The Drill Down
Tuesday 2 June 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
Elliott Management Builds A$1 Billion Stake in Northern Star, Publishes Value Creation Plan
Elliott Management has accumulated a stake of well over A$1 billion in Northern Star Resources and published a value creation presentation targeting the Australian gold miner, which has faced investor frustration after missing the gold price rally through a run of production downgrades. The activist move follows the recent departure of Northern Star's chief executive. Elliott's entry puts the board on notice with a clear commercial agenda already on the table.
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Our Take
Elliott does not build A$1 billion positions for incremental change, and Northern Star's operational stumbles during a gold bull market make it an obvious activist target. Investors should expect pressure on costs, capital allocation, or corporate structure in short order.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,485
-1.21%
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Silver
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$75
-0.56%
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Platinum
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$1,927
+0.31%
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Palladium
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$1,363
+0.47%
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Base Metals & Commodities
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Copper USD/t
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$14558.52
+2.79%
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Nickel USD/t
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$19207.00
+1.53%
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Zinc USD/t
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$3554.39
+0.40%
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Lead USD/t
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$2001.60
-0.03%
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WTI Crude USD/bbl
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$92.29
-0.19%
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Prices updated as of 2 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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GoldQuest Mining Corp
Continues to run on the back of 29 May metallurgical drilling results at the Romero Gold-Copper Project in the Dominican Republic, with a highlight intercept of 38.6m at 45.01 g/t Au and 2.44% Cu. Results confirmed gold-silver-copper zones amenable to conventional flotation, supporting the ongoing bankable feasibility study.
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Benton Resources Inc.
Benton and Metals Creek more than doubled their land position at the Smoking Gun Project in Newfoundland's Deer Lake Basin, expanding from 242 to 654 claim units covering 163.5 km2. A further 214 claims were staked at Parson's Pond to cover stratigraphy prospective for natural white hydrogen and helium.
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McFarlane Lake Mining Limited
Continues to run from the 28 May announcement of a $6.75 million strategic investment led by Michael Gentile ($6.35M) and Pierre Beaudoin, advancing the flagship Juby Gold Project in Ontario's Abitibi Greenstone Belt.
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Silver Bull Resources Inc.
The ICSID arbitration tribunal dismissed Silver Bull's NAFTA claim against Mexico on jurisdictional and time limitation grounds. The company had been seeking over US$374 million in damages arising from the illegal blockade of its Sierra Mojada silver-zinc project in Coahuila since September 2019.
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Orla Mining Ltd
Orla reported an illegal work stoppage and blockade at its Camino Rojo gold mine in Zacatecas, Mexico. Operations have been halted and the company is engaging with authorities to restore access.
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Metallic Minerals Corp.
Announced a bought deal LIFE private placement for gross proceeds of C$8.0 million via Red Cloud Securities, with flow-through proceeds directed to the Keno Silver Project in the Yukon. Closing expected 22 June 2026, subject to TSX-V approval. Dilution from the placement drove the sell-off.
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Market data as of 2 June 2026, 9:30 AM AEST
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This Week's Poll
Which emerging mining region will attract the most exploration capital over the next 3 years?
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○ Saudi Arabia / Middle East
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○ Scandinavia / Greenland
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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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ASX: EVG
Former Australian Ambassador Arthur Sinodinos AO Appointed to Accelerate US Critical Minerals Strategy
Evion Group has appointed The Hon Arthur Sinodinos AO, former Australian Ambassador to the US (2020-2023), as Strategic Advisor to advance its US critical minerals strategy. The appointment follows the acquisition of the Carp Fluorspar Project in Nevada and coincides with accelerating US government initiatives including the Quad Critical Minerals Initiative Framework and Australia's A$1.2 billion Critical Minerals Strategic Reserve.
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Our Take
Sinodinos is embedded in the US critical minerals funding ecosystem through his concurrent role at Cove Capital. For a junior with a Nevada fluorspar asset, this is the right bridge to the right capital at the right time.
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Bloomberg
Trump May Keep Copper Traders Guessing on Tariffs
The Commerce Secretary has until 30 June to deliver an updated copper tariff recommendation to President Trump, with previous advice pointing to a 15% duty on refined copper from January 2027. Bloomberg's analysis suggests Trump may prefer to maintain ambiguity, using the tariff threat as leverage rather than imposing duties. The March 2027 Comex forward premium has already widened to nearly $1,000 per tonne above LME.
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Our Take
The tariff threat is doing its job without requiring an actual tariff. Trump has every incentive to leave June 30 ambiguous and let the market do the heavy lifting for another cycle.
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The Northern Miner
Pan American Approves $146M Timmins Expansion
Pan American Silver has committed $146 million to deepen the Bell Creek shaft by 625 metres and access the Vogel and Samson gold deposits in Ontario. Construction starts July 2026 with commissioning targeted for H1 2029. Drilling has traced gold mineralisation to 2,600 metres depth, with a Q3 resource update expected across the Timmins camp.
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Our Take
Near-mine brownfields investment at existing infrastructure is how you extend mine life without greenfield risk. At current gold prices, going to 2,600 metres makes sense - the Q3 resource update will confirm whether the economics hold.
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Rare Earth Exchanges
The New Chessboard of Rare Earths: USA Rare Earth Investment Expansion in France
USA Rare Earth (Nasdaq: USAR) announced at the Choose France summit that it plans to invest more than €175 million ($204 million) through 2030 to expand rare earth metal, alloy and permanent magnet manufacturing at Lacq. The French government is expected to provide C3IV incentives, debt guarantees, and potentially a direct equity stake in USAR's European subsidiary. The announcement comes as MP Materials has filed a lawsuit against the company alleging misappropriation of proprietary magnet technology.
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Our Take
A US company building magnet capacity in France with simultaneous backing from both governments is transatlantic critical minerals strategy in practice. The MP lawsuit is a complication, but the capital commitment is real and the strategic logic is sound.
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Bloomberg
Peru's Mining Appeal Erodes as Revolving-Door Politics Unsettle Investors Ahead of Election
Peru is preparing to elect its ninth president in a decade, and the persistent political instability is eroding investor confidence in one of the world's most mineral-rich jurisdictions. Projects such as the Tia Maria mine have already been stalled by the volatile environment, despite the country's historically attractive deposit quality and low operating costs. The pattern of leadership turnover is increasingly translating into project development risk.
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Our Take
Nine presidents in ten years is not a rounding error, it is a structural governance problem that forces miners to reprice Peruvian assets regardless of their geological quality. Investors with exposure to undeveloped Peruvian projects should be stress-testing their development timelines.
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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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