SP Angel – Today’s Market View, Wednesday 1st July 2026

Gold dips again as Treasury yields jump as peace talks break down

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Drill programme expanded to 9,000m at Disko as rigs and exploration teams mobilise to site

CopperTech Metals (Private) – Delay to US IPO amid volatile commodity market environment (Reuters)

Kavango Resources* (KAV LN) – Retirement of Peter Wynter Bee and appointment of SP Angel as corporate broker

Oriole Resources (ORR LN) – Further assay results from MB01-S in Cameroon

Premier African Minerals (PREM LN) – 2025 results focus on progress at Zulu and possible resumption of mining at RHA

Rockfire Resources (ROCK LN) – Further drilling results from Malaoi, Greece

South32 Ltd (S32 LN) – $5.6bn aluminium sale to Alcoa as focus shifts to base metal portfolio

St George Mining (SGQ AU) – Ongoing drilling extends Araxa by 200m to the north

ZCCM Investment Holdings (ZCC LN) Susp – Impact of restructuring key assets

Gold ($3,975/oz) dips again as Treasury yields jump as peace talks break down

• Gold prices have continued to trade between $3,950-4,050/oz as the metal struggles under a stronger US dollar.
• Continued hawkish sentiment from the new Fed chair has supported higher US Treasury yields.
• The US 10-year yield has risen to 4.46%, reducing the appeal of holding non-yielding bullion.
• Higher yields have followed a significant sell-off in crude prices, with brent sitting at $71/bbl from recent highs of $126/bbl, reducing inflation concerns from higher energy costs.
• Gold was a major beneficiary of a weaker dollar in 2025 and has suffered from a rebound over the past month.
• The metal has broken through several major technical trend lines, with the fall from the 200-day moving average reducing confidence in a near-term rebound back to higher levels.
• We continue to see a more definitive resolution to the Iran conflict as a major catalyst for gold.
• Whilst an initial MoU between the US and Iran pushed gold prices back to $4,350/oz, a breakdown in negotiations pared these gains.
• Reuters reported yesterday that Iran is now refusing to meet with US envoys, limiting prospects for a near term solution to the hostilities.

Nickel — Harita speeds up three Obi projects to lift capacity to 305,000t

• Harita Nickel (IDX: NCKL), a major Indonesian nickel producer, is finishing three projects on Obi Island.
• The three are a third smelter, a quicklime plant, and a tailings-recycling unit.
• The new smelter uses a RKEF ‘Rotary-Kiln Electric Furnace’ to produce ferronickel adding 185,000t/yr by end-2026 taking their Obi Island capacity to 305,000tpa.
• The quicklime feeds Harita’s HPAL ‘High-Pressure Acid Leach’ plants, the process that makes battery-grade nickel for Evs.
• Harita says it has no sulphur shortage, having spread suppliers beyond the Middle East with sufficient stock to cover output to October 2026.
• Sulphur, a key input for HPAL battery-nickel plants, has jumped to about $1,200/t, from just $250/t in April last year.
• Indonesia imports over 70% of its nickel-plant sulphur, and 75-80% of that comes from the Middle East.
• MIND ID, the state mining holding, is studying whether copper and gold by-products could supply sulphur at home.

Copper — Chile’s output drops 12.9% in May

• Copper output in Chile, the world’s largest producer, fell 12.9% on the year in May to 423,623t.
• Its factory output also fell 7.2%, the steepest since 2022, though that was led by weak fish processing.
• Lower supply from the top producer adds to the tight ore picture already squeezing smelters.

Rare Earths — Sweden grants a 25-year lease to the Norra Kärr heavy-REE deposit

• Sweden gave Leading Edge Materials (TSXV: LEM), a Canadian explorer, a 25-year lease for Norra Kärr.
• It is rich in heavy REE like dysprosium and terbium, the metals used in magnets for EV motors, wind turbines and defence.
• With no REE production in the EU today, the company says the site could supply all of Europe’s yearly dysprosium needs.
• Its shares jumped about 28%.
• An updated study and permitting still lie ahead before it can be built.

