SP Angel – Today’s Market View, Tuesday 29th September 2026

Copper holds near its record on strike threats at two Chilean mines

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN) – Interim results highlight the Dokwe project, Zimbabwe

Beowulf Mining* (BEM LN) – Financing terms to change

Critica Ltd (CRI AU) – Scoping Study puts an after-tax NPV of A$1.01bn on underground Mt Lindsay tungsten project in Tasmania

First Development Resources (FDR LN) – Divestment of WA projects to focus on NT opportunities

Goldstone Resources (GRL LN) – AIMS loan interest waiver extension

GreenRoc Strategic Materials (GROC LN) – Bulk sample test work shows 22.3% graphite content

KEFI Gold and Copper* (KEFI LN) – Interims – security incident halts TK development shortly post funding close

Kendrick Resources (KEN LN) – LREO resource drilling at Teufelskuppe, Namibia

Rockfire Resources (ROCK LN) – MRE for the germanium mineralisation at Molaoi, Greece underway

Rome Resources* (RMR LN) – £0.8m subscription to fund preparatory work at Bisie North, DRC

Talon Metals (TAR LN) – Progress of Eagle Lake exploration, Ontario

Copper ($14,402/t) – Copper holds near its record on strike threats at two Chilean mines

• Workers at Antofagasta’s Centinela mine in Chile rejected the final wage offer and voted to strike.
• At Escondida, the world’s largest copper mine, supervisors vote this week on BHP’s latest offer.
• Their union is urging rejection, after BHP’s request to pause talks following a worker’s death was refused (Reuters).
• Copper is close to the record set earlier this month, heading for a third monthly gain, with the quarter up ~8%.
• Refined metal is still piling up in US warehouses on tariff expectations, leaving less available elsewhere.
• The Yangshan import premium, what Chinese buyers pay over the LME price, is near its highest since 2022.

Tin ($53,690/t) – World’s largest refined tin producer takes a smelter down for maintenance

• Yunnan Tin will suspend production at its Tin Industry branch from 30 September for routine equipment maintenance (Shenzhen filing).
• The work is expected to last no more than 45 days.
• Yunnan Tin is the world’s largest producer of refined tin (International Tin Association).
• It made 85,000t in 2024, ~23% of world output of 371,200t.

Lithium – Brazil’s largest lithium producer loses its expansion licences and faces a court halt

• Minas Gerais state environmental agency Feam has suspended five licences covering the expansion of Sigma Lithium’s Grota do Cirilo project (BNamericas).
• Sigma is Brazil’s largest lithium producer.
• A local court ordered a halt to Sigma’s operations days earlier.
• Both follow a complaint that Sigma did not properly consult the Baú quilombola community over the permits.
• Sigma had planned 240,000t of lithium concentrate over the next 12 months and 330,000t in FY2027.

Deep-ocean drilling recovers samples from 5,000m below surface in South China Sea

• The world’s most powerful deep-ocean drilling ship has recovered basalt core samples from 850m below the seabed (SCMP).
• Samples including a 4.27m length of basalt rock core, will help understand the formation and spread of the South China Sea, as well as the role that a spreading ridge jump and volcanic eruptions played in restructuring the seabed.
• China’s Mengxiang drilling vessel can drill to a depth of 11km enabling it to test the Mohorovicic discontinuity where the Earth’s crust meets the mantle at ~5-7km below the sea floor.
• The Moho is normally 35-40m below dry land so drilling from the seabed where the crust is thinnest makes more sense.

Currencies

US$1.1356/eur vs 1.1378/eur previous. Yen 157.27/$ vs 157.46/$. SAr 16.423/$ vs 16.398/$. $1.324/gbp vs $1.325/gbp. 0.699/aud vs 0.702/aud. CNY 6.704/$ vs 6.714/$.

Dollar Index 101.29 vs 101.18 previous.

