The Drill Down
Tuesday 28 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
Sundance Resources Awarded $616M After Cameroon's Unlawful Iron Ore Project Grab
An International Chamber of Commerce tribunal awarded Sundance about US$616 million after finding Cameroon unlawfully revoked its rights to the Mbalam-Nabeba iron ore deposit and handed the permit to another developer. The ruling caps a six-year fight and follows Sundance losing a separate case against the Republic of Congo in January. Cameroon must now pay, though Sundance has flagged it may need to pursue enforcement.
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Our Take
The award is the headline, collection against a sovereign is the real question. Enforcement can run years, so the timing of any cash is what matters.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,077
+0.59%
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Silver
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$58
+0.36%
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Platinum
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$1,622
+0.09%
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Palladium
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$1,289
+3.53%
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Base Metals & Commodities
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Copper USD/t
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$14198.64
+0.93%
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Nickel USD/t
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$17239.50
-0.28%
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Zinc USD/t
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$3594.19
+0.20%
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Lead USD/t
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$1882.30
+0.35%
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WTI Crude USD/bbl
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$82.15
+0.32%
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Prices updated as of 28 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Belo Sun Mining Corp.
A 2017 Civil Public Action challenging the indigenous component study behind the Volta Grande installation licence has ended with no decision on the merits, and appeals are exhausted. Belo Sun is developing the gold project in Para, Brazil. A separate action filed on 16 July over consultation with the Mebengokre-Xikrin people remains live.
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Deep Sea Minerals Corp.
The seabed nodule explorer climbed during the session, then after the close clarified its disclosure at the request of the British Columbia Securities Commission. The regulator found paid promotions run between 26 February and 10 July did not always disclose they were issued on the company's behalf, with some omitting facts or making unsubstantiated claims. Investors were told not to rely on that material.
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Axo Metals Corp.
Mexico's environmental authority approved the environmental impact statement for Axo's San Antonio gold project in Sonora, the primary authorisation needed to build and operate. The site holds more than 1.1 million ounces across five deposits alongside an existing 4,000 tonne per day mill. A routine land-use approval is still outstanding, expected before year end.
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Radius Gold Inc.
Radius paired a portfolio update with a financing announcement. The update covered the Amalia gold-silver project in Mexico and Holly in Guatemala, where an inferred resource of 406,316 ounces at 9.57 g/t gold equivalent sits on the La Pena structure. The market treated the raise as the operative news.
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Laurion Mineral Exploration Inc.
No announcement accompanied the fall. Laurion's most recent release confirmed it had remobilised its field team and resumed Phase 1 drilling at Ishkoday in northwest Ontario, after regional wildfires forced a suspension and evacuation. The stock has drifted lower since February with assays still pending.
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Uranium Royalty Corp.
Uranium Royalty completed its combination with Sweetwater Royalties, adding soda ash royalties across Wyoming, Utah and Colorado at an enterprise value near US$1.9 billion. Existing holders fall to about 41% of the new Delaware parent, which lists on Nasdaq as the Toronto line is delisted. The stock sold off on completion.
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Market data as of 28 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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Reuters
Trump May Need to Allow Chinese Minerals as US Industry Struggles to Meet 2027 Deadline
Trump's push to strip Chinese critical minerals from US defence supply chains by 1 January 2027 is faltering as domestic capacity lags. Federal rules would bar rare earths, magnets, tungsten, molybdenum and tantalum sourced from China, Russia, Iran and North Korea, yet Washington has routinely granted waivers because US supply cannot meet demand. A recent executive order makes those waivers harder to obtain.
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Our Take
Two years cannot rebuild processing that took China decades. The waiver flow and federal stockpile buying will show where the money actually moves.
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Stockhead
Mount Isa's Renaissance: All Roads Lead to Queensland's M&A Capital
Stockhead frames Mount Isa and the wider North West Minerals Province as the focal point of a fresh wave of Queensland copper consolidation, with juniors jostling around the Mount Isa Inlier. It follows Larvotto's June move on Hammer Metals and the government-backed package keeping the Glencore smelter running to 2028. The district's endowment and infrastructure are drawing acquirers.
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Our Take
Existing smelter and rail access is what makes Mount Isa ground worth buying rather than building. Expect the consolidation to keep favouring names with tenure next to infrastructure.
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Stockhead
Even After a Pullback, Juniors Are Still Confident in Lithium's Long-Term Future
Spodumene has eased back toward US$2,075 a tonne from a May peak near US$2,870, and lithium equities have sold off with it. Stockhead reports that junior developers remain confident, pointing to a structural deficit expected to reassert from 2027 as new supply struggles to respond. The near-term weakness is framed as a cycle dip, not a thesis break.
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Our Take
Conviction is easy to hold when the deficit is always a year or two out. The test for these juniors is funding the build through the soft patch without dilutive raises.
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Northern Miner
Implats Halts South Africa's Largest Platinum Mine After Six Deaths Spur Safety Concerns
Impala Platinum suspended mining at its Rustenburg complex from 24 to 28 July for a safety reset after four fatal injuries in the year to 30 June and two underground locomotive fatalities in July. Rustenburg employs about 51,500 people and accounts for almost half of group output. The company will run inspections and appoint independent specialists to review its safety systems.
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Our Take
A voluntary halt at half of group output carries a real production cost, which signals how seriously the board is treating the loss of life. The investigation will determine what follows.
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Mining.com
Op-Ed: Copper Supply Gap, Good News on Borrowed Time
The IEA's Global Critical Minerals Outlook 2026 narrowed the projected 2035 copper supply gap from about 30% to roughly 25%, the first improvement after a decade of widening. Almost all of it comes from expansions and life extensions at existing mines, including Kisanfu and Lumwana in Africa, Highland Valley in Canada and Antamina in Peru. Resolution Copper in Arizona is so tangled in litigation the IEA excluded it from both its base and high cases.
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Our Take
Brownfield tonnes are cheaper and faster, which is why they came first. The greenfield pipeline that has to replace them still runs through permitting and litigation.
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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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