SP Angel Morning View -Today’s Market View, Monday 18th August 2025

Gold rises as markets digest failure of Trump-Putin meeting in Alaska

MiFID II exempt information – see disclaimer below

Capital Metals (CMET LN) – Annual results highlight progress towards a final investment decision later this year

Empire Metals* (EEE LN) – Thomas prospect at Pitfield shows >6% anatase in high-grade weathered cap

ECR Minerals (ECR LN) – Alluvial gold drilling programme in Queensland

Galileo Resources (GLR LN) – Nevada exploration progress

Great Southern Copper (GSCU LN) – Drilling results from Cerro Negro, Chile

Kavango Resources* (KAV LN) – Exploration targeting for the Karakubis Project

Kenmare Resources (KMR LN) – Response to media reports in Mozambique on renewal of key rights and concessions

Lindian Resources (LIN AU) – Equity raise

Thor Explorations (THX LN) – High grade intersections below the open pit

WIA Gold (WIA AU) – Equity raise

Wishbone Gold (WSBN LN) – Drilling at Red Setter prospect, WA,  intersects mineralised breccia

Gold – (US$3,350/oz) – Gold rises as markets digest failure of Trump-Putin meeting in Alaska

• Gold prices slipped into the weekend on better-than-expected manufacturing, and employment figures out of the US on Friday.
• US input inflation remained steady with output price rises slowing.
• Gold prices dipped to session lows in the moments after the 8:30 am EST release, which came out at the same time as July retail sales, but quickly recovered. Spot gold last traded at $3,341.30 per ounce for a gain of 0.17% on the session.
• CFTC ‘Commodity Futures Trading Commission’ weekly COT ‘Commitments of Traders’ fell to 229.5k vs 237.1k last week highlighting a pull back in speculative activity last week
• Turkey reports imports via the Borsa Istanbul fell to 53.5% in June to 139,645oz marking its weakest inflow since April 2023.
• Imports into the Istanbul exchange were flat yoy from January to July at 2.32moz but average monthly imports fell 2%.
• HK steps up initiative to become an international gold trading hub along with support for physical gold delivery. Plans are due later this year.
• The initiative follows on from HK’s progress in LME non-ferrous metals trading with eight LME-approved warehouses in HK operating since January and >8,000t of exchange-registered warrants available.

REE products exports from China extended a recovery in July hitting the highest level since January.

• Volumes of REE products including magnets climbed 69%mom to 6.4kt in July, Bloomberg estimates.
• A recovery in exports follows a crackdown on shipments earlier this year that was seen as a form of a retaliation by China on semiconductor exports restrictions from the US and a hike in import tariffs.
• Exports started to recover after US and China agreed a trade truce for the period of trade negotiations.
• Magnet shipments continued to lag historical levels and are around half way there.

Separately, China warned foreign buyers against hoarding RE products last week.

• Authorities told companies that there may be stricter export restrictions if they stockpile RE products.
• China holds a tight grip on supply accounting for ~90% of RE final products supply that Beijing is not looking to give up any time soon by the looks of it.

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

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US – Broadly positive July retail sales released last week, although, economists grow cautious on the outlook on the back of a softening labour market and weaker consumer sentiment.

• Sales climbed 0.5%mom, below 0.6% forecast, although, June numbers were revised considerably higher.
• On a less positive side, August UoM consumer sentiment pulled back while inflation expectations ticked up.
• Retail Sales (%mom, Jul/Jun/Est): 0.5/0.9(revised from 0.6)/0.6
• Retail Sales ex Auto (%mom, Jul/Jun/Est): 0.3/0.8(revised from 0.5)/0.3
• Retail Sales Control Group (%mom, Jul/Jun/Est): 0.5/0.8(revised from 0.5)/0.4
• UoM Consumer Sentiment (Aug/Jul/Est): 58.6/61.7/62.0
• UoM 1y Inflation Expectations (Aug/Jul/Est): 4.9/4.5/4.4
• UoM 5-10y Inflation Expectations (Aug/Jul/Est): 3.9/3.4/3.4
• S&P 500 and Nasdaq closed lower on Friday (-0.3% and 0.4%, respectively).

Powell to speak at the Jackson Hole on Friday with markets to watch for clues on rates outlook.