Economics

China – Government signals additional stimulus to counter deepening slowdown

• China is at long last hinting at initiatives to support the economy and stop the slide in property values.
• The State Council has signalled it will move to counter a deepening slowdown, support the economy and study policies to stabilise the reeling property market.
• The Council said it will “put in place a package of practical and effective additional policies” to safeguard this year’s growth objectives and will study measures to stabilise the property market.
• The move suggests a rethink of using stimulus to help the domestic economy.
• We suspect there will be targeted support to encourage new buying of EVs and some relaxation of mortgage borrowing rules for property.
• The State Council might dust off their ‘Dual Circulation’ handbook and may offer discount vouchers to qualifying consumers.
• A statement from a State Council meeting says local authorities will be allowed to borrow to fund loans into preferred sectors such as technology, agriculture and SMEs.

Australia – RBA raises cash rate to 4.60%, in line with expectations, marking the highest level in around 15 years

• The board voted unanimously for its fourth increase this year, taking cumulative tightening to 100bp.
• The statement cited upside risks to inflation with higher fuel prices passing through to other goods and services.
• RBA Cash Rate Target (29 Sep / Prior / Est): 4.60% / 4.35% / 4.60%

Spain – Nationwide inflation accelerated to 5%, above consensus

• CPI rose 5.0%yoy in September from 4.6% in August.
• Fuel and package holidays drove the increase, with underlying price measures also firmer than expected.
• Spain is the first major euro-area member to report for the month.
• Eurostat to release euro-zone figures on Friday, with consensus at a three-year high of 3.7%.
• CPI EU Harmonised MoM (Sep P / Aug / Est): 0.6% / 0.7% / 0.6%
• CPI EU Harmonised YoY (Sep P / Aug / Est): 5.0% / 4.6% / 4.9%
• CPI Core YoY (Sep / Aug / Est): 3.1% / 2.9% / 3.0%

Japan – Yen at over 157.8 with Japan 30-year government bond yields at >4%

Iran – using Tether stablecoin to circumvent international sanctions on massive scale (iranwatch.org)

https://www.iranwatch.org/library/governments/united-states/congress/members-letters-reports-statements/tethered-terrorism-crypto-irans-shadow-banking-network

• The US authorities have followed the data chain following billions of dollars of laundered fund flows into a series of digital wallets.
• Question is who owns these digital wallets and where are they held.
• We would expect the accounts to be frozen and any financial institution managing the transfers will be sanctioned by the US.
• Tether is also being used by Russia for money laundering including Iranian oil sales and litary procurement.
• Tether is reported to have deep connections with the Trump Administration with speculation on lax enforcement and lenient oversight over its money laundering obligations.
• Tether has already frozen US$550mof Iran-linked USDT this year, with $334m frozen in April.

UK – Stealing from Peter Pensioner to pay Paul

Prime Minister Burnham set to signal end of pension’s triple lock at party conference

• The PM is reported to be preparing to say the Triple-Lock pensions formula is not sustainable in its current form.
• Removing the Pensions Triple-Lock will enable the Chancellor to free up billions in finance today at the expense of reduced government pension payments tomorrow.
• Abandoning the triple lock could save the UK state pension bill £15.5bnpa by the FY 2029–30 if the state pension reverts to a single earnings-tracked link.
• It will also save £650m a year by the end of the current parliament.
• The OBR sees the triple lock as adding 1.6% of GDP to public spending over 50 years equivalent to £46bn a year and stops state pension spending from rising to 7.7% from 5% of GDP by 2070.

Precious metals:

Gold US$4,145/oz vs US$4,159/oz previous

Gold ETFs 100.8moz vs 100.8moz previous

Platinum US$1,692/oz vs US$1,730/oz previous

Palladium US$1,212/oz vs US$1,227/oz previous

Silver US$60.9/oz vs US$61.1/oz previous

Silver ETFs 804.8moz vs 804.2moz previous

Rhodium US$9,250/oz vs US$9,350/oz previous

Base metals:

Copper US$14,402/t vs US$14,395/t previous

Aluminium US$3,245/t vs US$3,226/t previous

Nickel US$16,110/t vs US$16,185/t previous

Zinc US$3,849/t vs US$3,836/t previous

Lead US$1,906/t vs US$1,915/t previous

Tin US$53,690/t vs US$53,215/t previous

Energy:

Oil US$106.7/bbl vs US$107.3/bbl previous

• Crude oil prices moved lower following the resumption of oil flows through Saudi Arabia’s East-West pipeline, as well higher reported marine vessel traffic through the Strait of Hormuz.
• The UK Prime Minister plans to announce the creation of a new publicly owned energy network company, Great British Grid, which will sit within GB Energy and invest alongside private companies in electricity network infrastructure, with a focus on speeding up grid connections, increasing competition and removing barriers to industrial investment.

