The Drill Down
Monday 22 June 2026 · Part 1
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
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.
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Lead Insight
DOE Rejects Lynas EIA for Gebeng Plant Expansion
Malaysia's Department of Environment has rejected the environmental impact assessment for Lynas's proposed expansion of its Gebeng rare earths plant, which would lift lanthanide concentrate processing from 95,000 to 110,000 tonnes a year. The department gave no reason on its website, and the proposal had drawn sustained opposition from environmental groups over the plant's radioactive water leach purification residue.
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Our Take
The largest ex-China rare earths processor hitting a permitting wall in Malaysia, just as G7 demand targets ramp, shows midstream capacity is politically fragile rather than simply capital-constrained. It pushes more strategic weight onto Lynas's Kalgoorlie and Texas builds, and underlines why buyers are funding processing directly rather than waiting on it.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,156
-1.28%
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Silver
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$65
-1.33%
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Platinum
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$1,665
-1.74%
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Palladium
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$1,260
-1.77%
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Base Metals & Commodities
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Copper USD/t
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$14093.50
-0.61%
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Nickel USD/t
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$17514.00
-1.43%
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Zinc USD/t
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$3559.04
-1.34%
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Lead USD/t
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$1952.30
-0.69%
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WTI Crude USD/bbl
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$77.68
+2.41%
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Prices updated as of 22 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Copper One Resources Corp.
Copper One agreed to acquire 100% of its flagship Majuba Hill copper-silver-gold project in Nevada, with amended terms cutting the cash price to US$1.3 million, around US$2.7 million below the original option framework. Consolidating full ownership of a US copper asset at a lower cost drove the re-rate.
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Western Exploration Inc.
No specific catalyst identified. Western Exploration rose on no company announcement, with the move consistent with buying off recent lows after a sustained pullback through the quarter.
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Gladiator Metals Corp.
No specific catalyst identified. Gladiator snapped back toward new highs with no fresh news, recovering Friday's profit-taking pullback after this week's strong run on the Cowley copper results.
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Alamos Gold Inc.
Alamos cut its second-quarter production and cost guidance after two seismic events at Young-Davidson damaged infrastructure and blocked access to two higher-grade stopes, with mining rates now expected around 5,000 tonnes a day for the rest of the year. The Island Gold District stays on track for full-year guidance, so the sell-off looks heavy relative to a disclosed Q2-only hit.
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Sixty North Gold Mining Ltd.
Sixty North fell after disclosing that a new Mackenzie Valley Land and Water Board requirement for extra baseline sampling, prompted by drought and wildfire impacts in the NWT, will delay first production at its Mon Gold Mine near Yellowknife. With equipment on site and crews mobilising, the market read the permitting change as a push-out of this year's planned start-up.
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Minaurum Silver Inc.
No specific catalyst identified. Minaurum Silver fell on heavy volume with no company news, with market chatter attributing the move to an index or ETF rebalance rather than anything company-specific.
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Market data as of 22 June 2026, 9:30 AM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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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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Vancouver Sun
Company Sues B.C., Says It Was Stripped of Mining Rights for First Nation Deal
MCC Canadian Gold Ventures has launched a multi-million dollar lawsuit against the British Columbia government, alleging it was stripped of its Banks Island mineral claims through 2024 Orders in Council used to settle a separate legal dispute with the Gitxaala Nation. The company says the Province had earlier urged it to rescue a bankrupt, environmentally compromised gold mine on the island, and frames the move as misrepresentation that puts B.C. investors at risk.
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Our Take
The investable signal here is jurisdictional: if claims can be sterilised by Order in Council to resolve a third-party dispute, B.C.'s permitting risk premium rises regardless of the case's merits. Watch whether this chills junior exploration capital in the province at the same time Indigenous consent is becoming the gating factor for projects nationwide.
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Mining.com
Panama Audit Boosts Cobre Panama Restart Hopes
A final audit by SGS found First Quantum's suspended Cobre Panama mine met close to 88% of its environmental commitments, with remaining gaps in biodiversity management, ecological restoration and monitoring. Panama's environment ministry called the deficiencies correctable rather than structural, removing one obstacle ahead of a government task force weighing the mine's restart.
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Our Take
An 88% pass turns the Cobre Panama debate from a technical question into a political one, since the gaps are fixable and the real gate is the government's appetite to reopen. For copper supply, getting one of the world's largest mines back online would matter more than most new projects combined, so the task force's call is the one to watch.
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Mining.com
Newmont's Red Chris Underground Expansion Gets Regulatory Green Light
Newmont's Red Chris copper-gold mine in British Columbia has won the approvals to shift from open-pit to underground block caving, extending its life into the mid-2040s. The amended environmental certificate came through a consent-based process with the Tahltan Nation, clearing the way for a final investment decision later this year on a deposit holding an estimated 20 million ounces of gold and 13 billion pounds of copper.
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Our Take
The consent-based approval with the Tahltan is the playbook BC wants, and it sits in pointed contrast to the Banks Island claims dispute elsewhere in today's edition. For Newmont, converting Red Chris to block caving moves a Golden Triangle copper-gold endowment toward a funded decision and decades of additional life.
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Australian Financial Review
Indonesia's Ithaca Snaps Up Bankrupt Queensland Coal Miner Vitrinite
Indonesia's Ithaca has acquired collapsed Queensland coal miner Vitrinite for more than $200 million, after the Brisbane-based metallurgical coal producer entered administration owing around $400 million. Vitrinite was tipped into administration earlier this year when creditor Trafigura sought repayment of $177 million, with a further $265.9 million owed to others including employees and the Isaac regional council.
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Our Take
Indonesian capital buying distressed Australian coking coal at a steep discount to its debts shows where the marginal bid for met coal now sits as Western players retreat on ESG grounds. The pattern to watch is steelmaking-coal capacity quietly changing hands to Asian strategics, who are happy to own assets the listed majors no longer want.
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Mysteel
AI Far From Copper's Only Growth Engine
Mysteel data shows AI data centres, though the market's favourite copper-demand story, made up just 127,000 tonnes of Chinese consumption in 2025, a fraction of the country's 16 million tonnes, where the power grid alone accounts for nearly half. Grid investment rose more than 32% year on year in early 2026, underlining that traditional electrification, not AI, remains the dominant demand engine.
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Our Take
AI is moving copper sentiment far more than copper tonnes, and the durable demand floor is Chinese grid capex running up 32%, not data centres. The takeaway for copper equities is to underwrite the thesis on grid and electrification first and treat AI as the optionality on top, not the base case.
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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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