 The Drill DownFriday 15 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 InsightCanada Pivots and Rethinks Key IndustriesThe Canadian government has announced a C$1.5 billion support package for domestic steel, aluminium, and copper industries as it undertakes a broader rethink of which sectors should be prioritised in response to sustained US tariff pressure. The move signals Ottawa is shifting from reactive trade defence to an active industrial strategy centred on the metals and mining sector.
| Our TakeC$1.5 billion says Ottawa has stopped treating tariffs as temporary. For domestic copper and aluminium producers, this is the closest thing to a policy floor they have seen in years. |
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Commodity Prices
Precious Metals (USD/toz)
| Gold |
$4,661+0.20% |
| Silver |
$84+0.30% |
| Platinum |
$2,059-0.28% |
| Palladium |
$1,440+0.35% |
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Base Metals & Commodities
| Copper USD/lb |
$6.60+0.02% |
| Nickel USD/lb |
$8.57-1.28% |
| Zinc USD/lb |
$1.62+0.99% |
| Lead USD/lb |
$0.91+0.32% |
| WTI Crude USD/bbl |
$101.90-0.11% |
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Prices updated as of 15 May 2026, 8:58 am AEST |
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Market MoversWinners & Losers — TSX/NYSE Markets
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Mogotes Metals Inc.Released a high-grade discovery at the Albor target within Filo Sur, with 78.0m at 1.70% Cu from 58m including 40.0m at 3.02% Cu from 92m. This is the second Cu-Au-Ag-Mo discovery in the company’s inaugural drill season in the Vicuna district. |
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Caprock Mining Corp.Filed an early warning report confirming insider Frank Guillemette completed a further acquisition of common shares. The Abitibi gold explorer is advancing the Destiny Gold Project near Val-d’Or with a Q2 2026 resource expansion drill program. |
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Max Power Mining Corp.Eric Sprott purchased an additional 1 million shares at an average of C$2.02, lifting his stake to approximately 12.8% undiluted. The natural hydrogen explorer is preparing for a confirmation drill at the Lawson structure in Saskatchewan at mid-year. |
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Sherritt International CorporationContinued to deteriorate after expanded US sanctions on Cuba forced a suspension of Cuban JV operations, board resignations, its auditor Deloitte stepping down, and CFO departure. The company faces a potential cease-trade order after delaying Q1 results. |
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Arizona Eagle Mining Corp.Announced a C$3 million non-brokered private placement at C$1.10 per unit to fund the acquisition of the Eagle Silver Project in Arizona and an inaugural 3,500m drill program. The stock sold off on the dilution. |
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Largo Inc.Reported Q1 2026 results with V2O5 production up 102% to 2,616 tonnes and improved mine operations at Maracas Menchen. However, the stock sold off as US import tariffs on Brazilian products weighed on the revenue outlook and the company flagged going concern risk. |
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Market data as of 15 May 2026, 8:43 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 |
Mining.com Appian Deepens Namibia Push With $400 Million Copper Mine AcquisitionAppian Capital Advisory has acquired a majority stake in Namibia’s Omitiomire copper mine in a deal valued at $400 million, expanding its footprint in Africa as copper prices hover near record highs. The acquisition positions Appian as a meaningful player in an emerging Namibian copper sector at a moment when supply concerns and strong demand are tightening the global market. The timing reflects deliberate capital deployment into copper at the top of the price cycle.
| Our TakeBuying copper assets at record prices looks expensive until you model the supply gap. Appian is betting that today’s ceiling is tomorrow’s floor, and the deficit data supports that view. |
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MysteelLithium Inventory Drawdown Expected at 10 kt in MayMysteel forecasts a 10,000 tonne drawdown in Chinese lithium carbonate inventories for May, driven by continued supply disruption from Zimbabwe’s export ban and strong downstream demand from cathode and battery producers. The consensus view is that the market will remain in deficit through the coming months, with supply yet to recover.
| Our Take10,000 tonnes out of Chinese inventory in a single month while Zimbabwe’s ban holds. The supply side is tightening faster than most lithium bears expected. |
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The Northern MinerHonda Halts $15B Ontario EV Plant Amid LossesHonda has indefinitely suspended its planned $15 billion EV and battery complex in Ontario after reporting its first-ever full-year loss of 423.9 billion yen ($3.6 billion). The company is pivoting toward hybrids as EV demand softens. Up to $5 billion in committed federal and provincial funding has not been transferred, and the suspension marks a significant setback for Canada’s domestic EV supply chain ambitions.
| Our TakeOntario announces $14 billion in mining investment one day, then loses $15 billion in EV investment the next. The policy challenge for Canada is now painfully clear: mining is gaining ground while downstream manufacturing is retreating. |
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FastmarketsSulfur, Pyrite, Tolling Emerge as New Levers in Copper Concentrate TradeThe traditional role of treatment and refining charges in copper concentrate pricing is being displaced by a broader set of commercial levers, including readjusted gold and silver payables, sulfuric acid tolling arrangements, and renewed trade in gold-bearing pyrite material. Sources say the commercial focus has shifted from TC/RCs themselves to side terms and byproduct structures that increasingly determine how value is distributed across the supply chain.
| Our TakeWhen pyrite and acid tolling start driving deal economics, the traditional TC/RC framework is no longer the real negotiation. Copper producers with high precious metal credits now hold significantly more pricing power than the headline terms suggest. |
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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. |
