The Drill Down
Monday 28 September 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 Fields Said to Express Interest in Buying Northern Star
Bloomberg reported Saturday that Gold Fields approached Northern Star Resources about a takeover and was rebuffed, with Gold Fields now weighing its next move. Northern Star carries a market value of A$31.5 billion (US$22.1 billion) after its shares fell 17% this year, against Gold Fields' US$35.7 billion market cap after a 9% decline. The approach comes as activist investor Elliott Investment Management keeps up pressure on Northern Star's board, which appointed a new CEO in July.
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Our Take
Gold Fields exited a A$1.1 billion Northern Star stake only a year ago, sold off once its Gold Road Resources takeover closed in September 2025, and it is now weighing an outright bid instead. Chairman Michael Chaney told shareholders in June that the company had fielded several approaches over the past year but that it wasn't the right time to sell, leaving the next move with Gold Fields while Elliott Investment Management keeps pressing the board toward a sale.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,285
+0.23%
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Silver
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$64
+0.70%
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Platinum
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$1,778
+1.33%
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Palladium
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$1,265
+0.12%
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Base Metals & Commodities
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Copper USD/t
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$14996.05
-0.13%
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Nickel USD/t
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$16347.50
-0.86%
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Zinc USD/t
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$3895.22
-1.34%
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Lead USD/t
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$1919.80
-0.17%
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WTI Crude USD/bbl
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$93.49
+1.14%
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Prices updated as of 28 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Ashley Gold Corp.
Phase III step-out hole TAK-26-16, east of the 67Z on the Tak Project in the Dryden area of northwestern Ontario, returned 3.333g/t Au over 60.00m from 24.00m downhole, including 229g/t Au over 0.65m at 63.15m, with visible gold photographed at about 63.5m. It is the best interval on the property to date, drilled in under 2,000m of diamond drilling on patented ground abutting NexGold's Goliath-Gold Complex. Four Phase III holes await assays and four Phase IV holes are complete.
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North Arrow Minerals Inc.
North Arrow's latest update from the Kraaipan Gold Project in southern Botswana, on 8 September, reported a new gold-in-bedrock occurrence at Target AM, where KR26-081 returned 0.21g/t Au over 5m beneath 32m of Kalahari cover, with anomalous bedrock gold at Targets AM and AH now traced about 16km north of Target A. Rotation 4 RC drilling is under way at Target AE, now interpreted over about 1,000m of strike, where KR26-040 earlier returned 27m at 1.11g/t Au including 12m at 1.71g/t Au.
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Storm Exploration Inc.
Storm's first five holes for 1,000m at the Gold Standard Project, 60km north of Fort Frances in Ontario, all intersected disseminated to semi-massive and massive sulphides, with chalcopyrite and sphalerite logged in every hole, confirming a previously unrecognised VMS system. Drilling spans 1.9km of a 7km conductivity anomaly, with the 4km east-west limb untested, and VMS specialist Dr Stephen Piercey has been engaged to review the project. These are visual observations only, with assays from Actlabs expected in early Q1 2027.
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Largo Inc.
Largo priced a registered direct offering of 10.2 million shares and matching warrants at US$0.56 per unit for about US$5.7 million, with the warrants exercisable at US$0.70 for five years and closing expected around 29 September. Proceeds go to working capital, including paying trade creditors, with Arias Resource Capital Fund IV, an affiliate of co-CEO Alberto Arias, and co-CEO Jim Bannantine taking an aggregate of 2,499,999 units on the same terms. The raise follows the US$23.4 million offering Largo closed in October 2025.
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NiCAN Limited
NiCAN's latest assays, released 14 September, covered the first seven holes of a 16-hole, 2,395m program at the Horseshoe Gold Zone on its Pipy South Property near Thompson, Manitoba, including 0.65g/t Au and 11.55g/t Ag over 75.0m in PG26-06 and 30m at 0.9g/t Au including 2m at 8g/t Au. Nine holes remain to be reported, and the company presents at the Gentile Mining Investor Forum in London on 19 October.
