The Drill Down
Monday 31 August 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
45 Indian Coal Power Plants Have Critical Low Fuel, Government Data Shows
Forty five coal-fired plants were running below 25% of required inventory or on less than three days of stock as at 25 August, up from 31 at the end of July, with 40 of those on domestic coal, according to Central Electricity Authority data. Inventories stand at 30.95 million tonnes, about 10 days of cover against 12 in July, after a 19% drawdown from end-July levels, BigMint said. Heavy rain across Odisha, Jharkhand and Chhattisgarh has hit mining and rail movement, and the power ministry has asked some plants to defer scheduled maintenance.
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Our Take
Forty of the 45 run on domestic coal, which puts the pressure squarely on wet-season output and rail movement out of Odisha, Jharkhand and Chhattisgarh. Cover has slipped to 10 days from 12 with maintenance already being deferred, so the restock has to clear before the post-monsoon demand build, and the five plants outside the domestic chain are where any near-term seaborne call surfaces first.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,455
-3.19%
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Silver
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$66
-4.16%
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Platinum
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$1,825
+0.19%
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Palladium
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$1,419
+5.10%
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Base Metals & Commodities
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Copper USD/t
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$14643.75
-0.72%
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Nickel USD/t
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$16739.50
-0.61%
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Zinc USD/t
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$3870.68
+0.29%
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Lead USD/t
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$1896.60
-0.27%
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WTI Crude USD/bbl
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$85.27
+2.19%
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Prices updated as of 31 Aug 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Namibia Critical Metals Inc.
No specific catalyst identified, with momentum across the rare earth developers the likely driver. The joint management committee overseeing the Lofdal heavy rare earth project in northwestern Namibia approved up to about C$11 million of additional definitive feasibility study funding on 20 July, awarding the first metallurgical and geometallurgical contracts to SGS Canada. That work covers pilot flotation, hydrometallurgy and a 98 sample variability programme, and moves the study beyond concentrate export towards separate light and heavy rare earth carbonate products, with JOGMEC and Toyota Tsusho alongside as project partners.
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Homerun Resources Inc.
Homerun shipped bulk purified silica grading more than 99.99% SiO2 from the Santa Maria Eterna district at Belmonte in Bahia, Brazil, to prospective customers for product qualification and to the University of California, Davis, for advanced materials development. Dorfner Anzaplan test work found two hour thermal pre-treatment followed by acid leaching delivered the lowest total impurities at 81 parts per million, a result first reported on 9 July. The release discloses no qualification outcomes and no commercial sales agreement.
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Silver Viper Minerals Corp.
No specific catalyst identified, with strength across the silver explorers and volume at roughly four times the average the likely driver. Infill drilling at the El Rubi zone of the La Virginia gold-silver project in Sonora has taken the program to 8,885.45 metres in 27 holes since October 2025, with July results including 15.8 metres at 2.20g/t Au and 355.2g/t Ag, within that 9.4 metres at 3.43g/t Au and 156.5g/t Ag, and a separate 11.0 metres at 2.70g/t Au and 177.6g/t Ag. Silver Viper also agreed in March to acquire the Coneto silver-gold project from Orex in an all-share deal valued at US$15 million.
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Eastern Platinum Limited
No specific catalyst identified, with profit taking on volume around four and a half times the average the likely driver. Second quarter revenue fell 25.8% year on year and gross margin swung to negative 53% from 3%, with mine operating income moving to a loss on lower platinum group metal sales and higher production costs. Operations at the Crocodile River Mine on the western limb of the Bushveld run on UG2 ore from the Zandfontein underground section, producing PGM concentrate sold to Impala Platinum under offtake agreements alongside chrome concentrate.
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Libra Energy Materials Inc.
Libra announced a non-brokered private placement on 28 August for gross proceeds of $700,000, made up of 5,000,000 shares at $0.10 for $500,000 and 1,538,462 critical mineral flow-through shares at $0.13 for the balance, with closing expected on or about 14 September. The hard dollar price sits below the prior close, which accounts for the move. Proceeds fund further exploration across the Toivo, Stimson, Flanders South, Flanders North and SBC projects in Ontario and the Cisco West and Obamska lithium projects in Quebec, plus general working capital.
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Minco Silver Corporation
No specific catalyst identified, with profit taking after a strong run through July and August the likely driver, on volume around twice the average. Minco Silver's flagship is the Fuwan silver project in Guangdong, roughly 45 kilometres southwest of Guangzhou, held alongside the adjoining Changkeng gold project. The stock closed well below its 52 week high of $0.92.
