SP Angel Morning View -Today’s Market View, Monday 13th January 2025

Gold steady after bumper US labour report pushed dollar and Treasury yields higher

MiFID II exempt information – see disclaimer below

SP angel received great news last week from the LSEG StarMine commodities forecast polling team

• SP Angel – 1^st in LSEG StarMine Precious Metals poll for 2024
• SP Angel – 2^nd in LSEG StarMine Base Metals poll for 2024

Amaero International (3DA AU) – US EXIM bank awards US$23.5m loan to Amaero for capital equipment for manufacturing advanced materials metal powders in Tennessee, USA.

Cobra Resources (COBR LN) – Resumption of resource drilling at Boland, South Australia

Gem Resources (formerly URA Holdings) (GEMR LN) – Restart of operations at Gravelotte emerald project, South Africa

Guardian Metal Resources (GMET LN) – Industrial garnet potential at the Pilot Mountain project, Nevada

Power Metals Resources* (POW LN) – (Power Metals* holds a 45% stake in Guardian Metal Resources)

Jubilee Metals Group (JLP LN) –– H1 results from S Africa keep Jubilee on track to meet full year guidance measures are taken to ameliorate the Zambian power supply issues

Q1 operations report highlights progress in South Africa and Zambia

Mkango Resources* (MKA LN) – Collaboration with Areera to recycle rare earth magnets contained in electronic display equipment

New Frontier Minerals (formerly Castillo Copper) (NFM LN) – Recent field work identifies additional targets in the Harts Range project

Orosur Mining* (OMI LN) – Additional drill results boosts geological understanding of Pepas

Thor Explorations (THX LN) – Q4 update and 2025 guidance from gold operations in Nigeria

WIA Gold* (WIA AU) –Kokoseb Gold Project, Namibia assay results

Gold ($2,680/oz) steady after bumper US labour report pushed dollar and Treasury yields higher

• Gold whipsawed in the wake of the NFP report on Friday, falling initially before rallying to $2,696/oz.
• The metal has subsequently settled back around its pre-NFP $2,680/oz mark.
• This comes despite US Treasuries selling off further, with the 10 year yield now rising again to c.4.8%.
• The 10 year stood at 3.65% when the Fed started cutting rates in September.
• The dollar index has now rallied 10% since that Fed meeting, with economic malaise in Europe and a weak Japanese Yen pushing the Index higher.
• Trump has started commenting on the level of US interest rates, raising concerns over a return to quantitative easing or a form of yield curve control that may be supporting gold.
• Additionally, we see Chinese Yuan weakness as pushing retail buyers to add to gold as a hedge against their currency devaluation.
• This was a persistent theme in China in 2024 and we would expect it to continue in 2025 as the property market remains downtrodden and mainland equities struggle to catch a bid.
• Gold’s relative strength may also reflect renewed concerns over inflation, with ISM data pointing to rising concerns alongside higher oil/gas prices

Economics

US – The US$ hits a two year high against major currencies on Monday with the pound seen as the biggest victim.

• Markets revised their expectations for further rate cuts following stronger than expected US labour data released on Friday.
• The US$ index is trading at the highest level since November 2022.
• The pound is off 0.8% trading nearly at 1.21 faring the worst among G10 currencies on the back of stagflation worries and concerns for UK budget outlook.
• NFPs (Dec/Nov/Est): 256k/212(revised from 227)/165
• Unemployment Rate (Dec/Nov/Est): 4.1/4.2/4.2
• Av Hourly Earnings (%mom, Dec/Nov/Est): 0.3/0.4/0.3
• Av Hourly Earnings (%yoy, Dec/Nov/Est): 3.9/4.0/4.0

Canada – Employment rose 90.9k vs 50.5k in November

• Unemployment 6.7% vs 6.8%
• Participation rate 65.1% vs 65.1%

China – Trade data beats estimates in December as producers rushed to fill orders in amid threats for new tariffs from the incoming US administration.

