, following comments by Orion Resource Partners founder Oskar Lewnowski. Orion CMC was launched with the US International Development Finance Corporation and Abu Dhabi's ADQ. Standard Chartered is running Lifezone's competitive process for a strategic investor.
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Sharenet
Valterra Platinum Production Report for the Third Quarter Ending 30 September 2026
Valterra Platinum's third-quarter PGM metal-in-concentrate output fell 6% to 804,300 ounces, with safety stoppages at Amandelbult cutting own-mined production 5%. Refined output dropped 41% to 576,900 ounces on maintenance re-phased into the quarter, while the realised basket price rose 24% to US$2,383 per PGM ounce. Guidance of 3.0 to 3.4 million ounces holds, with unit costs tracking the upper end of R19,000 to R20,000 per ounce.
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Economic Times
US Stock Market Highlights: Dow Jones Ends 600 Pts Lower as AI Doubts Persist Ahead of Fed Rate Meet
The Dow Jones fell 652.82 points, or 1.23%, to 52,215.16 on Friday as Thursday's AI-led tech selloff spread to consumer staples, utilities and healthcare. The S&P 500 lost 0.52% and the Nasdaq slipped 0.21%, while WTI crude topped US$100 a barrel on fears of renewed US-Iran conflict. The Federal Reserve's policy meeting runs 27 to 28 October.
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Sigma Lithium
Sigma Lithium Extends 4-Year US$100 Million Senior Secured Debt to June 2027; 7,090t Produced Since Restart
Sigma Lithium extended the maturity of its US$100 million senior secured debt with Synergy Capital by six months to June 2027, with the rate unchanged at SOFR plus 6.95%. The company has produced 7,090 tonnes of lithium oxide concentrate since restarting operations on 5 October, after a federal court reinstated its environmental licences. Total debt has fallen about 40% over two years to US$125 million, with Q3 results due by 13 November.
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The Northern Miner
Southern Copper Weighs $680M Cuajone Expansion
Southern Copper is evaluating a US$680 million expansion at Cuajone in southern Peru, lifting milling capacity 33% from 90,000 to 120,000 tonnes per day to add an average 55,000 tonnes of copper and 1,400 tonnes of molybdenum a year. The plan counters falling ore grades, with Peruvian copper output down 6.1% to 114,846 tonnes in the third quarter. The company expects 918,000 tonnes of copper in 2026.
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Investing News Network
Russia's Gold Reserves Hit Lowest Level Since 2019
Russia's central bank gold holdings fell 6.2 tonnes in September to about 2,264 tonnes, the lowest since 2019 and a tenth consecutive monthly decline. The drawdown is believed to be linked to National Wealth Fund sales covering a budget deficit of 5.8 trillion roubles (US$68.4 billion) in the first eight months, already above the 3.8 trillion rouble full-year target. Hong Kong imported 112.7 tonnes of Russian gold in the first seven months of 2026.
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Kamoa Capital
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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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