Natural Gas €72.5/MWh vs €73.8/MWh previous

Uranium Futures $89.3/lb vs $89.4/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$94.0/t vs US$94.8/t

Chinese steel rebar 25mm US$479.6/t vs US$478.8/t

HCC FOB Australia US$279.5/t vs US$278.0/t

Thermal coal swap Australia FOB US$144.0/t vs US$144.0/t

Other:

Cobalt LME 3m US$39,140/t vs US$39,640/t

NdPr Rare Earth Oxide (China) US$110,084/t vs US$109,913/t

Lithium Carbonate 99% (China) US$19,168/t vs US$19,138/t

China Spodumene Li2O 6%min CIF US$1,735/t vs US$1,790/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu

China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu

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

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

Europe Ferro-Vanadium 80% US$26.1/kg vs US$26.1/kg

China Ilmenite Concentrate TiO2 US$183/t vs US$182/t

US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t

China Rutile Concentrate 95% TiO2 US$1,171/t vs US$1,169/t

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

Germanium China 99.99% US$4,275.0/kg vs US$4,275.0/kg

China Gallium 99.99% US$450.0/kg vs US$450.0/kg

Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb

EV & Battery news:

Gotion and VW plan €3.22bn ($3.67bn) joint investment in European battery supply chain

• Gotion High-tech and Volkswagen Group are planning joint investment of about €3.22bn ($3.67bn) across 3 joint ventures in Spain, Slovakia, and Morocco.
• Gotion plans to contribute about €1.6bn and Volkswagen’s PowerCo about €1.62bn, funded in stages, deepening battery supply chain cooperation to serve Volkswagen’s European market.
  • The largest project, in Valencia, Spain, involves a €2.26bn investment for 29.1GWh of annual lithium-ion battery capacity, with Gotion acquiring a 49% stake in the existing PowerCo Spain, leaving PowerCo in control at 51%.
  • A second battery plant in Šurany, Slovakia, involves about €480m for 8.4GWh of annual capacity, with Gotion holding 51% and PowerCo 49%, while a third project in Kenitra, Morocco, adds €480m for a 100,000-tonne annual LFP cathode materials plant, also 51% Gotion-owned.
  • Cells from the two European plants will prioritise Volkswagen’s European demand, though specific purchase volumes remain subject to future agreements.
• Volkswagen (China) Investment already holds a 24.28% stake in Gotion as its largest shareholder, and the deal has been approved by Gotion’s board but still requires shareholder and government clearances in China and overseas.
• Gotion ranked fifth globally in EV battery installations for the first 7 months of 2026, with 34.0GWh installed, up 44.2% yoy, for a 4.7% market share, according to SNE Research, behind CATL (39.9%), BYD (14.7%), LGES (8.3%), and CALB (5.1%).

Volvo’s autonomous mining trucks cross 3m tonnes hauled without a driver

• Volvo Autonomous Solutions (VAS) hauled its 3 millionth tonne of material from mines without a human driver earlier this summer, at Boliden’s Garpenberg mine in Sweden, tripling the 1m-tonne milestone it hit by 2025.
• VAS deployed its first pilot-ready autonomous hauling fleet with customers Boliden Garpenberg in Sweden and Brønnøy Kalk in Norway back in 2023.
• VAS CTO Ingo Stürmer said the milestone “demonstrates the maturity of our autonomous transport solution and the value it delivers in customer operations.”
• The product line bundles trucks, software, on-site infrastructure, and operational support into a single service, aimed at letting mines and quarries deploy autonomous hauling without needing in-house autonomy expertise.

