SP Angel Morning View -Today’s Market View, Monday 16th June 2025

Gold price jumps on escalation of war between Iran and Israel

MiFID II exempt information – see disclaimer below

Diamcor Mining (DMI CN) – Tiffany files Section 244 notice in Canada to take control of Diamcor’s assets

Gemfields Group (GEM LN) – Auction sees positive response to rubies from a newer section of the Montepuez mine

Great Western Mining* (GWMO LN) –Tungsten claims enhanced following high-grade sample results

Greatland Gold (GGP LN) – Firm commitments set up ASX debut

GreenX Metals (GRX LN) – Tannenberg core logging and sampling programme to reveal greater insights into copper Kupferschiefer

Mkango Resources* (MKA LN) – HyProMag piloting programme progress update

Pensana (PRE LN) – Nonbinding MOU with Toyota Tsusho for Longonjo MREC

Savannah Resources* (SAV LN) – BUY, 18.1p – Advisory Committee for Borroso Development

Turaco Gold (TCG AU)–Suspended pending capital raise

Vast Resources (VAST LN) – £2.7m placing

Gold ($3,415/oz) price jumps on escalation of war between Iran and Israel

• Gold prices have bounced off recent May highs at $3,450/oz, down marginally as traders assess the path forward for the Israel-Iran conflict.
• Oil prices are red this morning, suggesting traders see potential for de-escalation and limited further strikes on key refining and transportation infrastructure.
• There were suggestions over the weekend that Iran may shut the Straights of Hormuz, however these expectations have faded.
• Meanwhile the dollar remains weak sliding below 98 on the index to hit 2022 lows.
• US Treasuries are weakening, despite increased haven appetite, potentially reflecting the impact of higher oil prices on the Fed’s cutting plans.
• If gold holds over $3,400/oz technical analysts indicate potential for gold to break out and make new highs

Economics

Israel/Iran – Military strikes continued for the fourth day.

• Iran called off nuclear programme negotiations with the US that was scheduled for Sunday last week.
• Israel reports that 23 people were killed as a result of drones and missile retaliatory attack.
• Iranian authorities said late on Sunday that 224 civilians were killed in Israeli strikes.
• Brent prices trade around the US$75/bbl mark hitting a high of over $78 earlier with market closely watching if the conflict affects shipments through the Strait of Hormuz that accounts for ~20% of global petroleum liquids demand.

Israel – the best and possibly last opportunity to support regime change in Iran before Iran becomes a nuclear state

• The war between Iran and Israel started years ago when the Ayatollahs took charge of Iran.
• Their support and payments to Hamas, Hezbollah, the Houthis, and others created death cults and proxy wars that were simply an extension of Iran’s aggression towards Israel.
• Iran’s stated ambition to wipe Israel off the face of the earth meant that Israel could not sit and wait for Iran to develop any sort of nuclear device. To do so would be suicide.

China – Industrial production rose 5.8% yoy just short of the 6.0% expected due to US Tariff issues and their impact on the pricing of exports

• Exports to the US fell -34.5% yoy despite the mid-May reprieve by Trump. Exports are likely to catch-up in the June numbers.
• Retail sales jumped 6.4% yoy boosted by local stimulus
• The Ministry of Commerce claims to have stimulated >CNY 1.1m of sales this year.
• FAI, fixed asset investment remains slowed to just 3.7% growth ytd yoy vs 3.9% expected.
• Property investment fell -10.7% YTD
• New home sales fall -22% mom and 23% in Tier 1 cities
• Tier 2 and 3 cities also recorded negative mom changes.
• Existing home prices fell -.5% mom. With -0.7% in Tier 1 cities -0.5% in Tier 2 and -0.47% in Tier 3 cities.
• New Home Prices fell in 53 cities in May vs falling in 45 cities in April

Russia – may find itself short of Shahed drones for a while as the regime fights back against Israel.

• Israel appears to be systematically eroding Iran’s military capacity with free reign over Iran’s skys.
• Russia and North Korea may offer Iran some surface-to-air missiles which may reduce Russia’s capacity to defend its own airbases.
• China will hopefully heed warnings not to interfere.
• We believe the people of Iran will support regime change but they will need substantial support to remove the religious police and republican guard who are responsible for so many local atrocities against their own people.