Currencies

US$1.1398/eur vs1.1405/eur previous. Yen 162.63/$ vs162.13/$.SAr 16.450/$ vs16.411/$.$1.324/gbp vs$1.324/gbp.0.689/aud vs0.688/aud.CNY 6.796/$ vs6.784/$.

Dollar Index 101.34 vs 101.24 previous.

Economics

President Trump is reported to have made >$1.4bn from crypto ventures last year, according to annual disclosures.

• His companies received almost $800m from World Liberty Financial, a crypto venture founded by him and his sons.
• Income includes more than $520m in proceeds from sales of tokens and more than $250m from the sale of interests in World Liberty.
• A further $635m was recorded from the sale of his Trump meme coins.
• Reuters estimates that Trump family made at least $2.3bn from crypto related projects since Trump took office in 2025.

Uber backed Lime raised US$167m as part of the Nasdaq IPO valuing the electric bike and scooter rental group ~$1.6bn.

• Trading in shares is due to start later today., FT writes.
• Neutron Holdings, Lime’s parent company, sold 6.7m shares at $25 each.
• Revenues amounted to ~$890m with active users up 21%yoy last year.
• The US and UK were two top markets accounting for 32% and 22% of revenue.
• The Company spent just over $110m on capex last year an generated ~$104m in FCF.
• E-bike or scooters are reported to cost $1,300 each including batteries, shipping and other costs, with around a year payback.
• Useful life of each vehicle is ~5y, a massive improvement on just one month in early days of the industry eight years ago.

US – Tehran said it will not be meeting top US envoys with both sides still far apart on a potential deal framework.

• President Trump may extend the 60d peace deal deadline currently set to expire August 18, per WSJ.

Fed Chairman Warsh is speaking at the ECB conference in Sintra (Portual) later today.

• Markets to watch for clues on rates outlook, although, new Fed Chair previously suggested he wants to cut back on “forward guidance”.

Eurozone – Disinflation seen recently see markets pull back their projections for further tightening by the ECB.

• Inflation is expected to dip to 3.0% in May, down from 3.2% the previous month, helped by lower energy prices.
• Investors no longer expect a hike in July (~32% chance) and in total see only one further hike to 2.5% during this tightening cycle.

South Korea – Exports climbed ~71%yoy to $102bn marking the strongest includes in nearly half a century on AI infrastructure demand.

• Shipments of semiconductors were up ~200% to $45bn.
• Growth comes on top of a 53% increase recorded in May.
• South Korea became the fourth country with monthly exports running at >$100bn following Germany, China and the US

UK: now has 80 unicorn businesses worth >$1bn ranking the UK as third-highest according to Hurun Research Institute in Shanghai

• The businesses are worth a combined £242.4bn, overtaking India. The UK market is driven by financial technology and AI start-ups.
• The US has around 806 $1bn unicorns accounting for just over half the world’s private businesses of value according to Hurun and worth $3.2tn (Founders Forum Group).
• China has 381 unicorns >$1bn worth around US$1.61tn.

Precious metals:         

Gold US$3,963/oz vsUS$4,030/oz previous

Gold ETFs 96.6moz vs96.5moz previous

Platinum US$1,540/oz vsUS$1,580/oz previous

Palladium US$1,183/oz vsUS$1,240/oz previous

Silver US$57.4/oz vsUS$59.0/oz previous

Silver ETFs 782.3moz vs783.7moz previous

Rhodium US$7,750/oz vsUS$7,750/oz previous

Base metals:   

Copper US$13,232/t vs US$13,435/t previous

Aluminium US$3,060/t vsUS$3,108/t previous

Nickel US$16,210/t vsUS$16,440/t previous

Zinc US$3,498/t vsUS$3,525/t previous

Lead US$1,865/t vsUS$1,893/t previous

Tin US$50,395/t vsUS$51,485/t previous

Energy:

Oil US$73.0/bbl vsUS$72.5/bbl previous

• Crude oil prices edged lower ahead of Iran-US talks, as the API estimated a US inventory w/w draw of 6.1mb to crude oil, offset by builds of 2.1mb to gasoline and 2.9mb to distillate stocks, with the SPR falling by a total of 90mb over 2Q26.
• European energy prices were broadly unchanged as France’s average nuclear generation rose 1% w/w to 63% of the country’s 61.4GW maximum capacity, with production curbs continuing to be in place due to the current heatwave.
• Eni and Mercuria have signed an agreement to create a joint venture aimed at overseeing energy commodities trading activities across global energy markets, which is expected to include commodities such as oil, biofuels, gas, LNG and related logistics and infrastructure rights.

