SP Angel -Today’s Market View, Thursday 15th January 2026

Copper pares gains as Trump holds off on critical mineral tariffs

MiFID II exempt information – see disclaimer below

LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls: – SP Angel ranked No1 for Precious Metals in the 2025

Anglo Asian Mining* (AAZ LN) – Rise in copper, gold and silver production sits well with record prices in global markets

Aterian plc* (ATN LN) – Targets on Botswana licenses show prospectivity for structures which may host copper

Blencowe Resources (BRES LN) – European test work shows Orom Cross graphite can achieve premium grade quality

Caledonia Mining (CMCL LN) – US$125m Convertible Note to help fund Bilboes project

Fortuna Mining (FSM CN) – Production meets guidance as 2026 focus on developing Diamba Sud

Mkango Resources* (MKA LN) – Opening of rare-earth magnet recycling plant

Savannah Resources* (SAV LN) BUY- 18.5p – Update on key workstreams as 2026 FID reiterated

Serabi Gold (SRB LN) – Record annual gold production in 2025 as Coringa ramps up

WIA Gold* (WIA AU)– Appointment of ex-Predictive COO to MD to transition Kokoseb to production

China Lunar New Year – Tue, 17 Feb 2026

Copper ($13,082/t) pares gains as Trump holds off on critical mineral tariffs

• Copper prices fell 1% this morning as Trump announced an update to his Section 232 critical mineral tariff plans.
• Trump opted against tariffing rare earths, lithium and other critical minerals, with focus shifting to securing supplies from international trading partners.
• Trump has instructed officials to boot imports of critical minerals to support national security.
• The White House will explore price floors.
• Copper prices have been supported by concerns over tariffs on US imports, pushing metal into the US as traders take advantage of Comex-LME arbitrage opportunities.
• This has created a divergence of physical supply, with high-demand areas like Asia struggling to secure inventory as it flows into COMEX warehouses.
• When Trump U-turned on tariffs last year, COMEX copper fell sharply, back in line with LME prices.
• However, we think this time is different. LME prices have risen in line with COMEX prices, with premiums far smaller than the 2025 summer.
• Despite reduced risk of US copper tariffs, prices have held above $13,000/t, suggesting the market is looking towards more traditional supply/demand dynamics.
• Major supply disruptions through 2025, notably with Kamoa-Kakula, Grasberg, El Teniente, QB2 and continued grade decline from Codelco, have reduced surplus expectations in 2026.
• This has coincided with sustained demand strength out of China, who are upgrading their grid infrastructure and boosting electrification programmes country-wide.
• Some of the recent move in copper (up 24% past three months) has likely been speculators chasing the wider thematic of rebounding global growth and critical metals demand.
• However, copper fundamentals remain strong over the long-term, with limited new projects coming online as majors opt to buy vs build

Metals run hot as market prices in rebound in global growth for 2026

• Almost the entire metals spectrum has had a strong start to 2026, with precious metals rallying alongside base and bulk commodities.
• Copper, aluminium, nickel, tin, zinc and lead have rallied 12%, 10%, 28%, 24%, 8%, and 7% over the past month.
• Gold, silver, platinum, palladium are up 7%, 43%, 31% and 14% over the past month.
• Metallurgical coal prices are rallying alongside iron ore as China’s steel exports ramp up to 2015 highs.
• Meanwhile, the dollar index has ticked 0.86% higher over the same period.
• Whilst we see supply challenges in nearly all of the commodities above following years of underinvestment in upstream operations and new capacity, the synchronised move higher suggests shifting market views on 2026 growth.
• Precious metals are being driven by concerns over Fed independence, de-dollarisation from BRIC countries and increased speculative inflows looking to take advantage of momentum.
• However, the base and bulk rally may reflect improved sentiment over China’s stimulus measures and growth potential in 2026, following years of stagnation after the 2021 property market unwind.
• The widespread commodity move may be vulnerable to a further rebound in the dollar, or a deterioration in rate cut expectations from the US, alongside potential Asian demand deterioration.