Currencies

US$1.1571/eur vs 1.1546/eur previous. Yen 144.36/$ vs 143.68/$. SAr 17.866/$ vs 18.015/$. $1.358/gbp vs $1.355/gbp. 0.650/aud vs 0.648/aud. CNY 7.181/$ vs 7.181/$

Dollar Index 99.12 vs 99.12

Precious metals:         

Gold US$3,412/oz vs US$3,352/oz previous

Gold ETFs 88.9moz vs 88.5moz previous

Platinum US$1,237/oz vs US$1,257/oz previous

Palladium US$1,044/oz vs US$1,058/oz previous

Silver US$36.4/oz vs US$35.7/oz previous

Rhodium US$5,575/oz vs US$5,500/oz previous

Base metals:   

Copper US$9,679/t vs US$9,648/t previous

Aluminium US$2,506/t vs US$2,517/t previous

Nickel US$15,265/t vs US$15,120/t previous

Zinc US$2,643/t vs US$2,651/t previous

Lead US$1,996/t vs US$1,989/t previous

Tin US$32,750/t vs US$32,640/t previous

Energy:           

Oil US$74.7/bbl vs US$69.1/bbl previous

• Energy prices remain elevated after a weekend of military strikes between Israel and Iran, though the White House made clear that it intends to limit Israel’s actions to degrade Iran’s nuclear weapons programme.
• The US Baker Hughes rig count was down 4 to 555 units last week (-35 or 6% y/y), with oil rigs down 3 to 439 units (-49 y/y) and gas rigs down 1 to 113 units (+15 y/y), as the Permian lost 2 rigs to 273 units (-36 y/y).
• NewMed Energy confirmed receipt of a notice from the Israeli Ministry of Energy and Infrastructure ordering the temporary suspension of operations on the Leviathan field due to geopolitical escalation in the region, which was expected to increase capacity from 1.2bcf/d to 1.4bcf/d in 2026 with the completion of the third pipeline.
• The UK Government announced £500m in funding to create the first regional hydrogen transport and storage network to connect hydrogen producers with end users, including power stations and industry.

Natural Gas €38.4/MWh vs €36.2/MWh previous

Uranium Futures $69.8/lb vs $70.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.2/t vs US$95.5/t

Chinese steel rebar 25mm US$462.0/t vs US$464.0/t

HCC FOB Australia US$180.5/t vs US$181.0/t

Thermal coal swap Australia FOB US$110.3/t vs US$106.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$61,413/t vs US$61,962/t

Lithium carbonate 99% (China) US$8,369/t vs US$8,466/t

China Spodumene Li2O 6%min CIF US$610/t vs US$610/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$418/mtu vs US$418/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$5.0/lb

Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$361/t vs US$361/t

Global Rutile Spot Concentrate 95% TiO2 US$1,687/t vs US$1,465/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$365.0/t

Germanium China 99.99% US$2,865.0/kg vs US$2,845.0/kg

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

Battery News

UK pushing to make EV charging more accessible

• Future of Roads Minister, Lilian Greenwood, confirmed that government and industry are expected to install over 100,000 local chargepoints in the coming years, enabling easier overnight charging for drivers without access to off-street parking.
• Liberal Democrat MP, Helen Maguire, had urged the government to back her proposed amendments to the Planning and Infrastructure Bill that would make it easier for households in the UK without private driveways better and easier access to reliable and affordable home charging.
• Currently around 40% of the UK’s households do not have private driveways.
• Maguire argued that drivers without private driveways are unfairly penalised when it comes to charging an EV, “because bureaucratic barriers mean that they face charging costs that are 10 times more expensive compared with those who can charge their car at home”.
• Off-peak charging with a home charger costs around 7-8p per kWh, with public chargers costing around 50p per kWh.

