The Drill Down
Wednesday 2 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
CATL's Jianxiawo Lithium Mine Has EIA Revoked
China's largest lithium mine by capacity is back in care and maintenance after a brief and informal restart in July, with any return to production now gated by an environmental review after its Environmental Impact Assessment was revoked. Benchmark has cut its 2026 mined output forecast for Jianxiawo to 32,000 tonnes LCE from 62,500, almost halving the mine's expected contribution, and left 2027 unchanged at around 99,000 tonnes. Completing the review could stretch into the fourth quarter or into 2027.
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Our Take
CATL owns the mine and is the world's largest battery maker, so 30,500 tonnes LCE of lost 2026 supply tightens the market its own cell plants buy into. The restart date now belongs to the environmental regulator, which leaves the unchanged 99,000 tonne 2027 forecast exposed if the review runs past December.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,334
+0.11%
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Silver
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$64
-3.67%
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Platinum
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$1,742
-2.85%
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Palladium
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$1,307
-3.98%
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Base Metals & Commodities
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Copper USD/t
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$14413.70
-2.28%
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Nickel USD/t
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$16644.50
-0.57%
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Zinc USD/t
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$3873.99
+0.09%
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Lead USD/t
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$1904.10
+0.40%
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WTI Crude USD/bbl
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$90.74
+0.08%
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Prices updated as of 2 Sept 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Auriginal Mining Corp.
Phase 1 drilling at the Roger copper-gold project in Chibougamau, Quebec returned 125.3m at 0.67g/t Au from 346.0m in AUR-26-07, including 20.0m at 1.94g/t Au, the widest intercept of the program and a 125m extension of the Roger zone at depth. AUR-26-06 cut 34.5m at 0.69g/t Au and 0.14% Cu from 70.5m, including 6.0m at 1.85g/t Au and 0.34% Cu, plus 50.4g/t Au over 0.5m at 572.7m. Ten holes for 7,325m have expanded the footprint about 700m southwest, 400m northeast and more than 100m at depth, all above the 0.2g/t cut-off feeding a revised resource, with Phase 2 now on the fourth of twelve holes for 6,400m.
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Northcliff Resources Ltd.
The 2026 feasibility study update for the Sisson tungsten-molybdenum project in New Brunswick returned a post-tax NPV of C$6,915 million at an 8% discount rate, a 49.8% IRR and a 1.6 year payback, against initial capital of C$1,528 million and sustaining capital of C$571 million. Reserves of 276.8Mt at 0.075% WO3 support 30,000t/d over a 27 year life, producing 598,000 MTU WO3 and 4.2 million pounds of molybdenum a year at operating cash costs of C$9.23 a tonne milled net of by-product credits. Northcliff holds 88.5% of the Sisson partnership and is targeting a construction decision in late 2027 with operations from 2030.
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Unigold Inc.
Local authorities and residents of Restauracion in Dajabon Province formally backed the start of an Environmental and Social Impact Assessment for the Neita project in the Dominican Republic, with the municipal development council, town council and mayor writing to the President and a 725 signature petition delivered in support. Unigold has outlined 2.29 million ounces of measured and indicated gold at Neita and has been awaiting a decision on its Exploitation Concession application since 2024. CEO Joe Hamilton expects further feasibility work on the large sulphide deposit and the ESIA process to commence in the fourth quarter.
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Silver North Resources Ltd.
Silver North has two rigs at its 100% owned Haldane project in the Keno Hill district of Yukon, next to Hecla's Keno Hill mine, with about 2,550m in 10 holes completed since late June testing the Main Fault. Core from the first five holes sits at ALS with assays due in September and the program running into October, following HLD25-31 which returned 13.15m at 818g/t Ag, 1.39g/t Au, 2.54% Pb and 0.98% Zn. One rig has moved to the Bighorn target to follow up 125.7g/t Ag over 2.35m from a 2019 hole, while a soil program covers the Veronica property in the Silvertip district.
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Pantera Silver Corp.
No specific catalyst identified, with the pullback in the silver price the likely driver. Pantera is working up its Rakanco silver project in the Mejillones and Sabaya provinces of Bolivia's Oruro Department, adjacent to the Carangas silver discovery and the historic Todos Santos mine, where satellite spectral, drone magnetic and topographic surveys are complete and an induced polarisation program is under way. Warrant exercises brought in C$2,260,866 in July, funding target definition ahead of an inaugural drill campaign on a caldera-hosted epithermal system.
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San Lorenzo Gold Corp.
