The Drill Down
Friday 4 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
US July Copper Imports Hit Highest Level on Record
The United States imported a record 225,094 tonnes of refined copper and copper alloys in July, up 78% on June and 8% year on year, the highest monthly total in records going back to 1990. Chile supplied 46% of that volume and the Democratic Republic of Congo close to a quarter, with imports across the first seven months of 2026 reaching 1.12 million tonnes, up 4.2% on the same period last year. COMEX inventories have risen for 53 straight days to an all-time high of 693,630 tonnes.
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Our Take
The Section 232 report behind last year's 50% semi-finished duty also recommended a universal tariff on refined copper at 15% from 1 January 2027, stepping to 30% a year later, so the silence since the 30 June deadline leaves importers roughly four months of clear air. Fifty-three consecutive days of COMEX builds is how that window is being spent. Chile at 46% of July volume and the DRC at close to a quarter is precisely the concentration the report was written about.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,473
+1.93%
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Silver
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$67
+2.51%
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Platinum
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$1,823
+3.74%
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Palladium
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$1,418
+5.04%
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Base Metals & Commodities
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Copper USD/t
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$14717.26
+0.99%
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Nickel USD/t
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$16874.50
-0.01%
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Zinc USD/t
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$3865.99
+0.52%
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Lead USD/t
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$1896.60
+0.47%
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WTI Crude USD/bbl
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$91.75
+0.05%
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Prices updated as of 4 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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V Ten Metals Corp.
Collared the first hole of its inaugural Tanami program in the Northern Territory on 31 August, 6 to 10 RC holes for about 2,150 metres into nickel-copper-PGE targets from historical Aircore geochemistry, magnetics and HeliTEM. Four granted licences cover 1,237 sq km, 450 km northwest of Alice Springs and adjacent to Newmont's Granites mine, with part of the ground under a Newmont farm-in and joint venture.
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Bullfrog Gold Corporation
Major Drilling engaged for the fully permitted maiden program at the 10,050-acre South Bullfrog project in Nevada's Beatty District, about 3,000 metres of diamond drilling from seven pads, four at Shingleback and three at Longtail, starting in the fourth quarter. The 488 claims sit between AngloGold's Bullfrog, North Bullfrog and Arthur projects, in a district AngloGold consolidated between 2021 and 2025 through Corvus Gold at US$371 million and Coeur's Sterling at US$150 million. Renamed from Applied Graphite Technologies in June.
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Decade Resources Ltd.
DDH 1, the first hole of Phase I at Bonaparte 50 km north of Kamloops, hit porphyry-style chalcopyrite with occasional molybdenite beneath a high chargeability anomaly, the first hole ever drilled below it. Diorite and feldspar porphyry to 252.1 metres, propylitic alteration to 452 metres, potassic from 421 to 557 metres, mineralised feldspar porphyry from 557 metres to end of hole at 621.6 metres, open to depth. Visual observations only, with assays to follow from MSA Labs.
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Scorpio Gold Corporation
Four Phase Two holes at Manhattan, Nevada on 2 September, with 26MN-115 returning 3.02 g/t gold over 48.92 metres from 118.87 metres including 19.29 g/t over 5.24 metres, and 26MN-118 giving 1.19 g/t over 99.94 metres from 98.61 metres. American Depositary Shares commenced trading on 1 September and a halt imposed on the 2nd was withdrawn as an error. Phase Two sits at 114 holes for 32,585 metres, assays reported on 107, seven holes for 1,696 metres pending.
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Auriginal Mining Corp.
Final Phase 1 results from Roger at Chibougamau, Quebec on 1 September, with AUR-26-07 returning 125.3 metres at 0.67 g/t gold from 346.0 metres including 20.0 metres at 1.94 g/t, extending the zone at least 125 metres at depth. AUR-26-06 gave 34.5 metres at 0.69 g/t gold and 0.14% copper from 70.5 metres, plus 50.4 g/t over 0.5 metres at 572.7 metres. Profit taking after the run into the release, with Phase 1 closed at 10 holes for 7,325 metres and a revised resource due in October.
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Gold Springs Resource Corp.
