The Drill Down
Monday 20 April 2026 · Part 1
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
Hormuz Re-Closure Shatters Brief Truce, Trapping Crucial Metal Inputs
The Strait of Hormuz has been re-closed after only a brief reopening, trapping cargoes of key metal inputs critical to mining and metals processing operations. The reversal adds renewed uncertainty to global commodity supply chains that had only just begun to stabilise. Mining companies reliant on inputs transiting the strait now face heightened cost and availability pressures.
|
Our Take
The whipsaw between open and closed is arguably more damaging than a sustained closure, as it makes procurement planning nearly impossible for operators. Companies with diversified input sourcing or on-site reagent stockpiles are carrying a real competitive advantage right now
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,829
+0.84%
|
|
Silver
|
$81
+3.02%
|
|
Platinum
|
$2,101
-0.16%
|
|
Palladium
|
$1,558
+0.44%
|
|
Base Metals & Commodities
|
Copper USD/lb
|
$6.13
+0.77%
|
|
Nickel USD/lb
|
$8.15
-1.60%
|
|
Zinc USD/lb
|
$1.56
+0.89%
|
|
Lead USD/lb
|
$0.89
+0.74%
|
|
WTI Crude USD/bbl
|
$87.99
+6.54%
|
|
Prices updated as of 20 Apr 2026, 8:04 am AEST
|
| |
Market Movers
Winners & Losers — TSX Markets
|
Silver Crown Royalties Inc.
Continuing to run following the 16 April closing of a C$4.5M non-brokered private placement at C$14.00 per share, a premium to market. Notable investor Michael Gentile increased his partially diluted interest to just under 20%. Proceeds are earmarked for accretive silver royalty acquisitions, with cash on hand at approximately C$14.2M.
|
|
Rio2 Limited
No specific catalyst identified. Most likely driver is the broader precious metals sector move as gold held near elevated levels and risk appetite improved across TSX-listed gold developers.
|
|
Roxmore Resources Inc.
Roxmore announced a 70% expansion of its land position at the Converse Gold Project in Nevada, growing from 7,784 acres to 13,257 acres through claim staking and private land acquisitions for approximately US$700,000. The expanded footprint supports infrastructure planning ahead of the company's upcoming PEA, with additional drill results and the PEA both expected in Q2 2026.
|
|
|
|
Coppernico Metals Inc.
No specific catalyst on the day. Most recent news was the 9 April announcement of an option on 600 hectares of concessions adjacent to the Tipicancha target at its Sombrero Project in Peru, where the epithermal-porphyry system is believed to extend beyond current project boundaries.
|
|
Aclara Resources Inc.
No specific catalyst on the day. Most likely profit-taking after a recent run following the 13 April release of technical studies covering its integrated heavy rare earths supply chain, including a feasibility study for the Carina Project and pre-feasibility level work on its metals and alloys project. The NI 43-101 feasibility study for the Penco Module in Chile is targeted for Q4 2026.
|
|
Novo Resources Corp.
No specific catalyst identified. The stock continues to be sold down, with the share price trading near its 52-week low of $0.075 and the chart reflecting sustained seller pressure over recent months.
|
|
Market data as of 20 Apr 2026, 8:04 am AEST
|
| |
This Week's Poll
Where is copper heading in Q2 2026?
|
|
|
|
|
○ Pulling back below $5.50
|
|
|
|
|
| |
This Week's Research
The Processing Gap: China's Chokehold on Global Mineral Refining
|
China controls refining and processing of 19 of the 20 strategic minerals tracked by the IEA, with average share above 70% across the battery complex. Concentration is intensifying, not easing. The 2026 copper TC/RC benchmark settled at US$0/t, the lowest on record, a mechanism quietly destroying non-Chinese smelting capacity. The supply deficits arrive from 2029. The processing facilities needed to address them take 10 to 17 years to build. This report quantifies the gap, maps where capital is already moving, and identifies where it isn't.
