The Drill Down
Friday 26 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
Chinese Copper Supplier Says US Demand Can Bear Trump's Tariffs
Chinese copper tube maker Zhejiang Hailiang is betting its US customers will absorb higher prices if Washington follows through on tariffs on refined copper. The Hangzhou-based company has expanded to sites from Indonesia to Morocco to get closer to clients and sidestep trade restrictions, with its plant in Houston nearing full capacity after Covid-era construction delays.
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Our Take
A supplier confident buyers will swallow the tariff says the quiet part out loud, US copper demand is inelastic. Tariffs reshuffle who supplies it, not whether it gets bought.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,027
+0.69%
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Silver
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$58
+0.81%
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Platinum
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$1,600
+1.32%
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Palladium
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$1,183
+1.47%
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Base Metals & Commodities
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Copper USD/t
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$13506.74
+0.02%
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Nickel USD/t
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$16840.00
+0.49%
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Zinc USD/t
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$3416.09
+0.85%
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Lead USD/t
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$1902.30
+0.70%
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WTI Crude USD/bbl
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$71.50
-0.58%
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Prices updated as of 26 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 extended its run on heavy volume, building on this week's 155 metre, 0.59 g/t gold intercept at its Juby project and fresh investor exposure from interviews at a major mining investment event. No new company announcement accompanied the move.
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Heliostar Metals Ltd.
Heliostar returned 99.8 metres at 10.90 g/t gold and 21.6 metres at 10.38 g/t at the Ana Paula project in Mexico, expanding the high-grade Expansion Zone immediately beneath the feasibility study envelope. Management flagged the intercepts as pointing to a potentially much larger prize, with the zone open in multiple directions.
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Pirate Gold Corp.
Pirate Gold reported visible chalcopyrite from step-out drilling at its Moby Dick copper-gold discovery in Newfoundland, with mineralisation now seen east and west of the discovery holes across an interpreted 1.8km trend. Assays are pending, and two rigs are turning as part of a 50,000 metre program.
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Silver Viper Minerals Corp.
No specific catalyst identified. Silver Viper Minerals, a silver-gold explorer focused on its La Virginia project in Sonora, Mexico, eased on no company announcement, the move consistent with profit-taking on a continued downtrend.
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Avanti Gold Corp.
No specific catalyst identified. Despite recent investor exposure from interviews at a major mining event, Avanti Gold eased on no company announcement, the move consistent with profit-taking rather than anything stock-specific.
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PMET Resources Inc.
No specific catalyst identified. PMET Resources, formerly Patriot Battery Metals and developer of the large Shaakichiuwaanaan lithium project in Quebec, fell on no company news, the move consistent with profit-taking and broader lithium weakness.
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Market data as of 26 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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Bloomberg
US Army Bases to Host Critical Minerals Plants in Onshoring Push
REalloys Inc., Titan Mining Corp., ioneer Ltd. and Energy Exploration Technologies Inc. have struck agreements with the Pentagon to build critical minerals plants on US military bases. The deal deepens US government involvement in domestic supply chains as part of an onshoring push.
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Our Take
Putting REalloys and ioneer plants on military bases skips the permitting fight that kills most projects. The Pentagon just became the only landlord that matters in critical minerals.
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Kitco
Strikes, Soaring Costs and M&A Await BHP's New CEO Brandon Craig
Brandon Craig takes over as BHP CEO on July 1, inheriting threatened iron ore strikes and ballooning project costs at the world's largest miner. He must also navigate cost blowouts and pending strategic decisions.
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Our Take
A July 1 handover into threatened iron ore strikes and cost blowouts gives Craig no honeymoon, and his early capital discipline calls will set the tone for the stock. Watch whether he leans into M&A or defends the balance sheet, because the choice frames BHP's multiple for years.
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Mining.com
Canada Eyes Special Status for Far North Resource Roads
Canada's federal government is considering national interest status for the C$2-billion Mackenzie Valley Highway and the Grays Bay Road and Port projects. The roads would unlock resource development in the country's Far North.
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Our Take
National interest status on C$2 billion of infrastructure would slash the access and logistics costs that strand Far North deposits. For juniors holding remote ground, federal road backing is the difference between an economic mine and a paper resource.
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Bloomberg
Chinese Banks Rein in Retail Gold Trading on Volatility
Major Chinese banks are shutting down services that support retail precious-metals trading after gold's multiyear rally reversed, with ICBC, the country's largest lender, to stop offering individual Shanghai Gold Exchange trading from 24 July. The move follows similar steps by Postal Savings Bank, Ping An and China Guangfa, alongside margin increases at others, as spot gold fell below US$4,000 an ounce this week, down from a January record near US$5,600.
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Our Take
Beijing is curbing leveraged retail speculation while the central bank keeps buying bullion. That split pulls a froth driver out of the price but leaves the structural state bid firmly intact.
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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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