The Drill Down
Thursday 27 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
Copper Price Notches Another Record Before Retreating as Squeeze Eases
Comex copper for September delivery touched a record US$6.7775 a pound, about US$14,940 a tonne, in early New York trading before retreating 1.6% to US$6.6070. The LME three month contract traded at US$14,350 a tonne, still short of January's US$14,527.50 intraday peak, with the cash to three month premium narrowing from above US$500 a tonne last week to US$127 at Tuesday's settlement. Comex inventories sit at a record above 675,000 tonnes after 46 consecutive daily builds as the market waits on Washington's tariff ruling.
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Our Take
Washington has now held the tariff ruling for close to two months, and the decision determines whether that record Comex stockpile stays parked inside the US or returns to a market where mine supply has already failed to keep up. Until it lands, the daily print is being set in the spreads, which is how a fresh all-time high and a 1.6% intraday reversal fit into the same session.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,595
-1.36%
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Silver
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$68
-0.70%
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Platinum
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$1,832
-0.02%
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Palladium
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$1,320
-1.29%
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Base Metals & Commodities
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Copper USD/t
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$14761.81
-1.64%
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Nickel USD/t
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$16889.50
-0.72%
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Zinc USD/t
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$3861.44
+0.05%
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Lead USD/t
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$1896.10
+0.47%
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WTI Crude USD/bbl
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$81.86
-0.04%
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Prices updated as of 27 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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VR Resources Ltd.
Hole NB26-003 at the New Boston moly-copper-tungsten-silver-zinc porphyry-skarn in west-central Nevada returned 0.77% CuEq over 317m from surface, above 0.48% CuEq over 419m from 460m, in continuous veining to 881m. Highlights include 0.98% CuEq over 31m at 604m and two metres at 33.4% CuEq on 1.48% WO3, 0.32% Cu and 427g/t Ag at 535m. The hole did not reach the base of the system, with CuEq struck on US$4.50/lb copper.
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Tombill Mines Limited
No specific catalyst identified, with momentum on close to four times average volume the likely driver and no company news since June. That release closed a C$829,011 raise with Dynamo Metals, a C$579,011 unit placement at C$0.02 plus a 1% NSR sold for C$250,000, leaving Dynamo at about 9.9%. The ground sits in the Geraldton camp in Ontario, where the Tombill Old Mine produced 68,737oz at 12.47g/t.
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Auro Metals Inc.
No specific catalyst identified, with momentum on more than three times average volume the likely driver. Auro's 18 August release reported 496.5m at 0.76g/t Au and 0.12% Cu from 88.5m in DSB-61 at Santa Barbara in Ecuador, including 212.5m at 1.12g/t Au. The project holds 697,000oz gold indicated and 3.418Moz inferred, with eight of 22 Phase I holes still to report.
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Oreterra Metals Corp.
Oreterra logged bornite, chalcopyrite and magnetite with strong porphyry-style alteration in hole TS26-06 at Trek South in BC's Golden Triangle, adjacent to Teck and Newmont's Galore Creek, and moved a second rig in to vector towards the source intrusion. The observations are visual with assays pending and the hole is still turning. The stock gave back its run from a C$0.60 close, which reads as profit-taking on an update carrying no grades.
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Copper One Resources Corp.
Hole RED-26-02 at the Redonda copper-molybdenum project in British Columbia has passed 200m of a planned 500m, with visual mineralisation logged from about 20m downhole in a fully funded 2,400m program. Copper One cautioned that grade and continuity can only be established by assay. Another visual update without numbers, against a flagship at Majuba Hill in Nevada, and the move reads as sell-the-news.
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Guanajuato Silver Company Ltd.
June quarter revenue of US$42.5 million was flat on the March quarter's US$43.0 million, with mine operating income of US$9.1 million, adjusted EBITDA of US$5.8 million and net income of US$557,000. Production was 347,481oz silver, 3,653oz gold, 727,370lb lead and 956,217lb zinc. The largest capital budget in company history lifted all-in sustaining costs and is expected to keep doing so into the fourth quarter.
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Market data as of 27 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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US Department of Energy
DOE's Critical Materials Innovation Hub Awards $10 Million for Early-Stage Research and Development
The Office of Critical Minerals and Energy Innovation awarded US$10 million across seven projects covering heavy rare earth elements, gallium and copper, run through the Critical Materials Innovation Hub led by Ames Laboratory. Selectees include Case Western Reserve on chloride molten salt electrolysis for heavy rare earth metal, Colorado School of Mines and the University of Arizona on copper sulphide leaching, and Oak Ridge National Laboratory on gallium recovery from zinc refinery residues. Selection is not a funding commitment and award amounts remain subject to negotiation.