• Market odds of a cut in September are around 85% with a total of two reductions expected by year end.

President Zelenskiy and his European allies are in Washington today to meet with President Trump working on conditions of a potential ceasefire or even a peace deal.

• The meeting follows a US/Russia summit in Alaska held last Friday.
• The US is expected to focus on territorial concessions demanded by Russia.
• Kyiv will seek to agree potential guarantees.
• Trump administration is looking for a quick deal with the goal to hold Putin-Zelenskiy meeting within a week.

Russia / Ukraine

• We were not surprised to hear Putin had asked for more territory than Russia currently controls in Alaska this weekend.
• While we would all love the war to stop we suspect the only solution to the conflict is to force Putin into some form of military submission.
• Ukraine continues to erode Russian oil refining and other infrastructure while holding back Russian military advances in the Donbas.
• Russia’s tactic of grinding down its enemy might be reversed with Ukraine grinding down Russia’s ability to wage war and run its economy.
• The use of low-cost drones to target infrastructure and military kit has made the supply of REEs for permanent magnets increasingly critical with both sides now turning out tens of thousands of drones for military use.
• Better batteries, magnets and semiconductors are enabling longer range sorties and better defence of Ukraine.

China cutting mineral oversupply to end deflation in raw material costs

• Some critical metals have had a good week as Rare Earths, Lithium all continue to climb Tungsten.
• China has been seen curtailing production of Rare Earth, Lithium and coal mines with prices rising for REEs and lithium.
• NdPr prices have risen by 28% to US$74,970/t in the last month
• Lithium carbonate prices have risen 20% to US$11,416/t mom
• Spodumene Li2O prices have risen 15% to US$930/t mom
• Tungsten APT 88.5% prices have risen 35% mom
• We believe China Inc is looking to raise margins within SMEs and parra-statal companies to enable wage growth and greater consumption within its economy
• A near-deflationary environment where food prices have depressed inflation to zero and near zero numbers enables policymakers to allow input raw materials prices.
• We believe China has room to allow raw materials prices to rise so long as this feeds into wage growth for domestic consumption.
• China Inc’s drive to reduce energy costs across the nation will also offset substantial raw material price increases
• The impact of rising raw materials / metals prices on the West, which already has significant inflation, will be of greater concern to western Central Bankers who are looking for opportunities to cut rates.
• China appears to have room to absorb these price rises while Western manufacturers might struggle against a backdrop of other inflationary pressures.

Currencies

US$1.1699/eur vs 1.1676/eur previous. Yen 147.21/$ vs 147.13/$. SAr 17.625/$ vs 17.555/$. $1.355/gbp vs $1.355/gbp. 0.651/aud vs 0.651/aud. CNY 7.180/$ vs 7.183/$.

Dollar Index 97.85 vs 97.97 previous.

Precious metals:

Gold US$3,350/oz vs US$3,345/oz previous

Gold ETFs 92.7moz vs 92.5moz previous

Platinum US$1,332/oz vs US$1,365/oz previous

Palladium US$1,113/oz vs US$1,143/oz previous

Silver US$38.1/oz vs US$38.0/oz previous

Rhodium US$7,575/oz vs US$7,500/oz previous

Base metals:   

Copper US$9,737/t vs US$9,757/t previous

Aluminium US$2,588/t vs US$2,616/t previous

Nickel US$15,085/t vs US$15,065/t previous

Zinc US$2,779/t vs US$2,826/t previous

Lead US$1,972/t vs US$1,988/t previous

Tin US$33,660/t vs US$33,440/t previous

Energy:           

Oil US$66.0/bbl vs US$66.5/bbl previous

• International energy prices softened over the weekend as the market welcomed US talks with Russia on resolving the war in Ukraine.
• The US Baker Hughes rig count was unchanged at 539 units last week (-47 or 8% y/y), with oil rigs up 1 to 412 units (-71 y/y) and gas rigs down 1 to 122 units (+24 y/y), as the Louisiana gained 2 rigs to 36 units (-2 y/y).

