The Drill Down
Monday 18 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
US Needs Another Decade to Fix $1.2 Trillion Rare Earth Crisis
Despite billions poured into mining and refining, the US remains years away from breaking China's grip on the rare earths that matter most. Bloomberg analysis drawing on three critical mineral consultancies projects that China's dominance over heavy rare earths essential for high-performance magnets and military technologies will persist until at least the mid-2030s. Light rare earths used in consumer electronics may diversify by decade's end, but the defence-critical supply chain remains structurally exposed.
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Our Take
Mid-2030s is the honest timeline. Any company that can deliver separated heavy rare earths outside China before then is not a mining play, it is a strategic asset with policy tailwinds behind it for the next decade.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,541
-2.40%
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Silver
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$76
-9.01%
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Platinum
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$1,980
-3.85%
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Palladium
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$1,407
-1.96%
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Base Metals & Commodities
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Copper USD/lb
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$6.30
-4.41%
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Nickel USD/lb
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$8.41
-1.96%
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Zinc USD/lb
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$1.60
-0.88%
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Lead USD/lb
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$0.89
-1.42%
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WTI Crude USD/bbl
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$102.31
+1.28%
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Prices updated as of 18 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Anteros Metals Inc.
Reported a gas occurrence at approximately 825m in drill hole WM08-27EXT during Phase 2 drilling at the Seagull Property in Ontario. The blowout preventer was closed and gas samples sent to AGAT Laboratories for rush analysis.
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First Tellurium Corp.
Its 83%-owned subsidiary PyroDelta Energy is gaining media momentum across industry and mainstream outlets, including a feature in IEEE Spectrum, for its breakthrough thermoelectric waste-heat recovery technology.
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Copper Fox Metals Inc.
No specific catalyst identified. The copper developer posted a strong gain on well above-average volume, likely benefiting from copper trading near record highs and renewed interest in the Schaft Creek copper-gold-moly project in BC.
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Valhalla Metals Inc.
No specific catalyst identified. The stock pulled back on profit-taking after a strong two-week run.
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Thesis Gold & Silver Inc.
No specific catalyst identified. The decline is consistent with a broader selloff across mid-cap precious metals names on the session.
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Galiano Gold Inc.
No specific catalyst identified. The gold producer sold off alongside the broader market, with its larger market capitalisation making it more susceptible to institutional repositioning during risk-off sessions.
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Market data as of 18 May 2026, 8:10 am AEST
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This Week's Poll
What best describes you?
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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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Mining.com
Trump Leaves Beijing With No Rare Earth Deal Confirmed
President Trump left Beijing on Friday without securing a breakthrough agreement on rare earths despite calling the two-day summit a success. China accounts for roughly 90% of global rare earth refining capacity and weaponised that dominance last year with export restrictions following Trump's Liberation Day tariffs, triggering temporary auto plant shutdowns across the US and Europe.
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Our Take
No deal was the expected outcome. Beijing has no incentive to give up its most effective trade lever voluntarily. Every summit that ends without a rare earth agreement makes the investment case for non-Chinese producers stronger.
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Bloomberg
India Tightens Silver Import Rules Amid Measures to Defend Rupee
India has reclassified silver bar imports from "free" to "restricted" with immediate effect, meaning only shipments licensed by the Directorate General of Foreign Trade will be permitted. The world's biggest silver consumer imports over 80% of its supply, and record fiscal year imports of $12 billion prompted the crackdown as New Delhi battles a widening trade deficit driven by surging oil costs and a weakening rupee.
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Our Take
The world's largest silver consumer just shut the door on free imports. Local premiums will spike, and global silver markets lose their biggest marginal buyer overnight. Producers with non-Indian offtake may benefit from the displacement.
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AFR
The Curious Case of the $65m That Was Worth Only $27m
DGR Global traded at a market capitalisation of just $27 million despite holding a concrete claim on cash worth more than $65 million. The disconnect stems from this year's $1.69 billion takeover of copper explorer SolGold, in which DGR was a substantial shareholder and made approximately $107 million from selling its stake to SolGold's Chinese suitor. The situation raises questions about founder Nicholas Mather's capital allocation track record.
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Our Take
A company trading at 40 cents on the dollar of its own cash is the market pricing in governance risk, not valuation inefficiency. The discount tells you everything about how investors view management's stewardship of capital.
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Reuters
Ghana Lease Uncertainties Threaten Mining Investment, Mines Chamber Says
The Ghana Chamber of Mines warned that lease revocations and stalled renewal talks risk creating the impression that security of tenure is no longer guaranteed. Gold Fields' Tarkwa lease, which produced 427,000 ounces in 2025 and expires in 2027, is the highest-profile case after Accra declined to renew its smaller Damang mine and awarded the lease to a local operator instead.
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Our Take
Tarkwa is a 427,000 ounce per year operation. If Ghana cannot provide certainty on a lease of that scale, it is telling every international miner to reprice sovereign risk across the entire jurisdiction.
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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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