The Drill Down
Tuesday 21 April 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
USA Rare Earth Boosts Western Supply Chain in $2.8 Billion Deal for Brazil Producer
USA Rare Earth has agreed to acquire Serra Verde, operator of the Pela Ema project in Goiás state and described as Latin America's only producing rare earths mine, in a deal valued at $2.8 billion. The acquisition is positioned as a step toward diversifying rare earth supply away from China. The deal adds producing-asset scale to the Western critical minerals supply chain at a time of heightened geopolitical pressure.
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Our Take
Acquiring the only producing rare earths mine in Latin America for $2.8 billion is a bold move, and the strategic rationale is clear given the race to build China-independent supply chains. The question for investors is whether the premium reflects production reality or geopolitical enthusiasm.
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Source: Reuters
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,820
-0.18%
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Silver
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$80
-1.30%
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Platinum
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$2,089
-0.55%
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Palladium
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$1,562
+0.27%
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Base Metals & Commodities
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Copper USD/lb
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$6.10
-0.47%
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Nickel USD/lb
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$8.27
+1.56%
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Zinc USD/lb
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$1.54
-1.09%
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Lead USD/lb
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$0.89
+0.59%
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WTI Crude USD/bbl
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$86.39
+0.58%
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Prices updated as of 21 Apr 2026, 8:04 am AEST
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Market Movers
Winners & Losers — TSX/TSXV/CSE Markets
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Top Gainers (TSX/TSXV/CSE)
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Rupert Resources Ltd.
Agnico Eagle announced an agreement to acquire Rupert for approximately C$2.9 billion, with shareholders to receive 0.0401 Agnico Eagle shares per Rupert share, valued at approximately C$12.00, plus contingent value rights of up to C$3.00 per share tied to resource and production milestones. The deal implies a 67% premium to Rupert's last closing price and forms part of Agnico's consolidation of Finland's Central Lapland Greenstone Belt.
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Aurion Resources Ltd.
Agnico Eagle announced an all-cash acquisition of Aurion at C$2.60 per share, for a total purchase price of approximately C$481 million, representing a 46% premium to Aurion's last closing price. The Aurion board unanimously recommends shareholders vote in favour. The deal is the second leg of Agnico's three-transaction Finland consolidation and is expected to close early Q3 2026.
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Emerita Resources Corp.
CEO David Gower and Chairman Larry Guy voluntarily resigned effective immediately in response to OSC enforcement allegations, which both strongly dispute. Joaquin Merino has been appointed Interim CEO and David Patterson takes over as Chairman. Both former executives will continue to provide consulting support during the transition to avoid disruption to the Iberian Belt West Project in Spain.
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Top Losers (TSX/TSXV/CSE)
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Quarterback Resources Inc.
No specific catalyst identified. The move occurred on above-normal selling volume, suggesting a coordinated exit rather than routine profit-taking. No specific catalyst identified.
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Morocco Strategic Minerals Corp.
Morocco Strategic Minerals announced a proposed non-brokered private placement of up to 33.3 million units at $0.15 per unit, seeking to raise up to $5 million. Each unit consists of one share and a half-warrant exercisable at $0.25 for 24 months. Proceeds are intended to fund mining asset acquisition and development in Morocco. The announcement triggered a dilution-driven sell-off.
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Benz Mining Corp.
No specific catalyst identified. The stock sold down on light volume, most likely routine profit-taking after a sustained run in recent months. No new news on the day.
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Market data as of 21 Apr 2026, 8:04 am AEST
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This Week's Poll
Where is copper heading in Q2 2026?
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○ Pulling back below $5.50
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This Week's Research
The Processing Gap: China's Chokehold on Global Mineral Refining
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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.
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Today's Stories
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Mining.com
Russia Adds $1.9 Billion Stake in Gold Miner to $50 Billion in Confiscated Assets Since Ukraine War Began
Russia has seized a $1.9 billion stake in gold producer UGC, bringing the total value of assets confiscated since the start of the Ukraine war to $50 billion. The UGC stake is being earmarked for auction by Russian authorities, continuing a pattern of state seizures targeting corporate holdings. The move further underlines the operational and ownership risks facing mining assets inside Russia.
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Our Take
With $50 billion in confiscated assets and counting, Russia is not a jurisdiction any serious capital allocator should be treating as recoverable in the near term. The UGC auction is a signal of state consolidation, not a market opportunity.
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AFR
BHP Iron Ore Boss Warns Australia Heading for Investment Cliff Edge in Pilbara IR Battle
BHP iron ore chief Tim Day has warned that Australia is heading toward an investment cliff edge, saying the company is losing its battle against unions in the Pilbara. Day stated that the ship has sailed on efforts to reform industrial relations arrangements at BHP's Western Australian operations. The warning adds to a growing chorus of industry concern about operating conditions for major miners in Australia.
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Our Take
When the head of one of the world's largest iron ore operations says the reform window has closed, that is a direct message to politicians ahead of any election cycle and a cost-of-capital signal for Pilbara-exposed investors. Australia's sovereign risk premium is quietly rising.
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Reuters
Chile and US to Sign Agreements on Mining and Security Cooperation
Chile and the United States are set to sign agreements on mining cooperation and security, covering coordination on public and private financing for mining projects and the management of scrap for minerals recycling. The agreements also address exploration for new projects aimed at boosting minerals supply in both countries. The signing reflects a deepening strategic minerals partnership between Washington and Santiago.
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Our Take
Formalising financing coordination between Chile and the US is a meaningful structural development for copper project funding, not just a diplomatic photo opportunity. Companies with assets in Chile should be paying close attention to what capital channels open as a result.
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Mining.com
US Companies Eyeing Congo Mining Assets, State Department Official Says
A US State Department official has confirmed that American companies are actively looking at mining assets in the Democratic Republic of Congo, with one company reported to be planning to begin drilling within four to six weeks. The disclosure reflects growing US strategic interest in securing access to Congo's critical mineral resources. The statement marks a notable escalation in the public framing of US engagement with DRC's mining sector.
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Our Take
State Department officials naming a four-to-six week drilling timeline is unusually specific, suggesting the US is moving from diplomatic signalling to operational commitment in the DRC. Investors tracking critical minerals exposure should watch which companies emerge as the named actors.
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Upcoming Events
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Sydney Resources Round-up
5-7 May 2026 · Hyatt Regency, Sydney
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Sydney Mining Club
6 May 2026 · Leading Edge · Hinchcliff House, Sydney
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121 Mining Investment
11-12 May 2026 · London
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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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