The Drill Down
Thursday 3 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
El Niño May Force Major Drop in Indonesian Nickel Production
Indonesia Morowali Industrial Park, the country's largest nickel complex, may have to cut output by 30% to 40% if new water sources are not found, with an El Niño driven drought curbing supply to its smelters, head of media relations Dedy Kurniawan said. The energy ministry is monitoring power supply to smelter areas, with director general of mineral and coal Tri Winarno noting that reduced rainfall lands hardest on facilities running off hydroelectric generation. In the Luwu region of South Sulawesi, a ferronickel plant has already cut load and placed about 570 workers on standby as river flows and hydropower output fell.
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Our Take
Jakarta already cut the 2026 ore quota to 260 to 270 million tonnes from the 320 million produced last year, taking RKEF utilisation to 76% from 84%, and the INSG has the market at a 32,000 tonne deficit on that basis. A 30% to 40% cut at Morowali would sit on top of a tightening Jakarta designed, with the difference that this one cannot be dialled back by policy. SMM reports the IMIP water shortage is so far constraining carbon steel rather than the nickel lines, so the figure is a conditional worst case, and El Niño is forecast to peak this month.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,388
+1.37%
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Silver
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$65
+1.94%
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Platinum
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$1,761
-0.02%
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Palladium
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$1,350
+3.23%
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Base Metals & Commodities
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Copper USD/t
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$14572.55
+1.10%
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Nickel USD/t
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$16875.50
+1.39%
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Zinc USD/t
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$3846.09
-0.72%
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Lead USD/t
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$1887.80
-0.86%
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WTI Crude USD/bbl
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$90.78
+0.13%
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Prices updated as of 3 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Scorpio Gold Corporation
Hole 26MN-115 at Goldwedge in Nevada's Manhattan District returned 3.02g/t Au over 48.92m from 118.87m, including 19.29g/t over 5.24m, plus 5.14g/t over 10.15m, downhole widths with no true width estimated. Hole 26MN-118, a 50m step-out along the Reliance Fault, cut 1.19g/t over 99.94m from 98.61m. Phase Two now stands at 114 holes for 32,585m with seven pending, against a maiden inferred resource of 18.34Mt at 1.26g/t for 740,000oz, and Scorpio's depositary shares began trading on Nasdaq two days earlier.
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Xcite Uranium Inc.
A 1,200m, three hole diamond program has begun at Lorado, 20km south of Uranium City in Saskatchewan, testing EM conductors and magnetic breaks tied to radon anomaly clusters and soil geochemistry. The 643ha property covers four Saskatchewan Mineral Deposit Index occurrences and the past producing Lorado mine, with three Beaverlodge type historical mines 3km to 8km from the targets. Xcite can earn up to 80% of Lorado and five other Saskatchewan projects from Eagle Plains under a December 2023 option.
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Independence Gold Corp.
Hole 3TS-26-48 at the Goofy vein on the 3Ts project in central British Columbia returned 9.23m at 5.12g/t Au and 33.04g/t Ag, 4.00m estimated true width, about 30m below discovery hole 3TS-26-39, which cut 9.10m at 14.70g/t Au and 36.70g/t Ag over 7.00m. The vein is open along strike and at depth, with autumn fieldwork ahead of Q4 drilling. 3Ts lies 16km southwest of Artemis Gold's Blackwater mine and holds 378,000oz AuEq indicated at 4.22g/t and 387,000oz inferred at 4.06g/t.
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Solitario Resources Corp.
First Ponderosa assays from the Golden Crest gold project in South Dakota returned 0.02g/t to 0.40g/t Au across multiple intervals in Paleozoic limestones, with no high grade feeder zones cut. Hole PD-007 returned 1.3m at 1.37g/t in older Precambrian rocks. Phase one closed with ten holes for 2,949m between mid May and late July, seven still at the laboratory for late September or October, while drone magnetics defined a 5km by 1.5km high on the western margin and 200m to 1,000m highs at Downpour-Wild Rose and Holland.
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PJX Resources Inc.
No specific catalyst identified, with profit taking after the recent run the likely driver. PJX holds 100% of about 750km² near Cranbrook, British Columbia, the largest position in the Sullivan district. Drilling mobilised to Dewdney Trail in mid July to test the Estella Basin Sedex target, where 2025 holes cut 63m of Quake zone mineralisation and a boulder on strike assayed 546g/t silver, 32.3% lead and 4.89% zinc, with the Gar gold target on Zinger awaiting a permit renewal.
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Hercules Metals Corp.
Hercules closed a C$4.5 million non-brokered placement on 31 August, 7,258,066 shares at C$0.62 taken by the seven incoming former Arizona Sonoran Copper executives, whose leadership under George Ogilvie began on 1 September. Proceeds fund drilling and expansion of the Leviathan porphyry copper system in Idaho, further porphyry targets and resource modelling. The shares fell anyway, with profit taking the likely driver after a run to a C$1.62 52 week high.
