SP Angel Morning View -Today’s Market View, Friday 29th August 2025

Gold prices push close to a record high ahead of US inflation numbers

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – Financial results reflect operating improvements at the Uis mine, Namibia

Beowulf Mining* (BEM LN) – Interims highlight progress at Kallak and GAMP projects

Galantas Gold* (GAL LN) – Interims

Greatland Gold (GGP LN) – Robust H1 results underpinned by operating improvements at Telfer

Kodal Minerals* (KOD LN) – Completion of Bougouni plant transforms Kodal from a developer to a producer

Metals One (MET1 LN) – C$0.75m investment in Lions Bay Capital

Orezone Gold (ORE CN) – ASX trading halt

Copper ($9,881/t) prices climb higher as manufacturing confidence returns 

• Consumers are looking to restock after a first half of uncertainty

• Expect prices to break through $10,000/t this Autumn and to climb further towards Christmas.

• Trump’s Tariff reset whereby Trump has rebalanced many of the tariffs on American imports into the EU and other nations is largely done enabling manufacturers to better plan.

• China Inc. has developed non-US sales networks and is working in raising domestic demand.

• The revised ‘Dual Circulation’ policy may raise export prices as China works to raise margins and salaries to stimulate internal demand.

• China tariff negotiations continue to kick the can down the road with China though some uncertainty remains.

• If / when China invades Taiwan will provide the next ‘Black Swan’ event for markets.

• If the US/Japan/EU are able to produce TSMC quality semiconductors in America the invasion of Taiwan will be a lesser event.
• The development of drone warfare has given China new weapons for swarming landing sites and invading the region.

Thought for a Friday

• Schrödinger’s neighbour thought the quantum experiment was really interesting but he would really like a straight answer on where his cat is?

IGTV – The Future of Mining: Gold, Copper, Rare Earths & M&A:  https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US – The economy expanded at the faster rate than initially estimated in 2Q25.

• GDP climbed 3.3%qoq (annualised), a revision on 3.0% estimated earlier.
• Upward revision was driven by a pickup in business investment and an outside contribution to trade.
• Business investment grew 5.7%, up on 1.9% calculated before.

Key inflation data is out later today.

• Estimates are for headline and core PCE data to have come in at 2.6% and 2.9% in July, respectively, vs 2.6%/2.8% in June.

Currencies

US$1.1672/eur vs1.1635/eur previous. Yen 147.15/$ vs 147.34/$. SAr 17.732/$ vs 17.661/$. $1.349/gbp vs $1.349/gbp. 0.654/aud vs 0.651/aud. CNY 7.134/$ vs 7.140/$.

Dollar Index 97.98 vs 98.17 previous.

Precious metals:         

Gold US$3,411/oz vs US$3,395/oz previous

Gold ETFs 92.9moz vs 92.6moz previous

Platinum US$1,350/oz vs US$1,353/oz previous

Palladium US$1,106/oz vs US$1,099/oz previous

Silver US$38.8/oz vs US$38.8/oz previous

Rhodium US$7,150/oz vs US$7,250/oz previous

Base metals:   

Copper US$9,881/t vs US$9,806/t previous

Aluminium US$2,617/t vs US$2,615/t previous

Nickel US$15,345/t vs US$15,170/t previous

Zinc US$2,801/t vs US$2,775/t previous

Lead US$1,993/t vs US$1,988/t previous

Tin US$35,225/t vs US$34,715/t previous

Energy:

Oil US$68.1/bbl vs US$67.6/bbl previous

Natural Gas €31.6/MWh vs €31.3/MWh previous

Uranium Futures $74.8/lb vs $74.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$113.3/t vs US$112.3/t

Chinese steel rebar 25mm US$481.2/t vs US$481.6/t

HCC FOB Australia US$186.3/t vs US$187.3/t

Thermal coal swap Australia FOB US$109.8/t vs US$109.8/t

Other:  

Cobalt LME 3m US$33,335/t vs US$33,335/t

NdPr Rare Earth Oxide (China) US$84,671/t vs US$84,591/t

Lithium carbonate 99% (China) US$10,836/t vs US$11,106/t

China Spodumene Li2O 6%min CIF US$920/t vs US$940/t

Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t

China Tungsten APT 88.5% FOB US$503/mtu vs US$503/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$270/t

China Rutile Concentrate 95% TiO2 US$1,100/t vs US$1,099/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

