SP Angel -Today’s Market View, Thursday 22nd January 2026

Gold shrugs off Trump’s Greenland deescalation as Poland adds to reserves

MiFID II exempt information – see disclaimer below

C3 Metals (CCCM CN) – Drilling results and C$20m bought deal to expand exploration programme

Great Western Mining (GWMO LN) – Crown Point granite reveals gold/silver intercepts

Landore Resources (LND LN) – Updated MREs for Junior Lake project

Resolute Mining (RSG LN) – Mali and Senegal mines meet 2025 production guidance as Resolute moves towards start of construction at Doropo in Cote d’Ivoire

South32 (S32 LN) – Hermosa construction on track as underground development advances

Strategic Minerals* (SML LN) – £4m fundraising to advance PFS stage drilling at Redmoor.

Gold ($4,825/oz) shrugs off Trump’s Greenland deescalation as Poland adds to reserves

• Gold prices have held near record highs, following a 4.6% rally over the past week, now up 75% over the past 12 months.
• Gold prices pulled back marginally after Trump stated the US would not use force to acquire Greenland, lifting the wider market and causing a rally in Treasuries.
• The metal is up over 8% since Trump’s arrest of Maduro, which escalated China-US geopolitical relations.
• Escalating geopolitical tensions have paralleled Trump’s escalated pressure on Fed Chair J Powell, currently being pursued by Federal prosecutors over a building renovation.
• Central bankers are diversifying reserves away from US dollar-assets to alternatives, including gold.
• Central bank buying reflects a policy-driven tailwind rather than price-driven providing an important inelastic demand driver.
• Some central banks have expressed more cautious buying at higher prices, with Philippine Central Bank officials stating they planned to keep gold reserves at c.8-12% of total reserves in August.
• This has been led by BRIC countries, primarily China, but is also a wider thematic for ‘US-friendly’ countries, with Poland boosting reserves from c.100t in 2016 to 550t in 2026.
• Trump’s attack on the Fed’s independence is a major tailwind for gold prices in our view, and recent moves to assert dominance follows his move to fire Lisa Cook in August.
• Given the US’ elevated fiscal deficit and increased borrowing costs, reduced confidence in Fed independence has driven haven investors to seek alternatives, with gold benefitting.

Greenland – $100,000 potential offer for every verifiable Greenlander

• Europe’s political leaders are scrambling to show their indignation and soft opposition to Trump’s plan to acquire Greenland.
• We believe unreported discussions between the US and native Greenlanders indicate a preference to align with the US while sidelining Denmark.
• NATO needs the US and NATO needs US to defend Greenland.
• Trump may have backed off demands to ‘own’ Greenland but if a new deal is struck we suspect the US will be in charge and will consider Greenland to be US territory.
• We suspect this is important for Greenland’s defence as an uninvited landing by Russian or Chinese services needs to have the potential to be seen as a breach of a US or NATO border.
• In reality, any force landing on Greenland is going to struggle to maintain its presence, though the emplacement of missiles and air defences could impede flight paths over the region.
• Minerals:
• Exploration in Greenland is expensive, there is a short exploration season and exploration is limited to rock exposed by the receding ice sheet.
• While it is easy to fly along the coast, much of it is a bit far for helicopter surveys.
• Travel by boat is limited by safe landing spots and the terrain is often difficult thereafter.
• Good planning, logistics and understanding of how to exist in Greenland is essential for anyone working out there.
• Mineral deposits:.
  • Rare Earths: Kvanefjeld and Tanbreez
  • Graphite: GreenRock Mining has the old Amitsoq graphite mine
  • Gold: Amaroq Minerals is looking to develop the Nalunaq Gold mine
  • Zinc, lead, and silver: The Black Angel Mine was closed after a fuel delivery failed to arrive in time to keep the plant running.
  • Ilmenite: 80 Mile plc has the Dundas ilmenite project in Pituffik. The project is 20 mins from Qaanaaq in the Arctic Circle by helicopter or 8 hours around the coast by boat.
    • The strategic US air base at Thule is visible from the abandoned settlement at Pituffik
  • Oil and Industrial gases: 80 Mile plc is exploring for industrial gasses on the East coast of Greenland in the Jameson Land basin.
    • A third-party resource evaluation report estimates 2U prospective oil resources at 4.2bnb (Pmean). Significant potential for Oil & Gas is seen across the continental shelf.
  • Zinc: Ironbark Zinc is looking to develop the he Citronen lead-zinc project in the Citronen Fjord. Citronen is one of the world’s largest undeveloped zinc resources
  • Zinc and Feldspar: 80 Mile plc* hold licenses at: Kangerlussuaq.
  • Uranium: Greenlanders are vehemently opposed to the mining of uranium or any other radionucleides in Greenland due to the potential for poisoning long term fish and mammal stocks.
  • Nickel and PGMs: Disco project. 80 Mile plc* recently regained full ownership of the Disco project following expenditure of ~$12m of exploration by Kobold Metals.
  • Anorthosite: Hudson Resources developed the coastal mine targeting 200,000tpa. Anorthosite is used in the manufacture of glass fiber, paints, plastics

