The Drill Down
Friday 28 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
Zinc Price Jumps to 4-Year High as LME Stocks Plunge 64%
LME zinc for cash settlement closed at US$4,107 a tonne on 27 August, the highest since June 2022 and up 55% from a trough near US$2,650 in mid-2025. Warehouse stock has fallen from about 264,000 tonnes in December 2024 to roughly 95,000 tonnes, a 64% drawdown leaving available metal at its lowest since April 2023. Shanghai Futures Exchange inventory rose over the same period, concentrating the squeeze in Western warehouses.
|
Our Take
Hours before that price printed, Boliden agreed to buy Votorantim's 65% of Nexa for US$1.3 billion in shares, a deal BMO expects to lift Boliden's forecast mined zinc output 62% in 2027. Not a tonne of it reaches the 95,000 in LME sheds, so the sector has answered a four-year high by buying existing production while HSBC still forecasts 2026 supply falling 2.1% to 12.5 million tonnes.
|
|
| |
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,608
+0.15%
|
|
Silver
|
$69
+0.24%
|
|
Platinum
|
$1,853
+0.44%
|
|
Palladium
|
$1,351
+0.03%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14742.39
-0.05%
|
|
Nickel USD/t
|
$16841.50
-0.28%
|
|
Zinc USD/t
|
$3859.54
-0.05%
|
|
Lead USD/t
|
$1901.80
+0.30%
|
|
WTI Crude USD/bbl
|
$83.62
+0.07%
|
|
Prices updated as of 28 Aug 2026, 8:55 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Eastern Platinum Limited
No specific catalyst identified, with strength across platinum group metal equities the likely driver. Eastern Platinum's flagship Crocodile River Mine on the western limb of the Bushveld is mining and processing UG2 ore from the Zandfontein underground section, where Q2 2026 revenue fell 25.8% to $7.9 million and mine operating income swung to negative $4.2 million on run-of-mine tonnages below target. The company carried a working capital deficit of $67.9 million against $362,000 of cash at 30 June, with chairman Changyu Liu appointed interim chief executive on 13 August.
|
|
Northwest Copper Corp.
No specific catalyst identified, with positioning ahead of pending assays the likely driver. NorthWest has completed more than 6,500m of a fully funded 10,000m program at its 100% owned Kwanika project in British Columbia, run off three rigs and funded by a $13.8 million raise, targeting Western Zone underground resources and the northern Pit Zone. Chief executive Paul Olmsted said on 11 August that initial assays were expected shortly and the updated Kwanika-Stardust preliminary economic assessment was nearing completion.
|
|
Antimony Resources Corp.
No specific catalyst identified, with critical minerals momentum the likely driver. Antimony Resources reported visible gold in core at the Central Zone of its Bald Hill antimony project in New Brunswick on 14 August, a portable XRF reading of 285g/t Au at 165.85m in hole BHC-26-13, with formal assays pending. Main Zone drilling returned 13.0% antimony over 0.65m within 3.29% over 3.05m in BH-26-14, and the company had completed more than 25,000m in 77 holes across the 37km² property as at May.
|
|
|
|
Westward Gold Inc.
Profit taking after a strong run that carried the stock up from a 52 week low of 7c. Westward reported on 25 August that core hole T2602 at the SSD target on its Toiyabe Hills property in Lander County, Nevada returned 34.9m at 2.91g/t Au including 4.1m at 16.15g/t, following T2601 at 12.0m at 8.06g/t within 27.0m at 3.72g/t on 18 August. True widths are estimated at 50% to 70% of reported lengths, and a deep capacity RC rig is advancing T2603 against the margins of the near vertical Fault-G.
|
|
Stallion Uranium Corp.
No specific catalyst identified, with thin volume across uranium juniors the likely driver. Stallion said on 13 August it had completed 4,626m at the Coyote target on its flagship Moonlite project in the southwestern Athabasca Basin, where ML26-005 returned its highest radioactivity to date at a peak 1,416 counts per second over 2.3m, averaging 595cps. The 2026 program is being expanded from 5,500m to about 6,750m, with laboratory assays still pending and a ground gravity survey underway at Stone Island.
|
|
Q-Gold Resources Ltd.