• Exports climbed 15.6%yoy to the US versus 10.7% in total.
• The country reported a record trade surplus that hit $992bn in 2024 with more than a third accounted by the US.
• Exports (%yoy, Dec/Nov/Est): 10.7/6.7/7.5
• Imports (%yoy, Dec/Nov/Est): 1.0/-3.9/-1.0

China introducing policies to drive energy efficiency and better air quality as a byproduct of the introduction of new technology

• Subsidies are encouraging the upgrade of all forms of transport from trucks to ships, cars and agricultural equipment.
• Special treasury bond issuance is being used to finance the subsidies along with an easing of the Reserve by way of the Reserve Requirement Ratio bank rate.
• Subsidies have helped Chinese sales of New energy vehicles to >50% of the market with car sales rising 5.3% last year to 23.1m vehicles

Russia – Oil prices are trading at a four month high amid the news of new sweeping sanctions on Russia oil.

• Sanctions included oil producers Gazprom Neft and Surgutneftegas as well as restrictions places on 183 vessels involved in transportation of Russian crude.
• Brent climbed over the $80/bbl mark.

UK – Traders sell Sterling as market looks to sell the pound, potentially taking it below $1.20

Three shot dead in Gold heist at Newmont’s Ahafo gold mine in Ghana

• Police foiled a gold robbery at Ntotroso in the Ahafo Region of Ghana shooting dead three of the robbers.
• Three of the robbers were shot dead with four more individuals injured as they attempted to breach security to steal gold.
• The Ghana authorities have dispatched an special investigation team to the area to probe the incident.
• Reinforcements have also been dispatched to maintain peace and ensure the security of the community and the mining site.
• There were no reprisals within the community indicating the heist was not part of broader unrest.
• The Ahafo gold mine is 177km north west of Obuasi and is not close to the boarder with Burkina Faso.
• The three robbers were promptly buried in accordance with their religion.

Mali – to receive ~US$1.2bn from miners in Q1

• The Government of Mali looks set to extract around US$1.2bn in Q1 from the mining sector.
• The initiative led to the forced detention in jail of executives from Barrick Gold, Resolute Mining and other mining firms.
• Many gold miners will now look invest elsewhere for future investment due to the higher cost of doing business in Mali and the threat of detention in the Central Bamako jail.
• The withdrawal of French troops from the Sahel region has allowed local banditry and terrorism to encroach towards Bamako and through Burkina Faso.
• Mali employs Wagner for defense but anecdotal news suggests Wagner forces are insufficient for the job.
• While the Government of Mali needs funds to support local services and its military defense there are concerns that not all funding is being appropriately allocated. 

Currencies

US$1.0222/eur vs 1.0301/eur previous. Yen 157.53/$ vs 157.83.12/$. SAr 19.177/$ vs 18.963/$. $1.216/gbp vs $1.222/gbp. 0.615/aud vs 0.619/aud. CNY 7.331/$ vs 7.350/$.

Dollar Index 109.77 vs 109.17 previous.

Precious Metals

Gold US$2,686/oz vs US$2,679/oz previous

Gold ETFs 82.9moz vs 82.9moz previous

Platinum US$964/oz vs US$998/oz previous

Palladium US$953/oz vs US$948/oz previous

Silver US$30.3/oz vs US$31.2/oz previous

Rhodium US$4,675/oz vs US$4,725/oz previous

Base metals:   

Copper US$9,118/t vs US$9,118/t previous

Aluminium US$2,574/t vs US$2,565/t previous

Nickel US$15,715/t vs US$15,876/t previous

Zinc US$2,870/t vs US$2,879/t previous

Lead US$1,958/t vs US$1,967/t previous

Tin US$30,080/t vs US$30,079/t previous

Energy:           