Natural Gas €31.0/MWh vs €32.2/MWh previous

Uranium Futures $73.0/lb vs $72.6/lb previous

Bulk:   

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

Chinese steel rebar 25mm US$483.0/t vs US$481.5/t

HCC FOB Australia US$190.0/t vs US$190.5/t

Thermal coal swap Australia FOB US$109.0/t vs US$109.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$77,643/t vs US$74,970/t

Lithium carbonate 99% (China) US$11,754/t vs US$11,416/t

China Spodumene Li2O 6%min CIF US$955/t vs US$930/t

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

China Tungsten APT 88.5% FOB US$483/mtu vs US$483/mtu

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

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% US$23.4/kg vs US$23.4/kg

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

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

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

Brazil Potash CFR Granular Spot US$355.0/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

 Company news

Capital Metals (CMET LN) 3p, Mkt Cap £14m – Annual results highlight progress towards a final investment decision later this year

1. In its annual results for the year to 31^st March 2025, Capital Metals reports a loss of $1.1m (2024 – loss $0.9m) and a closing cash balance of ~$1.4m.
2. As the company works to develop its Taprobane mineral project in Sri Lanka today’s announcement highlights plans to fast-track the project to enable it to become “self-funding quickly”.
3. Capital Metals has also “reduced Stage 1 Project capex by one-third to US$20.9 million, with further optimisation opportunities identified” and aims to take a Final Investment Decision “before the end of this calendar year in order to commence construction, with an expected 9-12-month construction period until first production”.
4. The company confirms that it has started “drilling in the Initial Mining Area with a goal to significantly increase the existing 17.2Mt high grade Mineral Resource and support mine planning”.
5. Previous announcements describe this drilling on a 400m x 400m grid and described “Indications of high-grade mineralisation at depth and outside the Mineral Resource where drilling extended down to 15m with an average depth of around 10m”.
6. Initial results from the drilling show “exceptional Heavy Mineral grades, positioning the Project for a material Mineral Resource upgrade”.
7. Chairman, Gregory Martyr, explained that gains from project optimisation work had included “eliminating the need to wash the concentrate … and reducing associated infrastructure at the port; transitioning to truck and shovel mining to avoid costly in-pit mining units; and utilising an off-the-shelf predesigned wet concentrator plant”.
8. These enhancements help deliver an “initial production rate of Heavy Mineral Concentrate in Stage 1, based on the same projected throughput rate in the PEA of 550,000 tonnes per annum (“tpa”) … [of] … 125,000 tpa, with upside based on expected higher grades in the chosen Initial Mining Area”.
9. Commenting on the drilling, he said that as well as helping to deliver an updated MRE, it will help to outline the Initial Mining Area and determine the “optimal locations for mining cells and the location of the Wet Concentrator Plant site” and “rovide greater definition of host material characteristics and mineral grade and assemblage which will increase the certainty of the mine plan and product schedule”.
10. Looking forward, Capital Metals expects to expand its “existing resource base and … [advance] … towards FID” while continuing to look for further cost savings through improved efficiency.

Conclusion: Following the identification of meaningful capital cost savings and drilling for an updated MRE, Capital Metals expects an investment decision on the Taprobane mineral sands project in Sri Lanka later this year.

Empire Metals* (EEE LN) 32.5p, Mkt Cap £225m – Thomas prospect at Pitfield shows >6% anatase in high-grade weathered cap

1. Empire Metals reports the delineation of a substantial high-grade zone of anatase mineralisation at the Pitfield project in Western Australia.
2. Drilling focussed on the weathered cap at the Thomas Prospect within Pitfield showing some of the highest TiO₂ ‘titanium dioxide’ grades seen to date.
3. Selected assays of >6% TiO₂ include:
   1. 44m @ 7.87% TiO2 from surface
   2. 50m @ 7.84% TiO2 from 4m depth
   3. 54m @ 7.41% TiO2 from surface
   4. 98m @ 7.05% TiO2 from 2m depth
   5. 98m @ 7.05% TiO2 from 2m depth
4. Higher-grade mineralisation is seen over 3.6km of strike with nearly two thirds of all drillholes grading >4% TiO₂ and >90% over a 2% cut-off.
5. Results from 2m or 4m are normally considered to be virtually from surface in mining terms as the overburden is relatively shallow and can be scaped off.
6. Drilling: 382 drill holes, 32,265m drilled so far including:
   1. 17 Diamond drill holes for 2,704m
   2. 140 Reverse Circulation (RC) drill holes for 18,764m
   3. 225 Air Core (AC) drill holes for 10,797m
7. Recent drilling:
   1. 140 AC drillholes (6,360m) on a 400 x 200m grid, average depth 45.4m
   2. 40 RC drillholes (3,776m) within the AC grid, average depth 94.4m
8. All holes subsampled on a 2m interval for >5,000 drill samples with all drill holes logged on-site and prepared for shipment to the Intertek laboratory in Perth.
9. Results show continuous TiO₂-rich mineralisation across a 5.2 x 2.6km area totalling 1,352Ha.
10. Pitfield is well located within the mid-west of Western Australia just 313km north of Perth with easily access to both road, rail and ports.
11. A high-voltage substation, natural gas pipeline and planned green energy hydrogen fuel hub are all useful infrastructure for the mining and production of TiO₂ from anatase.

