The Drill Down
Wednesday 5 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.
Download Full Report
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Lead Insight
Codelco Halts Expansion Work at Top Mine on New Seismic Risk
Codelco has suspended expansion works in the Andes Norte section of El Teniente after six months of analysis pointed to seismic risk tied to the depth of the deposit, different from the risks previously identified and monitored. The suspension affects four contractors, more than 20 contracts and around 3,000 workers, though production across the division continues normally. It comes a year after the 31 July 2025 collapse at the same mine that killed six workers.
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Our Take
Seismicity that arrives at depth without warning is a mine design problem, and Codelco keeps finding them. Chile's supply recovery slips again.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,077
+0.54%
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Silver
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$60
+2.30%
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Platinum
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$1,729
+6.14%
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Palladium
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$1,344
+6.37%
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Base Metals & Commodities
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Copper USD/t
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$14745.70
+1.36%
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Nickel USD/t
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$17107.50
-0.34%
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Zinc USD/t
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$3640.19
+0.78%
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Lead USD/t
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$1879.60
+0.90%
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WTI Crude USD/bbl
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$75.32
+0.17%
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Prices updated as of 5 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Ridgeline Minerals Corp.
Nevada Gold Mines, the Barrick and Newmont joint venture, acquired 100% of Ridgeline's Swift, Black Ridge, Bell Creek and Atlas gold projects for a one-time US$23.15 million cash payment, or C$32.7 million. The deal completed effective 3 August. Ridgeline's market capitalisation was C$33.17 million.
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Arizona Gold & Silver Inc.
Evolution Mining is taking a strategic stake through a non-brokered private placement of 15,056,004 units at C$0.80, raising roughly C$12 million. Each unit carries a half warrant exercisable at C$1 over three years. Evolution will hold about 9.9% undiluted, with proceeds directed at the Philadelphia and Silverton properties.
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Westward Gold Inc.
Chip channel sampling of a 177-metre trench at the SSD target, Toiyabe Hills in Lander County, Nevada, returned 13.4 metres at 6.55g/t gold within 34.8 metres at 2.84g/t. Individual samples graded up to 17.90g/t. This is the first of three trenches in a 468-metre program completed ahead of drilling.
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Barksdale Resources Corp.
No announcement accompanied the move. Barksdale opened at the session high of 26c and closed at the low of 17.5c, retracing a one-day spike on turnover of roughly twice the average.
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Deep Sea Minerals Corp.
Deep Sea filed a Form F-10 registration statement with the SEC under the multijurisdictional disclosure system, becoming a US reporting issuer. Audited accounts for 2025 and 2024 were refiled through a PCAOB-registered auditor. The filing follows a final base shelf prospectus dated 28 July, which together open the door to US offerings.
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Fancamp Exploration Ltd.
Fancamp's exploration assets were spun into Goldera Exploration effective 30 July, and Goldera lists under GERA today. Fancamp itself continues from today as ERDA Resource Opportunities, a royalty and investment platform.
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Market data as of 5 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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Mining.com
Rio Tinto Signals No Rush to Revive Glencore Deal as Standstill Ends
The six-month freeze under UK takeover rules expired this week, having been triggered when Rio walked away from a $200 billion merger on 5 February. Chief executive Simon Trott has reassured Australian investors there is no reason to revisit talks, with cost cuts and asset sales the priority. Glencore shares are up 33% this year against an 18% rise in Rio's UK-listed line.
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Our Take
Glencore's 33% run has priced it out of Rio's reach. The copper growth gap after 2030 still has no answer other than M&A.
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Mining.com
Canada Can Double Uranium Exports by 2035, but Execution Remains Biggest Risk, Marsh Says
Raul Munoz of Marsh Canada says the question is not whether Canada can produce more uranium, but whether projects can clear permitting, financing and policy implementation fast enough. Canada is the second largest producer behind Kazakhstan, with all output from high-grade Saskatchewan operations. Ottawa's national uranium strategy, unveiled in June, targets a doubling of exports by 2035 supported by new mines entering service.
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Our Take
Doubling exports by 2035 requires mines in service by then, which means permitting decisions now. NexGen's Rook I and Denison's Wheeler River are the test.
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ABC News
Cook Government Has No Plans to Change WA's Uranium Mining Ban Despite Trade, Development Push
The Cook government has no plans to alter Western Australia's uranium mining ban. The state has prohibited new uranium mining leases since 2017, with three previously approved projects allowed to continue, and the Liberal and Nationals opposition has committed to lifting the ban if elected.
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Our Take
Canada is legislating to double exports while WA holds a ban. That contrast is Saskatchewan's investment case.
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The Northern Miner
South32 Breaks Decade-Long US Permit Curse in Arizona
The Hermosa zinc-silver project secured final federal approval in just over two years, the first mining project to complete the FAST-41 process in a state where federal reviews have often run beyond a decade. The record of decision issued in early July was the last approval required, with Arizona having already permitted the mine and construction on private land about half done. Federal approval covers infrastructure crossing public land, including a high-voltage transmission line, a second access road and tailings storage.
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Our Take
Two years instead of ten is the number every US developer will now quote at their next raise. FAST-41 has its proof case.
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Investing News Network
US Military Scraps US$300 Million Lithium Carbonate Purchase
The Defense Logistics Agency cancelled its solicitation for 35.64 million pounds, roughly 16,170 tonnes, of battery-grade lithium carbonate, giving no reason. The tender launched on 2 July sought five-year fixed-price contracts for the National Defense Stockpile, and the bid deadline had already been pushed back twice. The agency cancelled a cobalt tender last year.
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Our Take
Two stockpile tenders pulled in two years says Washington cannot settle on a price it will pay. Beijing still sets that price.
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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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