The Drill Down
Wednesday 3 June 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
Gold Overtakes US Treasuries as Top Global Reserve Asset, ECB Reports
Gold now accounts for 27% of global central bank reserve assets at end-2025, up from 20% a year earlier, according to the European Central Bank. The rise reflects a combination of sustained central bank buying and higher prices, pushing bullion past US Treasuries as the world's top reserve asset. The shift represents a structural reallocation in sovereign balance sheets, not a cyclical trade.
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Our Take
Gold at 27% of global reserves is not a diversification trade, it is de-dollarization in the data. Treasuries losing top reserve status is the confirmation, not the warning sign.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,489
+0.09%
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Silver
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$75
+0.36%
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Platinum
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$1,933
+0.57%
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Palladium
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$1,366
+0.29%
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Base Metals & Commodities
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Copper USD/t
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$14796.58
+1.64%
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Nickel USD/t
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$19193.00
-0.07%
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Zinc USD/t
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$3604.79
+1.42%
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Lead USD/t
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$2026.10
+1.22%
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WTI Crude USD/bbl
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$94.83
+1.14%
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Prices updated as of 3 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Tintina Mines Limited
Tintina announced a C$91 million private placement anchored by Sumitomo Corporation and the Gignac family, co-founders of G Mining Capital, to advance the Domeyko Sulfuros copper-gold porphyry in Chile's Atacama Region toward a final investment decision. Approximately C$55 million will fund development activities including a definitive feasibility study, with the remaining C$36 million used to acquire the outstanding 26.25% minority interest in the project. Franco-Nevada also participates as a cornerstone investor.
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Graycliff Exploration Limited
Graycliff reported assay results from the first metallurgical drill hole at the Shakespeare Gold Project in Ontario, returning 7.0m at 454.34 g/t Au from 123m depth, with peak grades reaching 3,030 g/t Au over 1.0m. The results are from larger-diameter HQ core drilled for metallurgical test work, and represent some of the highest grades reported at the project to date.
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Doubleview Gold Corp.
Doubleview announced the appointment of Canaccord Genuity as financial advisor for a formal strategic review process focused primarily on a potential sale of the company. The Hat Polymetallic Project in British Columbia's Golden Triangle underpins the process, with the most recent PEA returning an after-tax NPV(5%) of C$6.73 to C$7.27 billion at consensus metal prices.
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Benton Resources Inc.
Benton closed a C$2 million non-brokered private placement with Eric Sprott, its largest shareholder, at C$0.07 per unit with full warrants exercisable at C$0.10 for 36 months. Proceeds are directed toward natural hydrogen and helium prospects in Newfoundland held jointly with Metals Creek Resources. Today's move likely reflects dilution pressure from the placement terms relative to the prevailing market price.
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Nevada Organic Phosphate Inc.
Nevada Organic Phosphate reported preliminary geological observations from drill hole MM26-8 at its Murdock Mountain phosphate property in Elko County, Nevada, targeting the Upper Phosphatic Zone within the Meade Peak Member. No assay results have been released yet, with laboratory results pending. Today's decline is likely profit-taking given the absence of hard assay data in the release.
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Targa Exploration Corp.
Targa provided a corporate update confirming visible gold observations from the first two drill holes at the El Zanjon gold-silver project in Santa Cruz, Argentina, with samples now at the laboratory and initial assays anticipated by late June. The board approved a 1,000m expansion to the program, adding at least four additional holes in target areas showing similar geochemical and geophysical signatures. Today's pullback appears to be profit-taking ahead of assay results.
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Market data as of 3 June 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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Today's Stories
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GlobeNewswire
Central Asia Metals to Acquire Cygnus Metals for A$232 Million in All-Scrip Deal
London-listed Central Asia Metals (AIM: CAML) has entered into a Scheme Implementation Deed to acquire Cygnus Metals (ASX: CY5, TSXV: CYG) via an Australian scheme of arrangement at an implied equity value of A$232 million, representing a 60% premium to Cygnus' last closing price. The deal is all-scrip, with Cygnus shareholders receiving 0.06 new CAML shares per share held, and expected to retain approximately 30% of the enlarged group. The transaction adds the Chibougamau copper-gold project in Quebec, carrying a resource of 6.4 million tonnes at 2.3% Cu and 0.8g/t Au, to CAML's existing producing portfolio in North Macedonia and Kazakhstan.
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Our Take
A cash-generative producer using its balance sheet to buy a quality development asset at a meaningful premium is disciplined M&A. CAML gets Quebec copper-gold exposure; Cygnus shareholders get a funded path to production they likely couldn't self-finance.
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Mysteel
China's Copper Inventory Drawdowns Likely to Remain Slow in June
China's domestic copper inventories are expected to see only modest drawdowns through June, with both supply and demand under simultaneous pressure. Domestic output is being squeezed by smelter maintenance schedules and a tax authority crackdown on invoice irregularities that disrupted trading activity. On the demand side, persistently high copper prices are suppressing downstream consumption ahead of the seasonal off-season.
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Our Take
Slow destocking at historically elevated inventory levels is not a bullish signal for spot copper. The demand side is doing less work than the price implies.
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Mining.com
Copper and Aluminium Rise on Global Demand and Middle East War Outlook
Copper and aluminium prices moved higher as robust global demand coincides with supply pressure from the ongoing US-Iran conflict, which is disrupting regional aluminium production and trade flows. The dual rally reflects market concern about critical metals availability under sustained geopolitical stress. Both metals are responding to real supply chain constraints, not speculative positioning alone.
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Our Take
A simultaneous rally in copper and aluminium driven by both demand and supply factors is the ideal environment for diversified base metals producers. Companies with unhedged exposure to both metals are best positioned to capture the upside as geopolitical risk shows no near-term resolution.
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The Northern Miner
Elliott Pushes Australia's Top Gold Miner Northern Star to Weigh Sale
Elliott Management is pushing Northern Star Resources, Australia's largest gold miner, to consider a full sale of the company, after acquiring a significant stake in the business. The intervention follows the announcement that CEO Stuart Tonkin will step down in the coming months, creating a leadership transition that Elliott appears willing to exploit. The situation draws comparisons to the earlier Newcrest-Newmont transaction.
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Our Take
Elliott does not take significant stakes in miners to sit quietly, and with gold at current levels Northern Star's asset quality makes it a genuinely attractive acquisition target for a major looking to add Australian ounces. The CEO transition removes a key defence, and the Newcrest precedent shows the majors are willing to act.
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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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