The Drill Down
Tuesday 23 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
UK to Invest $66 Million in Critical Minerals to Reduce Import Reliance
The UK will invest around $66 million in critical minerals projects to cut its reliance on imports, on top of more than £200 million already committed. The funding splits into £20 million for a rare earth magnet manufacturing facility, £25 million for a critical minerals accelerator and £5 million for a platform to pool UK industry demand and secure supply through partnerships.
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Our Take
At $66 million against a problem others are funding in the billions, this signals intent more than supply. Only the magnet plant touches the real processing bottleneck.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,192
+0.87%
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Silver
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$65
+0.40%
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Platinum
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$1,679
-0.91%
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Palladium
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$1,266
-1.28%
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Base Metals & Commodities
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Copper USD/t
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$14166.59
+0.52%
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Nickel USD/t
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$17658.00
+0.82%
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Zinc USD/t
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$3583.79
+0.70%
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Lead USD/t
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$1954.60
+0.12%
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WTI Crude USD/bbl
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$74.16
+0.09%
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Prices updated as of 23 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Precipitate Gold Corp.
No specific catalyst identified. Precipitate Gold surged on no company announcement, with the move driven by momentum and heavy speculative volume rather than any disclosed news.
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Mackay Gold & Silver Corp.
Mackay struck a definitive deal to buy 100% of Comstock Inc.'s Nevada assets for US$20 million cash plus shares, expanding its land position 70% to create the largest consolidated package in the historic Comstock gold-silver district. The deal unites the district's major vein systems under one owner for the first time and adds a permitted heap-leach and processing facility.
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First Phosphate Corp.
First Phosphate rose after Emerging Growth Research reiterated a Buy rating and C$4.94 target, pointing to the company's G7 critical minerals recognition, definitive offtake agreements and a roughly C$35 million treasury. The note re-promotes milestones disclosed last week rather than fresh news, and the target has been unchanged since April.
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LibertyStream Infrastructure Partners Inc.
No specific catalyst identified. LibertyStream Infrastructure Partners fell on no company news, with the move consistent with profit-taking after a recent bounce on heavy volume.
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Arras Minerals Corp.
No specific catalyst identified. Arras Minerals eased on no announcement, the pullback consistent with profit-taking after a sharp recent run on heavy volume.
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IsoEnergy Ltd.
No specific catalyst identified. IsoEnergy fell with no company news, the move consistent with profit-taking and broader uranium-sector selling rather than anything stock-specific.
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Market data as of 23 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.
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Today's Stories
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Bloomberg
Guinea's President Doumbouya Announces Ban on Raw Gold Exports
Guinea's President Mamadi Doumbouya has banned exports of raw gold, ordering that all gold be refined into ingots at a new facility in Conakry before export, with non-compliant operators facing licence suspension and termination of their mining agreements. Guinea holds West Africa's second-largest gold reserves and exported around 22 tonnes in the first quarter, with AngloGold Ashanti's local unit among the main producers.
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Our Take
The African beneficiation playbook has reached gold. Until the decreed Conakry refinery exists, the near-term read for producers is sovereign risk and stalled exports, not value capture.
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Reuters
EU Courts Brazil as Strategic Partner in Global Race for Critical Minerals
The European Union is courting Brazil as a strategic partner to diversify its critical mineral supplies, offering a deal it calls mutually beneficial. The EU commissioner visited the rare earth research and processing center of Australian miner Viridis Mining and Minerals in Pocos de Caldas.
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Our Take
The EU commissioner's visit to Viridis in Pocos de Caldas signals where European offtake and funding may flow, a potential catalyst for junior developers with Brazilian rare earth assets. Watch for binding supply agreements that would re-rate names currently trading on exploration-stage multiples.
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Kitco
Bank of America Says Gold Can Still Hit $6,000, Just Not Anytime Soon
Bank of America curbed its near-term bullishness on gold, citing significant hurdles from the Federal Reserve's new tightening bias. The bank still maintains gold can reach $6,000 but not in the near term.
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Our Take
BofA holding its $6,000 call while pushing out the timeline tells investors the gold thesis is intact but hostage to the Fed's tightening bias. Producers leveraged to price upside may face a patience test before the next leg higher arrives.
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Kitco
China Coking Coal Extends Loss on Prospects of Rising Supply
Chinese coking coal prices extended losses on prospects of rising supply. As of June 17, about 63% of coal mines that suspended operations after a fatal accident in late May had resumed production.
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Our Take
With 63% of suspended capacity already back online, the supply-driven price support from the late-May accident is fading fast. Metallurgical coal producers should brace for renewed margin pressure as Chinese output normalizes.
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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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