Natural Gas €44.3/MWh vs€42.4/MWh previous

Uranium Futures $85.3/lb vs$85.1/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.2/t vsUS$99.1/t

Chinese steel rebar 25mm US$476.3/t vsUS$478.0/t

HCC FOB Australia US$242.0/t vsUS$243.2/t

Thermal coal swap Australia FOB US$129.1/t vsUS$128.5/t

Other:

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

NdPr Rare Earth Oxide (China) US$109,262/t vsUS$108,718/t

Lithium Carbonate 99% (China) US$21,558/t vsUS$21,007/t

China Spodumene Li2O 6%min CIF US$2,245/t vsUS$2,265/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vsUS$1,705/mtu

China Tantalum Concentrate 30% CIF US$226/lb vsUS$226/mtu

China Graphite Flake -194 FOB US$410/t vsUS$415/t

Europe Vanadium Pentoxide 98% US$5.7/lb vsUS$5.7/lb

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$224/t vs US$225/t

US Titanium Dioxide TiO2 >98% US$2,809/t vsUS$2,809/t

China Rutile Concentrate 95% TiO2 US$1,155/t vsUS$1,157/t

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

Brazil Potash CFR Granular Spot US$400.0/t vsUS$400.0/t

Germanium China 99.99% US$4,075.0/kg vsUS$4,075.0/kg

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

Europe Molybdenum Oxide 57% US$31.5/lb vsUS$31.0/lb

EV & Battery news:

Panasonic to build data-centre batteries in the US to feed the AI boom

• Panasonic which supplies Tesla, will make data-centre battery cells at its Kansas plant with mass output is due by March 2029.
• The investment of ~$2.18bn in the Kansas plant already makes EV cells, and Panasonic will adapt the same battery chemistry for steadying power at AI data centres.
• Its CEO called a 950bn yen sales target a “minimum”, a bullish signal, as China’s CATL races into the same market.

China’s sodium-ion batteries switch from imported coconut to home-grown coal

• Chinese makers are changing what goes inside sodium-ion batteries, a cheaper alternative to the usual lithium batteries.
• These batteries need a hard-carbon anode which used to be made from imported coconut shells.
• Unfortunately coconut shell supply can cover only ~6.3 GWh a year vs predicted demand of >100 GWh by 2027.
• Coal is seen as more efficient, turning 45% of its raw weight into usable battery material versus just 2.5% for coconut.

 Automakers to explore switch from copper to aluminium for vehicle wiring

• Ferrari and BMW, are following the trend of Tesla and some Chinese automakers in substituting copper wiring in their vehicles for aluminium.
• Companies are migrating to aluminium because of far lower prices with comparable performance, according to Reuters.
• Copper prices peaked close to $15,000 per metric ton in January 2026 – aluminium prices are currently around $3,100 per metric ton.
• Ferrari already uses aluminium for its bodies, engines and chassis, and started using the metal for power cables on its 296 hybrid sports car last year.
• The Italian automaker has also introduced aluminium wiring into other models, including the Luce, its first ever EV launched last month.
• “The move saves up to 20% of the total wiring weight,” according to Ferrari communications executive, Dario Esposito.
• Aluminium carries about 61% of copper’s conductivity but costs roughly a quarter as much. It is also 3.3 times lighter, which helps EV range.
• Ferrari has used the move to cut wiring weight by ~15-20% with BMW, Stellantis, Tesla and China’s Xiaomi said to be following.
• The move may replace about 1-2% of world copper demand this year.
• Rising voltages in electric vehicles will also have an impact in the higher use of copper in EVs with higher voltage stive systems able to use smaller wiring.

