The Drill Down
Tuesday 5 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
Australia and Japan Strengthen Critical Minerals Ties
Australia and Japan signed new critical minerals cooperation agreements during a state visit by Japan's prime minister, targeting supply chain security for battery and defence-related materials. The partnership reflects allied nations' urgency to reduce dependence on Chinese-controlled mineral supply. Australian miners are positioned as direct beneficiaries of expanding Japanese offtake demand.
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Our Take
Government-to-government frameworks like this one translate into real offtake visibility for Australian producers, particularly those in rare earths, lithium, and nickel. Investors should watch for project-level supply agreements that follow from this diplomatic groundwork.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,524
-1.96%
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Silver
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$73
-3.46%
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Platinum
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$1,944
-2.18%
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Palladium
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$1,476
-3.37%
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Base Metals & Commodities
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Copper USD/lb
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$5.87
-1.70%
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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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$104.97
-0.11%
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Prices updated as of 5 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers | TSX Markets
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Barksdale Resources Corp.
Assay results from the first four holes of the 2026 RC drill program at Sunnyside in Arizona returned broad, shallow porphyry copper-zinc-silver mineralisation, including two intervals of 0.93% Cu and 0.90% Cu over 60.96m respectively, with high-grade zones reaching 2.75% Cu and 73.5 g/t Ag over 3.05m.
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Visionary Metals Corp.
No specific catalyst today. The move follows a busy few months including the January acquisition of the Slipstream copper-gold-silver porphyry project in Utah and Nevada, and a March announcement that Teck committed additional funding for diamond drilling at the Tin Cup and King Solomon nickel-copper projects in Wyoming.
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Honey Badger Silver Inc.
Continued momentum from the April 27 closing of the PC Silver Project acquisition in the Northwest Territories, a fully permitted underground silver-zinc-lead project hosting a historical resource of 8 Mt at 139 g/t Ag, backed by a C$11.5 million financing. The stock repriced materially on the acquisition close.
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Lion One Metals Limited
Continued selling following the May 1 corporate update in which the Arete Capital strategic partnership was terminated and CEO Campbell Olsen was removed. CFO Tony Young is serving as interim CEO while the company works through debt restructuring at the Tuvatu Gold Mine in Fiji.
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GoldQuest Mining Corp.
GoldQuest issued a statement acknowledging public demonstrations against mining activity in San Juan, Dominican Republic, reaffirming its commitment to responsible development of the Romero Project and the ongoing ESIA process. The release reflects community opposition risk rather than a negative operational update.
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Arizona Metals Corp.
Continued weakness following the May 1 PEA for the Kay Mine, which delivered a base case after-tax NPV of negative US$6 million and IRR of 4.9% at US$4.70/lb copper. The spot-case economics are materially better, but the market is pricing the base case.
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Market data as of 5 May 2026, 9:35 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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New York Times
Insurgency Threatens US Mining Ambitions in Pakistan's Reko Diq Region
Attacks by the Baloch Liberation Army are threatening to derail Pakistan's plans for a major mining deal with the Trump administration over the Reko Diq copper-gold project, one of the world's largest undeveloped deposits. The insurgency in Balochistan poses a direct security threat to what had been positioned as a flagship US-Pakistan critical minerals cooperation initiative. Political and operational risk at the site has escalated sharply.
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Our Take
Reko Diq was already one of the most complex development stories in global mining before the security situation deteriorated further. Investors should treat any near-term production timeline as unreliable, and the project's value as a US strategic asset may now be doing more political work than commercial work.
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Mining.com
Gold Price Continues Slide as US-Iran Deal Stalls
Spot gold fell as much as 1.8% to just above $4,500 an ounce in early trading before recovering roughly half of those losses, as stalled US-Iran negotiations stripped out a key safe-haven catalyst. The retreat reflects renewed uncertainty over whether a near-term diplomatic resolution to the Middle East conflict is achievable.
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Our Take
Gold at $3,200 two months ago. Now $4,500 and people are calling a 1.8% dip a "slide." The safe-haven bid isn't gone. It's just catching its breath.
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Mining.com
Pakistan Separatists Unravel Barrick's Reko Diq Plans
Militant attacks in Pakistan's Balochistan province are emerging as a central risk to Barrick Mining's Reko Diq copper-gold project, one of the flagship assets in the US-backed resources push. The escalating insurgency is raising serious questions about the project's timeline and the viability of large-scale foreign mining investment in the region. Reko Diq had already been subject to prior delays before the latest security deterioration.
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Our Take
Reko Diq was supposed to be a marquee example of frontier mining investment unlocking a tier-one deposit. Persistent insurgency risk signals that no amount of sovereign deal-making fully offsets on-the-ground security exposure, and Barrick's investors need a credible timeline update.
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Mining.com
Germany Sees US as Vulnerable to Squeeze on Potash Supplies
Germany has identified the United States as potentially exposed to potash supply disruptions as geopolitical tensions reshape global commodity supply chains, with major producers including K+S Group and its Bethune potash mine in Saskatchewan central to the supply picture. The assessment extends Western critical mineral security concerns beyond defence metals into agricultural inputs. The findings highlight growing urgency around fertiliser supply chain resilience among allied nations.
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Our Take
Potash rarely gets the critical minerals spotlight but a German government assessment flagging US exposure is the kind of signal that precedes policy-driven procurement shifts. Canadian potash producers with established export capacity are structurally well positioned if allied governments move to formalise supply security arrangements.
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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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