The Drill Down
Wednesday 6 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
Blast at Glencore's Kazzinc Plant Kills Two and Injures Five
An explosion at a dust-collection unit at Glencore's Kazzinc plant in Kazakhstan killed two workers and injured five others, triggering a blaze and causing partial collapse of one building. The incident represents a serious safety event at one of Glencore's major base metals operations. An investigation into the cause of the explosion is expected to follow.
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Our Take
Two fatalities at a flagship base metals operation will draw regulatory and ESG scrutiny at a time when major miners are under pressure to demonstrate credible safety governance. For Glencore investors, the reputational cost compounds operational risk at an asset that already carries geopolitical exposure.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,557
+0.73%
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Silver
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$73
+0.14%
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Platinum
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$1,955
+0.19%
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Palladium
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$1,489
+0.85%
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Base Metals & Commodities
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Copper USD/lb
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$6.00
+2.21%
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Nickel USD/lb
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$8.88
+1.19%
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Zinc USD/lb
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$1.52
+0.10%
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Lead USD/lb
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$0.89
+1.07%
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WTI Crude USD/bbl
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$100.79
-1.76%
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Prices updated as of 6 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers | TSX Markets
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Val-d'Or Mining Corporation
Eldorado Gold has drilled 10,287 metres across 18 holes at the Perestroika Prospect in Quebec under its option with Val-d'Or, exceeding the original 8,000m budget. Assays are pending. Eldorado can earn a 70% interest by spending US$10.5 million over five years.
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Churchill Resources Inc.
Churchill announced a leadership transition with Conan McIntyre as CEO covering capital markets and strategy, and Paul Sobie as President focused on exploration at the Black Raven and Golden Baie gold-antimony projects in central Newfoundland.
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First Phosphate Corp.
Emerging Growth Research maintained its Buy rating and C$4.94 target on First Phosphate following the full exercise of all warrants, raising C$3.07 million and clearing all publicly held dilutive overhang. The company holds over C$20 million in cash with no debt, advancing its Bégin-Lamarche phosphate project toward a Feasibility Study by late 2026.
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Precipitate Gold Corp.
No specific catalyst identified. The sharp sell-off on high volume against a backdrop of a stock that had run significantly over six months points to large-scale profit-taking or a significant holder exiting. No specific catalyst identified.
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Unigold Inc.
No specific catalyst. Unigold is awaiting a government decision on the permitting pathway for its Canasí Gold Project in the Dominican Republic. The stock has been under sustained selling pressure as the timeline for regulatory resolution remains unclear.
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F4 Uranium Corp.
Partner UraniumX completed an MLEM survey at Murphy Lake in the Athabasca Basin, extending conductor systems by 1.45 km. F4 is the operator under UraniumX's earn-in option, with drilling scheduled for mid-May. The sell-off reflects broader uranium sector weakness rather than a negative read on the result.
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Market data as of 6 May 2026, 8:56 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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AFR
The Most Interesting Thing About This $11B Deal Is Who's Not Involved
The Regis and Vault merger creates Australia's third-largest primary ASX gold producer at A$10.7 billion. The AFR's read is that the more telling story is who stayed on the sidelines. With Northern Star and Evolution Mining both sitting on strong balance sheets and facing the same institutional scale pressure, neither moved first. The deal raises the question of whether the two largest ASX gold producers will now be forced to respond.
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Our Take
Northern Star and Evolution now sit on the wrong side of a consolidation wave they helped start. The mid-tier just got materially smaller, and the pressure on the top two to respond is building.
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Lumina Metals
Lumina Metals and KGHM Sign Letter of Intent for Strategic Cooperation and Copper Concentrate Supply
Lumina Metals (TSX: LMCU) signed an LOI with KGHM Polska Miedź, one of Europe's largest integrated copper and silver producers, to explore potential supply of copper concentrate from the Nowa Sól project in Poland to KGHM's smelters. The LOI covers technical and commercial discussions including concentrate volumes, metallurgical compatibility, and logistics. Nowa Sól is one of the largest undeveloped copper-silver projects in Europe.
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Our Take
For a company that only closed its IPO five days ago, securing an LOI with the dominant copper processor in your jurisdiction is a significant early signal. KGHM's interest validates the project's metallurgical profile and gives Lumina a credible offtake conversation to anchor future financing discussions.
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Reuters
France Convenes G7 on Critical Minerals to Curb China's Grip
France is convening G7 ministers online to discuss critical minerals supply chain security ahead of the mid-June G7 leaders summit at Evian, with the agenda focused on reducing Western dependence on China for rare earths and other critical materials. France has separately launched its own domestic plan to rebuild rare earths and magnets supply chains. The meeting signals accelerating political momentum behind Western critical minerals realignment.
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Our Take
G7-level coordination is moving from rhetoric to structured policy. Companies with permitted rare earth and magnet material assets outside China are increasingly well-positioned as offtake frameworks follow political commitments.
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Mining.com
Norway Joins US-Led Pax Silica Critical Minerals Supply Chain Initiative
Norway has joined the US-led Pax Silica critical minerals supply chain initiative, citing its sovereign wealth fund and domestic critical mineral reserves as key assets. The move expands the coalition of Western-aligned supply chain frameworks aimed at reducing dependence on China. Norway's participation adds significant institutional capital depth to the initiative.
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Our Take
Norway bringing its sovereign wealth fund into a US-led critical minerals framework signals that institutional capital, not just government policy, is being mobilised behind supply chain realignment. That is the kind of financing infrastructure that actually moves projects from development to production.
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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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