The Drill Down
Wednesday 28 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
Gold Miners Trade at Discount After Selloff
Senior gold producers are trading at 6.82 times expected 12-month cash flow against a five-year average of 8.83 times, a 23% discount, as the precious metals selloff extends into the fourth quarter, according to Haywood Securities. Haywood frames the move as consolidation within an ongoing bull market and expects strong balance sheets to drive M&A as producers replenish reserves. Its top picks are Canadian developers First Mining Gold, Thesis Gold & Silver and Troilus Mining.
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Commodity Prices: 28 Oct 2026, 8:03am AEST
| Gold (USD/toz) | $4,060 +1.06% |
| Silver (USD/toz) | $54 +0.81% |
| Platinum (USD/toz) | $1,541 +0.81% |
| Palladium (USD/toz) | $1,033 -0.93% |
| Copper (USD/t) | $14,831.30 +1.76% |
| Nickel (USD/t) | $15,497.50 +0.03% |
| Zinc (USD/t) | $3,816.64 +0.46% |
| Lead (USD/t) | $1,923.30 +0.80% |
| WTI Crude (USD/bbl) | $100.20 -1.53% |
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Market Movers: Winners & Losers, Canadian Markets
Top Gainers
GRBM +22.2%: Green Bridge Metals
Green Bridge started a six-hole, roughly 2,600-metre Phase 2 diamond drilling program at Titac North in Minnesota on 21 October. The fence-style holes test titanium, copper and vanadium potential beyond the Titac South Inferred resource of 46.6 Mt at 15% TiO₂ and will generate data for a future PEA.
NSJ +20.5%: NSJ Antimony
NSJ announced a flow-through financing on 19 October of up to 1.4 million shares at C$0.66 for gross proceeds of up to C$924,000. Funds go to exploration and development at its Antimony 2.0 property in New Brunswick, about 15 km from the past-producing Lake George antimony mine.
LAB +20.0%: Labrador Gold
Labrador Gold closed its non-brokered placement on 23 October, raising C$5.76 million through 115.2 million hard-dollar and flow-through shares at C$0.05. Five insiders took up C$1.31 million of the final tranche and no finder's fees were paid. The stock finished at C$0.06, a 20% premium to the issue price.
Top Losers
HRNY -17.1%: Bighorn Metals
Bighorn completed its fall program at the Loljuh porphyry copper-gold project, 40 km south of Smithers, BC, on 21 October, with infill soils over five targets and hand-trenching at three areas, including a newly identified copper occurrence.
WRLG -14.5%: West Red Lake Gold Mines
West Red Lake cut 2026 Madsen guidance to 27,000-32,000 ounces from 35,000-45,000 after Q3 output of 7,859 ounces. It cited difficulty recruiting skilled underground staff and tougher-than-expected remnant pillar extraction. September was the best month since restart at 3,320 ounces, and an integrated Madsen-Rowan PFS is due in the coming weeks.
CRTL -2.2%: Critical One Energy
Critical One's latest update, on 8 October, proposed spinning its Kenora uranium property and Namibian uranium and copper interests into Critical Two Energy, with shares to be distributed to Critical One holders as a dividend. Micon has been engaged for an independent technical review at Kenora. The funded 2026-27 program at the flagship Howells Lake antimony-gold project continues.
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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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MarketScreener
EU Readying for Major Australian Resources Investment, Ambassador Says
EU ambassador Lawrence Meredith expects a wave of European investment into Australian critical minerals once the Australia-EU free trade agreement struck in March is ratified, expected early next year, removing a 5.5% EU tariff on critical minerals. Australia is close to signing an MoU with the European Investment Bank, and EU proposals set aside up to €10 billion for critical raw materials within a €409 billion competitiveness fund. The bloc is initially targeting gallium, antimony and rare earths, the minerals Australia is prioritising for its strategic reserve.