IG TV – Copper, Silver and the New Commodities Cycle | Commodity Markets Weekly:  https://youtu.be/mdU5EEjc3Z8?si=BjTihCKKoeKlYHYn

Currencies

US$1.1632/eur vs 1.1643/eur previous. Yen 158.69/$ vs 159.14/$. SAr 16.413/$ vs 16.373/$. $1.344/gbp vs $1.344/gbp. 0.669/aud vs         0.669/aud. CNY 6.969/$ vs 6.974/$.

Dollar Index 99.17 vs 99.15 previous.

Precious metals:         

Gold US$4,604/oz vs US$4,623/oz previous

   Gold ETFs 99.4moz vs 99.4moz previous

Platinum US$2,355/oz vs US$2,379/oz previous

Palladium US$1,808/oz vs US$1,839/oz previous

Silver US$89.7/oz vs US$89.4/oz previous

   Silver ETFs 855.1moz vs 855.7moz previous

Rhodium US$10,100/oz vs US$9,950/oz previous

Base metals:   

Copper US$13,015/t vs US$13,152/t previous

Aluminium US$3,153/t vs US$3,186/t previous

Nickel US$18,280/t vs US$17,800/t previous

Zinc US$3,290/t vs US$3,217/t previous

Lead US$2,077/t vs US$2,058/t previous

Tin US$53,530/t vs US$51,425/t previous

Energy:

Oil US$64.2/bbl vs US$64.9/bbl previous

• Crude oil prices pulled back following President Trump’s comments that the killings of demonstrators in Iran had ended, as the EIA estimated w/w US inventory builds of 3.4mb to crude and 9.0mb to gasoline, with no change to distillate stocks, as refinery utilisation rose 0.6% to 95.3% on 13.75mb/d of domestic output.
• European energy prices rose on expectations for sub-zero temperatures to sweep across Europe over the next two weeks, as EU natural gas storage levels fell 9.5% w/w to 52.5% full (vs 67.8% 5-Yr average), with aggregate inventory at 600TWh and German storage levels falling below 45% full (vs 70.9% 5-Yr average).
• OPEC’s January oil report forecasts global oil demand growth of 1.4mb/d in 2026 and 1.3mb/d in 2027, which is in line with its 1.3mb/d estimate for 2025, with non-OPEC supply growth expected to increase by 0.6mb/d in each year.
• The UK Government announced the 2026 Contracts for Difference AR7 has secured a record capacity of 8.4GW of fixed bottom offshore wind at £91.20/MWh for England and Wales and £89.49/MWh for Scotland, or £65.25/MWh in average 2012 prices, which it claims is 40% cheaper than the cost of building and operating a new gas power plant.

Natural Gas €32.7/MWh vs €30.6/MWh previous

Uranium Futures $83.5/lb vs $83.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$107.1/t vs US$108.0/t

Chinese steel rebar 25mm US$465.5/t vs US$464.9/t

HCC FOB Australia US$232.0/t vs US$228.3/t

Thermal coal swap Australia FOB US$110.3/t vs US$109.5/t

Other:  

Cobalt LME 3m US$56,290/t vs US$56,290/t

NdPr Rare Earth Oxide (China) US$96,497/t vs US$92,271/t

Lithium carbonate 99% (China) US$22,686/t vs US$22,240/t

China Spodumene Li2O 6%min CIF US$2,050/t vs US$1,990/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

China Tungsten APT 88.5% FOB US$1,138/mtu vs US$1,118/mtu

China Tantalum Concentrate 30% CIF US$106/lb vs US$105/mtu

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

Europe Vanadium Pentoxide 98% US$5.1/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% US$24.1/kg vs US$24.1/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$262/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,126/t vs US$1,126/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

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

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Company News:

Anglo Asian Mining* (AAZ LN) 282p, Mkt Cap £324m – Rise in copper, gold and silver production sits well with record prices in global markets

