Gold nears all time highs as uncertainty mounts over Fed independence and US economy
MiFID II exempt information – see disclaimer below
Canyon Resources (CAY AU) – DFS results for Minim Martap bauxite, Cameroon
Capstone Copper (CSC AU) – Disruption at Mantoverte
Galileo Resources (GLR LN) – Botswana drilling identifies visible copper mineralisation Tens of thousands of European-led troops are envisage
Gemfields Group (GEM LN) – Fabergé sale completed
Genesis Minerals (GMD AU) – Exploration results highlight resource growth potential as plant expansion likely
Gratomic Inc. (GRAT CN) – Graphite mining set to resume in Namibia
Great Southern Copper (GSCU LN) – Viuda scout drilling confirms porphyry
Great Western Mining* (GWMO LN)– Drilling to start at West Huntoon and Rhyolite Ridge
Mkango Resource* (MKA LN) – 2Q25 update highlights recycling milestones and upstream/midstream business nearing NASDAQ listing
Panther Metals (PALM LN) – Starting permit application process for the Winston Lake tailings project, Ontario
Rainbow Rare Earths (RBW LN) – >55% TREO MREC delivered using leaching/CIX
SolGold (SOLG LN) – Planning to move tax domicile to Switzerland
West African Resources (WAF AU) SUSPENDED – Suspension remaining pending clarity from BF government
Gold ($3,478/oz) nears all time highs as uncertainty mounts over Fed independence and US economy
- Gold prices have jumped to near record highs, sitting at $3,478/oz and up 3.4% over the past week.
- The move followed an in-line PCE reading, which supported a further increase in rate cut expectations.
- This more dovish tone has coincided with Trump’s attack on Fed governor Lisa Cook, which has brought into question the Fed’s independence from the White House.
- Fuelling further uncertainty was a federal appeals court’s ruling that Trump’s global tariffs were illegally imposed.
- ETF inflows continue as money managers build positions in gold.
- The dollar has weakened further, with the index sliding to 97.6, having hit 110 at the beginning of 2025.
- Focus now shifts to the August NFP data due on Friday, with the previous report missing expectations and raising concerns over the strength of the US labour market.
- Chinese gold plays jumped this morning, with mining equities, jewellery prices and futures all climbing.
- Gold had been range bound for the past three months, with the recent move likely pressuring well-entrenched short positions.
- Silver is joining the party, with prices climbing over $40/oz, up 2% this morning.
- PGMs are also rallying, with platinum up 2.6% and palladium up 2%.
IGTV – The Future of Mining: Gold, Copper, Rare Earths & M&A: https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB
| Dow Jones Industrials | -0.20% | at | 45,545 | |
| Nikkei 225 | -1.24% | at | 42,189 | |
| HK Hang Seng | +2.11% | at | 25,606 | |
| Shanghai Composite | +0.46% | at | 3,876 | |
| US 10 Year Yield (bp change) | – | at | 4.23 |
Economics
Xi calls for a multi-polar world, urging regional powers to join China in challenging US dominance during the regional summit.
- “We should expand the scope of co-operation, make the most of each country’s unique strengths, and shoulder together the shared responsibility of promoting regional peace, stability and prosperity,” Xi told attendees including Russian President Putin and Indian PM Modi.
China – Private sector manufacturing PMI unexpectedly climbed into expansion territory in August.
- The data comes in contrast to official poll data that tracks government owned enterprises.
- Private sector gauge shows that Beijing’s campaign against deflation is making some headway.
- New business orders expanded at the fastest pace since March with increase attributed to stronger domestic demand rater than exports that have been driving activity lately.
- Manufacturing PMI (Aug/Jul/Est): 49.4/49.3/49.5
- Services PMI (Aug/Jul/Est): 50.3/50.1/50.2
- Composite PMI (Aug/Jul/Est): 50.5/50.2/NA
- RatingDog Manufacturing PMI (Aug/Jul/Est): 50.5/49.5/49.8
Von der Leyen confirmed Europe has “pretty precise plans” for troop deployments to Ukraine as part of post-conflict security guarantees.
- Tens of thousands of European-led troops are envisaged.
- Ukraine has demanded concrete security guarantees from its western backers including on the ground military presence as part of any peace deal with Russia.
Currencies
US$1.1717/eur vs 1.1672/eur previous. Yen 147.16/$ vs 147.15/$. SAr 17.583/$ vs 17.732/$. $1.352/gbp vs $1.349/gbp. 0.654/aud vs 0.654/aud. CNY 7.133/$ vs 7.134/$.
