The Drill Down
Thursday 6 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
Glencore's Australia Listing Taps Mining-Friendly Capital for Copper, M&A Ambitions
Glencore will seek a secondary ASX listing in October, tapping Australia's A$4.4 trillion pension pool to fund copper growth and position for M&A. Gary Nagle expects ASX 200 entry within 12 months at about A$1.5 billion of Australian market capitalisation, then the ASX 100 at roughly A$5.5 billion. No capital raising is required, interest sharpened after the failed Rio talks, and Glencore is targeting 1.6 million tonnes of copper by 2035 from under 870,000 tonnes.
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Our Take
The Australian register comes first and the acquisition after. With Comex copper at a record US$6.73 a pound, the currency for that deal is appreciating fast.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,248
+4.18%
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Silver
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$62
+4.25%
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Platinum
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$1,736
+0.95%
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Palladium
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$1,362
+1.34%
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Base Metals & Commodities
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Copper USD/t
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$15010.34
+1.79%
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Nickel USD/t
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$17122.50
+0.09%
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Zinc USD/t
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$3721.84
+2.24%
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Lead USD/t
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$1880.10
+0.03%
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WTI Crude USD/bbl
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$75.05
-0.01%
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Prices updated as of 6 Aug 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Patagonia Gold Corp.
No announcement accompanied the move, a bounce off a 5c 52-week low. Patagonia began leaching at its flagship Calcatreu gold-silver project in Rio Negro, Argentina, in March, and dispatched first doré in June. Calcatreu holds 690,000oz indicated and 343,000oz inferred.
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Val-d'Or Mining Corporation
Initial assays from the winter program at Perestroika in Quebec returned 3.08g/t gold over 84.0m in hole PE-26-027 and 3.07g/t over 21.30m in PE-26-030. Twenty-five holes for 12,477m outlined a corridor 1,000m along strike by 150m wide. Eldorado Gold operates and can earn 70%, with 6,127 sample results still pending.
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Pelangio Exploration Inc.
No announcement accompanied the move, on 760,165 shares against a 38,486 average, close to 20 times normal turnover. Pelangio holds camp-scale gold ground in Ghana and Canada, including the Obuasi property adjacent to AngloGold Ashanti's Obuasi mine, plus Manfo, Birch Lake in Red Lake and Dome West at Timmins.
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NEO Battery Materials Ltd.
NEO announced a non-brokered LIFE offering of up to 25 million units at 24c for gross proceeds of up to $6 million, each unit carrying one share and one warrant, closing around 13 August. The stock closed at 21c, below the offering price.
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Kobrea Exploration Corp.
Kobrea signed an exploration alliance with BHP Metals Exploration over its Western Malargüe copper projects in Mendoza, Argentina, taking a US$3 million upfront payment and at least US$5 million of BHP-funded exploration over a two-year generative phase. BHP can select up to four projects and earn 75% of each. The stock opened at 44c and closed at 32.5c.
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Coyote Copper Mines Inc.
Phase 1 and Phase 2 soil geochemistry confirmed a large porphyry system at Copper Springs in Arizona's Copper Triangle, alongside a 2,000-acre land package expansion. Earlier geophysics identified a donut-shaped magnetic low with surrounding chargeability highs, consistent with a porphyry alteration halo. The stock touched 57c, above its 52-week high, before closing at 48c.
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Market data as of 6 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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Mining.com
US-Backed Orion Eyes Stake in Giant Tanzania Nickel Mine
Lifezone Metals has picked US-backed Orion CMC as preferred partner for Kabanga, a $940 million build producing about 350,000 tonnes of nickel concentrate a year plus copper and cobalt. Orion CMC was formed in October with $1.8 billion behind it from the US Development Finance Corporation and Abu Dhabi's L'imad Holding. Tanzania holds 16%, with a final decision due early next year.
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Our Take
Washington and Abu Dhabi funding a Tanzanian nickel mine is the direct answer to Indonesia's 60% share. BHP walked away from this same asset.
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Mining.com
Codelco's El Teniente Two-Year Setback Deepens Copper Fears
A union leader says the Andes Norte suspension could run two years. El Teniente production fell about 27% year on year across the first five months, with Codelco output at a 25-year low. The chairman has conceded the 1.7 million tonne target for 2030 is no longer achievable.
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Our Take
Two years takes Andes Norte tonnage out of every 2027 and 2028 balance. The 1.7 million tonne target has now been formally given up.
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AFR
Uncle Sam Among Potential Suitors for Twiggy Forrest's Rare Earths Stake
The US government has emerged as a potential suitor for Andrew Forrest's 60% holding in the Yangibana rare earths project in WA's Gascoyne. Forrest had already flagged his intention to sell.
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Our Take
A sovereign buyer at the table sets the benchmark for every Australian rare earths asset on the block. Washington's buying spree has reached Australian soil.
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Mysteel
US Steel Imports Plummet 23% in H1
US steel imports totalled about 10.26 million tonnes over January to June, down 22.8% year on year on Census Bureau data. The fall follows the doubling of steel import tariffs to 50% in June last year.
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Our Take
A 23% import collapse is the tariff working as designed. Whether domestic capacity fills the gap or prices simply rise is the open question.
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Stockhead
Diggers and Dealers: Lithium Bosses Cautiously Optimistic We'll Avoid Another Lithium Winter
Spodumene ran from US$575 a tonne to almost US$3,000 between late June 2025 and May, before a pullback took Liontown down close to 60% since 1 May and PLS 35.6% lower. PLS boss Dale Henderson said at Kalgoorlie the low-hanging supply that answered the 2022 rally is gone, and the next wave must be far larger. Benchmark has lifted its long-term forecast to US$2,465 a tonne.
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Our Take
The supply response that broke 2023 came from low-hanging fruit already taken. Benchmark's US$2,465 long-term forecast says the floor has moved up.
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The Northern Miner
US Orders Black Mass, Tungsten Scrap Kept Home
Suppliers of tungsten waste and black mass must sell domestically from later this month under a Federal Register rule, with exemptions available. The restriction runs one year and follows the 30 July Defense Production Act determination. The US has not commercially mined tungsten since 2015.
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Our Take
Scrap is the only domestic tungsten feedstock America has. Korean and Southeast Asian recyclers are the ones who lose supply first.
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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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