BUY

• Anglo Asian Mining reports its Q4 and FY 2025 production along with a review of their operational performance.
• Sales FY 2025 sales proceeds received came in at $125.7m with H2 sales proceeds more than doubling to $85.1m vs $40.6m in H1.
• Q4 2025 sales proceeds rose to $57.3m from $17.8m in 2024 – including first copper concentrate sales from Demirli
• Full year 2025 production to 7.9kt of copper, 25,061oz of gold and 153,332oz of silver (2024 – 0.4kt of copper, 15,073oz of gold and 28,258oz of silver).
• Copper production (group) rose to 7,915t from 377t yoy highlighting the company’s dramatic growth.
• Copper sales more than doubled in Q4 to $35.8m vs $17.8m in Q3 to raise full year copper sales to $64.7m vs $2.8m yoy.
• The company saw a 94% rise in Q4 copper output to 4,439t with new production from the Demirli mine adding to copper from the Gedabek mine.
• Q4 copper production at 4,439t was very much better than Q3 at 2,288t lifted by the ramp-up of production at the new jv Demirli mine
• Demirli FY 2025 production came in at 3,128t vs 3,500-4,100t guidance due to maintenance of its ball mill with the ball mill scheduled to be operational by end-Q1 2026
• Demirli and Gilar are now both reported to be operating in line with management expectations.
• Gold production (group) came in at 25,061oz vs 15,073oz in 2024 and guidance of 25,000-28,000oz
• Silver output in gold doré bars and within concentrate also rose substantially to 153,332oz from 28,258oz in 2024.
• Net cash inflow in Q4 2025 of $16.7m
• Net cash of $2.5m at 31 December 2025
• Inventory:  2,457t of copper concentrate valued at $12,504/t  and $7,0m of gold and silver
• Stockpile – High grade ore of 53,190t of ore from Gilar grading 1.8g/t of gold and 3.58% copper in stockpile at Gedabek
• Operations:
  • Gedabek – open pit production reduced in Q4 to make way for higher-grade ore from the Gilar underground mine.
  • Instillation of second filter press and upgrade to the float plant to increase capacity and enable processing of high-grade ore from the Gilar mine.
  • Demirli – substantial $9m investment
  • Copper projects: Xarxar and Garadag deposits should both provide positive new later this year.

Conclusion: Q4 was transformative for Anglo Asian Mining. Investment at the Demirli mine is leading to improvement in throughput which should raise copper production substantially this year. The onset of production at Gilar and Demirli saw Anglo Asian become a multi-mine producer in 2025, and saw the company deliver record quarterly copper output in Q4 building on the record achieved in Q3.

The recent rise in copper, gold and silver prices alongside a substantial increase in expected production for all three metals this year should transform the finances of Anglo Asian Mining and should enable more rapid development of new projects within the group.

Shareholders can also look forward to a possible resumption of the dividend.

*SP Angel acts as nomad and broker to Anglo Asian Mining. The analyst has visited the Gedabek and Gilar mines as well as the Xarxar and Garadag projects.

 Aterian plc* (ATN LN) 25p, Mkt Cap £4m – Targets on Botswana licenses show prospectivity for structures which may host copper

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian Plc reports positive results from a recent desktop study on its license PL265/2025 in the Kalahari Copperbelt, Botswana which was previously announced on 15 December 2025.
• The work has identified a series of structural targets offering geological potential to host meaningful copper resources.
• The work builds on the proximity to existing copper/silver mines within similarish geological structures which are known to host economic reserves.
• Potential “truncation of Lower D’Kar Formation sediments against basement units, a recognised geological setting for copper deposits in the region.”
• “Historical copper-in-soil anomalies exceeding 18 ppm Cu coincide with key thrust structures.”
• “A tight folding structure in the inferred D’Kar formation appears prospective for chalcocite-dominated copper sulphides which could indicate copper. “
• Exploration: Aterian is planning a detailed ground or drone-based magnetic surveys across three target areas, followed by targeted electromagnetic surveys to define conductive horizons and refine future drill targets.

