SP Angel -Today’s Market View, Wednesday 19th November 2025

Lithium equities rally alongside prices as BESS demand hits record levels

MiFID II exempt information – see disclaimer below

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• Waldorf Hilton Hotel, London – 1^st December.
• Click link for tickets: https://www.eventbrite.co.uk/e/the-oxford-mining-club-winter-drinks-reception-tickets-1828856441849?aff=oddtdtcreator

80 Mile Plc* (80M LN) – Board and management changes as 80 Mile prepares for restart of the Ferrandina biofuels plant in Italy

Artemis Resources (ARV LN) 0.45p, Mkt Cap £17m – Conceptual mining study for the Carlow gold project. WA

Barrick Mining (B US) – Elliott takes stake as spin-off pressure mounts, FT

Cobra Resources (COBR LN) – Field permeability tests validate ISR for the Boland rare-earths project, South Australia

Great Western Mining (GWMO LN) – 11 hole RC programme completed at Nevada copper-gold targets

Guardian Metal Resources (GMET LN) – Geophysics extends Porphyry South Zone at Pilot Mountain, Nevada

Jubilee Metals Group (JLP LN) – SA Competition Tribunal approves the disposal of the chrome and PGM operations.

Kenmare Resources (KMR LN) – Production guidance lowered on tailings management constraints

Metals Exploration (MTL LN) – Runruno power supply restored sooner than expected

Mkango Resources* (MKA LN) – HyProMag USA expands feedstock supply agreement with global electronics recycler

New Frontier Minerals* (NFM LN) – Substantial 20 times concentration of REEs from 25kg sample of raw ore at Harts Range using FJH process

Power Metal Resources* (POW LN) – Uranium mineralisation intersected at Drake Lake Silas, more assays pending

Resolute Mining (RSG LN) – Initial MRE at the La Debo project, Cote d’Ivoire

Rome Resource (RMR LN) – Raising £1.9m for the next drilling campaign at Bisie North, DRC

Thank you to the organisers of the 121 Mining Investment Conference this week

• This was a busy and well attended event with a buoyant sense of optimism for new investment into the sector

Lithium equities rally alongside prices as BESS demand hits record levels

• Spodumene and carbonate prices rose again in China, climbing to $1,075/t and $12,658/t respectively in China.
• Carbonate futures rose to $14,065/t in China, with futures now up 20% in November.
• Liontown sold 10,000WMT of SC5.2 at $1,254/t (CIF SC6) this morning, scheduled for shipment January 2026.
• The price move has followed Ganfeng’s CEO’s recent comments that carbonate prices could hit CNY200,000/t in 2026 (currently CNY100,000/t).
• SQM management stated they ’expect the upward trend to continue through the fourth quarter supported by strong demand for lithium, not only from EVs but also from Energy Storage Systems.’
• Chinese lithium names rallied again, with Tianqi, Qinghai Saltlake and Ganfeng climbing 6%, 5.4% and 4% respectively.
• China’s exports of batteries and battery energy storage systems rose 24%yoy in 2025, Reuters reports.
• The Middle East and Latin America have seen rapid demand growth in 2025 for China’s battery exports, rising 107% and 99% respectively.
• Saudi Arabian imports are up c.4x in 2025 as solar generation and EV demand increases.
• Gina Rinehart has cut stakes in lithium miners in favour of rare earths, exiting positions in Lithium Americas, Lithium Argentinas and selling down her position in SQM.
• Lithium names we like:
  • Atlantic Lithium*: Advancing towards FID with Ewoyaa Mining Lease submitted to Parliament for ratification last week
  • Kodal Minerals*: poised for producer rerate following DMS plant ramp up, Stage 2 expansion plans underway
  • Savannah Resources*: Funded for DFS due 1H26 following $13m equity placing with strong backing from AMG

*SP Angel acts as Nomad/Broker to Atlantic, Kodal and Savannah

Copper – Freeport reopens parts of the Grasberg mine as experts warn of more permanent problems in block cave

• Experts see significant difficulty in the reopening of the mine with so much mud within the ‘block cave’
• An estimated 800,000t mud rushed into the block cave from the open pit above killing 7 workers
• The sudden entry of so much mud would have blasted the workers within the mine burying.
• Freeport has restarted work at the Deep Mill Level Zone and Big Gossan underground mines, which were not affected by the mudrush.
• Management now forecast the mine to produce 1bn lbs of copper (453,592 tonnes) in 2026 vs 1.7bn lbs (771,000 tonnes) before the mudrush incident
• The mine was previously expected to do 1.6bn lb of copper and 1.3m oz of gold.
• The affected part of the mine accounts for around 70% of total mine output.

