The Drill Down
Friday 5 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
Australian Miners Seek Government Intervention to Counter China's Iron Ore Monopoly
Australia's major iron ore miners are urging Canberra to leverage Australia's market power as China centralises iron ore purchasing through the China Mineral Resources Group, which represents close to 80% of Chinese steel mills. The call marks a sharp ideological shift for an industry that has long championed free markets. BHP and Fortescue have both warned that China's pricing influence will only increase.
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Our Take
When free-market miners start asking government to intervene, the threat is real. CMRG consolidating 80% of Chinese steel mill purchasing is not a negotiating tactic, it is a structural shift, and Australia has a narrow window to respond before the leverage inverts.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,475
+0.91%
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Silver
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$74
+1.58%
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Platinum
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$1,896
+1.41%
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Palladium
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$1,312
+0.55%
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Base Metals & Commodities
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Copper USD/t
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$14,473.05
+0.74%
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Nickel USD/t
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$18,613.00
-1.06%
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Zinc USD/t
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$3,567.24
-0.17%
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Lead USD/t
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$2,005.80
-0.19%
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WTI Crude USD/bbl
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$92.85
-0.20%
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Prices updated as of 5 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Gladiator Metals Corp.
Gladiator released new assay results from Cub East at the Whitehorse Copper Belt in Yukon, returning 22m at 4.24% Cu and 2.16 g/t Au within a broader 36m at 2.68% Cu and 1.35 g/t Au. Step-out drilling has now confirmed high-grade strike continuity over more than 80m, with the system remaining open in all directions across a 900m coincident gravity and IP anomaly.
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Onyx Gold Corp.
Onyx released results from 19 drill holes continuing to expand the Argus gold system at the Munro-Croesus Project in Ontario, with headline intercepts of 0.8 g/t Au over 70.0m and 0.7 g/t Au over 95.0m from the Argus Main zone. The fully-funded 110,000m program has four rigs turning with the Argus system remaining open along strike and at depth.
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Ucore Rare Metals Inc.
Ucore announced that senior officials from Natural Resources Canada visited its Commercialization and Demonstration Facility in Kingston, Ontario on 14 May, reviewing progress under the NRCan CMRDD program. The visit focused on Ucore's RapidSX rare earth separation technology, which is advancing NdPr and samarium production with federal support as part of Canada's critical minerals strategy.
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Abcourt Mines Inc.
No fresh catalyst today. Abcourt recently launched a drilling campaign at the polymetallic Barvue Mine site in the Barraute sector of Abitibi-Témiscamingue, Quebec, targeting silver-zinc-copper mineralisation. Today's decline appears to be continued selling pressure following recent share price strength.
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Barksdale Resources Corp.
No specific catalyst identified today. Barksdale is advancing the San Antonio copper project in Sonora, Mexico. Today's pullback looks like profit-taking following a near-100% gain in the share price since April, with no new company announcement to sustain momentum at current levels.
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San Lorenzo Gold Corp.
San Lorenzo released final assay results from Hole SAL 10-25 at the Arco de Oro target on the Salvadora property in Chile, adding deeper intercepts to the previously reported 102.3m at 1.33 g/t Au, including 52.6m at 1.67 g/t Au and 48.0m at 0.91 g/t Au. Potassic alteration is strengthening at depth with pyrite-chalcopyrite vein density increasing, confirming porphyry-style mineralisation. Today's pullback appears to be profit-taking given the stock's recent strong run on a series of positive drill releases.
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Market data as of 5 June 2026, 9:30 am AEST
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This Week's Poll
Is the US critical minerals policy push creating real opportunities or just noise?
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○ Real, investable opportunities
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○ Some signal, mostly noise
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○ Irrelevant to my portfolio
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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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WAToday
Former Chairman Seeks $10 Million From WA Rare Earths Developer
Former Lindian Resources executive chairman Asimwe Kabunga has filed a writ in the WA Supreme Court claiming the company failed to issue three tranches of vesting notices tied to performance rights from his tenure, with the claim valued at around $10 million. Lindian Resources is a Perth-based ASX-listed company that owns 100% of the Kangankunde rare earths project in Malawi, a world-class deposit carrying a resource of 261 million tonnes at 2.19% total rare earth oxides, with production targeted to commence this year. Kabunga was appointed executive chairman in 2022 after five years as a director of the company.
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Our Take
A $10 million performance rights dispute at a company targeting production this year is the kind of distraction that rattles project confidence. Investors will want to see this resolved quickly and cleanly before Kangankunde gets to the starting line.
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CNBC Africa
Mozambique Tightens Grip on Mining With 15% State Stake Rule and Local Processing Mandate
Mozambique President Daniel Chapo has signed a law requiring a minimum 15% free-carried and non-dilutable state ownership stake in all mining projects, enforced through the National Mining Company. The reforms also restrict raw mineral exports by mandating local processing before export. The move follows similar resource nationalism measures introduced by the DRC and Zimbabwe.
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Our Take
A non-dilutable 15% free carry is a material cost impost that will directly affect project IRRs and financing structures for any operator in Mozambique. Combined with export restrictions, this raises the sovereign risk premium on the country's considerable coal and graphite assets at exactly the wrong time for deal flow.
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Mining.com
Silver X Acquires Full Ownership of Peru Gold Project From Barrick
Silver X Mining (TSXV: AGX) has acquired 100% of the Ccasahuasi gold project in central Peru from Barrick Mining, paying just $30,000 in cash plus a net smelter return royalty with a partial buyback provision. The project hosts an inferred resource of 42,303 oz Au defined by under 1,000m of drilling, is located 1km from Silver X's producing Tangana mine, and remains open in multiple directions. The company's broader Nueva Recuperada district now covers 230 concessions across 204.7 sq km.
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Our Take
Acquiring a gold system adjacent to a producing mine for $30,000 cash is one of those deals that looks obvious in hindsight. For Barrick, it's a rounding error. For Silver X, it removes a structural constraint on district-scale ambitions.
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Mining.com
Resource Nationalism Redraws Critical Minerals Playbook
Resource nationalism has moved well beyond royalty disputes to encompass export controls, production quotas, processing mandates and outright state intervention, according to a new analysis from law firm Gibson Dunn. Recent moves by China, the DRC, Vietnam, Indonesia, Chile, the EU and the US are reshaping critical mineral supply chains and introducing legal risks largely absent in previous commodity cycles. Gibson Dunn warns that strategies which protected investors in the last supercycle will not be sufficient for the next, and that geography is fast becoming as important as geology in determining project viability.
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Our Take
The old playbook assumed geology was the primary risk variable. It is now probably third behind geopolitics and regulatory structure. Investors who have not repriced jurisdiction risk since 2022 are running with an outdated model.
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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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