The Drill Down
Monday 7 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
Vale Shelves Base Metals IPO Amid Brazil Pushback: Report
Vale has shelved the float of Vale Base Metals, the London-based unit holding its copper, nickel and cobalt operations across Canada, Brazil, Japan, Britain and Indonesia, on political opposition in Brazil to losing control of strategic assets. The Globe and Mail reported the decision on unnamed sources and said the listing could be revived later. Chief executive Shaun Usmar had targeted IPO readiness by midyear, and VBM agreed in February to sell most of its stake in a Canadian nickel venture as Vale pursues a doubling of copper output over the next decade.
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Our Take
Manara Minerals paid US$2.5 billion for 10% of VBM in April 2024, implying roughly US$25 billion for the unit and leaving the Saudi sovereign vehicle in a holding with no listed exit. Shelving the float leaves that mark untested and puts the decade-long copper build back on the parent balance sheet, where base metals are priced alongside iron ore rather than against copper peers.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,431
+0.01%
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Silver
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$66
-0.04%
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Platinum
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$1,813
-0.35%
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Palladium
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$1,391
+0.60%
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Base Metals & Commodities
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Copper USD/t
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$14720.23
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Nickel USD/t
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$16802.50
-0.43%
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Zinc USD/t
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$3929.03
+1.63%
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Lead USD/t
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$1896.10
-0.03%
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WTI Crude USD/bbl
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$92.22
+1.10%
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Prices updated as of 7 Sept 2026, 8:49 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Euro Sun Mining Inc.
Non-binding MoU dated 3 September with Macquarie Bank and Trafigura on a senior project finance facility of up to US$400 million for the Rovina Valley gold-copper project in Romania, over an 18 month mandate period. Macquarie takes a right of first refusal on up to 15% of any qualifying alternative financing during the term and for 12 months after. Trafigura's Urion agreed a term sheet for a US$3 million equity investment at C$0.19 per unit, on top of an existing US$200 million Trafigura commitment.
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Bullfrog Gold Corporation
Major Drilling engaged 1 September for the fully permitted maiden program at the 10,050 acre South Bullfrog gold project in Nevada's Beatty District, Walker Lane Trend. About 3,000 metres of diamond drilling from seven permitted pads, four at Shingleback and three at Longtail, commencing Q4 2026. Longtail tests a chargeability anomaly interpreted as sulphides from surface to about 400 metres depth, on 488 BLM claims ringed by AngloGold's Bullfrog, North Bullfrog and Arthur projects.
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Morocco Strategic Minerals Corporation
First closing with Visible Gold Mines on 2 September, selling an undivided 51% of the Sakami property in James Bay, Québec, for 1,000,000 Visible Gold shares. Visible Gold holds an exclusive option on the remaining 49% for a further 3,000,000 shares plus a 1% NSR repurchasable for C$1 million, subject to MCC shareholder approval and TSX Venture acceptance. Eskar Capital takes a 4% finder's fee, and the sale refocuses capital on MCC's Moroccan assets.
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Mogotes Metals Inc.
Season close at Filo Sur in the Vicuña district delivered targets, not a new intercept, after Albor returned 180m at 0.98% CuEq from 108m and Cruz del Sur 308m at 0.46% CuEq earlier in the season. FS_DDH_013 and FS_DDH_015 at Luz del Sol cut leached breccias with anomalous copper above an IP chargeability high of 35 to more than 45 ms, and channel sampling expanded Cuenca to about 1.3km by 0.5km with 153m averaging 0.31g/t Au and 0.11% Cu. Drilling triples to up to 20,000m for 2026-2027 from 6,208m.
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Lithium Africa Corp.
No specific catalyst identified. Anchor asset is Springbok in South Africa's Northern Cape, where 3,500 metres of diamond and reverse circulation drilling targets a maiden resource at the past-producing Norrabees pegmatites inside a 1,675km² prospecting right. A 2,000 metre program is also turning at Adzopé in Côte d'Ivoire, with Ganfeng Lithium the 50/50 joint venture partner and largest shareholder at about 13.2%.
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Minaurum Silver Inc.
No specific catalyst identified. The 25 August release returned 26.30m at 369g/t AgEq from Quintera including 0.30m at 2,418g/t AgEq, plus 3.40m at 589g/t AgEq at Europa Sur, from the Phase II 50,000 metre program at Alamos in Sonora. The January inferred resource is 5.37Mt at 320g/t AgEq for 55.2Moz AgEq across three of 26 vein zones, with SGS engaged in July for an update later in 2026.
