The Drill Down
Wednesday 30 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, Silver Rebound as Soft Data Cools October Fed Hike Bets
Spot gold traded near US$4,172.40 an ounce, up 1.42%, and spot silver near US$61.27, up 1.23%, in late US trading Tuesday as bullion recovered from Monday's selloff. August JOLTS job openings fell to 7.079 million from 7.335 million against expectations near 7.225 million, and September consumer confidence dropped to 81.9, the lowest since 2014, pulling October rate-hike odds to around 51.5% from 70.9% on Monday. The 10-year Treasury yield still sat near 5.25% and the 30-year near 5.59%, with PCE inflation Wednesday and the September employment report Friday the next tests.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,182
+1.63%
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Silver
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$61
+1.38%
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Platinum
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$1,712
-0.45%
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Palladium
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$1,223
+1.24%
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Base Metals & Commodities
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Copper USD/t
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$14755.22
+0.75%
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Nickel USD/t
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$15950.50
-1.20%
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Zinc USD/t
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$3841.94
+0.34%
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Lead USD/t
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$1889.80
-0.23%
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WTI Crude USD/bbl
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$88.61
-0.37%
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Prices updated as of 30 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Arizona Eagle Mining Corp.
Arizona Eagle engaged Hancon Mining Division USA under a pre-construction engineering agreement to plan the reopening of the past-producing McCabe Mine for underground drilling, at a maximum cost of US$391,344 with work due to start around 14 October. An indicative US$3.7 million budget covers dewatering, rehabilitating the ventilation raise and developing access to the 830-foot level over about eight months, targeting a Phase 1 underground drill program in the third quarter of 2027. Management says underground drilling needs about 5% of the surface metres to reach the same targets, against a historical estimate of about 880,000oz of gold at 11.7g/t and 5Moz of silver at 69g/t that is not treated as a current resource.
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Au Gold Corp.
Au Gold arranged a non-brokered C$2 million private placement of 8,695,652 units at C$0.23, each with one share and a half warrant exercisable at C$0.40 for three years, subject to TSX Venture approval. CEO Marc Blythe said the number and quality of drill targets at the Havelock gold-antimony project in Victoria exceeded expectations, lifting the planned maiden program from 2,000m to about 5,000m of diamond drilling. Proceeds fund exploration and general corporate purposes, following the 16 and 21 September releases detailing initial targets on the Shaw-McFarlane Trend.
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Emperor Metals Inc.
Infill hole DQ26-37 at the Duquesne West gold project in Quebec returned 32.0m at 5.9g/t Au from 365m, including 2.6m at 22.4g/t Au, at an estimated 70 to 85% true thickness. Assays are reported for 59% of that hole and 44 of 66 holes from the 20,479m 2026 campaign, with about half of the total expected assays still pending and drilling due to resume in late October. The existing inferred resource is 26.9Mt at 1.69g/t Au for 1.46Moz (July 2025), with an updated resource estimate and a PEA to follow.
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Golden Cariboo Resources Ltd.
Sell-the-news the likely driver after an inaugural NI 43-101 resource for the Quesnelle Gold Quartz Mine property near Hixon, British Columbia, of 9.97Mt at 0.56g/t AuEq for 178,000oz AuEq Indicated plus 70.9Mt at 0.44g/t AuEq for 1.01Moz AuEq Inferred, effective 26 September. It is reported at a 0.15g/t AuEq cut-off within an open pit shell using US$3,600/oz gold and US$40/oz silver. The Halo deposit was defined from 24 holes totalling 8,466m over about 1,150m of strike and 420m wide, open in all directions, with the Main zone excluded and no metallurgical testing completed.
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Stallion Uranium Corp.
Stallion recommenced diamond drilling at the Coyote target on its flagship Moonlite Project in the Athabasca Basin, Saskatchewan. About 4,585m of the expanded 6,750m 2026 program is complete, leaving roughly 2,165m to test refined Phase II targets built from drilling, geophysics and structural interpretation. Moonlite sits within the southwestern Athabasca Basin joint venture with ATHA Energy, and the release carried no assay results.
