The Drill Down
Thursday 21 May 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
Rinehart-Backed Arafura Goes Ahead With Crucial Flagship NT Project
Arafura Rare Earths has taken a final investment decision on its Nolans rare earths project in the Northern Territory, with Gina Rinehart positioned as the company's biggest investor. The ASX-listed developer is advancing the project as Australia seeks to establish a credible domestic critical minerals supply chain. Nolans is one of Australia's most strategically important rare earths developments.
|
Our Take
A final investment decision from a Rinehart-backed rare earths developer carries genuine commercial weight, not just political symbolism. With China tightening output controls, the timing of Arafura's green light could not be better positioned for offtake negotiations.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,544
+1.38%
|
|
Silver
|
$76
+2.95%
|
|
Platinum
|
$1,948
-0.23%
|
|
Palladium
|
$1,368
+1.18%
|
|
Base Metals & Commodities
|
Copper USD/lb
|
$6.36
+2.29%
|
|
Nickel USD/lb
|
$8.55
+0.44%
|
|
Zinc USD/lb
|
$1.61
+1.61%
|
|
Lead USD/lb
|
$0.89
+0.81%
|
|
WTI Crude USD/bbl
|
$99.12
+0.12%
|
|
Prices updated as of 21 May 2026, 8:04 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Wallbridge Mining Company Limited
Secured C$56 million in strategic investments from Agnico Eagle and Waratah Capital, each taking a 19.9% stake. Proceeds fully fund a pre-feasibility study on the Fenelon gold project in Quebec's Abitibi region, with delivery expected in late 2027 or early 2028.
|
|
Gold Hart Copper Corp
Completed 7 RC drill holes at the highest-grade trench of its flagship Tolita gold-copper-moly-silver porphyry target in Chile's Vicuna District, with diamond drill assays pending. Also provided updates on geochemical surveys at the Nessa Complex on the Domeyko Fault System.
|
|
IMPACT Silver Corp
Reported Q1 2026 revenue of $31.2 million, nearly triple Q1 2025, driven by higher silver prices, improved grades and increased throughput at Zacualpan. Gross profit grew almost ten-fold to $20.3 million, with record net income of $11.3 million.
|
|
|
|
Rise Gold Corp
A US District Court granted summary judgment against Rise in a Clean Water Act case alleging pollutants entering a local creek from historic Idaho-Maryland Mine shafts without a permit. This follows a separate ruling two weeks ago denying Rise's Writ of Mandamus to compel Nevada County to recognise its vested mining right.
|
|
Western Star Resources Inc
No specific catalyst identified. The stock has pulled back after a sharp run from approximately $0.20 to $0.80 over recent months, likely reflecting profit-taking.
|
|
Tiger Gold Corp
Announced a C$15 million special warrants offering at C$0.82 per warrant through SCP Resource Finance to accelerate drilling at its Ceibal target in Colombia, with a maiden resource targeted by year-end. The discount to market and dilution weighed on shares.
|
|
Market data as of 21 May 2026, 8:22 am AEST
|
| |
|
This Week's Poll
What best describes you?
|
| |
This Week's Research
Q3 FY26 ASX Producer Recap
|
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.
|
|
| |
|
Partner Spotlight
|
|
|
|
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
|
|
| |
|
Today's Stories
|
AFR
Mining Stocks Will Rocket ASX to Record Within a Year: Morgan Stanley
Morgan Stanley is predicting the Australian sharemarket will return to record levels by mid-2027 as surging commodity prices boost earnings across the materials and energy sectors. Equity strategist Chris Nicol forecast the S&P/ASX 200 at 9,250 points over the next 12 months, implying an 8% gain from current levels and surpassing the benchmark's record high of 9,200.9 reached in March.
|
Our Take
Morgan Stanley's 9,250 target is essentially a commodity cycle call dressed as an equity forecast. If the materials thesis is right, the index takes care of itself.
|
|
Bloomberg
China Set to Impose Mining Controls on Some Strategic Minerals From June 15
China will impose new mining controls on strategic minerals from June 15, giving Beijing authority to cap total output, restrict mining entities, and conduct security reviews on foreign participation. The regulations represent the latest escalation in China's effort to weaponise its dominant position in critical mineral supply chains amid ongoing trade tensions. Foreign miners and downstream buyers now face a formal gatekeeping mechanism with direct implications for supply availability.
|
Our Take
Beijing doesn't need tariffs when it controls the ore in the ground. These mining caps are the real weapon. Watch concentrate availability tighten fast.
|
|
Mining.com
EU Targets Tungsten and Rare Earths Stockpile to Counter China's Export Curbs
The European Union is building strategic reserves of tungsten and rare earths as a direct policy response to China's export curbs, advancing stockpiling and supply chain resilience measures after restrictions exposed deep vulnerabilities in European industry. Brussels is treating mineral stockpiling as a core component of its industrial policy. The urgency reflects how exposed European manufacturers remain to Chinese-controlled supply.
|
Our Take
EU stockpiling mandates create a floor of sovereign demand for tungsten and rare earth producers operating in politically acceptable jurisdictions. Developers with shovel-ready projects in Europe or allied nations are sitting on an increasingly valuable strategic asset.
|
|
Rare Earth Exchanges
China Rare Earth Price Index Pulls Back, but the Real Story Is Market Structure
China's official rare earth price index dropped to 251.4 on May 20, down from early-2026 highs above 300 but still 2.5 times the 2010 baseline. Heavy rare earth prices eased modestly, with dysprosium oxide at $188-194/kg and terbium oxide at $905-914/kg, while light rare earths like neodymium remained stable. Chinese prices continue to reflect state-directed quotas and export controls rather than free market dynamics, with 90% of global refining still occurring in China.
|
Our Take
The index falling from 300 to 251 looks like a correction until you remember the baseline is 100. Ex-China buyers are reportedly paying multiples above these prices. Two rare earth markets are forming, and the one that matters to the West is the expensive one.
|
|
Bloomberg
China's Palladium Imports Surge as Local Futures Lure Inflows
China imported a record 8.6 tonnes of palladium in April, almost triple the seasonal average, as local prices on the Guangzhou Futures Exchange raced ahead of global benchmarks and lured physical inflows. The GFEX launched China's first physically backed palladium futures in late 2025, and the resulting domestic premium has driven a quadrupling of Chinese palladium imports since September.
|
Our Take
Triple the seasonal average in a single month is hard to explain on fundamentals alone given China's shift away from ICE engines. The GFEX premium is pulling metal east. PGM producers exposed to this flow stand to benefit while the arbitrage window holds.
|
|
| |
|
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.
|
