The Drill Down
Thursday 30 July 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.
Download Full Report
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Lead Insight
Zijin Gold Terminates Allied Gold Takeover, Takes US$295M Stake Instead
Allied Gold's C$5.5 billion sale to Zijin Gold was terminated after both sides ruled out meeting closing conditions by the 29 July deadline, the deal reportedly failing on Chinese regulatory approvals. Zijin will instead take about 9.2% through a US$295 million placement at C$32.55, the 30-day VWAP. The shares fell roughly 16%.
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Our Take
Shareholders traded a takeover premium for a minority cheque and a Chinese anchor holder. Beijing's own approval process killed it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,068
+0.98%
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Silver
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$58
+0.94%
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Platinum
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$1,616
+0.86%
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Palladium
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$1,256
-0.22%
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Base Metals & Commodities
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Copper USD/t
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$14077.39
-0.09%
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Nickel USD/t
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$17110.50
+1.23%
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Zinc USD/t
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$3550.69
+0.22%
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Lead USD/t
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$1890.10
+0.80%
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WTI Crude USD/bbl
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$84.41
-0.27%
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Prices updated as of 30 July 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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InZinc Mining Ltd.
InZinc returned 15m at 7.0% zinc, 3.2% lead and 17.5 g/t silver from 67.1m at the B-9 Apex Zone, including 3m at 61.8 g/t silver. The shallow stacked zones sit on the Indy project in central British Columbia, with the 1,000m B-9 trend still open.
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Premier American Uranium Inc.
No announcement accompanied the rise. Premier American finished drilling at the past-producing Cebolleta uranium project in New Mexico on 13 July, with samples away for metallurgical testing. The move tracks Washington shortlisting five states for nuclear fuel-cycle campuses.
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Gladiator Metals Corp.
No announcement accompanied the rise, with nothing released since 22 July. Gladiator's Cub East discovery on the Whitehorse Copper belt in Yukon returned 32m at 1.36% copper and 0.63 g/t gold from 178m. A maiden Cowley resource is due this year, funded by a $35 million BlackRock investment in June.
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Precipitate Gold Corp.
Precipitate reported final results from five holes for 2,050m at Pueblo Grande Norte in the Dominican Republic, drilled to test induced polarisation anomalies. Core showed elevated pyrite, silicification and advanced argillic alteration in what it calls the lithocap zone. With the release centred on alteration, the market halved the stock.
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Auro Metals Inc.
Auro fell for a third straight session, with nothing since the 28 July assays of 542m at 0.60 g/t gold and 0.12% copper at Santa Barbara in Ecuador. The stock has surrendered roughly half its value in three days. Cash stood at $26,900 against $19.39 million of liabilities.
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Allied Gold Corporation
The C$5.5 billion Zijin Gold takeover was terminated after both sides ruled out meeting closing conditions by the 29 July deadline. Zijin will instead take about 9.2% through a US$295 million placement at C$32.55. Holders lost the takeover premium.
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Market data as of 30 July 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
US Department of Energy Shortlists Five States for Nuclear Sites
Energy Secretary Chris Wright signed non-binding memorandums with Tennessee, Utah, Louisiana, Idaho and Oklahoma to explore hosting Nuclear Lifecycle Innovation Campuses, chosen from 28 applications. The campuses would pair waste storage with uranium enrichment, reprocessing and fuel fabrication. Almost 100,000 tonnes of spent fuel has had no permanent home since Yucca Mountain stalled.
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Our Take
Onshore enrichment and reprocessing is the part uranium holders should watch. Waste storage is what these states are being paid to accept.
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Bloomberg
Glencore Scores Huge Trading Profits as War Upends Markets
Glencore expects first-half marketing adjusted EBIT of about US$3.3 billion, up 136% year on year and already ahead of the US$2.9 billion the division earned across all of 2025. Own-sourced copper output rose 15% to 397,000 tonnes on better grades in Africa and at Antamina. A full divisional breakdown follows on 5 August.
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Our Take
A half-year beating a full prior year shows what the trading book does with dislocation. At this pace the 2022 record falls.
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AFR
Mixed Bag for Lithium as Liontown Falls, MinRes Outperforms
Liontown posted record June quarter revenue of A$235 million, up 19%, with net cash flow of A$137 million and A$561 million cash, yet the shares fell 6.7% to $1.12. Spodumene output reached 103,000 tonnes against sales of 108,000 tonnes. Investors focused on higher FY27 cost guidance, while the AFR reports Mineral Resources outperformed.
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Our Take
Record cash generation counted for less than the FY27 cost line and capex ask. Lithium holders are still pricing execution over growth.
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The Northern Miner
First Quantum Adds 1,000 Jobs Early as Cobre Panama Restart Nears
First Quantum is adding 1,000 jobs ahead of formal negotiations with Panama over one of the world's largest copper mines. Panama is reported to be weighing several partnership structures, including a state-owned miner that would jointly operate it.
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Our Take
Hiring before a deal is signed is a calculated bet on restart. Whatever equity Panama extracts will decide what the asset is actually worth.
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Stockhead Special Report
Roberto's Journey Highlights Evion's Commitment to Local Development at Maniry
Roberto Andriambololona spent a decade as GIS and database manager at BlackEarth Minerals, now Evion Group, before scholarships took him to Curtin University for a Master of Geospatial Science and a PhD in spatial sciences completed in June 2026. He now works from Perth across Evion's Madagascar, India and US activities. Evion frames it as a test of whether local capability scales for the proposed Maniry graphite project.
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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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