SP Angel Morning View -Today’s Market View, Monday 15th September 2025

Gold holds near record highs as traders wait for Fed meeting

MiFID II exempt information – see disclaimer below

Alamos Gold (AGI CN) – Sale of Turkish assets to focus on North American growth projects

Andrada Mining (ATM LN) – Record quarterly tin concentrate production from the Uis mine, Namibia

Asiamet Resources (ARS LN) – Drilling shows high quality limestone at BKM

Aterian plc* (ATN LN) – Aterian expands commercial trading of tantalum-niobium (Coltan) concentrates out of Rwanda

Beowulf Mining* (BEM LN) – BUY, 182p NAV – Tax credit application for Grafintec

Cora Gold (CORA LN) – Several gold targets identified from historical data review

ECR Minerals (ECR LN) – Alluvial gold drilling results from the Blue Mountain project, Queensland

Mkango Resources* (MKA LN) – BUY – HyProMag USA EPCM design work 25% complete for REE magnet recycling and manufacturing project in Texas.

Rome Resource (RMR LN) – Maiden mineral resource estimate for Mont Agoma expected later this month

Savannah Resources* (SAV LN) – BUY, TP under review – Barroso value reinforced by major MRE upgrade and Exploration Target release

Serabi Gold (SRB LN) – MRE update for the Palito Complex in Brazil.

Gold ($3,645/oz) holds near record highs as traders wait for Fed meeting

• Gold staged a strong rally to $3,680/oz in the first week of September.
• The move followed a combination of dovish expectations from the Fed and geopolitical uncertainty.
• The BRICs nations have been major drivers of the gold price over the past 24 months and their show of unity likely fuelled gold’s rally to an extent.
• However, a combination of lower inflation and weaker employment data has been fuelling expectations of rate cuts.
• The market currently expects a 25bp cut at the September meeting, although odds of a 50bp have risen too.
• CPI came in in line last week whilst a pop in claims spooked the market.
• US 10 year yields have held around 4% since but struggled to break through the 4% band.
• Gold has historically rallied alongside treasuries as yields move lower.

Global EV sales growth slowed to 15% in August

• Global sales of battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) rose 15% yoy in August, the slowest growth rate since January.
• Sales totaled 1.7 m units in August.
• China’s EV sales growth slowed sharply to 6% in August from a monthly average of 36% in H1 25.
• Europe saw a 48% yoy increase to about 283,453 units; North America rose 13% to 201,255 units; rest of world grew 56% to over 144,280 units.
• China still dominated global EV sales despite the slowdown with 1.1m vehicles sold across the month.

Uranium – UK government looks to accelerate new generation of small modular reactors

• Starmer and Trump are due to sign a deal accept UK and US safety assessments on the new reactors to halve the time for regulatory approval.
• Centrica (British Gas) has already agreed to build 12 advanced modular reactors with X-Energy.
• The reactors will be built in Hartlepool where Centrica operates a nuclear site.
• Rolls-Royce has also started its application in the US for its SMR ‘small modular reactor’ design.
• EDF Energy, Holtec International (US) and Tritax report a £11bn project to build SMRs and a data centre on the old Cottam coal-fired power station in Nottinghamshire.
• The acceleration of the drive into SMR nuclear reactors is going to ramp up demand to lock in Uranium to fuel all these new SMRs.

Trade Live with IG – Rate Cuts, Gold Surge, and a $50B Copper Deal:            https://youtu.be/G8H0zYGf65s?si=L_0EVRawqONI6qw

https://upl.inc/v5ppo7

Economics

Currencies

US$1.1733/eur vs 1.1740/eur previous. Yen 147.48/$ vs 147.44/$. SAr 17.337/$ vs 17.370/$. $1.358/gbp vs $1.357/gbp. 0.666/aud vs 0.666/aud. CNY 7.124/$ vs 7.121/$.

Dollar Index 97.56 vs 97.55 previous.

