The Drill Down
Monday 27 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
Big Miners Emerge as Net Beneficiaries of Middle East War, for Now
BHP and Rio Tinto have both been net beneficiaries of the Middle East conflict to date, with higher commodity prices linked to supply disruption fears boosting revenues. Rising fuel and shipping costs are offsetting some of those gains across the sector. Both companies flag that the longer-term outlook remains uncertain.
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Our Take
The net benefit framing is important but fragile, because the cost side of the equation is still accelerating. Investors should pressure-test margin assumptions before assuming the tailwind outpaces the cost inflation heading into the second half.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,709
+0.35%
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Silver
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$76
+0.31%
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Platinum
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$2,013
+0.42%
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Palladium
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$1,506
+2.42%
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Base Metals & Commodities
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Copper USD/lb
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$6.09
+0.05%
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Nickel USD/lb
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$8.66
+1.92%
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Zinc USD/lb
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$1.57
+1.10%
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Lead USD/lb
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$0.88
+0.55%
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WTI Crude USD/bbl
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$96.07
+1.77%
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Prices updated as of 27 Apr 2026, 8:03 am AEST
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Market Movers
Winners & Losers — TSX Markets
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Top Gainers (TSX/TSXV/CSE)
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Max Power Mining Corp.
3D seismic at the Lawson Natural Hydrogen system in Saskatchewan delineated a 14.2 sq. km structural closure and a broader 28 sq. km Lawson Complex, materially expanding the scale of Canada's first confirmed subsurface natural hydrogen discovery. Multiple high-priority drill targets identified, with a confirmatory well targeting the apex planned for mid-2026.
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First Atlantic Nickel Corp.
Continued momentum from the April 15 closing of a $16 million earn-in with Core Critical Metals on the Lucky Mike Copper-Silver-Tungsten project in BC. CCMC may earn an 80% interest by spending $16 million over up to ten years; First Atlantic retains a 20% carried interest to feasibility and a mining royalty.
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District Metals Corp.
Sweden's Geological Survey (SGU) has proposed designating Aura Energy's adjacent Häggån Alum Shale Deposit as a deposit of national interest. District's own Viken deposit is directly adjacent and under separate SGU review for the same designation, making this a direct read-across positive for Viken's permitting position.
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Top Losers (TSX/TSXV/CSE)
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West Red Lake Gold Mines Ltd.
Continued sell-down following Thursday's 2025 results and 2026 guidance. Full-year guidance of 35,000 to 45,000 oz is heavily back-end weighted, Q1 gold sales came in at just 6,165 oz, and AISC guidance of US$2,800 to $3,600/oz is elevated at current production rates.
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Atico Mining Corporation
Full-year 2025 results showed a net loss of $16.1 million, with copper production at El Roble down 33% year over year and cash costs up 14% to $2.35 per payable pound as the mine transitions to new upper zones. The market is discounting a structurally challenging production period.
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Pacific Booker Minerals Inc.
No new announcement. Routine profit-taking after a strong run on the back of American Eagle Gold's unsolicited takeover bid, which implied C$1.76 per share at a 31% premium and remains open until 29 July 2026.
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Market data as of 27 Apr 2026, 9:22 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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China's Chokehold on Global Mineral Refining
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China controls refining of 19 of the 20 strategic minerals tracked by the IEA. This 17-page intelligence report quantifies the chokehold, maps the US$500B–$1.4T investment gap, and identifies where Western capital can still compete. Built on IEA, S&P Global, BloombergNEF and proprietary Kamoa Capital analysis of 2,419 processing facilities across 113 countries.
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Today's Stories
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Kitco
China's Silver Imports Surge 78% in March as Investors and Manufacturers Scramble to Secure Metal
China recorded its largest single month of silver imports in history in March, with volumes surging 78%, driven by retail investor demand and manufacturers accelerating solar panel production ahead of expiring tax rebates. The data adds further pressure to an already tight global physical silver market. Both industrial and investment demand are pulling on supply simultaneously.
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Our Take
A 78% import surge in a single month is not a blip, it is a structural signal about how quickly silver demand can spike when two major buyer categories move at once. Silver producers and explorers with near-term production potential deserve a second look.
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Kitco
Gold Rangebound as Central Bank Rate Decisions Loom and Geopolitical Uncertainty Persists
Gold is finding support around $4,700 an ounce but has been unable to break through $4,800, with geopolitical uncertainty currently favouring the US dollar as the preferred safe-haven asset. Analysts are flagging that upcoming central bank rate decisions represent a downside risk for the metal in the near term. The market appears to be in a consolidation phase rather than a directional move.
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Our Take
A floor at $4,700 is still an extraordinarily supportive price environment for producers, even if the rally has stalled. The real question for investors is whether rate decisions deliver a pullback worth buying, or whether geopolitical risk reasserts itself as the dominant driver.
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AFR
Chris Ellison's Bitter Pilbara Port Feud Heads to Trial
A dispute involving Mineral Resources founder Chris Ellison over Pilbara port access is escalating to trial, deepening tensions in Western Australia's iron ore infrastructure sector. The feud emerged after first ore from the company's flagship Onslow iron project was shipped in mid-2024. The trial adds legal and reputational complexity to an already turbulent period for Ellison and Mineral Resources.
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Our Take
Port access disputes in the Pilbara are not just legal noise, they go directly to the economics of iron ore logistics and who controls the infrastructure bottlenecks. This trial carries operational and strategic implications for Mineral Resources that investors should not treat as a sideshow.
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Market Index
Australian Miners Detail Fuel Cost Impact as Middle East Crisis Drives Price Surge
Australian miners are reporting cost inflation accelerating for a third consecutive month, reaching its highest level since August 2022, driven primarily by fuel and shipping costs linked to the Middle East conflict. Sector commentary compiled over the weekend shows the fuel crisis is actively affecting operations, margins, and forward planning. The sustained pressure is beginning to raise questions about cost guidance accuracy across the industry.
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Our Take
Three consecutive months of accelerating cost inflation, now at a four-year high, is the kind of trend that quietly destroys margin guidance. Investors should revisit all-in sustaining cost assumptions for Australian-exposed producers before accepting company guidance at face value.
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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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