Oil US$81.0/bbl vs US$77.9/bbl previous

Natural Gas €47.1/MWh vs €44.2/MWh previous

Henry Hub Gas US$4.16/mmBtu vs US$3.84/mmBtu last Friday

• Crude oil prices pushed above $80/bbl over the weekend following the announcement of new US sanctions against Russia’s energy sector and a stronger-than-expected US jobs report on Friday.
• The IEA reiterated forecasts for global oil demand growth to rise from 0.9mb/d in 2024 to 1.1mb/d in 2025, with the 3M delay by OPEC+ in unwinding its voluntary output cuts reducing the risk of a potential supply overhang.
• Henry Hub natural gas prices surged above $4/mmBtu on forecasts of colder weather over the next two weeks increasing heating demand, as LNG exports hit record levels of 15.5bcf/d as Plaquemines LNG ramps up.
• The US Baker Hughes rig count was down 5 to 584 units last week (-35 or 6% y/y), with oil rigs down 2 at 480 units (-19 y/y) and gas rigs down 3 to 100 units (-17 y/y), as the Eagle Ford Fm. lost 2 rigs to 43 units (-12 y/y).

Uranium Futures $73.6/lb vs $72.9/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$99.1/t vs US$98.1/t

Chinese steel rebar 25mm US$483.4/t vs US$485.2/t

HCC FOB Australia US$197.5/t vs US$195.0/t

Thermal coal swap Australia FOB US$116.0/t vs US$117.0/t

Other:  

Cobalt LME 3m US$24,300/t vs US$24,300/t

NdPr Rare Earth Oxide (China) US$54,630/t vs US$54,555/t

Lithium carbonate 99% (China) US$9,821/t vs US$9,820/t

China Spodumene Li2O 6%min CIF US$795/t vs US$790/t

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

China Tungsten APT 88.5% FOB US$338/mtu vs US$338/mtu

China Graphite Flake -194 FOB US$435/t vs US$435/t

Europe Vanadium Pentoxide 98% US$4.7/lb vs US$4.8/lb

Europe Ferro-Vanadium 80% US$25.4/kg vs US$25.6/kg

China Ilmenite Concentrate TiO2 US$290/t vs US$290/t

China Rutile Concentrate 95% TiO2 US$1,084/t vs US$1,084/t

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

Brazil Potash CFR Granular Spot US$300.0/t vs US$295.0/t

Germanium China 99.99% US$2,725.0/kg vs US$2,725.0/kg

China Gallium 99.99% US$385.0/kg vs US$385.0/kg

Battery News

China’s record year of NEV sales

• China saw record sales of NEVs in 2024 of 10.9m, with the last five months of the year seeing sales over 1m units each month.
• The record month for NEV sales was December, which saw 1.596m vehicles sold according to the China Association of Automobile Manufacturers (CAAM).
• In China, NEVs include plug-in hybrid electric vehicles (PHEVs), battery electric vehicles (BEVs), and fuel cell vehicles.
• BYD claimed top spot amongst NEV manufacturers with 34.1%, selling 3.72m NEVs.
• Tesla China ranked third in sales, with 6.0% and 657,102 units sold in China.
• Tesla was also just one of two (alongside GAC Aion) to make the list as automakers who solely produce BEVs.
• It is forecast that 2025 will see another record year for NEV sales – the CAAM expects China’s total vehicle sales to reach 32.9m units in 2025, of which 16m are predicted to be NEVs.

US to finalise rules for crackdown on Chinese vehicles this week

• President Joe Biden’s outgoing administration plans to finalise rules cracking down on Chinese vehicle software and hardware, according to US Commerce Secretary Gina Raimondo. (Reuters)
• In September, the department proposed prohibiting key Chinese software and hardware in connected vehicles on American roads due to national security concerns.
• Enacting this legislation would effectively prevent any Chinese cars or trucks from the US market.
• The move would also effect many major global automakers who would have to remove and replace key Chinese software and hardware from vehicles that are exported to the US.
• The proposal issued in September would make software prohibitions effective in the 2027 model year and the hardware ban would take effect in 2029.
• Donald Trump, who regains the presidency on 20^th January, wants to prevent Chinese auto imports but has said he remains open to Chinese automakers building vehicles in the US.