Precious metals:

Gold US$3,644/oz vs US$3,650/oz previous

Gold ETFs 94.6moz vs 94.6moz previous

Platinum US$1,405/oz vs US$1,391/oz previous

Palladium US$1,214/oz vs US$1,213/oz previous

Silver US$42.2/oz vs US$42.2/oz previous

Rhodium US$7,125/oz vs US$7,125/oz previous

Base metals:

Copper US$10,077/t vs US$10,118/t previous

Aluminium US$2,685/t vs US$2,689/t previous

Nickel US$15,435/t vs US$15,370/t previous

Zinc US$2,959/t vs US$2,915/t previous

Lead US$2,014/t vs US$2,001/t previous

Tin US$34,960/t vs US$34,945/t previous

Energy:

Oil US$67.3/bbl vs US$65.9/bbl previous

• The US Baker Hughes rig count rose 2 to 539 units last week (-51 or 9% y/y), with oil rigs up 2 to 416 units (-6 y/y) and gas rigs flat at 118 units (+21 y/y), as the Eagle Ford Formation gained 3 rigs to 42 units (-31 y/y).
• Greencoat Renewables, the EU-focused generator, reported renewable electricity generated in 1H25 fell 5% y/y to 1,830GWh as the wind resource continued to be below the statistical average (and 15% below internal budget), which has led to ~40% y/y reductions to EBITDA and cash flows that were allocated to debt repayment in addition to dividends.
• Greetings from Accra, where the Morning Energiser is attending Africa Oil Week (AOW) 2025. Please reach out to set up a meeting with David Mirzai while he is in town.

Natural Gas €32.3/MWh vs €32.3/MWh previous

Uranium Futures $75.3/lb vs $76.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Dalian) US$113.1/t vs US$113.2/t

Chinese steel rebar 25mm US$452.4/t vs US$454.6/t

HCC FOB Australia US$186.3/t vs US$186.8/t

Thermal coal swap Australia FOB US$100.8/t vs US$102.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$80,363/t vs US$77,519/t

Lithium carbonate 99% (China) US$9,896/t vs US$9,760/t

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

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$528/mtu vs US$528/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

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

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$270/t

China Rutile Concentrate 95% TiO2 US$1,102/t vs US$1,102/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

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

Company news

Alamos Gold (AGI CN) C$46, Mkt Cap C$19bn – Sale of Turkish assets to focus on North American growth projects

• Alamos Gold have agree to sell the Kirazlı, Ağı Dağı and Çamyurt projects located in northwestern Türkiye.
• The buyer, Tümad Madencilik Sanayi ve Ticaret A.Ş, is a Turkish mining Company.
• Tumud will pay $470m, with $160m payable on closing of the transaction, $160m payable on the one-year anniversary of close, and $150m on two-year anniversary of close.
• The sale will fund Alamos’ other ‘high-return growth projects’ in North America, CEO McCluskey stated.
• Alamos will also use the funds to reduce existing debt obligations.
• Transaction expected to close 4Q25.

Andrada Mining (ATM LN) 3.4p, Mkt cap £65m – Record quarterly tin concentrate production from the Uis mine, Namibia

• Reporting on its operational performance for the 3 months to 31^st August, Andrada Mining highlights record quarterly production of tin concentrate 453t with a tin content of 273t which brings H1 concentrate to 858t containing 511t of tin.
• In Q2 last year Andrada Mining produced 388t of concentrate containing 239t of tin.
• The production results from the processing of ~273kt of ore at an average grade of almost 0.14% tin during the quarter bringing H1 throughput to around 528kt at an average grade of ~0.14% tin.
• Quarterly costs of production were US$20,090/t on a C1 cash cost basis and US$27,836/t on an all-in sustaining basis (Q2 FY 2025 – US$19,927/t and US$25,236/t respectively).
• CEO, Anthony Viljoen, explained that the results reflect “another period of robust operational performance … [and that the] … increased tin concentrate production was supported by higher recoveries and improved plant utilisation”.
• He said that “The on-time, on-budget commissioning of the Jig Plant is another pivotal milestone for Andrada …[and that the] … plant is expected to boost recoveries, raise output and lower unit costs”.
• Today’s announcement also confirms “record breaking six-month production … [of tantalum concentrate of] … 27 tonnes with 10 tonnes concentrate shipped during the Quarter”.
• The announcement also reports that the exploration drilling at Lithium Ridge, in partnership with lithium producer, SQM, is “progressing well”.

