The Drill Down
Monday 8 June 2026 · Part 1
|
| |
Presented By
ASX: TM1
|
| |
|
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
|
|
| |
Lead Insight
Central Banks Buy Net 17 Tonnes of Gold in April, Led by Poland and China
Central banks returned to net gold purchases in April, buying a net 17 tonnes after flipping to net sellers in March, according to the World Gold Council. Poland and China led the buying, with the WGC characterising the month as a rebound in sovereign sector demand.
|
Our Take
The March blip now looks like noise rather than a trend reversal, and Poland and China continuing to add gives the gold price a durable demand floor that paper-driven selloffs struggle to erode permanently.
|
|
| |
Commodity Prices
Precious Metals (USD/toz)
|
Gold
|
$4,329
-3.27%
|
|
Silver
|
$68
-8.27%
|
|
Platinum
|
$1,777
-6.43%
|
|
Palladium
|
$1,225
-6.43%
|
|
Base Metals & Commodities
|
Copper USD/t
|
$13916.98
-3.84%
|
|
Nickel USD/t
|
$18542.00
-0.38%
|
|
Zinc USD/t
|
$3531.89
-0.99%
|
|
Lead USD/t
|
$1993.30
-0.62%
|
|
WTI Crude USD/bbl
|
$92.65
+2.33%
|
|
Prices updated as of 8 June 2026, 8:03 am AEST
|
| |
|
Find this useful?
The Drill Down is free to read. If it earns a spot in your inbox, you can support us here.
|
|
| |
Market Movers
Winners & Losers - Canadian Markets
|
Euromax Resources Ltd.
The Higher Administrative Court of North Macedonia accepted Euromax's case against the 2023 withdrawal of the merger approval for its Ilovica 6 and Ilovica 11 exploitation concessions, annulling the withdrawal decision and restoring the original approval in full force. The ruling is a significant legal victory for the company's Ilovica copper-gold project, which had been stalled since the Macedonian Government reversed its own decision three years ago.
|
|
First Atlantic Nickel & Cobalt Corp.
No specific catalyst identified today. First Atlantic is advancing the Atlantic Nickel Project in Newfoundland, one of the largest undeveloped nickel sulphide systems in North America. Today's move appears to be broader sector momentum with no fresh company announcement.
|
|
Lion One Metals Limited
Lion One announced two simultaneous non-brokered placements totalling up to C$17 million: up to 14,000 convertible debenture units at C$1,000 each for C$14 million led by Concept Capital Management, and up to 23 million equity units at C$0.13 for C$3 million. Proceeds are earmarked for debt obligations and working capital at the Tuvatu Alkaline Gold Project in Fiji, which commissioned a new flotation plant in March 2026.
|
|
|
|
Almonty Industries Inc.
Almonty priced an oversubscribed US$700 million offering of 2.25% convertible senior notes due 2031 to qualified institutional buyers under Rule 144A, with settlement on 9 June and an option for purchasers to take a further US$100 million. Proceeds are directed toward capped call transactions to limit dilution, refinancing approximately US$50 million of existing obligations, and working capital. Today's decline reflects typical dilution pressure from a large convertible issuance at a 100% conversion premium to the prior close of US$20.68.
|
|
Deep Sea Minerals Corp.
No specific catalyst identified today. Deep Sea Minerals is pursuing polymetallic nodule exploration in the Pacific. Today's pullback appears to be profit-taking following a recent strong run in the stock.
|
|
Eastern Platinum Limited
No specific catalyst identified today. Eastern Platinum operates the Crocodile River Mine in South Africa's Bushveld Complex. Today's move appears to be sector-driven profit-taking with no fresh company announcement to underpin the decline.
|
|
Market data as of 8 June 2026, 9:30 am AEST
|
| |
This Week's Poll
Is the US critical minerals policy push creating real opportunities or just noise?
|
○ Real, investable opportunities
|
|
|
○ Some signal, mostly noise
|
|
|
|
|
○ Irrelevant to my portfolio
|
|
|
| |
|
Partner Spotlight
|
|
|
|
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
|
|
| |
|
Today's Stories
|
Nikkei Asia
China's Rare-Earth Exports to Japan Drop 80%, Sending Companies Scrambling
Chinese rare earth exports to Japan fell more than 80% year-on-year in March and April, as Beijing's export control framework targeting Japan took full effect following controls announced in January 2026 covering seven medium and heavy rare earth elements and rare earth permanent magnets. Japanese companies are now actively sourcing from Australia and India, and examining recycling and substitution strategies to reduce dependency. China had previously accounted for around 60% of Japan's rare earth imports, down from 90% at the time of the 2010 dispute, underscoring how much exposure remains despite years of diversification effort.
|
Our Take
Japan has spent 15 years reducing its exposure from 90% to 60% and China has demonstrated that 60% is still more than enough leverage to cause serious industrial pain.
|
|
Bloomberg
CMOC Congo Copper Mine Offers Bonuses, Threats to End Strike
Workers at CMOC's Tenke Fungurume Mining unit in the DRC began striking on 1 June, briefly curtailing output at one of the world's largest copper and cobalt operations. CMOC responded with a dual-pressure approach: bonuses for workers who did not participate in the strike, and dismissal threats for those who refused to return. An internal investigation has been launched to identify workers alleged to have committed aggression against colleagues or damaged company equipment, with findings to be referred to Congolese authorities.
|
Our Take
Rewarding non-strikers and threatening dismissal for the rest resolves the immediate disruption without addressing what caused it. For a site CMOC has committed over $1 billion to expand, recurring labour unrest is a material risk that sits well above the headline copper production numbers.
|
|
Kitco
Gold Demand to Drop in 2026 Even as Supply Increases, but Average Price Still Seen Rising 43%, Metals Focus Says
Metals Focus forecasts the average gold price will rise 43% in 2026 despite a projected decline in overall demand and modest growth in both mine production and recycling supply. Jewellery and central bank purchases are expected to post double-digit losses, offset by increased investor appetite for bars and coins. Bars and coins are set to displace jewellery as the largest component of gold demand for the year.
|
Our Take
A 43% average price forecast holding up even as total demand falls tells you everything about how investment flows are driving this market. Investors rotating from jewellery into bars and coins is structurally different from prior cycles and supports a longer-duration bull case for gold equities.
|
|
Kitco
India's Central Bank Denies Report of $12 Billion Gold Reserve Sales
The Reserve Bank of India denied a Bloomberg Economics report claiming it sold roughly $12 billion in gold reserves over the two weeks through May 22 to support the rupee. The RBI stated its physical gold stocks remain unchanged at 880.52 tonnes.
|
Our Take
A formal denial at this scale matters because even the rumour of a sovereign seller of that size can move prices. The RBI holding firm at 880.52 tonnes removes a near-term overhang, but the episode highlights how quickly unverified supply narratives can rattle the market.
|
|
| |
|
Kamoa Capital
kamoacap.com
|
|
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.
|
