SP Angel Morning View -Today’s Market View, Friday 8th August 2025

Comex gold futures hit record high on US tariffs of imported gold bars

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN) – Progress on ASX Listing and operations at Tavsan and Dokwe

Keras Resources* (KRS LN) – Progress report on Utah and Togo operations

MP Materials (MP US) – Magnetics division books positive EBITDA as downstream processing ramps up

Panther Metals (PALM LN) – Work programme to assess Winston Lake tailings

Petra Diamonds (PDL LN) – Refinancing proposal

Premier African Minerals (PREM LN) – Progress of testing at the Zulu lithium project, Zimbabwe

Rockfire Resources (ROCK LN) – Drilling at the Molaoi zinc project in Greece to resume in September

US imposed tariffs on imports of 1kg and 100oz gold bars in a fresh flow to Switzerland, the largest global refining centre.

• The Customs Border Protection agency said those should be classified under a customs code subject to levies.
• Comex December gold futures hit an intraday record high of $3,554/oz today.
• 1kkg bars are the most traded futures contracts on Comex and accounts for the bulk of Switzerland’s bullion exports to the US.
• Gold is one of the largest Swiss exports to the US and is now understood to face a 39% tariff.

President Trump signed an executive order to allow the US$9tn US pension providers to invest into cryptocurrencies, gold and private equity.

• The order instructs regulators to re-examine and clarify existing regulations to allow US savers to invest in new asset classes for 401k retirement plans.

IGTV – The Future of Mining: Gold, Copper, Rare Earths & M&A:  https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB

Economics

US – President Trump to nominate Stephen Miran to the Fed Board after Adriana Kugler stepped down last week before her term was set to end in January.

• Miran, chair of the White House’s Council of Economic Advisers and a crucial Trump ally, holds a PhD in economics from Harvard and was previously a policy adviser at the Treasury department.
• He was one of the president’s tariff policy arguing that trade barriers would not be inflationary.
• The nomination will need to be confirmed by the Senate.
• Miran will serve through the end of January before a “permanent replacement” is found.
• Previously, he criticised Jerome Powell for moving to slowly on adjusting monetary policy.

UK – The central bank cut rates by 25bp to 4% following two rounds of voting, the first time that occurred since 1997..

• The initial vote was split 4-4-1 with four members voting to keep rates unchanged, four supporting a 25bp cut and one – a 50bp reduction.
• To break the deadlock, one of members who voted for a 50bp move switched to support a 25bp move.
• The sharp division saw odds of another move later this year amid persistent inflationary pressures.
• Inflation forecasts have been revised to hit 4% in September, up from the previously expected peak of 3.7%.
• Economic growth forecasts were also upgraded to 1.25% for 2025,although, estimates added that picture” remained subdued”.
• The pound and 2y gilt yields climbed following the announcement.

Russia – Trump may announce new sanctions today, although, US President may opt for another extension ahead of the Trump-Putin meeting.

• Treasury Secretary Scott Bessent said China levies “could be on the table” over the buying of Russia oil.

Israel/Gaza – Security cabinet of Israel approved an expanded military operation in Gaza to fully reoccupy the enclave.

• The offensive will begin with Israeli forces taking over the Gaza City over the course of months.
• A civil administration for entire enclave will be created.
• PM Netanyahu did not say how long Israel will occupy Gaza for.

Currencies

US$1.1663/eur vs 1.1683/eur previous. Yen 147.27/$ vs 146.79/$. SAr 17.688/$ vs 17.710/$. $1.345/gbp vs $1.338/gbp. 0.653/aud vs 0.653/aud. CNY 7.182/$ vs 7.178/$.

Dollar Index 98.15 vs 98.06 previous.

Precious metals:         

Gold US$3,395/oz vs US$3,395/oz previous

Gold ETFs 91.9moz vs 91.7moz previous

Platinum US$1,338/oz vs US$1,342/oz previous

Palladium US$1,147/oz vs US$1,157/oz previous

Silver US$38.3/oz vs US$38.3/oz previous

Rhodium US$7,025/oz vs US$7,025/oz previous

Base metals:   

Copper US$9,715/t vs US$9,714/t previous

Aluminium US$2,618/t vs US$2,617/t previous

Nickel US$15,110/t vs US$15,235/t previous

Zinc US$2,825/t vs US$2,816/t previous

Lead US$2,003/t vs US$2,005/t previous

Tin US$33,835/t vs US$33,665/t previous

Energy:           

Oil US$66.3/bbl vs US$67.4/bbl previous

Natural Gas €32.8/MWh vs €32.9/MWh previous

Uranium Futures $72.2/lb vs $72.2/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$110.0/t vs US$110.3/t

Chinese steel rebar 25mm US$477.3/t vs US$476.5/t

HCC FOB Australia US$193.5/t vs US$191.5/t

Thermal coal swap Australia FOB US$115.0/t vs US$116.3/t

Other:  

