The Drill Down
Thursday 9 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
Uranium Miners Set to Cash In on Australia-India Supply Deal
Australian uranium exports are expected to flow to India after Anthony Albanese and Narendra Modi sign an agreement relaxing 12 years of barriers. The deal opens a new market for Australian producers.
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Our Take
Removing a 12-year barrier hands Australian uranium producers access to one of the fastest-growing nuclear build-outs globally. The re-rating case rests on whether contracted offtake follows the diplomatic signing, not the headline itself.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,077
-0.71%
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Silver
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$58
-2.81%
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Platinum
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$1,583
-3.38%
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Palladium
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$1,212
-4.01%
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Base Metals & Commodities
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Copper USD/t
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$13520.08
-1.02%
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Nickel USD/t
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$16383.00
+0.78%
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Zinc USD/t
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$3511.54
-1.03%
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Lead USD/t
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$1881.80
+0.11%
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WTI Crude USD/bbl
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$74.55
-0.09%
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Prices updated as of 9 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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South Pacific Metals Corp.
South Pacific continues running on its 6 July Ontenu result in PNG, where hole ONED26-009 cut 5 metres at 12.84 g/t gold-equivalent across three zones. The high-grade hit, next to K92's Kainantu mine, keeps drawing buyers.
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Buffalo Potash Corp.
Buffalo Potash continues rising on its 6 July Disley roadmap in Saskatchewan, targeting first output from a modular 125,000-tonne-a-year facility in early 2027. A recent oversubscribed placement and a US$1.1 billion PEA NPV back the phased, lower-capex plan.
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Lithium Ionic Corp.
Lithium Ionic issued portal-construction RFQs to seven contractors at its Bandeira lithium project in Brazil, an early-works step toward a build decision on a US$1.3 billion-NPV project. The move fits the bid returning to lithium developers as prices recover.
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NovaRed Mining Inc.
No specific catalyst, with no news on the day and the sell-down continuing. NovaRed, a pre-drill copper-gold explorer marketing its Wilmac project in BC via a proprietary AI platform, keeps unwinding after running hard earlier in the year.
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Seva Mining Corp.
No specific catalyst, though the sell-off came on above-average volume. Seva is a high-beta gold junior advancing its flagship Cameron project in northwest Ontario, backed by First Mining, and the drop reads as position-trimming.
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Royal Road Minerals Limited
Royal Road launched a brokered LIFE placement of up to 50 million shares at C$0.20 (up to C$10 million) for Colombian gold-copper exploration, with 15% holder Rio2 participating. Shares fell to the raise price on the dilution.
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Market data as of 9 July 2026, 9:30 AM AEST
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Mining.com
Trump Puts Greenland's Rare Earths Back on the Table for NATO
Donald Trump reignited his push for US control of Greenland at the NATO summit, framing the Arctic island's rare earths as vital to Western security, while Denmark's Prime Minister Mette Frederiksen insisted it is not for sale. The island hosts two of the world's largest undeveloped rare earth deposits, Tanbreez and Kvanefjeld, though neither has been mined given the Arctic conditions.
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Our Take
The rhetoric moved juniors, but Greenland has no separation chain, no mine and brutal Arctic economics. The real bid flows to ex-China ounces that are already permitted and financed elsewhere.
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Mining.com
Chile Lithium Exports Top $3.2B, Best Since 2023
Chile's lithium export revenue reached US$3.2 billion in the first half of 2026, nearly triple a year earlier and 34.4% above the country's total lithium exports for all of 2025, according to central bank figures. Higher prices and strong demand tied to electric vehicles, storage and AI data centres drove the gain, led by lithium carbonate. Overall mining exports rose 20.4% to US$36.9 billion, with copper still dominant at just over half the total.
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Our Take
Chile's numbers confirm the lithium downturn has turned: revenue nearly tripled on price, with barely any new volume. The pricing floor of 2024 and 2025 sits behind the producers now.
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Australian Financial Review
Why Walking Away From Vault Could Be Regis' Finest Hour
The AFR's Street Talk argues Regis Resources should let its agreed merger with Vault Minerals lapse rather than match Genesis Minerals' superior A$5.6 billion bid, a 14.5% premium that won Vault's board backing this week. Regis has five business days to respond, and the column's view is that walking away preserves capital discipline amid frothy gold M&A.
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Our Take
In a gold consolidation frenzy, the disciplined winner often loses the auction. Letting Vault go to Genesis spares Regis the winner's curse of overpaying at cycle-high bullion prices.
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Mining.com
Ivanhoe Sees Congo Copper Output Rising in Second Half 2026
Ivanhoe expects copper output at its flagship Kamoa-Kakula complex in the DRC to rise in the second half of 2026 as it lifts mining rates and draws down inventory, after seismic disruptions at Kakula earlier in the year. It produced 64,328 tonnes in the second quarter and held 2026 guidance at 290,000 to 330,000 tonnes.
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Our Take
Kamoa-Kakula is the biggest swing factor in a tightening copper market, so its H2 recovery matters beyond Ivanhoe. Record acid pricing shows the reagent squeeze cuts both ways for Congo.
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Mysteel
Australian Coal Deliveries via North Queensland Terminals Top One-Year High in June
Coal throughput via the three North Queensland Bulk Ports terminals reached 13.29 million tonnes in June, a one-year high and up 13.7% on the month, as miners cleared backlogs ahead of the new fiscal year. The Bowen Basin ports, which ship mostly coking coal, moved 130.77 million tonnes over the 2025-26 fiscal year, up 0.4%.
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Our Take
June's high is a fiscal year-end clearing spike, not a demand turn, with met coal volumes flat year-on-year. Coal's real signal remains price and cost discipline, not port throughput.
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Stockhead
Explorers Podcast: Evion Group Lands Carp Fluorspar as Critical Complement
Evion Group has moved into US fluorspar, taking a four-year option over the historically producing Carp project in Nevada to complement its graphite business, funded by an A$6.6 million placement. Carp produced about 44,900 tonnes at roughly 69% calcium fluoride between 1958 and 1971, in a market where the US is entirely import-reliant on a designated critical mineral. It makes Evion the only ASX-listed company with both graphite and fluorspar exposure, though Carp remains an early-stage option with no defined resource.
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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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