The Drill Down
Tuesday 19 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
JPMorgan Cuts Gold Forecast on Soft Demand, Expects H2 Recovery
JPMorgan has cut its 2026 average gold price forecast to $5,243 per ounce from $5,708, citing investor interest that has "dried to a trickle" with depressed COMEX open interest and light ETF flows. The bank also lowered its central bank purchase estimate to 640 tonnes from 800 tonnes after Q1 net reported purchases fell to just 16 tonnes. Despite the downgrade, JPMorgan retained its year-end target of $6,000 per ounce, expecting demand to re-intensify in the second half once energy and inflation uncertainty clears.
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Our Take
Cutting the average but keeping $6,000 year-end is JPMorgan telling you the trade is late, not dead. Gold stuck between its 200-day and 50-day moving averages is a setup, not a verdict.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,567
+0.57%
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Silver
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$78
+2.28%
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Platinum
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$1,983
+0.17%
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Palladium
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$1,418
+0.78%
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Base Metals & Commodities
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Copper USD/lb
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$6.35
+0.79%
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Nickel USD/lb
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$8.41
+0.10%
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Zinc USD/lb
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$1.58
-1.17%
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Lead USD/lb
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$0.89
-0.09%
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WTI Crude USD/bbl
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$102.47
-1.83%
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Prices updated as of 19 May 2026, 8:04 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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Bloomberg
Anglo American Sells Australian Steelmaking Coal Mines to Dhilmar for Up to $3.88 Billion
Anglo American has agreed to sell its Queensland Bowen Basin steelmaking coal mines to UK-based Dhilmar Ltd. for up to $3.88 billion in cash, advancing the company's broader restructuring strategy. Dhilmar is a privately owned company led by Alexander Ramlie, who has worked for several Indonesian mining companies. The Queensland assets are among the most significant coking coal operations in Australia.
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Our Take
Dhilmar is an obscure UK shell with Indonesian mining ties paying top dollar for Tier 1 coking coal. Anglo needed the exit badly. Watch who refinances this deal.
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Rare Earth Exchanges
Project Vault Faces Its Real Test in China's Rare Earth Shadow
The $12 billion Project Vault critical minerals stockpile is facing its first real test as China maintains export restrictions on heavy rare earths. While the reserve provides a 60-day buffer against supply disruptions, analysts warn the core bottleneck remains midstream processing, not stockpile size. Some materials entering the reserve may still be sourced from Chinese-linked supply chains in the near term, creating a paradox of hedging dependency with the same system that created it.
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Our Take
A stockpile filled partly from the supply chain it was built to replace is not independence. Until separation and refining capacity exists outside China, Project Vault buys time but does not change the structure.
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Reuters
Ghana Seeks to Buy 30% of Gold From Miners to Boost Reserves, Central Bank
Ghana has asked large-scale gold miners to sell 30% of annual output to the central bank, up from 20%, as part of a revamped reserve-building programme targeting 157 tonnes by 2028. Last year, industrial miners delivered roughly 10 tonnes against declared production of about 100 tonnes, well below the 20% commitment. Gold reserves climbed to 19.2 tonnes in February, helping stabilise the cedi and rebuild external buffers.
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Our Take
Raising the target to 30% when miners only delivered 10% against a 20% commitment tells you this is aspiration, not enforcement. Until the commercial terms are resolved, producers will keep dragging their feet.
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Mining.com
MinRes Reboots Bald Hill Lithium Mine After 18-Month Pause
Mineral Resources is restarting its 100%-owned Bald Hill lithium mine in Western Australia after an 18-month hiatus, citing a significant and sustained recovery in lithium prices. Ramp-up begins in late May with first spodumene concentrate production expected from July. Bald Hill has capacity of approximately 165,000 dry metric tonnes per annum of 5.1% spodumene concentrate, making MinRes the only company globally operating three hard rock lithium mines.
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Our Take
Restarting a shuttered mine in a rising market is the playbook. Three operating hard rock lithium mines under one roof gives MinRes a volume and blending optionality that no peer can match right now.
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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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