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Market data as of 31 August 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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Company Release
Participation in the Dos Amigos Copper-Gold Project in Chile Through an Investment in Canada's Tintina Mines
Sumitomo Corporation and the G Mining Group, through a 50:50 special purpose vehicle, subscribed for about C$48 million of Tintina Mines' C$91 million private placement, taking roughly 25% of the TSX Venture listed company and an effective 12.5% economic interest for Sumitomo in the Atacama copper-gold project. Proceeds funded Tintina's move to 100% ownership of Dos Amigos and will carry it towards a final investment decision. The 2026 PEA outlines measured and indicated resources of about 101 million tonnes and inferred of about 256 million tonnes, a 25 year life and 35,000 tonnes per day open pit throughput for roughly 37,000 tonnes of copper and 57,000 ounces of gold a year.
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Our Take
Sumitomo is buying entry at PEA stage through a TSX Venture listing, which is early for a trading house that usually takes minority positions in large built operations such as Quebrada Blanca. What it is underwriting is G Mining's delivery record at Tocantinzinho, Greenstone and Fruta del Norte, and G Mining Capital exists to repeat the structure, so Dos Amigos reads as the first placement out of that platform with more to follow.
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Premium Times
Attempted Coup: Niger Junta Still in Control, but Situation Remains Tense
Mutineers seized Diori Hamani International Airport and Air Base 101 in Niamey on Saturday, briefly interrupting state broadcasts and declaring under the name Armed Forces for the Restoration of the Fatherland that Abdourahamane Tchiani was no longer head of state, the constitution dissolved and the borders closed. The junta called in the Russian-linked Africa Corps, which mounted an air and ground offensive alongside the Presidential Guard and killed or arrested the mutineers. Mali, Burkina Faso and Algeria have backed the government, and researcher Hasret Kargin ties the timing to the release of four al-Qaeda linked jihadists a day earlier in exchange for 11 soldiers.
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Our Take
Algeria's pledge of support carries the most commercial weight of the three, because Niamey has been negotiating an Algerian export corridor and Niger's uranium has no coastline of its own. Global Atomic's Dasa, held 80% through SOMIDA with the state on 20%, is running on a letter of support Tchiani signed in May calling the project a major strategic investment, so the value of that undertaking now turns on whether the man who signed it stays in the chair.
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Mining.com
Governments Become 'Deal Participants' as Critical Minerals Race Accelerates
State involvement in minerals projects is shifting from lending to direct participation through equity stakes, price floors and long-term offtake, according to Baker Botts lawyer Rebecca Seidl Inglesby. The US has signed or approved roughly 160 minerals-related deals worth close to US$40 billion since January 2025 on Fastmarkets numbers, alongside February's US$12 billion Project Vault stockpile and a price-floor system pitched to 55 countries at a summit this year. The capital stack now blends EXIM loans, DFC and DOE support and direct federal equity, with tightened restrictions on defence contractors sourcing from restricted suppliers.
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Our Take
The operative change for a developer is that binding offtake now comes before bankability, so commercial capability gets tested ahead of the orebody. A federal equity holder with a price floor also caps the downside a lender would otherwise price, and it puts a counterparty on the register whose consent any future control transaction has to clear.
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The Business Times
Chinese Nickel Firms in Indonesia Mull Output Cuts on Low Prices
Senior executives from Tsingshan Holding Group, GEM, Lygend Resources and Technology and Zhejiang Huayou Cobalt met over the past week to discuss lowering operating rates at their high-pressure acid leaching plants in Indonesia, according to people familiar with the matter. The group is weighing coordinated cuts to the mixed hydroxide precipitate those plants produce as weak prices squeeze profitability.
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Our Take
Jakarta spent 2026 cutting ore quotas to lift the price, and the operators are now proposing the same discipline one layer downstream on the battery-feed intermediate. Three of these four already trimmed HPAL rates from March on sulphur costs, so this would be a second curtailment on a different driver, and it lands on cathode makers a step removed from the stainless chain the ore quotas were built around.
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Moneyweb
Gold Miners Are Having a Better Month Than Chips Did in Years
The MSCI global gold miners index is up 43% in August and on track for its biggest monthly gain on record, ahead of the best month either semiconductor benchmark has managed this year, at 27% for the MSCI world gauge and 38% for the Philadelphia index in April. Bullion is up about 13% over the month at close to US$4,583 an ounce, with the move accelerating after the US Treasury unexpectedly expanded bond buybacks and revived the debasement trade. Gold-backed ETF holdings are climbing at their fastest rate since September.
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Our Take
The move came out of the bond market, with expanded Treasury buybacks pulling borrowing costs down and reviving the debasement trade, so the sector has been rerated on a macro input no management team controls. What it buys them is currency, and a 43% month is the window in which developers price equity raisings and scrip-funded deals that were unaffordable in June.
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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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