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Our Take
Four of the seven awards target gallium, a metal the United States produces none of in primary form and where China holds roughly 99% of world supply. Every one of those four goes after byproduct streams, bauxite and alumina processing, zinc refinery residues and industrial waste, which is the honest read on where domestic gallium can realistically come from and why the answer runs through aluminium and zinc circuits already in the ground.
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Mining Weekly
Sinomine Secures Additional Zimbabwe Lithium Export Quota
Sinomine Resource Group was granted an export quota for a further 300,000 tonnes of lithium concentrate in July, on top of the 200,000 tonne quota issued in April. Concentrate supply from its Bikita mine has returned to normal after the February to April stoppages, with two plants there holding combined capacity of 600,000 tonnes of spodumene and petalite concentrate and an upgrade lifting spodumene capacity to 400,000 tonnes a year. A 100,000 tonne a year lithium sulphate plant at Bikita is due for completion in mid-2027.
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Our Take
Harare bans concentrate exports from January 2027 and the Bikita sulphate plant does not finish until the middle of that year, so the quota buys Sinomine a run at the China smelters that expires before its local circuit can replace it. Huayou already ships lithium salts out of Zimbabwe and Yahua is building at Kamativi, which tells you the quota extensions are a transition mechanism with a hard stop attached, not a softening of the downstream policy.
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Miningmx
Perseus Opens the Taps on Shareholder Returns
Perseus has committed to returning a minimum 20% of net cash flow from operating activities, after dividends to non-controlling interests, following FY26 operating cash flow of US$666.4 million, up 24%. The nine Australian cent final dividend takes the full year payout to 14 cents, worth A$187 million and 87% above FY25, alongside a fresh A$350 million buyback and a possible A$100 million return from the Meyas Sand sale. Earnings per share rose 17% to 31.73 US cents.
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Our Take
The FY27 cost guidance is struck at US$4,000 an ounce with royalties assumed at 8% in Côte d'Ivoire and 11% in Ghana, so a stronger gold price now lifts the cost base at the same time it lifts revenue and the all-in site cost range moves with the tape. Set against that, Craig Jones has taken exploration to US$70 million to US$80 million from US$41 million, and that spend has to convert into replacement ounces at Yaouré, Edikan and Sissingué before the new 20% floor turns into a standing claim on cash the mines still need.
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Mining Weekly
Australian Indigenous Group Appeals Fortescue Mining Compensation Ruling, Seeks $1.3bn
The Yindjibarndi Ngurra Aboriginal Corporation has lodged a Federal Court appeal against the May award of A$150 million for cultural loss, A$136,757 for economic loss and A$217,152 in compound interest, against a claim of A$1 billion in cultural loss and more than A$800 million in economic loss. YNAC argues compensation should have been tied to typical royalty payments under Pilbara native title agreements, and that the court valued economic loss on the land while disregarding the iron ore deposits. Western Australian Attorney General Tony Buti confirmed the state has appealed as well.
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Our Take
Both sides appealing puts the valuation method itself in front of the court, and a finding that ties compensation to royalty equivalence would reprice exposure on every Pilbara tenement sitting over exclusive native title without an agreement behind it. Buti has framed the state's appeal as a search for clarity ahead of future settlements, which is the same reason Rio and BHP will read the outcome as a pricing input on agreements they have not yet signed.
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Mining.com
Clean Tech Startup Scores $35M Funding for New Aluminum-Based Energy System
California based Voya Energy raised US$35 million in a Series A led by Energy Impact Partners, with John Doerr, Mantis VC, StepStone, Founders Fund, Overmatch and Seven Stars participating. The system forms low grade scrap aluminium into pellets and converts them to electricity through a proprietary electrolyte and metal air cell, with no combustion and no emissions at the point of use. Current design delivers up to two megawatts from a 20 foot container paired with a 10 foot fuel container holding about 100 megawatt hours, with pilots across industrial manufacturing, data centres and emergency response starting in 2027.
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Our Take
The feedstock choice is the part that matters to metal, because low grade scrap is the end of the aluminium market that normally clears at the deepest discount to primary, and a fuel buyer puts a competing bid under it. Whether that bid ever gets big enough to move a scrap spread depends on the 2027 pilots landing, and at two megawatts a container Voya has to beat a gas genset on installed cost before the fuel question is even reached.
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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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