The Drill Down
Friday 19 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
Energy Fuels Receives Conditional U.S. Government Support to Accelerate Growth in Rare Earths and Critical Materials
Energy Fuels has received a conditional $725 million, 20-year loan commitment from the US Office of Strategic Capital to expand rare earth and critical materials processing at its White Mesa Mill in Utah and build a planned US metals and alloy facility. The financing is tied to its proposed acquisition of Australian Strategic Materials, which brings rare earth metal-making capacity in South Korea.
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Our Take
A 20-year loan from the Department of War's capital arm is Washington putting sovereign balance sheet behind ex-China rare earth processing, the midstream bottleneck private capital has refused to fund. For ASM holders, it also hard-validates the Korean metals capacity Energy Fuels is paying to acquire.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,209
-1.11%
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Silver
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$66
-3.24%
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Platinum
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$1,696
-2.40%
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Palladium
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$1,283
-2.69%
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Base Metals & Commodities
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Copper USD/t
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$14180.56
--
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Nickel USD/t
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$17768.00
-1.44%
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Zinc USD/t
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$3607.34
+0.65%
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Lead USD/t
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$1965.80
-0.32%
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WTI Crude USD/bbl
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$76.20
-0.52%
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Prices updated as of 19 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Pirate Gold Corp.
Pirate Gold reported a new grassroots copper-gold discovery at Moby Dick in Newfoundland, with first drilling returning 0.54% copper equivalent over 180.8 metres, including 1.48% over 49.4 metres. The alteration system is confirmed at 3,100 metres long and 850 metres wide and remains open.
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Anfield Energy Inc.
Anfield Energy filed its updated combined PEA for its hub-and-spoke uranium and vanadium strategy, feeding Velvet-Wood, Slick Rock and the West Slope mines into its Shootaring Canyon mill in Utah. The study carries a pre-tax IRR of 106% and a US$606 million NPV at US$100 a pound uranium, with a 1.3-year payback.
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PJX Resources Inc.
PJX Resources launched a non-brokered placement of up to 44 million units to raise up to $6.3 million, funding drilling of priority critical metal and gold targets across its 750 square kilometre Sullivan Mining District land package in British Columbia. The market took the funded drill program positively despite the dilution.
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Canadian Goldfields Discovery Corp.
No specific catalyst identified. Canadian Goldfields, advancing the iron-formation-hosted Miminiska gold project across a 14km trend in northwestern Ontario, eased on no company news in what looks like profit-taking and thin-volume selling.
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FPX Nickel Corp.
No specific catalyst identified. FPX Nickel fell on heavy volume with no announcement today, its most recent news being the 11 June confirmation that its Baptiste nickel project requires a federal environmental assessment.
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Gladiator Metals Corp.
Gladiator fell despite strong results released yesterday from the first 11 holes at its Cowley prospect in the Yukon, including 8.3 metres at 4.99% copper within 47 metres at 1.23% copper. The pullback reads as profit-taking after a strong run rather than any negative news.
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Market data as of 19 June 2026, 9:30 AM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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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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Bloomberg
Rio Tinto Resumes Copper Exports From Massive Mongolian Mine
Rio Tinto's Oyu Tolgoi copper mine has resumed exports after a blockade by protesters demanding a larger share of mining revenues for Mongolia. The company has not indicated whether it reached an agreement with the protesters.
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Our Take
Exports restarting without a disclosed settlement leaves the revenue-sharing dispute unresolved, keeping country risk priced into Rio's flagship copper growth asset. Investors should treat resumption as a pause rather than a fix until Mongolia's demands are formally addressed.
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Mining.com
Mining's Nuclear Reality Check: SMRs Are Still Not on Miners' Shopping Lists
A BMI survey of miners' low-carbon energy plans ranks nuclear, including small and micro modular reactors, dead last at under 10%, far behind renewables at over 70% and storage near 65%. Licensing, approval timelines, security and liability keep reactors off the shopping list even as the AI-driven uranium demand story runs hot.
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Our Take
The signal for uranium bulls is that demand is coming from utilities and hyperscalers, not miners wiring reactors into their own pits. The SMR-at-the-minesite thesis stays a 2030s story, so the near-term uranium trade rides grid and data-centre buildout rather than mining's own power needs.
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Al Jazeera
Who Benefits From Zimbabwe's Lithium Boom?
Zimbabwe's ban on unprocessed mineral exports has nearly doubled first-quarter lithium export earnings to $178.6 million, with Chinese-backed producers like Huayou's Arcadia mine now shipping higher-value lithium sulphate. Analysts and community groups warn the gains are flowing largely to foreign owners while host communities see little benefit and policy reversals deter diversification.
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Our Take
The export ban is working on paper, nearly doubling lithium earnings, but with Huayou and Sinomine owning the plants the value capture is still largely China's. The signal for the market is that forced beneficiation is becoming the default African playbook, tightening the raw concentrate that ex-China converters were counting on.
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Australian Financial Review
BHP Takes US$2.3 Billion Charge on Jansen Potash Mine as Cost Forecast Swells Again
BHP has booked a US$2.3 billion (C$3.3 billion) impairment after cost blowouts at its Jansen potash mine in Canada. The write-down follows a comprehensive review of the mine's costs, and BHP's iron ore division is simultaneously facing strike action.
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Our Take
A US$2.3 billion impairment on a mine BHP hasn't even finished building. Jansen was its diversification bet away from iron ore, and the numbers say it's bleeding before first production.
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ABC News
Union Says Tahmoor Coal Sale Could Bring Miners Home After Gupta Fallout
Liquidators have announced the sale of the Tahmoor coal mine to a consortium of new owners, potentially returning hundreds of former miners to work. The union says the sale follows the fallout from the Gupta collapse.
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Our Take
The liquidator-led sale of Tahmoor confirms the orderly unwind of Gupta's Australian coal holdings, removing overhang and restoring a producing asset to the market. For investors, a restarted Tahmoor adds metallurgical coal supply and validates buyer appetite for assets stranded by the GFG implosion.
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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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