Company news:

80 Mile Plc* (80M LN) – 0.87p, Mkt cap £46m – Drill programme expanded to 9,000m at Disko as rigs and exploration teams mobilise to site

• 80 Mile plc report >$100m of committed expenditure across the Jameson and Disko projects in Greenland over the next 18 months.

• Management also raised £2m of funds to advance the development of the Hydrogen Valley biofuels manufacturing plant in Italy last year
• The company also report their accounts to end December 2025.
• Disko (49% free carry): drilling is due to start this week on a newly expanded 9,000m drill program

• • 80 Mile earns a 10% management fee on all related expenditure.
  • USFM has committed US$7.5m for the 2026 field season. (80 Mile is managing and retains a 49% free carry)
  • USFM Corporation is spending US$30m for 51% over 3 years. The budget allows for the expansion of the drill program.

• Jameson (30% free carry): working towards future drilling for industrial gasses at Jameson with the Greenlandic regulator confirming no third-party licence can be granted over the concessions.
• Free carry on two 3,500m drill holes expected to cost more than US$30m each. Spudding due toward end 2026
• Hydrogen Valley:  Progress toward restart of our biofuel facility in Italy for production of Sustainable Aviation Fuel, biodiesel, ESBO, and glycerine production.
• Kangerluarsuk lead-zinc asset sold as non-ore to Amaroq for US$500,000 in shares and longer dated success payments.
• 80 Mile Plc reported costs of £2.7m for FY 2025 vs a loss of £36m in 2024
• Administrative expenses rose to £3.1m from £2.3m.
• Impairment of assets rose to £27.2m from £4.9m

• • Note 4. in the accounts shows the company’s net investment in its subsidiaries of £11,007,891 as at 31 December 2025 vs £38,984,436 at end 2024.

• Other losses rose to £2.9m vs £2.6m in 2024 driven by £2.1m and £2.9m losses on the acquisition of Hydrogen Valley and a loss on the disposal of associate related to Hydrogen Valley again see notes 28 and 13 in the accounts.

Conclusion: The accounts reflect the complexity of acquisitions and the requirement to impair costs where there is an element of uncertainty. Fortunately, we feel more confident in the prospects for Disko, Jameson and for the potential commissioning of the Hydrogen Valley biofuels facility in Italy.

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

CopperTech Metals (Private) – Delay to US IPO amid volatile commodity market environment (Reuters)

• CopperTech, a Zambian copper IPO spinning out from Vedanta, has delayed its c.$3.6bn IPO.
• The Company had aimed to raise $424m in the IPO at $16-18/share on the NYSE.
• CopperTech owns and operates the Konkola mine in Zambia, after Vedanta regained control of the asset in 2024.
• Reuters cites a CopperTech spokesperson that ‘following careful consideration of current market conditions and recent volatility across the global copper equity sector, Vedanta and CopperTech have decided to postpone the proposed IPO.’
• The offering was set to price yesterday and begin trading today.
• CopperTech had outlined a $2.7bn CAPEX programme to boost Konkola production to 270ktpa from 2030.
• Konkola production stood at 13.3kt in FY24-25 and had guided to 140kt in 2026.
• The COPX Miners ETF is up 5% ytd but down 14.5% over the past month as a stronger dollar has weighed on sentiment for the commodity sector.

Kavango Resources* (KAV LN) 0.75p, Mkt Cap £34m – Retirement of Peter Wynter Bee and appointment of SP Angel as corporate broker

• Peter Wynter Bee, who has led the company as Chairman in recent years officially retires from Kavango today.
• We look forward to the appointment of a new CEO to assist Donald McAlister who is currently acting as non-executive chairman and interim ceo.
• Peter Wynter Bee led the transformation of Kavango from exploration in Botswana to gold production and exploration in Zimbabwe employing >100 local miners and other staff.
• Peter also, recently completed the full acquisition of the Nara Gold Project including 45 claims covering four mines with >90,000oz of estimated historic gold production.
• The Nara gold project hosts a number of newly identified gold-bearing structures within an estimated 200m wide shear corridor.
• Gold production:
• Hillside gold properties total mineral resource as currently defined 52,900oz of gold in the historic Filabusi Greenstone Belt in southern Zimbabwe.
• The project covers 44 gold claims over a network of connected shear-hosted, gold-bearing quartz veins.