Dollar Index 97.65 vs 97.98 previous.
Precious metals:
Gold US$3,471/oz vs US$3,411/oz previous
Gold ETFs 93.3moz vs 92.9moz previous
Platinum US$1,388/oz vs US$1,350/oz previous
Palladium US$1,118/oz vs US$1,106/oz previous
Silver US$40.6/oz vs US$38.8/oz previous
Rhodium US$7,100/oz vs US$7,150/oz previous
Base metals:
Copper US$9,929/t vs US$9,881/t previous
Aluminium US$2,612/t vs US$2,617/t previous
Nickel US$15,460/t vs US$15,345/t previous
Zinc US$2,836/t vs US$2,801/t previous
Lead US$1,989/t vs US$1,993/t previous
Tin US$34,905/t vs US$35,225/t previous
Energy:
Oil US$67.8/bbl vs US$68.1/bbl previous
Natural Gas €32.1/MWh vs €31.6/MWh previous
Uranium Futures $76.4/lb vs $74.8/lb previous
Bulk:
Iron Ore 62% Fe Spot (cfr Dalian) US$112.8/t vs US$113.3/t
Chinese steel rebar 25mm US$480.5/t vs US$481.2/t
HCC FOB Australia US$188.0/t vs US$186.3/t
Thermal coal swap Australia FOB US$108.0/t vs US$109.8/t
Other:
Cobalt LME 3m US$33,335/t vs US$33,335/t
NdPr Rare Earth Oxide (China) US$83,768/t vs US$84,671/t
Lithium carbonate 99% (China) US$10,557/t vs US$10,836/t
China Spodumene Li2O 6%min CIF US$900/t vs US$920/t
Ferro-Manganese European Mn78% min US$1,015/t vs US$1,005/t
China Tungsten APT 88.5% FOB US$503/mtu vs US$503/mtu
China Graphite Flake -194 FOB US$410/t vs US$410/t
Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb
Europe Ferro-Vanadium 80% US$23.7/kg vs US$23.6/kg
China Ilmenite Concentrate TiO2 US$270/t vs US$270/t
China Rutile Concentrate 95% TiO2 US$1,101/t vs US$1,100/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$350.0/t vs US$352.5/t
Germanium China 99.99% US$3,075.0/kg vs US$3,025.0/kg
China Gallium 99.99% US$395.0/kg vs US$395.0/kg
EV & battery news
Hyundai patents copper breakthrough for solid-state batteries
- Hyundai has filed a patent in the US for a method using copper in sulphide-based solid-state battery cells.
- The design uses a carbon-based coating over a copper anode, making the copper resistant to corrosion.
- Conventional lithium-ion batteries already rely on copper current collectors to transfer electrons effectively, but current solid-state batteries have to rely on more expensive and less conductive materials.
- If commercialised, this could cut material cost, improve performance and durability, and simplify solid-state battery production.
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | -1.1% | -1.0% | Freeport-McMoRan | 0.1% | 2.6% |
| Rio Tinto | -1.3% | -1.2% | Vale | 0.3% | 1.6% |
| Glencore | -0.3% | -1.0% | Newmont Mining | 2.0% | 5.1% |
| Anglo American | -0.6% | 2.9% | Fortescue | -4.0% | -7.4% |
| Antofagasta | -0.2% | -1.2% | Teck Resources | 1.2% | 0.9% |
Company news
Canyon Resources (CAY AU) A$0.26, Mkt Cap A$464m – DFS results for Minim Martap bauxite, Cameroon
- Canyon, who are advancing the Cameroonian Minim Martap bauxite project, report DFS results.
- The study envisages a 20 year LOM producing 7.2mtpa.
- Stage 1 CAPEX envisaged at US$96m, with total CAPEX at US$446m.
- C1 costs expected at US$39/t, and C3 costs, including royalties, levies and taxes, estimated at US$49/t.
- Product grade estimated at 51% Al2O3 , 2% SiO2 and 10% moisture content.
- AT NPV6 of US$521m for 22% IRR using US$78/t CIF price.
- Reserves of 144mt at 51% Al2O3 and resources of 1.1bnt at 45.3% Al2O3.
- First ore aimed for 1Q26, with first shipment 1H26.
- Canyon has commenced early works, including the construction of the Inland Rail Facility to transfer ore from road to rail.