CATL pushing ahead with $5bn Hong Kong listing plan

• CATL is poised to hire Bank of America, China International Capital Corporation (CICC), CSC Financial and JPMorgan Chase as lead arrangers for its second listing in Hong Kong.
• CATL, the global leader of EV battery manufacturing, has been considering a second listing in Hong Kong as soon as the first half of this year that could help it raise at least US$5bn. (Bloomberg News)

Company News

Amaero International (3DA AU) A$0.32, Mkt cap A$191m – US EXIM bank awards US$23.5m loan to Amaero for capital equipment for manufacturing advanced materials metal powders in Tennessee, USA.

• The US EXIM ‘Export-Import Bank’ has awarded US$23.5m by way of a non-dilutive loan to Amaero for capital equipment for the manufacturing advanced materials metal powders in McDonald, Tennessee.

• The group manufacturers high-quality metal powders using atomization technology to reduce waste, increase yield, and provide superior particle size and shape.
• Its non-contact feedstock melting method is clean and allows Amaero to switch alloys within the same grouping with minimal downtime enabling the machinery to switch from low to higher volume production runs.
• Amaero’s advanced materials processing should help the US with manufacturing resilience and supply chain scalability in the production of mission-critical materials like C103 and titanium alloys for Aerospace and Defence.
• This is the the first EXIM loan under the ‘Make More in America’ initiative for advanced materials & additive manufacturing.
• Loan details:
  • 75% loan-to-cost for equipment financing.
  • Interest rate plus amortised fees equals 6.95%.
  • Repayment over 7 years after an initial 12-month interest-only period.
• The loan highlights EXIM Bank’s role in re-shoring and re-building manufacturing within the US and is the 6^th make More in America transaction.

Cobra Resources (COBR LN) 1.2p, Mkt cap £9.2m – Resumption of resource drilling at Boland, South Australia

• Cobra Resources reports that it has restarted drilling at its Boland rare-earths project following the suspension of operations over Christmas.
• The company confirms that it completed 20 holes totalling ~1,000m prior to the holiday and that it expects to drill around a further 40 holes during January “to complete Stage 1 aircore drilling aimed at providing sufficient geological definition to support a maiden REE resource estimation over the greater palaeochannel proximal to the established wellfield”.
• Explaining that results from the drilling programme are expected in February, Cobra Resources explains that the “Pidinga formation which hosts permeable ionic REE mineralisation has been intersected across broad zones where unit thicknesses exceed the Company’s interpretations”.
• Cobra Resources is “working to obtain regulatory approvals to proceed with Stage 2 drilling to extend the target area of resource drilling”.
• Managing Director, Rupert Verco, explained that “Initial geological observations are positive for scale, mineralisation thickness and geological conditions that support scalable ISR mining” (in-situ recovery).
• He said that Boland “will be the first rare earth product produced through controlled ISR, signifying a significant step forward in the advancement of securing critical rare earth metals through low-cost and environmentally considerate methods … [and also explained that] … the Company is approaching another important milestone, with a maiden mixed rare earth carbonate being precipitated from liquor produced through our bench scale ISR tests before Christmas from which results are imminent”.

Conclusion: We look forward to drilling and bench scale ISR results from Boland and eventually to an initial mineral resource estimate for the project.

Gem Resources (formerly URA Holdings) (GEMR LN) 0.55p, Mkt Cap £1.7m – Restart of operations at Gravelotte emerald project, South Africa

• Gem Resources reports that production has restarted at its Gravelotte emerald mine in South Africa following “the seasonal annual leave shutdown”.
• The company confirms that “Contract mining will recommence shortly at the Cobra Open pit”.
• Today’s announcement explains that Gem Resources is building a “significant emerald stockpile in preparation for sale at auction. The timing of the auction will depend on the volume and quality of material mine and stockpiled, as well as the annual auction schedule managed by Bonas Group”.