Cobalt LME 3m US$33,335/t vs US$33,335/t

NdPr Rare Earth Oxide (China) US$72,887/t vs US$73,560/t

Lithium carbonate 99% (China) US$9,983/t vs US$9,710/t

China Spodumene Li2O 6%min CIF US$800/t vs US$780/t

Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t

China Tungsten APT 88.5% FOB US$463/mtu vs US$463/mtu

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

Europe Vanadium Pentoxide 98% US$4.9/lb vs US$4.9/lb

Europe Ferro-Vanadium 80% US$23.5/kg vs US$23.5/kg

China Ilmenite Concentrate TiO2 US$275/t vs US$275/t

China Rutile Concentrate 95% TiO2 US$1,093/t vs US$1,094/t

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

Brazil Potash CFR Granular Spot US$362.5/t vs US$362.5/t

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

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

US startup Lyten buys bankrupt Northvolt assets

• US battery startup Lyten will acquire most of bankrupt Swedish cell maker Northvolt’s operations, which could revive Europe’s long-term plans of rivaling China to produce EV batteries.
• The deal covers Northvolt’s flagship Skelleftea plant, projects in Germany and Sweden, and the company’s intellectual property, while talks continue to add its Canadian unit.
• Lyten aims to restart lithium-ion cell production in Skelleftea by 2026 and will first concentrate on delivering high yields to a single customer to rebuild confidence.
• Purchase terms were not disclosed, but Lyten’s chief executive said the price represents a “substantial discount” to the assets’ original value.
• Lyten have financial backing from Stellantis and FedEx.

Company news

Ariana Resources (AAU LN) 1.63p, Mkt Cap £31m – Progress on ASX Listing and operations at Tavsan and Dokwe

• Ariana Resources confirms that its ASX listing is underway after its institutional bookbuilding and the initiation of its offer to raise A$10-15m.
• The company says that drilling at its 1.1moz Dokwe gold project in Zimbabwe is expected to start when the ASX listing is done.
• The drilling campaign will follow up “prior drill intercepts, including:

• 8m @ 197.22 g/t Au (inclusive of a 1m intercept of 1,568 g/t Au);
• 14m @ 54.75 g/t Au:
• 85m @ 5.23 g/t Au, including 15m @ 13.64 g/t Au;
• 49m @ 4.42 g/t Au:
• 27m @ 6.53 g/t Au”
• Ariana Resources also reports that the final commissioning of its 23.5% owned Tavsan gold heap-leach project in western Turkey is underway ahead of initial production and that “Application to the authorities is underway for the operation to commence production from the heap-leach in August, and statutory government inspections are expected imminently”.
• According to the company’s website, Tavsan hosts a ‘Measured, Indicated & Inferred’ JORC (2012) resource of 0.3moz of gold and 1.1moz of silver in 7.65mt at an average grade of 1.26g/t gold and 4.49g/t silver.
• The company has previously reported that “Approximately a year of full ore production remains stockpiled ready for loading” at Tavsan.

Keras Resources* (KRS LN) 1.35p, Mkt cap £1.3m – Progress report on Utah and Togo operations

(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA)

• Keras Resources has issued a progress report on its organic phosphate operation in Utah and the Nayega manganese operation in Togo.
• In Utah, today’s announcement confirms that the operation is “progressing well … [and that its order book prompts it to] … undertake a mining campaign this autumn for an additional 5,000 tons of rock phosphate to bolster current inventories of circa. 7,500 tons for the 2025 winter”.
• Interim Executive Chairman, Russell Lamming, commented that “our high-grade phosphate products are extremely well positioned for both the organic and conventional fertiliser markets and it is time to deliver into both of those markets”.
• In Togo, recommissioning of the Nayega mine is now complete “and is now starting to ramp up to full capacity”.

*SP Angel acts as nomad and broker to Keras

MP Materials (MP US) US$71, Mkt Cap US$13bn – Magnetics division books positive EBITDA as downstream processing ramps up

• The Company released quarterly update for its integrated RE mining/processing/magnet manufacturing operations in the US.
• Consolidated
  • Revenue $57m (+84%yoy).
  • Adjusted EBITDA -$13m (a 54% reduction on 2Q24).
  • Net Loss -$31m (a 9% reduction on 2Q24:
• Materials Segment
  • Revenue $38m (+20%);
  • Adjusted EBITDA -$13m
  • Rare earth concentrate revenues $12m (-51%yoy)
  • NdPr oxide and metal revenues $25m (+283%)
  • NdPr production volumes hit record high 597t (+119%)
  • NdPr sales volumes 443t (+226%)
  • NdPr realised price US$57/kg (+19%).
• Magnetics Segment
  • Revenue $20m
  • Adjusted EBITDA $8m..
• Higher revenues reflect higher sales of a greater mix of NdPr oxide and metal as the Group focused on more downstream processed products.
• Sales of rare earth concentrates dropped with shipments to China ceased and a ramp-up of midstream inhouse processing capapcities.
• Magnetics materials division continued to ramp up and delivered positive EBITDA for the quarter.
• Shares were up 10% in after hours trading at all time highs.

