The Drill Down
Friday 8 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
BHP CFO Says New Investors Buying In on Copper Exposure, AI Demand
BHP CFO Vandita Pant told the Macquarie Australia Conference that international generalist investors are buying into BHP for its copper exposure, as AI-driven infrastructure demand turns the metal into a bottleneck play. The comments came after BHP's first-half result in which copper surpassed iron ore in earnings for the first time. Pant also flagged a continued positive view on uranium from Olympic Dam in South Australia.
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Our Take
Generalist investors treating copper as a de facto AI infrastructure play is a structural shift, and it gets me excited. If BHP is attracting money that used to go to semiconductors, the re-rating of quality copper producers has further to run.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,686
-0.11%
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Silver
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$78
+1.41%
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Platinum
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$2,024
-0.89%
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Palladium
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$1,477
-3.84%
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Base Metals & Commodities
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Copper USD/lb
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$6.13
-1.07%
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Nickel USD/lb
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$8.65
-0.45%
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Zinc USD/lb
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$1.55
+1.14%
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Lead USD/lb
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$0.89
+0.15%
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WTI Crude USD/bbl
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$97.10
+2.42%
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Prices updated as of 8 May 2026, 8:03 am AEST
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Market Movers
Winners & Losers — TSX-V Markets
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Mogotes Metals Inc.
No specific catalyst identified. Mogotes has been in a sustained sell-down from its February 2026 highs and today's move appears to be a technical bounce rather than a news-driven recovery.
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NexMetals Mining Corp.
Drill hole SMD-26-208 at Selebi Main in Botswana returned 10.40m at 6.82% CuEq (3.09% Cu, 1.83% Ni), located 320m beyond the 2024 MRE boundary and confirming strong down-plunge continuity. The result adds to an expanding suite of extensions supporting an updated MRE targeted for H2 2026, with four holes currently in progress and a fifth company-owned rig recently added.
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Valkea Resources Corp.
Management and cornerstone shareholders exercised 4.5 million warrants early, delivering C$3.2 million in cash to strengthen Valkea's technical team in Finland and advance programs ahead of a planned return to drilling later in 2026. CEO Thomas Credland noted the move follows Agnico Eagle's consolidation of the Central Lapland Greenstone Belt, which leaves Valkea as the largest independent Finland-focused explorer in the region.
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GoldQuest Mining Corp.
GoldQuest continues to sell off following the Dominican Republic government's 4 May halt on all activity at the Romero gold-copper project, triggered by mass protests over environmental risks to the Sabaneta Dam water source. The project holds no exploitation permit and no timeline has been given for when restrictions may be lifted.
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DLP Resources Inc.
DLP announced a brokered LIFE offering via Red Cloud Securities for up to C$5 million, issuing up to 20 million units at C$0.25 per unit with a full warrant at C$0.35. The stock sold off on placement dilution, with the offering anticipated to close 21 May 2026.
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Emerita Resources Corp.
Denarius Metals rescinded its unsolicited offer to acquire Emerita at $0.45 per share in an all-share deal, ending a three-week pursuit after Emerita's board, advised by Canaccord Genuity, determined the offer did not merit engagement given the price and lack of transaction detail. The stock eased as the prospect of a premium exit was removed.
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Market data as of 8 May 2026, 8:52 am AEST
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This Week's Poll
Which battery metal are you most bullish on over the next 12 months?
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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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Reuters
G7 Trade Talks Target Critical Minerals as US-EU Tariff Rift Strains Unity
G7 trade ministers met in Paris on 6 May seeking common ground on securing critical mineral supplies dominated by China, committing in a joint statement to ensure attempts to weaponise economic dependencies would fail. The talks were complicated by fresh US threats to raise tariffs on EU-made cars from 15% to 25%, straining the transatlantic unity needed to mount a credible response.
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Our Take
Hard to present a unified front on China when allies are simultaneously threatening each other's car industries. The G7 wants a coordinated minerals strategy, but the transatlantic tariff fight undermines any credibility that joint statement is trying to project.
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Bloomberg
OceanaGold Hunts for More Deals to Add to Strong Growth Pipeline
OceanaGold CEO Gerard Bond said the company is actively scanning acquisition targets and existing operations to buy, while pursuing strong organic growth with two new mines in development. Bond told Bloomberg the company has plenty to invest internally but is also looking externally, with the gold producer's balance sheet and project pipeline positioning it as a credible acquirer in the current cycle.
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Our Take
OceanaGold has the balance sheet and the pipeline to be a credible acquirer in this cycle. The question is whether they swing for something material or stay disciplined and let the organic growth do the work.
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China Daily
China Adds to Gold Reserves for 18th Straight Month
The People's Bank of China added 260,000 ounces of gold in April, the largest single-month addition since December 2024, extending its buying streak to 18 consecutive months and bringing total official holdings to 74.64 million ounces. China's foreign exchange reserves simultaneously rebounded to $3.41 trillion, up $68.4 billion from March, as a weaker US dollar and divergent global asset performance supported the recovery.
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Our Take
The PBOC is treating gold as a permanent hedge against dollar dependency, and that baseline demand is not going away regardless of where spot prices move.
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Australian Mining
China's Role in Supply Chains Opens Door for Australian Lithium Producers
Analysis from Australian Mining examines how China's dominance of lithium processing and battery supply chains is creating commercial openings for Australian producers able to offer Western-aligned supply alternatives. Growing interest from manufacturers and governments in sourcing lithium outside Chinese-controlled networks is accelerating the trend. Australian miners are positioned to benefit given the country's large spodumene resource base.
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Our Take
The structural case is well established. The commercial opportunity only materialises when offtake agreements and processing investment follow the policy intent.
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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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