The Drill Down
Friday 31 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
Copper Price Jumps on Tightening Supply, Mining Stocks Rally
Comex September copper jumped as much as 2.9% to $6.4930 a pound on Thursday, bringing it within about 2.5% of the record set in early June, while LME copper gained 1.3% to $13,753 a tonne. Nearby LME contracts moved to a premium of about $24 a tonne over three-month futures, a backwardation signalling near-term scarcity after the spread spent most of the year at a discount. LME inventories fell by more than 10,000 tonnes this week to 262,300 tonnes.
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Our Take
Backwardation after a year of contango is the physical market speaking over the macro. Codelco guiding down gives this squeeze a genuine supply spine.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,103
+0.87%
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Silver
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$59
+2.33%
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Platinum
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$1,653
+0.04%
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Palladium
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$1,314
+4.61%
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Base Metals & Commodities
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Copper USD/t
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$14435.15
-0.04%
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Nickel USD/t
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$17262.50
+0.89%
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Zinc USD/t
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$3584.89
+0.96%
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Lead USD/t
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$1883.10
-0.37%
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WTI Crude USD/bbl
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$84.03
+0.12%
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Prices updated as of 31 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Noble Mineral Exploration Inc.
No announcement accompanied the move, on volume around 16 times the daily average. Noble has 69 samples from its Chapiteau and Mehmet rare earth properties at Activation Labs, with results due mid-August.
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Hercules Metals Corp.
Hercules is appointing the former Arizona Sonoran management team, with George Ogilvie as chief executive from 1 September and six executives joining. That team took Cactus from roughly C$125 million in 2021 to a C$2.0 billion acquisition by Hudbay this year.
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First Canadian Graphite Inc.
Phase I prospecting at Zone 13 on the Lac Gueret South project in Quebec returned graphitic carbon grades up to 43.4%, with 14 of 46 samples above 20%. These are surface grab samples rather than drill intercepts.
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Ridgeline Minerals Corp.
No announcement accompanied the move, which follows a short run-up over recent sessions. Ridgeline holds Nevada ground with Nevada Gold Mines earning into Swift and Black Ridge, and South32 funding the Selena carbonate replacement project.
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Denarius Metals Corp.
Wednesday's second quarter numbers from the Zancudo gold-silver project in Colombia showed shipments up 67% and half-year revenue of US$8.6 million, against US$1.7 million for all of 2025. Liabilities of $86.79 million against $17.93 million in cash remain the constraint.
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Arianne Phosphate Inc.
No announcement accompanied the move, on below-average volume. Arianne is advancing the fully permitted Lac a Paul phosphate project in Quebec, and shipped purified phosphoric acid samples to potential customers for battery-grade testing on 9 July.
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Market data as of 31 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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Miningmx
Endeavour CEO Surprised by Barrick Talk Amid Mali Exit
Endeavour Mining chief executive Ian Cockerill said June speculation linking the company to Barrick made no sense, since he would only back mergers and acquisitions that reduced political risk. Reuters had reported Barrick was weighing an all-share deal to move its African assets into Endeavour and then list in London. Endeavour is exiting Mali, where it wrote down its Kalana project by $9.5 million last year following a $133.1 million impairment the year before.
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Our Take
A buyer chasing lower political risk is the wrong counterparty for a Mali-weighted portfolio. Endeavour's $25 an ounce discovery cost is the better story here.
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Anglo American
Anglo American and Teck Announce Future Anglo Teck Executive Leadership Team
Anglo American and Teck have named the executive leadership team for Anglo Teck, the combined company due to complete between September 2026 and March 2027 subject to final regulatory approval. Duncan Wanblad takes chief executive, with Teck's Jonathan Price as deputy chief executive, John Heasley as chief financial officer and Ruben Fernandes as chief operating officer. Wanblad described the group as offering investors more than 70% exposure to copper, run from a Vancouver headquarters.
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Our Take
Anglo takes chief executive, finance and operations while Teck takes the chair and the headquarters. The $800 million synergy target is what the market will hold them to.
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Reuters
Blast at Pakistan Coal Mine Complex Kills at Least 11, Dozens Missing, Official Says
At least 11 coal miners were killed and dozens are missing after an explosion buried parts of a mining complex in Pakistan's Balochistan province on Thursday. The provincial minister for mines and mineral development said 36 people were in the collapsed section at the time. A senior regional mining official attributed the incident to a powerful methane explosion that damaged two adjacent mines, with rescue efforts under way at a depth of 4,000 feet near Quetta.
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Our Take
Thirty-six workers underground at 4,000 feet, and a methane ignition across two adjacent mines. The rescue window is the whole story here.
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Bloomberg
Chilean Officials Send Mixed Signals on Private Capital in Codelco
Finance Minister Jorge Quiroz said late Wednesday the government could bring in private capital at Codelco at some point, while chairman Bernardo Fontaine said on Thursday the company was not pursuing a stock market listing. Officials remain aligned on retaining state control. The debate was sparked by Arturo Squella, head of the party founded by President Jose Antonio Kast, who told La Tercera the state should sell a stake to strengthen management and finances.
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Our Take
Codelco has been untouchable since nationalisation, so a finance minister floating private capital at all is the signal. Fontaine has just abandoned the 1.7 million tonne target.
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Fastmarkets
How the Emerging BESS Sector Is Shaping Lithium Demand
Battery energy storage has become a major driver of lithium demand alongside electric vehicles since late 2025. Fastmarkets' battery-grade lithium carbonate assessment for China, Japan and Korea peaked at $24.50 to $25.80 a kilogram on 12 May, up 212% from a June 2025 low. Higher prices have revived interest in sodium-ion, though lithium iron phosphate still accounts for more than 90% of the storage market.
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Our Take
A 212% move is precisely what funds substitution work. CATL's sodium line ships 1 GWh this year, and the risk to lithium sits in what that becomes by 2028.
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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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