The Drill Down
Thursday 30 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
China Tightens Grip on Rare Earths With Strict New Enforcement Rules
China has introduced strict new enforcement rules targeting breaches of rare earths mining and smelting quotas, as well as unauthorised separation activities. The measures deepen Beijing's control over global rare earths supply chains at a moment of intense geopolitical competition over critical minerals.
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Our Take
Every time Beijing tightens the screws on rare earths, the investment case for non-Chinese producers gets stronger. Projects with binding offtake from Western governments are the ones that will attract capital fastest.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,544
-1.15%
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Silver
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$71
-2.46%
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Platinum
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$1,880
-3.81%
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Palladium
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$1,456
-0.17%
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Base Metals & Commodities
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Copper USD/lb
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$5.93
-0.82%
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Nickel USD/lb
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$8.73
-0.87%
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Zinc USD/lb
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$1.50
-1.27%
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Lead USD/lb
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$0.88
-0.26%
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WTI Crude USD/bbl
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$108.43
-0.04%
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Prices updated as of 30 Apr 2026, 8:03 am AEST
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Market Movers
Winners & Losers | TSX/NYSE Markets
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First Atlantic Nickel & Cobalt Corp.
First Atlantic rebranded to First Atlantic Nickel & Cobalt Corp. effective April 29, reinforcing the natural cobalt content of its awaruite mineralisation at the Pipestone XL project in Newfoundland. The company also appointed Dr. Douglas Wicks, a former U.S. ARPA-E Program Director, as Strategic Advisor.
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Trident Resources Corp.
Trident reported its best drill result to date at the Contact Lake Gold Project in Saskatchewan, with hole CL26036 returning 15.11 g/t Au over 51.83m from 256.0m in the BK3 Zone. All five holes reported this week intersected gold, with 15 additional assays pending from the winter program.
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Cupani Metals Corp.
Cupani reported early results from its winter drill program at Blue Lake, Quebec, with massive sulphides intersected at the base of ultramafic units across four southeast-sector holes. The furthest hole extends the mineralisation footprint 1.4 km beyond historical deposit Blue Lake #2, with management viewing the full 16 km corridor as prospective for similar or better mineralisation.
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Waraba Gold Limited
Waraba signed a binding joint venture agreement to acquire a 90% interest in the Tengrela South exploration permit application in northern Côte d'Ivoire, adjacent to its existing Tengrela licence in the Boundiali greenstone belt. Consideration includes US$1,050,000 cash, 1,500,000 common shares, and a 2.5% NSR. The underlying permit has not yet been granted by regulators.
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C3 Metals Inc.
C3 Metals released results from 11 additional holes at the Khaleesi copper project in Peru, including 148.05m at 0.42% CuEq from approximately 265m depth and 43.80m at 0.59% CuEq from approximately 25m depth. The company also granted 2,779,750 stock options at C$1.10 per share in the same release.
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Titiminas Silver Inc.
First channel sampling at Madre Sierra confirmed high-grade CRD-style mineralisation at the Titiminas deposit, with Trench 4633 returning 8.20m at 7.69 oz/t Ag, 10.18% Pb and 18.46% Zn. A new Ag-Cu-Au vein system was also identified at Madre Sierra Norte, with underground samples returning up to 18.92 g/t Au over narrow intervals.
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Market data as of 30 Apr 2026, 8:10 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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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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Mining.com
Mining Deals Hit $21.6 Billion in Strongest Q1 Since 2023
Global mining mergers and acquisitions reached $21.6 billion in the first quarter of 2026, the strongest opening quarter since 2023. Deal activity spanned critical minerals, gold, and base metals as majors competed to replenish depleting reserves.
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Our Take
Majors aren't buying growth. They're buying time. Organic pipelines are empty and the market knows it. Twenty-one billion dollars of desperation dressed up as strategy.
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World Gold Council
Central Banks Scoop Up Gold in Bumpy First Quarter
The WGC's Q1 2026 Gold Demand Trends report shows central banks bought 244 tonnes net, up 3% year on year, while physical bar demand surged 50% to a record 397.7 tonnes. ETF inflows collapsed 73% as US-listed funds recorded sizable outflows in March when spot prices peaked.
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Our Take
Physical buying at a record high while ETF flows collapse tells you the institutional paper market and the physical accumulation market are running in opposite directions. That divergence historically resolves in favour of the physical side.
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Bloomberg
Adani's $1.2 Billion Copper Plant Beset By Technical Problems in First Year
Adani's Kutch Copper plant in Gujarat has produced only 94,000 tonnes of refined copper in its first 10 months against a nameplate capacity of 500,000 tonnes per year, and closed for repairs in late March. Feedstock has also been a constraint, with the plant receiving just over a quarter of the concentrate it requires annually.
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Our Take
Running at less than 20% of capacity in year one is a significant underperformance regardless of how the spokesperson frames it. The feedstock constraint is structural, not temporary, and adds to a global copper processing picture outside China that is looking increasingly stressed.
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Financial Times
The Great Commodities Disruption: How Middle East Conflict Is Reshaping Mining and Energy Markets
The Financial Times examines how escalating Middle East conflict is triggering broad disruption across commodities markets, with ripple effects on mining supply chains, energy costs, and critical mineral flows. The analysis covers implications for metals pricing and investment decisions across the global resources sector.
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Our Take
Geopolitical risk is no longer a tail event for mining portfolios, it is a baseline input. Investors who are not stress-testing energy cost assumptions and supply chain routing against an extended conflict scenario are likely underpricing operational exposure.
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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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