Conclusion: The identification of a high-grade core at the Thomas prospect should enhance the future value of the project economics.

*SP Angel acts as nomad and broker to Empire Metals

ECR Minerals (ECR LN) 0.21, Mkt Cap £4.8m – Alluvial gold drilling programme in Queensland

• ECR Minerals confirms that its alluvial channel drilling programme at the Blue Mountain gold project in Queensland, which targets “the upper reaches of the Denny Gully area over a length of 2.5km” is now 75% complete.
• The work so far has intersected “Multiple flats … containing visible gold, highlighting the potential for significant volumes of gold-bearing gravels”.
• Today’s announcement contains the Board’s opinion that a 205m x 100m area at the Lower Patterson Area “has the potential to host between 35,000 and 40,000 bank cubic metres (“b.c.m”) of gold-bearing gravels”.
• The announcement continues that “Importantly, this area is connected to a series of upstream flats where drilling has also revealed visual gold over a further 170 metres in length by 17 metres wide, at depths of between one and three metres” with the potential to “contain an additional 6,000 b.c.m of gravels”.
• Initial assay results from these two areas are expected “by early September 2025”.
• The Blue Mountain gold project is located “within the historic North Queensland goldfields. The Blue Mountain Project is characterised by extensive alluvial gold workings along the Kariboe Creek and its tributaries, many of which were only partially tested by historic operations”.
• Chairman, Nick Tulloch, said that the company was encouraged by the results and that “While laboratory assays remain pending, the extent of visual gold already observed in multiple channel flats highlights the potential scale of this system – which even now is only partly explored”.

Conclusion: Drilling at the Blue Mountain gold project is now around 75% complete and is discovering alluvial gold.  Initial assay results are expected by early September.

Galileo Resources (GLR LN) 0.75p, Mkt Cap £8.7m – Nevada exploration progress

• Galileo Resources reports that mapping and sampling at its wholly-owned Ferber Creek property in Nevada has “extended the scale of the major intrusive and alteration complex indicating a large and strong hydrothermal system”.
• The work, undertaken “under the terms of a Royalty and Exploration Agreement with Bronco Creek Exploration Inc” has identified multiple intrusive phases and “4 large fault blocks mapped extending the system to about 10km in an E-W direction”.
• Under Phase 2 of the agreement “a Reconnaissance Drilling programme … [will be initiated] … to test priority targets generated by Phase 1”.
• Chairman & CEO, Colin Bird, said that “Our geological thinking drives us towards a porphyry intrusive/skarn model – benefitting from the knowledge and experience of BCE personnel who are executing our field programmes at an operational level”.
• He confirmed that “We are continuing our work with BCE to move the programme forward at pace, with the aim of delineating drill targets during Q4 2025”.

