The Drill Down
Friday 29 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
China Tungsten Exports to Japan Halve Amid Tightened Controls
Japan's imports of tungsten from China fell 50% in April compared with the 2025 monthly average after Beijing tightened export controls on the mineral early this year, forcing Japanese companies to scramble for alternative sources. China's January 2026 dual-use controls catalogue prohibits tungsten exports to Japanese military-related end-users, with the rules applying to key intermediates including ammonium paratungstate, tungsten oxide and tungsten carbide. Tungsten is used across cutting tools, semiconductors, electronics and military ammunition.
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Our Take
A 50% volume drop in a single month confirms that Beijing's export controls are operational. Japan is scrambling for alternatives, and that urgency flows directly into project valuations for tungsten developers outside China.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,496
+0.90%
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Silver
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$76
+1.35%
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Platinum
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$1,921
+0.18%
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Palladium
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$1,362
-2.02%
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Base Metals & Commodities
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Copper USD/lb
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$6.45
+1.37%
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Nickel USD/lb
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$8.64
+0.95%
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Zinc USD/lb
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$1.60
+1.42%
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Lead USD/lb
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$0.91
+0.84%
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WTI Crude USD/bbl
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$88.35
-0.35%
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Prices updated as of 29 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Deep Sea Minerals Corp
No specific catalyst identified for Deep Sea Minerals directly. The move is likely a spillover from news that The Metals Company's US subsidiary TMC USA had its USA B exploration license application formally certified by NOAA, covering approximately 122,000 km2 of seafloor hosting an estimated 1.02 billion tonnes of polymetallic nodules. Sentiment around deep-sea mining names broadly lifted on the regulatory milestone.
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McFarlane Lake Mining Limited
Announced a $6.75 million non-brokered private placement led by Michael Gentile, who has committed to subscribe for up to $6.35 million at $0.12 per unit, giving him an approximately 19.7% stake. Pierre Beaudoin, a mining executive with more than 30 years of processing and development experience, is subscribing for the balance. Proceeds advance the flagship Juby Gold Project in Ontario's Abitibi Greenstone Belt, which hosts 1.01 million oz indicated and 3.17 million oz inferred.
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Galantas Gold Corporation
Completed its previously announced private placement of 181,819,000 units at $0.55 per unit for gross proceeds of $100 million, including the full exercise of the agents' option. The offering was led by Canaccord Genuity, with Haywood Securities, SCP Resource Finance and BMO Nesbitt Burns. Proceeds are directed at advancing the Indiana Gold and Copper Project and the Andacollo Gold Project in Chile.
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Royal Road Minerals Limited
Filed its interim MD&A for the period ended March 31, 2026, which is the likely catalyst for the move. Royal Road is a gold and copper explorer active in Saudi Arabia through a 50% JV, and in Colombia and Morocco, with drilling ongoing at the Ash Shajjah project in the Kingdom. No specific operational setback was identified from the filing.
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Majestic Gold Corp
No specific catalyst identified. Majestic Gold operates the Songjiagou open-pit gold mine in Shandong Province, China, and generates revenue from gold bullion and sulfur sales. The move likely reflects gold price weakness and technical selling rather than any company-specific development.
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Gunnison Copper Corp
Announced a C$30 million bought deal of 71,430,000 shares at C$0.42 per share through Canaccord Genuity as sole bookrunner, with an overallotment option to raise a further C$4.5 million. Proceeds are directed at advancing the Gunnison copper in-situ recovery project in Arizona, expected to close around June 3. The discount and dilution drove the sell-off on announcement.
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Market data as of 29 May 2026, 9:30 am AEST
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This Week's Poll
Which emerging mining region will attract the most exploration capital over the next 3 years?
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○ Saudi Arabia / Middle East
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○ Scandinavia / Greenland
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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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Mining.com
Cameco Resumes Output After Flood Hits Top Uranium Mine Access
Cameco has restored full production at McArthur River and the Key Lake mill in northern Saskatchewan after flooding partially collapsed the Smoothstone River bridge on May 10, cutting the critical supply route between the two operations. The company confirmed its sites were not directly damaged and that its 2026 consolidated production outlook of 19.5 to 21.5 million pounds of U3O8 remains unchanged. The Cigar Lake mine continued operating normally throughout the incident.
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Our Take
Full guidance maintained after a production halt at one of the world's largest uranium mines is a clean result. The market was watching whether the disruption would force a downgrade. It didn't, and Cameco has moved on quickly.
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Fox News
Feds Seize $40M in Gold Bars, Cash and Rolexes From Former CIA Official Who Faked Being a Navy Pilot
The FBI raided the Virginia home of David J. Rush, a former senior CIA official with Top Secret clearance, and recovered approximately 303 one-kilogram gold bars worth around $40 million, $2 million in cash and 35 luxury watches. Rush faces federal charges for theft of public money after allegedly claiming the gold and foreign currency were for work-related expenses between November 2025 and March 2026. He is also alleged to have fabricated his military background, educational credentials and active reserve service to obtain a high-level government position and inflate his federal salary.
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Our Take
303 gold bars in a Virginia house is a remarkable data point about where people put money when they don't trust the system they're gaming. The gold market won't move on this, but the story is worth reading.
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Mining.com
Sulphuric Acid Crunch Driving Up Critical Minerals Production Costs Worldwide
Benchmark Mineral Intelligence warns that soaring sulphuric acid prices are pushing up lithium and nickel production costs worldwide, with disruptions linked in part to the Iran conflict. The acid crunch is adding further pressure to already strained critical minerals supply chains across multiple commodities. The cost impact is broad-based, spanning several key battery and industrial minerals.
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Our Take
This is a cost-curve story that matters for project economics and producer margins across the lithium and nickel space. Any operation with high acid consumption is quietly becoming less competitive, and developers pitching projects to investors right now need to address input cost exposure head-on.
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AFR
ASX Investors Position for Peace Deal as Hormuz Reopening Seen as Boon for Mining Sector
Australian fund managers are positioning for a potential reopening of the Strait of Hormuz, betting that easing Middle East tensions would reduce sulphuric acid supply disruptions and lower fuel costs that have weighed on miners during the Iran conflict. The trade spans mining equities and logistics companies on the ASX. Growing optimism around a peace deal is being treated as a potential material tailwind for commodities.
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Our Take
This is a macro trade layered on top of already complex commodity fundamentals, and it cuts both ways. A Hormuz reopening would ease input costs for miners but could also soften some commodity prices that have been inflated by the same conflict, so position sizing on this thesis requires a careful commodity-by-commodity read.
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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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