 | SUNDAY 1 NOVEMBER 2026 |
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The Weekly Wrap |
Kamoa View Theme: Owners Buying Out Their Partners Turaco, Tesoro And Mogotes Are Buying Out Remaining Interests In Their Projects Three companies are moving to consolidate ownership of their projects. Turaco Gold is paying Sodim US$79M (A$112M) for the remaining 20% of its Afema Gold Project, funded through an A$120M placement at a 12.4% discount. Tesoro Gold is raising around A$40M at a 9.9% discount and issuing 11.7 million shares to acquire the final 5% of Tesoro Mining Chile SpA. Meanwhile, Mogotes Metals has agreed to pay C$13M for the 1.5% NSR royalty over its Filo Sur Project. All three are taking greater control of their assets, although two are raising capital below market to get there. Strategic investors are also putting serious money to work. Genesis Minerals has taken A$30M of Brightstar's A$82M raising, increasing its stake from 0.8% to 5.4%. Glencore and CNGR have each committed US$20M to Centaurus, alongside offtake agreements covering Jaguar's first five years of production. Elemental has also completed the first stage of its Orion royalty and streaming portfolio acquisition, paying US$188M in cash plus 3.94 million shares for four of the five assets. Looking at the bigger picture, Appian expects to invest US$5 billion to US$7 billion globally over the next 12 to 24 months, including around US$2 billion in Africa. However, it has warned that policy uncertainty is pushing capital away from certain markets. Interestingly, Côte d'Ivoire is one of the countries it is considering, where Turaco is developing Afema and Waraba is acquiring Tengrela South from Desert Metals for up to A$5M. With that much capital looking for a home, projects with clean ownership structures, clear funding pathways and strategic backing should be in a much stronger position to attract investment. |
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Government of Canada Industry Minister Mélanie Joly announced C$193.3 million from the Strategic Response Fund for Quebec's aluminium sector. Rio Tinto receives C$164.8 million toward C$818.5 million of Saguenay-Lac-Saint-Jean projects, including a new billet casting centre at Alma and anode baking furnace upgrades at Grande-Baie, while Aluminerie Alouette gets C$28.5 million for a C$135 million electrolysis modernisation. The projects are expected to maintain about 6,000 jobs. |
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Mining.com.au MMG offered a legally enforceable guarantee to maintain ferronickel supply to existing European stainless steel customers for the life of the mine, seeking EU antitrust approval for its US$500 million bid for Anglo American's Brazilian nickel business. The European Commission has warned that MMG, 67% held by China's Minmetals, could redirect supply to China. Anglo has threatened to close the mine if the deal is blocked, and the Commission's decision is now due 21 December. |
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Mining.com Codelco and BHP signed the Anillo exploration agreement on 21 October during London Metal Exchange Week, after the approvals required under Chile's Law 19,137 were completed. BHP could invest up to US$40 million on reconnaissance, geophysical surveys, geological studies and drilling across the 24,000-hectare early-stage property in the Antofagasta region. The agreement was first announced in May 2025, with signing conditional on those approvals. |
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Australian Government Resources Minister Madeleine King unveiled a refreshed Critical Minerals Strategy at IMARC that places greater weight on processing and refining where Australia has, or can develop, a comparative advantage. Austrade's accompanying prospectus, a showcase for investors rather than committed funding, now lists 94 investment-ready projects, with 29 added since February: 20 upstream and nine midstream, taking midstream projects to 36. A separate review of the critical minerals and strategic materials lists opened for consultation on 26 October and closes on 17 November. |
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The Northern Miner Senior gold producers are trading at 6.82 times expected 12-month cash flow against a five-year average of 8.83 times, a 23% discount, as the precious metals selloff extends into the fourth quarter, according to Haywood Securities. Haywood frames the move as consolidation within an ongoing bull market and expects strong balance sheets to drive M&A as producers replenish reserves. Its top picks are Canadian developers First Mining Gold, Thesis Gold & Silver and Troilus Mining. |