Conclusion: Greenland offers great potential for mineral discovery but the island is more valuable for its strategic location than for its mineral wealth currently.

VOX: We are now in a new commodities cycle: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer

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

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

Currencies

US$1.1694/eur vs 1.1709/eur previous. Yen 158.74/$ vs 157.89/$. SAr 16.232/$ vs 16.363/$. $1.343/gbp vs $1.344/gbp. 0.680/aud vs         0.675/aud. CNY 6.963/$ vs 6.966/$.

Dollar Index 98.80 vs 98.59 previous.

Economics

US – Equity futures are extending gains this morning as President Trump dropped tariff threats amid Greenland dispute.

• US President said he will not be raising tariffs on February 1while saying there is “framework” deal on Greenland.
• The plan suggests no Greenland takeover by force easing concerns over a restart of a trade dispute with the EU.
• S&P and Nasdaq closed 1.2% higher on Wednesday with futures up 0.6% and 0.8% this morning, respectively.

President Trump said he is close to choosing the next Fed Chair with four contenders believed to be in the race.

• Rick Rieder (BlackRock), Kevin Hassett (National Economic Council Director), Christopher Waller (Fed Governor) and Kevin Warch (former Governor) are seen as final candidates.
• “I’d say we’re down to three, but we’re down to two, and I probably can tell you we’re down to maybe one in my mind,” Trump said.

Japan – Exports climbed last year on electronic parts and food despite a fall in shipments to the US and China.

• Exports were up 3.1% for the full year in 2025 led by electronic parts and food.
• Shipments to the US were down 4.1% led by autos and chip making equipment marking the worst fall since 2016 excluding the impact of the pandemic.
• Exports to Europe and Asia ex China remained robust while shipments to China were down 0.4%.
• Exports (%yoy, Dec / Nov / Est): 5.1 / 6.1 / 6.1
• Imports (%yoy, Dec / Nov / Est): 5.3 / 1.3 / 3.6

Europe – European Parliament freezes Mercosur deal and refers to EU Court of Justice.

• The referral to the EU Court of Justice has the potential to significantly delay Mercosur deal and potentially derail final approval.
• European farmers are concerned over the implications of low cost and lower-standard food from South America flooding into the EU.
• The European Commission will now seek to convince lawmakers about the geostrategic importance of this trade deal.

UK – Deficit fell more than expected in December helped by strong tax receipts.

• The shortfall came in at £11.6bn that is £7.1bn less than a year before and below the £13bn median forecast.
• Government revenues were supported by a hike in payroll tax that came in last April and healthy wage growth.

Indonesia – The government revoked licenses of 28 resources companies following a review into causes of deadly floods that claimed >1,000 lives late last year.

• President Subianto ordered the revocation after the review found regulation violations.
• 22 of those are involved in natural forests and plantations with the remaining six related to mining, plantations and timber.