• • Bill’s Luck:  33,900 oz of gold at a grade of 2.68 g/t.

• • • Gold production from a 50t/d plant which should upgrade to a 250t/d plant shortly

• • Nightshift hosts 19,000oz with multiple shallow, gold-bearing shear zones which are largely unmined in fresh rock.
  • Steenbok: historic workings with a high-grade underground target.
  • Prospect 4: potential for both high-grade, narrow vein underground mining and larger-scale open-pit target

• Nara mine area : JORC M&I resource ~300kt grading 0.62g/t for ~6,000oz of gold at two tailings dumps at Nara.
• We also are pleased to report the appointment of SP Angel as corporate broker to Kavango Resources
• The SP Angel team have previously visited Kavango’s gold mining and exploration sites, near Bulawayo in Zimbabwe and are keen to support ongoing work in the area.

Conclusion:  Peter Wynter Bee has done much for investors in mining over the years starting with Reunion Mining which led to the development of the Skorpion zinc project in Namiba and more recently through his founding of Moxico Resources which is a significant copper producer in Zambia, is developing a large zinc mine in Saudi Arabia and offers future copper production in Argentina.

Peter has transformed Kavango from a pure explorer into a growing gold producer with significant exploration upside potential and leaves the company well-funded for future growth with ~$13.5m of total available liquidity.

* SP Angel acts as Broker to Kavango and an analyst has visited the Kavango mine sites and holds shares in the company.

Oriole Resources (ORR LN) 0.36p, Mkt Cap £17.5m – Further assay results from MB01-S in Cameroon

• Oriole reports assay results from three additional holes from its MB01-S deposit at the Mbe project in Cameroon.
• The Company is undertaking a step-out drilling programme to extend mineralisation.
• MBDD045:

• • 6m at 2.41g/t Au from 85m
  • 4m at 2.73g/t Au from 32m
  • 4m at 1.68g/t Au from 64m
  • 4m at 0.84g/t Au from 77m
  • 6m at 0.64g/t Au from 137m

• MBDD047:

• • 3m at 4.2g/t Au from 123m
  • 4m at 2.43g/t Au from 52m
  • 1m at 5.4g/t Au from 217m

• MBDD046:

• • 7.3m at 0.48g/t Au from 23m
• Hole MBDD045 was drilled to the westernmost anomaly at the project and has supported the depth extension targeted.
• The drilling is considered to have supported both southward and westward extensions of the MB01-S deposit.
• Oriole is planning to update its JORC MRE for the deposit, expecting an expansion on the current 870koz in 3Q26.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £6.9m – 2025 results focus on progress at Zulu and possible resumption of mining at RHA

• In a release yesterday afternoon, Premier African Minerals reported a 2025 loss of US$18.2m (2024 US$19.7m loss).
• In his address to shareholders, Managing Director, Graham Hill, explained that since his appointment in September last year, “the Board’s overriding objective has been to restore shareholder value by advancing the Zulu Lithium and Tantalum Project towards sustainable commercial production”.
• He reports that “the installation of the Xinhai flotation circuit has now been completed and initial commissioning has delivered encouraging results … [although he cautions that it is] … important to recognise that these results remain preliminary”.
• “The Board therefore remains appropriately cautious while being encouraged by the progress achieved to date”.
• Mr. Hill confirms that “the Board has continued to engage constructively with Canmax … [a 7.8% shareholder] … regarding the extension of the Long Stop Date under the existing prepayment and offtake arrangements … [and that] … discussions have remained positive”.
• Looking ahead Premier African is focussed on completing “the optimisation of the upgraded flotation circuit, establish sustained plant operations, advance discussions with existing and prospective strategic partners, and secure the funding necessary to support expanded mining activities and the continued development of Zulu”.
• Premier African Minerals’ 49% owned RHA tungsten project in Zimbabwe “remained fully impaired during the year under review and no mining operations were undertaken”.
• The company comments, however, that in response to current tungsten market conditions it has reviewed the project and that “at prevailing tungsten prices and subject to appropriate funding, RHA has the potential to be returned to profitable production”.
• During 2025, Premier African Minerals “raised net proceeds of $11.415 million (2024: $12.775 million)” with additional funds of ~£5m (we estimate) raised during 2026 to “support ongoing activities at Zulu”.