IG TV Commodity Corner (18/11/25):  

ii TV – Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b
• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

US – President Trump seem to have identified the next Fed chair.

• Treasury Secretary Scott Bessent who is driving the search said the pool of candidates was narrowed to current Fed Governors Christopher Waller and Michelle Bowman, former Fed Governor Kevin Warsh, White House Economic Council Director Kevin Hassett and Blackrock exec Rick Rieder.
• “I’d love to get the guy currently in there out right now, but people are holding me back,” Trump commented.

The economy lost 2.5k jobs per week on average on the four weeks through November 1, private ADP Research survey showed.

• September NFPs are due this Thursday and are expected to show employment climbed 55k as the report was delayed by the shutdown.
• A series of weak jobs reports may see odds of a rate cut in December start to pick up again following an unwind over the last several weeks.
• Market odds of a cut are currently at just over 40%.

Nvidia reports later today with expectations for more than 50% increase in both net income and revenue in 3Q25.

Japan – 10y yields hit the highest level in 17 years on expectations for more government borrowing.

• Yields are trading at 1.771 this morning.
• Longer dated debt trading at record high.
• Demand for 20y debt softening with the bid-to-cover ration slightly below the 12-month average.
• The government is expected to announce a huge supplementary budget of at least JPY25tn ($161bn) as PM seeks to make pledges to support the economy and protect households from rising prices.
• The currency inched lower getting to the weakest level in nearly a year.

UK – Inflation ticked lower in October driven by lower energy prices.

• Core measure slowed as well, albeit remained quiet on absolute levels.
• Markets seem to be pricing in a 25bp cut of the rate by the central bank in December.
• The pound was trading lower against the US$.
• CPI (%mom, Oct/Sep/Est): 0.4/0.0/0.4
• CPI (%yoy, Oct/Sep/Est): 3.6/3.8/3.5
• Core CPI (%yoy, Oct/Sep/Est): 3.4/3.5/3.4

Currencies

US$1.1577/eur vs 1.1593/eur previous. Yen 155.67/$ vs 155.20/$. SAr 17.178/$ vs 17.186/$. $1.313/gbp vs $1.316/gbp. 0.648/aud vs         0.650/aud. CNY 7.110/$ vs 7.113/$.

Dollar Index 99.60 vs 99.48 previous.

Precious metals:         

Gold US$4,084/oz vs US$4,039/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,543/oz vs US$1,533/oz previous

Palladium US$1,408/oz vs US$1,394/oz previous

Silver US$51.3/oz vs US$50.2/oz previous

Rhodium US$7,900/oz vs US$7,900/oz previous

Base metals:   

Copper US$10,733/t vs US$10,724/t previous

Aluminium US$2,789/t vs US$2,795/t previous

Nickel US$14,605/t vs US$14,565/t previous

Zinc US$2,987/t vs US$2,981/t previous

Lead US$2,018/t vs US$2,037/t previous

Tin US$37,345/t vs US$36,825/t previous          

Energy:

Oil US$64.3/bbl vs US$63.9/bbl previous

• Crude oil prices edged higher after the Vice-President of the European Commission argued for increased economic pressure to be directed at China and Russia, as the API estimated a 4.4mb w/w crude build in the USA.
• European energy prices continue to trade broadly in line with oil equivalent prices ($61.5/boe or $10.5/mmBtu) as France’s nuclear generation jumped 9% w/w to 80% of the country’s 61.4GW maximum capacity.
• GB Energy, the National Wealth Fund and the Scottish National Investment Bank have each committed up to £50m in funding towards the Pentland floating offshore floating wind farm in Scotland, which is being developed by CIP.

