The Drill Down
Wednesday 10 June 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
China Reaffirms Japan Rare Earth Ban Despite US Request to Resume Sales
China has rejected a reported US government request to resume rare earth metal sales to Japan, reaffirming its export ban on the materials. The move, reported by Nikkei, confirms Beijing's continued use of rare earth trade restrictions as a geopolitical lever. The decision carries direct implications for global critical minerals supply chains dependent on Chinese material.
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Our Take
China just showed Japan, whilst everyone is watching, that rare earth access is a geopolitical lever. The West still hasn't built the processing capacity to call that bluff.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,261
-1.61%
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Silver
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$65
-4.13%
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Platinum
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$1,728
-1.53%
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Palladium
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$1,227
+0.94%
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Base Metals & Commodities
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Copper USD/t
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$14084.00
+0.23%
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Nickel USD/t
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$17977.00
-2.09%
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Zinc USD/t
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$3514.39
+0.24%
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Lead USD/t
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$1970.80
-0.43%
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WTI Crude USD/bbl
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$89.13
+0.47%
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Prices updated as of 10 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - TSX/TSX-V Markets
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Arras Minerals Corp.
Arras reported drill hole EL26032 at the Berezski North porphyry target on its Elemes Project in northeast Kazakhstan, intersecting 935.9m grading 0.71% CuEq from surface, including 214.9m at 1.42% CuEq from 162.1m depth. A high-grade breccia interval within that zone returned 4.41% CuEq over 55.0m, and the hole terminated in mineralisation. The result extends a trend that now spans 8.8km and is drawing comparisons to Kaz Minerals' nearby Bozshakol mine, which produced 105,000 tonnes of copper in 2023.
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Aton Resources Inc.
No specific catalyst today. Aton is advancing its 100%-owned Abu Marawat Concession in Egypt's Eastern Desert, which hosts a pipeline of projects including the Hamama, Rodruin, Abu Marawat and Semna deposits across 447.7km². The company completed Phase 3b RC drilling at Semna in February 2026 and is targeting updated and maiden mineral resource estimates across the concession later this year as it pushes toward becoming Egypt's next commercial gold producer.
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Panoro Minerals Ltd.
Panoro reported drillhole CB-228 at the South Pit of its Cotabambas copper-gold project in Peru's Apurimac Region, intersecting 317.6m at 1.04% CuEq including 162.0m at 1.54% CuEq and 66.1m at 1.92% CuEq, with continuous mineralisation traced from surface to over 850m depth. The company has expanded its 2026 drill program from 15,000m to 45,000m, fully funded by a recently closed C$21 million equity financing, and is targeting up to five rigs on site by end of Q3 2026.
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Mont Royal Resources Limited
Mont Royal released an updated PEA for its 100%-owned Ashram Rare Earths and Fluorspar Project in Nunavik, Quebec, one of the largest monazite-dominant REE deposits in North America. The study confirms Ashram's potential as a long-term supplier into Western critical mineral supply chains. The dual-listed company (ASX: MRZ) has been advancing a revised development strategy focused on reducing upfront capital requirements and execution risk.
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1911 Gold Corporation
1911 Gold withdrew its overnight marketed public offering, which had been announced on June 8, citing weak market conditions. The company had launched the multi-tranche offering, including common shares and several classes of flow-through shares, with a targeted close of June 30. The failed raise is a visible signal that capital market appetite for explorers is facing headwinds, even after a prolonged period of strong investor sentiment in the sector.
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Soma Gold Corp.
Soma announced first deliveries from its Escondida Mine in Colombia to its El Bagre Gold Complex, with initial production at 10 TPD and a target of 20 TPD in H2 2026. Separately, the company launched a C$7.5 million non-brokered private placement at C$0.75 per share to fund production growth at Escondida and Aurora and complete ore-sorting infrastructure, with closing targeted for June 19.
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Market data as of 10 June 2026, 9:30 AM AEST
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This Week's Poll
Is the US critical minerals policy push creating real opportunities or just noise?
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○ Real, investable opportunities
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○ Some signal, mostly noise
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○ Irrelevant to my portfolio
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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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Bloomberg
South Africa Targets Key Mining Registry by End of March to Attract Investment
South Africa is targeting completion of a mining cadastre system by the end of March, which will be used to apply for mining and prospecting rights licences. The registry is considered especially important for boosting investment by junior and exploration mining firms. The move represents a tangible step toward reducing the administrative friction that has long deterred early-stage capital in the country.
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Our Take
A functioning cadastre will not transform South Africa's investment climate overnight, but it removes one of the most cited structural barriers for juniors considering the jurisdiction. Watch for exploration licence activity to accelerate once the system goes live.
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Fastmarkets
US Copper Build-Up Intensifies on Tariff Risk
Around 491,000 tonnes of refined copper has moved into CME warehouses since tariff threats emerged in early 2025, a more than fivefold increase that has made the US the dominant global exchange stock hub. New Orleans, which holds roughly two-thirds of all CME copper stocks, is now effectively full, with some metal reportedly sitting dockside rather than in warranted exchange sheds. The US Commerce Department's June 30 update on whether refined copper tariffs proceed looms as the single event that determines whether holders collect their premium or begin a costly exit trade.
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Our Take
Half a million tonnes pre-positioned on a single policy call, with warehouses full and the June 30 deadline closing in. The trade is crowded, the exit is narrow, and continued ambiguity from Washington may be the most uncomfortable outcome of all.
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Reuters
Indonesia Fleshes Out Plan to Strengthen State Control Over Commodity Exports
Indonesia's Trade Ministry has published technical regulations requiring exporters of coal, palm oil and ferroalloy to report all export activities to a government-appointed state firm, effective June 1. Existing export licences remain valid until they expire or until December 31, 2026, after which only the appointed state firm will be permitted to export the affected commodities. The rules include ferronickel ingots with 8% nickel content or higher, though ferroalloy exporters with existing government contracts covering investment or domestic processing commitments may be eligible for exemption.
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Our Take
Centralising commodity exports through a single state firm is a significant escalation of resource nationalism, and the January 2027 hard deadline gives foreign buyers and trading houses very little runway to restructure supply arrangements.
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The Canadian Press
Federal Government Announces Mining Workforce Alliance to Build Talent Pipelines
Canada's federal government has launched the Mining and Minerals Workforce Alliance, an industry-led body backed by $81 million in funding over five years and led by the Mining Industry Human Resources Council. Jobs Minister Patty Hajdu framed the initiative as part of Prime Minister Mark Carney's push for economic independence, noting the sector cannot find the professionals it needs and faces a negative perception among younger workers. Canada's mining sector contributed $112 billion to GDP in 2024 and directly employed about 438,000 workers.
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Our Take
A labour shortage in a sector the government is simultaneously trying to expand is a real constraint, and $81 million over five years is a modest start. The harder problem, mining's perception gap with young workers, is not fixed by an alliance announcement.
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Benzinga
Tungsten Enters Permanent Shortage as Chinese Buyers Drive Prices to Record Highs
A detailed analysis warns that tungsten has entered a structural shortage, with Chinese entities driving US scrap prices to record highs. Sector executives characterise the situation as a permanent supply security challenge rather than a temporary market fluctuation. The dynamic mirrors the rare earth playbook, where concentrated supply control is being used to reshape global pricing.
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Our Take
Tungsten is following the rare earth script almost precisely, and the market is still under-pricing the strategic risk. Investors positioned in ex-China tungsten producers have a narrow window before this thesis becomes consensus.
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Kamoa Capital
kamoacap.com
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