- Funding has been provided by AFG Bank Cameroon and equity via an options exercise by Eagle Eye Asset Management to fund Stage 1 CAPEX.
Capstone Copper (CSC AU) C$9.8, Mkt Cap C$7.4bn – Disruption at Mantoverte
- Capstone Copper reports disruptions at Mantoverde, with production hit.
- The Company reports on two ball mill electrical drive motors.
- Repairs to the ball mill motor is expected to take four weeks, with Mantoverde to operate at half capacity.
- Plant maintenance will be brought forward to coincide with the interruption.
- Production expected to be impacted by 3,000 to 4,000t of Cu in concentrate.
Galileo Resources (GLR LN) 1.1p, Mkt Cap £11m – Botswana drilling identifies visible copper mineralisation
- At the midway point of its four-hole programme of reverse-circulation drilling on the PL253 licence in the northwestern part of the Kalahari Copper Belt, Botswana, Galileo Resources reports that the 2nd hole has intersected a 61m wide zone of visually identifiable copper oxide mineralisation.
- The interval, from a depth of 75-136m comprises the minerals malachite (Cu2(CO3)(OH)2) and chrysocolla (Cu2-xAlx(H2-xSi2O5)(OH)4 · nH2O) associated with quartz veining within the targeted D’Kar Formation.
- “Drill samples will now be prepared for initial geochemical testing by hand-held pXRF, to be followed by full laboratory assay”.
- Today’s announcement explains the geological setting which targets the “D’Kar/Ngwako Pan contact with an accompanying soil anomaly and an interpreted thrust fault along strike from the BHP/Cobre Tlou prospect on an adjoining licence”.
- Chairman, Colin Bird welcomed the initial drilling results from an “essentially … blind target based on soil geochemistry and geophysical interpretation of the geology”.
Conclusion: The second hole of Galileo Resources’ four- hole RC drilling programme in the NW of the Kalahari Copper Belt has intersected visible copper oxide mineralisation in the expected geological setting. Assay results are awaited.
Gemfields Group (GEM LN) 5.75p, Mkt Cap £99m – Fabergé sale completed
- Gemfields confirms the previously reported US$50m sale of its Fabergé luxury goods jewellery and objets d’art brand has been completed.
- The sale, to SMG Capital followed a strategic review of the asset and the company’s announcement 11th August announcement explained that the “sale proceeds will provide additional working capital while the new processing plant at Montepuez Ruby Mining in Mozambique is operationalised, and mining at Kagem in Zambia is progressively expanded, having been suspended during H1 2025”.
- The previous announcement confirmed that US$45m was“payable to Gemfields by the Buyer on completion of the sale … [with the] … remaining USD 5 million is payable to Gemfields by the Buyer by way of quarterly royalty payments at a rate of 8% of Fabergé’s revenue”.
Genesis Minerals (GMD AU) A$5, Mkt Cap A$5.7bn – Exploration results highlight resource growth potential as plant expansion likely
- Australian gold producer Genesis reports an exploration update and plans to double exploration budget going forward.
- At Jupiter, where ore is being supplied to the Laverton Mill, results have extended shear zones, with drilling now planned to test for more syenite pipes and extensions to shear zones.
- At Beasley Creek, Genesis sees the project open at depth and along strike, with plans for pit optimisation and geological reinterpretation to boost ore supply to Laverton.
- At the Gwalia underground mine, drilling focused on infilling the stoping envelope to FY2030 and testing for extensions at depth. Third rig to be added next quarter.
- At the Admiral open pit, extension drilling is underway to support multiple smaller pits and depth extensions.
Gratomic Inc. (GRAT CN) SUSPENDED – Graphite mining set to resume in Namibia
- Graphite developer Gratomic, who hold the Aukam mine in Namibia, provide an update.
- The reports it has mobilised staff to site to ‘commence preparations for upcoming developments.’
- Management are focused on ‘plant maintenance, facility care and the assessment of critical components required to restart operations,;
- The Company reports that mining operations are due to resume, with 7,000t of material to be added to the current 3,000t stockpile.
- Gratomic expects this will bring the ROM pad to full capacity to provide feedstock to sustain processing requirements for the next 12 months.
- Additionally, 10,000m of drilling are expected to begin in early 2026 to support infill drilling for a technical report on Aukam.
- Plant operations are expected to provide first phase production of 7,600t of finished product, with plant optimisation set to boost material to 97% Cg.