Conclusion: As work continues to complete commissioning work on the Zulu lithium plant Premier African Minerals is also considering a resumption of operations at the RHA tungsten project in response to buoyant commodity prices.

Rockfire Resources (ROCK LN) 0.13p, Mkt Cap £11.6m – Further drilling results from Malaoi, Greece

• Rockfire Resources reports assay results from its resource upgrade drilling at its Malaoi zinc project in Greece.
• Laboratory assay results from Hole HMO-017 include:

• • A 2.20m wide intersection at an average grade of 4.5% zinc, 38.8g/t silver, 1.2% lead and 35.2g/t germanium from 254.45m depth; and
  • A single metre wide intersection at an average grade of 16.1% zinc, 33.8g/t silver, 0.7% lead and 21g/t germanium at 288.00m depth; and
  • A 5.90m wide intersection at an average grade of 5.0% zinc, 20.5g/t silver, 1.4% lead and 16g/t germanium from 309. 50m depth.

• The company confirms that Hole HMO-020 is currently being drilled and that results “from the laboratory for drill holes HMO-018 and HMO-019 are awaited”.
• Before the assays from holes HMO-018 and HMO-019 are available, today’s announcement confirms that readings from portable XRF analyser equipment show zinc, lead, silver and copper but “does not measure germanium”.
• CEO, David Price, said that “Results from Hole HMO-017 … [which intersected] … numerous lodes … continue to confirm the widths and grades of the deposit overall – information that will feed into our Indicated Resource upgrade”.
• Mr. Price explained that “An interval of 16% Zn over an interval of 1.0m has the potential to be captured into our underground mine plan using a minimum mechanised mining width of 2.0m. This, of course still results in an average grade of 8% Zn over the 2m mining width … before the valuable by-products of silver and germanium are added to the economics”.

Conclusion: Resource upgrade drilling at Malaoi continues to intersect multiple mineralised horizons and build confidence in the geological interpretation.

South32 Ltd (S32 LN) 224p, Mkt Cap £9.1bn – $5.6bn aluminium sale to Alcoa as focus shifts to base metal portfolio

• South32 has agreed to sell its aluminium asset portfolio to Alcoa for $5.6bn.
• Alcoa will acquire South32’s interests in:

• • Worsley Alumina (86%)
  • Hillside Aluminium (100%)
  • MRN bauxite mine (33%)
  • Brazil Alumina refinery (36%)

• South32 will continue to evaluate a divestment of Mozal Aluminium, which is not part of the transaction and remains on care and maintenance.
• The Transaction consists of:

• • $3.1bn upfront cash consideration
  • $1bn in Alcoa shares
  • $750m in net debt and lease liabilities assumed by Alcoa
  • $750m in contingent cash consideration linked to alumina and aluminium prices to 2030.

• Matt Daley will take the role as CEO of South32, with Graham Kerr stepping down.
• South32 will hold a pro-forma net cash position of $3.8bn post transaction, with $500m of the $1bn Alcoa shares to be distributed to South32 shareholders.
• Management notes the transaction will lead to a ‘higher quality portfolio’ focused on copper, zinc, silver and lead operations, alongside manganese.
• The sale is expected to realise $125mpa of overhead savings and provide a more flexible balance sheet to support growth projects and shareholder returns.
• The pro-forma portfolio will be focused on assets including:

• • Cannington: FY26 production of 40kt Zn, 8.2moz Ag, 87kt Pb, 8 year reserve life
  • Hermosa: construction stage, nameplate production targeted at 123kt Zn, 8.2moz Ag, 155kt Pb, 25 year reserve life
  • Sierra Gorda: 45% interest, FY26 production of 86kt CuEq,15 year reserve life
  • Australia Manganese: 60% interest,  FY26 production of 3,000kwmt, 6 year reserve life
  • South Africa Manganese: 55% interest, FY26 production of 2,000kwmt, 43 year reserve life
  • Ambler Metals: 50% JV with Trilogy in Ambler mining district
• 2026 pro-forma EBITDA split 55% Cu, 29% Zn-Ag-Pb, 16% Manganese
• Copper equivalent production expected to increase from 200ktpa in 2026 to c.380ktpa with the addition of Sierra Gorda fourth grinding line and Hermosa and Ambler construction.

