The Drill Down
Thursday 28 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
MP Materials Accuses USA Rare Earth of Magnet Technology Theft
MP Materials has accused USA Rare Earth of stealing proprietary magnet technology, escalating the rivalry between two central players in the US domestic rare earths supply chain buildout. USA Rare Earth denied the claims, stating that MP Materials had misrepresented the company and its people.
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Our Take
Legal conflict between the two most prominent US rare earths companies introduces execution risk into a supply chain the government is counting on. Watch whether this dispute delays magnet production timelines at either party.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,456
-1.15%
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Silver
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$75
-3.04%
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Platinum
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$1,927
-0.70%
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Palladium
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$1,385
+0.51%
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Base Metals & Commodities
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Copper USD/lb
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$6.37
-1.34%
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Nickel USD/lb
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$8.56
-0.61%
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Zinc USD/lb
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$1.58
-0.44%
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Lead USD/lb
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$0.90
-0.61%
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WTI Crude USD/bbl
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$89.72
+0.36%
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Prices updated as of 28 May 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Visionary Copper and Gold Mines Inc
Expanded its land package at the Pt. Leamington Project in central Newfoundland to nearly 30,000 hectares, adding the historic Lewis Lake area explored under a Billiton/BHP joint venture from 1999 to 2001 and ground previously worked by Noranda, Altius and Inmet Mining. The move gives Visionary control over one of the most studied but under-drilled VMS districts in the province, building on Phase 1 drilling that returned the Kraken copper zone alongside the existing gold-copper-zinc-silver resource.
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Benton Resources Inc
Announced a $2 million non-brokered private placement led solely by Eric Sprott, Benton's largest shareholder, consisting of 28,571,429 units at $0.07 each with a warrant exercisable at $0.10 for 36 months. Proceeds are directed at advancing the company's recently acquired natural hydrogen and helium projects. Sprott's continued cornerstone participation is the signal the market is responding to.
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Targa Exploration Corp
SEDI insider activity filed by Corporate Secretary Susy Horna contributed to the move. The stock has been running on broader momentum following the appointment of VP of Exploration Ryan Weston on 25 May and visible gold in the first hole at the El Zanjon project in Santa Cruz, Argentina, with assays pending.
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LaFleur Minerals Inc
Upsized its bought deal equity offering from C$8 million to C$10 million, with up to C$11.5 million if over-allotment options are exercised, citing significant investor demand. Units are priced at C$0.50 with a concurrent flow-through component, with proceeds directed at the Beacon Gold Mine restart and exploration at the Swanson Gold Project in the Abitibi Gold Belt. Dilution from the enlarged offering is the likely driver of the sell-off.
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Trident Resources Corp
Released assay results from eight additional holes at the Contact Lake Gold Project BK3 Zone in Saskatchewan, with a highlight intercept of 17.88 g/t Au over 11.25m including 42.53 g/t over 4.50m from 86m depth. All eight holes intersected gold mineralisation, and a summer drill program of more than 20,000m is planned to commence in June. The sell-off despite positive results points to profit-taking after a strong run.
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Buffalo Potash Corporation
Filed its Annual Information Form for the year ended 31 December 2025 and a revised NI 43-101 PEA technical report for the Disley Potash Project in Saskatchewan. The revised report corrects a table unit error with no impact on any underlying calculations or conclusions. No specific negative catalyst; likely profit-taking after the stock ran strongly following the April 27 PEA announcement showing an after-tax NPV of US$1.1 billion.
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Market data as of 28 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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Today's Stories
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AFR
BlackRock Sees Merit in Large-Scale Mining M&A, Warns Industry Faces a Scale Problem
BlackRock portfolio manager Olivia Markham told the AFR Mining Summit in Perth that mining faces a scale problem relative to sectors like technology, making it hard to attract large US generalist investors. She argued that consolidation would improve liquidity and capital access, with BlackRock explicitly backing further large-scale M&A across the sector.
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Our Take
When one of the world's largest asset managers publicly calls for consolidation, boards should listen. This is a capital markets green light for major deals, and smaller miners should consider what side of that trade they want to be on.
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AFR
AustralianSuper Urges Glencore to Consider ASX Listing to Deepen Australia's Mining Market
AustralianSuper portfolio manager Luke Smith publicly called on Glencore to consider an ASX listing at the AFR Mining Summit in Perth, arguing it would benefit investors and strengthen the exchange's position as a global mining bourse. The call from one of Australia's largest superannuation funds signals institutional appetite for greater access to global mining majors on home soil.
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Our Take
A Glencore ASX listing would be transformational for Australian capital markets and would give domestic super funds direct, liquid exposure to a diversified global miner. Whether Glencore sees enough benefit to pursue a dual listing is another question entirely.
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Reuters
Defence-Driven Demand Powers Surge in US Listings by Mining Firms
Mining companies are rushing to secure US listings as defence-related demand for critical minerals drives significant capital flows into defence-driven exploration. The trend reflects investor appetite for domestically listed miners tied to national security supply chains.
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Our Take
The Pentagon-to-portfolio pipeline is real and accelerating. Miners with credible US-listed critical minerals exposure are commanding a premium, and those still listed elsewhere should weigh whether their current exchange is costing them institutional capital.
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Mining.com
Copper's Giant Tariff Trade Is Back and Squeezing the Global Market
Renewed speculation about US copper import tariffs has triggered another scramble among traders to ship metal to the United States, tightening supply in other markets. The disruptive trade flow is adding volatility to global copper pricing and creating supply stress outside the US.
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Our Take
The arb is doing what tariff threats always do, pulling metal before the policy even lands. Every pound diverted to the US is a pound Europe and Asia fight over.
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The Northern Miner
Colombia Election Could Reshape Copper Investment Landscape
An upcoming Colombian election could materially alter the investment environment for copper and other mining projects, with candidates holding sharply divergent positions on resource policy. One contender has proposed restricting large-scale mining in environmentally sensitive areas, raising concern among international investors with Colombian exposure.
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Our Take
Colombia has long carried political risk for mining investors, and this election cycle is sharpening that calculus. Any restriction on large-scale mining in sensitive areas could strand capital and delay projects at a moment when copper supply is critically short globally.
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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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