|
|
| |
|
Today's Stories
|
S&P Global
Chinese Copper Concentrate TC/RC to Remain Under Pressure in Q2 Amid Tight Supply
China's copper concentrate TC/RC is assessed at minus $78.50/mt and minus 7.85 cents/lb as of 9 April. Supply tightness is compounding as Indonesia's Batu Hijau permit expires end of April and the DRC's Kamoa-Kakula smelter absorbs concentrate domestically. Sulfuric acid prices in China have surged 73.6% since January to $210/mt FOB on Middle East supply disruptions, squeezing smelter margins further.
|
Our Take
Negative TC/RC is the new operating environment for copper smelters outside China, and the Batu Hijau and Kamoa-Kakula reductions arriving together in Q2 will make it worse. For miners with clean, high-grade concentrate, the bargaining position has rarely been stronger.
|
|
The Diplomat
Japan's Takaichi to Forge Closer Cooperation With Australia in Rare Earths
Japanese Prime Minister Sanae Takaichi is planning a visit to Australia to advance rare earths supply chain cooperation and Strait of Hormuz navigation security. The visit follows Japan's rare earths deal with France and a US-Japan critical minerals action plan signed in March. Japan-Australia Rare Earths has also locked in a $110/kg NdPr price floor in its updated Lynas purchase agreement.
|
Our Take
The $110/kg NdPr price floor is the most commercially significant element here. Governments setting minimum prices for strategic minerals outside China de-risks capital allocation for rare earths developers in a way that market prices alone never could. Australian producers with active off-take conversations should treat this as a pricing reference point, not a ceiling.
|
|
Reuters
Exclusive: Congo Copper and Cobalt Miners Cut Chemical Use as Iran War Disrupts Supplies
Congo's leading copper and cobalt producers have had orders for key leaching chemicals cancelled or withdrawn by suppliers, forcing miners to cut usage and consider output reductions as Middle East-linked supply disruptions deepen. The DRC is the world's top cobalt producer and Africa's largest copper supplier, making it a critical link in EV and clean energy supply chains.
|
Our Take
The Hormuz disruption is now reaching directly into DRC mine output. A production cut in the DRC does not get replaced quickly given the concentration of processing infrastructure. Battery manufacturers with thin cobalt inventory buffers need to be watching how far the chemical shortage extends into Q2.
|
|
The West Australian
One-Third of WA Miners Freeze Exploration Programs as High Fuel Prices Bite, According to AMEC Survey
An AMEC survey has found that one-third of Western Australian miners have frozen exploration programs due to elevated fuel costs driven by Middle East supply disruptions. Junior and mid-tier operators have been hardest hit, with some reporting as little as five days of diesel supply on hand. AMEC CEO Warren Pearce noted the disruption is partly a domestic distribution failure, with fuel entering Australia but failing to reach remote operators.
|
Our Take
A one-third exploration freeze is a material pullback that will show up in resource inventory and drill result flow over the next 12 to 18 months. Investors in WA exploration stocks should be stress-testing burn rates and program timelines against sustained elevated fuel costs.
|
|
Bloomberg
Soaring Tungsten Adds Impetus to Vietnam Mine Sale Effort
Vietnam's Nui Phao mine, one of the world's largest non-China tungsten sources, is accelerating its search for strategic investors as prices surge on Chinese export controls and strong defence and industrial demand. APT prices now trade around $1,775 per tonne against a long-term average of approximately $300 per tonne. Tungsten is essential to semiconductors, drilling equipment, and armour-piercing weaponry.
|
Our Take
A near-sixfold move in APT prices turns a mine sale into a competitive auction. Strategic buyers from the US, Japan, and Europe are under explicit government pressure to secure non-China tungsten, and there are very few assets of this scale available. The risk is that price-sensitive buyers balk at current valuations and the process extends into a period where prices have softened.
|
|
| |
|
Upcoming Events
|
|
Sydney Resources Round-up
5-7 May 2026 · Hyatt Regency, Sydney
|
|
Sydney Mining Club
6 May 2026 · Leading Edge · Hinchcliff House, Sydney
|
| |
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