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Listcorp Jacaranda Natural Resources began trading on the ASX on 28 October after completing an A$8 million IPO at A$0.20 per share. The company has about A$7.0 million in pro-forma cash, which funds a 24-month copper-gold exploration program across Queensland and Botswana. Diamond drilling began at the Globe Gold Project in Botswana on 29 October, with roughly 540m planned across eight holes, and maiden drilling at the 409 km² White Cockatoo project in central Queensland is planned for early 2027. Ever-Sun Development cornerstoned the raise with A$2.49 million and existing shareholder Purebond contributed A$700,000. |
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World Bank The World Bank forecasts overall commodity prices rising 23% in 2026 before falling 7% in 2027, with energy up 32% and Brent averaging US$91 a barrel this year. Metals prices are set to reach a new high, rising 25% in 2026 as aluminium, copper and tin all hit records on demand from renewables, electric vehicles and data centres, before easing 3% in 2027. Precious metals are forecast to rise 40% this year on safe-haven demand. |
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Mining Weekly Appian Capital Advisory plans to deploy US$5 billion to US$7 billion globally over the next 12 to 24 months, including roughly US$2 billion for Africa, CEO Michael Scherb said. The firm holds three active African investments against four in Latin America, and has exited three others in Africa, including Burkina Faso and Tanzania amid a coup and an election crisis respectively. Appian rates Morocco, Namibia and Botswana as top-tier jurisdictions and is evaluating Ghana, Ivory Coast, Mauritania and Senegal. |
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The Drill Down Glencore's own-sourced cobalt output fell 52% to 13,700 tonnes in the first nine months of 2026, from 28,500 tonnes a year earlier, as DRC export quotas led it to hold more cobalt in solution rather than convert it to saleable hydroxide. Own-sourced copper production rose 3% to 598,600 tonnes. Glencore held 2026 copper guidance at 810,000 to 870,000 tonnes but expects to finish near the bottom of the range. |
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Turaco Gold (TCG) secures firm commitments for an A$120M (~US$84.4M) placement to fund its acquisition of the remaining 20% of the Afema Gold Project in Côte d'Ivoire The placement is priced at A$0.60 a share, a 12.4% discount to the 26 October close, with A$97.1M unconditional and A$23.0M subject to shareholder approval at an EGM in early December. Turaco also intends to run a share purchase plan of up to A$10M (~US$7.0M) at the same price. Proceeds will fund the cash consideration for the Afema acquisition and pre-FID development, with a DFS targeted for Q2 CY2027. |
Brightstar Resources (BTR) secures binding commitments for an A$82M (~US$57.6M) bought deal placement, cornerstoned by Genesis Minerals (GMD), to accelerate the Sandstone Gold Project in Western Australia Genesis subscribed for A$30M (~US$21.1M) at A$0.50 a share, lifting its stake from 0.8% to 5.4%. The single-tranche placement is a 12% discount to the 22 October close and needs no shareholder approval. Proceeds go to accelerated drilling and early mining work at Two Mile Hill and do not touch the Goldfields Project funding, which remains on schedule for first gold in the June quarter of 2027. |
Centaurus Metals (CTM) secures US$40M in strategic equity from Glencore and CNGR alongside two new binding nickel offtake agreements for the Jaguar Project in Brazil Glencore and CNGR will each invest US$20M at A$0.425 a share, a 5% premium to the 20-day VWAP, with US$25M in a first tranche and US$15M subject to shareholder approval and a final investment decision. CNGR's investment also needs Chinese outbound investment approval. The offtakes cover a minimum 100,000 dry metric tonnes of concentrate each over five years from H1 2029, taking Jaguar's first five years of production to 100% contracted. |
Tesoro Gold (TSO) secures firm commitments for an approximately A$40M (~US$28.1M) two-tranche placement to accelerate the El Zorro Gold Project in Chile The placement is priced at A$0.73 a share, a 9.9% discount to the 27 October close, with A$32.8M in Tranche 1 and A$7.2M in Tranche 2 subject to approval at a December EGM. Proceeds fund Ternera development and permitting, resource growth drilling and new-discovery exploration, with the DFS on track for year end. Tesoro has also agreed to acquire the remaining 5% of Tesoro Mining Chile SpA for 11,682,850 shares, lifting its effective ownership of El Zorro to 95.4%. |