Precious metals:

Gold US$4,828/oz vs US$4,866/oz previous

   Gold ETFs 99.8moz vs 99.8moz previous

Platinum US$2,469/oz vs US$2,464/oz previous

Palladium US$1,852/oz vs US$1,865/oz previous

Silver US$94.1/oz vs US$95.1/oz previous

   Silver ETFs 848.8moz vs 844.0moz previous

Rhodium US$10,200/oz vs US$10,100/oz previous

Base metals:   

Copper US$12,728/t vs US$12,861/t previous

Aluminium US$3,131/t vs US$3,136/t previous

Nickel US$18,065/t vs US$17,985/t previous

Zinc US$3,196/t vs US$3,187/t previous

Lead US$2,027/t vs US$2,037/t previous

Tin US$51,095/t vs US$51,800/t previous

Energy:

Oil US$65.0/bbl vs US$64.1/bbl previous

• Crude oil prices remain elevated on the back of the Tengiz operator declaring force majeure on crude deliveries into the CPC pipeline, as the API estimated a 3mb w/w oil inventory build to US stocks, with gasoline stocks gaining 6.2mb and distillate stocks broadly flat.
• European and US natural gas prices continue to be driven higher as frigid Arctic weather systems move southwards in the northern hemisphere, boosting heating demand and intensifying competition for LNG cargos.
• The IEA forecasts global oil demand growth of 930kb/d in 2026, up from 850kb/d in 2025, which is significantly dwarfed by world oil supply growth forecasts of 2.5mb/d this year to 108.7mb/d, which follows an increase of 3mb/d in 2025 and adds to the existing glut.

Natural Gas €39.0/MWh vs €35.4/MWh previous

Uranium Futures $85.0/lb vs $85.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$103.6/t vs US$103.2/t

Chinese steel rebar 25mm US$465.8/t vs US$465.8/t

HCC FOB Australia US$230.5/t vs US$230.0/t

Thermal coal swap Australia FOB US$113.3/t vs US$111.7/t

Other:  

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

NdPr Rare Earth Oxide (China) US$95,434/t vs US$95,831/t

Lithium carbonate 99% (China) US$22,404/t vs US$21,750/t

China Spodumene Li2O 6%min CIF US$2,170/t vs US$2,110/t

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

China Tungsten APT 88.5% FOB US$1,188/mtu vs US$1,188/mtu

China Tantalum Concentrate 30% CIF US$111/lb vs US$109/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$24.5/kg vs US$24.5/kg

China Ilmenite Concentrate TiO2 US$261/t vs US$262/t

US Titanium Dioxide TiO2 >98% US$2,908/t vs US$2,908/t

China Rutile Concentrate 95% TiO2 US$1,127/t vs US$1,127/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

EV and Battery News:

Geely targeting annual sales of 6.5m by 2030

• Chinese automaker Geely is targeting global vehicle sales of more than 6.5m units a year by 2030, according to company statements. (Reuters)
• In 2025, Geely sales totalled 4.1m, with 56% of them being NEVs.
• The target implies a sharp increase from recent sales levels and would place Geely among the world’s largest auto groups by volume.
• Growth is expected to come from both China and overseas markets, supported by Geely’s portfolio of mass-market, premium and EV-focused brands.

Waymo begins trials of self-driving cars in London

• Waymo’s fully autonomous Jaguar I-Pace SUVs began testing on public roads in London earlier this week as part of a new government-backed pilot programme to accelerate self-driving tech adoption.
• The tests are happening under a special UK framework that allows such trials before personal driverless cars become legal, with broader legislation expected later in 2026.
• Uber is expected to join the scheme in spring 2026 with its own driverless fleet in collaboration with mapping firm Wayve.
• UK transport officials framed the initiative as a landmark moment for autonomous vehicle innovation and part of efforts to support safety and accessibility goals.
• Waymo already operates driverless taxi services in several US states and has expanded into Japan, and it sees the London trials as an extension of its global robotaxi rollout.
• We have spotted a number of Waymo vehicles in central London, carefully monitored by a driver and passenger.

Company News:

C3 Metals (CCCM CN) C$1.22, Mkt Cap C$122m – Drilling results and C$20m bought deal to expand exploration programme

• C3 Metals reported assay results from Khaleesi in Peru yesterday, where they are drilling a large copper target in southern Peru.
• The second hole from the programme returned:
  • KHZ5800-002: 8m at 0.49% CuEq from 14m, 51m at 0.86% CuEq from 340m and 13m at 0.35% CuEq from 488m.
  • Results follow the maiden hole at Khaleesi which returned 269m at 0.3% Cu
• The second hole identified a new style of mineralisation at Khaleesi, notably porphyry-style overprinting garnet skarn.
• Higher-grade mineralisation is associated with chalcocite, bornite, chalcopyrite and visible gold associated with porphyry-style sheeted quartz veinlets.
• The initial hole had intercepted mineralisation in a magnetite skarn.
• Management see the initial two holes at Khaleesi suggesting multiple-copper mineralising events within the broader hydrothermal system.
• The C3 team will follow up with multiple scout holes under the thin glacial till cover to test the sheeted vein zone and potential mineralisation at depth.
• 4,200m of drilling has been completed to date, with assays pending for six holes.
• Additionally, C3 announced yesterday that it is raising C$20m at C$1.1/share via a bought deal private placement, with the option of a further C$3m raised.
• Funds will be used to advance exploration at Khaleesi and Super Block in Jamaica.