Natural Gas €31.1/MWh vs €31.8/MWh previous

Uranium Futures $76.3/lb vs $76.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$104.5/t vs US$104.5/t

Chinese steel rebar 25mm US$445.3/t vs US$444.6/t

HCC FOB Australia US$196.0/t vs US$196.0/t

Thermal coal swap Australia FOB US$115.3/t vs US$113.2/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$76,439/t vs US$76,414/t

Lithium carbonate 99% (China) US$12,658/t vs US$12,443/t

China Spodumene Li2O 6%min CIF US$1,075/t vs US$1,045/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$733/mtu vs US$728/mtu

China Tantalum Concentrate 30% CIF US$95/lb vs US$94/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.6/lb vs US$5.6/lb

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$271/t vs US$271/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,104/t vs US$1,104/t

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

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$3,125.0/kg vs US$3,125.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Svolt to start volume deliveries of semi-solid-state batteries in 2026

• Svolt will begin mass production and volume deliveries of its first-generation semi-solid-state batteries in 2026.
• The cells, that have a 270Wh/kg energy density, will enter C-sample batch production soon.
• According to the company, orders have been secured from a European EV brand and a Chinese state-owned eVTOL project.
• A second-generation version, 400Wh/kg, is already under development, followed by 450Wh/kg pouch cells by 2028.
• The tech improves thermal stability and fire safety by using non-flammable solid electrolytes, addressing issues common in ternary lithium batteries.

Company news

80 Mile Plc* (80M LN) – 0.59p, Mkt cap £27m – Board and management changes as 80 Mile prepares for restart of the Ferrandina biofuels plant in Italy

(80 Mile currently owns 100 percent of Nikkeli Greenland A/S, the holder of the Disko licenses)

• 80 Mile plc have reshuffled management to better suit the work required on:
  • Disko polymetallic exploration, Greenland,
  • White Flame Energy (Hydrogen Valley), helium and other industrial gasses, Greenland
  • Ferrandina biofuels plant (100%), Italy.
• Eric Sondergaard will move to USFM subject to the completion of funding. USFM has agreed to invest US$30m for 51% of the Disko licences.
• Troy Whittaker, moves to becoming an executive director from his NED role.
• Olga Solovieva is promoted to COO and brings extensive technical and operational expertise in geoscience, project delivery, and strategic execution in energy ventures as 80 Mile enters into more active exploration in Greenland and production in Italy.
• Mark Frascogna joins as MD Hydrogen Valley with >20 years in industrial operations, energy infrastructure, and business development in the Italian and European energy markets.
• For further details please see https://www.80mile.com/regulatory-news

Conclusion: Exploration activity in Greenland is taking off, largely driven by American initiatives in relation to Greenland combined with European initiatives to develop critical mineral assets. 80 Mile is well placed with its management expertise in the region alongside its ownership of the Disko, White Flame and other mineral licenses in Greenland.

The company’s recent consolidation to 100% ownership of the Ferrandina biofuels plant, Italy and move towards production will help to develop near-term cash flow.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Artemis Resources (ARV LN) 0.45p, Mkt Cap £17m – Conceptual mining study for the Carlow gold project. WA

• On Monday, Artemis Resources, reported that the independent consulting firm, Snowden-Optiro, is working on a conceptual mining study for its Carlow gold project in WA.
• The study will examine both the open-pit and underground opportunities of the 2022 mineral resource in the context of increased metal prices and will help to guide “extensional drilling, resource growth, metallurgy and early-stage development thinking”.
• The 2022 MRE shows and ‘Inferred’ resource of ~8.7mt at an average grade of 1.3g/t gold, 0.7% copper and 0.09% cobalt which is reported as 2.5g/t on a gold equivalent (AuEq) basis.
• The historic estimate used metal prices of A$2,600/oz for gold, A$12,699/t for copper and A$90,748/t for cobalt of which, with the exception of cobalt, are well below current prices of around A$6,400/oz for gold, A$16,700/t for copper and A$74,000/t for cobalt at current exchange rates.
• Executive Director, Jozsef Patarica, said that the “conceptual mining study is an important next step in advancing the Carlow project … [and that the]… mining study is part of multi-pronged approach with follow-up drilling at Titan due to start next week and extension drilling east of Carlow due to start in early December.”

