The Drill Down
Tuesday 27 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
Codelco, BHP Launch $40M Copper Hunt in Northern Chile
Codelco and BHP signed the Anillo exploration agreement on 21 October during London Metal Exchange Week, after the approvals required under Chile's Law 19,137 were completed. BHP could invest up to US$40 million on reconnaissance, geophysical surveys, geological studies and drilling across the 24,000-hectare early-stage property in the Antofagasta region. The agreement was first announced in May 2025, with signing conditional on those approvals.
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Commodity Prices: 27 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,017 +0.52% |
| Silver (USD/toz) | $54 +0.11% |
| Platinum (USD/toz) | $1,530 -1.30% |
| Palladium (USD/toz) | $1,043 +0.05% |
| Copper (USD/t) | $14,574.66 +0.67% |
| Nickel (USD/t) | $15,492.50 -2.04% |
| Zinc (USD/t) | $3,799.24 +1.47% |
| Lead (USD/t) | $1,908.10 +0.71% |
| WTI Crude (USD/bbl) | $101.25 -1.96% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
TES +60.0%: Tesoro Minerals
Tesoro closed its private placement on 23 September at C$1 million, upsized from an initial C$600,000, issuing 10 million shares at C$0.10. Proceeds fund initial fieldwork, including induced polarisation surveys, at the Rumichaca and Cerro Macho properties in Peru, plus community engagement and working capital.
EPG +35.7%: Epic Gold
Epic's 8 October NI 43-101 estimate for the McKinnon Deposit at its optioned Hawkins project in Ontario is 440,000 ounces of Inferred gold (14.0 million tonnes at 0.98 g/t), effective 11 September. It assumes US$3,500 an ounce gold, supersedes the historical estimate and is Epic's first current resource for the project.
LVX +32.7%: Leviathan Metals
Leviathan started up to 2,500 metres of drilling on 19 October at its Serule and Foley uranium projects in Botswana, targeting the continuation of mineralisation at ASX-listed Lotus Resources' adjoining Letlhakane property. A 2024 RC program by the former owner returned 196 to 1,247 ppm U3O8 at Serule. Diamond drilling at its Central copper project on the Kalahari Copper Belt has passed 6,000 metres, with assays outstanding.
Top Losers
FROG -20.0%: Bullfrog Gold
Bullfrog's 15 October surface program at South Bullfrog in Nevada's Beatty District identified a new target, Tadpole, and expanded Bottoms Up. Diamond drilling at the fully permitted Longtail and Shingleback targets is scheduled for Q4 2026.
VZZ -17.4%: Val-d'Or Mining
On 26 October Val-d'Or reported results from the Eldorado-operated winter 2026 Perestroika program, led by 6.72 g/t gold over 1.70 metres downhole, not true width, including 17.86 g/t over 0.60 metres. The same release said Eldorado's option over the properties has expired, with Eldorado retaining a 30% interest, and 4,458 sample results remain pending.
HRNY -14.6%: Bighorn Metals
Bighorn completed its Fall 2026 program on 21 October at the Loljuh porphyry copper-gold project, 40 kilometres south of Smithers, British Columbia. Work covered infill soil sampling over five target areas, hand trenching of three areas and a newly identified copper occurrence, with all samples at Actlabs and assays pending.
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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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Cision
Pensana Update on Financing and Mine Development
Pensana expects the Ozango equity financing for its Longonjo rare earth mine in Angola to be US$75 to 90 million, with Cascade expecting to deploy a significant tranche within 14 days. Cascade has invested US$15 million of its US$165 million commitment so far. Commissioning is planned for January 2028 and full production by September 2028, with binding offtakes and debt approvals targeted by February 2027.
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Mining.com.au
Nornickel Says Furnace Overhaul May Cut 2027-28 Metals Output
A nine-month overhaul of a key flash-smelting unit at Nornickel's Nadezhda Plant, starting next year, may cut output of its key metals in 2027 and possibly 2028. The company reaffirmed 2026 guidance of 193,000 to 203,000 tonnes of nickel, 2.415 million to 2.465 million ounces of palladium and 336,000 to 356,000 tonnes of copper, excluding Bystrinsky GOK. Third-quarter nickel output rose 41% quarter-on-quarter to 61,000 tonnes and palladium rose 25% to 736,000 ounces.
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Reuters
Zinc Hits Two-Week High as Tight Stocks Spur Bullish Sentiment
LME three-month zinc rose 1.5% to US$3,800.50 a tonne by 10:30am GMT on Monday, after touching US$3,821.50, the most since 12 October. Shanghai Futures Exchange zinc stocks fell 5% on the week to 137,139 tonnes, the lowest since March, and LME cash traded at a roughly US$80 a tonne premium to three-month. The global refined zinc market swung to a 3,900-tonne deficit in August from a 27,500-tonne surplus in July.
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Mining Weekly
China's Tug-of-War With Australian Miners Lurks Beneath Iron-Ore Calm
China, which buys about 75% of seaborne iron ore, imported 109.82 million tonnes in September, up 1.2% from August, while Australian miners supply about two-thirds of its needs. China Mineral Resources Group reached a supply deal with Rio Tinto last week, according to people with knowledge of the matter, but remains in dispute with Fortescue, which has flagged operations may be affected if talks are not concluded by year end. Singapore Exchange contracts ended at US$90.60 on 23 October, down 19% from this year's US$111.91 peak on 11 May.
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Mining.com
Lula's Brazil Win Puts Rare Earths in Trump's Crosshairs
President Lula defeated Flávio Bolsonaro in Sunday's runoff, securing a fourth term from 5 January 2027 if electoral authorities confirm the result. Brazil holds the world's second-largest rare earth reserves, estimated at 21 million tonnes by the US Geological Survey, and its recently established critical minerals policy adds government scrutiny of control changes and supply agreements. Foreign companies filed 42% of 2,727 rare earth exploration applications through June, while tax credits of up to 20% target domestic processing.
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The Northern Miner
BC Tory Landslide Raises Mining Hopes, Rights Fears
Lorne Doerkson's Conservatives led in 63 of 93 ridings with 48% of the vote in the preliminary count, against 28 for the NDP and two for the Greens, with final counting scheduled for 6 November. The party has promised legislated permit timelines and a larger exploration tax credit, and plans to repeal the province's Indigenous-rights law, which the First Nations Leadership Council wants retained. Red Cloud Securities called the result positive for permitting and sentiment but warned repeal could shift uncertainty to the courts.
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GlobeNewswire
Lithium Argentina Announces Repurchase of $200 Million of Its 2027 Convertible Notes
Lithium Argentina repurchased $200 million principal of its convertible senior notes due January 2027 for about $198 million in cash, leaving roughly $59 million outstanding. The buyback was funded from cash on hand, including proceeds of the $180 million Ganfeng Lithium strategic investment that closed on 15 September 2026. Cash exceeded $100 million after the repurchases, and the company intends to repay the balance at or before the 15 January 2027 maturity, with no other corporate-level debt maturing until 2032.
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Mogotes Metals
Mogotes Metals Announces Binding Offer to Acquire NSR Royalty
A Mogotes subsidiary has made a binding offer to buy GRG Resources' 1.5% net smelter returns royalty on the Filo Sur project for $13 million, comprising $6.5 million in cash and $6.5 million in shares priced on the 20-day VWAP at the definitive agreement date. The parties intend to negotiate a definitive agreement and use commercially reasonable efforts to complete by 29 December 2026, subject to TSXV and other approvals. The consideration shares carry a four-month-plus-a-day hold period.
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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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