Conclusion: An opportune raise from C3 Metals sees them add C$20m to expand their exploration programme at the large-scale Khaleesi copper target in Peru. Drilling from two holes has already revealed the potential for large-scale copper mineralisation (269m at 0.3% Cu), with 6 assays pending. Management is aiming to follow the porphyry-style sheeted veinlets down dip to target the primary source of the widespread hydrothermal system. C3 Metals offers a three-pronged exploration strategy across Jamaica and Peru, with the Freeport JV opening the door for non-dilutive, large-scale copper porphyry exploration at Bellas Gate. This is an exciting year for C3 as they expand their search for large-scale, economic copper deposits in underexplored districts.

Great Western Mining (GWMO LN) 1.4p, Mkt Cap £2.4m – Crown Point granite reveals gold/silver intercepts

• Nevada precious metal and copper explorer Great Western reports drilling results from their West Huntoon magmatic-hydrothermal prospect.
• The Company is conducted an RC programme over 1,106m to test targets coincident with Cu-Au-Ag geochemical anomalies coincident with IP geophysical targets.
• Drilling identified Au-Ag mineralisation believed to be associated with Cretaceous ‘Croin Point’ granite.
• Highlight intercepts include:
  • WHRC006: 7.6m at 1g/t Au and 11g/t Ag from 55m
  • WHRC005: 4.6m at 1.67g/t Au and 2.34g/t Ag from 26m
  • WHRC005: 1.5m at 1.1g/t Au and 8.5g/t Ag from 34m
• GWM’s exploration team suggests elevated pathfinder elements suggest drilling intercepted a shallow component of a magmatic-hydrothermal system.
• Company is logging unexamined material from historic RC and diamond drilling.
• Management suggests they will further test the Crown Point granite as a major focus going forward.
• Additionally, GWM expects results from trench sampling imminently.

Landore Resources (LND LN) 2.5p, Mkt Cap £13m – Updated MREs for Junior Lake project

• Landore Resources has released CIM compliant mineral resource estimates (MREs) for its BAM gold project and the B4-7 and VW nickel/copper/cobalt project at its Junior Lake project in northwest Ontario.
• The new estimate for the BAM gold project shows an ‘Indicated’ resource of 19.1mt at an average grade of 1.01g/t gold (0.6m oz) plus an ‘Inferred’ resource of 1.1mt at an average grade of 0.96g/t gold for a further ~34,000oz.
• The new BAM estimate of 622,300 oz Au Indicated and 33,700 oz Au of Inferred resources updates a 2022 MRE and is “approximately 20.7 per cent. and 53.2 per cent. lower than the 2022 inside-pit equivalent estimates (785,000 oz Au Indicated and 72,000 oz Au Inferred)”.
• The company attributes the variance to factors including:
  • “New drilling, where some holes confirmed the 2022 down-dip projection interpretations while others did not”; and
  • “Edits to the 2022 wireframes included adjusting thicknesses locally … adding some mineralised intervals, and reducing the down-dip projections to a maximum of 100 m. The edits to the wireframes resulted in a reduction of the total wireframe volume”; and
  • “In-fill sampling of unsampled portions of selected drill holes where the 2022 wireframe interpretations envisioned the continuation of the mineralisation”; as well as
  • Other factors such as capping the results at 15g/t and changed gold price and operating cost assumptions which reduced “the cut-off grade from 0.30 g/t Au in 2022 to approximately 0.21 g/t Au in 2026”.
• The estimate for the B4-7 project reports an ‘Indicated’ 3.4mt at an average grade of 0.6% nickel, 0.4% copper, 0.05% cobalt, 0.13g/t platinum, plus an ‘Inferred’ 1.1mt at an average grade of 0.4% nickel, 0.4% copper, 0.03% cobalt and 0.06g/t platinum.
• Around 56% of the overall resource tonnage is amenable to open-pit mining with the balance potentially accessible by underground mining.
• The estimate for the VW project, located around 2km from BAM, contains an ‘Indicated’ 3.6mt at an average grade of 0.4% nickel, 0.05% copper, 0.02% cobalt and 0.03g/t platinum plus an ‘Inferred’ 0.6mt at an average grade of 0.4% nickel, 0.05% copper, 0.02% cobalt and 0.02g/t platinum.
• Around 34% of the overall resource tonnage at VW is amenable to open-pit mining with the balance potentially accessible by underground mining.
• Management intends to build on the new MREs to plan its future exploration strategy and priorities which are likely to include “additional infill sampling of the existing core and the development of new drill targets within key mineralised structures … [plus] … a large-scale soil and outcrop sampling programme”.
• CEO, Alexander Shaw said that the new MREs have “provided a more robust understanding of the various Junior Lake deposits and significantly … [increased] …our confidence in the ore bodies”.
• He explained that the estimation work has shown that the BAM deposit is “highly comparable to other gold deposits discovered in Ontario over the past three decades”.