Conclusion: Exploration licenses are increasingly valued as copper, gold and silver prices break new records.

If shortages develop in metals markets we expect the race for new deposits will accelerate.

*SP Angel acts as Broker to Aterian Plc

Blencowe Resources (BRES LN) 7.9p, Mkt Cap £35m – European test work shows Orom Cross graphite can achieve premium grade quality

• Blencowe Resources reports that testing of material from its Orom Cross graphite deposit in Uganda by an Italian-based specialist graphite processor, Alkeemia, has “upgraded all Orom-Cross products to 99.99 carbon content”.
• The company says that this level of purity is “the highest purification grade possible … [and is] … extremely rare”.
• Achieving these results potentially opens up markets in “defence, nuclear and specialist energy applications … [and] … confirms non-Chinese purification capability”.
• Today’s announcement explains that “Orom-Cross has previously achieved 99.99% purity through testwork conducted by American Energy Technology (“AETC”), a US based technical graphite specialist, using their own proprietary thermal process that differs from the chemical-based approach employed by Alkeemia”.
• Executive Chairman, Cameron Pearce, described the results from Alkeemia’s testing as “a significant milestone for Orom-Cross … [which] … demonstrate that our graphite can achieve the very highest purity levels required for specialist applications, including defence, nuclear and strategic energy uses where quality and supply security are critical”.
• He also said that they offer the potential “for a valuable new partnership … [with Alkeemia] … to develop”.
• The Orom Cross DFS, covering an initial 15 year mine life at a production rate of 20,000tpa of TGC concentrates from mid-2027 envisages that capital expenditure of US$40m, followed by US$120m for a second phase raising production 70ktpa of concentrates  plus 20,000tpa of USPG (uncoated spheronised purified graphite) will deliver an NPV_10% of US$1.09bn and an IRR of 96%.
• Blencowe Resources has previously indicated that it aims to achieve initial production in H1 2027.

Conclusion: Testing by a European specialist graphite processor shows that it is possible to upgrade Orom Cross graphite to 99.99% purity.

Caledonia Mining (CMCL LN) 2,250p, Mkt Cap £469m – US$125m Convertible Note to help fund Bilboes project

• Caledonia Mining has increased the size of its US$100m Convertible 5.875% Senior Note offer to US$125m.
• “The Notes will be convertible into cash, common shares of Caledonia (“Common Shares”) or a combination of cash and Common Shares … [at a rate of 24.6837 shares per $1,000] … at Caledonia’s election”.
• The Note, due 2033, will aid in the development of the Bilboes project in Zimbabwe where, in yesterday’s Q4 operational update, the company reported that it expects to spend US$132m in 2026.
• Bilboes is located in southern Zimbabwe around 80km north of Bulawayo and hosts a ‘Proven & Probable” ore reserve of 1.75moz of gold within ~24mt of ore at an average grade of 2.26g/t gold.
• In November last year, the company announced that, over a planned 10.8 years mine life, the project is expected to produce 1.55moz of gold at an all-in-sustaining cost of US$1.061/oz “with first production expected in late 2028”.
• Using a consensus gold price of US$2,548/oz, Caledonia Mining has previously said that it expects funding of US$484m to deliver an after-tax NPV_8%(Real) of US$582m and an IRR of 32.5% with a payback of 1.7years.

Conclusion: US$125m Convertible Senior Note to progress the Bilboes project in Zimbabwe.

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

Fortuna Mining (FSM CN) C$14.3, Mkt Cap C$4.4bn – Production meets guidance as 2026 focus on developing Diamba Sud