Panther Metals (PALM LN) 82.5p , Mkt Cap £4.8m – Work programme to assess Winston Lake tailings

• Panther Metals has outlined its work programme for the continuing evaluation of the potential to recover minerals from historic tailings at its Winston Lake in Ontario.
• Confirming that a review of historic data relating to the production of “approximately 3.3 million tonnes of ore” between 1988 to 1998 which the company believes failed to recover significant volumes of “valuable material” is underway the company describes plans to:
  • Appoint specialist drilling, geological and metallurgical “contractors and specialists” to assist it to “determine optimal reprocessing, commodity capture and tailings retreatment routes as well as the associated bench testwork and environmental planning”; and
  • Progress permit applications with the Ontario Ministry of Energy and Mines with the Ministry of Northern Development, Mines, Natural Resources and Forestry “to map out the permitting path-way to reprocess the tailings from the Winston brownfield mine site”; and
  • Review the opportunities to recover “critical mineral components in the tailings such as the gallium (Ga), germanium (Ge), indium (In) and manganese” in addition to the gold, silver, zinc and copper which are the principal target for tailings reprocessing.
• CEO, Darren Hazelwood, said that the work planned aims “fast-track the assessment and build a robust economic case to reprocess and extract value from the tailings”.
• He said that “the planned workstreams are designed to provide the necessary numbers to quantify the economic value recoverable from the tailings and to constrain the costs involved with bringing the tailing re-processing into production and generating significant cashflow to advance the business”.

Petra Diamonds (PDL LN) 17.5p, Mkt Cap £24m – Refinancing proposal

• Petra Diamonds has released proposals to refinance “a simpler and more streamlined business” following the sale of its Koffiefontein and Williamson mines.
• Subject to shareholder approval, Petra Diamonds aims to aims to extend the maturity of its senior secured bank debt and its 9.75% senior second lien notes which are currently due to mature in January and in March 2026 to December 2029 and to March 2030 respectively.
• The company also plans an underwritten rights issue to raise $25m via a share issue priced at 16.5p/share.
• Interim Joint-CEO, Vivek Gadodia, welcomed the support of “all our financial stakeholders … [for a] … bespoke refinancing solution that centres around cash preservation for the business, while also enabling the continued execution of our extension projects at both of our mines”.
• In a separate announcement today, Petra Diamonds reports results for Q4 and annual results for the period to 30^th June 2025 and results of the seventh sales tender which realised US$21m from the sale of 283,970 carats at an average price of US$73/carat.
• Tender 7 sales bring annual sales revenue to US$206m from the sale of a total 2.36m carats.
• Annual production of 2.43m carats “delivered overall annual production within guidance for FY 2025”.
• Guidance for FY 2026 is in the range 2.4-2.8m carats with production expected to increase in FY2027 to 2.7-3.1m carats, to 3.0-3.5m carats in FY2028.

Premier African Minerals (PREM LN) 0.03p, Mkt Cap £23m – Progress of testing at the Zulu lithium project, Zimbabwe

• Premier African Minerals reports that the second phase of pilot-plant testing at its Zulu lithium plant in Zimbabwe started “on schedule … [and that over] … the next seven days we expect to be able to take a final decision on how soon, if at all, the purchase of the secondary spodumene float section should proceed”.
• Concurrently “plans are progressing with the two remaining plant issues requiring longer term solutions, the replacement of the original OEM supplied sorters that are not fit for purpose and completion of the tantalum recovery circuit”.
• The company says that it has received “interest from several parties seeking to purchase tantalum and potentially assisting with the cost of the circuit”.
• CEO, George Roach expressed confidence “in the final successful conclusion of this phase”.

Conclusion: Further testing is underway at the Zulu lithium plant with results expected to inform a decision on the need to purchase secondary flotation equipment within the next week.

Rockfire Resources (ROCK LN) 0.12p, Mkt Cap £7.7m – Drilling at the Molaoi zinc project in Greece to resume in September

• Rockfire Resources reports that it plans to start a 30-hole drilling programme at its Molaoi zinc project in Greece during September after the Greek August holiday.
• The programme aims to “achieve an Indicated category of JORC resource”.
• Molaoi currently “has a JORC Inferred Mineral Resource of 15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag” reported at a 4% cut-off.
• “Whilst the drilling is underway, the feasibility study will commence and be updated as results become available”.

• Drilling is expected “over a … [strike] … length of 2.2km … involving many landowners”.

• Chief Executive, David Price, confirmed that Rockfire Resources’ “technical team has commenced informing, discussing and agreeing with the local landowners for access to their land for drilling”.

Conclusion: Rockfire Resources expects to start its next phase of drilling at Molaoi in September as it works to upgrade the current JORC ‘Inferred’ resource and start a feasibility study.

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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

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