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Market data as of 7 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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Company Release
Aclara Receives EXIM Bank Letter of Interest for Up to US$750 Million
EXIM has issued a non-binding Letter of Interest indicating willingness to consider up to US$750 million for Project Dynamo, Aclara's planned rare earth separation, metals and alloys facility at the Port of Vinton in Louisiana, with a repayment tenor of up to 15 years under the Make More in America initiative. The plant is designed to separate Super Pure Rare Earth Carbonate from Aclara's South American ionic clay deposits into NdPr, dysprosium, terbium, samarium, gadolinium and yttrium oxides, then convert those oxides into magnet alloys. Basic engineering by Hatch and key permitting are in their final stages, targeting construction readiness by the end of 2026.
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Our Take
EXIM naming a tenor of up to 15 years is the useful part, because it gives Aclara the shape of a debt package to build a capital stack around before the plant reaches construction readiness at the end of 2026. Feed still comes from Carina in Goiás and Penco in the Biobío, and Brazil's new critical minerals council can review foreign partnerships and mining titles, so the chain that ends in Louisiana begins under regimes the US financing does not reach.
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Mining.com
Baowu Eyes Stake in BHP's Massive Jimblebar Iron Ore Mine
China Baowu Steel Group is weighing a 15% to 25% interest in BHP's Jimblebar iron ore mine in Western Australia, taken directly from BHP's holding, two sources told Reuters. Jimblebar produced about 62.5 million tonnes in fiscal 2026, roughly a quarter of BHP's iron ore output, with BHP holding 85% alongside minority interests held by Itochu and Mitsui. Baowu has expressed interest without deciding, and there is no certainty the talks lead to a transaction.
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Our Take
A 15% to 25% sale out of BHP's 85% leaves it holding 60% to 70% and still operating the mine, so the trade buys customer alignment without surrendering the asset.
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Mining.com
New Deals Sharpen South America's Critical Minerals Edge
Chile, Argentina, Bolivia and Peru signed a joint declaration on strategic minerals on 28 August in Santiago, framing regional coordination across geology, regulation, suppliers, skills and financing. Chilean mining and economy minister Daniel Mas says reviving the mining integration treaty with Argentina would unlock more than US$20.7 billion of investment and add 540,000 tonnes of copper a year. Brazil's new critical minerals framework pairs roughly US$1 billion in tax incentives and a guarantee fund with a council able to scrutinise foreign partnerships, ownership changes and mining titles.
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Our Take
The impulse that stalled Vale's base metals listing also sits inside Brazil's framework, where the new council screens foreign partnerships and title changes alongside the incentives. A four-country declaration costs nothing to sign, so the test is whether the Chile and Argentina protocols move a single cross-border deposit into permitting, because the 540,000 tonnes of copper is the only figure in the set attached to ore rather than intent.
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Bloomberg
World's Biggest Money Managers Are Rebuilding Gold Positions
Amundi, Europe's largest asset manager, bought bullion expecting a return to US$5,000 an ounce by year end, with Pictet, Robeco and Fidelity International also adding back holdings cut earlier this year. More than a dozen managers overseeing a combined US$27 trillion had either rebuilt gold in recent weeks or were maintaining bullish allocations. Bullion traded near US$4,400 in London on Friday, after an all-time high near US$5,600 in January and a fall to US$4,000 in June.
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Our Take
These positions are being rebuilt against a Fed leaning towards a hike, which inverts the rate story that carried gold to January's high. A bid sourced from portfolio construction and 289 tonnes of second-quarter central bank buying moves slower than speculative flow, so the path back through US$4,600 runs on allocations that will not show up in a week of tape.
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Bloomberg
Copper at Risk of Rare Supply Decline as Mine Setbacks Mount
International Copper Study Group data show mine output fell 1.1% in the first half, with Codelco and Freeport-McMoRan posting double-digit declines, and Morgan Stanley now sees supply flat to slightly lower against its earlier growth call, raising the prospect of the first annual decline since 2017. Chile posted its weakest second-quarter output in at least 19 years and cut its full-year forecast for a second straight quarter to a 2.6% decline. LME copper traded at US$14,304.50 a tonne on Friday, heading for a tenth consecutive weekly gain, the longest run since 1994.
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Our Take
Mine supply contracting while refined output still grows about 0.9% puts the squeeze in the concentrate market rather than the cathode price, so treatment charges and smelter margins carry it before the LME does. For anyone holding development-stage copper, the tenth weekly gain matters less than permitting timelines that keep meaningful new supply out until 2030, which is the window an ounce of drilling done this quarter actually competes in.
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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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