The Drill Down
Monday 29 June 2026 · Part 1
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
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.
Download Full Report
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Lead Insight
Forrestania Buys Ramelius's Edna May Gold Mine for $300 Million
Forrestania Resources has agreed to acquire the Edna May gold mine for $300 million and is seeking listed equities investors to help fund the deal. The company was preparing to support the acquisition.
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Our Take
A $300 million bid funded partly through listed equity is an aggressive swing for a junior buying from Ramelius, and the raise terms will tell investors how much dilution they are wearing. The deal only works if Edna May's grade and mine life justify the price, so scrutinise the reserve base before backing the equity story.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,089
+1.54%
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Silver
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$59
+2.18%
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Platinum
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$1,615
+1.09%
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Palladium
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$1,207
+1.99%
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Base Metals & Commodities
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Copper USD/t
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$13629.36
-0.26%
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Nickel USD/t
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$16776.00
-0.38%
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Zinc USD/t
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$3503.49
+2.56%
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Lead USD/t
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$1892.60
-0.51%
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WTI Crude USD/bbl
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$70.06
+1.20%
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Prices updated as of 29 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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New Break Resources Ltd.
No specific catalyst identified. The gold explorer, advancing its Moray project near Timmins, ran on insider buying off the lows, with directors including Ross Quigley, Bill Love and Michael Farrant adding to their positions.
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Cupani Metals Corp.
No specific catalyst identified. The copper-nickel-PGE explorer, focused on its Blue Lake project in Quebec's Labrador Trough, bounced on buying at the lows after a prolonged sell-down.
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West Point Gold Corp.
West Point continued to climb on its 23 June drill result of 66.2m at 6.57 g/t gold, including 20.7m at 18.25 g/t, which extended the high-grade NE Tyro Zone at its Gold Chain project in Arizona past 250m depth. A maiden resource is due later this year.
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Stuve Gold Corp.
Stuve Gold fell after closing a private placement of 6.45 million shares at $0.31 for about $2.0 million. The raise priced the Chile-focused gold and copper explorer well below recent levels, and the dilution drove the pullback.
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Newcore Gold Ltd.
Newcore kept sliding after its pre-feasibility study for the Enchi Gold Project in Ghana, with the market still weighing the US$351 million upfront capital cost. The continued selling reads as an extended sell-the-news.
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Largo Inc.
Largo continued to drift lower since its late-May plan to evaluate strategic alternatives for its Northern Dancer and Currais Novos tungsten assets. The vanadium producer keeps losing ground as the market waits for a concrete transaction.
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Market data as of 29 June 2026, 9:30 AM AEST
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This Week's Poll
Six Months From Now, Which Commodity Will Have Surprised the Most to the Upside?
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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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New York Times
Trump Cut a Billion-Dollar Mining Deal and His Sons Stand to Profit, NYT Reports
A US-Kazakhstan agreement has handed a little-known American company access to one of the world's significant mineral resources, according to The New York Times. The deal raises conflict-of-interest questions, with the Trump and Lutnick families reportedly positioned to benefit.
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Our Take
A little-known American company lands one of the world's biggest mineral resources, and the Trump and Lutnick families profit. Government critical-minerals policy is now a family business. Price accordingly.
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Courthouse News
Dispute Over Controversial Alaska Mining Proposal Crawls Forward in Federal Court
The long-stalled Pebble copper-gold-molybdenum project in Alaska's Bristol Bay, led by Vancouver's Northern Dynasty Minerals, returned to federal court on 25 June, with the state and the developer arguing the EPA overstepped by using the Clean Water Act to block the mine in 2023. Alaska Native corporations and conservation groups have intervened, warning large-scale mining would damage the region's salmon fishery. Judge Sharon Gleason said she would rule in the near future.
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Our Take
A resource-friendly federal posture still cannot fast-track Pebble while the Clean Water Act block stands. For Northern Dynasty, the deposit is stranded until the courts reopen the permit path.
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Mining Zimbabwe
MMCZ Pledges to Maximise Lithium Value as Zimbabwe's Sole Marketing Agent
Zimbabwe's state marketing agent MMCZ has pledged to maximise value from the country's lithium as the sole selling agent for all minerals except gold and silver, overseeing export contracts to curb transfer pricing and under-invoicing. GM Nomsa Moyo pointed to the beneficiation gap, with raw ore fetching US$30 to 50 a tonne against US$18,000 to 22,000 for battery-grade hydroxide. First-quarter lithium sales of 240,826 tonnes were up just 2% in volume but 106% in value year on year, following February's ban on raw and concentrate exports.
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Our Take
Centralised marketing and the export ban hand producers less pricing freedom and more compliance load. The 106% value jump shows it can work, but only if processing capacity gets built.
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Bloomberg
China Gives Coal Room to Grow in New Five-Year Energy Plan
China's new five-year energy plan stops short of setting a firm date to cap coal, instead pledging to promote the peaking of coal and oil use while preserving the fuel's role in energy security. The blueprint pairs continued coal support with large clean-energy targets, including offshore wind reaching 100GW and nuclear 110GW by 2030. Analysts read the softer language as walking back earlier signals that coal would peak by 2027.
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Our Take
No hard coal cap is the story, China is hedging, not exiting. The 110GW nuclear and 100GW offshore wind targets are the real signal for uranium and transition metals.
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ABC News
Mt Rawdon Pumped Hydro Project Shelved by Queensland Government
The Queensland government has dumped a $6 billion project to rehabilitate a gold mine and convert it into a pumped hydro power station. The decision shelves one of the state's flagship energy storage plans.
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Our Take
A $6 billion pumped hydro cancellation removes a marquee end-of-life option for the Mt Rawdon gold asset and underlines how mine-to-storage conversions remain hostage to government capital decisions. For miners banking on rehabilitation upside through energy reuse, this is a reminder that the exit value sits with policymakers, not engineers.
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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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