The Drill Down
Thursday 4 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
Russia Says It Mined Enough Gold to Beat China
Russia's Natural Resources Minister told state news agency Tass the country mined between 480 and 500 tonnes of gold in 2025, which would make it the world's largest producer ahead of China. The claim is Moscow's first official production estimate since its 2022 invasion of Ukraine, and sits roughly 50% above independent assessments from the World Gold Council and Metals Focus, with no major new mines to explain the gap. Separately, Bloomberg reported the Bank of Russia sold approximately 28 tonnes of gold from reserves this year to cover war-related budget deficits.
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Our Take
A figure 50% above independent estimates, from a government that stopped publishing data the moment it became inconvenient, deserves scepticism. Russia needs the gold narrative right now. That does not make the numbers real.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,435
-1.21%
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Silver
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$73
-3.19%
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Platinum
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$1,860
-3.90%
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Palladium
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$1,295
-5.36%
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Base Metals & Commodities
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Copper USD/t
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$14367.21
-2.90%
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Nickel USD/t
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$18812.00
-1.99%
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Zinc USD/t
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$3573.39
-0.87%
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Lead USD/t
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$2009.60
-0.81%
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WTI Crude USD/bbl
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$95.29
-0.76%
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Prices updated as of 4 June 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Tintina Mines Limited
No fresh catalyst today. Tintina continues to run on yesterday's C$91 million placement co-led by Sumitomo and the Gignac family to advance the Domeyko Sulfuros copper-gold porphyry in Chile toward a final investment decision, with Franco-Nevada also participating.
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Awalé Resources Limited
Awalé released step-out results from Charger 2 at the Odienné Project in Côte d'Ivoire, returning 18.0 g/t Au over 7m within a broader 9.2 g/t Au over 18m from 144m depth. The results confirm a new zone extending 200m along strike from the existing deposit, which carries an initial inferred resource of 1.71 Moz AuEq, with mineralisation open along strike and at depth.
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Surge Battery Metals Inc.
Surge announced a non-brokered placement of up to 50 million units at C$0.60 for gross proceeds of up to C$30 million, co-led by Brian Paes-Braga of SAF Group and Michael Hess of Hess Capital, designed to fully fund Nevada North Lithium to a construction decision.
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Edge Copper Corporation
Edge Copper priced a C$20.3 million combined overnight offering and concurrent private placement, led by CIBC Capital Markets and Beacon Securities at C$0.58 per share, to advance the Zonia Copper Project in Arizona. Today's decline reflects typical dilution pressure from an accelerated raise.
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Cupani Metals Corp.
Cupani announced a Cu-Ni-PGE sulphide discovery 1.3km southeast of historical mineralised zones at the Blue Lake Project in Quebec, confirming the interpreted extension along the high-potential corridor. Assays are pending. Today's pullback looks like a sell-the-news reaction ahead of hard numbers.
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Western Star Resources Inc.
Western Star engaged KC Harvey Environmental to lead drill-permitting at the Rowland Tungsten Property in Elko County, Nevada, the next formal step toward a maiden drill program. Tungsten mineralisation has been traced over 2km of strike within a scheelite-bearing skarn system. Today's move looks like profit-taking after recent exploration momentum.
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Market data as of 4 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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Rare Earth Exchanges
Indonesia's Rare Earth Mystery: Who Was Supposed to Receive 390 Tons of Rare Earth Materials?
Indonesian authorities seized approximately 390 tonnes of mineral concentrates containing rare earth elements and radioactive materials near Batam, one of the world's busiest maritime chokepoints. The intended buyer remains unidentified, though China is considered the most plausible destination given its dominance in rare earth refining. The seizure mirrors Indonesia's earlier nickel export ban strategy and points to a broader push toward domestic rare earth processing and resource nationalism, with illegal mining networks in the Bangka-Belitung tin industry potentially linked to the smuggled cargo.
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Our Take
390 tonnes intercepted near a major shipping lane with no identified buyer is not a one-off. Indonesia is signalling that rare earths will be treated the same way it treated nickel, and the supply chain implications for anyone betting on unprocessed material flows out of Southeast Asia are significant.
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ABC News
Gold Reserves at Kalgoorlie Super Pit Continue to Grow With Millions Spent on Underground Drilling
An ongoing underground exploration campaign beneath the Kalgoorlie Super Pit is delivering results, with Northern Star Resources reporting ore reserves have grown from 9.7 million to 15 million ounces over six years. The reserve growth is extending the life of one of Australia's biggest-producing gold mines, which remains the largest employer in Kalgoorlie-Boulder with approximately 1,500 employees and contractors. Operations have expanded continuously since 1989 across what was historically known as the Golden Mile.
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Our Take
54% reserve growth in six years at one of Australia's most mature gold operations is the kind of number that reframes a mine's investment case entirely. The Super Pit is not winding down, it is expanding its floor.
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Bloomberg
China Picks State Firm to Help Coordinate Mining Deals Abroad
China has selected a new state investment company to coordinate its overseas metals and mining deals, signalling a more centralised approach to securing strategic mineral resources internationally. The move is a direct response to mounting geopolitical risks to China's critical minerals supply chain.
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Our Take
A centralised Chinese acquisition vehicle means Western miners and junior explorers with critical minerals assets will face a more organised, better-capitalised counterparty at the deal table. Governments in resource-rich jurisdictions should expect more frequent and more strategic approaches.
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Business Insider Africa
Zambia Waives Taxes on Copper Concentrate Exports Amid Smelter Outages
Zambia has waived export duties on 271,000 tonnes of copper concentrate exports as the country manages smelter outages affecting production. Lumwana Mining Company, controlled by Barrick Mining, holds the largest duty-free allocation among operators benefiting from the waiver.
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Our Take
Zambia's willingness to waive duties rather than let concentrate pile up shows pragmatic resource governance, and Barrick's Lumwana emerging as the primary beneficiary underlines the strategic value of that asset at current copper prices. Watch whether this temporary relief accelerates smelter repair timelines or simply becomes a structural workaround.
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AFR
ASX Climbs as BHP and Rio Tinto Reset Record Highs on Base Metals Rally
BHP and Rio Tinto reset record highs as Australian miners drove the ASX 200 higher on a broad-based base metals rally. Coal stocks including New Hope Coal, Whitehaven Coal and Yancoal Australia also gained, while uranium stocks surged on news of US nuclear energy expansion.
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Our Take
Record highs for both BHP and Rio Tinto on the same session, alongside strength in coal and uranium, signals that institutional money is rotating broadly into commodities rather than making selective sector calls. That kind of uniform strength across metals often precedes a consolidation, so timing matters for new positions.
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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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