Company news:

Ariana Resources (AAU LN) 1.45p, Mkt Cap £40m – Interim results highlight the Dokwe project, Zimbabwe

• Ariana Resources reports pre-tax profits of £6.25m for the first six months of 2025 (H1 2025 – £0.15m) and a 30^th June cash balance of £17.27m.
• The pre-tax profit reflects a £3.26m gain on revaluation of financial assets and a further £4.51m “Gain on disposal of financial assets” and an operating loss of £1.56m (H1 2025 – £0.81m operating loss).
• The interim statement highlights the revised pre-feasibility study (PFS) for the company’s 1.6moz Dokwe gold project in Zimbabwe.
• The PFS envisages two operating phases with open-pit mining over an initial 12 year period producing around 80kozpa from the processing of ~2.5mtpa of ore followed by a further 8 years of processing stockpiled ore to produce around 20kozpa.
• Using a gold price of US$4,250/oz, the PFS estimated that pre-production capital investment of US$164m generates an after-tax NPV_10% of US$740m and IRR of 92% from production of gold at a C1 cost of US$1,685/oz
• The company also comments on encouraging results from a 31-hole (5,659m) programme of resource expansion reverse circulation drilling at Dokwe which confirms mineralisation “to extend at least 150m beyond the current resource envelope at Dokwe North, remaining open along strike … [as well as] … extensions to gold mineralisation… at Dokwe Central and at the Sinkwe Prospect, 750m to the east”.
• While reporting “9,838 ounces of gold and 28,194 ounces of silver … [production] … from the Zenit Mining Operations in Türkiye … [and the] … heap-leach operations at the Tavşan Gold Mine achieving full operational production capacity towards the end of June”, Ariana Resources confirms its “focus on Dokwe”.
• The corporate structure has been “simplified to enhance focus on Dokwe, with the sale of the majority of Ariana’s holding in Zenit Mining Operations, yielding US$17.2m (net of tax) in non-dilutionary funding … [and since the end of June ] … Ariana’s 9.9% interest in Kiziltepe was sold to Proccea” realising a further US$3.7m.
• Incoming Chairman, Michael Atkins, who was appointed in April, explained that realisations from the Turkish assets provide “non-dilutionary funding for Dokwe” where completion of the Definitive Feasibility Study is the “principal focus for the remainder of 2026”.

Conclusion: The interim statement emphasises progress at Dokwe as Ariana Resources shifts its operating focus from Türkiye to Zimbabwe and works on the Dokwe feasibility study.

Beowulf Mining* (BEM LN) 5.25p, Mkt Cap £4.1m – Financing terms to change

• Beowulf reports that the £4.3m Financing led by Bacchus Capital will not proceed on its current terms.
• The Swedish Inspectorate of Strategic Products (ISP), which vets foreign investment, opened a review on 10 September, adding up to three months to the decision, or six if treated as a special case.
• All other conditions, including the Takeover Panel Rule 9 waiver and shareholder approval, had already been met.
• The long-stop date was 30 September and Bacchus will not extend it, so those commitments lapse.
• Bacchus would engage again if the ISP approves but cannot say whether its co-investors would still take part.
• Alumni Capital has extended its Settlement Agreement to 31 December, for a £30,000 fee added to its loan principal.
• Directors and non-Bacchus subscribers have indicated ~£110,000 (SEK1.4m) of interim funding, which the Board believes covers the Company to the end of 2026.
• It would be a convertible loan note at the 3p Financing price, with a three-year warrant struck at 4.5p, and is still subject to definitive agreement.
• Salaries have been further deferred and reduced, and the Company is asking creditors to extend payment terms again.
• The ISP outcome is expected in mid-December.

*SP Angel acts as Nomad and Broker to Beowulf Mining

Critica Ltd (CRI AU) A$0.027, Mkt Cap A$98.2m – Scoping Study puts an after-tax NPV of A$1.01bn on underground Mt Lindsay tungsten project in Tasmania