- Plant optimisation is expected to begin in late September.
- CEO Arno Brand reports ‘the Company is now in better shape than it has been in several years.’
- Gratomic is aiming to deliver a Feasibility Study on Aukam.
Great Southern Copper (GSCU LN) 2.45p, Mkt Cap £14m – Viuda scout drilling confirms porphyry gold target
- Great Southern Copper reports the completion of its scout drilling programme at the Viuda Negra prospect within its Especularita project in northern Chile, which concluded in May, has identified a potentially large, shallow, gold porphyry.
- Holes DD-002 and 004 of the four-hole, 553m diamond drilling campaign “returned broad intercepts of gold mineralisation with anomalous copper and silver, including”;
- A 14.2m intersection at an average grade of 0.21g/t gold and 0.11% copper from a depth of 11m within a broader 73m long interval, also from 11m depth, at an average grade of 0.14g/t gold and 0.1% copper in hole DD-002; and
- A 6.7m interval, from a depth of 43.1m in hole DD-004, which averaged 0.39g/t gold and 0.12% copper contained within a broader interval of 121.5m starting at 6.5m depth which averaged 0.11g/t gold and 0.05% copper.
- Today’s announcement explains that “Drillhole VNE25-DD003, drilled 100m northwest of DD002/DD004, intersected a shallow zone of veinlets and silica ledges within oxidised, leached rocks before passing into diorite porphyry and microdiorite with relatively low vein frequencies, thought to represent the edge of the main veinlet zone”.
- Hole DD001, located around 250m NW of holes 002 and 004, “intercepted … stockworks of quartz fracture-vein alteration (5-10 banded veinlets per metre). Assays returned highly anomalous gold values associated with the stockwork alteration including 6.25m @ 0.17 g/t Au and 0.05% Cu from 36m”.
- “Follow-up ground exploration including detailed mapping and sampling will be prioritised to target the next phase of RC exploration drilling to commence in the new year”.
- CEO, Sam Garrett, described the “scout drilling results, at shallow depths and close to infrastructure … [as] … very significant … [and said that they demonstrate that the] … Viuda prospect hosts the potential for a large porphyry gold system and … [said that they show] … the importance of Especularita within an emerging copper-gold district”.
Conclusion: Scout drilling results from Viuda provide encouraging evidence for a large mineralised porphyry system.
Great Western Mining* (GWMO LN) 1.24p, Mkt Cap £2m – Drilling to start at West Huntoon and Rhyolite Ridge
- Great Western provides an update on its exploration efforts in Mineral County, Nevada.
- The Company has signed a drill contract for 1,800m of RC drilling across Rhyolite Dome and West Huntoon.
- Rhyolite Dome will see scout drilling over the gold targets recently generated via IP Surveys.
- West Huntoon drilling will look to validate surface copper mineralisation at depth.
- Great Western has also secured unassayed cuttings from two historical holes drilled by the previous operator at West Huntoon.
*SP Angel Analyst has visited Great Western’s Nevada claim blocks.
Mkango Resource* (MKA LN) 39p, Mkt Cap £141m – 2Q25 update highlights recycling milestones and upstream/midstream business nearing NASDAQ listing
BUY
- The Company released quarterly update highlighting development progress at its portfolio of recycling and upstream REE assets.
- 905kkg of recycled NdFeB alloy powder was produced to date at the Tyseley Energy Park, UK.
- Operations are progressing towards production of finished sintered NdFeB magnets.
- Recycling facilities in Germany are progressing on track for production by the end of the year.
- HyProMag USA received EXIM Bank Letter of Interest for up to US$92m financing (10-year tenor) for Dallas–Fort Worth facility.
- HyProMag USA also signed feedstock supply and site share agreement with Intelligent Lifecycle Solutions (ILS) for NdFeB feedstock in South Carolina and Nevada ahead of plant commissioning.
- Business Combination Agreement (BCA) signed (3 July 2025) between Lancaster Exploration BVI and Crown PropTech Acquisitions to form Mkango Rare Earths Limited (MKAR) representing upstream (Songwe Hill REE Deposit, Malawi) and midstream (Pulawy Separation Plant, Poland) to be listed on NASDAQ (exp 2025).
- PAT -US$1.2m in 2Q25 and -US$3.7m in 1H25 (2Q24: -$0.7m and -$1.7m).
- General and admin costs $1.2m in 2Q25 and $2.6m in 2H25 ($0.6m and $1.6m).