Guardian Metal Resources (GMET LN) 32.5p, Mkt Cap £39m – Industrial garnet potential at the Pilot Mountain project, Nevada

Power Metals Resources* (POW LN) 13.5p, Mkt cap £15m – (Power Metals* holds a 45% stake in Guardian Metal Resources)

• Guardian Metal Resources reports early encouragement from tests to investigate the potential to recover industrial garnets from its Pilot Mountain tungsten resource in Nevada.
• The tests completed so far by SGS Canada have shown that “based on a 100kg split of the 300kg composite sample returned combined size fractions comprising 58.3% garnet and 0.37% scheelite (CaW0₄) by mass” exceeding initial expectations.
• Recovery of garnet at a relatively coarse 425µm grind size highlight the “possibility of … downstream cost savings” from:

• • “Reduced comminution (grinding) costs;
  • Savings related to reduced power requirements and reagents in flotation; and
  • Smaller tailings dam requirements”.

• The company cites USGS data that “Industrial garnet imported into the USA in 2023 traded at an average price of US$190/tonne with US domestic garnet trading at a premium price of US$220/tonne. Over the last 2 years, the USA imported >65% of its garnet requirements for industrial use”.
• While confirming that “tungsten is without a doubt the main commodity of interest at Pilot Mountain … [CEO, Oliver Friesen, explained that] …  the garnet opportunity could be material to the Project going forward”.
• Today’s announcement says that “Industrial garnet is used in a wide array of industries including abrasive blasting, water-filtration media, water-jet-assisted cutting, in abrasive powders, nonslip coatings and sandpaper” in a global abrasives product market valued at US$35.5B in 2022 and was projected to grow at a compound annual growth rate  of 4.5% from 2024 -2030”.

Conclusion: The garnet abrasive mineral potential at Pilot Mountain may provide Guardian Metals the opportunity to capture additional value from its tungsten project at Pilot Mountain. We look forward to further results as the testing programme advances.

*SP Angel acts as Nomad and Broker for Power Metals

Jubilee Metals Group (JLP LN) – 3.85p, Mkt cap £102m – H1 results from S Africa keep Jubilee on track to meet full year guidance measures are taken to ameliorate the Zambian power supply issues

Q1 operations report highlights progress in South Africa and Zambia

• In its FY 2025 H1 report covering the 6 months to 31st December, Jubilee Metals reports that it is on track to meet or exceed its FY 2025 guidance of 1.65mt of chrome concentrate production following record production of nearly 975kt “on the back of the successful commissioning of two further chrome processing units”.
• South African PGM output of 18,435oz (H12024 – 20,244oz) keeps the company “on track to meet full year guidance of 36,000oz”.
• In Zambia, power supply constraints impacted copper output (1,454t – 2023 1,683t) but guidance “is under review until such time as consistent power supply is established and Roan is brought back into operation following the most recent agreement”.
• Jubilee Metals says that it has “addressed the power supply challenge by entering into an additional power supply agreement that sources power across a broader generation network to avoid localised exposure to network instabilities and a single power generation plant. This power supply contract should successfully address current power supply limitations that affected Roan’s ability to operate”.
• CEO, Leon Coetzer, explained that the timing of power disruption was “particularly unfortunate given the recent successful commissioning of the upgraded Roan facility set to significantly increase the copper production alongside the Munkoyo operation. We expect to return to the processing rate previously achieved at Roan once power delivery under the new power supply agreement commences”.
• The company confirms that “Copper production at Munkoyo … [is] …unaffected by power constraints” and remains on track to mine “in excess of 70 000 tonnes per month of ROM ready for future processing where “high-grade ROM exceeding 2.5% Cu is direct leached and refined at Sable targeting a rate of 8 500 tonnes per month of ROM delivered”.
• Mr. Coetzer said that “unexpected setbacks manly outside of our control do provide hurdles to a smooth growth path in Zambia … [but he said that Jubilee Metals has] … successfully navigated these challenges and I remain confident in our ability to bringing full value to the investment made into the expansion of our operating and processing footprint”.
• He said that “We are withholding an updated copper guidance until the additional power under the power agreement is delivered and we are able to return to running the operations on a continuous basis”.

