 The Drill DownWednesday 20 May 2026 · Part 1 |
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Presented By ASX: TM1 |
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| Australia’s Next Major PGM DiscoveryTerra 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 InsightWhite House Gets Small Rare Earth Win but China’s Export Regime Is Here to StayA fact sheet from the Beijing summit indicated China would address US concerns about critical mineral shortages, delivering a modest concession to the White House. Analysts warn that China’s broader rare earth export control regime remains firmly in place and is unlikely to be dismantled through diplomatic pressure alone. The outcome highlights the structural challenge facing Western nations attempting to reduce reliance on Chinese rare earth supply chains.
| Our TakeBeijing gave just enough on rare earths to let both sides claim progress, without loosening any of the structural controls that matter. For investors, the signal is clear: companies building separation and refining capacity outside China remain the more durable trade. |
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Commodity Prices
Precious Metals (USD/toz)
| Gold |
$4,482-1.85% |
| Silver |
$74-5.15% |
| Platinum |
$1,925-2.32% |
| Palladium |
$1,354-4.52% |
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Base Metals & Commodities
| Copper USD/lb |
$6.21-2.20% |
| Nickel USD/lb |
$8.51+1.17% |
| Zinc USD/lb |
$1.58-0.10% |
| Lead USD/lb |
$0.89-1.01% |
| WTI Crude USD/bbl |
$104.25+0.23% |
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Prices updated as of 20 May 2026, 8:04 am AEST |
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Market MoversWinners & Losers — TSX/TSX-V Markets
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Targa Exploration CorpReported visible gold and suspected electrum in drill core from the first hole of its maiden programme at the El Zanjon gold-silver project in Santa Cruz, Argentina. The 2,250m diamond drilling programme is targeting epithermal systems 30km south of the Cerro Vanguardia mine. |
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Lavras Gold CorpConfirmed a northwest-southeast trending vein system at the Caneleira target in Brazil with hole 26CN019 returning 33.72 g/t gold over 7m, including 178.16 g/t over 1m. At least three discrete mineralised structures have been identified to date. |
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Sherritt International CorporationReversed its plan to dissolve its Cuban joint ventures following further consultation with advisors and government authorities. The company flagged a “potential value preserving opportunity” it is evaluating, though Deloitte has resigned as external auditor. |
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Chesapeake Gold CorpNo specific catalyst identified. |
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Apex Critical Metals CorpAnnounced an upsized brokered offering to C$15 million through Canaccord Genuity at C$1.90 per unit with C$2.60 warrants. The rare earths and niobium explorer is advancing its Rift project in the Elk Creek Carbonatite Complex in Nebraska. |
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Aya Gold & Silver IncShares have continued to sell off since record Q1 results on 14 May, which delivered $117M revenue (up 247% YoY), $49M net income (up 600% YoY) and $70M operating cash flow. Production at Zgounder fell 8% QoQ on weather disruptions, likely weighing on sentiment despite the headline beat. |
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Market data as of 20 May 2026, 9:01 am AEST |
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| This Week’s PollWhat best describes you?
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This Week’s ResearchQ3 FY26 ASX Producer Recap
| Twelve mid-tier ASX gold producers, one commodity environment and the spread between best and worst AISC is now wider than the gold price was 18 months ago. That dispersion is the story. Inside: the five Tier-1 calls, the bond market re-opening for lithium, the US$110/kg policy floor decoupling Lynas from China spot, and the Q4 catalyst calendar. |
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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 |
BloombergTrafigura Turns to Tether as Stablecoins Take on CommoditiesTrafigura is in early-stage talks with Tether to pilot USDT stablecoin payments at Puma Energy fuel stations in El Salvador. If the pilot proceeds, customers would pay in USDT with conversion to US dollars before settlement reaches the company. The discussions come as Tether expands into commodity trade finance, having already extended roughly $1.5 billion in credit to the sector.
| Our TakeTether already has $1.5 billion in commodity trade credit out the door. Piloting USDT at the pump in El Salvador is the next step: building the settlement rails that make stablecoins sticky in physical markets. |
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Mining.comEU Ban on Russian Uranium Expected to Boost Canadian ExportsThe European Commission confirmed that work on a proposal to phase out Russian nuclear fuels is ongoing, with Canada identified as a key alternative supplier. The move reflects growing geopolitical pressure on the EU to diversify its nuclear fuel supply chain away from Russia. Canadian uranium producers stand to benefit materially if a formal phase-out framework is adopted.
| Our TakeA formal EU phase-out of Russian nuclear fuel would be a structural demand catalyst for Canadian uranium producers, not a cyclical one. Investors positioned in Athabasca Basin names are sitting on what could become a policy-driven re-rating event. |
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Australian Resources and InvestmentBHP Emerges as Unlikely Darling of Global Technology Investors as AI Drives Critical Minerals DemandBHP has emerged as an increasingly favoured stock among global technology investors who view the mining giant as a critical supplier to the artificial intelligence infrastructure build-out. Fund managers say BHP’s position as Australia’s most valuable listed company is being reinforced by technology investor interest in copper, nickel, and other metals essential to AI data centres and electrification. The trend reflects a broadening of the investor base for large-cap diversified miners beyond traditional resources allocations.
| Our TakeTechnology investors rotating into BHP for AI infrastructure exposure is a structural re-rating story, not a momentum trade, and it suggests the valuation floor for major copper-weighted miners is being reset by a new and deep pool of capital. For diversified mining equities, this is the most consequential demand-side development in years. |
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MiningmxLithium Demand Forecasts Too Conservative, Tianqi CEO Warns as Heavy Transport Surge LoomsThe CEO of Tianqi Lithium has warned that current lithium demand forecasts are too conservative, pointing to an expected surge in demand from heavy transport including mining equipment and ships. The executive said the scale of upcoming demand growth will represent a huge increase relative to current projections. The comments add to growing debate about whether the lithium industry is investing enough to meet future needs.
| Our TakeA bearish lithium price environment has compressed investment and shelved projects, so if the Tianqi CEO’s read on heavy transport demand is correct, the industry may be setting itself up for a supply gap that arrives faster than consensus expects. Contrarian investors watching lithium developers will find this commentary worth filing. |
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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. |
