Sunday Wrap - 3 May 2026

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ASX: TM1

Australia's Next Major PGM Discovery

Terra Metals' Dante Project hosts large-scale Bushveld-style copper-PGE sulfide reefs just 15km from BHP's $1.7Bn Nebo-Babel development. Dante is rapidly emerging as Australia's next major PGM system.

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Critical Metals to Acquire European Lithium in US$835 Million All-Stock Deal

Critical Metals Corp (NASDAQ: CRML) has signed a letter of intent to acquire 100% of European Lithium (ASX: EUR) via an all-stock scheme of arrangement, offering 0.035 CRML shares per EUR share at an implied A$0.58, a 137% premium to the last close. The deal consolidates full ownership of the Tanbreez rare earth project in Greenland, brings approximately US$219 million of EUR cash onto the combined balance sheet, and is expected to close in H2 2026 subject to shareholder and regulatory approval.

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Africa Mining Sector at Centre of Disinformation Campaigns: Report

AI platform Refute identified 2,778 bot accounts generating over 22 million engagements across 21 mining sites in six African countries, reaching nearly 300 million users. Activity spiked 417% when Barrick restarted Loulo-Gounkoto and 114% following Mali's revocation of 90-plus foreign exploration permits, with gold-related narratives drawing the highest overall volume.

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Huayou Cobalt Cuts 50% of Indonesian Nickel Output as Sulphur Costs Surge

Zhejiang Huayou Cobalt announced its Indonesian subsidiary PT Huafei Nickel Cobalt will temporarily suspend approximately 50% of production from May 1, citing a sharp rise in sulphur prices and high-load operation of its HPAL lines. Huayou's attributable profit from Huafei represented 9.32% of group net profit in 2025, making the curtailment financially material.

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Canada Launches Sovereign Wealth Fund for Major Projects

Prime Minister Mark Carney announced the Canada Strong Fund on April 27, seeding it with an initial C$25 billion federal endowment to invest alongside the private sector in major domestic projects. Target sectors include energy, critical minerals, infrastructure, agriculture, and technology. The fund will operate as an arm's length Crown corporation, with a retail investment product also planned to allow individual Canadians to participate directly.

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Kazatomprom 1Q2026 Operations and Trading Update

The world's largest uranium producer reported Q1 production up 9% year-on-year to 6,144 tU, while sales fell 40% to 1,535 tU on delivery timing. The average realised price of $61.33/lb sat well below the $88.49/lb spot average, reflecting long-term contract exposure, as 38 governments endorsed the Declaration to Triple Nuclear Capacity by 2050 and the US launched its $12 billion Project Vault stockpile program.

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Trump Sons Take Stake in Kazakh Miner That Won $1.6 Billion US Contract

The Financial Times reports Donald Trump Jr. and Eric Trump invested in Kaz Resources, the entity developing a major tungsten project in Kazakhstan that won a $1.6 billion US government contract. The deal raises direct conflict-of-interest questions about whether political relationships are shaping critical minerals contract awards.

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EMR Capital's Ravenswood Gold Mine Speeds Towards Insolvency and Receivership

EMR Capital's Ravenswood gold mine in Queensland is heading toward receivership despite elevated gold prices and the firm's recent A$1.8 billion Kestrel coal sale. It is a reminder that commodity tailwinds do not override operational and structural problems at the asset level.

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Big Funds Bet Billions on Mining Supercycle

Assets under management in mining ETFs more than doubled to $87.4 billion by March 31, with $8.24 billion flowing into the sector in Q1 2026 alone, a $10.8 billion swing from the prior year's tariff-driven outflows. BlackRock's Evy Hambro called it "the early stages of a commodity supercycle," with BHP and Rio Tinto both hitting record highs this year.

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EU Rejects US Plan to End Metals Tariff Dispute and Considers Response

The European Union has rejected a US proposal to resolve the ongoing metals tariff dispute and is now considering its own countermeasures. The standoff between two of the world's largest economic blocs signals that a near-term resolution is unlikely. Continued friction of this kind has direct implications for global metals trade flows and near-term price volatility.

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South32 Blames Trump Tariffs for Cost Blowout at $4.6 Billion US Mine

South32's Taylor zinc-lead-silver project in the US has blown out to US$3.3 billion in capex, 50% above prior estimates, with Trump tariffs, inflation, and contractor underperformance cited as the key drivers. The overrun is a direct illustration of how US trade policy is reshaping project economics for foreign miners building domestically.

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The Great Commodities Disruption: How Middle East Conflict Is Reshaping Mining and Energy Markets

The Financial Times examines how escalating Middle East conflict is triggering broad disruption across commodities markets, with ripple effects on mining supply chains, energy costs, and critical mineral flows. The analysis covers implications for metals pricing and investment decisions across the global resources sector.

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War Has a Silver Lining for Western Australia, Premier Says

Western Australia's Premier has said the Middle East conflict is creating economic opportunities for the state's mining and resources sector, as elevated commodity prices and supply chain disruptions boost demand for WA's output. The remarks come as geopolitical uncertainty continues to support commodity prices broadly.

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Ecuador Signs $1.7 Billion Mining Deal With China's CMOC Group

Ecuador has signed a $1.7 billion mining agreement with China's CMOC Group, extending Chinese investment in Latin America's critical minerals sector. The deal reinforces CMOC's regional expansion strategy as competition for copper supply intensifies globally. Project-level details were not disclosed in the source.