Conclusion: At the mid-point of its year, Jubilee Metals’ South African chrome and PGM production remain on track to deliver published guidance for FY 2025.  Zambian copper operations have been affected by disruption to the local power supply although the company is hopeful that recently agreed new power supply agreements will improve operational consistency.

Mkango Resources* (MKA LN) 10.6p, Mkt Cap £33m – Collaboration with Areera to recycle rare earth magnets contained in electronic display equipment

BUY

• HyProMag signed a non binding agreement with Areera on the recovery and recycling of rare earth magnets embedded in speakers of display equipment.
• Areera is running the most technologically advanced screen based recycling facility in West Yorkshire, UK.
• Electronic waste feed provided by Areera is currently being trialled using automated sorting and pre processing technology supplied by Inserma and RISE to separate out RE containing parts from the rest of the equipment ahead of recovering RE magnets using HPMS technology.
• Ultimately, the plan is to deploy pre processing equipment at Areera sites to discard most of non RE containing parts and separating out NdFeB containing feedstock embedded in speakers to HyProMag recycling facility.
• The agreement allows Areera to draw more value from its scrap and provides HyProMag with another source of NdFeB containing feedstock.
• Mkango holds a 79.4% interest in HyProMag through its stake in Maginito.

Conclusion: The Company signs a non binding agreement with Areera, the largest dedicated recycler of all retail display equipment in the UK, as the team is working on securing feedstock for the patented HPMS technology used to recover rare earths from NdFeB embedded magnets. HPMS offers a potential solution to one of key challenges in RE magnets recycling mainly separating out NdFeB magnets from the rest of the scrap in a cost efficient way. This is particularly helpful with NdFeB contained in consumer electronics where loadings are often low and manual separation is prohibitively time and labour intensive.

*SP Angel acts as nomad and broker to Mkango Resources

New Frontier Minerals (formerly Castillo Copper) (NFM LN) 0.93p, Mkt Cap £12m – Recent field work identifies additional targets in the Harts Range project

• New Frontier Minerals – formerly Castillo Copper, reports that recent field work in its Harts Range project northeast of Alice Springs in the Northern Territory, Australia, has shown visual copper mineralisation north of the Cusp prospect and also identified “additional sites and further validated the known Uranium, Niobium and HRE mineralisation at the Cusp Prospect”.
• Rock chip sample results reported in today’s announcement show grades of 12.52% and 8.49% U₃O₈, 31.48% and 17.93% Nb₂O₅, (niobium oxide), 1.68% and 1.25% Dy₂O₅ (dysprosium oxide), 0.26% and 0.16% Tb₄O₇ (terbium oxide) and 9.13% and 5.81% Ta₂O₅ (tantalum oxide).
• Chairman, Ged Hall, said that “Our geology team has had three site visits to the Harts Range Project, with subsequent findings continuing to reaffirm the significant exploration potential for Uranium, Niobium and HRE mineralisation”.
• He added that “Our exploration campaign now moves into top gear, with the upcoming heliborne geophysical survey to play a critical role in identifying additional regional Uranium, Niobium and HRE targets for ground truthing and prioritisation for drilling”.

Conclusion: Recent field sampling at Harts Range has identified additional mineralised areas ahead of a forthcoming helicopter based geophysical survey.  We await results with interest.