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Market data as of 3 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
Strike to Begin at Sibanye-Stillwater's US Operations
About 750 United Steelworkers members at Sibanye-Stillwater's Stillwater East mine and Columbus recycling and smelting complex in Montana walk out from 7am on 3 September, after more than four months of contract talks failed to produce an agreement. The union cites a refusal to bargain in good faith and a premature declaration of impasse, while the company says it remains committed to a deal that still enables the operational changes its US platinum group metals business needs. Stillwater East produced 76,334 ounces in the six months to 30 June, about 55% of the 137,930 ounces from the US mines, or roughly 446 ounces a day.
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Our Take
On the June half run rate, every week out takes roughly 3,100 ounces off Stillwater East. Sibanye has tied the negotiation to the operational changes it says the US business needs to stay viable, which is precisely what the union is contesting, so a quick settlement looks unlikely. The recycling and smelting lines at Columbus sit inside the same walkout, so the interruption runs past the struck mine and into the processing chain behind it.
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Mining.com
US Forest Service Signs Off on South32 Hermosa's Mine Plan in Arizona
The US Forest Service has signed the Final Mine Plan of Operations for South32's Hermosa project in southern Arizona, authorising work on Forest Service land including the primary access road, a secondary drystack tailings storage facility and supporting infrastructure. It follows the Final Record of Decision issued on 7 July and clears the way for initial earthworks, surveys and geotechnical investigations within weeks. Construction is roughly half complete on private land, with underground zinc mining expected in late 2027 and first zinc product from the processing plant in the first half of 2028.
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Our Take
Signing the MPO closes out the last approval sitting outside South32's control, and Hermosa's schedule now turns entirely on execution. That has been the expensive part so far: first-stage capital at Taylor was lifted to US$3.3 billion from the US$2.2 billion feasibility estimate in April on contractor underperformance and shaft construction delays, with first production pushed out a year and full capacity moved to FY31. The earthworks starting in the coming weeks are the first visible test of whether that has been brought back under control.
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Mining.com.au
Sibanye-Stillwater's Tasmanian Copper Mine Set to Come Online in 2029
The Sibanye-Stillwater board has approved the restart of the Mt Lyell copper mine at Queenstown in western Tasmania, with project execution from the first half of 2027 and first metal in early 2029. Steady state output is forecast at about 26,000 tonnes of copper, 16,000 ounces of gold and 116,000 ounces of silver a year, drawn from a 79.4Mt resource holding 1.6 billion pounds of copper and 500,000 ounces of gold across underground and open pit deposits. Resources Minister Felix Ellis puts the investment above A$490 million and up to 300 jobs over an initial 23 year life, against A$25 million of state support through payroll tax and royalty reimbursement and a A$9.5 million enabling works package.
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Our Take
Approval to first metal runs more than two years, so the capital goes in against a 2029 copper price rather than today's. Tasmania is carrying A$34.5 million of the enabling cost through works funding, payroll tax and royalty relief, which cuts the number Sibanye funds itself on a brownfield restart with infrastructure already standing. Set against 23 years of life and a resource holding 1.6 billion pounds of copper, that buys a long dated copper position in a jurisdiction where permitting is not the variable.
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Mining Weekly
Lynas Rare Earths Says It Was in Takeover Talks Earlier This Year
Lynas Rare Earths has confirmed it held takeover discussions earlier this year that did not proceed, with a spokesperson saying the talks carried a high level of uncertainty. The company, the biggest rare earths producer outside China, is searching for a new chief executive following the retirement of Amanda Lacaze. It reported a sharp lift in annual profit last month on record average selling prices and strong demand, though the result landed below market expectations.
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Our Take
Confirming an approach while the chief executive seat sits empty is an awkward sequence, because the next appointment now reads as a signal on which path the board is running. Lynas closed FY26 with A$1.21 billion of cash and a US$110/kg JARE floor on 5,000 tonnes of NdPr a year, so the funding case for selling is thin, and any acquirer would be bidding for the largest rare earths producer outside China with the foreign investment review that implies.
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AFR
Australia Has the Minerals. So Why Isn't Anyone Buying?
Critical Minerals Association Australia managing director Namali Mackay writes that willing trading partners need viable projects to invest in and reliable supplies they can buy, and that Australia has too few projects meeting that test. The piece answers former resources minister Martin Ferguson, who argued a day earlier that Australia should look afresh at its relationship with South Korea and named critical minerals as one of the most promising opportunities to strengthen bilateral trade, with Korea needing secure supply for its battery and advanced manufacturing industries.
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Our Take
The gap Mackay names sits beyond the reach of the A$1.2 billion strategic reserve, because a stockpile can buy offtake but it cannot originate a bankable project. Korea, Japan and the United States have each signalled appetite for supply outside China, and what converts appetite into contracts is the count of Australian assets carrying a completed study, a permit and a capital number a lender will fund.
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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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