The Drill Down
Thursday 14 May 2026 · Part 1
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
Equinox Gold Agrees to Buy Orla Mining in $5.1 Billion Deal
Equinox Gold has agreed to acquire Orla Mining in a cash-and-stock deal valuing the Canadian miner at $5.1 billion, the latest consolidation move as producers chase scale at record gold prices. The combined company will operate mines across Canada, the US, Mexico and Nicaragua, including Orla's Musselwhite mine in Ontario and Equinox's Greenstone operation. The transaction adds to a string of major gold M&A deals in 2026.
|
Our Take
This is the gold sector's consolidation cycle playing out exactly as expected. Scale attracts capital, capital funds growth, and the mid-tier squeeze accelerates. More deals are coming.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,689
-0.56%
|
|
Silver
|
$88
+1.09%
|
|
Platinum
|
$2,137
+0.35%
|
|
Palladium
|
$1,495
+0.34%
|
|
Base Metals & Commodities
|
Copper USD/lb
|
$6.63
-0.22%
|
|
Nickel USD/lb
|
$8.68
+1.23%
|
|
Zinc USD/lb
|
$1.60
+0.60%
|
|
Lead USD/lb
|
$0.91
+0.44%
|
|
WTI Crude USD/bbl
|
$100.93
-0.03%
|
|
Prices updated as of 14 May 2026, 8:04 am AEST
|
| |
Market Movers
Winners & Losers — Canadian Markets
|
Fitzroy Minerals Inc.
Released resource definition drill results from Buen Retiro in Chile, with BRT-DDH059 returning 78.0m at 1.70% Cu from 58m including 40.0m at 3.02% Cu from 92m. A third drill rig is being added as the company advances its pre-feasibility study.
|
|
Super Copper Corp.
Finalised eight drill pad locations for its maiden 5,000m diamond drill program at the El Alto target within the Cordillera Cobre project in Chile's Atacama Region, targeting commencement in Q2 2026.
|
|
Andina Copper Corporation
Reported drill results from CDH008 at the Cobrasco project in Colombia, returning 272m at 0.50% Cu from 52m including 152m at 0.67% Cu from 54m, further extending the Cu-Mo porphyry system to the northwest.
|
|
|
|
Midnight Sun Mining Corp.
Released drill results extending the Dumbwa copper deposit in Zambia to over 5.3km of continuous strike from 200+ holes. Results confirmed near-surface copper sulphide mineralisation, though the stock pulled back sharply after a strong run.
|
|
Vault Strategic Mining Corp.
Announced a definitive agreement to acquire 100% of the historical Mirage-Mariposa tungsten mine in California and the North Tungsten project in Quebec for US$380,000 in staged payments. The stock gave back gains after a recent strong run.
|
|
Almonty Industries Inc.
Released Q1 2026 results showing revenue up 221% to $25.4 million driven by record tungsten pricing and strong Panasqueira output. Despite positive $6.1 million adjusted EBITDA and $9.7 million operating cash flow, the stock sold off on a reported net loss of $5.3 million from non-cash derivative revaluations.
|
|
Market data as of 14 May 2026, 8:49 am AEST
|
| |
|
This Week's Poll
Which battery metal are you most bullish on over the next 12 months?
|
| |
|
Partner Spotlight
|
|
|
|
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
|
|
| |
|
Today's Stories
|
ABC News
Government Watches as Ravenswood Gold Mine Sets Refinancing Deadline
Ravenswood Gold, jointly owned by EMR Capital and Golden Energy and Resources, has reached an agreement with lenders and hedge counterparties to work toward a comprehensive refinancing by June 15. Queensland's largest gold mine is weighed down by approximately 220,000 ounces of hedged gold locked in at prices roughly half the current spot rate. The mine supports around 400 direct jobs in the Charters Towers region and is ramping production toward 200,000 ounces per year.
|
Our Take
A gold mine struggling to stay solvent while the commodity trades near all-time highs is the clearest illustration of what legacy hedging does to leveraged mid-tier producers. The June 15 deadline will be watched closely.
|
|
Reuters
Trump's Designs on Greenland Prod Investment, Tourism Likely to Pay Off Faster Than Mines
The head of Denmark's export credit agency EIFO said that renewed global attention on Greenland following Trump's repeated demands to acquire the territory has triggered a surge of business interest. However, he noted that tourism represents a faster path to local value creation than raw materials, which he said deliver solid returns but over decades. An international airport near Ilulissat is among the infrastructure projects being advanced.
|
Our Take
The political noise around Greenland gets headlines, but the investment signal is real. For mining, the timeline remains long and the jurisdiction complex. Tourism and infrastructure will move capital first.
|
|
Reuters
Incoming BHP CEO to Consider Bolt-On Acquisitions for Growth
Incoming BHP CEO Brandon Craig has flagged a strategy centred on bolt-on acquisitions, increased exploration and peer partnerships to secure growth options beyond 2035, with copper and future-facing commodities the focus. The posture marks a more active deal-making stance for the world's largest mining company. Craig's comments came as both BHP and Rio Tinto chiefs rejected calls for full corporate break-ups despite ongoing investor pressure.
|
Our Take
Craig is effectively putting copper developers and explorers on notice that BHP is in the market, just not for transformational deals. Junior and mid-tier copper assets with strong resource bases and manageable jurisdictional risk are the most obvious targets.
|
|
Mining.com
China's Grip on Rare Earths Remains Tight Amid Xi-Trump Showdown
Exports of yttrium, dysprosium and terbium remain down roughly 50% compared to the 12 months before China's export controls took effect, according to customs data. The sustained supply squeeze is intensifying pressure on Western governments and manufacturers to build alternative rare earth supply chains. Diplomatic efforts to ease trade tensions have so far delivered little measurable relief for buyers.
|
Our Take
A roughly 50% export decline that is holding firm despite diplomatic engagement tells investors that Western rare earth alternatives are no longer a policy talking point, they are a commercial necessity. Pure-play rare earth developers outside China are sitting on a structural demand story that is getting harder to dismiss.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
