The Drill Down
Monday 27 July 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
US Debt Could Drive Gold Price to $6,000, Analyst Says
Maison Placements president John Ing sees gold reaching $6,000 an ounce, resting the call on $39 trillion of US federal debt, about $1 trillion of it annual interest, plus steady central bank buying. Gold has gained roughly 68% since 2024. Ing favours producers with near-term growth including Lundin Gold, while rating Newmont, Iamgold and Centerra as sells.
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Our Take
Ing's case rests on fiscal arithmetic, so it holds until real yields turn. Equity leverage sits with the producers still adding ounces at these margins.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,053
+0.08%
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Silver
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$58
+0.93%
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Platinum
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$1,590
-0.22%
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Palladium
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$1,245
-0.62%
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Base Metals & Commodities
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Copper USD/t
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$14157.37
+0.63%
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Nickel USD/t
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$17288.00
+0.12%
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Zinc USD/t
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$3587.03
+0.80%
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Lead USD/t
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$1875.80
-0.11%
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WTI Crude USD/bbl
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$84.57
-0.68%
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Prices updated as of 27 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Lion Rock Resources Inc.
No announcement accompanied the move, with nothing released since June. Lion Rock is advancing the past-producing Volney lithium-tin-tantalum and gold project in South Dakota's Black Hills, permitted for mining by Lawrence County in June. Thin trade and critical minerals sentiment look like the drivers.
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EDM Resources Inc.
Nova Scotia's environment department issued an amended Industrial Approval on 20 July covering the updated mine plan and processing facility at the past-producing Scotia zinc-lead mine near Halifax. A 2027 restart still requires federal Fisheries Act Authorisation. The stock has kept building on the milestone.
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McFarlane Lake Mining Limited
Hole GL-83A returned 179.1m at 0.87 g/t gold from 34m at Golden Lake, with GL-83 cutting 155m at 0.9 g/t, both downhole lengths. The results open a new hanging wall lens that widens the pit outline at Juby in Ontario's Abitibi belt, and a separate hole extended strike to 1.9km. Assays from eight more holes are due shortly.
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Stuve Gold Corp.
Stuve Gold's $2.0 million placement at 31 cents a share, which took Deutsche Rohstoff to 15.4% from nil, has caught up with the stock. The shares had more than doubled off that issue price beforehand and the market has marked them back toward it. Proceeds fund general costs, exploration and further property acquisitions.
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Auro Metals Inc.
No announcement accompanied the fall, which unwinds part of a strong July run. Auro's flagship Santa Barbara gold-copper porphyry in Ecuador returned 625.12m at 0.64 g/t gold and 0.10% copper on 13 July. With ten holes still awaiting assays, the move looks like profit-taking in a thin book.
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Eskay Mining Corp.
No announcement accompanied the fall. Eskay confirmed on 21 July that its 5,000m program on the Corey-Eskay property in British Columbia's Golden Triangle was underway, starting at the low-elevation C-10 prospect after snow closed out higher targets. The drill-start bounce has faded with assays some way off.
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Market data as of 27 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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AFR
Investors Fume Over Forrestania's Zenith Bid; Eyes on Takeovers Panel
Zenith shareholder Harvest Lane Asset Management has lodged a Takeovers Panel application challenging Forrestania Resources' scrip bid, which valued Zenith at about $79 million on 9 June. It argues Forrestania's $300 million Edna May acquisition and $310 million placement at 40 cents, both struck after the bid documents issued, diluted the offer without disclosure. Ida Metal has separately lifted its stake to 10.1% and will not accept.
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Our Take
Scrip bids transfer the bidder's dilution risk onto the target's holders. The Panel now has a live test of when that becomes a disclosure failure.
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Miningmx
WGC Hopes Ghana Will Weigh Its Input Amid Gold Reform
Ghana has approved draft legislation bringing in a sliding-scale gold royalty tied to prices and phasing out fiscal stability agreements, a change that could reach Newmont, Gold Fields, AngloGold Ashanti, Zijin and Perseus Mining. World Gold Council chief executive David Tait said the push for a larger state share sits uncomfortably with the need for stable investment terms. The council has separately signed a memorandum to formalise artisanal mining.
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Our Take
Stability agreements were the pricing floor under Ghanaian capital budgets. Removing them at record bullion puts a wider country discount into every future feasibility study.
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Miningmx
Islamist Militants Widen Reach in Sahel Mining Zones
Conflict monitor ACLED found armed factions, particularly al-Qaeda affiliate Jama'at Nusrat al-Islam wal-Muslimin, are increasingly striking roads and trade networks within about 10km of mining concessions in the central Sahel. Gold-linked sites made up roughly 90% of recorded incidents across Burkina Faso, Mali and Niger. Barrick Mining, B2Gold, Endeavour Mining and Allied Gold all operate in the region.
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Our Take
Militants are hitting the supply lines around the mines, which is cheaper for them and harder to insure against. Sahel risk premiums have further to widen.
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Miningmx
Congo Pushes Ahead With Local Ownership Deadline
The Democratic Republic of Congo will begin enforcing a 2018 requirement for miners to transfer 10% of equity to Congolese nationals from 31 July, with 5% earmarked for employees. No company has complied, and Kinshasa told Glencore, Ivanhoe Mines, CMOC and Huayou Cobalt in January to show compliance by end-July or risk sanctions. A decree governing implementation is still to be signed, with penalties undisclosed.
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Our Take
A 10% equity give-up in the world's second copper source is a real hit to project NPV. Whether the decree allows compensation is the number that matters.
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Mysteel
China Sulphuric Acid Imports Skyrocket and Exports Collapse in June
China's sulphuric acid imports jumped 1,795.93% month on month in June to 17,946.77 tonnes, while exports fell 99.16%. Mysteel attributes the divergence to new export controls that have effectively locked industrial-grade material out of overseas markets. Imports were still down 29.05% year on year, with first-half volumes at 63,394.83 tonnes.
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Our Take
Acid is the by-product credit holding Chinese smelter margins together against negative treatment charges. Export controls keep that value onshore, and offshore buyers compete for less.
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Mysteel
Record-High Yangshan Premium Signals China's Deepening Copper Tightness
Mysteel put China's Yangshan copper premium at a record $119 a tonne on 22 July, up from $45 at the start of 2026, with buyers paying up for imported metal through the consumption off-season. Its clean concentrate spot treatment charge index sat at minus $141.50 a dry metric tonne on 17 July. Refined copper output fell month on month in June as eleven smelters went into maintenance.
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Our Take
Tightness has moved from concentrate through to refined metal, which is the leg that sets the price. At minus $141 treatment charges, smelters have no room left.
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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. | |