Barrick Mining (B US) $38, Mkt cap $64bn – Elliott takes stake as spin-off pressure mounts, FT

• The FT has reported that activist investor Elliott has taken a c.$700m stake in Barrick.
• Elliott has a strong track record in activism in the mining sector, having run campaigns against Anglo American, Kinross Gold and BHP.
• Elliott is reportedly pressuring Barrick to separate its Nevada gold assets from the wider business, with potential sales of Reko Diq and the African portfolio.
• The stake may have played a role in Mark Bristow’s recent departure, with Bristow having championed Reko Diq as one of Barrick’s primary growth drivers going forward.
• In Barrick’s recent quarterly, interim CEO Mark Hill suggested that Nevada would play a key role in Barrick’s growth plans going forward, marking a departure from the Bristow strategy.

Cobra Resources (COBR LN) 3.65p, Mkt Cap £34m – Field permeability tests validate ISR for the Boland rare-earths project, South Australia

• Cobra Resources announced on Monday that field permeability testing , which started at its Boland ionic clay hosted rare earths project in South Australia in late October has confirmed that “geological conditions are conducive to ISR … [in-situ recovery] … and support commerciality of future mining operations”.
• The tests “have “proven that the ionic heavy rare earth mineralisation at Boland is contained in a laterally uniform permeable sand aquifer that is bounded above and below by impermeable aquicludes”.
• The company explains that these conditions are globally unique and “makes certain that the Boland mineralisation is amenable to recovery in solution form by ISR techniques”.
• Welcoming the results Managing Director, Rupert Verco, said that the field test results “provide robust metrics to support the case for commercial development … [which] … when coupled with our highly desirable metallurgy, sets the Boland Project apart from all other known ionic rare earth projects”.
• He said that the field tests have “significantly derisked the Boland Project’s REE extraction parameters … [and that Cobra Resources] … will now continue resource definition drilling, targeting a significant maiden resource estimate to support a scoping study by mid next year”.

Conclusion: Field scale permeability testing at the Boland project has validated the use of in-situ recovery to recover rare-earths and the company will now complete resource definition drilling as it moves towards a scoping study expected in mid-2026.

Great Western Mining (GWMO LN) 1p, Mkt cap £1.8m – 11 hole RC programme completed at Nevada copper-gold targets

• Nevada-based explorer Great Western provides an update on their exploration programmes.
• The Company has completed 1,885m of RC drilling at West Huntoon (6 holes over 783m) and Rhyolite Dome (5 holes over 1,102m).
• Samples have been delivered to the lab in Reno and assay results are due over the next 4-8 weeks.
• Company accelerating its exploration programmes at Defender and Pine Crow tungsten targets,taking samples from existing trenches.

Guardian Metal Resources (GMET LN) 101.5p, Mkt Cap £166m – Geophysics extends Porphyry South Zone at Pilot Mountain, Nevada

• Guardian Metal Resources reports that interpretation of a recently completed geophysical survey extending coverage over the Porphyry South zone at the company’s Pilot Mountain project in Nevada has identified “a much larger and more coherent porphyry system than previously understood”.
• The 3D induced-polarisation (IP) survey has shown a chargeability anomaly surrounding the previously identified magnetic anomaly with “the inner margin of the modelled chargeable halo … [aligning with the] … highest copper results obtained from the surface rock-chip sampling completed to date”.
• The company says that this could indicate “a copper enriched shell located between the inner high temperature potassic core and the pyrite shell”.
• The feature has not yet been drilled and “constitutes a compelling future drilling target” although drilling of the magnetic anomaly in 2024 “intercepted 385.1 m of porphyry-style mineralisation and alteration from immediately beneath overburden at 22m to a downhole depth of 407.1m end of hole”.
• The new geophysical work extends coverage of the Porphyry South structure around 1km further south and “shows an extensive chargeable anomaly” covering around 1km² and will guide planning for “future drill targets for porphyry style copper-molybdenum mineralisation at Porphyry South and Porphyry Central”.
• Emphasising that the tungsten potential at Pilot Mountain’s Desert Scheelite and Garnet deposits remains Guardian Metals’ priority, CEO, Oliver Friesen, said that “the latest work on Porphyry South continues to highlight the broader potential of the Project area”.
• He said that the recent geophysics reinforces the company’s “belief that Pilot Mountain may host meaningful upside beyond the extremely important tungsten development pathway that is progressing at pace, and we will continue to advance the porphyry opportunity in a measured and cost-effective way into 2026”.

