The Drill Down
Thursday 23 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
BHP Lifts Copper Production Outlook After Record Escondida Throughput
BHP has raised its copper production outlook to nearly 2 million tonnes after achieving record throughput at its Escondida mine in Chile. The upgrade comes as copper demand from the energy transition and data centre buildout continues to climb. BHP holds the top position in the Mining.com Top 50 ranking.
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Our Take
Escondida running at record throughput while grades decline. BHP is moving more rock to hold production flat.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,739
+0.42%
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Silver
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$78
+1.33%
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Platinum
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$2,073
+2.24%
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Palladium
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$1,550
+0.35%
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Base Metals & Commodities
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Copper USD/lb
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$6.19
+1.96%
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Nickel USD/lb
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$8.36
+1.64%
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Zinc USD/lb
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$1.57
+0.87%
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Lead USD/lb
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$0.89
+0.27%
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WTI Crude USD/bbl
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$92.47
-0.44%
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Prices updated as of 23 Apr 2026, 8:04 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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Arianne Phosphate Inc.
Arianne executed an option agreement for a facility at the Saint-Ludger-de-Milot industrial park in Quebec to be used for its purified phosphoric acid (PPA) demonstration plant, in partnership with Travertine Technologies. The move advances Arianne's strategy to expand downstream from phosphate mining into battery and food-grade PPA production, with lab-scale results expected in coming weeks.
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BCM Resources Corporation
No specific catalyst identified. BCM holds the Thompson Knolls copper-gold porphyry project in Utah, where Kennecott Exploration staked adjoining claims in late 2025, signalling third-party recognition of the discovery. Today's move is on significantly above-average volume of 881,638 against an average of 141,789, suggesting accumulation rather than news-driven activity.
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Los Andes Copper Ltd.
No new announcement today. On April 15, Los Andes satisfied all remaining obligations under its US$5 million convertible debenture, with the full principal converted to shares and accrued interest paid, removing the last of this debt overhang from its balance sheet. Today's move is running on copper sentiment and the clean balance sheet read-through.
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Top Losers (TSX/TSXV/CSE)
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Soma Gold Corp.
Soma released a production update for its Colombian portfolio yesterday, disclosing grade variability at the flagship Cordero Mine has caused lower-than-expected gold output, with a recovery not expected until mid-Q2 2026. Operations at El Limon are running at 100 TPD against a nameplate of 225 TPD, and Diamantina underground restart is now pushed to Q3. The market is repricing near-term production expectations.
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Power Metals Corp.
Selling pressure on significant above-average volume of 2.13M shares against an average of 202,821. Insider selling activity has been flagged as the likely driver. Power Metals is a cesium, lithium, and tantalum explorer advancing the Case Lake project in Ontario, with additional Quebec projects acquired from Winsome Resources. No operational news on the day.
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Pacific Booker Minerals Inc.
No new announcement. Profit-taking after a strong run on the back of American Eagle Gold's unsolicited all-share takeover bid announced April 14. The offer, backed by South32, Teck, and Eric Sprott, implied C$1.76 per share at a 31% premium and remains open until 29 July 2026. Today's pullback is routine consolidation after an outsized move.
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Market data as of 23 Apr 2026, 8:58 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 US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty
The US Federal Framework: Capital, Permitting, and the Race to Supply Chain Sovereignty is a 17-page institutional-grade research memo produced by Kamoa Capital.
It is a structured analytical framework built for investors, mining executives, and government counterparts who need to understand how the US federal critical minerals architecture actually works and where the commercial opportunities and risks concentrate.
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Today's Stories
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Mining.com
US Trade Chief Says Allies Must Pay a National Security Premium for Critical Minerals
The US trade chief has said allied nations need to pay a national security premium for access to critical minerals, signalling a harder line on resource supply chain negotiations. The statement reflects the growing strategic weight Washington is placing on securing mineral inputs for defence and technology industries, and is likely to shape upcoming bilateral trade and minerals agreements.
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Our Take
Framing minerals access as a national security cost rather than a market transaction changes the negotiating dynamics entirely, and junior miners in allied jurisdictions with critical mineral assets just got more geopolitically valuable.
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Mining.com
Panama Counts Steep Economic Cost of First Quantum's Cobre Panama Closure
A fresh report by a local private sector group in Panama has revealed the deep economic fallout following the shutdown of the Cobre Panama copper mine, which was closed after public protests and a court ruling. The findings add pressure on both the Panamanian government and First Quantum Minerals as the company continues to seek a resolution.
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Our Take
Every month Cobre Panama stays shut is a mounting cost for Panama's economy and First Quantum's balance sheet, and this report gives the company a useful political lever as restart negotiations continue.
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The Business and Financial Times
Ghana's Damang Mine Takeover Hailed as Sovereign Economic Milestone
Engineers and Planners Company Ltd completed its official takeover of the Damang Mine in Ghana on April 18, 2026, in what analysts are calling a historic shift in the country's extractive sector governance. The transaction represents one of the most significant assertions of Ghanaian sovereign control over a major gold mining asset. Other African nations considering similar moves are watching the development closely.
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Our Take
The Damang takeover sets a precedent that will not go unnoticed across the continent, and miners with significant African gold exposure should be stress-testing their operating agreements now.
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AFR
ASX Concentration Grows as Miners Dominate Top Ten Stocks
Seven of the ten largest stocks on the Australian sharemarket are now miners or banks, a concentration that analysts say raises equity risk for broad ASX investors. Mining company performance is increasingly setting index-level returns, amplifying the sector's influence on Australian capital markets. The trend underlines the structural weight of resources in Australian portfolio construction.
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Our Take
For mining investors, ASX concentration is a tailwind when commodity prices run, but it also means drawdowns hit harder and faster across the whole index. Institutional allocators with passive ASX exposure are carrying more commodity risk than their mandates may intend.
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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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