The Drill Down
Tuesday 26 May 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
Australia's Capital Gains Tax Changes Rock the Mining Industry
Australia's mining industry is mounting an urgent campaign against proposed capital gains tax changes that the sector warns would devastate mining exploration investment. The backlash comes at a moment when critical minerals demand is accelerating and competition for exploration capital is globally intense. The debate signals deepening tension between Canberra's fiscal agenda and the investment conditions the resources sector says it needs.
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Our Take
Any policy that raises the effective cost of exploration risk capital in Australia hands a direct advantage to rival jurisdictions in Canada, the US and Africa. The industry's urgency here is commercially rational, not theatrical.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,571
+1.35%
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Silver
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$78
+3.35%
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Platinum
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$1,969
+2.08%
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Palladium
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$1,397
+4.15%
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Base Metals & Commodities
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Copper USD/lb
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$6.50
+1.43%
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Nickel USD/lb
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$8.55
+0.68%
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Zinc USD/lb
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$1.61
+0.65%
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Lead USD/lb
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$0.91
+0.42%
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WTI Crude USD/bbl
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$90.84
+0.59%
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Prices updated as of 26 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Honey Badger Silver Inc
No new catalyst today. The stock continues to hit all-time highs after Eric Sprott increased his stake to 8.2% on May 14, acquiring 8.5 million shares at $0.72 for $6.1 million. Honey Badger holds the Prairie Creek silver project in the Northwest Territories and the Plata high-grade silver project in the Yukon.
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North American Niobium and Critical Minerals Corp
Released a project update from its Seigneurie niobium and rare earths project in Quebec, where recent drilling has confirmed pegmatite systems extending laterally over 1.5km with cumulative intersections exceeding 200m. Laboratory assays are pending from the 10,000m programme.
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Golconda Gold Ltd
Released Q1 2026 financial and operating results delivering record gold production and record quarterly revenue and earnings at the Galaxy Gold Mine in South Africa. The company has been posting consistent improvement across all operational and financial metrics.
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Kirkland Lake Discoveries Corp
Reported 2.46 g/t gold over 14.7m in a new fault zone from a 180m step-out at Mirado South in Ontario's Kirkland Lake camp. The result expands the mineralised footprint but the grade fell short of the higher-grade intercepts the market has come to expect from the programme.
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Fredonia Mining Inc
No specific catalyst. Profit-taking after a strong run. Fredonia is advancing a 10,000m drill programme and maiden PEA at the flagship El Dorado-Monserrat gold project in Argentina's Deseado Massif, which hosts a 2.25Moz AuEq measured and indicated resource.
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Gold Hart Copper Corp
No specific catalyst. Profit-taking after a strong run. Gold Hart is advancing diamond drilling at the flagship Tolita gold-copper-moly-silver porphyry target in Chile's Vicuna District, with assays pending from seven completed RC holes.
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Market data as of 26 May 2026, 9:09 am AEST
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This Week's Poll
How much would you pay per month if The Drill Down wasn't free?
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This Week's Research
Q3 FY26 ASX Producer Recap
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Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar.
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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
Ghana to Start Buying 30% of Large Gold Mines' Output From June
Ghana's central bank will increase its mandatory gold purchases from large-scale producers to 30% of output from 20%, effective June. The policy shift directly affects major operators including Gold Fields and runs alongside ongoing negotiations over the Tarkwa mine lease renewal. Ghana is clearly accelerating its push to capture more direct revenue from gold production.
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Our Take
Ghana just found its negotiating chip. That 30% purchase mandate landing mid-Tarkwa lease talks gives Accra direct leverage over Gold Fields. The timing tells you everything about the intent.
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Rare Earth Exchanges
China's Rare Earth Index Softens Domestically While Ex-China Heavy Rare Earth Panic Intensifies
China's official rare earth price index eased to 248.2 on May 25, retreating further from early-2026 highs above 300, with dysprosium and terbium showing modest domestic softening. Outside China, Western buyers face supply uncertainty, opaque negotiations, delivery delays and sharply elevated costs for heavy rare earths. The US DOD-backed MP Materials arrangement implies an NdPr pricing floor near $110/kg, but analysts warn this does not broadly reflect ex-China market realities.
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Our Take
Two rare earth markets are now forming in plain sight. China's index drifts lower inside a managed system while Western buyers scramble to secure heavy rare earths at multiples above those benchmarks. The $110/kg NdPr floor is a policy construct, not a market clearing price.
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Mining.com
Congo Rebels Seek to Sell Critical Minerals to the United States
Armed rebel group M23 has reportedly proposed selling critical minerals from mines under its control in eastern DRC directly to the United States. According to Global Witness, the mines have been under M23 control since April 2024 and are generating an estimated $800,000 a month in revenue. The proposal exposes the uncomfortable trade-offs embedded in Western efforts to diversify critical mineral supply chains away from China.
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Our Take
The US cannot credibly pursue an ethical supply chain agenda while entertaining mineral deals with an armed group generating $800,000 a month from contested mines. Any company or government seen to legitimise this channel faces serious reputational and sanctions exposure.
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The Northern Miner
Midstream Gap Slows US Critical Minerals Push, Industry Panel Hears
A panel including a US Department of Energy official has identified a midstream processing gap as the primary bottleneck holding back America's critical minerals ambitions. The discussion concluded that the absence of domestic refining and processing capacity is a structural weakness, even as upstream mining investment accelerates. Closing the midstream gap is now viewed as the essential next step in reducing US dependence on Chinese critical mineral processing.
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Our Take
The US has been very good at funding mines and very bad at funding the processing infrastructure that turns ore into usable materials. Until that changes, upstream investment alone does not solve the supply chain problem, and investors should be looking hard at midstream developers.
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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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