Resolute Mining (RSG LN) 64.8p, Mkt Cap £1,413m – Mali and Senegal mines meet 2025 production guidance as Resolute moves towards start of construction at Doropo in Cote d’Ivoire

• Resolute Mining reports the production of 65,918 oz of gold at a cost (on an all-in-sustaining cost basis) of US$1,877/oz in the 3 months to 31st December bringing 2025 production to 277,236oz at an AISC of US$1,843/oz (2024 – 239,869oz at US$1,476/oz) meeting the revised production guidance range of 275-285,000oz.
• The Syama mine in Mali produced a total of 176,341oz of gold during the year at an AISC of US$2,008/oz with the Mako mine in Senegal contributing a further 100,895oz at US$1,270/oz.
• Gold production at Syama in 2025 was “18% lower than the prior year as head grades at both sulphide and oxide plants were lower due to slightly lower mined grades and increased use of stockpiled material” but Q4 proved to be a strong quarter with the highest rate of underground ore production for the year and higher underground grades requiring less low grade stockpile material for the mill.
• Guidance for 2026 is production in the range 250-275,000oz at an AISC of US$2,000-2,200/oz with Syama expected to produce 195-210,000 at between US$1,950-2,150/oz and Mako producing 55-65,000oz at US$1,600-1,800/oz.
• The company highlights the completion during the year of its Definitive Feasibility Study (DFS) for the US$516m Doropo project in Cote d’Ivoire where construction is “expected to commence in H1 2026 upon receipt of permits … [leading to a] … first gold pour in H1 2028”.
• The Doropo DFS described “LOM average production of c. 170kozpa over 13 years and a post-tax project NPV5% of US$1.46bn, IRR of 49% (at $3,000/oz gold price)”.
• Potential mine-life extensions at Mako are available from satellite pits at Tomboronkoto and Bantaco which host a combined resource of “over 600koz of gold, with possibilities of expansion based on ongoing exploration results”.
• At Tomboronkoto, Resolute Mining expects to submit an application for a Mining Permit in the current quarter following “the issuance of the Environmental Permit”.
• Following additional infill drilling to convert ‘Inferred” resources at Bantaco South and Bantaco West to ‘Indicated’, an “update of the MRE is underway … with the results expected in H1 2026”.
• Drilling at the ABC project in Cote d’Ivoire included “very encouraging initial drill results at Kona … [where Resolute Mining is starting] … a comprehensive scoping study which will be issued in early H2 2026”.
• The company describes this as a “pivotal step … designed to unlock the ABC Project’s true value and identify strategic growth opportunities”.
• In November, “Resolute announced an Inferred Mineral Resource Estimate for La Debo … [in southern Cote d’Ivoire] … of 17.6Mt grading 1.14 g/t Au for 643 koz of contained gold at 0.5g/t”. Mineralisation is reported to remain open down dip “with grades encountered so far increasing at depth”.
• Resolute Mining reports a 31^st December 2025 net cash balance of US$209m with total borrowings of US$57m.
• CEO, Chris Eger, described 2025 as “a transformational year for Resolute marked by strategic asset growth and a significantly strengthened financial position”.
• He said that 2026 priorities “will centre on the commissioning of the SSCP … [Syama Sulphide Conversion Project] … marking a critical step in strengthening our Mali operations. … [and increasing] … overall sulphide processing capacity at Syama by over 60% from 2.4 Mtpa to 4.0 Mtpa by modifying the oxide comminution circuit and upgrading the roaster”.
• He also highlighted the “ramp up of construction at Doropo, bringing the project closer to first production and advancing our growth ambitions in Côte d’Ivoire”, extending the Senegal operations’ mine life and continuing exploration in Cote d’Ivoire and possibly also in Guinea.

