The Drill Down
Friday 24 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
Anglo American Draws Three Bidders for Coal Sale
Three bidders are understood to be circling Anglo American's steelmaking coal assets after a fire derailed an earlier deal with Peabody that had been valued at $3.8 billion. The renewed interest signals fresh appetite for premium coking coal exposure among major industry players. Anglo has been working to offload the assets as part of a broader portfolio restructure.
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Our Take
A $3.8 billion deal falling over due to a fire and then attracting three replacement bidders tells you everything about how tightly contested quality met coal assets remain. Whoever closes this deal acquires significant leverage over steelmaking input costs at a time when steel demand from infrastructure spending is running hot.
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Market Movers
Winners & Losers — Canadian Markets
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Top Gainers (TSX/TSXV/CSE)
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Kirkland Lake Discoveries Corp.
Second drill hole at the Mirado property returned 121m of continuous gold mineralisation at 1.01 g/t Au from 11m, including 7.41 g/t Au over 4.8m, stepping out 75m from the first hole which returned 103m at similar widths. The result confirms continuity of the South Zone and validates the geological model. Eight additional holes are completed with assays pending.
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Silver Acadia Exploration Inc.
First assay results from Phase 1 drilling at the Nicholas-Denys Project in New Brunswick's Bathurst Mining Camp returned 7.1m at 396.8 g/t Ag and 2.38 g/t Au from the Hachey Zone. The release reframes a historically zinc-focused system as a high-grade silver-gold play across a mineralised corridor up to 3km long. Additional results from the 27-hole program are pending.
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Pacifica Silver Corp.
No specific catalyst identified. Insider buying activity over the past week has been flagged as the likely driver, with volume of 492,014 running well above the average of 120,611. Pacifica is advancing the Santa Barbara silver project in Durango, Mexico and has benefited from elevated silver prices.
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Top Losers (TSX/TSXV/CSE)
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Discovery Silver Corp.
Q1 2026 production at Porcupine came in at 60,269 oz from 700,000 tonnes at 2.96 g/t Au. The company confirmed full-year guidance of 260,000 to 300,000 oz and noted production is expected to increase throughout the year as the Hollinger open pit ramps up. The quarterly figure represents the low end of the run-rate required to hit guidance, which is likely driving the market's cautious read.
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West Red Lake Gold Mines Ltd.
Full-year 2026 guidance of 35,000 to 45,000 oz was released alongside full-year 2025 results showing 20,000 oz produced. Q1 gold sales of just 6,165 oz reflect sequencing delays at the Madsen Mine, with access to the 4447 complex slipping into early Q2 rather than mid-Q1. Cash costs guidance of US$2,400 to $3,100/oz and AISC of US$2,800 to $3,600/oz are elevated at current production rates. Approximately 60% of targeted annual output is expected in H2.
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Mirasol Resources Ltd.
Mirasol released its Sobek exploration season update, reporting two drill holes at the 46 South target in the Vicuña District of Chile, 7km west of Filo del Sol. The first hole confirmed a structurally controlled hydrothermal system with anomalous copper-gold intervals, but no assay grades were disclosed. Assays from the second hole remain pending. The sell-off suggests the market was expecting stronger initial results given the project's proximity to Filo del Sol and Lunahuasi.
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Market data as of 24 Apr 2026, 8:43 am AEST
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This Week's Poll
Which deep-dive would you most want to read next?
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○ Critical minerals policy
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○ Exploration Company Deep Dive
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○ Battery metals supply chain
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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
Russia Weighs Windfall Levy on Mining Companies Amid Ukraine War Spending
Russia's Finance Ministry is weighing a new windfall tax on excess corporate profits, with named targets including gold miner Polyus and metals giant Nornickel, according to Bloomberg citing sources familiar with the discussions. The proposed rate could reach 20%, double the 10% levy applied in 2023, and would apply to 2025 profits exceeding the 2018–2019 average. Russia's Q1 2026 budget deficit has already exceeded its full-year target by 20%, compounded by a 45.4% year-on-year drop in oil and gas revenues. No final decision has been made, with detailed discussions expected in the second half of the year.
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Our Take
A war budget bleeding 20% above target with oil revenues collapsing is a dangerous combination for Russian mining operators. Polyus and Nornickel are among the few Russian corporates generating hard currency profits at scale, making them obvious fiscal targets. For global commodity markets, sustained fiscal pressure on Russian producers is a supply-side risk that quietly supports prices.
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Bloomberg
Teck Warns of Higher Fuel Costs From Middle East Energy Shock
Teck Resources warned of higher fuel costs at its flagship Chilean copper mines as the US-Iran conflict drives up global energy prices. The company joins a wave of miners flagging cost pressures linked to the Middle East disruption. The warning underscores the broadening operational risk the conflict poses across the global mining sector.
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Our Take
Fuel is one of the largest variable cost lines for open-pit copper mining, and sustained energy price inflation from a prolonged conflict will compress margins faster than most copper bulls have modelled. Watch for cost guidance revisions across the major copper producers in coming weeks.
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AFR
Rinehart's Hancock Prospecting Ordered to Open Books in Pilbara Royalty Fight
Hancock Prospecting has been ordered to hand over decades of financial records to two rival mining dynasties as the dispute over Pilbara royalties intensifies. The order follows an earlier court ruling that Hancock and Rio Tinto must pay royalties to former Hope Downs partners. The case is shaping up as one of Australia's most consequential mining royalty disputes.
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Our Take
Forced disclosure of decades of financials in a royalty dispute of this scale creates real liability uncertainty for Hancock and, by extension, for Rio Tinto as a named party in the original ruling. Investors with Rio exposure should monitor this closely given the potential for a material royalty back-payment obligation.
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Mining.com
Copper Price: Goldman Maintains Year-End Forecast, Traxys Sees $15,000
Goldman Sachs held its 2026 average copper price forecast at US$12,650 per tonne despite predicting a 490,000-tonne surplus, flagging that sulphuric acid supply disruptions from the Strait of Hormuz closure and China's May 1 acid export ban could curtail up to 125,000 tonnes of DRC production and put 200,000 tonnes of Chilean SX-EW output at risk. Copper traded above US$13,200 per tonne, roughly US$1,000 short of the all-time high set in January. Meanwhile, commodity trader Traxys expects copper to reach US$15,000 per tonne within 24 to 36 months, citing structural demand growth and constrained supply development.
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Our Take
Goldman holding a surplus call while flagging 325,000 tonnes of potential production curtailment is an increasingly uncomfortable position. If even half the DRC and Chilean acid disruption materialises, the surplus thesis collapses. Traxys at $15,000 in two to three years is no longer an outlier view; it is becoming the base case for anyone modelling the structural supply gap honestly.
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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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