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FRIDAY 6 NOVEMBER 2026 |
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The Drill Down
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| Presented By |
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| ASX: TM1 |
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| Building a world leading PGM asset – MST Access $1.05 valuation |
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| 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. |
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| Download Full Report |
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Lead Insight
Codelco chairman Bernardo Fontaine told an extraordinary shareholders’ meeting on Thursday that artificially inflated production detected in the miner’s reports amounts to 42,100 tonnes, while a second case cuts stock by 17,000 tonnes, worth US$120 million to US$140 million. Codelco has ordered audits and dismissed nine people across three mines and its corporate offices. Fontaine now expects 2026 copper output closer to 1.2 million tonnes, and around 1.3 million tonnes a year over the next four years.
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Commodity Prices: 6 Nov 2026, 8:03am AEST
| Gold (USD/toz) |
$4,098 +0.90% |
| Silver (USD/toz) |
$52 -0.51% |
| Platinum (USD/toz) |
$1,522 +1.58% |
| Palladium (USD/toz) |
$1,041 +3.86% |
| Copper (USD/t) |
$13,850.22 -3.15% |
| Nickel (USD/t) |
$16,259.50 +2.58% |
| Zinc (USD/t) |
$3,757.79 -0.49% |
| Lead (USD/t) |
$1,882.10 +0.53% |
| WTI Crude (USD/bbl) |
$91.15 +3.44% |
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| Market Movers: Winners & Losers, Canadian Markets |
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Top Gainers
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SME +26.7%:Sama Resources
Sama Resources signed a term sheet with Aya Gold & Silver to acquire the Azegour copper-tungsten-molybdenum project in Morocco for 52 million shares at a deemed C$0.15, or C$7.8 million, and plans to rename itself AXA Metals. Aya would hold about 19.11% of Sama after the issue. A definitive agreement, due diligence, an NI 43-101 technical report and disinterested shareholder and TSX-V approvals remain outstanding, and Azegour has no current resource.
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ARU +23.3%:Aurania Resources
Aurania’s most recent drilling update, on 13 October, covered eight diamond holes for 780.70 metres at the Thormódsdalur gold-silver project in Iceland, with core recovery at or near 100% in most holes against about 50% or less in earlier programs. Epithermal vein textures were logged in every hole, but these are visual observations only. Assays from ALS are expected in November.
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EDCU +21.1%:Edge Copper
Edge Copper reported a copper-gold-silver-molybdenum sulphide porphyry discovery beneath the Zonia oxide deposit in Arizona, with all 13 holes drilled below the oxide intersecting sulphide mineralisation over about 2,980 metres of strike. ZND0063 returned 876 feet at 0.38% CuEq from 1,075 feet to the end of the hole, on down-hole lengths with true thickness not determined. CuEq assumes $4.60/lb copper, $3,306/oz gold, $43.96/oz silver and $23.41/lb molybdenum, with recoveries taken from comparable projects rather than Zonia test work.
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Top Losers
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PNTR -25.8%:Pantera Silver
Pantera Silver’s fall is measured against its last close on 5 October, before trading was suspended over delayed annual filings. The TSX Venture Exchange reinstated its shares, as announced on 3 November, after the cease trade order was revoked. On 4 November it began a 17 line-kilometre first-phase IP survey at the La Riviera target on its Rakanco silver project in Bolivia to rank targets for its first drill program.
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EU -17.1%:enCore Energy
enCore Energy’s latest update, on 27 October, said the first production area authorisation at its Upper Spring Creek ISR uranium project in South Texas had cleared TCEQ technical review and public notice, with final sign-off expected on or before 13 November. Full operation also needs TCEQ approval of the project’s waste disposal well, which is in final testing and review. At Alta Mesa, the PAA-3 extension is expected by year-end and PAA-8 early in 2027.
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BRW -17.0%:Brunswick Exploration
Brunswick Exploration upsized its Canaccord Genuity-led LIFE offering to up to C$17.8 million, with common shares at C$0.19 and charity flow-through shares at C$0.30, plus up to C$2 million of flow-through shares at C$0.28. The shares closed at C$0.195, just above the C$0.19 offer price. Closing is expected around 25 November, subject to a C$8 million minimum raise and TSX-V approval.