• Fortuna reports production results for Q4 and FY25.
• Fortuna operates the Cote d’Ivoire Seguela mine, Lindero mine in Argentina and Caylloma mine in Peru.
• Fortuna produced 317koz AuEq over the year, in line with guidance at 309-339koz.
• Seguela beat production guidance, producing 152koz vs 134-147koz guided.
• Lindero produced 87.5koz, below guidance of 93-105koz following unpanned downtime on primary crusher.
• At Caylloma in Peru, production fell below guidance at 39.3koz vs 44-49koz on GEO calculations. F
• Fortuna guides for 2026 productoin at 281-305koz AuEq at cash costs of $895-1,000/oz and AISC of $1,830-1,975/oz.
• Higher AISC reflects increased royalties, and higher cost base at Seguela, offset by higher production and lower Lindero cash costs.
• Fortuna has allocated $100m to the advancement of Diamba Sud, with focus on exploration and de-risking towards construction mid-2026.
• The Diamba Sud project in Senegal holds a PEA outlining:
  • 8 year LOM producing 106kozpa at AISC of $1,238/oz.
  • CAPEX of $283m
  • Post-tax NPV5 of $563m and IRR of 72% at $2,750/oz, increases to $1bn at $3,750/oz.
  • First gold guided for 2Q28.
• $55m has been allocated to wider exploration, and $14m to growth exploration at Seguela.
• Fortuna reports net cash of $382m as of December 31^st.

Mkango Resources* (MKA LN) 53.5p, Mkt Cap £179m – Opening of rare-earth magnet recycling plant

BUY

• Mkango Resources report the opening, today, by the Minister for Industry, Chris McDonald, of the “the first commercial rare earth magnet production in the UK in 25 years” at the Tyseley Energy Park in Birmingham.
• The plant, which separates and recycles “rare earth magnets using the patented Hydrogen Processing of Magnet Scrap (“HPMS”) technology, licensed exclusively to … [Mkango’s 79.4% owned] … HyProMag”.
• The plant in Birmingham “can recover over 400kg of rare earth alloy per batch utilising the HPMS reactor and can produce new sintered magnets from the recycled rare earth alloy at a capacity of 100 tonnes per annum on a single shift, and over 300 tonnes per annum on multiple shifts”.
• Mkango’s Chief Executive, William Dawes, described the opening as “a landmark achievement and transformational for rare earth supply chains, bringing back magnet manufacturing to the UK after 25 years”.
• He said that “Since Mkango’s first investment in HyProMag in 2020 and HyProMag UK’s ongoing collaboration with the University of Birmingham as the commercial partner and exclusive licensee, it is fantastic to see HPMS technology progress to commercialisation”.
• Mr. Dawes said that “This development provides a strong platform for further scale-up in the UK and international roll-out, already underway in Germany and the USA, with other countries being assessed for further expansion”.
• Allan Walton, Head of the Magnetic Materials Group at the University of Birmingham and Founding Director of HyProMag Ltd described how the “first use of hydrogen for recycling of magnets was proposed by the late Emeritus Professor Rex Harris who started the recycling activities in the group over 20 years ago”
• He paid tribute to “the commitment of the highly skilled team within the MMG … [and said that] … Since that time, the group has scaled multiple processes to sense, sort, extract, purify, and recycle rare earth magnets”.

Conclusion: The opening, later today of a separation and recycling plant in Birmingham restores UK rare earth magnet production capability after 25 years.

*SP Angel acts as nomad and broker to Mkango Resources

Savannah Resources* (SAV LN) 4.8p, Mkt Cap £123m – Update on key workstreams as 2026 FID reiterated

BUY – 18.5p

CLICK FOR PDF

• Savannah, who are developing the Barroso Lithium Project in Portugal, provide an update.
• The Company announced on Friday a €110m State Grant for construction CAPEX funding, with formal signing expected before the end of next week.
• Savannah is advancing DFS and environmental permitting, due later this year.
• Current near term focus includes optimising pit designs and mining schedules, expected to support a maiden JORC Reserve estimate shortly.
• Surface water management infrastructure and water balance studies are due 1Q26, with authorisation of the revised Bypass Road design due mid-February.
• Other key infrastructure studies are due for completion in 1Q26, including TSF, waste dump, process plant terrace and water reservoir studies.
• Savannah is aiming to conduct c.40 drillholes and 30 water boreholes alongside for geotechnical studies, alongside 12 drillholes (1,000m) for resource upgrades at Pinheiro.
• Drilling requires approval of the temporary land access, enabling the completion of the DFS and RECAPE. Management sees the €110m State Grant as a supportive catalyst for access approval.
• Savannah’s exploration team has also identified a new 400m anomalous lithium extension to Carvalha da Bacora target, providing further resource upside potential, should drilling prove successful.
• Savannah continues to strengthen relations with local stakeholders and European government and industry bodies as it advances towards production.