Conclusion: Recent exploration at Pilot Mountain illustrates the project’s potential beyond the tungsten mineralisation which is the current principal focus of exploration.

Jubilee Metals Group (JLP LN) 2.88p, Mkt cap £90m – SA Competition Tribunal approves the disposal of the chrome and PGM operations.

• Earlier this week, Jubilee Metals reported that South Africa’s Competition Tribunal had “unconditionally approved the sale of the South African Chrome and PGM Operations to One Chrome (Pty) Ltd”.
• Approval from the Competition Tribunal “was a suspensive condition to the Disposal as outlined in the Circular … dated 12 August 2025”.
• Jubilee Metals confirms that “Approval of the South African Reserve Bank is still required, and the Company does not envision this being reasonably withheld”.
• The company explains that “The last material condition precedent is audit related. This workstream is well underway and is expected to be completed by 30 November 2025”.
• Disposal of the chrome and PGM businesses in South Africa will leave Jubilee Metals to focus “solely on its Zambian copper projects whilst retaining its investment in the Tjate platinum project in South Africa”.

Conclusion: Approval by the Competition Tribunal removes a hurdle to the sale of the South African chrome and PGM operations as Jubilee Metals switches focus to its Zambian copper interests

Kenmare Resources (KMR LN) 260p, Mkt cap £232m – Production guidance lowered on tailings management constraints

• Kenmare provides an update on its concentrator expansion programme and updates 2025 production guidance.
• WCP A CAPEX remains unchanged at $341m.
• Kenmare is ramping up the commissioning of the plant to nameplate capacity of 3,500tph.
• Company notes initial challenges to the automation systems have been resolved and both new dredges are providing sufficient feed to the concentrator plant.
• The new TSF has been commissioned and is performing ‘in line with expectations.’
• However, Kenmare notes that the tailings management component of the upgrade is restricting throughput and requires ‘further optimisation of mass and water balances to consistently achieve nameplate capacity.’
• Company expects these issues to be resolved, potentially carrying over into 2026.
• WCP A transition to Nataka due 2Q26 and is expected to take 18 months.
• As a result, Kenmare updates 2025 guidance:
  • Ilmenite: 870-905kt (from 930-1,050kt)
  • Rutile: 8,500-9,500t (from 9,000-1,000t)
  • Cash costs per tonne: $235-245/t finished product from $206-228/t

Metals Exploration (MTL LN) 11.65p, Mkt Cap £337m – Runruno power supply restored sooner than expected

• Earlier this week, Metals Exploration confirmed that production had resumed at its Runruno mine in the Philippines after a “five day pause in gold production”.
• Resumption of production followed the restoration of power to the site “earlier than forecast … following the impact of Super-typhoon Uwan”.
• Recently the company revised its 2025 production guidance to the range 65-70,000oz updating the previous range of 70-75,000oz following the resumption, in September, of normal production at the Runruno mine after the contamination of its bio-oxidation (BIOX) processing circuit from illegal mining activity close to the operations, and the disruption caused by Super-typhoon Uwan.
• The company had previously indicated that it expected interruption to production at Runruno from the typhoon would last seven days.

Conclusion: Production at Runruno has resumed quicker than expected after interruption to the power supply following typhoon Uwan.

Mkango Resources* (MKA LN) 41p, Mkt Cap £142m – HyProMag USA expands feedstock supply agreement with global electronics recycler

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), expands feedstock supply agreement with ILS.
• Intelligent Lifecycle Solutions (ILS) is currently storing NdFeB contained in spent HDDs at its pre-processing sites in South Carolina and Nevada.
• Available and new feedstock to be used for the commissioning of the planned recycling HyProMag USA recycling facilities in Froth Worth, Texas.
• New expanded supply agreement includes increase in procurement list to include NdFeB permanent magnets contained in EV rotors, wind turbines, speaker assemblies and MRIs.
• ILS and HyProMag Usa have agreed to create a joint “Technical Procurement” team to accelerate purchases.
• ILS is a global electronics recycling business processing electronic waste.