Company news

Andrada Mining (ATM LN) 3.1p, Mkt Cap £56m – Financial results reflect operating improvements at the Uis mine, Namibia

• Reporting results for the year to 28^th February, Andrada Mining reports a 72% increase in gross profit to £3.0m and a turnaround in EBITDA from the previous year’s loss of £4.8m to a profit of £0.5m as tin production, recovery rates and shipments for the year all rose and tantalum concentrate production increased seven-fold.
• A 21% rise in realised tin prices to US$31,081/t, in conjunction with an 11% increase in tin shipments helped deliver a 33% increase in revenue to £23.8m.
• Chairman, Glen Parsons, described the year as one of “delivery and strategic progress … [which also saw] … the transformational partnership with SQM, the consolidation of our licence base, and continued operational improvements at … [the]… Uis” mine in Namibia.
• Expressing pride in the delivery of “record revenues, higher tin recoveries, and a sevenfold increase in tantalum output … [CEO, Anthony Viljoen, said that] … Post year-end, the commissioning of the jig plant, the investment by Talent10, and the Goantagab ore supply agreement provide immediate growth levers at a time of buoyant tin prices”.
• Mr. Viljoen said that “We enter FY2026 with momentum, a clear plan, and the right partnerships to transform Andrada into a leading African supplier of critical minerals for the energy transition”.
• Plans include a doubling of tin output by ramping up the jig plant at Uis together with “Continued exploration and development at Lithium Ridge with SQM … [and] … Resource expansion drilling at Brandberg West and Uis”.
• In his letter to shareholders, Mr. Parsons described the drilling results so far from Brandberg West and Uis as reinforcing the company’s belief “in the potential of our polymetallic portfolio”.
• He also attributed the operational improvements at Uis to “debottlenecking of the existing processing plant through the implementation of the continuous improvement programme … [and described how] …. We have already seen the benefits of this programme and stand to gain as they are fully realised in FY 2026”.
• Describing a 4% increase in contained tin production to 921t for the year, Mr. Viljoen explained that the higher output was “not only about volume but also about efficiency. Recoveries increased to 72% from 69% in the previous year, and throughput reached an average of 141 tonnes per hour in the fourth quarter, up from 134tph at the start of the financial year … [providing] … tangible signs that our CI2 Programme has been successful”.

Conclusion: The company expects the momentum of operational improvement achieved at the Uis mine to continue into the current year.

Beowulf Mining* (BEM LN) 10p, Mkt Cap £6m – Interims highlight progress at Kallak and GAMP projects

BUY – 182p NAV

• The Company released Interim results highlighting progress at the portfolio of exploration and development assets in Sweden, Finland and Kosovo.
• The team raised £2.2m during the period securing the runway through 1Q26.
• In Sweden, work for both the PFS, EIA and environmental permit application continued at the Kallak Iron Ore Project.
• Processing plant and site infrastructure design was finalised while tailings design advanced.
• Stakeholder concerns on concentrate transport addressed with a buried slurry pipeline identified as preferred, cost-efficient option.
• In Finland, the team released results of the PFS on Graphite Anode Materials Plant (March 2025).

• • Phase 1: 25ktpa CSPG, NPV8 €924m, IRR 37%, capex €225m, 3-year payback.
  • Phase 2: Expansion to 75ktpa, NPV8 €2.2bn, IRR 38%.

• In Kosovo, the Company continued low cost exploration at Shala licenses.
• Applications submitted for renewal of Mitrovica, Viti East/North, Zvecan, and Shala licences that remain pending as authorities working through a backlog of applications.
• Shala West licence relinquished (limited prospectivity).
• Shala East license (expired 17 August) is being renewed with a 50% reduction in the area and currently pending approval.
• Grafintec secured 13ha site reservation in Kotka industrial area for GAMP with strong infrastructure and proximity to major container port.
• PAT -£1.1m (1H24: -£1.0m).
• Admin costs -£1.0m (1H24: -£0.9m).
• Capex was -£0.9m (1H24: -£0.9m)
• FCF -£1.8m (1H24: -£1.7m).
• Closing cash balance stood at £0.8m (Dec24: £0.9m), no bank debt.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Galantas Gold* (GAL LN) 3.8p, Mkt Cap £4m – Interims

• The Company released Interim results for 1H25.
• No revenues reported during the period.
• Net Loss of C$1.9m (1H24: -C$2.2m)
• General admin expenses (excluding debt related interest costs) -C$1.0m (1H24: C$1.1m).
• CFO -C$0.3m (1h24: -C$1.4m).
• Capex -C$0.9m (1H24: -C41.2m).
• Operations were funded with further loan drawdowns from related parties.
• Closing cash balance C$245k (Dec24: C$526k) with C$23m in outstanding debt related liabilities including C$16m in current liabilities due to related parties.