Great Southern Copper (GSCU LN) 2.55p, Mkt Cap £14m – Drilling results from Cerro Negro, Chile

• Great Southern Copper reports the final results from its recently completed Phase 2 drilling programme at its Cerro Negro project area in Chile.
• The company says that the drilling has confirmed the “continuity of high-grade Cu-Ag mineralisation at Mostaza” as well as generating the “First confirmed mineralised intercepts from Lens 1, 150m north of Lens 2 at … [the historic copper/silver mine at] … Mostaza”.
• In combination with its Phase 1 drilling programme, Great Southern Copper has now completed 25 holes at Cerro Negro and confirms its plan to start a third phase of drilling “late August, subject to rig availability, targeting Lenses 3 – 5 and extensions of Lens 2”.
• Among the results highlighted in today’s announcement are:

• • An intersection of 7.2m at an average grade of 1.47% copper and 122.3g/t silver from 99.9m depth in hole CNG25-DD019 which included a 1.4m wide section at a grade of 3.75% copper and 319.1g/t silver in the middle part of the intersection from 103.5m to 104.9m; and
  • An intersection of 8.4m at an average grade of 1.49% copper and 121.4g/t silver from 80.1m depth in hole CNG25-DD020, including 3.2m at an average grade of 2.63% copper and 239.7g/t silver at the upper part of the mineralised zone from 80.1m depth.

• The company explains that the interpretation of results from ‘Lens 2’ “suggests that the mineralisation forms as a tabular, northwest-dipping deposit … distinct from and with higher Cu-Ag grades than the historically mined steeply dipping lens structures evidenced in the pit wall and tested by historical drilling”.
• The ‘Lens 1’ intersection, in hole CNG25-DD025, located “1, 150m north of Lens 2 at Mostaza” intersected:

• • 3.0m at an average grade of 0.91% copper and 61.7g/t silver from 28m depth and includes a single metre, at 29m, grading 1.38% copper and 88.6g/t silver.

• Great Southern Copper also explains that “multiple zones of less altered and mineralised lenses in the hanging-wall of the deposit is highly encouraging and these will be investigated for their potential to zone into high-grade lenses at depth and as such potentially develop a “stacked lens” type system”.
• CEO, Sam Garrett, explained that the latest drilling helps “build our understanding of the geometry and continuity of the mineralisation at Mostaza” and that the intersections in ‘Lens1’ “represent an important step in our broader campaign to define a potentially significant cluster of mineralised lenses at Cerro Negro”.

Conclusion: Following encouraging results from the first two phases of drilling, Great Southern Copper plans to move to a third phase later this month.

Kavango Resources* (KAV LN) 1.1p, Mkt Cap £33m – Exploration targeting for the Karakubis Project

• Kavango Resources reports progress on target development for its Karakubis copper exploration project in Botswana’s Kalahari Copper Belt (KCB).
• Working in collaboration with First Quantum and using data from FQM’s “2024  drilling … [of] … a 1,266.40m diamond mineral systems exploration hole in ground immediately along strike and adjacent to Kavango’s Karakubis Project on the Kara Antiform” in conjunction with geophysical information the exploration team is “developing answers to a variety of key questions on the structural architecture and potential for the southern margin of the KCB to host large Tier 1 deposits”.
• Discoveries elsewhere in the KCB confirm the contact between the D’Kar Formation and the underlying Ngwako Pan Formation as an important oxidation/reduction boundary in precipitating potentially commercial mineralisation.
• Structural geological controls of mineralisation around “a series of tight, asymmetric folds locally bordered by shears, which possibly served as crucial fluid pathways for the movement of copper-rich fluids during basin formation and inversion” around the Kara antiform are also clarified by the integration of the past exploratory drilling and the geophysical induced-polarisation, resistivity and chargeability work.
• Explaining that “Karakubis is an extremely large project that appears increasingly prospective for large-scale copper deposits … [CEO, Ben Turney said that the] … geophysics is allowing us to develop further our understanding of previous drill results”.
• He said that “New interpretations are developing answers to a variety of key questions on the structural architecture and potential for the southern margin of the KCB to host large Tier 1 deposits. Results from this important phase of work will be used to refine our geophysics driven targeting strategy”.

Conclusion: Kavango is taking a structured and sophisticated approach to better their understanding of the Karakubis area through a combination of drilling and geophysics. The Company is aiming to distinguish sedimentary cycles within the stratigraphy, whilst also identifying the main structural components of the area. Identification of the most promising structural and stratigraphic locations should eventually aid in drill targeting..