Conclusion: US JV expands feedstock supply agreement addressing one of key risks to NdFeB magnet recycling business ie securing feedstock access given increased focus on REE supply risks and likely to pick up competition for REE containing scrap in the West.

*SP Angel acts as Nomad and Broker to Mkango

New Frontier Minerals* (NFM LN) 1.13p, Mkt Cap £19m – Substantial 20 times concentration of REEs from 25kg sample of raw ore at Harts Range using FJH process

• New Frontier Minerals (NFM) reports meaningful progress on the processing of a 25kg bulk sample of raw ore from Harts Range using Flash Joule Heating (FJH) technology.
• FJH technology: https://metalliuminc.com/flash-joule-heating
• NFM has a binding commercial framework with Metallium Ltd (MTM) for the development of a new processing pathway for Harts Range for the processing of Heavy REEs.
• Metallium Ltd’s Flash Joule Heating (FJH) technology 25kg trial shows:
  • 20x TREO upgrade in total REOs to 35 % from 1.7 % in a single step flash
  • Key heavy REEs Dy and Tb, and magnet REE Nd concentrations increased significantly
  • Dy₂O₃ upgraded 53× (0.19% → 10.03%) / 11% → 29% of the REO basket (+160%)
  • Tb₄O₇ upgraded 21× (0.03% → 0.64%) / 1.7% → 1.8% of the REO basket (+5%)
  • Nd₂O₃ upgraded 114× (0.05% → 5.69%) / 2.9% → 16.3% of the REO basket (+460%)
  • Complete removal of detectable Fe₂O₃, SiO₂ and Th
  • Partial yttrium rejection, reducing Y₂O₃ from 61% to 35% of the REO basket
• The trial was run on raw ore, with no flotation, acid leaching or hydrometallurgical pre-conditioning
  • “These results represent an unprecedented beneficiation performance for a raw Dy/Tb-bearing ore in asingle, rapid, solvent-free reaction”
• NFM has granted MTM exclusive global rights to apply FJH processing to all Harts Range ore /concentrates subject to successful development of commercial scale processing facility
• Distribution of HREEs on limited sample from Harts Range

• Deal with MTM
• “MTM has binding, exclusive, project-linked rights to apply FJH (and derivative processing) to all ore, concentrate or other feed from the Harts Range Project for a minimum of 10 years, with automatic rollover into production stage.
• Upon commercial production of a Dy/Tb-rich product, MTM will earn:
  • a royalty (1.5% Net Smelter Return equivalent) on sales of finished product; and
  • a margin for processing Harts Range feed through MTM’s facility.
  • The structure includes a buy-back right allowing the project owner (or successor) to acquire a portion of the royalty for a fixed amount, enabling MTM to crystallise value.
  • MTM holds rights that travel with the project in the event of ownership change, ensuring the processing exclusivity remains intact.\
  • MTM’s Texas Technology Campus serves dual purpose: core waste-to-value facility (e-waste, PCBs, specialty metals) and demonstration/refinement hub for HREE feedstocks and product qualification with U.S. / allied off-takers.”
  • See RNS for further details: https://www.londonstockexchange.com/news-article/NFM/binding-commercial-framework-with-metallium/17331488
• NFM have applied to list on the US OTCQB market.
• Metallium Ltd (MTM AU) is a mineral exploration and metal recovery technology company market capitalisation of A$415m.

Conclusion:  The FJH process is said to show future potential scalability on the Harts Range raw ore and feed-type flexibility for the concentration of raw ore with a path to market for its unique Dy/Tb-rich feedstock.

If NFM or MTM are able to combine this with a technology to transform the FJH concentrate directly into REE metal oxides this would be a remarkable achievement.

NFM will start drilling soon at Harts Range to prove the depth and lateral extent of the REE-bearing material at Harts Range.