Asiamet Resources (ARS LN) – 1p, mkt cap £31m – Drilling shows high quality limestone at BKM

• Asiamet Resources reports that limestone resource drilling at its BKM copper project in Kalimantan, Indonesia is around 50% complete and has encountered high quality limestone with grades “exceeding 54% Calcium Oxide (CaO) as measured by XRF” within 50m of the surface in its first 2 holes.
• The company has now completed six of the planned 12 holes of the programme which “is expected to complete by mid-October”.
• The identification of a suitable limestone source at BKM is described as “a critical enabler for BKM, avoiding significant import costs and underpinning a low operating cost base”.
• CEO, Darryn McClelland, explained that the quality of the limestone “is especially pleasing as this typically translates into lower consumption of limestone in processing”.

Aterian plc* (ATN LN) 35.25p, Mkt Cap £4.8m – Aterian expands commercial trading of tantalum-niobium (Coltan) concentrates out of Rwanda

(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian plc expands its responsibly sourced tantalum-niobium (Coltan) concentrate trading operation out of Rwanda.
• The first consignment has now been transferred to the group’s trading partner with access to a wide network of downstream buyers. Pictures of the operation are contained in the press release.
• Eastinco Ltd, Aterian’s Rwandan trading subsidiary, has now activated its responsibly sourced supply chain of tantalum and niobium and started commercial sales.
• The group has drawn down on a mezzanine loan facility for the acquisition Rwandan mineral concentrates with complete traceability.
• Key terms of the loan include:
  • Principal Amount: US$250,000
  • Interest Rate & Fees: 20.0% interest and 2% trading fees
  • Term: Initial three months, extendable by mutual agreement on a quarterly basis
  • Guarantee: Aterian plc guarantees the performance of Eastinco Ltd under the facility
• Coltan is a mix of columbite (Tin) and tantalite with pricing derived from the percentage of Tantalum and the end product price of 99.95% Ta. Prices vary from around $30-60/kg.
• Tantalum: >75% is used in capacitors for storing electrical charge. Tantalum alloys are used superalloys for jet engines due to structural integrity at extreme temperatures and corrosion resistance.
• Tantalum is also used in furnaces due to its temperature resistance. Tantalum is hypoallergenic and is well-tolerated in the body making it good for surgical implants etc.
• Its resistance to corrosion is good for lining chemical and nuclear reactors while it is also good for in tantalum carbides for cutting tools
• ESG:
  • “All mineral supplies handled by Aterian are sourced in accordance with the International Tin Supply Chain Initiative (ITSCI) and comply fully with the OECD Due Diligence Guidance.”
  • “Rigorous on-site audits, mine origin verification, and conflict-free checks underpin the Company’s commitment to responsible sourcing.”
• Today’s news adds to Aterian’s recent agreement with a machine learning start-up specialising in advanced computational modelling for mineral exploration.

Conclusion: The expansion of Aterian’s trading business in Rwanda should be good news from a revenue and future profit perspective. Concentrate trading will also give good intel. on the activities of local miners and the geology they are operating in.

*SP Angel acts as Broker to Aterian Plc

Beowulf Mining* (BEM LN) 10p, Mkt Cap £6m – Tax credit application for Grafintec

BUY – 182p NAV

• Beowulf has applied for a tax credit from the Finish government for its Grafintec GAMP project.
• The Grafintec team sees potential for up to €132m over 11 years to support the development of the project.
• Tax Credits enable eligible companies to offset CAPEX against future taxes payable.
• This will enhance FCF and NPV for the project, should the applications prove successful.
• Grafintec are also aiming to apply for Strategic Project status under the EU’s Critical Raw Materials Act in the coming months.