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| Presented By |
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| Sierra Nevada Gold |
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| ASX: SNX |
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| Emerging Saudi Arabian Developer & Explorer |
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| Sierra Nevada Gold is advancing As Safra, a large copper-gold system extending over more than 5.5km of strike in the Arabian Shield. Initial drilling has confirmed broad, continuous zones of mineralisation including high-grade intervals, with a major follow-up program now in preparation. |
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| Find Out More |
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| In-Country Operating Subsidiary |
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The Northern Miner
Lundin Mining cut its Caserones copper target to 105,000 to 115,000 tonnes from 120,000 to 130,000 tonnes, its second cut since August, as snowmelt keeps disrupting the Chilean mine. Company-wide guidance falls to 285,000 to 310,000 tonnes from 300,000 to 325,000 tonnes. Third-quarter free cash flow of US$312 million beat consensus of US$219 million, but the shares traded 10% weaker at C$28.48.
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Reuters
Lula’s reelection is likely to dash Washington’s hopes of fast access to Brazil’s rare earths, the world’s second-largest reserves. His government plans new rules through the National Council for the Industrialization of Critical and Strategic Minerals, which will prioritise processing in Brazil over raw exports, with regulations targeted for the first months of 2027. Serra Verde, bought by USA Rare Earth in September, is the only rare earth mine operating commercially in the country.
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The Guardian
A UK parliamentary business committee found the country “dangerously” dependent on China for critical minerals needed for defence, net zero and AI. MPs heard lithium demand will rise 45-fold and rare earth demand 16-fold by 2030, and called for a critical minerals finance facility to fund mines and diversification. The government said it is delivering £400 million to lift domestic production and recycling.
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Miningmx
Gold Fields said in its third-quarter update there is no certainty its proposed cash and share takeover of Northern Star Resources will proceed. The offer’s implied value has slipped 15% to A$22.90 a share from A$27.00 when it was made on 14 September. Nedbank Securities said deals of this kind typically need premiums near 30%, against the current 22% proposal.
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Miningmx
Sibanye-Stillwater cut its 2026 US PGM production guidance to 245,000 to 255,000 oz from 280,000 to 300,000 oz after a five-week strike at the Stillwater mine and Columbus metallurgical complex. AISC guidance rises to US$1,700 to US$1,760/oz from US$1,520 to US$1,580/oz. Staffing sits about 25% below the planned 2027 mechanised workforce.
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Business Wire
Rio Tinto approved a US$144 million investment by Resolution Copper, with Rio’s share at US$79 million, to advance the next phase of the Arizona project. The program funds feasibility studies and final design engineering for shaft material handling and water treatment, plus exploration drilling and underground equipment. It adds to about US$500 million of preliminary spending announced after the land exchange completed in March 2026.
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Mining Weekly
India has asked coal miners and railways to triple stockpiles at power stations before next summer, lifting inventories from near 18 million tonnes to at least 55 million tonnes by the end of March. Stockpiles sit near a five-year low of about six days, against the roughly three weeks the government typically wants plants to hold. Prioritising power stations has left captive power producers and other industrial users short of coal.
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Business Wire
AngloGold Ashanti delivered US$722 million of third-quarter free cash flow, with EBITDA up 12% to US$1.57 billion on a received gold price of US$4,239/oz. Production of 696,000 oz kept full-year guidance of 2.8 million to 3.17 million oz intact, though AISC rose to US$2,170/oz from US$1,720/oz a year earlier. The board declared a dividend of 71 US cents a share and approved execution-phase funding for North Bullfrog in Nevada, subject to permits.
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GlobeNewswire
Entrée Resources closed an oversubscribed non-brokered placement of 12,485,300 units at C$2.90, raising C$36.2 million after lifting the raise by C$4.3 million on demand. Each unit carries a three-year warrant exercisable at C$3.95. Proceeds will fund an updated technical report on its Entrée/Oyu Tolgoi joint venture interest and a larger presence in Mongolia.
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GlobeNewswire
Brunswick Exploration lifted its Canaccord Genuity-led LIFE offering to up to C$17.8 million, comprising common shares at C$0.19 and charity flow-through shares at C$0.30. A concurrent non-brokered placement of flow-through shares at C$0.28 adds up to C$2 million. Closing is expected around 25 November, subject to a C$8 million minimum raise and TSX-V approval.
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Kamoa Capital
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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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