Orosur Mining* (OMI LN) 7.8p, Mkt Cap £18.4m – Additional drill results boosts geological understanding of Pepas

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• Orosur provides further drill results from the ongoing campaign at Pepas in Colombia.
• The Company reports assay results from three holes:
  • PEP016 – 43.7m at 3.13 g/t Au from 62m
  • PEP017 – 40.2m at 2.06 g/t Au from 56m
  • PEP018 – 54.1m at 6.01 g/t Au from surface
• PEP016 and PEP017 were drilled downdip of previous holes at either end of the mineralised zone.
• The intention of this was to test ‘additional structural complexities’ anticipated to the south west.
• These holes intersected loose and broken holes from surface, likely a result of the known basement fault.
• PEP017 was abandoned and redrilled from the same pad, albeit with a slightly shallower dip.
• The 16 and 17 holes were helpful in gaining a stronger understanding of the location of the basement fault.
• Gold mineralisation was recorded over wide intersections once leaving the fault zone.
• PEP018 was drilled up dip and on section with holes PEP013 and PEP017.
• Mineralisation in 18 was intersected from surface and ended as expected, at the basement fault.
• Management suggest that the they are noting the ‘current body of mineralisation sitting within the keel of two roughly parallel faults that converge at depth with a southerly plunge.’
• The team is currently drilling PEP019, 30m along strike to the SE to step out mineralisation identified in PEP018.
• Additionally, ongoing fieldwork is showing encouraging surface mapping and geochemistry results to the north of the current mineralisation.
• Orosur is working to delineate drill targets in addition to the ongoing drilling programme at Pepas.

Conclusion: This is an encouraging update from recently funded Orosur  who are expanding their drilling programme at the Pepas gold target in Colombia. They continue to boost their geological understanding of Pepas via definition drilling. Mineralisation is believed to sit within two parallel faults converging at depth. Hole 19 should provide some further insight into the expansion potential to the southwest whilst Management emphasises the expansion potential to the north, with step out drilling now being progressed.

*SP Angel acts as Nomad and Broker to Orosur Mining

Thor Explorations (THX LN) 19p, Mkt Cap £118m – Q4 update and 2025 guidance from gold operations in Nigeria

• Thor produced 24.7koz in Q4 and FY24 production of 85.1koz.
• The Company has paid down all senior debt and has a net cash position.
• Average realised price in 4Q24 of $2,497/oz for $62m in revenue.
• Segilola Q4 results:
  • 247kt milled at an average grade of 3.1g/t Au.
  • Mine production of 384kt at an average grade of 2.3g/t Au.
  • 3.9koz added to ore stockpile, now standing at 44.3koz at average grade of 0.94g/t Au.
• FY2025 production guidance:
  • 85-95koz
  • AISC set at $800-$1,000/oz.
• Company expects to deliver Douta PFS and MRE update for 1Q25.
• Drilling continues at Segilola for underground expansion phase and at Douta, targeting additional oxide resources.

WIA Gold* (WIA AU) A$0.13, Mkt Cap A$183m –Kokoseb Gold Project, Namibia assay results

• WIA Gold, Australian explorer in Namibia, reports drilling results from their programme at Kokoseb.
• Infill drilling at ‘Central High-Grade Area’ yielded:
  • 19.8m at 2.28g/t Au from 287m
  • 22m at 4.32g/t Au from 330m
• Extensional drilling at NW Zone included:
  • 18.5m at 1.09g/t Au from 358m
  • 12m at 2.08g/t Au from 383m
  • 16.9m at 0.95g/t Au from 430m
• Extensional drilling along strike yielded intercepts including:
  • 26.4m at 1.49g/t Au from 165m
  • 26m at 1.34g/t Au from 225m
  • 11m at 2.04g/t Au from 285m
  • 16m at 1.35g/t Au from 300m
  • Mineralisation is believed to be getting thicker with depth
• The Company has now added two additional RC rigs and is focusing on proving up additional resources in the Central, NW and Northern Zones alongside upgrading the existing resource.
• WIA has added consultants for mine scheduling, design, further met testwork, environmental studies, hydrology studies, plant engineering and capital/opex costs.
• The Company expects to deliver a Scoping Study in 2025

*An SP Angel Analyst holds shares in WIA Gold

LSE Group Starmine awards for 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 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

SP Angel                                                            

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