Conclusion: The potential for tax credits to support critical minerals supply chains highlights the appeal of Finland as a chose location for Beowulf to develop the GAMP facility. We look forward to further updates on the application, and see it offering a significant boost to the Project’s attractiveness for financing.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Cora Gold (CORA LN) 10.5p, Mkt Cap £51m – Several gold targets identified from historical data review

• Cora Gold provides an update on exploration work targeting its Tambor, Tombolo South, Madina and Diombalou projects.
• Work has focused on reviewing historical data and some geochemistry work.
• Cora is aiming to define and delineate new drill targets.
• Tambor returned a 3km x 1.5km gold in soil anomaly.
• Tombolo South returned a 3km x 600-1,000m gold in soil anomaly with gold hosted within granitic units.
• Madina returned a 2km x 1.3km gold in soil anomaly, with gold expected to lie below the RAB drill holes completed.
• Diombalou shows 2.5km x 1km targets along the same structure as Madina.
• Management notes that they see strong potential for a larger gold system and note potential via drilling going forward.

ECR Minerals (ECR LN) 0.26, Mkt Cap £6.8m – Alluvial gold drilling results from the Blue Mountain project, Queensland

• ECR Minerals reports that its recently completed alluvial gold drilling campaign at the Blue Mountain project in Queensland has confirmed “consistent gold mineralisation at the Lower Patterson prospect – an area not previously mined”.
• The company explains that seventeen samples from the drilling are estimated to contain “above 0.15 g per b.c.m … [bank cubic metre] … demonstrating wide continuity across three drilled sections”.
• Today’s announcement explains that the “objective of this initial drill programme was to map out the extent and scale of the mineralised alluvial zones … [and that] …  the results received … [show that] … the Lower Patterson area … [which] …has not previously been mined … represents a potential extension of the Blue Mountain Project”.
• As well as the work on the Lower Patterson area at Blue Mountain “ECR has drilled two other similar-sized creek flats at the Blue Mountain Project, namely the Denny’s Creek and Upper Kariboe areas, with results expected likely in October”.
• Chairman, Nick Tulloch, explained that the “objective of this work was to define the extent of gold-bearing channels, rather than just indicative grade points, and in this respect the results are very encouraging” particularly as they come from “areas that have apparently not been mined before”.
• He said that the results so far “have attracted interest from potential partners who recognise the potential commercial production opportunity at the Blue Mountain Project”.

Conclusion: Recent drilling at the Blue Mountain alluvial gold project has detected the presence of gold in previously unmined areas. Further results are expected in October.

Mkango Resources* (MKA LN) 40p, Mkt Cap £124m – HyProMag USA EPCM design work 25% complete for REE magnet recycling and manufacturing project in Texas.

BUY

• Mkango reports rapid progress on the EPCM, detailed design at HyProMag in the US.
• PegasusTSI Inc. and BBA USA Inc. are working to complete the EPCM services for HyProMag USA’s REE magnet recycling and manufacturing project in Texas.
• A NTP ‘notice to proceed’ should follow on from the work done in the detailed design of the EPCM contract.
• Detailed design reported to be 25% complete using technology and design specs. from the ongoing commissioning of Tyseley in the UK and construction of Pforzheim in Germany.
• Advanced ‘GBD‘ Grain Boundary Diffusion techniques are included in the detailed design giving greater operational flexibility to make grades of magnets with higher coercivity (>20 kOe).
• HyProMag Group has tripled the throughput capacity of its pilot facility at the University of Birmingham with > 50 HPMS runs over the last six months.
• UK Commissioning:
• Circa 900kg of recycled NdFeB alloy powder has been produced at Tyseley which is progressing towards finished sintered NdFeB magnet production.
• CAPEX: PegasusTSI and BBA continued to refine the costs to a Class 2 estimate.
• Site selection to be finalised before permitting in Texas. We suspect the permitting will be expediated for REE production.
• People: the owners team has been established in the US including senior project engineers, electrical engineers and technical marketing magnets specialists.
• Supply and offtake agreed with Intelligent Lifecycle Solutions, a global electronics recycling company with feedstock stock piling started in Texas.
• Long-loop Recycling concept study by Worley Group for further expansion of the US to compliment Mkango’s Long-loop studies at Mkango’s long-loop pilot plant in the UK.
• Funding: ongoing discussions with high-ranking officials in the US, commercial lenders, equity providers and off takers.
• Production: Texas Hub’s annual production is expected to rise to 1,557tpa NdFeB within five years from commissioning (750tpa of recycled sintered NdFeB magnets + 807tpa of NdFeB co-products)
• A concept study has also been commissioned for a potential HyProMag USA expansion in South Carolina.