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Roscan Gold Corporation
Selling pressure on no news the likely driver. Roscan's flagship Kandiolé gold project in Mali, nine contiguous permits over about 402km² alongside B2Gold's Fekola, carries a resource of 58.2Mt at 0.68g/t Au for 1.283Moz Indicated and 5.6Mt at 0.52g/t Au for 0.09Moz Inferred, effective 19 February 2026. The 2 March PEA reported an after-tax NPV5% of US$498 million and an IRR of 43%, with the supporting technical report filed on 16 April.
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Market data as of 30 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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The Northern Miner
US Minerals Push Starts to Dent China's Grip: WSJ
The Wall Street Journal reports the US campaign of equity stakes, loans, price guarantees and offtake support has advanced more than 180 critical-minerals projects since China's April 2025 rare earth export controls, with non-equity government investment in rare earth and magnet projects reaching US$7.6 billion in the 18 months to June, more than four times the 2020 to 2024 total. The Pentagon's US$400 million of MP Materials preferred shares comes with a US$150 million loan and a US$110/kg NdPr floor, while Thacker Pass carries a US$2.23 billion DOE loan and Energy Fuels a conditional US$725 million commitment. CRU projects China loses market share by 2030 in several areas it now dominates, though rebuilding Western capacity could take a decade or more.
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Mining Weekly
North American Energy Storage to Drive Lithium Carbonate Demand Through 2031
Mordor Intelligence expects the global lithium carbonate market to grow at a 22.74% CAGR to 3.93 million LCE tonnes by 2031, with North America the fastest-growing region at 28% against Asia-Pacific's 79% share in 2025. Energy storage leads application growth at 24% and is forecast to consume 42% of global lithium carbonate by 2035, up from 8% in 2020, with US utility-scale installations this year poised to reach triple the 57.6 GWh of 2025. China still holds 60% to 70% of lithium refining while importing 80% of its spodumene from Australia.
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Mining.com
Copper Price Holds Above $14,400 as Chile Strike Risk Grows
Three-month LME copper rose 0.2% to US$14,446/t in London on Tuesday, up about 9% in September and heading for a third straight monthly gain after a record US$14,875 earlier in the month. Workers at Antofagasta's Centinela rejected the final contract offer on Monday, opening a mandatory mediation period before any walkout, while wage talks at BHP's Escondida were delayed after a fatal accident. ICSG data show July mine output at an annualised 23 million tonnes, down 4% from June, with refined demand up 3% to 29 million tonnes against refined supply down 1% to 28.4 million tonnes, and Deutsche Bank sees about US$22,000/t by the second quarter of 2027 if competition for supply intensifies.
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The Northern Miner
Trump's Venezuela Gold Push Hits Refiner Snag: NYT
The New York Times reports hundreds of millions of dollars of Venezuelan gold shipped to the US since March under a Trafigura deal with state miner Minerven remains in storage because refiners will not handle it, with the metal still unsold six months on. Some of it was tied to small-scale miners paying protection money to the Tren de Guayana gang, and shipments began before Trafigura or independent auditors had inspected the two Minerven mines it sourced from. Heeney Capital and Mercuria have meanwhile agreed to pursue Venezuelan gold and other minerals they estimate could reach US$2.2 billion a year in exports.
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Mining Weekly
Ghana's Environmental Authority Targets Chinese-Owned Cardinal and Others in Mining Crackdown
Ghana's Environmental Protection Authority has issued a pre-closure notice to Shandong Gold's Cardinal Namdini Mining, partly over an alleged failure to promptly report a tailings pipeline decoupling that caused a spill. The EPA shut Chinese-owned Earl International last week over a legacy compliance issue linked to illegal gold mining, though Earl says a permit signed on 28 September cleared it to resume operations on Monday, and it is reviewing an inspection report on Gold Fields' Tarkwa, which faces a lease expiry in 2027. Deputy Chief Executive Michael Ayamga says the authority is moving from periodic inspections to continuous monitoring, and it fined AngloGold's Iduapriem last year.
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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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