- FCF -$2.5m in 1H25 (1H24: -$1.7m) including $0.9m in capitalised costs (1H24: $0.6m).
- The Company had $1.2m in cash and no bank debt as of 2Q25 end (Dec24: $1.2m cash, no bank debt).
- There are 16.6m in the money investor warrants outstanding at 7p (~£1.2m in proceeds if exercised).
Conclusion: Mkango continues to advance its integrated rare earths strategy launching production at Tyseley, on course for first production in Germany by YE25 while securing potential US$92m EXIM financing for its US project. The planned 4Q25 Nasdaq listing of MKAR to provide platform for growth of upstream and midstream REE businesses.
*SP Angel acts as nomad and broker to Mkango Resources
Panther Metals (PALM LN) 97.5p , Mkt Cap £5.6m – Starting permit application process for the Winston Lake tailings project, Ontario
- Panther Metals reports that it has started the application process to recover minerals from historic tailings at its Winston Lake project in Ontario.
- The announcement explains that it has completed a ‘Pre-Submission Meeting’ with the Ontario Ministry of Energy and Mines as the first step in a five-step application process for a Recovery Permit for the gold, , gallium, silver, zinc, copper and cobalt (Co) and other recoverable minerals located within the Winston Lake Mine tailings storage facility.
- CEO, Darren Hazelwood, said that the “application for the Recovery of Minerals Permit is one of four parallel and interconnected workstreams” which also include additional resource estimation drilling, further metallurgical test work and an initial mineral resource estimate.
- Today’s announcement explains that treating the tailings from an estimated 3.3mt of ore production between 1988-98, “potentially offers Panther the opportunity to unlock residual metal value and contribute to the long-term environmental rehabilitation of the Winston Project site”.
Rainbow Rare Earths (RBW LN) 16p, mkt Cap £100m – >55% TREO MREC delivered using leaching/CIX
- The Company announces successful results from the ongoing testwork at the Phalaborwa REE Project in South Africa.
- >55% TREO MREC delivered using continuous ion exchange process (CIX) at an optimised in house laboratory in Johannesburg.
- That exceeds typical industry specifications of >42% TREO and >44% produced during initial piloting work in 2023/24..
- Recoveries are reported at ~65%, in line with levels used in the recent interim economic study.
- Higher grade MREC is critical to achieving separated REOs of the desired purity.
- Modelling and an updated costing of the proposed final separation process has now commenced based on higher grade feedstock.
- DFS on the primary leach flowsheet the produces MREC representing ~85-90% of total project capex is progressing well.
- Trade-off studies on the primary leach circuit indicate capex/opex savings in power, reagents, labour, and capital items.
- Updated cost guidance expected before DFS publication.
- Focus now on finalising flowsheet to achieve 99.5% purity NdPr oxide and a heavy REE product (SEG+) containing high-value Dy and Tb.
- Offtake enquiries increased significantly following Chinese export controls announced earlier in the year.
Conclusion: Testwork demonstrates ability to produce >55% TREO MREC critical to production of separates REOs of the desired purity. Results to be used in the DFS that is progressing well as well as ongoing trade off studies pointing to potential capex/opex savings in the primary leach circuit.
SolGold (SOLG LN) 15.74p, Mkt Cap £451m – Planning to move tax domicile to Switzerland
- SolGold reports that it is advancing plans to relocate its tax domicile to Switzerland and is “undertaking the required filings and notifications with the relevant authorities to complete this process”.
- Today’s announcement confirms that Solgold’s shares “will continue to trade on the main market of the London Stock Exchange … [and that the company is] … evaluating the merits of an additional listing”.
- CEO, Dan Vujcic, who plans to relocate to Europe explained that “As we advance Cascabel into development, we’re not only simplifying and improving our execution plan but also our corporate structure with the express aim of unlocking substantial value for our shareholders”.
- He clarified that “Establishing our base in Switzerland creates a sizable uplift to post-tax cash flow over the life of mine of the asset”.
Conclusion: In relocating its tax domicile to Switzerland Solgold expects to improve the financeability of its Cascabel project and enhance its economic returns.
West African Resources (WAF AU) SUSPENDED – Suspension remaining pending clarity from BF government
- The Company has not provided update regarding the request by the government of Burkina Faso to acquire an additional 35% of Kiaka Gold Mine.
- Suspension in trading will remain in place for now.
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
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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.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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