The Drill Down
Thursday 7 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
Inside the Six Critical Minerals Projects Driving Australia-Japan Cooperation
Australia and Japan signed the Joint Statement on Elevated Critical Minerals Cooperation in Canberra on 5 May, with six strategic projects named as priority supply chain plays. The package includes up to A$1.3 billion in Australian Government support and approximately A$370 million in Japanese JOGMEC investments and grants. Named projects span nickel-cobalt (Ardea Resources' Kalgoorlie Nickel Project), rare earths (Lynas), gallium recovery (Alcoa), fluorite (Tivan), and mineral sands (RZ Resources).
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Our Take
The project list matters more than the dollar figure. Naming specific assets in a bilateral government declaration raises their sovereign backing and reduces financing risk, which is the single biggest bottleneck for Australian critical minerals projects sitting between discovery and production.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,691
+2.94%
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Silver
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$77
+6.19%
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Platinum
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$2,064
+4.99%
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Palladium
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$1,536
+3.37%
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Base Metals & Commodities
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Copper USD/lb
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$6.20
+3.42%
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Nickel USD/lb
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$8.69
-2.17%
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Zinc USD/lb
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$1.54
+1.40%
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Lead USD/lb
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$0.89
+0.05%
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WTI Crude USD/bbl
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$95.91
-0.30%
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Prices updated as of 7 May 2026, 8:04 am AEST
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Market Movers
Winners & Losers — TSX-V Markets
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Precipitate Gold Corp.
Precipitate confirmed that the Dominican Republic government's 4 May halt order on GoldQuest's Romero project does not extend to its three Dominican projects. Diamond drilling continues at Pueblo Grande Norte, with four holes completed for approximately 1,600m.
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PPX Mining Corp.
Q1 2026 revenues of C$23.5 million at a 71% gross margin from the Callanquitas Mine in Peru, delivering C$8.9 million in net profit interest despite flooding and bridge access restrictions. The upcoming 2026 sulphide exploration program is fully funded through a strategic partnership with Glencore.
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Honey Badger Silver Inc.
University of Toronto research returned values up to 316 ppm germanium in the Stratabound Massive Sulphide zone at the Prairie Creek Silver Project in the Northwest Territories, acquired in April 2026 for C$10 million cash plus C$2 million in shares. Historic drilling at the project was never assayed for the critical metal.
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GoldQuest Mining Corp.
Dominican Republic President Abinader halted all activity at GoldQuest's Romero gold-copper project on 4 May following mass protests over environmental risks to the Sabaneta Dam water source in San Juan province. The project remains in the environmental evaluation stage with no exploitation permit granted. CIRO halted trading mid-session on 5 May.
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United Lithium Corp.
United Lithium announced a non-brokered placement of up to 8 million units at C$0.15 per unit to raise up to C$1.2 million for working capital and exploration. Each unit includes one share and a half warrant at C$0.20 for 24 months. The placement price represents a material discount to recent trading.
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Market data as of 7 May 2026, 9:10 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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Mining.com
Gold Price Rebounds as Spot Surges 3.6% on US-Iran Deal Hopes
Spot gold surged as much as 3.6% to above $4,700 per ounce, its largest single-session move in nearly a month, as hopes for a US-Iran diplomatic agreement reduced geopolitical risk sentiment. Safe-haven demand drove the rally, with buyers returning to the market on signs of easing tensions. The move reinforces gold's sensitivity to geopolitical signals at current price levels.
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Our Take
Gold at $4,700 on "easing" geopolitical risk. The safe-haven trade is broken. Buyers aren't hedging fear anymore, they're chasing momentum. Different animal entirely.
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Mining.com
Argentina Mining Revival Fuels $40B Copper Push
Copper dominates Argentina's $62.7 billion projected mining investment pipeline, accounting for roughly $42 billion, with major projects from McEwen Copper, First Quantum and Glencore all advancing under Milei's Large Investment Incentive Regime (RIGI). Argentina holds an estimated 44 million tonnes of copper reserves but has had no active large-scale copper production since the Alumbrera mine closed in 2018, making the country's pathway to becoming a top-10 global producer by 2035 dependent on consistent provincial-level execution and sustained social licence.
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Our Take
The RIGI framework has done real work shifting investor sentiment, but Argentina's federal structure means national policy only gets you so far. Provincial politics, water access and community opposition remain the variables that will separate the projects that get built from the ones that stay in the pipeline indefinitely.
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Bloomberg
Trump's $12 Billion Critical Minerals Reserve Risks Distorting Global Markets
President Trump announced a plan to build one of the largest critical minerals stockpiles in history, valued at $12 billion, at an Oval Office ceremony in February. Bloomberg analysis finds the reserve risks distorting global commodity markets, raising concerns among producers and traders about price volatility. The scale of the proposed stockpile puts it in a category that could meaningfully influence supply and demand signals across multiple mineral classes.
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Our Take
A $12 billion government stockpile of this scale introduces a powerful and unpredictable buyer into markets that are already thin on liquidity, which is a double-edged sword for producers who may benefit from near-term demand but face price distortion risk over the medium term. Investors in critical minerals equities should model scenarios where government accumulation creates artificial price ceilings once buying slows.
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Mining.com
Lynas CEO Says US and European Rules Are Shifting Buyers Away From Chinese Rare Earths
Lynas Rare Earths CEO Amanda Lacaze says new US and European regulatory frameworks are actively changing buyer purchasing decisions, pushing customers away from Chinese-sourced rare earths to achieve supply chain compliance. The shift represents a structural commercial opportunity for non-Chinese producers as compliance requirements move from aspirational policy to enforceable commercial reality. Lynas is currently the largest rare earths producer outside of China.
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Our Take
When the CEO of the world's largest ex-China rare earths producer says regulation is actively redirecting purchasing decisions, that is a demand signal worth taking seriously, not just as a policy story but as a revenue catalyst. The question for investors is how quickly offtake agreements can be formalised before competing non-Chinese supply catches up.
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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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