The Drill Down
Wednesday 27 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 Backs $700m Mine to Help Counter China on Rare Earths
New South Wales has approved RZ Resources' $700 million mineral sands project, which is expected to produce 400,000 tonnes of critical minerals ore every year. The decision adds a major new project to Australia's critical minerals pipeline at a time of intense global competition for rare earths supply. The approval strengthens Australia's position as a reliable source of critical minerals outside Chinese supply chains.
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Our Take
State-level approvals at this scale matter when investors are benchmarking sovereign risk across critical minerals jurisdictions. At 400,000 tonnes annually, RZ Resources has real supply chain relevance.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,508
-1.37%
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Silver
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$77
-1.41%
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Platinum
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$1,963
+1.73%
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Palladium
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$1,382
+3.07%
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Base Metals & Commodities
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Copper USD/lb
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$6.45
-0.68%
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Nickel USD/lb
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$8.61
+0.72%
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Zinc USD/lb
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$1.59
-1.20%
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Lead USD/lb
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$0.91
+0.10%
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WTI Crude USD/bbl
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$93.56
+0.02%
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Prices updated as of 27 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Intrepid Metals Corp
Expanded the scope of its Phase 1 exploration program at the Corral Copper property in Cochise County, Arizona after 1,352 rock samples returned encouraging early-stage results and identified additional prospective target areas. The expanded program adds new rock and soil sampling ahead of a Phase 2 drill program targeting porphyry and CRD mineralisation later this year, carried out with input from Teck Resources.
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Hercules Metals Corp
Drill hole HER-25-25 intersected the outer margins of a new blind copper porphyry system at the Southern Flats zone at its Hercules project in Idaho, returning 177m of 0.66% CuEq within 271m of 0.51% CuEq. A step-out hole is now drilling 200m to the west, targeting the core of a large MT conductivity anomaly measuring approximately 2.6km long by 1.3km wide by 1.2km deep.
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CanAlaska Uranium Ltd
Released results from its winter geophysical program at the West McArthur joint venture project in the eastern Athabasca Basin, identifying over 20km of new drill-ready conductor targets. Multiple strong conductors associated with uranium and clay pathfinders were mapped, setting up a summer drilling program at the project, which CanAlaska operates with an 88.89% interest alongside Cameco.
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Orvana Minerals Corp
Reported that civil unrest across Bolivia, including nationwide strikes and road blockades, is materially disrupting logistics at its Don Mario operation. Oxide ore processing at the Don Mario Oxide Stockpile Project has been delayed beyond its previously communicated timeline, and the company is not in a position to provide a revised start-up date.
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Avanti Gold Corp
No specific catalyst identified. The stock continues a persistent downtrend with no new announcements to account for today's move.
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Rua Gold Inc
No specific catalyst identified. Selling volume was light, and the move may reflect broader negative sentiment around New Zealand permitting conditions rather than any company-specific development.
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Market data as of 27 May 2026, 9:30 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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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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Ecofin Agency
China Sees Strategic Opportunity in Africa's Shift Toward Mineral Processing
China is positioning itself to benefit from Africa's growing push to develop domestic mineral processing capacity rather than export raw ores. Guinea's state-owned Nimba Mining Company has discussed plans for a refinery as part of this broader continental trend. The shift creates a risk that Chinese capital and technology will lock in dominance over African downstream processing even as individual nations seek greater resource sovereignty.
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Our Take
Africa's resource nationalism push was supposed to reduce Chinese supply chain dominance, but without Western capital stepping in to fund processing infrastructure, Beijing simply moves downstream with the trend. This is the critical minerals strategy gap that Western governments have not yet credibly answered.
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Mining.com
Sunshine Silver Eyes $2.32B Valuation in US IPO
Sunshine Silver Mining & Refining Company is seeking to raise up to $330 million through a NYSE IPO, offering 20 million shares priced between $13.50 and $16.50, targeting a valuation of up to $2.32 billion. The Idaho-based company is using the proceeds to restart a previously shuttered silver, antimony and specialty minerals mine in Silver Valley. Backers include The Electrum Group, which is expected to retain more than 50% of shares post-IPO.
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Our Take
A $2.32 billion silver IPO landing alongside Barrick and McEwen Copper listings signals that North American capital markets are genuinely reopening for mining. The timing is deliberate and the queue is real.
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Bloomberg
Malaysia Jolts Bullion Trade With 10% Import Duty on Gold Bars
Malaysia has imposed a 10% import duty on LBMA-standard gold bars effective June 8, marking the country's first-ever levy on bullion imports. Inbound shipments have been held at customs or diverted since at least early May, as the added cost makes imports unprofitable without a comparable rise in local gold prices. Non-LBMA bars and gold jewellery remain exempt, effectively creating a two-tiered market for physical gold in the country.
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Our Take
Malaysia is following India's playbook, and the pattern matters. When major Asian gold hubs start taxing standard bullion imports, physical trade routes and pricing dynamics shift in ways that ripple well beyond the country imposing the duty.
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AFR
Inside the Fortescue Versus BHP War in the Pilbara Over Decarbonisation
Fortescue has publicly attacked its own peak mining lobby group over decarbonisation policy, widening a rift with BHP within hours of ABC's Four Corners program airing. The dispute exposes deepening divisions within Western Australia's mining sector over the pace and direction of emissions reduction commitments. Both companies are navigating intense scrutiny over their climate pledges as the fallout becomes public.
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Our Take
When two of the Pilbara's biggest operators are fighting through the press over climate policy, it creates regulatory and reputational uncertainty that institutional investors cannot ignore. The fracture inside the lobby group weakens the sector's ability to present a unified front on emissions policy at exactly the wrong time.
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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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