No specific catalyst identified, with distribution on heavy turnover the likely driver at 462,429 shares against an average of 33,914. Gold Springs Resource holds the Gold Springs gold and silver project on the Nevada and Utah border, where Anderson Psomas is running engineering and permitting for a starter pit on Utah State land with a heap-leach plant on adjacent private land, sidestepping the federal pathway. Cash was US$0.01 million at 30 June against six-month general and administrative costs of US$0.26 million, excluding non-cash share-based payments.
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Market data as of 4 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 Weekly
LME Zinc Squeeze Signals Deepening Supply Risks for the West
LME three-month zinc hit a four-year high of $3,990 a tonne on Monday, with registered stocks at 100,525 tonnes and almost a third of that on cancelled warrants awaiting load-out. The cash premium over three-month metal reached more than $230 a tonne last week before easing to $139. Global mine output fell 2.6% year on year in the first half against ILZSG's April forecast of 0.3% growth, and SMM's spot treatment terms for imported concentrate hit an all-time low of minus $113 a tonne last month against a benchmark of $85.
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Our Take
A treatment charge of minus $113 a tonne means smelters have surrendered the processing fee entirely and are paying a premium on top to secure feed, which hands the economics of this squeeze to the concentrate producers. Mine output falling 2.6% against a forecast 0.3% rise is the number that sets the next benchmark round, and Western smelters walk into it with no leverage while China lifted refined output 5.9%.
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Mining.com
Brazil's Congress Approves Bill Establishing National Policy on Critical Minerals
Congress approved a government-backed bill on Wednesday establishing a national policy on critical and strategic minerals, clearing the Senate after the lower house passed it in May and now awaiting Lula's sign-off. It creates a guarantee fund seeded with 2 billion reais, or US$392.7 million, provides 5 billion reais of tax credits over five years, and establishes a federal council to determine which minerals are classified as critical and strategic. Brazil holds the world's second-largest rare earth reserves behind China on modest production.
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Our Take
Two billion reais converts to US$393 million, enough to underwrite risk at the margin without funding a single mine, so the 5 billion reais of tax credits carries the real incentive weight. Everything then turns on the federal council, because a developer committing capital today has no way of knowing whether its mineral makes the classified list that unlocks either.
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Mining Zimbabwe
Tharisa Tests $300m Bond to Fund Zimbabwe's Karo Platinum Mine
Tharisa has mandated DNB Carnegie and HSBC as joint bookrunners, with Absa as co-manager, for investor meetings this week testing appetite for a five-year senior secured bond with an initial issue amount of US$300 million through subsidiary Arxo Finance. Proceeds would fund capital expenditure at the US$545 million Karo PGM project on Zimbabwe's Great Dyke, which has already absorbed about US$241 million. Karo targets first ore in the second half of 2027 and roughly 226,000 PGM ounces a year at Phase 1, against group production of 138,300 ounces in FY2025, with a five-year concentrate offtake to Valterra Platinum in place.
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Our Take
Remaining capex works out at roughly US$304 million, so a US$300 million issue closes the gap almost exactly and the size looks reverse-engineered from the funding requirement. Cash of US$198.8 million against net cash of US$10.7 million puts existing debt near US$188 million, and a five-year note falls due inside four years of the targeted first ore date, which loads the refinancing risk onto the ramp-up rather than the steady state.
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Mining.com
Albemarle Taps BHP Veteran Udd as Next CEO
Albemarle has named BHP chief commercial officer Ragnar Udd as chief executive from 1 February 2027, replacing Kent Masters, who becomes executive chairman and is expected to hold that seat through the 2027 annual meeting. The appointment landed a day after BHP confirmed Udd would leave at the end of January. Albemarle said this week that global lithium demand through May was up 45% year on year, outpacing supply growth.
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Our Take
Udd runs BHP's global sales, marketing and commodity strategy and previously ran copper and potash in the Americas, so the world's largest lithium producer has hired for contracting and customer allocation at the exact point 45% demand growth hands pricing power back across the table. The board has set the handover for 1 February 2027 and will review Masters' chairmanship straight after the 2027 annual meeting, which gives Udd a matter of months of overlap before he owns the strategy outright.
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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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