The Drill Down
Friday 12 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
Copper Deficit Could Unlock Smaller African Deposits
The copper market is likely to remain in deficit for the medium term as electrification demand outpaces the industry's ability to bring new supply online, with new mines taking 10 to 18 years to develop, according to Absa Corporate and Investment Banking's Shirley Webber. As deficits deepen, deposits previously considered uneconomic will become viable, with African assets in Zambia, the DRC, Botswana and South Africa among the key beneficiaries. Meeting energy transition copper requirements could require between $250 billion and $300 billion in global investment.
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Our Take
A $250 to $300 billion investment gap cannot be closed by the majors alone. When prices force the economics, smaller African deposits move from prospect to priority, and junior explorers with the right jurisdiction and the right geology are first in line.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,212
+3.44%
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Silver
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$67
+6.21%
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Platinum
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$1,720
+3.50%
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Palladium
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$1,268
+4.49%
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Base Metals & Commodities
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Copper USD/t
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$14189.56
+3.11%
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Nickel USD/t
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$17760.00
+0.27%
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Zinc USD/t
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$3496.94
+1.69%
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Lead USD/t
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$1943.80
-0.40%
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WTI Crude USD/bbl
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$85.88
-2.09%
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Prices updated as of 12 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Abitibi Metals Corp.
Abitibi has agreed to acquire SOQUEM's remaining 20% interest in its B26 Polymetallic Deposit in Quebec for initial consideration of approximately C$7 million plus feasibility and construction milestone payments, securing 100% ownership of the flagship asset. B26 hosts 13.0Mt at 2.1% CuEq indicated and 12.4Mt at 2.2% CuEq inferred, open laterally and at depth.
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Gladiator Metals Corp.
No specific catalyst today. Gladiator is advancing its Whitehorse Copper Project in Yukon, a historic high-grade copper-gold skarn district. Today's move on strong volume appears momentum-driven following a sustained run higher through May and June, with no fresh company announcement.
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Group Eleven Resources Corp.
Group Eleven reported hole 26-3552-57 at its Ballywire discovery in Ireland, intersecting nine copper-silver intervals including 23.60% Cu, 506 g/t Ag and 2.04% Sb, plus 62.5m of 5.6% Zn+Pb and 25 g/t Ag at the base of the Waulsortian Limestone. Glencore and investor Michael Gentile are the company's two largest shareholders.
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First Atlantic Nickel & Cobalt Corp.
Profit taking after a strong run. First Atlantic is advancing its Pipestone XL awaruite nickel-iron-cobalt project in Newfoundland, which can be processed via magnetic separation without conventional smelting. The company flagged the US House passing the DOMINANCE Act on June 8, which explicitly classifies awaruite's metallic form as already processed under US critical minerals policy.
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Coppernico Metals Inc.
Coppernico launched a C$5 million LIFE offering at C$0.35 per unit, each comprising one share and one warrant at C$0.50 for 24 months, to fund drill permitting and community agreements at its 57,000-hectare Sombrero copper-gold project in Peru's Andahuaylas-Yauri belt. The pricing discount is weighing on the stock.
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Power Metals Corp.
No specific catalyst today. Power Metals is one of very few listed cesium companies globally, advancing its Case Lake project in Ontario toward 2026 production. The 100%-owned asset holds a maiden resource of 13,000 tonnes at 2.4% Cs2O and is backed by a C$5 million prepayment and offtake agreement with Albemarle. Cesium is a strategic mineral with applications across oil and gas, high-tech industries and defence.
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Market data as of 12 June 2026, 9:30 AM AEST
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This Week's Poll
Does the Saudi Vision 2030 minerals push represent a genuine exploration opportunity for Australian juniors?
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○ Yes, strong sovereign mandate
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○ Possible but regulatory complexity is real
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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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AFR
Nyrstar Bailout Rises to $240m, Smelters Losing $15m a Month
Trafigura-owned Nyrstar says its Port Pirie lead smelter and Hobart zinc smelter are losing A$15 million a month combined, as taxpayer funding for a modernisation feasibility study has reached $240 million and is expected to climb further. The company remains in negotiations with federal, South Australian and Tasmanian governments over additional support for the partly finished study.
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Our Take
$240 million of public money committed to a feasibility study for plants still bleeding $15 million a month raises a harder question than strategic value: at what point does the government need a viable commercial answer before writing the next cheque.
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Financial Times
DR Congo's Curbs on Cobalt Spark Squeeze in Vital Battery Element
The DRC's shift from an outright cobalt export ban to a quota system has left the market acutely short, with the 2026 annual quota of 96,600 tonnes representing less than half the country's 2024 production of 211,000 tonnes. Cobalt prices have more than doubled to approximately $25 per pound as Chinese smelters draw down exchange inventory and scramble for alternatives, with the DRC supplying over 74% of global output.
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Our Take
A single country controlling three-quarters of global cobalt supply and halving its export quota is exactly the kind of shock that accelerates battery chemistry away from cobalt altogether. The DRC is collecting short-term price gains while accelerating its own long-term demand destruction.
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Mining Technology
Australia's Uranium Giant That Never Fully Scaled
Australia holds 28.2% of global uranium reserves yet produced only 4,500 tonnes in 2025, far below Kazakhstan's 24,900 tonnes, as political and cultural constraints continue to cap output. GlobalData forecasts production rising from 4,900 tonnes in 2026 to 14,600 tonnes by 2035, concentrated at Olympic Dam and Honeymoon, but PM Albanese's decision not to renew the Jabiluka lease and the expected failure of NSW's uranium ban repeal bill signal the limits of that trajectory.
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Our Take
Australia's reserves are world-class and the commercial case has never been stronger, but political consent remains the ceiling on every development scenario. Until that changes, the gap between what the ground holds and what gets mined will keep widening.
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Eurasia Review
Rare Earth Elements Should Be a Priority for Regional States
Dr. Majid Rafizadeh argues that rare earth elements have moved from geological commodities to central instruments of economic sovereignty and military strength, with control over extraction, processing and refining now a decisive factor in geopolitical influence. For regional states seeking diversification and strategic autonomy, prioritising REE development is no longer optional given China's dominance across the processing midstream and the rapid acceleration of Western supply chain policy.
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Our Take
The argument for regional REE prioritisation is well made, but awareness has never been the bottleneck. Building midstream separation and refining capacity outside China is where every regional strategy runs into the hard wall of capital, expertise and timeline.
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Mining.com
Canada Risks Losing Critical Minerals Infrastructure Race, PwC Warns
PwC has warned that Canada risks falling behind in the global critical minerals infrastructure race, noting the country invests 6.6% of GDP in infrastructure, which is 0.8% below leading nations. Closing the gap would require an additional $34 billion per year in investment by 2050. The warning comes as competing nations accelerate spending to lock up critical minerals supply chains.
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Our Take
A $34 billion annual gap creates both political pressure on Ottawa and a window for private capital. Developers with shovel-ready projects in Canada's critical minerals corridors are well placed if the policy response follows.
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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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