Company News

Diamcor Mining (DMI CN) – C$0.015, Mkt cap C$2.5m – Tiffany files notice to take control of Diamcor’s assets

• Tiffany & Co. has filed a section 244 notice in Canda under the Bankruptcy and Insolvency Act indicating its intention to take control of its assets after Diamcor defaulted on a loan.
• Tiffany has a right to enforce security over Diamcor’s shares in DMI Diamonds.
• Tiffany forgave approximately half the loan last year when Diamcor was unable to make payment leaving C$3.5m out of C$6.8m to be repaid.
• Tiffany has a 100% offtake agreement with Diamcor and had previously provided finance to expand the DMI Diamonds mines.
• DMI Diamonds produces diamonds from alluvial deposit and eluvial deposit and holds the Krone-Endora project at Venetia nest to De Beers’ Venetia Diamond Mine in South Africa,

Gemfields Group (GEM LN) 4.35p, Mkt Cap £72m – Auction sees positive response to rubies from a newer section of the Montepuez mine

• Gemfields reports that it has realised US$31.7m from its latest auction of rubies from its 75%-owned Montepuez mine in Mozambique.
• The auction, which was held between 2^nd-13^th June, saw 68,750 carats of rubies sold at an average price of US$461.48/carat.
• Sales were 69% of the volume offered for sale with 12 of the 90 lots on offer remaining unsold.
• The company says that the “auction included rubies from a newer area of MRM which previously hasn’t been represented at auction in meaningful quantities, including a notable 36-carat ruby … which sold well, becoming the third-most-valuable single-gemstone lot in MRM’s history”.
• Managing Director, Adrian Banks, explained that “this was our smallest mixed-quality ruby offering by weight to date, and there is clearly ongoing instability in the market stemming from, inter alia, ongoing geo-political turbulence, China’s economic difficulties and considerable tariff uncertainty … [but that] … today’s auction result demonstrated the resilience of rubies in turbulent times”.
• He also confirmed that “Demand and pricing for fine-quality rubies remain strong … [and expressed satisfaction that the] … rubies recently recovered from a newer section of the mine, exhibiting different characteristics, were generally well received by auction customers”.

Great Western Mining* (GWMO LN) 1.1p, Mkt Cap £575k –Tungsten claims enhanced following high-grade sample results

• Nevada-based explorer Great Western reports assay results from their Pine Crow and Defender tungsten projects.
• The Company has been conducting a reconnaissance sampling programme over the recently expanded claims package.
• Today, GWM reports selective grab sample results, with highlights including:

• • LC-GWDF-03: 1.5% WO3 (tungsten trioxide)
  • LC-GWDF-04: 1.75% WO3
  • LC-GWPC-01: 1.2% WO3

• GWM notes a trend running 1.2km, with the Pine Crow and Defender workings sitting at either end.
• Scheelite-bearing skarns were noted, boosting prospectivity for high-grade tungsten mineralisation.
• Previous tungsten highs at the prospects had returned 0.33% WO3 at Pine Crow and 0.2% WO3 at Defender.

Conclusion: Great Western has significantly boosted its tungsten discovery potential at the Pine Crow and Defender claim package. Early-stage sampling has highlighted anomalous grades significantly higher than previous workings, including 1.75% WO3. Management has now stated their intentions to begin delineating drill targets and completing a subsequent drilling programme to target the tungsten potential. Tungsten prices have rallied this year as geopolitical tensions continue to mount between the US and China, who currently controls 85-95% of global processing capacity.

*SP Angel act as Broker to Great Western Mining, an SP Angel Analyst has visited Great Western’s Nevada claim blocks.

Greatland Gold (GGP LN) 16.8p, Mkt Cap £2,289m – Firm commitments set up ASX debut

• Greatland Gold reports firm commitments to raise ~A$50m at A$6.60/share in its Australian Primary Offer, plus additional commitments for the sale of a further 66.7m shares at the same price.
• The second block of 66.7m shares is from the holding of Newmont Mining which accepted shares in part-payment for the sale of the Newcrest mining holding in the Havieron project to Greatland Gold in December.
• In total the commitments received totalling ~A$440m value the company at ~A$4.4bn.
• Today’s announcement confirms that Greatland Gold is expected to start trading on the ASX on 24^th June.
• Welcoming the support for the “Australian Offering … [Managing Director, Shaun Day, said that it] … is testament to the quality and opportunity of Greatland’s Telfer mine and world-class Havieron brownfield development project, and the significant progress already made by our team in successfully integrating, operating and optimising these assets since we acquired full ownership in December 2024”.
• Mr. Day said that the “Australian Offering was strongly supported by existing shareholders and will also introduce a range of new, high-quality domestic and international investors to the register”.
• Directors, Jimmy Wilson Yasmin Broughton and Pail Hallam all participated in the Australian Offering subscribing for an aggregate total of A$500,000 of shares at the Final Offering Price.
• The company has previously indicated that it expects to complete its Feasibility Study for the 4.0-4.5mtpa Havieron Feasibility Study in the December quarter 2025 “with first gold production from Havieron expected during FY28”.