• Critica Ltd has released a Scoping Study, prepared by DRA Global, for its 100%-owned Mt Lindsay tin-tungsten project in north-west Tasmania, Australia.
• It replaces the open-pit concept of the 2012 BFS with a 1.0mtpa underground mine.
• Access is by twin declines, using longhole open stoping with paste fill and conveyor haulage.
• Tungsten provides ~75% of modelled life-of-mine revenue at a tungsten APT price of $2,500/mtu.
• Scoping Study highlights:
  • 13.5y mining schedule / 11.6y processing
  • Mineralised material processed 10.9mt
  • Pre-production capital A$244.5m / total LOM capital A$441.8m
  • Operating cost US$314/mtu, net of tin and magnetite credits
  • LOM revenue A$5.20bn / LOM EBITDA A$3.11bn
  • Pre-tax NPV8 A$1.42bn / IRR 64.9%
  • After-tax NPV8 A$1.01bn / IRR 55.6%
  • Payback 1.92y, after tax and pre-finance from first commercial production
• Assumptions:
  • Tin US$45,000/t,
  • Tungsten APT US$2,500/mtu,
  • Magnetite US$115/dmt
  • AUD:USD 0.65, 30% tax, 8% discount rate
• Mt Lindsay holds 19mt @ 1.09% SnEq for ~49kt tin and ~28kt WO3 at a 0.4% SnEq cut-off, announced 14 September.
• The study draws only on the Main and No.2 deposits, with 92% of the production target Indicated and 8% Inferred.
• Next steps are a DFS covering resource confidence, mine design, metallurgy, engineering, approvals and funding.

Conclusion: The Scoping Study sets out an underground development at Mt Lindsay with an after-tax NPV of A$1.01bn on pre-production capital of A$244.5m. Tungsten provides ~75% of revenue, and a DFS is the next step.

First Development Resources (FDR LN) 1.75p, Mkt Cap £2.4m – Divestment of WA projects to focus on NT opportunities

• First Development Resources reports an agreement to divest its Western Australian Braeside West and Ripon Hills Projects to focus its efforts on progressing its Northern Territory exploration projects at Lander West.
• The company has agreed that ASX-listed Accelerate Resources will acquire the WA projects for 25m shares valued at a total A$125,000.
• The shares will be “subject to a 12-month voluntary escrow period … [and will maintain] … exposure to potential future value from the divested projects without FDR directly funding their future exploration or the cost of keeping them in good standing”.
• First Development Resources explains that “preparations … [at Lander West] … are progressing in line with the planned deployment of field teams during October”.

GreenRoc Strategic Materials (GROC LN) 4.5p, Mkt Cap £13m – Bulk sample test work shows 22.3% graphite content

• GreenRoc report results from test work done on 300kg of graphite ore taken from a 20t bulk sample from within the Amitsoq graphite mine in South Greenland.
• SGS used the sample to develop a flowsheet for a locked-cycle test to produce a graphite concentrate of 95.2% with >90% recovery.
• GTK Mintec will now process the 20-tonne sample based on the SGS flowsheet.
• Phase III drilling paused in September with two remaining holes to be drilled in October.
• Drilling was delayed due to a lack of helicopter availability. There are no real roads to speak of in Greenland.
• Survey work within the mine show few stability issues and no significant rehabilitation work other than the removal of metal scrap.
• Preliminary Phase III results from Amitsoq show:
• Seven holes are complete from two pads, chasing the graphite layers northwards.
• Pad 3 step-out holes:
  • AM_DD_043 hit the Lower Graphite Layer over 21.4m true thickness
  • AM_DD_047 hit 13.1m, plus two more mineralised intervals higher up
  • AM_DD_044 hit 3.0m and AM_DD_046 hit 2.5m
  • AM_DD_045 missed the layer, the only Pad 3 hole to do so
• The results push known graphite 100-150m north of the 2021 and 2022 drilling.

Conclusion: GreenRoc are making good progress with the design of their process flowsheet. The results enable GreenRoc to progress to the next phase of trials.

Kendrick Resources (KEN LN) 7.25p, Mkt Cap £30m – LREO resource drilling at Teufelskuppe, Namibia

• Kendrick Resources reports that it has completed 38 diamond drill holes and 52 reverse-circulation holes at its Teufelskuppe project in Namibia.
• “Detailed logging and sampling are ongoing with sampled composites being submitted for independent certified laboratory analysis” as the company prepares “the framework for a Mineral Resource Estimate which can be converted to a JORC (2012) Mineral Resource with the introduction of certified laboratory assays to replace pXRF estimates”.
• Preliminary results from the pXRF analysis shows continuity of light rare earth oxide (LREO) mineralisation “from top to bottom contact … of the TK deposit providing potential for a substantial tonnage to be defined”.
• Chairman, Colin Bird, said that “consistency of grade combined with excellent continuity of mineralisation over substantial widths … [is one of] … the defining features of the Teufelskuppe deposit”.
• Mr. Bird explained that the “pXRF data provides a high degree of confidence in the quality, distribution and grade of mineralisation and the regular inflow of certified assay results is confirming the credence of the data which will enable the development of a Mineral Resource Estimate”.

