The Drill Down
Tuesday 7 July 2026
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Presented By
ASX: TM1
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Building a world leading PGM asset - MST Access $1.05 valuation
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.
Download Full Report
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Lead Insight
South32's Arizona Zinc and Manganese Mine to Get US Approval
The US Forest Service is set to issue a Record of Decision this week greenlighting South32's roughly US$2 billion Hermosa zinc and manganese mine in Arizona, the first mining project fast-tracked under the federal FAST-41 process. Zinc from the Taylor deposit targets first production around 2027, while the separate Clark deposit could give the US its first domestic manganese source in decades.
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Our Take
A US record of decision turns Hermosa from permitting risk into a funded critical-minerals story.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,166
-0.23%
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Silver
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$62
-0.52%
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Platinum
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$1,631
+0.91%
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Palladium
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$1,264
+0.54%
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Base Metals & Commodities
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Copper USD/t
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$13806.57
+0.45%
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Nickel USD/t
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$16455.00
+0.66%
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Zinc USD/t
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$3557.14
+0.20%
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Lead USD/t
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$1872.30
-0.88%
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WTI Crude USD/bbl
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$68.68
+0.10%
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Prices updated as of 7 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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McFarlane Lake Mining Limited
McFarlane received exercise notices for 41.5 million warrants at C$0.15, bringing in about C$6.2 million. The cash pays down debt tied to its 2025 debentures and clears an overhang that had kept investors away from the flagship Juby gold project in Ontario.
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Metal Energy Corp.
Metal Energy has started its first-ever drill program at the NIV copper-gold porphyry project in BC's Toodoggone district, a 6,000-metre, 12-hole campaign along the full system. The maiden test is backed by strategic holders Centerra Gold and Teck, each on the register at 9.9%.
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King Copper Discovery Corp.
King Copper cleared its DIA environmental permit for the Colquemayo copper project in southern Peru, authorising up to 36,010 metres of drilling across 59 holes and fully funded. It unlocks the first modern drill test of a high-sulphidation system that has returned historic intercepts such as 237.3m at 2.4% copper.
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Barksdale Resources Corp.
No specific catalyst identified, with no price-sensitive news on the day. Barksdale's flagship Sunnyside copper-zinc-lead-silver project sits next to South32's Taylor deposit in Arizona, and the drop reads as a light-volume sell-down rather than anything company-specific.
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Rev Exploration Corp.
No specific catalyst identified, with no price-sensitive news on the day. Rev has run hard toward recent highs on its flagship Aden Dome natural hydrogen project in Alberta and its Quebec gold ground, and the fall reads as profit-taking after that rally.
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Targa Exploration Corp.
Targa's first assays from El Zanjon in Santa Cruz, Argentina returned no significant gold from holes EZD0001 and EZD0002, only anomalous silver. The result extends a sell-down that began when earlier visible-gold observations at the project were retracted, with assays from the remaining eight holes still four to six weeks away.
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Market data as of 6 July 2026, 4:00 PM ET
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This Week's Poll
Which Best Describes You?
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○ High-net-worth investor
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○ Government / Institution
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Presented By
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Enabling fractional mining royalty investment
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Today's Stories
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Wall Street Journal
Italy's Eni Invests $225 Million in US Startup EnergyX's Chile Lithium Project
Italy's Eni is paying US$225 million for a 25% stake in Black Giant, the northern Chile lithium project owned by US startup EnergyX. Eni gains a board seat and offtake rights to about a quarter of output to feed its Italian battery gigafactory, with its equity rounding out funding alongside a US$690 million EXIM Bank debt letter of intent. The project targets 52,500 tonnes a year of lithium carbonate via direct lithium extraction, pending Chilean state and environmental permits.
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Our Take
Oil majors keep building lithium positions as prices recover. Eni secures offtake and DLE exposure early, a template for how energy balance sheets are backstopping critical-minerals supply.
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Mining.com
GoldStone Surges 36% as Hong Kong Miner Takes 21% Stake
GoldStone Resources jumped 36% in London after the Ghana-focused developer secured a £3.51 million strategic investment from Hong Kong-listed Persistence Gold Group. Persistence will subscribe for 351.6 million new shares at 1p, taking a 20.96% stake on AIM admission expected around 13 July and gaining the right to nominate a director. The cash funds an enlarged drilling campaign to grow the JORC resource at GoldStone's Homase gold project.
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Our Take
A 21% cornerstone at 1p is cheap strategic capital for GoldStone, but the raise doubles as validation: Asian gold money is now hunting West African ounces directly.
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Mining.com
Mine Operators Face Worsening Wildfire Seasons
Western Canadian miners are bracing for a tough wildfire season as drought, a strong El Niño and warmer forecasts raise the risk across British Columbia. Insurers are now pressing companies on wildfire exposure and business-continuity planning much as they once did on ESG, with the record 2023 season, which burned about 2.84 million hectares in BC alone, having pushed the issue to board level. Long transmission corridors feeding remote mines are a particular vulnerability, since fire damage far from a site can still halt production.
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Our Take
Wildfire has moved from operational nuisance to a costed balance-sheet risk. Expect it to show up in Canadian miners' insurance premiums, capex contingencies and, increasingly, where new projects get built.
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Reuters
Congo Sees No Major Threat From Middle East Crisis to Copper, Cobalt Output
The Democratic Republic of Congo, the world's top cobalt producer and second-largest copper miner, expects no major hit to copper or cobalt output this year despite a Middle East conflict squeezing supplies of sulphuric acid, a key processing input. A senior Mines Ministry official said no significant impact has been seen so far, with most miners holding long-term supply contracts, strategic inventories or regional sourcing. The reassurance follows record first-quarter exports and Zambia's move to curb sulphuric acid exports to protect its own users.
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Our Take
Congo's supply risk sits in the reagent chain, not distant conflict. Sulphuric acid, export quotas and Zambian curbs will shape copper and cobalt output far more than the Middle East.
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The Guardian
Coal Is Back in AustralianSuper's Portfolio. What Happened to That Net Zero Pledge?
AustralianSuper, the country's largest super fund at about $388 billion and 3.7 million members, has become the single biggest investor in Whitehaven Coal, which runs six coalmines across NSW and Queensland and is developing more. The position sits awkwardly with the net zero by 2050 pledge the fund made in 2020, when it divested Whitehaven on climate grounds, and has prompted questions across the sector about alignment. The fund argues thermal coal will remain a stabilising source of grid power through the transition, and its 2050 target covers only scope 1 and 2 portfolio emissions, with no policy excluding coal.
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Our Take
A net zero pledge and the biggest stake in a coal expander now co-exist. Thermal coal's cashflows are pulling institutional money back, and ESG labels are bending to fit.
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Bloomberg
NZ to Provide Funding to Help Build Two Critical Minerals Plants
New Zealand will provide funding to help build two critical minerals plants, with the Westland Mineral Sands project receiving NZ$30 million toward a mineral separation and processing facility. The support marks a step into downstream critical minerals capacity.
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Our Take
The NZ$30 million grant for Westland signals New Zealand's late entry into critical minerals processing, an area dominated by larger players. For developers, government co-funding of separation capacity lowers the highest-risk capex line and could seed a new supply node.
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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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