Conclusion: This is an exciting year for Savannah, currently completing key workstreams before delivering the DFS and RECAPE permitting approval. Management expects to reach FID this year. The Portugal state grant of up to €110m for the Barroso Lithium Project was a major milestone for Savannah , validating the strategic status of the largest spodumene deposit in Europe. Government support in the form of a non dilutive capital contribution significantly reduces permitting and financing risks. Spodumene prices rose above $2,000/t SC6 in China this morning with BESS demand stronger than expected, meeting tighter Chinese supply following environmental crackdowns. Savannah is well positioned to become Europe’s next and largest spodumene operation.

*SP Angel acts as Nomad and Broker to Savannah Resources

Serabi Gold (SRB LN) 340p, Mkt Cap £261m – Record annual gold production in 2025 as Coringa ramps up

• Serabi Gold reports the production of 11,534oz of gold in the 3 months to 31stDecember bringing 2025 production to a record 44,169oz (2024 – 37,520oz).
• During 2025, the Palito mine treated ~109kt of ore at an average grade of 6.03g/t gold during the year to produce 20,158oz of gold and meet guidance of 44-47,000oz.
• At Coringa, the processing of ~100kt of ore at a grade of 7.64g/t produced a further 24,010oz of gold.
• CEO, Mike Hodgson explained that the record gold output “was driven by the ramp up of the Coringa Mine … [where] … During the year, production from the Serra zone continued according to plan”.
• He said that production has now also started from the Meio zone using mechanised mining which, although it introduces increased rates of dilution, which are offset by ore-sorting, benefits safety, costs and “speeds up production”.
• Mr. Hodgson commented that the exploration programme, including a planned 30,000m of drilling, has led to “the discovery of the Serra South zone at Coringa, located approximately 500 metres south of the currently producing Serra zone … [as well as extending] … the Meio zone trend at Coringa, whilst at the Palito Complex we extended the north and south extensions of the currently producing Senna zone”.
• He said that as a result of successful exploration “we remain on track to achieve our Phase II growth target of increasing the current mineral resource inventory to 1.5Moz Au – 2.0Moz Au”.
• The company expects to produce a total of between 53-57,000oz of gold in 2026.

Conclusion: Record annual gold production reflects build up of Coringa while exploration remains on track to deliver targeted 1.5-2.0moz of resource inventory.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

WIA Gold* (WIA AU) A$0.5, Mkt Cap A$m – Appointment of ex-Predictive MD to transition Kokoseb to production

• Wia Gold, who are developing the 3moz Kokoseb gold project in Namibia, have appointed Henk Diederichs as Managing Director and CEO.
• Henk joins Wia from Predictive Discovery, where he served as COO and brought their Bankan project through DFS to the ongoing merger with Robex Resources.
• Before PDI, Henk was MD of OreCorp, which held the Nyanzaga Gold Project, currently being built by Perseus in Tanzania.
• Henk also held leadership roles at Equinox’s Lumwana Mine in Zambia, supporting the construction of the open -pit mining operation.
• Wia is targeting DFS completion in 2H26, alongside enivornmental permitting, financing and FID.
• Henk states he looks ‘forward to building a strong development and operations team in Namibia to deliver a highly value accretive project.’
• Chairman Josef El Raghy states his appointment ‘strengthen’s Wia’s capability to deliver on its strategy of transforming Kokoseb into a significant, development ready gold asset.’
• Henk will receive 10m LTI performance rights vesting at key milestones, including the receipt of a mining licence and execution of binding documentation for commercial financing.

*An SP Angel analyst holds shares in WIA

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.