The Drill Down
Wednesday 1 July 2026 · Part 1
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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
South32 to Sell Certain Aluminium Assets to Alcoa for Up to $5.6 Billion
South32 has agreed to sell nearly its entire aluminium portfolio to Alcoa for an implied enterprise value of up to $5.6 billion, comprising its interests in Worsley Alumina, South Africa's Hillside smelter and three Brazilian assets. Alcoa will pay $3.1 billion in cash and $1 billion in stock, assume around $750 million in liabilities and may pay a further $750 million tied to aluminium prices to 2030. The deal slims South32 down to a base and precious metals company focused on copper, zinc, silver, lead and manganese, and coincides with new chief executive Matthew Daley taking the helm.
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Our Take
South32 is paying to become a clean copper and base-metals story, and the market rewards focus. Alcoa doubles down on upstream aluminium just as substitution lifts its demand case.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,007
-0.23%
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Silver
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$59
+0.50%
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Platinum
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$1,551
-1.78%
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Palladium
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$1,208
-0.87%
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Base Metals & Commodities
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Copper USD/t
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$13778.20
+1.22%
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Nickel USD/t
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$16297.00
-0.21%
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Zinc USD/t
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$3535.49
+1.95%
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Lead USD/t
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$1863.60
-0.97%
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WTI Crude USD/bbl
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$69.93
-0.20%
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Prices updated as of 1 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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ATERRA Metals Inc.
No specific catalyst identified, with the move tracking insider buying. The copper-gold explorer recently completed Phase I drilling at its Totora project in Chile's Region III, leaving the market positioning ahead of assay results from the porphyry targets.
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Electric Metals (USA) Limited
Electric Metals jumped after an ore sorting assessment at its Emily Manganese deposit in Minnesota showed feed grade could more than double, from around 8.2% to 17.5% manganese, while recovering 92% of contained metal. The result points to substantial waste rejection ahead of downstream processing for the US-focused North Star project.
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Tier One Silver Inc.
Tier One Silver rallied on a letter of intent to option 70% of a private Ecuadorian company holding the RDC copper-molybdenum porphyry in Azuay Province. The target carries 135,162 metres of historical drilling, marking a pivot for the silver explorer toward a large copper-moly system.
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Stallion Uranium Corp.
Stallion fell despite reporting elevated radioactivity above 300 cps and alteration in the first three holes at its Coyote target in the Athabasca Basin. With assays still pending and no confirmed grades, the encouraging but early update read as a sell-the-news.
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Avanti Gold Corp.
Avanti slid as Toubani Resources moved to take a 19.9% stake through a share swap with existing holders, issuing 72.9 million of its own shares for 44.5 million Avanti shares at C$0.65. The block changing hands into Toubani paper, rather than fresh capital or a full bid, left a register overhang.
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T2 Metals Corp.
No specific catalyst beyond the start of its 2026 field program across the Shanghai and Aurora gold-silver projects in the Yukon's Tombstone Gold Belt. Mobilising crews for surveys and sampling is early-stage activity rather than results, and the stock drifted as the news carried no fresh assays.
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Market data as of 1 July 2026, 9:30 AM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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Partner Spotlight
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The right shareholders don't find you. You find them.
Cashu Group delivers independent equity research and targeted investor marketing for ASX-listed resource companies. The coverage that builds conviction, and the reach to make it count.
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Today's Stories
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Miningmx
US Sanctions Rwanda Refinery Over Congo Gold
The US has sanctioned a Rwanda refinery over Congo gold, with the EU having already sanctioned the same refinery last year. Treasury Secretary Scott Bessent said Washington would not tolerate armed groups profiting from the trade.
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Our Take
With both the US and EU now sanctioning the same refinery, the compliance net around Great Lakes gold is tightening and pushing more African supply toward audited channels. Producers with clean chain-of-custody documentation stand to capture share as buyers de-risk their sourcing.
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Reuters
Why Companies Are Swapping Copper for Aluminium
Cheaper, lighter aluminium is increasingly substituting for copper in wiring across autos, cables and air conditioning, a switch that intensifies as copper holds well above its historical premium. Manufacturers tend to swap once copper trades around 3.5 times the aluminium price, and it currently sits above 4.2 times, though the trade-off is efficiency, since aluminium conducts less and more of it is needed. JPMorgan sees the shift hitting around 2% of copper demand this year and potentially 6% by 2030, tempered by US tariffs and aluminium's heavier carbon footprint.
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Our Take
The substitution ceiling now has a number near 3.5 times. That gives copper bulls a cap to watch and hands aluminium a demand floor that rises with every copper spike.
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Bloomberg
Copper Climbs as Traders Eye Hormuz and Fed Rate Outlook
Copper firmed as traders balanced Strait of Hormuz supply risk against the outlook for US interest rates. The US-Iran war has squeezed the sulphuric acid used in copper leaching and lifted mining energy costs, deepening an already tight market, while a hawkish Federal Reserve under new Chair Kevin Warsh and a firmer dollar are capping gains. Markets are now pricing a rate hike as soon as October, leaving copper caught between a structural deficit and tighter monetary policy.
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Our Take
The energy shock that should hurt copper is quietly tightening its supply. That is the bull case in miniature: a deficit so structural even a demand scare cannot loosen it.
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Mining.com
Gold Price Set for Worst Quarter in 13 Years
Gold is heading for its worst quarter in 13 years, with spot prices just above $4,000 an ounce after sliding 15% over three months and 7.5% on the year. The metal has unwound its entire 2026 gain, having peaked near $5,600 in January before a hawkish Federal Reserve and an energy-driven inflation scare tied to the US-Iran war sent it lower. Analysts say prices need to clear $4,100 before a short-term floor looks credible.
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Our Take
The safe-haven trade is being repriced by rate-hike risk, not fading fear. For producers, the message is that cost discipline now matters more than another leg up in bullion.
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The Wall Street Journal
BHP's Next CEO Inherits Buy vs. Build Copper Conundrum
BHP's incoming chief executive Brandon Craig takes over today having inherited the same copper dilemma that defined his predecessor's tenure: whether to grow by building new mines and expansions or by acquisition. Mike Henry leaves after two failed attempts to buy Anglo American aimed at cementing BHP as the world's largest copper producer, a title it already holds with more than half of recent earnings from the metal. Craig has signalled openness to bolt-on deals where they add value, with copper demand underpinned by data centres, decarbonisation and defence.
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Our Take
Build is slow and buy is expensive, with quality copper assets scarce and fully priced. Whichever lever Craig pulls, BHP is signalling copper scarcity is now structural, not cyclical.
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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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