The Drill Down
Wednesday 9 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
KGHM and BHP Sign Memorandum of Understanding to Explore Cooperation Opportunities
KGHM Polska Miedź and BHP World Exploration Inc signed a memorandum of understanding on 8 September, establishing a framework for dialogue and for identifying areas of mutual interest. The scope runs to exploration opportunities, development-stage projects and comparison of operational practice, and may extend to initiatives beyond locations where both companies currently operate. KGHM is the largest producer of mined copper in the European Union and the second-largest silver producer globally, with integrated operations in Poland and international assets in the United States, Canada and Chile.
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Our Take
The Chilean partnership Brandon Craig points to is the June memorandum between Sierra Gorda and Spence, neighbouring Antofagasta operations comparing procurement and process across the fence. Signing at group level through BHP World Exploration Inc lifts that into greenfield ground and development-stage projects with no geographic boundary, and for a company targeting around 2.5 million tonnes of copper equivalent a year by the mid-2030s, partnered discovery is the cheapest tonne in the pipeline.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,356
-1.15%
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Silver
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$66
-0.62%
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Platinum
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$1,820
+0.04%
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Palladium
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$1,348
-2.50%
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Base Metals & Commodities
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Copper USD/t
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$14959.13
-0.04%
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Nickel USD/t
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$16710.50
+0.29%
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Zinc USD/t
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$3986.94
+0.86%
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Lead USD/t
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$1903.80
+0.47%
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WTI Crude USD/bbl
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$94.24
-0.05%
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Prices updated as of 9 Sept 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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North Arrow Minerals Inc.
Rotation 3 RC drilling at Kraaipan in southern Botswana returned a new gold-in-bedrock occurrence at Target AM, hole KR26-081 cutting 0.21g/t Au over 5m beneath 32m of Kalahari cover, with five of 44 holes above the 0.02ppm threshold. Holes at Target AH extended anomalous bedrock gold 9km north of Target AE and 16km north of Target A. Rotation 4 is underway at AE with 15 holes, two testing down-dip near KR26-040, which returned 27m at 1.11g/t Au, in a belt hosting Harmony's Kalgold mine 40km south.
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Baru Gold Corp.
Indonesia's ESDM has confirmed Baru's application to commence production operations at Sangihe is complete with no further meetings required, and has moved to the remaining administrative steps before issuance. No issuance date has been given and management anticipates approval in October. Baru holds 70% of the Sangihe contract of work through PT Tambang Mas Sangihe.
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Copper Fox Metals Inc.
No specific catalyst identified, with momentum across copper developers the likely driver. Copper Fox reported on 2 September that key components of the updated PEA on its 100% owned Van Dyke in-situ copper recovery project are substantially defined: a two-phase underground plan, roughly 4,900m of development, roadheader excavation, a leach schedule prioritising higher-grade panels early, and a completed groundwater flow model. Van Dyke is a past-producing mine in the Globe-Miami district of Gila County, Arizona, being advanced to prefeasibility.
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Bullfrog Gold Corporation
No specific catalyst identified, with profit taking after a recent run the likely driver. Bullfrog Gold holds 100% of South Bullfrog, 488 BLM claims over 10,050 acres in Nevada's Beatty District, surrounded by AngloGold Ashanti's Bullfrog, North Bullfrog and Arthur projects. Major Drilling has been engaged for a permitted maiden program of roughly 3,000m from seven pads at the Longtail and Shingleback epithermal targets, commencing in the December quarter.
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Decade Resources Ltd.
No specific catalyst identified, with profit taking after a recent run the likely driver. The first hole of Decade's Phase I program at Bonaparte, reported 31 August, intersected porphyry-style copper in the first deep test beneath a high chargeability anomaly. The copper-gold property sits 50km north of Kamloops in British Columbia across four tenures totalling 4,149 hectares, with a minimum 3,000m planned over six holes of about 500m testing anomalies interpreted from 300m depth.
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Power Metallic Mines Inc.
