The Drill Down
Wednesday 29 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
War Has a Silver Lining for Western Australia, Premier Says
Western Australia's Premier has said the Middle East conflict is creating economic opportunities for the state's mining and resources sector, as elevated commodity prices and supply chain disruptions boost demand for WA's output. The remarks come as geopolitical uncertainty continues to support commodity prices broadly.
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Our Take
The Premier is stating plainly what commodity markets are already pricing, that supply disruption risk is a structural tailwind for stable, Western-aligned resource exporters like WA. For investors, this reinforces the investment case for Australian-listed miners with exposure to iron ore, lithium, and critical minerals.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,597
-1.82%
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Silver
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$73
-3.19%
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Platinum
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$1,940
-2.63%
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Palladium
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$1,459
-1.12%
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Base Metals & Commodities
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Copper USD/lb
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$5.98
-1.77%
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Nickel USD/lb
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$8.80
+1.51%
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Zinc USD/lb
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$1.52
-1.13%
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Lead USD/lb
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$0.88
-0.52%
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WTI Crude USD/bbl
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$99.58
-0.11%
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Prices updated as of 29 Apr 2026, 8:03 am AEST
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Market Movers
Winners & Losers — Canadian Markets
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Top Gainers (TSX/TSXV/CSE)
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Kingfisher Metals Corp.
New geochronology results from the Hank-Mary district on the 933 sq. km HWY 37 Project in BC's Golden Triangle confirmed porphyry mineralisation ages of 190 to 186 Ma, directly overlapping with the Mitchell Cu-Au porphyry (KSM) and tying to Brucejack Au-Ag epithermal timing. Consistent ages across three porphyry centres indicate a single, district-scale magmatic system, validating the exploration model and providing a geological framework analogous to the world's largest porphyry districts.
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Maple Gold Mines Ltd.
Updated MRE for the 100%-owned Douay/Joutel Gold Project in Quebec's Abitibi added 394,000 Indicated and 1,772,000 Inferred oz versus the 2022 baseline, representing increases of 77% and 70% respectively. Total project resources now stand at 905,000 oz Indicated and 4,279,000 oz Inferred. A maiden high-grade underground resource at Joutel of 126,000 oz at 4.53 g/t was a standout addition, and the MRE does not yet incorporate results from the ongoing 32,000m drill program.
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Top Losers (TSX/TSXV/CSE)
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Deep Sea Minerals Corp.
Released a summary of participation at the Deep Sea Mining Summit in London, highlighting regulatory progress and the company's positioning across Cook Islands EEZ and US-aligned seabed concession opportunities. The release contained no new operational milestones. The sell-down is consistent with profit-taking after the stock ran from A$0.035 to a 52-week high of A$2.30 ahead of the event, with the summit recap failing to deliver the catalysts the market had priced in.
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Auranova Resources Inc.
Announced completion of the Phase 3 Spring drill program at the South Uchi Gold Project in Ontario's Red Lake District, comprising six holes for 3,187m testing strike extensions of the Papaonga gold structural corridor. Assays are pending. The sell-down reflects disappointment that no assay results accompanied the completion announcement, with the market having run the stock higher into the program.
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Market data as of 29 Apr 2026, 8:48 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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Mining.com
Gold Price Could Reach $8,000 on De-Dollarisation, Deutsche Bank Projects
Deutsche Bank has projected gold could reach $8,000 per ounce if de-dollarisation trends accelerate, driven by central banks lifting bullion's share of global reserves from 30% currently to a realistic 40%. The forecast adds to a growing chorus of bullish gold outlooks from major financial institutions.
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Our Take
A $8,000 gold target from a major bank is not noise, it reflects a structural thesis around reserve diversification that is already playing out in central bank buying data. Gold producers with long mine lives and low all-in sustaining costs stand to be among the biggest beneficiaries if this scenario materialises.
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Bloomberg
Rio Tinto and Angola State Diamond Company Form Joint Venture for New Mine
Rio Tinto has entered a joint venture with Angola's state diamond company after exploration identified promising kimberlite results in the country, according to Angola's Mineral Resources Minister. The announcement was made in Luanda and follows earlier exploration activity that identified prospective kimberlite targets. The partnership marks a meaningful expansion of Rio Tinto's footprint in African diamond mining.
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Our Take
Rio Tinto is making a calculated bet on Angola as a new diamond frontier at a time when the global supply of rough diamonds is structurally tightening. A state joint venture structure introduces sovereign risk, but it is increasingly the price of entry for large-scale African resource deals.
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Mining.com
Chile Bill Targets Mining Boost With Tax Cuts and Faster Permits
Chile has introduced legislation to boost the mining sector by cutting taxes and accelerating permitting processes, as the government works to unlock the country's copper and lithium pipeline amid tight global supply. The bill builds on earlier signals from Chile's new government to speed up mining approvals.
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Our Take
Chile walking back fiscal and regulatory friction is a meaningful shift for a jurisdiction that scared off capital with its previous royalty debate. If the bill passes with teeth intact, it could re-rate several stalled copper and lithium development projects that the market has been discounting for permitting risk.
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Reuters
TSX Falls for Third Straight Day as Metal Mining Shares Decline
Canada's main stock index fell for a third consecutive day, with metal mining shares leading the decline as investors assessed the impact of stalled US-Iran talks on commodity markets. The sell-off reflects ongoing uncertainty around the Middle East conflict and its implications for energy and metals supply chains.
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Our Take
Three consecutive down days on the TSX with mining shares dragging the index is a sentiment indicator worth watching, as it suggests institutional investors are reducing commodity risk exposure rather than buying the geopolitical premium. A resolution in US-Iran talks could flip this quickly, but the lack of progress keeps the overhang in place.
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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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