Arctic Minerals (ARCT SS) SEK7.5, SEK412m – Maiden drilling results meet expectations with MRE update on the way

• Maiden drill programme (DP1) results released for Hennes Bay Copper-Silver Project in Sweden.
• DP1 comprised twelve holes for 4,187m, all drilled outside the current MRE, returning the best intersections recorded at the project to date.
• Best result was 64.4m at 1.3% CuEq (1.08% Cu and 27g/t Ag) from 12.6m at Henneviken, including 1.7m at 3.18% CuEq (2.1% Cu and 130g/t Ag).
• The company notes the broad intersectio789n is at a low angle to the mineralised horizon and that true width is unknown.
• Other selected results include:
  • 7.95m at 1.55% CuEq (1.34% Cu, 21g/t Ag) from 80.2m at Henneviken
  • 3.11m at 1.12% CuEq (0.84% Cu, 28g/t Ag) from 328.7m at Dingelvik and
  • 2.80m at 1.66% CuEq (1.14% Cu, 51g/t Ag) from 139.6m at Asslebyn.
• DP1 targeted conversion of historical drilling at Åsnebo, Baldersnäs, Henneviken and Asslebyn into the Inferred category, plus step-out drilling at Dingelvik to grow the existing resource.
• The current MRE of 55.4mt at 1.0% CuEq (0.8% Cu, 20.8g/t Ag) for 543kt contained CuEq (all within Dingelvik)
• MRE update is now underway incorporating DP1.
• Ten of twelve holes intersected mineralisation; eight assays received, with the remaining two expected within a month.
• DP2 has commenced, comprising 20 holes for 8,000m testing regional anomalies defined by the 2025 MMT survey.

Conclusion: Drilling continuity of the copper-silver mineralisation confirmed at four prospects outside a resource at Dingelvik. MRE update is underway with regional drilling programme (DP2) having now started including 20 holes for 8,000m with a view to growth the scale of the Hennes Project.

Goldstone Resources (GRL LN) 0.5p, Mkt Cap £7m – AIMS loan interest waiver extension

• The Company announced a further amendment to its gold loan and standstill agreement with AIMS, its principal secured creditor.
• No interest will accrue or be payable on the outstanding gold loan balance from 1 January to 31 December 2026.
• That extends the interest freeze announced on 29 June 2026 and that was due to expire on 30 September 2026.
• The maturity date remains 30 June 2027 and all other terms of the gold loan and standstill agreement are unchanged.
• The loan dates from 19 June 2020 and is denominated in gold ounces.

KEFI Gold and Copper* (KEFI LN) 0.63p, Mkt Cap £86m – Interims – security incident halts TK development shortly post funding close

Under review

• The Company reports interim results for 1H26.
• Reporting period highlight includes completion of the Tulu Kapi Project (Ethiopia) funding.
• The US$240m senior debt facility documentation signed and the full development finance package confirmed including:
• US$240m secured project debt from AFC and TDB, US$60m of mining fleet financing via BCM, and over US$100m of equity-risk capital.
• A mining services agreement with BCM valued at more than US$400m over the initial nine-year mine life was announced on 18 June 2026, and the construction start ceremony was held on 18 February 2026.
• KEFI expects to retain a beneficial interest of approximately 86% in TKGM, with the Government of Ethiopia holding the balance including a 5% free-carried interest.
• Post period, a serios security incident was recorded at Tulu Kapi resulting in multiple casualties including a Company employee.
• Development activities were paused until the decision for a safe restart is taken.
• Local community, the administration, lenders, principal contractors and investors remain supportive of the project.
• In Saudi Arabia, the Company’s interest in GMCO, an ARTAR JV, was diluted to ~13% from 15.4% as the team focused on capital allocation to Tulu Kapi.
• GMCO was awarded the Umm Hijlan exploration licence extending the Hawiah copper-gold strike and the Al Hajar North licence (Hancock Prospecting JV), and was selected as one of six participants from 49 applicants in the Saudi Exploration Enablement Program, a c.US$180m funding programme.
• DFS work continues at Jibal Qutman (gold) and Hawiah (copper-gold-zinc-silver).
• Financial results:
  • Admin costs -£4.3m (1H25: -£2.4m) as full development works were launched during the period.
  • PAT -£4.6m (1H25: -£3.1m)
  • CFO -£10.1m (1H25: -£7.0m)
  • Capex -£14.6m (1H25: -£1.6m)
  • Cash balance £18.3m (Dec25: £8.8m) with £7.1m in outstanding Chancery Royalty (US$10m drawn in February; Dec/25: None)