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Patagonia Gold Corp.
Calcatreu in Río Negro, Argentina began leaching on 15 April 2026 and produced 1,960 gold equivalent ounces in the June quarter, of which 515 were sold. The Río Negro Secretariat of Labour ordered a partial, temporary suspension of certain activities on 19 August, lifted as announced on 27 August after an agreement on hiring and training local workers, and the company said it was evaluating the impact on its production objectives.
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Market data as of 28 September 2026, 9:30 AM AEST
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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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Mining.com.au
Lobito Corridor Power Push Strengthens Mineral Supply Chains
The US Trade and Development Agency signed with Anzana Electric Group to fund a feasibility study on rehabilitating existing hydropower, building new generation and expanding distribution to supply mines feeding the Lobito Corridor in the DRC and Zambia. The 1,300km rail and transport network carries copper, cobalt and other critical minerals to Angola's Atlantic port of Lobito, and USTDA notes mining often consumes most of the region's available power.
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Our Take
A US$3 million study grant is small money, but it extends Washington's corridor play from the rail line into the power supply that caps how far Lualaba and North-Western Province mines can grow. Displacing diesel generation is the commercial hook for operators, and with USTDA programming carried out by US companies, the study also seeds the equipment and engineering pipeline that follows any build.
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Bloomberg
Trump-Xi Summit Yields Coal Pledge as Tariff Talks Extend
The White House said China will import at least 10 million metric tons of US coal in 2027 and again in 2028, following Xi Jinping's state visit to Washington. The two sides reached consensus on more favourable tariff treatment for US$30 billion of non-sensitive goods in each direction, and extended the trade truce by two months to 10 January 2027.
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Our Take
The coal pledge restores a buyer that ranked among the top five importers of US coal until it slashed purchases in 2025. For the minerals trade the more consequential line sits in the rare earths section, where the White House commits only to continued work on returning shipments to appropriate levels, so with the truce now running to 10 January 2027, magnet supply outside China still has no committed timetable.
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Euronews
Norway Says Europe's 'Largest' Rare-Earth Mine Plan Set for 2028
Norway's government, which took over planning from the local municipality earlier this year, aims to have a development plan for the Fen Complex in place by 2028 at the latest. The deposit, about 150km southwest of Oslo, is estimated to hold 15.9 million tonnes of rare-earth oxides including neodymium and praseodymium, but surveys identified 78 endangered species in the area. Owner Rare Earths Norway targets first mining in the first half of the 2030s.
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Our Take
Pulling the planning up to national level is the meaningful step, because siting the surface processing plant, the piece that collided with the endangered species findings, now sits with the state and no longer with a municipal council. The timeline still runs long: even with a plan by 2028, first ore in the early 2030s leaves Europe's NdPr needs for the rest of this decade dependent on imports.
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Reuters
Chinese, US Firms Line Up for Peru Copper Projects as Government Cuts Red Tape
Energy and Mines Minister Guillermo Shinno expects Peru to add about 1 million tonnes of annual copper output within five to six years, against 2.5 to 2.7 million tonnes forecast this year, and has identified 27 permits that could be eliminated. Around 20 companies have met the Fujimori administration, including MMG, Chinalco, Shougang, Jinzhao, Newmont, Freeport-McMoRan, First Quantum, Barrick, Anglo American and Glencore. Copper accounts for about 70% of Peru's US$64 billion project pipeline.
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Our Take
A million tonnes on this year's base is a 37% to 40% lift, and with most of the roughly US$7 billion invested in 2026 going to sustaining capital, greenfield projects such as First Quantum's La Granja and Chinalco's Los Calatos have to carry it. Stripping out 27 permits shortens the approval queue, but it leaves untouched the recurring social conflict Shinno himself cites as one reason output has flatlined since 2023.
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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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