The Drill Down
Wednesday 13 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
Copper Price Shrugs Off Middle East Uncertainty to Near Record High
Copper prices have moved close to record highs as the metal decouples from Middle East geopolitical uncertainty, with analysts noting it is now being driven by its own supply and demand dynamics rather than broader risk sentiment. One analyst stated the market has moved on from the impact of the US-Iran conflict. The development carries significant implications for major copper producers globally.
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Our Take
Copper trading near record highs on fundamental supply-demand drivers rather than speculative momentum is exactly the price environment that justifies capital allocation into development-stage copper assets. Producers with near-term output growth are sitting on a compelling margin story right now.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,716
-0.42%
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Silver
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$87
+0.54%
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Platinum
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$2,129
+0.81%
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Palladium
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$1,487
-1.36%
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Base Metals & Commodities
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Copper USD/lb
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$6.65
+2.20%
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Nickel USD/lb
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$8.58
-1.71%
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Zinc USD/lb
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$1.59
+1.40%
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Lead USD/lb
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$0.90
+0.42%
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WTI Crude USD/bbl
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$102.01
-0.15%
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Prices updated as of 13 May 2026, 8:03 am AEST
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Market Movers
Winners & Losers — Canadian Markets
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GoldQuest Mining Corp.
No specific catalyst identified. The stock appears to be finding a bottom after a sustained selldown, with buyers stepping in at depressed levels.
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Max Power Mining Corp.
No specific catalyst identified. The natural hydrogen explorer posted a large percentage gain on well above-average volume, suggesting renewed speculative interest in the company's Saskatchewan hydrogen platform.
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Kirkland Lake Discoveries Corp.
Continued momentum following May 4 drill results from the Mirado property, which returned 39.35 g/t Au over 16.4m including 1,670 g/t Au over 0.38m in a 40m step-out confirming lateral continuity of the South Zone.
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Antimony Resources Corp.
Sharp pullback despite announcing the commencement of a 19,000m exploration program at Bald Hill on May 7. The stock has run significantly from its 52-week low and profit-taking appears to be the primary driver.
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Western Uranium Corp.
No specific catalyst identified. The decline is consistent with a broader uranium sector selldown weighing on smaller producers and developers.
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Gladiator Metals Corp.
No specific catalyst identified. The copper explorer appears to be pulling back after a strong run over the past several weeks, with profit-taking the most likely driver.
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Market data as of 13 May 2026, 9:04 am AEST
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This Week's Poll
Which battery metal are you most bullish on over the next 12 months?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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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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Invezz
Gold Could Hit $17,250 as Dollar Loses Reserve Status: Pierre Lassonde
Franco-Nevada co-founder Pierre Lassonde told Kitco News that gold could reach $17,250 per ounce within three years as the US dollar gradually loses its reserve currency status. Lassonde drew parallels to the 1970s stagflation era but argued today's environment carries far greater systemic risk given the scale of US sovereign debt. He said price discovery is increasingly shifting to the Shanghai Gold Exchange as Chinese retail demand grows, and noted that gold mining equities remain significantly undervalued relative to current operating margins.
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Our Take
Lassonde has been right before and the structural argument is credible. The miners-undervalued observation is the one worth acting on now. The $17,250 number gets the headline but the disconnect between gold prices and equity valuations is the near-term trade.
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Bloomberg
Japan's Sojitz Eyes Southeast Asia for New Rare Earths Supply
Japanese trading house Sojitz is looking beyond its existing Australian supply chain to Southeast Asia as new potential sources of rare earths, with Laos, Cambodia and Vietnam identified as priority regions given their geological connection to southern China's rare earth belts. Sojitz already supplies over 70% of Japan's neodymium market through its long-term Lynas partnership and is expanding to six medium and heavy rare earth elements by mid-2027. The Southeast Asia push signals Japan is now moving to build a second layer of supply security on top of its Australia base.
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Our Take
Japan is not waiting for policy agreements to secure supply. Sojitz is actively building redundancy into its rare earth chains, and Southeast Asia is a logical next step given the geology. For Australian producers, this is also a signal that offtake competition for their output is about to increase.
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Reuters
India and Russia in Advanced Talks on Critical Minerals Pact to Cut China Dependence
India and Russia are in advanced talks to sign a preliminary agreement covering critical minerals exploration, processing, and technological cooperation, according to two sources familiar with the matter. The pact is central to New Delhi's strategy to reduce dependence on China for lithium and rare earth metal supply chains. India's Ministry of Mines is leading the negotiations.
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Our Take
A Russia-India critical minerals axis is a geopolitically unconventional move, but it signals how seriously New Delhi is pursuing supply chain diversification away from China. For Western-aligned producers in lithium and rare earths, India's urgency to secure alternative supply is a commercial opportunity worth monitoring.
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AFR
Fortescue Ordered to Pay $150 Million to Yindjibarndi People Over Sacred Site Damage
A Federal Court judge ruled that Fortescue caused significant damage to sacred Indigenous sites, ordering the company to pay $150 million to the Yindjibarndi people in one of the largest native title compensation awards in Australian history. The ruling ends a years-long legal dispute and sets a clear precedent for miners operating on Indigenous land across Australia.
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Our Take
Fortescue just wrote a $150 million lesson for every miner sitting on unresolved native title. Get ahead of it or get in front of a judge.
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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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