The Drill Down
Thursday 18 June 2026 · Part 1
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
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.
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Lead Insight
Rio Tinto's Giant Oyu Tolgoi Copper Mine Blocked as Protesters Halt Exports to China
Protesters have blockaded a key road from Rio Tinto's Oyu Tolgoi mine in Mongolia, halting shipments of copper concentrate to China. The mine is one of the world's largest known copper-gold deposits and a cornerstone of Rio Tinto's long-term growth strategy.
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Our Take
One blocked road and Oyu Tolgoi's concentrate stops cold. That single export route to China is the whole growth thesis. Rio's Mongolia bet runs on borrowed political goodwill.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,280
+0.54%
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Silver
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$68
+0.65%
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Platinum
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$1,748
+0.60%
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Palladium
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$1,324
+0.43%
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Base Metals & Commodities
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Copper USD/t
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$14197.91
+0.37%
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Nickel USD/t
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$18028.00
+0.58%
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Zinc USD/t
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$3584.04
+1.33%
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Lead USD/t
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$1972.10
+0.04%
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WTI Crude USD/bbl
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$75.92
-1.13%
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Prices updated as of 18 June 2026, 9:17 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Nine Mile Metals Ltd.
Nine Mile completed drill hole WD-26-02 at its Wedge Mine in New Brunswick, intersecting 234.15 metres of visual mineralisation and a new copper-rich VMS horizon at depth. The two copper-bearing zones are visual logging only at this stage, with certified assays still to come.
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First Phosphate Corp.
First Phosphate formalised investment and offtake agreements under the G7 Critical Minerals Resilience and Production Alliance in Évian, including an LOI for up to C$275 million in guarantees from Denmark's EIFO for its Bégin-Lamarche mine. It also locked in a definitive offtake for 200,000 tonnes a year of high-purity phosphate concentrate.
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Banyan Gold Corp.
Banyan hit a new high-grade zone southwest of the Powerline core at its AurMac project in the Yukon, with hole AX-26-853 returning 5.58 g/t gold over 21.7 metres, including 62.66 g/t over 1.8 metres. The result builds on an existing resource of 3.64 million ounces indicated and 4.99 million ounces inferred.
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Sterling Metals Corp.
Sterling reported assays from the first six holes of its 2026 Soo Copper drilling in Ontario, extending the porphyry system across a 1.4-kilometre corridor with wide near-surface intervals such as 503.9 metres at 0.26% copper equivalent. The stock fell despite the positive results, a sell-the-news move with the market unmoved by the relatively low grades.
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Max Power Mining Corp.
No specific catalyst identified, with no company announcement from Max Power today. The pullback looks like profit-taking after a strong multi-month run in the stock.
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1911 Gold Corp.
1911 Gold upsized its bought deal financing to $31 million from the $20 million announced a day earlier, pricing units at 64 cents to fund its True North gold project in Manitoba. The discounted, enlarged raise drove the usual dilution-led pullback.
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Market data as of 18 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.
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Today's Stories
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Reuters
China's Copper Smelters Band Together to Strengthen Hand in Talks With Miners
The China Smelters Purchase Team, a 16-member group that sets floor prices for spot copper concentrate processing, has invited at least six new producers to join in a bid to harden its position against miners. Spot treatment and refining charges have been negative for months on tight concentrate supply, and the group declined to issue quarterly guidance for a sixth straight quarter.
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Our Take
Negative TC/RCs mean smelters are paying to process concentrate, so bulking up the CSPT is an attempt to claw back pricing power from miners who hold the scarce material. The group's record is poor, with its pledged 2026 output cut giving way to 7.4% growth, so concentrate scarcity still favours the upstream producers.
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Reuters
LME Issues Notice on Warranting of Russian-Origin Copper, Cobalt in EU
The London Metal Exchange said Russian-origin copper and cobalt can only be registered in its EU warehouses if there is evidence they were imported to the bloc before 25 July 2026. The notice implements an EU Council regulation prohibiting the import or transfer of Russian-origin copper and cobalt into the EU.
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Our Take
Stripping Russian units out of warrantable EU stock thins the deliverable pool and hands a pricing edge to non-Russian copper and cobalt. For Western producers, the sanctions architecture is quietly becoming a structural premium rather than a one-off headline.
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Kitco
Gold Could Find a Safe-Haven Bid as U.S. Housing Construction Drops 15.4% in May
U.S. housing starts fell more than 15% in May to an annualised 1.18 million units, well short of the 1.43 million expected, with April revised sharply lower. Spot gold held near session highs around $4,349 an ounce as soft data and easing inflation pressures supported safe-haven demand.
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Our Take
Weak construction strengthens the case for residential investment dragging on Q2 GDP, which feeds the rate-cut logic gold has been trading on. For gold names, the bid is coming from the macro setup rather than any single print, and that backdrop looks sticky.
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Mining.com
China Could Retaliate Against Threats to Critical Metal Security, Analysts Warn
China's new Mineral Resources Law took effect this week, giving the country a formal legal basis to counter foreign threats to its critical metal security. Analysts warn the law strengthens Beijing's hand in escalating supply chain tensions.
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Our Take
A codified legal mechanism, rather than ad hoc export controls, raises the stakes for anyone reliant on Chinese critical mineral flows. Investors should treat this as a structural escalation that lifts the strategic premium on non-Chinese supply.
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Other
Mozambique Signs Landmark Mining Law With Mandatory State Participation
Mozambique signed a landmark mining law requiring mandatory state participation through a newly created national mining company, alongside export and local processing provisions. Parliament approved the law in May 2026.
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Our Take
Mandatory state equity plus local processing rules raise the cost of capital and dilute returns for anyone operating in Mozambique. This is resource nationalism with a legislative spine, and investors should reprice country risk on existing and pipeline assets accordingly.
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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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