Conclusion: Mkango is working hard and fast to recycle and process REEs into permanent magnets in the US building on the performance of its pilot plant in the UK.

*SP Angel acts as nomad and broker to Mkango Resources

Rome Resource (RMR LN) 0.38p, Mkt Cap £25m – Maiden mineral resource estimate for Mont Agoma expected later this month

• Rome Resources confirms that recent drilling at its Mont Agoma exploration project in its Bisie North exploration project in the eastern DRC has identified “wide, high-value tin zones together with significant copper and zinc mineralisation”.
• Among the results, which are expected to “provide the final inputs to the Company’s maiden mineral resource estimate”, today’s announcement highlights:
  • A 5.7m intersection at an average grade of 0.56% tin from a depth of 19m in hole MADD022; and
  • A 19.0m intersection at an average grade of 0.38% tin from a depth of 72m in hole MADD027 which also intersected 2.7m averaging 2.11% copper from 67m depth; and
  • A 13m intersection at an average grade of 0.24% tin from surface in hole MADD028 which also intersected 0.5m grading 28.4% zinc from 130m depth and 11m grading 11.05% zinc from 132m depth; and
  • A 23.1m intersection at an average grade of 0.42% tin from a depth of 3m in hole MADD030A which includes 12.2m averaging 0.75% tin from 12.3m depth and copper mineralisation at an average grade of 2.65% from 71m depth.
• The company explains that the tin “intersection in MADD030A lies within a broader tin zone of 35m at 0.35% Sn from 3m making the eastern zone a significant drilling target with a potential strike of more than 500 metres”.
• Drilling results for other metals also include intersections of zinc mineralisation in hole MADD025 of
  • 56m at an average grade of 4.86% zinc from 136m depth including 42m at an average grade of 5.90% zinc from 136m.
• The initial mineral resource estimate (MRE) is “targeted for publication by the end of September 2025”.
• CEO, Paul Barrett, said that the initial MRE “is expected to set the foundation for the next phase of the project – drilling out the new eastern tin zone, undertaking deeper drilling in the main Mont Agoma zone, and stepout drilling at the Kalayi tin project”.
• He also commented that the “23 metre tin intercept in hole MADD030A creates a compelling target for further drilling down-plunge to the southeast”.

Conclusion: Drilling at Mont Agoma is expected to deliver an initial MRE by the end of September and guide the next phase of exploration.

Savannah Resources* (SAV LN) 4.8p, Mkt Cap £111m – Barroso value reinforced by major MRE upgrade and Exploration Target release