Sell the news on a maiden resource. Power Metallic defined 4,145,000 tonnes Indicated at 3.86% CuEq plus 601,000 tonnes Inferred at the Lion zone of Nisk in Quebec, about 4.75Mt near 3.9% CuEq for roughly 406Mlb contained CuEq, more than 85% Indicated, effective 19 June 2026. Lion starts at surface and runs continuously past 600m vertical, 59% of tonnes sit inside an open pit shell and SGS returned copper recovery above 98%. Five rigs are turning, deep drilling after the 19 April cut-off is excluded, and Lion Deep assays are due by the end of September.
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Market data as of 9 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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Fastmarkets
US Department of Defense Secures $750 Million MREC Offtake Agreement With Serra Verde
The Department of Defense, through its Economic Defense Unit, committed US$750 million to secure mixed rare earth carbonates from Serra Verde, covering dysprosium, terbium, neodymium and praseodymium for defence use. The offtake sits inside a broader US$1.55 billion EDU package that also allocates US$300 million to a Defense Logistics Agency purchase agreement and US$500 million committed from a money-center bank. Serra Verde's Pela Ema ionic clay deposit at Minaçu in Goiás state, Brazil produces all four elements.
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Our Take
Counted alongside the US$565 million DFC package from February, US federal capital committed to a single Brazilian ionic clay deposit now runs past US$1.3 billion. The heavies carry the weight here, because dysprosium and terbium sit inside China's export licensing regime while neodymium and praseodymium do not, and an offtake at that scale converts Pela Ema from a financed project into one with a contracted customer, which is the part a lender was previously pricing.
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MiningHub
Carlin Gold Announces $21.5 Million Strategic Investment by Electrum Gold Exploration and $8.5 Million Private Placement With Canaccord Genuity
Electrum Gold Exploration will subscribe for 16,538,462 units at $1.30 for roughly $21.5 million by non-brokered placement, alongside a Canaccord Genuity brokered placement of up to 6,538,462 units on the same terms for up to $8.5 million, with an agent's option over a further 980,769 units. Each unit carries one share and one two-year warrant exercisable at $1.50, with proceeds directed to exploration on Carlin's Nevada properties. Electrum moves from 8.1% to approximately 34.49% undiluted and 40.03% fully diluted, becoming a Control Person under TSXV policy, subject to disinterested shareholder approval at the 23 October annual meeting.
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Our Take
Carlin raised $2.16 million in April and is now funding a drill program at Cortez Summit off $30 million, with Electrum taking a board nomination and a standing right to hold its position through future issues. The warrants adjust if the 5.0% Cortez net smelter return spin-out announced on 24 August completes, so the financing and the royalty separation are being run as a single structure and the 23 October vote is the gate on both.
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Mining.com
MMG Faces EU Antitrust Warning Over Anglo Nickel Deal
The European Commission plans to issue a statement of objections later this month over MMG's acquisition of Anglo American's Brazilian nickel business, according to Reuters citing three people familiar with the matter. The Commission said in November the deal could allow MMG, controlled by state-owned China Minmetals, to divert ferronickel away from Europe and weaken the region's stainless steel producers. Brazil's competition authority is investigating in parallel following a complaint by CoreX Holding, while Anglo argues for unconditional approval on the basis that European customers can switch suppliers.
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Our Take
Agreed in February 2025, the transaction reaches roughly nineteen months in review this month, with two regulators now running at it from opposite hemispheres. The objections themselves stop nothing, though they move the test past competition law and onto whether Chinese state ownership of European-facing ferronickel supply clears Brussels at all while the bloc is writing critical minerals policy around reducing exposure to China.
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Bloomberg
China Ships Out First Sulfuric Acid Cargo Since Halt on Exports
China has permitted its first outbound sulphuric acid shipment since May, easing pressure on copper producers caught by the global shortage that followed the Iran conflict and the loss of Middle East supply. Kpler shipping data shows a vessel carrying 32,000 tonnes departed Nanjing in late August and is due at Chile's Mejillones port by the end of September.
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Our Take
One 32,000 tonne cargo sits against the roughly 4.6 million tonnes China exported in 2025, so the channel has been tested and not yet reopened. Mejillones lands the acid that feeds Chilean leach operations, where a shortage shows up directly as lost cathode, and the number worth watching is whether a second vessel clears before the December quarter.
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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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