Profit taking after a small run up, with no company announcement behind the move. Q-Gold's flagship Quartz Mountain project in Lake County, Oregon carries an April 2026 maiden PEA showing an after tax NPV at 5% of US$1.71 billion and a 55.2% IRR at US$3,265/oz gold, on initial capital of US$290 million and AISC of US$1,216/oz across a 14 year life averaging 135,400oz a year. The resource stands at 2.01Moz indicated and 494,000oz inferred, with drilling at Quartz Mountain and Angel's Camp feeding a planned feasibility study.
|
|
Market data as of 28 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 Weekly
Argentina, Chile Revive Cross-Border Mining Framework for Investment
Officials met Thursday under the Mining Integration and Complementation Treaty, a 1997 agreement revived in July, to advance legal and regulatory frameworks letting companies share infrastructure and resources across the Andes. Chilean Mining Minister Daniel Mas says the framework could unlock more than US$20.7 billion of investment and add 540,000 tonnes to annual copper production. Three projects meet in Santiago on Friday: McEwen Copper's Los Azules, Glencore's El Pachon and Vicuna, the Lundin Mining and BHP cross-border development.
|
Our Take
Vicuna is the live test, the only one of the three flagging Pacific desalinated water and a genuine cross-border footprint, while Los Azules has ruled out Chilean ports and Chilean water outright. Deputy Minister Alvaro Gonzalez has confirmed no fixed implementation timeline, so the framework's credibility gets measured by what BHP and Lundin commit at Vicuna well before any minister's tonnage number is tested.
|
|
Mining Weekly
Cobalt Refinery Builder Electra Secures C$17.5m Ontario Funding
Electra Battery Materials has finalised definitive agreements with Invest Ontario for C$17.5 million toward its cobalt sulphate refinery at Temiskaming Shores, where structural steel, concrete and piping installation are under way and select commissioning begins in the fourth quarter. Mechanical completion is targeted for the second half of 2027, with ramp-up in the third quarter and commercial production in the fourth. The plant will initially produce 5,120 t/y of contained cobalt, and Electra has secured 100% of commissioning feedstock through 2027 under an extended Glencore agreement.
|
Our Take
Steel is up and feedstock is contracted through 2027, so Ontario's money lands against execution risk Trent Mell has already largely retired. The open item sits at the other end of the flowsheet, because North America's first cobalt sulphate refinery needs a domestic cathode buyer under contract well before commercial production in late 2027.
|
|
Mining.com
Lithium Price: BMI Raises Forecast, Warns Rally Has Outrun Fundamentals
The most active Guangzhou lithium carbonate contract closed at 152,500 yuan, about US$22,500 a tonne, up 11% from July's lows and 29% in 2026, held up by the stalled restart of CATL's Jianxiawo mine. BMI has lifted its 2026 average Chinese carbonate forecast to US$20,100 a tonne, nearly double last year's US$10,502, while pencilling in third and fourth quarter averages of US$17,200 and US$16,800. Its carbonate forecast falls to US$16,500 in 2027 and bottoms at US$14,500 in 2028, with the market staying in surplus until 2031.
|
Our Take
The upgraded number still sits about US$2,800 below the US$22,941 Chinese spot has averaged this year, so BMI is calling a second-half fall on 13.2% production growth against 5.8% demand growth. Whether that gap opens turns on one environmental impact assessment at Jianxiawo, which Benchmark puts at 4% of global supply and enough to erase the 2026 surplus on its own.
|
|
Fastmarkets
US Issues Request for Project Proposals Seeking to Secure Indium, Magnesium, Titanium, Manganese Supply Chains
US Industrial Base Policy, a division of the Office of the Under Secretary of Defense, issued a request for project proposals on 21 August to address critical gaps in domestic indium, magnesium, titanium and manganese supply chains. Proposals must name one of six areas of interest spanning raw mineral sourcing and beneficiation, separation and processing, metal production and refining, alloying, recycling and supporting supply chains. Submissions close 17 September and bidders must provide a pricing outline, though the IBP did not specify the funding available.
|
Our Take
A four-week window with no funding envelope disclosed makes bidders set the price on work Defense has not sized, which favours anyone already holding a permitted site and feedstock over a concept. Rare earths are absent from the list after taking the bulk of Washington's recent critical minerals money, so this round is aimed squarely at the metals that surge skipped.
|
|
Miningmx
Harmony Gold Dividend Soars as Earnings Jump 87%
FY26 headline earnings per share rose 87% to 4,363c and adjusted free cash flow 54% to R17.15 billion, on a 46% higher average gold price received of US$3,811/oz and the first contribution from the CSA copper mine. Gold production fell 3% to 1,429,551oz within guidance, while CSA delivered 18,207t of copper at the upper end of estimates. A 750c final dividend takes the FY26 total to 1,280c and the payout to R8.15 billion, with net debt of R852 million against net cash of R11.15 billion a year earlier after the MAC Copper acquisition.
|
Our Take
The hedge book gave back R9.65 billion in realised losses, more than the entire R8.15 billion Harmony just paid out, and Beyers Nel is keeping it. FY27 is budgeted at R1.85 million a kilogram with copper guided to 28,000 to 30,000t at C1 of US$2.55 to US$2.65 a pound, so the conservatism funding Eva Copper and the A$500 million Australian facility is the same conservatism capping the print if bullion holds.
|
|
| |
|
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.
|
