The Drill Down
Wednesday 22 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
How China Became a Quiet Winner of Trump's Iran War, Via Rio Tinto
AFR's Chanticleer column argues that Rio Tinto's latest quarterly result points to China as an unintended beneficiary of US-Iran conflict dynamics in commodity markets. Rio Tinto appears largely undisturbed by Middle East tensions, supported by the resilience of its most important trading relationships. The analysis frames geopolitical disruption as a force reshaping demand flows for key mining commodities.
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Our Take
The geopolitical irony here is commercially important: US foreign policy pressure on Iran is creating market conditions that reinforce China's commodity demand position. For miners with heavy China exposure, this dynamic is worth tracking as it informs both demand forecasting and supply chain strategy.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,728
+0.18%
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Silver
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$77
+0.47%
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Platinum
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$2,041
+0.69%
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Palladium
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$1,548
+0.45%
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Base Metals & Commodities
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Copper USD/lb
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$6.07
-0.08%
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Nickel USD/lb
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$8.22
-0.63%
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Zinc USD/lb
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$1.55
+0.88%
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Lead USD/lb
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$0.88
-0.84%
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WTI Crude USD/bbl
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$90.44
+0.86%
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Prices updated as of 22 Apr 2026, 9:22 am AEST
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Market Movers
Winners & Losers — TSX Markets
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Top Gainers (TSX/TSXV/CSE)
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Athena Gold Corporation
Athena released visual results from the first hole of its maiden drill program at the Laird Lake project in Ontario's Red Lake Gold District. Hole LL-26-001 was drilled to a target depth of 336m and intersected broad zones of prospective sulphide mineralisation, with possible visible gold observed at 214.8m within banded iron formation at the G1 anomaly. Assays are pending. The G1 target has never previously been drilled and the interpreted conductor has a strike length of approximately 1,700m.
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Valhalla Metals Inc.
Valhalla signed a Purchase and Sale Agreement with Teck American to acquire 100% of Teck's Smucker copper-gold-silver-zinc project in the Ambler Mining District in Alaska. Consideration includes 44.8 million Valhalla shares representing a 35% equity stake in the company, a 2% NSR royalty, and a priority offtake right for Teck on concentrate from both the Sun and Smucker properties. The combined Smucker land package totals approximately 8,670 hectares and consolidates with Valhalla's existing Sun project to strengthen the economic case for the proposed Ambler Access Project.
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Pacific Booker Minerals Inc.
No new announcement. BKM continues to run on the back of American Eagle Gold's unsolicited all-share takeover bid announced on April 14, offering 1.41 American Eagle shares per Pacific Booker share at an implied value of C$1.76, representing a 31% premium. American Eagle, backed by South32, Teck and Eric Sprott with C$55 million in cash, is targeting a district-scale consolidation of the NAK and Morrison copper-gold projects in BC's Babine District. The offer is open until 29 July 2026.
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Top Losers (TSX/TSXV/CSE)
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Kirkland Lake Discoveries Corp.
No new announcement on the day. KLDC is pulling back after strong gains following its April 16 drill results from the Mirado property, which returned 103m of continuous gold mineralisation in the first hole, including 5.66 g/t Au over 18.2m and 23.03 g/t Au over 4.3m. The stock surged on those results and today's move is consistent with routine profit-taking after the initial re-rating.
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Fredonia Mining Inc.
No specific catalyst identified. Fredonia has been active in recent months with volume picking up from a low base, and the sell-down on above-average relative volume suggests profit-taking after a strong run rather than a news-driven event. No specific catalyst identified.
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NovaGold Resources Inc.
No specific catalyst identified. NovaGold holds a 50% interest in the Donlin Gold project in Alaska alongside Barrick Gold, one of the largest undeveloped gold deposits in the world. The move occurred on above-average volume of 1.08M shares against an average of 598,081, suggesting a meaningful sell-off rather than routine noise. Most likely profit-taking given gold's elevated price environment has driven NovaGold sharply higher in recent months.
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Market data as of 22 Apr 2026, 9:22 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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Reuters
BHP Eyes Large-Scale Copper Exploration in Zambia
BHP is pursuing large-scale copper exploration in Zambia, with the miner running exploration workshops across four southern African nations, including South Africa, Namibia, and Angola, in mid-April. The push signals a deliberate broadening of BHP's copper growth strategy beyond its existing asset base. Zambia's mines ministry confirmed BHP's interest directly.
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Our Take
BHP's southern Africa copper push is a clear signal that organic growth from existing assets is not enough to meet its copper ambitions. Juniors and explorers with quality ground in the region should expect a more competitive farmout and JV environment.
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Reuters
Mining Investors Jittery About Politics in Peru as Vote Count Drags On
Political uncertainty in Peru is unnerving mining investors as the presidential election count drags on, with more than $10.3 billion in planned mining investment sitting at exploration or early engineering stages over the next decade. Analysts warn the prolonged uncertainty is eroding confidence in the country's investment climate. Peru remains one of the world's most consequential copper and gold producing nations.
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Our Take
With over $10 billion in capital formation at risk, this is not background noise for copper markets. Any shift toward a resource-nationalist outcome could reprice Peruvian project risk across the board and tighten an already strained global copper supply pipeline.
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Zawya
Zambia's Copper Smelters Plan Extended Shutdowns, Squeezing Output and Chemical Supplies
Zambia's copper smelters, including Mopani and Chambishi, are planning extended shutdowns that will reduce both refined copper output and chemical supplies, according to sources cited by Reuters. The closures are set to compound supply pressure in a copper market already dealing with tight global inventories. Neither Mopani nor Chambishi officials responded to requests for comment.
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Our Take
Zambian smelter shutdowns land at the worst possible moment for global copper supply balances. Combined with political uncertainty in Peru and judicial halts in Argentina, the supply side of the copper equation is looking increasingly fragile, which is bullish for price but a warning flag for project execution risk.
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The Northern Miner
Gold Price Extends Drop Amid US-Iran Uncertainty
Gold prices have continued to fall as mixed signals from US-Iran relations weigh on investor sentiment and prompt reassessment of safe-haven positioning. Earlier price spikes driven by conflict risk are unwinding as the geopolitical picture remains unresolved but without immediate escalation. Specific price levels were not available in source reporting.
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Our Take
Gold giving back conflict-driven gains is a pattern the market knows well, but the underlying macro backdrop, including dollar weakness and central bank buying, has not changed. Producers with strong cost positions are insulated; high-cost operators watching margin compression should be more cautious.
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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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