*SP Angel acts as broker to New Frontier Minerals

Power Metal Resources* (POW LN) 12.7p, Mkt cap £15m – Uranium mineralisation intersected at Drake Lake Silas, more assays pending

• Power Metal Resources reports exploration results from its Drake Lake Silas Project.
• The Company has completed a seven hole diamond drilling programme over 1,903m at the Athabasca Basin property, in JV with UCAM.
• The drilling tested two primary targets.
• The Central Target showed potential for IOCG-style mineralisation within a structurally controlled zone.
• Drilling at the Central Target intersected 2.05m at 0.33% U from 497m  (278m true vertical depth) within a thick hematite breccia.
• Drilling also noted elevated copper and molybdenum, supporting the company’s expectation of the project’s IOCG potential.
• Separately, the Northeast Target lies along strike from the Armstrong Deposit, which holds an historic resource of 900klb at 0.041% U₃O_8.
• Drilling was intended to target an extension of the Armstrong deposit, targeting a geophysical anomaly, with drilling confirming Armstrong-style mineralisation.
• Going forward, POW is waiting for further assay results and has begun petrological studies to further boost their geological model at Drake Lake Silas.

Conclusion: Initial drilling at Drake Lake Silas has intercepted uranium mineralisation in line with the Company’s geological model. POW will further refine their understanding of the project with additional assay results upcoming, alongside petrological studies which have now been initiated.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Resolute Mining (RSG LN) 52.2p, Mkt Cap £1,057m – Initial MRE at the La Debo project, Cote d’Ivoire

• Yesterday, Resolute Mining published an initial mineral resource estimate (MRE) for its La Debo gold project in Ivory Coast.
• The ‘Inferred’ resource totals 643koz of gold hosted in 8.58mt at an average grade of 0.94g/t gold (259koz) at the G3N prospects and a further 384koz in 8.98mt averaging 1.33g/t gold at the G3S property.
• Debo hosts typical Birimian orogenic gold mineralisation “within a sequence of sheared and metamorphosed turbiditic sediments with some minor volcanics” in steeply SE dipping structures of “between 3m and 20m wide” which strike NE
• The company confirms that mineralisation at G3N and G3S remains “open down dip with grades encountered so far increasing at depth at G3S”.
• “Future exploration will focus on extending mineralisation at depth at G3S as well as testing the strong gold anomaly at the G1 prospect area to the southwest”.
• The initial estimate adds around “250 koz of contained gold to the historic resource” produced by previous operators in 2016.
• The company explains that “La Debo is one of Resolute’s key exploration assets in Côte d’Ivoire” which also includes the Doropo project which is expected deliver initial production in 2028 and the 2.2moz ABC Project.
• CEO, Chris Eger, confirmed that Ivory Coast is “a key jurisdiction for the Company as we focus on progressing Doropo towards construction”.

Conclusion: Initial MRE for third project in Cote d’Ivoire adds over 600,000oz of ‘Inferred’ resources as Doropo progresses towards initial gold production in 2028.

Rome Resource (RMR LN) 0.23p, Mkt Cap £12m – Raising £1.9m for the next drilling campaign at Bisie North, DRC

• Rome Resources reports that it has conditionally raised £1.9m via the placing of 950m additional shares at a price of 0.2p/share.
• “Placing Shares will represent approximately 13.5 per cent of the enlarged share capital of the Company”.
• The funds will be used for further drilling at the Kalayi and Mont Agoma projects in the DRC – collectively the ‘Bisie North Project’ where the company recently released an initial ‘Inferred’ mineral resource estimate of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at Mont Agoma plus an additional 0.33m inferred tonnes at an average grade of 1.36% tin at Kalayi.
• The next drilling campaign will test “the highest-priority targets defined in the Company’s maiden Mineral Resource Estimate (MRE) and subsequent geological modelling” and include:
  • “Several deep drillholes, split between the Kalayi and Mont Agoma prospects”; as well as
  • “Testing the deeper high grade tin zones at Kalayi, beneath existing intercepts”; and
  • “the new eastern tin zone in Mont Agoma along with the deeper tin-dominant portions of the main tin/copper system”.
• Chief Executive, Paul Barrett, confirmed that drilling of the planned 3-4 month programme “is likely to commence in approximately two weeks … [and] … underpin a resource update and a broader strategic review”.
• Mr. Barrett also noted “the recent signing of the M23/DRC peace agreement, which will pave the way for further improvements in the security of the region”.

Conclusion: A £1.9m fundraising will allow Rome Resources to start the next phase of drilling at its Bisie North Project following the recent initial mineral resources estimate which identified a polymetallic tin-copper-zinc system at Mont Agoma and a tin resource at Kalayi.

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

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