BUY – Target price under review

• Savannah, who are progressing the Barroso spodumene project in Portugal, have updated the JORC MRE.
• Updated MRE:
  • Measured: 8.7mt at 1.06% Li₂O for 93.1kt Li₂O.
  • Indicated: 17.9mt at 1.05% Li₂O for 187.7kt Li₂O
  • Inferred: 12.4mt at 1.06% Li₂O for 131.1kt Li₂O.
  • Total: 39.1mt at 1.05% Li₂O for 412kt Li₂O.
• The update reflects a 42% increase in M&I resources, total JORC tonnes increased 40%, Li₂O tonnes increased 41%.
• Management notes that nearly all of the 2023 Scoping Study mining inventory of 20.5mt was converted into the M&I category, reinforcing their confidence in study work completed to date.
• In addition to the updated JORC MRE, Savannah has also delivered a new Exploration Target across five main targets and wider regional prospects:
  • Reservatório: 5-7mt at 0.9%-1.2% Li₂O
  • Grandão: 4-8mt at 1-1.2% Li₂O
  • Pinheiro: 2-4mt at 1-1.3% Li₂O
  • Aldeia Block A: 2-4mt at 1-1.3% Li₂O
  • Noa: 2-4mt at 1-1.2% Li₂O
  • Regional: 20-35mt at 0.9-1.2% Li₂O
• Total Exploration Target: 35-62mt at 09-1.2% Li₂O.
• Management notes the lower portion of Pinheiro remains undrilled, marking a primary target given the deposit’s proximity to the plant.
• All deposits remain both open along strike and down dip, creating further optionality for additional tonnes.
• Going forward, additional drilling will focus on the extension of the Pinheiro deposit, resource optimisation and pit designs for the DFS, and further targeting of regional prospects to convert into resources.
• Savannah expects to release the DFS in 1H26.
• The team engaged a project finance advisor to assist with Barroso funding options.
• Maiden production is scheduled for 2028.
• Lithium prices staged a strong recovery over the last several months on reports of lithium production curtailments in China and robust ongoing demand (EV 10.7m +27%yoy Jan-Jul 2025).
• Valuation: We are in the process of updating our valuation for Barroso and Savannah as we incorporate today’s additional tonnage into our model.

Conclusion: Savannah have significantly increased the JORC MRE for Barroso, with contained LCE now rising above 1mt. In addition to a 41% increase in contained Li₂O tonnes under MI&I categorisation, Savannah has also released a new Exploration Target ranging from 35-62mt at 0.9-1.2% Li₂O. Today’s update highlights the considerable expansion potential at Barroso through further drilling and resource classification. The new MRE will support Savannah’s maiden JORC reserve estimate, with the DFS aimed for release in 1H26. Additionally, Savannah has a pathway to 100mt of resources going forward. This is expected to support an extended mine life vs the previous Scoping Study, boosting the Project’s appeal for project finance and offtake.

*SP Angel acts as Nomad and Broker to Savannah Resources

Serabi Gold (SRB LN) 228.5p, Mkt Cap £171m – MRE update for the Palito Complex in Brazil.

1. Last Friday, Serabi Gold filed an NI43-101 compliant Technical Report detailing an updated Mineral Reserves and Resources Estimate for its Palito and Sao Chico operations, collectively the ‘Palito Complex’ in Brazil’s Pará State.
2. The estimates, which are effective 30^th March 2025 and update the November 2023 report, show a ‘Measured and Indicated’ resource of 350,000oz of gold at Palito, which also hosts an ‘Inferred’ Resource of a further 162,000oz plus a Measured and Indicated’ resource of 38,400oz at São Chico which also has a further 1,700oz designated ‘Inferred’.
3. The ‘Measured and Indicated’ resource at Palito is contained within approximately 1.1mt at an average grade of 9.88g/t gold with ~0.77mt at an average grade of 10.82g/t gold classed as ‘Measured’ and the balance as ‘Indicated’.
4. ‘Measured and Indicated’ resources at São Chico are hosted within ~151kt of ore at an average grade of 7.91g/t gold.
5. At a cut-off grade of 3.98g/t gold, ‘Proven & Probable’ reserves within the overall resource amount to a total of 162,600oz of gold hosted within 706kt at an average grade of 7.16g/t gold with ~70% of the total gold content designated ‘Proven’.
6. Palito hosts around 90% (147,000oz) of the total mineral reserves.
7. Production profiles presented in the Technical Report outline production of around 139,000oz of gold from Palito in the period until 2031 with around a further 15,000oz coming from São Chico in the 5 years until 2029.
8. We note that the company is undertaking additional exploration around both Palito and São Chico which may lead to further resources and reserves capable of prolonging the mine lives further but that reserve lives of 5 years at São Chico and 7 years at Palito provide planning security for these underground operations

Conclusion: The latest MRE shows a reserve life of up to seven years for the Palito Complex with a larger mineral resource and continuing exploration potentially providing further mine life extensions.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

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

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

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

Analysts

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

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

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

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

Sales

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

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

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

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

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

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

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

DISCLAIMER

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.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

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).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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.