*SP Angel acts as Broker to Galantas Gold

Greatland Gold (GGP LN) 267.5p, Mkt Cap £1,717m – Robust H1 results underpinned by operating improvements at Telfer

• Yesterday, Greatland Gold reported interim profits of A$337m for the first six months of 2025 (H1 2024 – ~A$29m loss) and a closing cash balance of A$575m.
• The results reflect the reorganisation of the company following its acquisition of the balance of the Havieron project not previously owned and the acquisition of the Telfer gold mine in WA from Newmont Mining in December 2024.
• The financial result reflects the production of ~198koz of gold and ~8,400t of copper at from processing almost 11mt of ore at an all-in-sustaining cost of A$1,849/oz from open pit mining of the West Dome pit and underground operations at Telfer.
• Greatland Gold reports that “A key driver of the strong FY25 operational performance was significant improvement in recoveries. FY25 gold recovery of 84.2% was the highest annual gold recovery achieved at Telfer since 2010 … [which it describes as] … an exceptional result given the lower than historical grade processed in FY25”.
• The company clarifies the improvements to recovery rates coming from “a focus on stable grinding and flotation plant operation, and consistent feed rates to and utilisation of the pyrite flotation and concentrate carbon-in-leach … circuits”.
• Efforts to expand the mineral resource base at Telfer through >78,000m of drilling up to 30^th June are continuing focussing on the West Dome open pit and underground areas and the ‘Main Dome Underground Eastern Stockwork Corridor’’.  An updated resource estimate is expected in the March quarter, 2026 and a reserve estimate in the June 2026 quarter.
• Greatland Gold also highlights it March 2025 announcement of its mineral resources at Telfer of “154Mt @ 0.64g/t Au and 0.08% Cu for 3.2Moz Au and 117kt Cu, 46% of which is Measured or Indicated for 1.4Moz Au and 62kt Cu” which, in conjunction with its resource at the Havieron project, brings its total mineral resources inventory to “285Mt @ 1.11g/t Au and 0.14% Cu for 10.2Moz Au and 387kt Cu, 55% of which is Measured or Indicated Resource”.
• Havieron hosts a mineral resource of 131Mt at an average grade of 1.67g/t gold and 0.21% copper “contained within a compact 650 metre strike length and is currently defined over 1,400 vertical metres”.
• The Havieron Feasibility Study is expected to be completed in the final quarter of 2025.  The study is evaluating “an initial mining rate of 2.8Mtpa post ramp-up, increasing to between 4.0Mtpa – 4.5Mtpa by development of a second decline, material handling system and underground crusher … [which the company describes as a] … significant expansion of Havieron, from the approximately 2.8Mtpa single decline truck haulage operation that was contemplated by previous study work”.
• Managing Director, Shaun Day, said that “Producing such a strong set of financial results from the first seven months of ownership of Telfer is a great credit to the significant efforts of our team. Our focus continues to be on the delivery of our FY2026 operational plan and progressing the growth opportunities at Havieron and Telfer”.

Conclusion: Improved operating performance at Telfer has helped drive a strong set of interim financial results during the first full half year of Greatland Gold’s stewardship.

Kodal Minerals* (KOD LN) 0.33p, Mkt Cap £63m – Completion of Bougouni plant transforms Kodal from a developer to a producer

(Hainan Mining holds a 51% stake in KMUK which holds the Bougouni Lithium Project in Mali with Kodal holding 49%. Mali will hold 35% of the jv company with KMUK)

(Kodal Minerals Plc now, effectively, hold 49% of 65% of the Bougouni project with Mali holding 35% through LMLB and 65% of LMLB held by the Kodal jv with Hainan Mining within KMUK)