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SEC Filing
Freeport Reports Q3 Earnings; Indonesian Gold Timing and Export-Duty Uncertainty Remain
Freeport posted third-quarter net income of US$1.2 billion, or US$0.81 a share, on revenue of US$7.55 billion. Gold sales of 105,000 ounces trailed production of 234,000 ounces after about 60,000 ounces of refined Indonesian gold was deferred into the fourth quarter. PT Freeport Indonesia is seeking clarity from the government because current regulations specifying a 10% export duty on refined gold conflict with its IUPK licence, which requires no such duty.
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Miningmx
Iron Ore Hits Two-Year Low as Demand Weakens
Benchmark iron ore futures in Singapore fell as much as 1.4% to US$89.25/t, the lowest intraday level since September 2024, as Chinese steel demand enters its seasonally weakest stretch. Shipments from the four biggest miners, including Rio Tinto and BHP, could rise by up to 18 million tonnes in the fourth quarter while Simandou continues to ramp up. Horizon Insights expects prices to stay weak through November, with a possible slide towards US$85-86/t.
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MarketScreener
DTEC Granted Permit to Ship Raw Rare Earths From Malaysia to US for Research, CEO Says
DTEC Mineral and Metal Technology, 51% owned by US citizens, has received a permit to export up to 700 tonnes of rare-earth carbonate from Malaysia's Perak state to US companies and research institutions, with a first shipment of about 30 tonnes expected this weekend. CEO Milan Perlly said it is the first approval under Malaysia's newly eased rules, which relax a 2024 ban on raw rare earth exports. He said US EXIM has expressed support for up to US$650 million in financing for a proposed Malaysian refinery.
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Investegate
Conditional Approval of Jibal Qutman Development
KEFI's Saudi joint venture GMCO, 13% held by KEFI and 87% by ARTAR, has approved the roughly US$87 million Stage 1 development at Jibal Qutman, targeted to start in Q4 2026 subject to a Mining Licence from the Minister of Industry and Mineral Resources. The oxide carbon-in-leach operation is expected to recover about 258,000 ounces over seven years, with a post-tax NPV5 of US$141-275 million and IRR of 23-60% at US$3,000-5,000/oz gold. KEFI's share is about US$10-12 million over 24 months if contributed as equity.
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ABC News
Outback Mining Companies Concerned Workforce Shortage Will Affect Production
With about 85 critical minerals projects underway in Queensland's North West Minerals Province and closed mines reopening, operators warn a shortage of skilled workers will hamper production. AIC Mines, which has a binding agreement to acquire the Mt Cuthbert copper project, says it is struggling to hire, while 29Metals plans to restart Capricorn Copper, which once employed about 400 people, by year-end. The Queensland Resources Council says the biggest gaps are mining engineers, geologists, electricians and mechanical engineers.
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Fastmarkets
Recycled Battery Metal Markets Battle Headwinds During Damp LME Week
Recycled battery materials traders at LME Week reported weak sentiment as Korean cellmakers shift to LFP chemistries and nickel and cobalt demand softens. Fastmarkets' CIF South Korea NCM black mass payables for nickel and cobalt fell to 88-94% on 21 October from 92-96% a week earlier, the lowest since 21 January 2026, while standard-grade cobalt in Rotterdam slipped to US$19.50-22.50/lb. A UK recycler said two domestic companies have stopped shredding batteries amid a lack of funding.
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AFR
Farewell to Rock Star Who Blew the Whistle on Mining's Biggest Scandal
The AFR pays tribute to mineralogist Roger Townend, whose work helped unravel Bre-X, the Canadian explorer that perpetrated a C$6 billion fraud on investors in 1996 and 1997 by claiming the world's biggest gold discovery at Busang in Indonesia. Working as a sub-consultant to Normet, Townend made observations on Busang samples that were instrumental in leading others to suspect tampering. The scandal was loosely retold in the 2016 Matthew McConaughey film Gold.
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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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