The Drill Down
Thursday 25 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
Xi Pressures Takaichi by Throttling Key Mineral Exports to Japan
China has halted nearly all supplies of some forms of tungsten to Japan this year, applying pressure amid political tensions. The move underscores Beijing's growing use of critical mineral exports as a geopolitical tool.
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Our Take
A near-total tungsten cutoff to a G7 economy shows export controls have moved from threat to live weapon. Ex-China tungsten developers just gained a strategic premium, and Japanese end users will pay up for supply security.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$3,999
-2.71%
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Silver
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$57
-6.75%
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Platinum
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$1,583
-4.21%
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Palladium
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$1,166
-5.02%
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Base Metals & Commodities
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Copper USD/t
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$13320.43
-2.29%
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Nickel USD/t
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$16758.00
-2.52%
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Zinc USD/t
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$3387.34
-2.71%
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Lead USD/t
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$1902.30
-1.64%
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WTI Crude USD/bbl
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$69.88
-0.65%
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Prices updated as of 25 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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McFarlane Lake Mining Limited
McFarlane intersected 155 metres of 0.59 g/t gold, including 75.8 metres of 0.70 g/t, at the Golden Lake deposit on its wholly owned Juby Gold Project in Ontario. The wide western intercept extends the mineralised envelope ahead of a preliminary economic assessment planned later this year.
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First Atlantic Nickel & Cobalt Corp.
First Atlantic produced a high-grade alloy concentrate averaging 67.4% nickel and grading up to 71.9% nickel and 1.76% cobalt from its Pipestone XL project, using its proprietary ONSHORE MAX process. The smelter-free awaruite concentrate, unveiled at a Las Vegas battery materials conference, points to a simpler path to onshore North American supply.
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Benz Mining Corp.
Benz rose in step with its ASX-listed line after defining a maiden exploration target of 485 to 540Mt at 0.6 to 0.7 g/t for 10.1 to 12.0 million ounces of gold at its wholly owned Glenburgh project in Western Australia. Around 80% of the target is drill-defined, with conversion to a mineral resource targeted in 2027.
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Kutcho Copper Corp.
No specific catalyst identified. Kutcho Copper is a copper developer advancing its flagship high-grade Kutcho copper-zinc project in British Columbia, with the move on no disclosed news consistent with profit-taking on thin volume.
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Newcore Gold Ltd.
Newcore fell despite releasing a pre-feasibility study for its Enchi Gold Project in Ghana, framed as robust with strong leverage to the gold price. The reaction reads as sell-the-news, with the market weighing the US$351 million upfront capital cost for the 5.5Mtpa open-pit operation.
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NovaGold Resources Inc.
NovaGold filed its second-quarter report advancing the Donlin Gold bankable feasibility study in Alaska, ending the quarter with about US$370 million in cash. Shares fell as the company missed earnings estimates and flagged continued development spending, with the loss of US$0.06 a share wider than analysts expected.
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Market data as of 25 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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Mining.com
Anglo American and Codelco Seal Pact to Add 2.7Mt Copper With No New Mine
Anglo American and Codelco have agreed to merge two of Chile's largest copper operations, lifting production by millions of tonnes over 20 years. The deal could unlock $5 billion in copper value through collaboration rather than costly new mine development.
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Our Take
2.7Mt of extra copper and no new permits, no new pit. Anglo and Codelco found $5 billion by sharing a fence line. Smartest brownfield move in years.
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Mining.com
Gold Price Slumps as Tech Selloff Reverberates Through Global Markets
Gold declined toward $4,000 an ounce and silver plunged as much as 5.8% as a broad selloff swept through financial markets. The move was driven by a wider risk-off shift across global equities and bullion.
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Our Take
Gold sliding toward $4,000 alongside equities confirms it traded as a liquidity source, not a haven, during this risk-off move. The 5.8% silver drop is the louder warning, given its leverage to industrial demand, and signals more volatility for precious metals equities.
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Bloomberg
China Boosts Whistleblower Tools to Police Mineral Exports
China is strengthening the ways whistleblowers can report violations of export controls on strategic minerals and related dual-use items. The move tightens enforcement of Beijing's critical mineral export regime.
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Our Take
Adding whistleblower channels signals Beijing intends to close the leakage and transshipment gaps that buyers have relied on to dodge restrictions. Companies routing around Chinese controls now face higher compliance risk, which strengthens the investment case for genuinely China-free supply chains.
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Australian Mining
Queensland Budget Backs Critical Minerals as Coal Delivers Billions
Queensland's 2026-27 Budget delivers new critical minerals funding, a review of the Financial Provisioning Scheme and continued support for mining. Coal royalties continue to underpin state revenue.
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Our Take
Queensland is using billions in coal royalties to seed a critical minerals pivot, a classic cash-cow funding the transition story. Investors should track the Financial Provisioning Scheme review closely, since changes to rehabilitation bonding directly hit project economics and balance sheet liabilities.
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Financial Post
Indonesia Plans to Boost Nickel Output, Fueling Market Selloff
Indonesia plans to boost nickel output, triggering a selloff in the metal's market. Miners with bigger quotas may struggle to meet them given the time required to ramp up production.
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Our Take
Indonesia signaling more supply into an already oversupplied nickel market reinforces the bearish floor for prices and squeezes non-Indonesian producers hardest. The wrinkle that quota holders may not hit targets means the selloff could overshoot, opening a tactical window if ramp-ups disappoint.
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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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