The Drill Down
Friday 3 July 2026
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
Boliden in Talks to Buy Votorantim's Controlling Stake in Nexa
Boliden has confirmed it is in discussions with Votorantim and Nexa Resources over acquiring Votorantim's controlling stake in the zinc producer, which local reports put at 64.7% and around $1.4 billion. Nexa is one of the world's largest zinc miners, with operations across Brazil and Peru, and Boliden cautioned that no deal is certain.
|
Our Take
A Nordic base-metals major buying into Latin America would reshape the zinc supply map. For Boliden, it is scale and geographic reach; for Votorantim, another clean exit from metals.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,123
+2.28%
|
|
Silver
|
$61
+3.14%
|
|
Platinum
|
$1,622
+2.98%
|
|
Palladium
|
$1,257
+3.81%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$13625.75
+0.33%
|
|
Nickel USD/t
|
$16277.00
-0.33%
|
|
Zinc USD/t
|
$3455.19
-0.51%
|
|
Lead USD/t
|
$1865.10
+0.16%
|
|
WTI Crude USD/bbl
|
$68.51
+0.10%
|
|
Prices updated as of 3 July 2026, 8:03 am AEST
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
South Pacific Metals Corp.
No fresh news today, with the move extending momentum from last week's start of exploration at its Kili Teke copper-gold project in Papua New Guinea, host to a 4.2Moz gold-equivalent inferred resource.
|
|
Consolidated Lithium Metals Inc.
Jumped on an updated PEA for its Kwyjibo rare earth project in Quebec, showing a 35.4% post-tax IRR (46.5% pre-tax) and a sharply reduced surface footprint. CLM can earn up to 80% of the project from SOQUEM.
|
|
Largo Inc.
Won a five-year US Defense Logistics Agency contract to supply up to 2,876 tonnes of high-purity vanadium pentoxide to the National Defense Stockpile, capped at US$125 million and priced at a premium to 2026 benchmarks.
|
|
|
|
NovaRed Mining Inc.
Fell despite flagging a copper-gold-platinum opportunity at its Wilmac project from its MetalCore AI platform. The result is a preliminary data compilation with no drilling until later in 2026, reading as sell-the-news after a strong run.
|
|
Gold Hart Copper Corp.
Slid even as drill hole DDHTOL01 at its Tolita asset in Chile's Vicuña District returned its longest mineralised interval to date at 738 metres. With the update long on alteration but light on assay grades, the market sold the news.
|
|
Tintina Mines Ltd.
Pulled back as it updated its C$91 million placement with Sumitomo, the Gignac family and Franco-Nevada for the Domeyko Sulfuros copper-gold project. With receipts priced at C$0.68 well below market, the move reads as profit-taking into the 9 July close.
|
|
Market data as of 3 July 2026, 9:30 AM AEST
|
| |
This Week's Poll
Which Best Describes You?
|
|
|
○ High-net-worth investor
|
|
|
|
|
|
|
○ Government / Institution
|
|
|
| |
Presented By
|
Enabling fractional mining royalty investment
|
|
| |
|
Today's Stories
|
The Northern Miner
US Uranium Revival Gains Traction as Output Triples
US uranium production more than tripled last year to 2.1 million lb of uranium oxide, a 223% increase over 2024, according to the Energy Information Administration. The jump signals a revival of domestic output.
|
Our Take
A 223% jump to 2.1 million lb confirms US producers are responding to price and policy tailwinds, but the absolute figure remains tiny against national reactor demand. The trajectory matters more than the base, and investors should back producers with the lowest-cost pounds to scale into the deficit.
|
|
ZeroHedge
Copper Demand Surges, But Supply Deficit Is Hard to Solve, Expert Says
Investor Rick Rule argues the world must mine more copper between 2026 and 2050 than in all history to meet data-centre and electrification demand, yet decades of underinvestment and permitting gridlock leave few construction-ready projects. He points to Rio Tinto and BHP's Resolution Copper in Arizona, still awaiting a permit after more than a decade.
|
Our Take
The deficit is now a permitting and capital problem, not a geological one. That is precisely why the majors are paying up for built assets rather than waiting on greenfield.
|
|
CnEVPost
CATL Restarts Jiangxi Lithium Mine With 100,000-Ton Annual Capacity
CATL has restarted its Jianxiawo lepidolite mine in Yichun, Jiangxi, one of the world's largest single lithium operations, after securing a safety permit on 29 June. The mine carries annual capacity of about 100,000 tonnes of lithium carbonate, though analysts expect a slower ramp of roughly 50,000 tonnes this year.
|
Our Take
The supply return lithium bears feared, made real. It caps any near-term price recovery and keeps ASX producers on the back foot alongside the sodium threat.
|
|
Mining.com
US Department of Energy Awards $75M to Recover Critical Minerals From Coal Feedstocks
The US Department of Energy has awarded $75 million to five pilot projects recovering rare earths and other critical materials, including germanium, gallium and aluminium, from coal and coal-based feedstocks. Recipients include the University of North Dakota, Valor Metals, CONSOL Innovations, American Resources Corporation and Peabody Energy, part of a broader $275 million programme.
|
Our Take
Washington is turning coal waste into a critical-minerals feedstock, no new mine required. These are pilots, not plants, so the signal on intent outruns the near-term supply impact.
|
|
Mining Technology
IHC, Adani Announce $11.5bn Aluminium Project in Odisha, India
Abu Dhabi's IHC and India's Adani Group have signed a 50-50 pact to build an $11.5 billion integrated aluminium complex in Odisha, spanning a four-million-tonne alumina refinery, two-million-tonne smelter and captive power. Billed as India's largest metals-sector foreign investment, it marks Adani's entry into aluminium and targets around 53,500 jobs.
|
Our Take
While the West restarts idled smelters on subsidies, India builds new capacity at scale on cheap power and captive bauxite. That is where the next marginal aluminium tonne comes from.
|
|
AFR
Embattled Northern Star Lands New CEO With $5.6m Takeover Parachute
Northern Star has promised new chief executive Suresh Vadnagra a $5.6 million payout should the gold miner be sold under activist pressure. Chairman Michael Chaney will be succeeded by his deputy, former Goldman Sachs banker Michael Ashforth, in November.
|
Our Take
A takeover-triggered payout written into a new CEO's contract tells you the board sees a sale as a live outcome. Elliott has already shifted the strategic conversation.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
|
