The Drill Down
Monday 3 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
Chile Posts Weakest Copper Output for Second Quarter in 19 Years
Chile produced 1.27 million tonnes of copper in the June quarter, down 7.7% year on year and the weakest April to June result in data going back to 2007. Ageing mines are struggling to lift output despite billions in investment. Bloomberg Intelligence expects mine supply to stay tight through 2026, with disruptions and slow recoveries offsetting new production.
|
Our Take
Grade decline is the one supply constraint capital cannot fix quickly. A quarter of world supply shrinking is the floor under every copper developer's valuation.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,043
-1.47%
|
|
Silver
|
$58
-2.44%
|
|
Platinum
|
$1,640
-0.83%
|
|
Palladium
|
$1,280
-2.58%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$14467.56
+0.19%
|
|
Nickel USD/t
|
$17215.50
-0.27%
|
|
Zinc USD/t
|
$3637.72
+1.47%
|
|
Lead USD/t
|
$1869.60
-0.72%
|
|
WTI Crude USD/bbl
|
$81.23
-4.06%
|
|
Prices updated as of 3 Aug 2026, 8:03 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
XXIX Metal Corp.
No announcement accompanied the move, on 7.39 million shares against a 463,643 average, roughly 16 times normal turnover.
|
|
PJX Resources Inc.
No announcement accompanied the move, which closed at the 52-week high of 25c. PJX has consolidated 100% of eight properties covering more than 50,000 hectares in the historical Sullivan Mining Camp in southeastern British Columbia.
|
|
Electric Metals (USA) Limited
No announcement accompanied the move, on volume around eight times average. Electric Metals holds the North Star Manganese project in Minnesota, an indicated resource of 5.69Mt at 19.2% manganese, and plans a 100,000 tonne per year high-purity manganese sulphate plant. There is no active manganese mine supply in North America.
|
|
|
|
Noble Mineral Exploration Inc.
Noble reported that Canada Nickel secured federal approval for the Crawford nickel project, the first mining approval under Canada's amended Impact Assessment Act since 2019. Noble held Crawford until transferring it in 2019, so the benefit is reputational rather than direct.
|
|
Manhattan Uranium Discovery Corp.
No announcement accompanied the move, on volume around eight times average. Manhattan holds 25 US projects across more than 25,000 acres in Utah, Colorado and Nevada, covering 15 past-producing mines with historic production and underground development. The close of 21.5c sits near the 52-week low of 19c.
|
|
Lithium Ionic Corp.
Emerita Resources filed a statement of claim in the Ontario Superior Court on 29 July, claiming an equitable interest in the Bandeira project in Brazil. The allegations are unproven and no current Lithium Ionic directors or officers are named. The company disputes the claim and says it is the rightful owner.
|
|
Market data as of 3 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
South Korea, Chile Sign Five MOUs, Deepen Lithium and Copper Cooperation
South Korea and Chile signed five memorandums on Thursday, including a minerals partnership elevated to ministerial level covering lithium and copper supply chains. The leaders also agreed to restart the FTA joint committee for the first time in a decade. Korean imports of Chilean critical minerals run at about $2.1 billion a year.
|
Our Take
Batteries and semiconductors buying direct from the resource holder cuts the intermediary out. Kast is trading access for industrial partnership.
|
|
African Mining
Africa's Critical Minerals Need Stable Investment Conditions
The IFC's head of metals and mining, Namrata Thapar, told Mining Indaba that Africa holds about 30% of the world's mineral reserves and 500 million youth entering the labour market by 2040. Governments want beneficiation, local ownership and stronger fiscal returns. Investors want policy stability and infrastructure readiness.
|
Our Take
Resource nationalism and capital competitiveness are pulling in opposite directions. Zimbabwe's reform package last week is the test case worth watching.
|
|
The Guardian
Adani to Pay No Company Tax Despite $1bn Revenue From Queensland Coalmine
Carmichael's thermal coal operations offset $963.5m of revenue with production and related party logistics costs to record a $340.6m loss for the 12 months to 31 March, erasing the tax bill. Adani paid $58m in royalties. The project has not paid corporate tax since opening in 2021.
|
Our Take
Related party charges converting a billion in revenue into a loss is the structure working as designed. Queensland's coal lobby just argued its case on direct spend for a reason.
|
|
AFR
Stokes-Backed Miner Hit With Takeovers Panel Complaint Over Zenith Bid
A fund manager has lodged a Takeovers Panel complaint over Forrestania's Zenith bid, claiming its purchase of the Edna May gold mine from Ramelius Resources was known at the time of the bid. Forrestania is backed by Kerry Stokes interests.
|
Our Take
Whether Edna May was disclosed at bid time is a materiality question that could reshape the terms.
|
|
|
AFR
Kalgoorlie's Mining Gabfest Reckons It Has Grown Up. A New Home Helps
Diggers and Dealers boss Jim Walker says the conference's reputation for debauchery is outdated and unwarranted. For much of its 30-plus years the event was regarded first as an industry party, with exposure to east coast investors and capital markets a secondary benefit. A new venue anchors the repositioning.
|