• In a year which saw the production of the first spodumene concentrate, in February 2025, at the Bougouni lithium mine I Malli  Kodal Minerals reports an operating loss of £2.45m for the year to 31^st March 2025 (2024 – £3.34m loss) and a closing cash balance of ~£16.89m.
• Construction of the plant DMS processing plant at Bougouni, which was completed on time and within budget, started in June 2024 leading to the delivery of the initial concentrate, benefitted from the “relationship with our operating partner Hainan Mining” which provided US$100m of funding and has agreed offtake agreements for 100% of concentrate production
• Chairman, Robert Woodridge, explained that “The successful completion of the stage 1 DMS plant at Bougouni is a key stepping stone in our stated broader strategy of becoming a focused lithium explorer and developer participating in the rapidly expanding global electric vehicle and battery storage industries”.
• He pointed to the expected growth in global electric vehicle sales to over 70m by 2040 as key to the strategic focus on lithium.
• During the year, the Government of Mali approved transfer of the Mining Licence to the local operating subsidiary, Kodal Mining UK and discussions with the Government are continuing towards finalising “the necessary permitting for the export of product from Bougouni” with a conclusion expected “very shortly”.
• Mr. Wooldridge also highlighted the importance of the company’s relationships with the host community at Bougouni where it has “collaborated on a number of initiatives, including the replacement of the local solar-powered water pump, which supplies water to Ngoualana Village (near the Bougouni Project) and our ongoing sponsorship of the teacher at the Kola-Sokoura primary school”.
• Looking ahead, the implementation of plant enhancements are expected to “achieve commercial production and consistently deliver 10,000 tonnes per month of spodumene concentrate in line with the offtake agreement with Hainan”.
• The operating team also aims to “focus on expanding the growing resource at Bougouni towards our target of 50Mt of Li₂O and, in particular, testing the potential within the Boumou prospect to increase the stage 1 DMS feedstock”.
• The Chairman also outlined a broader emphasis on the identification of further lithium opportunities “both within West Africa and wider afield”.
• Chief Executive, Bernard Aylward, welcomed Kodal Minerals’ evolution from an exploration to a production company confirming that commissioning of the Bougouni plant was “substantially complete by the year end with the DMS processing plant operating at steady state with consistent throughput and ongoing minor optimisation work remaining”.
• He also confirmed that “open-pit mining activities have continued to progress smoothly and are running continuously with day and night shifts deployed.  The building of the ore stockpile has continued with over 220,000 tonnes of ore at the year end grading on average 1.17% Li₂O at the run-of-mine pad ready for crushing and processing”.
• The stockpile provides around 2.5months of feed to the plant ensuring that ore supply will not hamper the ramp-up of production.

Conclusion: Kodal Mining has delivered its Bougouni lithium project on time and within budget and expects to receive export permits for spodumene concentrate in the near future.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Metals One (MET1 LN) 4.54p, Mkt Cap £39m – C$0.75m investment in Lions Bay Capital

• MetalsOne reports that it has invested C$0.75m to acquire a 19.1% interest in TSX-V listed Lions Bay Capital.
• Today’s announcement explains that “Lions Bay’s primary objective, subject to funding, is bringing a South African gold processing plant with supporting energy infrastructure into production by Q4 2026”.
• The ~US$20m plant “which is able to roast approximately 5,000 tonnes of auriferous concentrate per month” operated for ~18 months prior to closure in 2021 and its reopening could provide “an alternative processing solution to exporting gold-bearing concentrate to Asian smelters”.
• A “Competent Persons Report (CPR) was commissioned last week and is expected to be completed in October 2025. Lions Bay expects to negotiate feed supply once the CPR has been completed and has identified small, licensed gold mines that would benefit from a South African processing solution”.
• The announcement explains Lions Bay’s longer term strategy as deploying its “ownership of the modified plant and the revenue to acquire gold mines in the Barberton region of South Africa to feed the plant … [and explains that the] … area hosts numerous deposits containing millions of ounces of gold in pyrite. This refractory ore typically requires roasting to liberate the gold in sulphides (pyrite) before it can be smelted”.
• Describing the investment in Lions Bay as “a highly opportunistic investment”, Chairman, Craig Moulton, said that the “near-term cash flow opportunity complements our earlier stage critical metals exploration projects, balancing Metals One’s asset base”.

Conclusion: MetalsOne has expanded its portfolio of exploration interests with an opportunistic investment in a planned reopening of a gold processing plant in South Africa.

Orezone Gold (ORE CN) C$1.1, Mkt Cap C$670m – ASX trading halt

• Trading in shares was temporarily suspended in Australia yesterday.
• Suspension was related to the announcement from West African Resources that the government of Burkina Faso wants to increase its stake in Kiaka by additional 35%.
• Trading in shares was suspended pending clarification announcement to be released by West African Resources.
• Orezone closed 15% down on the TSX yesterday.

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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