No specific catalyst identified, with profit taking after a strong August run the likely driver. Brandon Gaspar took over as chief executive on 1 September under the transition announced 4 August, with co-founder Al Kroontje moving to executive chair and Terry Walker continuing as vice president of exploration. At the Salvadora project in Chile's mega-porphyry belt a fully permitted 20 hole program is under way at Cerro Blanco with a second rig planned for Arco de Oro, where SAL 10-25 returned 102.3m at 1.33g/t Au and 52.6m at 1.67g/t Au inside 574m, drilled 3.9km northwest of the nearest previous hole.
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Market data as of 2 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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Mining Weekly
Sibanye-Stillwater Earnings Rocket 111%, R5.7bn Dividend Declared
First half revenue rose 64% to a record R90 billion and adjusted EBITDA 111% to R31.8 billion, turning a R3.9 billion net loss into R18.8 billion of net profit. The board declared an interim dividend of 201 SA cents a share, about R5.7 billion, at the upper end of the 25% to 35% policy range. Gross debt fell 20% to R32.1 billion and net debt more than halved to R9.7 billion, taking net debt to adjusted EBITDA to 0.18 times.
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Our Take
Richard Stewart told the results call the 25% to 35% payout band holds until gross debt comes down at least 50%, so on R32.1 billion the cap stays bolted on through FY27 even at these metal prices. The lift has to come from the SA PGM operations, which carried the half at a 44% all-in sustaining cost margin and grew EBITDA 302% to R19.2 billion.
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Mining Technology
Australia Copper Output Set to Contract for Fourth Consecutive Year in 2026
GlobalData has Australian copper production falling again in 2026, a fourth consecutive year of contraction, after a 3.5% decline in 2025 driven mainly by the July 2025 closure of Glencore's Mount Isa copper mine. Across the 2026 to 2035 forecast period output is expected to grow at a compound annual rate of 8.3%.
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Our Take
GlobalData had 2026 as the recovery year in its December note, with Cadia and Boddington back at steady state lifting output off a 710kt base. A fourth straight decline instead pushes the Australian supply answer onto the project pipeline, Nifty, Jervois, Cadia Expansion 2, Elizabeth Creek and Eva, and every year of contraction means the 8.3% growth rate compounds off a smaller number.
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Mining.com
Gold Price Erases 2026 Gains as Fed Hike Bets Climb to 70%, Silver Slides
Comex December gold fell as much as 2.4% to $4,374.10 an ounce on Tuesday, a third straight session lower and the weakest since 19 August, with ten year Treasury yields near 4.77% and traders lifting the odds of a Fed rate rise this month to almost 70%. Bullion is now up 0.7% in 2026 and sits about 20% below its 28 January record close of $5,419.83. December silver dropped as much as 3.2% to $64.83, while the NYSE Arca Gold Miners Index closed out a 33% August, its best since at least 1994.
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Our Take
Two Fed voices inside four days pointing at hikes has repriced the front end, and bullion still carrying a 25% twelve month gain through that says the debasement bid has not gone anywhere. The pressure point is India, where Modi has now twice this year asked households to stop buying into a 32% rise in shipments, because that is the demand block that absorbs supply whenever the macro bid fades.
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ABC News
No Penalties for Chris Ellison, Mineral Resources as ASIC Ends Alleged Tax Evasion Probe
ASIC has closed its investigation into Mineral Resources and managing director Chris Ellison over alleged tax evasion, confirming it will take no further action against Ellison, the company or its current and former directors and officers. The regulator said it weighed the available evidence, the applicable law, prospects of success and broader public interest before concluding no further regulatory action was warranted. A shareholder class action against Ellison and MinRes remains on foot in the Supreme Court of Victoria.
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Our Take
The regulator was never the binding constraint here. The board already took A$8.8 million in penalties off Ellison and withheld up to A$9.6 million of incentives, then scrapped its own succession timetable at the November 2025 AGM, which leaves the Victorian class action as the live exposure and Ellison still in the managing director's chair.
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MiningHub
Radisson Closes C$57 Million Strategic Investment
Agnico Eagle took 53,420,000 units at C$1.07 for gross proceeds of C$57,159,400, each unit carrying half a warrant exercisable at C$1.39 for 60 months, leaving it at 10.45% of Radisson non-diluted and 14.90% partially diluted. Proceeds fund the start of an advanced underground exploration program at the 100% owned O'Brien gold project in Quebec, including an access ramp and related underground and surface mine infrastructure. The 140,000 metre step-out drill program continues on existing cash, and the investor rights agreement was executed at closing.
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Our Take
For 10.45% of the register Agnico has taken a board nomination right, pro-rata top-up rights and a block on Radisson doing anything with the ground until 31 December 2028. Paying for the ramp while 140,000 metres of step-out drilling runs gives it a live read on O'Brien before it has to price the asset, with LaRonde sitting on the same Larder Lake-Cadillac Break.
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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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