Conclusion: Greatland Gold’s ASX listing is on course for a 24^th June debut with commitments for A$440m valuing the company at around A$4.4bn (~£2.1bn).

GreenX Metals (GRX LN) 35.00p, Mkt cap £101m – Tannenberg core logging and sampling programme to reveal greater insights into copper Kupferschiefer

• GreenX Metals are working with the BHP Xplor program to better define the geology of the historic Tannenberg copper mines in the Richelsdorf Mining District of Germany.
• The idea is to find new areas of concentrated Kupferschiefer – sedimentary copper mineralisation which extends across Central Europe as seen at KGHM’s copper mines in Poland.
• KGHM’s produced 589,000t of copper from its Kupferschiefer mines in Poland last year out of a total 730,000t for the group.
• The team are working through drill cores to digitise data from 47 historical drill holes at Tannenberg to enable better visualisation of the mineralisation.
• The aim is to identify any previously untested gaps in the mineralisation in the area through the logging of 4km of core and with 2km of soil samples.

• • 18 holes never assayed
  • 29 holes with limited historical assays

• • • These holes has limited assays focused narrow 5m width across the T1 shale (Kupferschiefer) horizon.

• The GreenX team are looking for greater thicknesses of copper mineralisation in the Kupferschiefer which “can be offset up to 30m above and 60m below the T1 shale horizon”
• There is also “Potential to discover previously unrecognised mineralisation in hanging wall limestone and footwall sandstones using modern analytical techniques”
• Historical drill results also show mineralisation extending beyond that identified in the archived drill cores:

• • Ro 45 ends in 1% Cu after 2.7 m @ 1.6% Cu & 19 g/t Ag from 268 m
  • Ro 22 starts in 0.67% Cu for 3.14 m @ 1.2% Cu & 15 g/t Ag from 436 m
  • Ro 41 starts in 0.45% Cu at 414 m and did not fully capture hanging wall mineralisation
  • Ro 38 ends in 0.37% Cu at 538 m and did not fully capture footwall mineralisation

• Further work planned in collaboration with BHP Xplor program:

• • Logging, assaying, and hyperspectral scanning of historical core;
  • Airborne magnetic and radiometric survey (flown in May);
  • Analysis of historical geophysical data; and
  • Collation of historic mining and production data.

Conclusion: The GreenX team should recover allot of valuable data at relatively little cost through the assaying of the historic drill core. The cost of the work should be covered by the USD$500,000 grant from BHP Xplor.

Mkango Resources* (MKA LN) 16.5p, Mkt Cap £55m – HyProMag piloting programme progress update

BUY

• The Company updates on the ongoing advanced pilot programme for the rollout of the HPMS permanent magnets recycling technology.
• The programme advanced at the University of Birmingham runs in parallel with development of commercial scale HPMS facility at Tyseley Energy Park in Brimingham, UK.
• HPMS magnets are the first sintered NdFeB magnets to be produced in the UK since the closure of Philips manufacturing facilities in December 2003.
• Over the past 12 months, the team has been optimising the process design and testing different permanent magnets (NdFeB) scrap feed.
• Sample magnets produced have been shipped to commercial partners for extensive testing and quality checks.
• Due diligence is expected to continue over the coming 12 months for the UK, Germany and US businesses.
• HyProMag, a wholly owned subsidiary of Mkango, expanded new production engineers team and tripled the throughput capacity of the University of Birmingham HPMS vessel and associated processes.
• HPMS continued to demonstrate efficient removal and recycling of magnets from EV rotors and HDDs.
• Samples of magnets supplied to ZF Automotive for prototype testing in automotive ancillary applications demonstrated performance nearly identical to magnets produced from virgin (typically primary sources) material.
• GKN Automotive, a partner in the Securing Critical Rare Earth Materials programme, tested HyProMag magnets to show that those have equivalent performance to primary magnets of the same grade.
• More R&D is planned on blending HPMS recycled powder with virgin materials (primary sources as well as medium/long loop recycled sources) to deliver higher magnet grades.
• The first production-ready HDD magnet separation system has been built by Inserma and is expected to be delivered to the UK in Q3.
• Over the coming six months the programme will focus on:

• • Provide further NdFeB block and finished magnet samples to potential customers for marketing and offtake discussions.
  • Test broader variety of scrap to deliver an optimal process including recoveries, NdFeB content and yields.
  • Complete further variability test of recovered HPMS powder.
  • Further test the ability to blend HPMS powders (with or without virgin material) from different HPMS batches.

• The programme is planned to include over 50 additional HPMS runs over a 6m period covering various feed like voice coil motors (VCMs) from HDDs, rotors from EVs, MRI, wind turbine feed, speaker assemblies and other sources.

Conclusion: The Company advances testing of the HPMS technology for different feed and blending of separated powders as well as virgin material to deliver consistent grade of produced permanent magnets. Samples are being delivered to potential customers for quality checks and marketing/offtake discussions. Results of testruns are being implemented in the commercial scale facility at Tyseley Energy Park, Brimingham, UK, as well as design of future plants in Germany and the US. The Company is aiming to reshore production of permanent magnets after the last commercial production facility closed in 2003 offering a potentially price competitive and sustainable source of supply in a China dominated sector

*SP Angel acts as nomad and broker to Mkango Resources

Pensana (PRE LN) 57.5p, Mkt Cap £160m – Non binding MOU with Toyota Tsusho for Longonjo MREC

• The Company signed a non binding MOU with Toyota Tsusho Corp for a REE offtake from its Longonjo Project in Angola.
• The offtake covers 20ktpa of ultra clean MREC from the mine over a five year period.
• Pricing is to be agreed.
• Toyota Tsusho Corp is the trading arm of Toyota Group.
• MREC is planned to be processed at the Indian processing facility operated by Toyotsu Rare Earth India, a wholly owned subsidiary of Toyota Tsusho.
• The facility has been in operation since 2013 processing rare earth materials.

Savannah Resources* (SAV LN) 3.9p, Mkt Cap £84m –Advisory Committee for Borroso Development

BUY – 18.1p

• Savannah, developer of the Barroso spodumene project in Portugal, has appointed an advisory committee.
• The Advisory Committee is composed of four members and is intended to support Savannah advance the Project.
• The members are:

• • Luis Mira Amaral, previously a Minister in Portugal’s Government.
  • Luis Amado, previously Minister of State and Foreign Affairs and Secretary of State in Portugal’s Government.
  • Carlos Caxaria, former VP of the Geological and Mining Institute
  • Astrid Karamira, currently Board member of Global Battery Alliance

Conclusion: Savannah has appointed an Advisory Committee to support the permitting and financing of the Barroso lithium project in Portugal. The Committee brings a wealth of experience in Portuguese government affairs and should support the Savannah team as they progress through permitting and financing.

*SP Angel acts as Nomad and Broker to Savannah Resources

Turaco Gold (TCG AU) A$0.48, Mkt Cap A$438m–Suspended pending capital raise

• Cote D’Ivoire gold explorer Turaco, who hold the Afema project, have requested a trading halt pending a capital raise.
• The AFR reports that the Company is raising c.A$60m at A$0.44/share. (AFR)
• Turaco’s recent MRE update saw Afema’s combined tonnage at:

• • 90.8mt at 1.2g/t Au for 3.6moz.

• Turaco is working on a PFS and is conducting 70,000m of drilling through 2025.
• The PFS has been guided for 1H26.

Vast Resources (VAST LN) 0.38p, Mkt Cap £14m – £2.7m placing

• The Company is raising £2.7m in new equity at 0.35p to progress its portfolio of assets.
• Proceeds will be used for primary beneficiation of the diamond parcel recovered from the central bank of Zimbabwe and fund general working capital.
• Placing price implies a ~20% discount to Friday close.
• New shares will represent ~20% of final share count.

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

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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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