 The Drill DownWednesday 29 July 2026 |
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Presented By ASX: TM1 |
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| Building a world leading PGM asset – MST Access $1.05 valuationTerra 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.Download Full Report |
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Lead InsightRio Tinto Pays Biggest Dividend in Four Years on Buoyant Metal PricesRio Tinto will pay a half-year dividend of US$2.11 a share, its biggest interim payout in four years and 43% above last year, after tariffs and conflict in the Middle East lifted copper and aluminium prices. Half-year profit came in at US$6.6 billion, with analysts having expected US$2.04 a share. Iron ore contributed 43% of underlying earnings and copper 36%, with chief executive Simon Trott calling the result a step change.
| Our TakeIron ore carried more than 80% of earnings as recently as 2021 and now carries 43%. The copper build is finally showing up in the payout. |
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Commodity Prices
Precious Metals (USD/toz)
| Gold |
$4,029-1.18% |
| Silver |
$57-2.20% |
| Platinum |
$1,605-0.87% |
| Palladium |
$1,259-2.33% |
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Base Metals & Commodities
| Copper USD/t |
$14059.75-0.06% |
| Nickel USD/t |
$16902.50-1.95% |
| Zinc USD/t |
$3542.99-1.42% |
| Lead USD/t |
$1875.10-0.38% |
| WTI Crude USD/bbl |
$82.67+4.50% |
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Prices updated as of 29 July 2026, 8:03 am AEST |
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Market MoversWinners & Losers – Canadian Markets
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Deep Sea Minerals Corp.The seabed nodule explorer gained a second straight session, this time with a disclosure clarification already on the tape. Issued at the request of the British Columbia Securities Commission, it found paid promotions run between 26 February and 10 July did not always disclose they were issued on the company’s behalf. Investors were told not to rely on that material. |
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P2 Gold Inc.No announcement accompanied the rise, with nothing released since early July. P2 Gold is advancing the Gabbs gold-copper project on Nevada’s Walker Lane trend, where an updated resource is due this quarter ahead of a feasibility study in the fourth. Its 2025 study ran on a US$2,350 gold price, well under spot. |
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Santacruz Silver Mining Ltd.Santacruz produced 1,573,100 ounces of silver and 23,240 tonnes of zinc in the June quarter, with silver and zinc rising at every operation across Bolivia and Mexico. Bolivar silver lifted 32% quarter on quarter to 343,522 ounces as recovery from a 2025 flooding event continued. Bolivar and Porco are reported at 100%, though the company books only its 45% interest. |
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BonTerra Resources Inc.Bonterra launched a guaranteed rights offering for up to $20.4 million, issuing 170.2 million rights at a subscription price of 12 cents against a 13.5 cent close. That is heavily dilutive against 212.7 million shares on issue. The raise follows a $5 million bridge loan taken in March from largest shareholder Wexford Capital. |
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Auro Metals Inc.Auro fell for a second straight session, this time on positive assays. The third batch from the Phase I program at Santa Barbara in Ecuador returned 542m at 0.60 g/t gold and 0.12% copper, with ten of nineteen holes now reported. The market has treated a strong July run as fully priced. |
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American Tungsten Corp.No announcement accompanied the fall. American Tungsten is advancing the past-producing IMA tungsten mine in Idaho, where metallurgical and geotechnical work began in mid-July ahead of a targeted restart. The stock has roughly halved since moving from the CSE to the venture exchange in late May. |
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Market data as of 29 July 2026, 9:30 AM AEST |
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This Week’s PollWhich Best Describes You?
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| ○ High-net-worth investor |
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| ○ Government / Institution |
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Presented By |
Enabling fractional mining royalty investment
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| Today’s Stories |
FastmarketsBoliden Confirms Talks to Buy Votorantim’s Stake in Zinc, Lead Producer NexaBoliden confirmed to Fastmarkets that talks with Votorantim over its stake in Nexa Resources are continuing. A transaction would add five polymetallic mines and three zinc smelters across Brazil and Peru, including Cajamarquilla in Lima, which Nexa describes as the largest in the Americas. Neither party has disclosed a stake size or an indicative price.
| Our TakeBoliden took Lundin’s zinc assets last year and is now circling Nexa, so this is scale-building. At record negative treatment charges, size is the defence. |
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Mining.comUS Struggles to Secure Lithium for Strategic StockpileThe US Defense Logistics Agency has pushed its bid deadline back a second time, to 5 August from 30 July, on a contract to supply battery-grade lithium carbonate for the National Defense Stockpile. The tender covers up to 16,167 tonnes over five years with a ceiling of $300 million and was originally due 17 July. It follows a cobalt tender last year that was postponed and reworked after suppliers balked at pricing and terms.
| Our TakeTwo extensions suggest the terms are not clearing the market. Suppliers pushed back on cobalt last year and the agency had to rework the tender. |
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Mining.comChile’s Deadly Storm Adds Growing Pressure to Copper PricesA severe winter storm across Chile has killed at least ten people and damaged more than a thousand homes, with a state of emergency declared. Antofagasta halted mining and processing for several days at Los Pelambres, snow briefly stopped Codelco operations including El Teniente, and Lundin’s Caserones remains down pending power repairs. The government expects disruption in the high Andes to continue into early August.
| Our TakeChile supplies about a quarter of the world’s mined copper, and high-altitude winter risk is no longer a tail case. Expect it built into supply forecasts from here. |
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Australian MiningGenesis Posts Record Gold Production Ahead of Vault MergerGenesis produced a record 285,402 ounces in FY26 at an all-in sustaining cost of $2,670 an ounce, with June quarter sales of 77,797 ounces at $6,175 realised generating more than $480 million. Standalone FY27 guidance is 270,000 to 300,000 ounces. The agreed merger with Vault would create a roughly $12.6 billion producer turning out 600,000 to 700,000 ounces a year, with about $2 billion of post-tax synergies claimed.
| Our TakeRecord ounces at $2,670 against $6,175 realised is the margin doing the heavy lifting. The Vault synergies still have to survive an independent expert. |
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Mining.comCodelco Rules Out Meeting Copper Goals as It Faces Tough YearChairman Bernardo Fontaine said Codelco faces another difficult year and effectively ruled out returning to pre-pandemic output by the end of the decade. He pointed to years of weak production, rising costs and underperforming investments, and said the company lacks the capital to advance its whole portfolio alone, opening the door to more private partnerships. A recovery plan due around October or November will prioritise profitability over volume.
| Our TakeThe world’s largest copper producer conceding it cannot fund its own pipeline is a real supply signal. The partnership terms will decide who captures the upside. |
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| Kamoa Capitalkamoacap.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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