Conclusion: Interims highlight Tulu Kapi project funding closure leading to a start of development works. A security breach and armed attack involving multiple casualties including a Company employee post reporting period saw all development works paused as the Company discusses necessary steps for a restart of operations. All stakeholders are reported to remain in support of the project.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Rockfire Resources (ROCK LN) 0.11p, Mkt Cap £11m – MRE for the germanium mineralisation at Molaoi, Greece underway

• Rockfire Resources confirms that it has started a mineral resource estimate for the germanium content of its Molaoi deposit in Greece.
• Results of the MRE are expected “within the next four weeks … [and CEO, David Price explained that when the germanium resource estimate is available] … Molaoi will host only the second quoted germanium resource globally, excluding China, demonstrating the significance of the Molaoi project to global germanium supply chains”.
• The company has previously published a JORC compliant ‘Inferred’ estimate for the Malaoi deposit of 5.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag.
• Recent drilling in hole HMO-022 intersected “a 1cm wide vein of massive copper” mineralisation in the mineral chalcopyrite with grades to be confirmed by assay.
• Mr. Price commented that “We believe that the narrow intercept is of no concern as the important aspect of this interval … [is that it] … shows the temperature/acidity/pressure conditions are favourable for precipitation of copper … [which] … is a distinct change from other parts of the deposit”.

Conclusion: An initial MRE for the germanium content of Molaoi is expected within the next month.

Rome Resources* (RMR LN) 0.2p, Mkt Cap £16.9m – £0.8m subscription to fund preparatory work at Bisie North, DRC

• Rome Resources has conditionally raised ~£787,500 before expenses through a direct subscription with existing shareholders.
• The terms are 450m new shares at 0.175p, a discount of ~16% to the closing bid on 28 September.
• The new shares are 5.5% of the enlarged capital of 8,126,625,932 shares.
• The money will get the next drilling campaign at Bisie North in the DRC ready and cover general working capital.
• The Company continues to talk to potential strategic partners about developing the Kalayi and Mont Agoma projects.
• The new shares are expected to start trading on AIM on or around 5 October.
• CEO Paul Barrett said the Company is “highly mindful of dilution” and raised “only the minimum capital we believe is necessary to maintain operational momentum in the DRC“.

Conclusion: A deliberately small raise from existing holders that keeps Bisie North moving while Rome negotiates with strategic partners.

*SP Angel acts as Nomad and Broker to Rome Resources

Talon Metals (TAR LN) 1.45p, Mkt Cap £8.3m – Progress of Eagle Lake exploration, Ontario

• Talon Resources, which was admitted to the AIM Market in June, has provided a progress report on its exploration of the Eagle Lake project in Ontario.
• Channel sampling, of outcrops and trenches confirmed “Gold mineralisation … across several known targets, and a new prospect was identified at Moss Knoll”.
• Encouraged by this preliminary work, Talon Resources started an initial “expanded 1,375 metre diamond drilling programme … at East Fornieri Bay in early September 2026, where five holes were completed targeting the vein array identified during Phase 1 channel sampling”.
• “Drilling has since been completed at Cedar Trench, with a further four holes drilled, and the rig has now moved to West Fornieri Bay … [where two] … holes are planned … to test the area of historic drilling”.
• Assays are awaited.
• “Looking ahead, and with the outlook for gold expected to remain supportive, we expect a busy remainder of the year as the maiden drilling programme progresses and assay results are incorporated into our geological model and planning for the next phase of exploration at Eagle Lake”.

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

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Analysts

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

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

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

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