The Drill Down
Wednesday 8 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.
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Lead Insight
Canada Tells UAE It Has No Projects Ready for Billions in Pledged Investment
Canada's Major Projects Office told a UAE delegation in mid-June it was not ready to receive the billions Abu Dhabi has pledged, citing a lack of projects advanced enough to deploy capital, according to the Financial Times. Prime Minister Mark Carney secured a roughly C$70 billion (about US$50 billion) commitment last November, but officials say none has been deployed and a critical minerals deal announced at the same time has yet to materialise. The admission raises pressure ahead of a September Toronto summit meant to attract $1 trillion over five years.
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Our Take
Capital is not the constraint; permitted projects are. Sovereign money is queuing for Canadian resources and cannot deploy, which is the clearest signal yet that shovel-ready developers hold the leverage.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,106
-1.43%
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Silver
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$60
-3.37%
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Platinum
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$1,642
+0.65%
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Palladium
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$1,262
-0.15%
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Base Metals & Commodities
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Copper USD/t
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$13658.90
-1.07%
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Nickel USD/t
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$16257.00
-1.20%
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Zinc USD/t
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$3547.99
-0.26%
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Lead USD/t
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$1879.80
+0.40%
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WTI Crude USD/bbl
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$72.38
+0.26%
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Prices updated as of 8 July 2026, 8:03 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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Neotech Metals Corp.
No specific catalyst identified, with no price-sensitive news on the day. Neotech is a thinly traded rare earths junior advancing its flagship Hecla-Kilmer project in Ontario toward a maiden resource this year, and the spike rides the strong rare earths thematic running through the sector this week.
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Visionary Metals Corp.
Visionary was awarded US$250,000 in Wyoming Energy Authority matching funds to run ground and borehole electromagnetic surveys at its King Solomon and Tin Cup nickel-copper projects. The grant, alongside a recently closed oversubscribed $7.44 million raise, sharpens drill targets ahead of testing later this year at Wyoming's first nickel sulfide discovery.
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First Canadian Graphite Inc.
First Canadian confirmed visible high-grade graphite at surface in Zone 13, a previously untested kilometre-scale conductor at its Lac Guéret South project in Québec. It is the first geological hit within a 3.8-kilometre EM anomaly, pointing to a potential new graphite system beyond the existing resource and next to Nouveau Monde's Uatnan deposit.
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EDM Resources Inc.
EDM's only release was a routine second-quarter update on its Scotia zinc-lead mine near Halifax, covering permitting progress, warrant-driven treasury gains and an advancing pre-feasibility study, with no fresh hard catalyst. After a strong run since April, the sell-off reads as profit-taking on a progress report the market had largely priced in.
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Hot Chili Limited
Hot Chili secured US$15 million of non-dilutive funding by granting OR Royalties an NSR royalty over its pre-resource La Verde deposit in Chile, part of the Costa Fuego project, lifting total OR consideration to US$30 million. Shares sold off despite the endorsement, a sell-the-news read on a royalty that permanently claims a slice of future revenue.
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Pulsar Helium Inc.
Pulsar announced a proposed equity fundraise, a placing, subscription and retail offer, to accelerate the shift from appraisal to production at its flagship Topaz helium project in Minnesota, funding production drilling and long-lead items into a tight helium market. Shares eased on the dilution, the usual response to a discounted raise even when it speeds first production.
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Market data as of 8 July 2026, 9:30 AM AEST
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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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Junior Mining Network
Largo Secures US$60.1 Million Delivery Order from the US Department of War Under Five-Year US Defense Logistics Agency Contract
Largo, the world's largest primary vanadium producer, has received a US$60.1 million firm-fixed-price delivery order from the US Defense Logistics Agency, the first order under its recently awarded five-year contract worth up to US$125 million. The high-purity vanadium pentoxide, produced at its Maracás Menchen mine in Brazil, will feed the US National Defense Stockpile with deliveries running through January 2030. Largo is adjusting production from this month and expects the order to lift its average realised vanadium price and US exposure.
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Our Take
A premium, fixed-price US government order is the ex-China critical-minerals thesis paying out in cash. It hands a depressed-market vanadium producer rare revenue visibility to 2030.
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Bloomberg
Cantor Fitzgerald Role in $1.6 Billion Deal Probed by Warren
Senate Democrats led by Elizabeth Warren, joined by Ron Wyden, Chris Van Hollen and Representative Zoe Lofgren, are probing whether the US$1.6 billion Commerce Department investment in USA Rare Earth created a conflict of interest benefiting Cantor Fitzgerald. Cantor, formerly run by Commerce Secretary Howard Lutnick and now led by his sons, acted as lead placement agent on the company's private raise while the government deal was being arranged. The lawmakers have demanded transaction documents by 23 July.
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Our Take
The state-as-financier model driving the rare earths re-rate now carries political risk. As Washington writes billion-dollar cheques, deal optics and conflict scrutiny become a live variable for the sector's beneficiaries.
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Mining.com
Canada Set to Back Teck's BC Smelter to Boost Germanium Output: Report
Ottawa has signed a strategic investment agreement to expand germanium, gallium and antimony output at Teck's Trail smelter in British Columbia, Canada's only germanium producer. The Canada Growth Fund will make an equity-like investment of up to C$400 million, part of an up to C$850 million total spend that could double Trail's germanium and antimony capacity, alongside a government offtake structure. It is the first deal under the new Canada Critical Minerals Accelerator, aimed at cutting reliance on China, which supplies most of the world's germanium.
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Our Take
Smelting capacity is where the critical-minerals bottleneck really sits, and governments now fund it directly with equity and offtake. Trail is the template Western states keep copying to reshore supply.
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CRU Group
Mid-Year Settlements Signal a Further Shift Towards Copper Concentrates Index Pricing
Antofagasta has reportedly reached provisional mid-year 2026 concentrate settlements with several Chinese smelters using index-linked and hybrid pricing rather than the traditional fixed treatment and refining charge (TC/RC) benchmark, according to CRU. A third straight year of tight concentrate supply has driven spot processing charges deeply negative while the 2026 fixed benchmark sits at zero, making fixed settlements increasingly untenable. CRU sees the shift raising real questions over whether the annual benchmark survives into 2027.
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Our Take
The benchmark cracking is copper's concentrate shortage showing up in the contract, not just the price. Miners hold the leverage, and index pricing hands them upside smelters once kept.
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CNBC
Google Backs Nuclear Fusion Startup Targeting Europe's First Commercial Power Plant
Google and German utility RWE have backed Munich-based Proxima Fusion in a €411 million (US$468 million) round, the largest private fusion investment in Europe, valuing the stellarator developer at €2.4 billion. The capital funds Alpha, a net-energy demonstrator targeted for the early 2030s, ahead of what Proxima hopes will be Europe's first commercial fusion plant later that decade. The raise also expands its high-temperature superconducting magnet and cable production.
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Our Take
Fusion is decades off, but the HTS magnets building it run on rare earths and copper now. Every AI-era power bet ultimately routes back to the metals that wire it.
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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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