Conclusion: Resolute Mining achieved its adjusted 2025 production and cost guidance and is expecting increased gold production from Syama in 2026 partly offset by lower output from the Mako mine in Senegal.

South32 (S32 LN) 222p, Mkt Cap £10bn – Hermosa construction on track as underground development advances

• Diversified producer South32 reports production results and a corporate update.
• Company reports:2Q26 production results of:
  • Worsley Alumina: 959kt vs 934kt prior quarter
  • Brazil Alumina: 355kt vs 354kt
  • Brazil aluminium: 37kt vs 37kt
  • Hillside aluminium: 181kt vs 181kt
  • Mozal aluminium: 90kt vs 93kt
  • Sierra Gorda: 22.1kt CuEq vs 24.9tkt
  • Cannington: 54.5kt ZnEq vs 48.3kt
  • Australia manganese: 806kwmt vs 854kwmt
  • South Africa manganese: 506kwmt vs 551kwmt
• Operating costs expected to be in line or below current FY26 guidance on ‘strong operating performance and continued focus on cost management.’
• Mozal is set to be placed on care and maintenance on c.15^th March following failure to find affordable electricity.
• $160m invested in CAPEX (exc. EAIs and Hermosa) in 1HFY26
• $338m of CAPEX at Hermosa in 1HFY26, with Taylor, with ventilation shaft sinking due to resume in March quarter following construction of the first underground mining level.
• Delivery of major components of primary mill and flotation circuit delivered at Hermosa during the quarter.
• Ambler Metals JV focused on exploration and development of Arctic polymetallic deposit for the CY26.
• Returned $117m in dividends over the December quarter.
• $35m in buy-backs completed in 1HFY26.

Strategic Minerals* (SML LN) 1.4p, Mkt Cap £31m – £4m fundraising to advance PFS stage drilling at Redmoor.

• Strategic Minerals has raised £4m by placing ~308m shares at 1.3p/share.  The issued shares, including a further 7.5m “in consideration for fees payable” represent around 11.7% of the enlarged company.
• The additional funds will progress the “Company’s Redmoor Tungsten-Tin-Copper Project in Cornwall (“Redmoor”) into the next phase … [including] … a 16,000 metre infill drilling programme … [which] … is expected to substantially complete all the required drilling for a prefeasibility study”.
• Highlighting Redmoor’s potentially strategic role as a significant undeveloped European tungsten resource Chairman, Charles Manners, said that the additional financial resources will facilitate an almost immediate follow-on infill drilling programme to undertake substantially all the drilling requirements of the planned PFS.
• In December, Strategic Minerals completed a 5,000m drilling campaign at Redmoor aimed at expanding and upgrading the 2019 ‘Inferred’ resource of 11.7mt at 1.17% SnEq (0.56% WO₃, 0.16% Sn, 0.50% Cu).
• Meticulous reassessment of previous geological work over the last year has also identified previously unrecognised mineralisation which may also help to expand the 2019 MRE,
• We infer that the recent drilling has generated sufficient confidence to justify moving straight into a follow up drilling phase which would expedite the pre-feasibility work for Redmoor.
• Metallurgical testing disclosed in the company’s recent 2025 trading review disclosed recovery rates of “94.3% tungsten, 95.6% tin, and 90.7% copper”.

Conclusion: Additional funds will accelerate the Redmoor project in Cornwall, with the company expecting to move rapidly into a 16,000m drilling campaign aimed at accelerating the project’s pre-feasibility study.

*SP Angel acts as Nomad and broker to Strategic Minerals

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.

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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.