The Drill Down
Monday 4 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
Bank of America Stands Firm on 12-Month $6,000 Gold Target, Sees Silver Averaging $86 in 2026
Bank of America is holding its 12-month gold price target at $6,000 per ounce, even as elevated oil prices reignite inflation fears and markets price out rate cuts for the year. The bank also forecasts silver averaging $86 in 2026. The outlook is complicated by ongoing disruption from the Iran war and its effect on global energy markets.
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Our Take
BofA's $6,000 gold call was bold six months ago. Now it looks conservative. The Iran premium hasn't even fully priced in yet.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,614
-0.18%
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Silver
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$75
+2.16%
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Platinum
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$1,987
+0.14%
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Palladium
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$1,527
+0.30%
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Base Metals & Commodities
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Copper USD/lb
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$5.97
-1.05%
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Nickel USD/lb
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$8.78
+0.02%
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Zinc USD/lb
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$1.51
-0.25%
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Lead USD/lb
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$0.88
-0.09%
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WTI Crude USD/bbl
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$101.19
-0.74%
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Prices updated as of 4 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers | TSX Markets
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Brunswick Exploration Inc.
Brunswick completed all work and share payments to fully exercise its option on the Anatacau Main and West lithium projects in Quebec's James Bay region, acquiring a 90% interest. Both projects sit immediately adjacent to Rio Tinto's Galaxy Lithium Project within the same proven lithium-bearing structural corridor.
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Kuya Silver Corporation
Kuya appointed Edgardo Orderique as General Manager, Peru, bringing deep in-country credibility after prior roles as GM of MMG's Las Bambas and Glencore's Antapaccay mine. The appointment accompanied 2025 year-end financials showing a strengthened balance sheet.
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Lion One Metals Limited
Lion One terminated its subscription agreement with Arete Capital Advisory and will not proceed with the strategic partnership. CEO Campbell Olsen was removed immediately, with CFO Tony Young appointed interim CEO. The financing was intended to support debt restructuring at the Tuvatu Gold Mine in Fiji.
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Cambria Gold Mines Inc.
First infill drill results from the Premier Gold Project in BC's Golden Triangle returned 22m at 17.95 g/t Au, including 552 g/t Au over 0.5m. Cambria also announced a plan to spin out its Mt. Margaret copper-gold porphyry asset in Washington State into a separate US entity.
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Market data as of 4 May 2026, 8:04 AM AEST
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This Week's Poll
Which jurisdiction offers the best risk-adjusted exploration upside right now?
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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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Financial Times
Canada's TMX Aims to Spur Mining Listings Boom in Australia
TMX Group, the new owner of Australia's second-largest stock exchange, is targeting a surge in mining listings, with CEO John McKenzie confirming mining will be central to expanding the Australian business. The exchange is positioning itself as a dual-listing option for mining companies seeking access to Canadian capital markets. The bourse has changed hands multiple times before arriving at its current strategic direction.
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Our Take
More listing venues mean more competition for deal flow, and that is good news for mining companies seeking capital on better terms. Whether TMX can meaningfully challenge the ASX for junior and mid-tier miners will depend on the liquidity it can actually deliver, not just the pitch.
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Mining.com
Copper Costs Turn Negative for Southern Copper as Byproduct Credits Soar
Byproduct credits at Southern Copper have exceeded the company's underlying output costs, pushing its net copper production costs into negative territory. The surge in gold and silver prices generated alongside copper production is driving this cost dynamic. Diversified copper producers are gaining a substantial financial advantage as precious metal byproducts effectively subsidise their primary output.
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Our Take
Negative net copper costs at Southern Copper reframe the investment case entirely, the company is now being paid to produce copper before it sells a single pound. This dynamic warrants a serious look at other diversified copper producers where byproduct credits remain underappreciated by the market.
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AFR
GEARing Up: Ravenswood Backers Granted Brief Reprieve
The last of Ravenswood's four gold hedge providers has lodged default notices after months of disagreement between shareholders EMR Capital and Indonesia's Widjaja family, and protracted disputes with secured lenders. A brief reprieve has been granted, but the AFR describes it as the calm before the storm at a mine that has consistently over-promised and under-delivered.
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Our Take
Shareholder conflict combined with hedge default is a difficult combination to survive. A reprieve buys time, not a solution.
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Bloomberg
Trump's Mineral Reserve Plans to Buy Rare Earths From China
Project Vault, the US Export-Import Bank's $12 billion critical minerals stockpiling initiative, will initially source materials from anywhere in the world including China, before shifting to a replenishment model prioritising domestic production, allied nations, and other sources as a last resort. Trading houses Glencore and Hartree Partners will be among the procurement firms, with sourcing matched to firms with specialist expertise in specific mineral markets.
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Our Take
Buying Chinese rare earths to reduce dependence on Chinese rare earths is the kind of short-term pragmatism that makes sense in a supply emergency but undermines the long-term strategy. The sequencing matters, and whether the replenishment model ever actually activates will be the real test.
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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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