The Drill Down
Tuesday 9 June 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
Mining Companies May Soon Bypass UN Rules and Mine the Deep Sea
Vancouver-based The Metals Company is on track to become the first company to commercially mine the international seabed outside the UN framework, after NOAA confirmed its application is in substantial compliance with US regulations. The company filed to mine 65,000 sq km of the Pacific's Clarion-Clipperton Zone, with a permit to mine expected by Q1 2027. The US position rests on the Deep Seabed Hard Minerals Resources Act of 1980, circumventing the International Seabed Authority, which has been negotiating a Mining Code since 2014 without conclusion. A legal analysis suggests the move could place Canada in violation of international law, and the ISA has launched an inquiry into potential contractor non-compliance by TMC's subsidiary NORI. The July 2026 ISA assembly meeting is shaping up as a critical test of whether the multilateral framework for ocean governance can survive unilateral pressure.
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Our Take
The UN body meant to govern seabed mining has spent over a decade failing to agree rules, so the US has stopped waiting and opened its own permitting path. TMC was first through the door; now a queue is forming behind it. That is the real signal: once one government offers a workable route, capital follows fast. The catch is that no one has actually been granted a permit yet, and TMC's final approval is not expected until early 2027.
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Commodity Prices
Precious Metals (USD/toz)
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Gold
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$4,330
+0.03%
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Silver
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$68
+0.58%
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Platinum
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$1,760
-0.97%
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Palladium
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$1,215
-0.78%
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Base Metals & Commodities
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Copper USD/t
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$14051.77
+0.97%
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Nickel USD/t
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$18360.00
-0.98%
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Zinc USD/t
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$3506.09
-0.73%
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Lead USD/t
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$1979.30
-0.70%
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WTI Crude USD/bbl
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$91.32
+0.07%
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Prices updated as of 9 June 2026, 8:04 am AEST
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Market Movers
Winners & Losers - Canadian Markets
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LibertyStream Infrastructure Partners Inc.
LibertyStream executed a term sheet for a long-term lithium carbonate offtake agreement with a leading American industrial customer, with a definitive agreement expected within 30 days. The announcement comes days after the company delivered its first commercial tonne of lithium carbonate from Facility 1 in Howard County, Texas, producing from oilfield brine using its proprietary direct lithium extraction technology. The anticipated demand pipeline now exceeds 10,000 tonnes per annum through 2029.
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Metalsource Mining Inc.
Metalsource announced a suite of new investor relations and market awareness engagements as it continues drilling the Silver Hill silver-gold project in North Carolina, widely described as America's first silver mine. The company has engaged Caram Media, Apollo Shareholder Relations, and Quantum Ventures across communications, investor awareness and digital marketing functions, with total contracted spend across the agreements reaching approximately USD$310,000 over their respective terms.
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GoGold Resources Inc.
GoGold received full approval from Mexico's federal environmental department SEMARNAT to construct the Los Ricos South underground mine in Jalisco state, with the board approving a construction decision the same day. The $227 million project is designed as a 15-year bulk-tonnage operation producing an average of 7.3 million silver-equivalent ounces annually over the first five years, with a 2025 feasibility study returning an after-tax NPV of $355 million at a 5% discount rate. Construction is expected to take 24 months to first pour.
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Deep Sea Minerals Corp.
Deep Sea Minerals provided a strategic execution update confirming NOAA substantial compliance status for its DSHMRA application, progression of its Cook Islands concession strategy, submission of a NASDAQ listing application, and renewal of its investor relations agreement. The release consolidates several regulatory milestones already known to the market since February, and today's decline appears to be profit-taking following the stock's recent strong run on successive news catalysts.
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GoldQuest Mining Corp.
No fresh catalyst today. GoldQuest has been under sustained selling pressure since the Dominican Republic government ordered a halt to all activities at the Romero gold-copper project in May following mass protests over environmental and water security concerns near the Sabaneta Dam. The project remains in the environmental evaluation stage with no exploitation permit granted, and state mining entity Emidom has been assigned oversight of ongoing resource studies. Today's decline reflects continued repricing of political and social licence risk ahead of any resolution.
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San Lorenzo Gold Corp.
San Lorenzo's June 4 final assay release from Hole SAL 10-25 added deeper intercepts including 52.6m at 1.67 g/t Au and 65m at 0.81 g/t Au, confirming the Arco de Oro system extends well beyond 574m depth with strengthening potassic alteration at the base. Today's continued sell-off reflects the stock digesting a strong run following multiple positive drill releases, with six holes still awaiting assay results.
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Market data as of 9 June 2026, 9:30 am AEST
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This Week's Poll
Is the US critical minerals policy push creating real opportunities or just noise?
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○ Real, investable opportunities
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○ Some signal, mostly noise
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○ Irrelevant to my portfolio
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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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Pinsent Masons
Fraud Case Highlights Risks Facing Global Mining Companies
Jinchuan Group International Resources has disclosed an alleged $144.5 million misappropriation scheme at its Ruashi Mine in the DRC, uncovered through an independent forensic investigation covering activity from January 2016 to March 2025. The investigation found payments made without apparent business purpose, with evidence suggesting employees may have deceived management by overstating the cost of ore purchases and operational expenses. Jinchuan's shares remain suspended on the Hong Kong exchange after auditors refused to sign off the company's 2024 annual results. Pinsent Masons partners note the case is a reminder that trust placed in expatriate or senior local employees can be exploited, and that periodic in-country audits independent of the local business are essential for companies with overseas operations in Africa.
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Our Take
Nine years of undiscovered fraud at a DRC operation is not just a compliance failure, it is a governance one. The stock suspension is the consequence that gets boardroom attention. The lesson is that distance from an asset is not a defence when the internal controls were never designed to survive it.
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Mongabay
South Africa's Move Away From Coal Marred by Legacy of Abandoned Mines
A report by the Centre for Environmental Rights has found that none of the 412 coal mines that closed in South Africa between 2006 and 2023 had set aside sufficient rehabilitation funds. With single-site remediation costs exceeding $28 million in some cases, mining companies routinely declare bankruptcy or abandon operations, leaving behind toxic ponds, radioactive tailings, acid mine drainage, and open shafts in communities across Mpumalanga. The government has failed to maintain closure records for five of the 17 years covered by the study, and no mine owner has been arrested, charged or fined for abandoning a site. The report calls for mandatory public disclosure of rehabilitation fund balances, independent expert sign-off before closure certificates are issued, and community involvement in post-mining land use decisions.
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Our Take
South Africa is closing coal mines faster than it is cleaning them up, and the liability is sitting with communities and taxpayers rather than the companies that created it. For any investor underwriting the energy transition, this is the social licence problem that doesn't get priced in until it's already on the front page.
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Mining.com
Australian Gold Output Falls Almost 3% as Prices Vary Widely Across Producers
Australian gold production fell almost 3% to 75 tonnes in the latest quarter, with significant variation in realised prices across producers. Results from Cadia, one of Australia's largest gold mines, were among those reported in the period. The data points to diverging operational performance across the sector despite record gold prices globally.
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Our Take
A 3% production decline against a backdrop of record gold prices is a margin conversation, not just a volume one. Investors should be stress-testing which Australian producers are actually capturing the gold price upside and which are being eroded by cost and grade pressures.
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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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