The Drill Down
Thursday 11 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
Northern Star Admits to Rejected Takeover Offers Amid Elliott Activist Pressure
Northern Star has confirmed it received and rejected multiple takeover bids as Elliott Management's activist campaign intensifies, with shares falling 3.5% to $18.54. The company has conceded to Elliott's demand to appoint directors with mining experience. The admission of rejected bids is a rare disclosure for a major Australian gold producer and signals how much pressure the activist campaign is generating.
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Our Take
Elliott didn't need to win the bid. They just needed Northern Star to admit one existed. The stock drop tells you the market wanted the exit.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,072
-4.42%
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Silver
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$63
-2.98%
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Platinum
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$1,663
-3.66%
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Palladium
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$1,214
-1.10%
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Base Metals & Commodities
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Copper USD/t
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$13761.86
-2.29%
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Nickel USD/t
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$17713.00
-1.47%
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Zinc USD/t
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$3438.74
-2.15%
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Lead USD/t
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$1951.60
-0.97%
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WTI Crude USD/bbl
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$93.19
+1.54%
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Prices updated as of 11 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - TSX/TSX-V Markets
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Giyani Metals Corp.
No specific catalyst today. Giyani is advancing its K.Hill Manganese Project in Botswana, one of the few battery-grade manganese development projects outside of China targeting the EV supply chain. A Definitive Feasibility Study is expected imminently, which would be a significant de-risking milestone for the project and a likely re-rating catalyst for the stock.
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E3 Lithium Ltd.
E3 Lithium confirmed all conditions have been met and it has executed the contribution agreement for up to C$36.5 million in non-repayable federal funding through Natural Resources Canada's Global Partnerships Initiative, retroactive to April 1, 2026. The funding covers 75% of a C$48 million program to complete Phase 3 of the Clearwater Demonstration Facility, including construction and operation of a full commercial-scale Direct Lithium Extraction column, and to finalise the Clearwater Project Feasibility Study ahead of a Final Investment Decision.
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Camino Minerals Corporation
Camino reported Phase 2 drill results from the Adriana zone at its Costa de Cobre copper project in Peru, with the best hole intersecting 76.2m at 0.88% Cu from 62.5m depth, including a high-grade core of 16.25m at 2.67% Cu and 6.82 g/t Ag. All five reported holes in the 2026 campaign intersected strong copper mineralisation across a strike length of approximately 400m, with the deepest hole terminating in mineralisation at 260m. Costa de Cobre is Camino's second copper project, carried with partner Nittetsu Mining, which is completing a 35% earn-in after investing C$10 million.
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Seabridge Gold Inc.
No specific catalyst today. Seabridge has been structurally active in recent weeks: it completed the spin-out of Valor Gold Corp on June 3, transferring its Courageous Lake project to the newly TSX-listed entity under ticker VGC, and the BC Supreme Court ruled on June 10 that the KSM project's substantially started status was reasonable, a constructive development for the project's permitting position. KSM holds 95.5 million ounces of measured and indicated gold resources following the March 2026 update, and management is advancing toward a joint venture process. Today's softness likely reflects post-spin-out repositioning by investors.
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Lithium Ionic Corp.
Lithium Ionic confirmed it is aware that a group claiming to be significant shareholders of Emerita Resources has applied to the Ontario Superior Court for leave to commence a derivative lawsuit against the company, seeking transfer of the Bandeira lithium project back to Emerita. The application is premised on the Ontario Securities Commission's April 9, 2026 enforcement proceeding against Emerita and certain former directors, though Lithium Ionic is not a respondent in the OSC proceeding. The company stated it does not believe a court will find that it holds Bandeira in trust for Emerita, and intends to defend its interest in the project fully.
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Amarc Resources Ltd.
No specific catalyst today. Amarc is advancing a district-scale copper-gold portfolio across the JOY, DUKE and IKE Districts in British Columbia, with the AuRORA porphyry copper-gold-silver discovery at JOY funded by a C$15 million Freeport-McMoRan program in 2026, and the DUKE District advancing under a 60/40 joint venture with Boliden. Today's decline reflects broader commodity price softness rather than any company-specific development.
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Market data as of 11 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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House Select Committee on the CCP
Khanna and Moolenaar Introduce Bipartisan Legislation to Reshore America's Magnet Supply Chain
Ranking Member Ro Khanna and Chairman John Moolenaar of the House Select Committee on China introduced the Magnets Value Chain Support Act of 2026 on June 9, establishing a tiered per-kilogram production tax credit covering the full magnet supply chain from rare earth oxide production through to defence-grade permanent magnet manufacturing. China controls over 90% of the world's rare earth permanent magnet supply, and in 2025 restricted exports of dysprosium and terbium, the heavy rare earths essential to high-performance defence magnets. The bill also creates a 15% demand-side credit for US motor manufacturers purchasing domestically produced magnets, bars credits for any material linked to prohibited foreign entities, and limits eligibility to US manufacturing activity with partner country inputs from NATO allies, Japan, Australia, South Korea, Canada and Mexico. Global permanent magnet demand is projected to more than double by 2035, from approximately 260,000 to over 600,000 metric tonnes.
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Our Take
Bipartisan support for magnet reshoring is significant, and Australia's explicit inclusion as a partner country input source is a direct commercial tailwind for domestic rare earth producers. Legislation is not policy yet, but the direction of travel in Washington is now unambiguous.
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Mining.com
Critical Minerals Diplomacy Surges but Few Deals Have Teeth
More than 50 bilateral and multilateral critical minerals agreements have been announced across 18 months, involving the US, EU, Japan, and Australia, yet analysts warn that few have translated into binding supply commitments or project financing. The volume of deal announcements is masking a near-total absence of hard capital deployment. For developers waiting on offtake or financing to unlock projects, the diplomatic surge has so far delivered more press releases than funding.
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Our Take
Fifty-plus agreements with no financing attached is a geopolitical posture, not a supply chain solution, and the gap between announced intent and funded projects remains the single biggest structural risk for critical minerals developers. Junior miners banking on government-backed demand signals to attract institutional capital may be waiting longer than their balance sheets allow.
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Mining.com
China's May Rare Earth Exports Climb to Four-Month High
China's rare earth exports rose 3.4% from the prior month in May, reaching a four-month high as overseas buyers restocked ahead of a traditional seasonal upturn in demand. The increase comes despite persistent global concern about China's willingness to use rare earth supply restrictions as a geopolitical tool. The data suggests near-term supply pressure has eased, even as structural risk remains.
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Our Take
A 3.4% monthly export rise looks like pragmatism from Beijing, keeping customers supplied while the geopolitical leverage argument stays intact as a background threat. For rare earths investors, this reinforces the pattern where China loosens the tap just enough to prevent accelerated diversification efforts from gaining critical momentum.
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Reuters
US Business Group Says Some Critical Minerals Are Nearly Unobtainable From China
A US business group has warned that some critical minerals have become nearly unobtainable from China as export restrictions and trade tensions deepen. The report underscores the urgency of developing alternative supply chains as US industrial dependence on Chinese materials grows more acute. The warning marks a material escalation in the language being used by industry groups, moving from concern about concentration risk to declaring effective inaccessibility.
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Our Take
When industry groups stop talking about diversification as a long-term goal and start using words like unobtainable, the policy and procurement response from Washington tends to accelerate fast, which is a real near-term catalyst for non-Chinese critical minerals producers. Projects in friendly jurisdictions with permitted status and near-term production timelines are the most direct beneficiaries.
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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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