The Drill Down
Friday 1 May 2026 · Part 1
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Presented By
ASX: TM1
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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. With world-class polymetallic mineralisation from surface and strong metallurgical outcomes, Dante is rapidly emerging as Australia's next major PGM system.
Explore the Discovery
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Lead Insight
Trump Sons Take Stake in Kazakh Miner That Won $1.6 Billion US Contract
Two of Donald Trump's sons have invested in Kaz Resources, a subsidiary of New York-based Cove Capital that controls a major tungsten project in Kazakhstan, which won a $1.6 billion US government contract. The Financial Times reports the Trumps bought into Skyline Builders, an India-based company linked to the venture. The deal raises direct questions about whether political relationships are shaping critical minerals contract awards.
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Our Take
The Trump family's financial fingerprints on a critical minerals deal underwritten by US government agencies is a story that goes well beyond tungsten. It raises direct conflict-of-interest questions, but it also confirms how aggressively the US is pursuing supply chain independence from China in strategic metals.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,630
+0.17%
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Silver
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$74
+0.53%
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Platinum
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$1,995
+0.52%
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Palladium
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$1,538
+0.29%
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Base Metals & Commodities
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Copper USD/lb
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$6.03
-0.02%
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Nickel USD/lb
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$8.78
+0.57%
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Zinc USD/lb
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$1.52
+1.43%
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Lead USD/lb
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$0.88
+0.34%
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WTI Crude USD/bbl
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$105.71
+0.25%
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Prices updated as of 1 May 2026, 9:10 am AEST
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Market Movers
Winners & Losers | TSX Markets
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Valhalla Metals Inc.
Valhalla announced a C$5 million non-brokered placement at C$0.65 per subscription receipt to fund its acquisition of the Smucker copper-gold-silver-zinc project from Teck in Alaska's Ambler Mining District. The offering can be doubled to C$10 million based on demand.
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Radisson Mining Resources Inc.
Drill hole OB-26-384 at the O'Brien Gold Project returned 4.54 g/t Au over 12.0m at 1,900m vertical depth, the deepest intercept in the project's history and approximately 350m below the current resource footprint. Results extend across 16 new holes with a 79% success rate program-wide.
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Surge Battery Metals Inc.
Adjacent explorer ExGen signed a purchase agreement to acquire three Nevada lithium properties directly neighbouring Surge's Nevada North project. The deal validates the district and lifted Surge on the halo effect.
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Arizona Metals Corp.
The Kay Mine PEA delivered a base case after-tax NPV of negative US$6 million and IRR of 4.9% at US$4.70/lb copper. The spot-case scenario improves significantly to US$445 million NPV, but the market priced the base case.
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Homeland Uranium Corp.
The first tranche of geochemical assays from eight Phase II holes at Coyote Basin returned uranium concentrations of 30 ppm or less across all samples, well below what downhole radioactivity readings had implied. The company attributed the discrepancy to uranium disequilibrium and will submit samples to a second independent laboratory.
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Talon Metals Corp.
Talon's first independent NI 43-101 technical report for the Eagle Mine established a reserve-backed mine plan running only to H2 2030, with an after-tax NPV of US$19 million at analyst consensus metal prices. The short mine life and modest base case weighed on the stock.
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Market data as of 1 May 2026, 8:20 am AEST
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This Week's Poll
Which jurisdiction offers the best risk-adjusted exploration upside right now?
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This Week's Research
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty is a 17-page institutional-grade research memo produced by Kamoa Capital.
It is a structured analytical framework built for investors, mining executives, and government counterparts who need to understand how the US federal critical minerals architecture actually works and where the commercial opportunities and risks concentrate.
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China's Chokehold on Global Mineral Refining
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China controls refining of 19 of the 20 strategic minerals tracked by the IEA. This 17-page intelligence report quantifies the chokehold, maps the US$500B–$1.4T investment gap, and identifies where Western capital can still compete. Built on IEA, S&P Global, BloombergNEF and proprietary Kamoa Capital analysis of 2,419 processing facilities across 113 countries.
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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.
Find Your Shareholders
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Today's Stories
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Reuters
Big Funds Bet Billions on Mining Supercycle
Mining ETF assets under management more than doubled to $87.4 billion by March 31, with investors pouring $8.24 billion into the sector in Q1 2026 alone, a $10.8 billion swing from the outflows recorded a year earlier. 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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Our Take
When the biggest fund managers in the world start using the word supercycle publicly, the rotation is no longer early-stage speculation. The inflow data backs the conviction, and the tailwinds (AI infrastructure, defence, deglobalisation) are not short-term trades.
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Mining.com
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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Our Take
With no deal in sight, metals traders and miners with transatlantic exposure need to price in a prolonged tariff environment rather than assume a diplomatic fix is imminent. This is a structural headwind, not a negotiating footnote.
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AFR
EMR Capital's Ravenswood Gold Mine Speeds Towards Insolvency and Receivership
EMR Capital appears to have failed to contain a creditor revolt at Ravenswood, one of Queensland's largest gold mines, co-owned 50:50 with Indonesia's Golden Energy and Resources. The development comes despite EMR having just secured a A$1.8 billion payday from the sale of its Kestrel coal mine to Yancoal.
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Our Take
A gold mine heading to receivership in a gold bull market points to structural problems well beyond commodity prices. The contrast with the Kestrel windfall makes it a story about capital allocation, not mine management.
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Fastmarkets
Critical Minerals Boom Boosts Growth-Stage Junior Miners
Listings, financings, and capital raised on Canada's mining exchanges have all increased as the critical minerals boom draws renewed investor interest toward growth-stage junior companies. Canada's exchanges remain the dominant global hub for early-stage mining capital formation. The trend points to sustained financing confidence tied to long-term critical minerals demand.
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Our Take
Rising activity across listings and financings on Canadian exchanges suggests the critical minerals cycle still has legs for juniors, but investors should separate genuine resource stories from the promotional noise that always accompanies a hot sector.
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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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