The Drill Down
Tuesday 28 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
Congo to Roll Out $100M US-Backed Mine Security Force
The Democratic Republic of Congo is establishing a paramilitary mining guard unit funded by the US and UAE, with $100 million committed and plans to deploy as many as 3,000 armed recruits by December, scaling to an eventual target of 20,000 guards. The force is designed to secure critical mineral mining sites and attract foreign investment into the country's resource sector.
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Our Take
A US and UAE-backed security force in the DRC is as much a geopolitical signal as an operational one, effectively placing Western capital behind the protection of supply chains that run through one of the world's most contested mining jurisdictions. For investors with DRC exposure, this reduces near-term security risk but also deepens entanglement with a politically complex bilateral arrangement.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,682
-0.58%
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Silver
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$76
-0.22%
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Platinum
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$1,986
-1.38%
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Palladium
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$1,469
-2.49%
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Base Metals & Commodities
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Copper USD/lb
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$6.09
--
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Nickel USD/lb
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$8.67
+0.19%
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Zinc USD/lb
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$1.53
-2.64%
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Lead USD/lb
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$0.89
+0.13%
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WTI Crude USD/bbl
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$96.68
+0.01%
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Prices updated as of 28 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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Honey Badger Silver Inc.
Closed the acquisition of 100% of the Prairie Creek (PC Silver) Project in the Northwest Territories, a fully permitted underground silver-zinc-lead operation with significant existing infrastructure, for C$10 million cash and C$2 million in shares, funded by a concurrent C$11.5 million placement at $0.16 per subscription receipt.
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Tintina Mines Ltd.
No specific catalyst identified. Volume of 120,635 shares against an average of 14,149 points to deliberate accumulation. Tintina holds the high-grade Black Butte copper project in Montana, and the move is consistent with broader sector rotation into development-stage copper names.
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Nevada Organic Phosphate Inc.
No news today. Carrying the thematic read-through from the global fertilizer supply crisis as the Hormuz blockade drives sulphur to record $1,000 per tonne CFR and collapses urea availability worldwide.
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Top Losers (TSX/TSXV/CSE)
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B2Gold Corp.
Selling on Mali country risk following the April 25 coordinated JNIM and FLA attacks on Bamako and key military installations. B2Gold operates the flagship Fekola Mine in Mali. Volume of 9.92M shares is well above the 5.4M average.
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Buffalo Potash Corporation
Selling into yesterday's PEA release for the Disley Potash Project, which delivered an after-tax NPV of US$1.1 billion at 30% IRR on a maiden MRE of 582Mt KCl. Initial capex of US$639 million is the key market focus. Routine profit-taking after a strong run into the release.
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Market data as of 28 Apr 2026, 9:07 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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Reuters
Critical Metals to Acquire European Lithium for $835 Million
Critical Metals Corp. (NASDAQ: CRML) signed a letter of intent to acquire all outstanding shares of European Lithium (ASX: EUR) in an approximately $835 million deal, consolidating full ownership of the Tanbreez rare earth project in Greenland, one of the world's largest known rare earth deposits. European Lithium currently holds the remaining 7.5% of Tanbreez; Critical Metals holds 92.5%. EUR shareholders will receive 0.035 CRML shares per share held. The deal is expected to close in H2 2026 and was framed by Critical Metals as a move to simplify decision-making and financing strategy as Tanbreez advances toward a development decision.
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Our Take
This deal is not about lithium, it is about Tanbreez. Full ownership of one of the world's largest rare earth deposits, with the Trump administration previously eyeing a direct stake in Critical Metals, reframes this as a geopolitical asset consolidation as much as a corporate transaction. Simplifying the cap table ahead of a development decision and potential US government involvement makes the timing deliberate.
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GlobeNewswire
Blue Moon Metals Confirms FID on Nussir, Intention to Restart Springer Tungsten Mine, and C$150 Million Bought Deal
Blue Moon Metals (TSXV: MOON; NASDAQ: BMM) approved a Final Investment Decision for the Nussir copper-gold-silver project in Norway, targeting first ore at 6,000 tpd in Q3 2027, with US$184 million in remaining capex to be funded by existing cash, a US$140 million project finance facility, and a C$150 million bought deal. The company simultaneously announced plans to restart the Springer tungsten mine in Nevada by Q4 2027 at an estimated US$50 million capex.
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Our Take
Two FIDs in one announcement across two critical metals jurisdictions, backed by Teck, Oaktree, and Wheaton, is a meaningful signal of institutional conviction. Norway copper and US tungsten in the same capital raise positions Blue Moon across two of the most strategically sensitive supply chains for both Europe and the US defence industrial base.
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S&P Global
China's Lithium Prices at Highest in Two Years on Tight Supply, Demand Growth
Chinese lithium carbonate futures reached approximately CNY 173,000 per tonne in late April, up 50% year to date and the highest in two years, driven by Zimbabwe's export suspension, idled Chinese mine restarts lagging demand, and accelerating energy storage and EV consumption. Benchmark prices are hovering around US$25,156 per tonne as of April 20.
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Our Take
A 50% rally in lithium carbonate year to date changes the investment calculus for idled and development-stage lithium assets globally. Projects that were uneconomic at CNY 90,000 per tonne look very different at CNY 173,000. Explorers and developers with credible near-term production pathways should expect renewed institutional interest in coming weeks.
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Fertilizer Week
Sulphur Hits $1,000/t as Hormuz Blockade Chokes Fertilizer Supply Chain
Sulphur for delivery to Brazil hit a record $1,000 per tonne CFR last week as the Hormuz blockade cuts off S, N, and P supplies globally. Sulphuric acid, phosphate, and ammonia benchmarks all hit fresh highs. India purchased a record 2.5 million tonnes of urea at nearly double the February tender price, and little urea remains available globally.
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Our Take
Sulphur at $1,000 per tonne is not just a fertilizer story. It directly hits copper SX-EW production costs in Chile, the DRC, and Zambia, where sulphuric acid is a core input. Goldman's estimate of 125,000 tonnes of potential DRC copper curtailment is now looking conservative if this price level holds through Q2.
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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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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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