*An SP Angel Analyst holds shares in Kavango

Kenmare Resources (KMR LN) 332p, Mkt Cap £301m – Response to media reports in Mozambique on renewal of key rights and concessions

• Kenmare Resources reports the company remains in discussions with the Government of Mozambique and the final terms for the renewal of key rights and concessions under Moma’s Implementation Agreement have not yet been concluded.
• The Moma ilmenite mine continues as usual and remains unaffected by the discussions.
• The Moma Implementation Agreement “between Kenmare and the Government of Mozambique that sets out the terms under which Kenmare conducts its mineral processing and export activities.“
• The 2002 agreement ran till 21-December 2024 with a right of extension for a further 20-year period.
• Discussions on extending the license began in late 2022  with ongoing engagement.
• “the Ministry of Industry and Commerce provided confirmation that Kenmare’s existing rights and benefits remain in full force and effect pending conclusion of the extension process”.

• Kenmare announced the end of discussions for a potential 530p/s all-cash offer with UAE-based Oryx Global Partners and Michael Carvill in June though the Consortium has made it clear ”it would only be willing to proceed with an offer at pricing substantially below the Initial Proposal”.

Conclusion:  While Kenmare is known for its ilmenite production, its by-product of monazite is of increasing interest. The monazite contains neodymium, praseodymium, terbium, and dysprosium. Energy Fuels Inc. acquired Base Resources last October for ~US$244m last October and are currently negotiating tax and stability agreements with the government before a final investment decision early next year.

Lindian Resources (LIN AU) SUSPENDED – Equity raise

• The Company is in a trading halt pending an equity raise.
• The Company is developing a monazite Kangankunde RE Project in Malawi.
• The team recently agreed an offtake agreement and a loan with Iluka for a supply of monazite concentrate to a planned Enebba refinery in WA.
• Kangankunde is a permitted FS stage project envisaged to produce ~15ktpa monazite concentrate at ~$3/kg TREO (FOB) over 45y LOM (Phase 1 only).

Thor Explorations (THX LN) 51p, Mkt Cap £323m – High grade intersections below the open pit

• The company released drilling results from the ongoing programme to extend the life of mine at the Sgiola Gold Mine, Nigeria.
• Selected intersections below the current open pit include:
  • SNMDD060 – 4.2m at 12.4g/tAu from 295m;
  • SNMDD061 – 2m at 17.86g/tAu from 195.5m;
  • SNMDD061 – 4.5m at 3.71g/tAu from 222m;
  • SNMDD059 – 5.9m at 6.0g/tAu from 291m.
• True widths are ~80% of downhole intersections.
• The programme is focused on along strike down plunge trend of the deposit.
• The Company is assessing economic potential of deepening the Segilola open pit to recover new ounces.
• The Company increased its exploration budget to $11.5m.
• Stock is trading up 5%.

WIA Gold (WIA AU) SUSPENDED – Equity raise

• The Company is in a trading halt pending an equity raise.
• The Company is developing the Kokoseb Gold Project in Namibia.
• Kokoseb hosts 2.93moz at 1.0g/t in total resource including 1.81moz at 1.0g/t in the Indicated category,
• Scoping Study based on the latest MRE is targeted for 3QCY25.
• FS expected for mid-2026.

Wishbone Gold (WSBN LN) 0.65p, Mkt Cap £9.7m – Drilling at Red Setter prospect, WA,  intersects mineralised breccia

• Wishbone Gold confirms that drillhole 25RSDD-001, “has drilled into the top of a significant breccia pipe with its first hole of this drill program”.
• The company says that it has intersected zones of quartz/carbonate veining and that it has seen “sulphides of chalcopyrite and pyrite … from 520m, with increasing intensity towards ~570m”.
• The hole is currently at a depth of ~700m with brecciation of variable intensity now observed “over an interval of more than 130m from ~570m”.
• The hole is planned to a depth of 750m although it may be deepened “later on in this program, when additional drill pipe is mobilised to site by the drilling contractor”.
• “On completion of the current drill hole, a step out hole will be collared from surface to the south-west of the current hole aimed at assessing the lateral extent of this breccia zone”.
• “Transport of the core to Perth to be cut and assayed will now be expedited”.
• Director, Ed Mead, said that similar breccia and quartz/carbonate veining associated with sulphides was “seen at both the nearby Telfer and Havieron deposits”.

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.

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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.