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Elemental Royalty (ELE) completes the first close of its Orion portfolio acquisition, taking four of the five royalty and streaming assets within a US$290M deal Elemental paid US$188M in cash and issued 3,942,881 shares to funds managed by Orion Mine Finance Management for the Ruby Hill Complex and Granite Creek silver stream, the Kouroussa gold stream, the Homestake District royalty and the La Negra royalty. The Snowy River gold stream is expected to close separately in Q1 2027, subject to New Zealand regulatory approvals. Elemental also upsized its revolving credit facility from US$150M to US$250M alongside the close. |
Turaco Gold (TCG) signs agreements to acquire Sodim's remaining 20% interest in the Afema Gold Project in Côte d'Ivoire for US$79M (A$112M) Turaco has paid a US$3M non-refundable fee for a three-month option and will pay US$30M in cash plus 55.1M shares and 36.7M options on exercise, with Sodim keeping a 0.33% NSR that Turaco intends to buy back for US$12.5M before 30 June 2027. Turaco's US$79M figure assumes that buyback, marks the shares at the 26 October close and values the options on a Black-Scholes basis. Exercise needs shareholder approval at an EGM in early December, and the cash is funded by the A$120M placement. |
Mogotes Metals (MOG) signs a binding offer to acquire the 1.5% NSR royalty over its Filo Sur Project from GRG Resources (GRG) for C$13M (~US$9.3M) The price is C$6.5M in cash and C$6.5M in Mogotes shares at the 20-day VWAP, with the shares subject to a four-month-and-a-day hold. The parties still have to negotiate a definitive agreement, with completion subject to TSX-V approval and targeted by 29 December 2026. GRG's CEO says the sale and its recent asset sale to Capstone leave the company well funded to drill test its new Atakama gold project in Chile. |
Waraba Gold (WBGD) signs a binding agreement to acquire Desert Metals' (DM1) 80% interest in the Tengrela South gold project in Côte d'Ivoire for up to A$5.0M (~US$3.5M) A$2.5M (~US$1.8M) in cash is payable by completion and up to a further A$2.5M on extension of the permit beyond November 2027, while Desert Metals keeps a 1% NSR that Waraba can buy back for A$2.2M. Completion needs Ivorian ministerial approval within six months of signing, plus waivers from Ivorian partner SMEX, which retains a 20% carried interest in the permit holder. Desert Metals says the non-dilutive sale funds first drilling at its Nyan gold anomaly. |
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13.59m at 10.33 g/t Au from 184.41m Sela Creek (Jons Trend), Suriname |
5.04m at 8.72 g/t Au and 49 g/t Ag (799 g/t AgEq) from 104.63m Claudia (Central Vein), Durango, Mexico |
56m at 1.43% Li2O from 187m Adina-Galinée (Galinée Zone), Québec, Canada |
50m at 2.03 g/t Au from 160.5m Rouyn (Astoria), Québec, Canada |
15m at 10.3 g/t Au from 30m Horn Island, Queensland, Australia |
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Week-on-Week
| Gold | US$3,874.08/oz -3.00% |
| Silver | US$49.12/oz -8.83% |
| Platinum | US$1,434.30/oz -8.20% |
| Palladium | US$976.50/oz -7.13% |
| Rhodium | US$9,100.00/oz -0.55% |
| Copper§ | US$14,293.43/t +0.01% |
| Nickel | US$15,220.00/t -4.07% |
| Zinc | US$3,837.55/t +2.38% |
| Lead | US$1,911.58/t -0.16% |
| Aluminium | US$3,059.70/t +0.41% |
| Tin | US$49,697.00/t -0.78% |
| Iron Ore | US$90.71/t -0.13% |
| Manganese§† | US$4.32/dmtu 0.00% |
| Uranium | US$92.25/lb +2.44% |
| WTI Crude* | US$102.89/bbl -0.37% |
| Lithium§ | US$14,073.71/t -3.51% |
| Cobalt | US$33,510.00/t -3.21% |
| Molybdenum§ | US$89,840.17/t -0.99% |
| Neodymium§ | US$139.46/kg -1.59% |
Prices sourced from Trading Economics, week-on-week to Friday 30 October 2026; Tin, Cobalt and Uranium are Thursday 29 October closes. *WTI Crude sourced from Investing.com (Crude Oil WTI Futures), Friday 23 October to Friday 30 October closes. §Converted to the table's units: copper from US$/lb at 2,204.62 lb per tonne; manganese, lithium, molybdenum and neodymium from Trading Economics' CNY quotes at CNY 6.6507 per US$ (30 October), with percentage changes as quoted in CNY. †Trading Economics shows no change over the week, so 0.00% may reflect a stale feed. |
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Kamoa Capital |
This newsletter is for general information, education and 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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