St George Mining (SGQ AU) A$0.1, Mkt Cap A$387m – Ongoing drilling extends Araxa by 200m to the north

• The Company reports drilling results from the ongoing programme at the Araxa Rare Earths and Niobium Project in Minas Gerais, Brazil.
• Latest assays from 23 holes confirm extensive high grade mineralisation from surface including:

• • AXDD120 199.5m @ 2.86% TREO and 0.44% Nb₂O₅ from surface with higher grade intervals of

• • • 60m @ 3.96% TREO and 0.52% Nb₂O₅ from surface;
    • 15m @ 3.30% TREO and 0.97% Nb₂O₅ from 36m; and
    • 28.8m @ 1.76% TREO and 0.70% Nb₂O₅ from 116.2m

• • AXDD127 121.55m @ 3.47% TREO and 0.39% Nb₂O₅ from surface with higher grade intervals of

• • • 40m @ 5.87% TREO and 0.48% Nb₂O₅ from surface; and
    • 15.5m @ 8.07% TREO and 0.75% Nb₂O₅ from surface

• • AXDD115 96m @ 4.19% TREO and 0.31% Nb₂O₅ from surface with higher grade intervals of

• • • 46m @ 6.14% TREO and 0.35% Nb₂O₅ from 16m; and
    • 22.95m @ 8.93% TREO and 0.18% Nb₂O₅ from 37.05m

• • AXDD131 80.5m @ 4.62% TREO and 0.33% Nb₂O₅ from surface with higher grade intervals of

• • • 38m @ 4.75% TREO and 0.19% Nb₂O₅ from 37.9m; and
    • 19.9m @ 4.48% TREO and 0.62% Nb₂O₅ from 18m
• Eight of the 23 drill holes reported today were completed outside the current MRE, extending the known mineralised footprint by up to 200m to the north.
• Drilling results to be used in the MRE update due this SepQ26.
• The Company completed ~14,500m of drilling at Araxa this season (ex East Araxa) focused bot on infill and resource expansion.
• Drilling will soon move to East Araxa, the discovery made by the Company 1km east of the main Araxa deposit.
• Resource definition drilling at East Araxa to deliver further MRE upgrade in 4Q26.

ZCCM Investment Holdings (ZCC LN) Susp – Impact of restructuring key assets

• ZCCM Investment Holdings reports a 2025 loss of ZWM2.8bn (~US$111m) (2024 Profit of ZWM39.8bn or ~US$1.5bn).
• The company says that 2025 “was marked by continued strategic repositioning and measurable progress for ZCCM Investment Holdings Plc (ZCCM-IH). While the Group recorded a decline in financial performance, this outcome reflects the deliberate execution of transformational initiatives to secure sustainable, long-term value”.
• The company says that “Mining remains inherently long term in nature, and the full benefits of these strategic initiatives will take time to materialise. Nonetheless, we remain confident that the actions undertaken are positioning the Group for recovery, resilience, and enduring growth”.
• ZCCM says that its “Key investee companies, including Mopani Copper Mines Plc, Konkola Copper Mines Plc and Lubambe Copper Mines Plc are undergoing strategic restructuring and operational reforms. While these initiatives have impacted short-term profitability, they are expected to generate substantial long-term value”.
• The company’s “strategic priorities centred on strengthening operational stability, enhancing royalty income streams from its portfolio of producing assets, recapitalising and de-risking key copper investments, establishing a diversified multi-source energy platform to support the mining sector, and expanding its investment footprint into gold and industrial minerals”.

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 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

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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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.

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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).

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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

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