SP Angel Morning View -Today’s Market View, Monday 21st July 2025

Gold prices lift on Yen strength as investors piled into gold ETFs

MiFID II exempt information – see disclaimer below

Anglo Asian Mining* (AAZ L N) – BUY – 333p (from 316p) – Demirli production launched – 4kt FY25 and ~15kt FY26

Aura Energy* (AURA LN) – June quarter operational update

Central Asia Metals (CAML LN) – Termination of NWR bid

Cobra Resources (COBR LN) – Metallurgical test results from the Boland rare earths project, South Australia

Jubilee Metals Group (JLP LN) – Strong quarterly operational performance from S African businesses ahead of their planned disposal

Keras Resources* (KRS LN) – Open offer

Lifezone Metals (LZM US) – Kabanga DFS and an agreement with BHP to acquire its 17% stake

Metals One (MET1 LN) – Wyoming uranium exploration project acquisition

Meteoric Resources (MAI AU) SUSPENDED – Caldeira PFS released, stock suspended pending a capital raise

Premier African Minerals (PREM LN) – Continuing to wrestle with Zulu plant performance

SolGold (SOLG LN) – Latest tranche of streaming finance to maintain momentum of Cascabel development

Sunrise Resources (SRES LN) – Option to sell the Hazen pozzolan project, Nevada

Tertiary Minerals* (TYM LN) – Drilling starts at Mushima North polymetallic project

Gold – ($3,365/oz) – prices lift on Yen strength as investors piled into gold ETFs

• Gold prices picked up alongside the Japanese yen as investors reconsidered Prime Minister Ishiba’s comments on remaining in his post despite a defeat in the upper house which has left him without a majority.
• The yen appears to have absorbed delays to BoJ rate hikes having lost ground in recent weeks on the potential for Ishiba to give way to someone who might cut taxes and raise spending.
• US rate cuts and the prospect of lower Tariffs also appear to be weakening the US dollar.
• Renewed expectations for higher inflation are also a driver, despite inflation’s potential to delay Fed rate cuts.
• The CFTC saw gold speculative positions rise to 213,000 vs 203,000 a week before.
• Gold prices rose 26% in H1 helping total ETF holding surge 397t in H1 to 3,616t ($383bn) representing a 41% rise in the value in gold ETF asset value.
• Nations with increasingly shaky regimes tend to see increasing inflows of gold as investors and traders fret over the potential for currency devaluation.
• In a rising gold price environment investors see the benefit of parking savings in gold ETFs and other instruments which also offer an additional layer of security.

EV – overstocking of EVs as sales fail to keep pace with new manufacturing supply

• Substantial discounting in China is symptomatic of a market with substantial oversupply despite significant demand growth encouraged by government incentives.
• High US tariffs make this market largely inaccessible for Chinese OEMs
• The EU is concerned that China is shipping huge numbers of new electric vehicles having imposed tariffs of up to 27-45% on Chinese EVs including the existing 10% vehicle import duty.

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

Currencies

US$1.1639/eur vs 1.1626/eur previous. Yen 148.14/$ vs 148.81/$. SAr 17.716/$ vs 17.738/$. $1.344/gbp vs $1.343/gbp. 0.651/aud vs 0.651/aud. CNY 7.176/$ vs 7.179/$

Dollar Index 98.28 vs 98.49 previous 

Precious metals:

Gold US$3,364/oz vs US$3,348/oz previous

   Gold ETFs 91.1moz vs 91.2moz previous

Platinum US$1,452/oz vs US$1,461/oz previous

Palladium US$1,268/oz vs US$1,306/oz previous

Silver US$38.4/oz vs US$38.3/oz previous

Rhodium US$5,800/oz vs US$5,800/oz previous

Base metals:

Copper US$9,872/t vs US$9,710/t previous

Aluminium US$2,649/t vs US$2,589/t previous

Nickel US$15,375/t vs US$15,140/t previous

Zinc US$2,849/t vs US$2,757/t previous

Lead US$2,013/t vs US$1,993/t previous

Tin US$33,645/t vs US$33,380/t previous

Energy:

Oil US$69.3/bbl vs US$69.8/bbl previous

• The US Baker Hughes rig count was up 7 to 544 units last week (-42 or 7% y/y), with oil rigs down 2 to 422 units (-55 y/y) and gas rigs up 9 to 117 units (+14 y/y), as the Haynesville gained 3 rigs to 41 units (+6 y/y).
• On Friday, Chevron announced successful completion of $53bn Hess acquisition after a favourable arbitration outcome against ExxonMobil and CNPC regarding its 30% interest in the offshore Guyana Stabroek block.

Henry Hub Gas US$3.39/mmBtu vs US$3.58/mmBtu last Friday

Natural Gas €33.6/MWh vs €34.5/MWh previous

Uranium Futures $71.2/lb vs $71.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Dalian) US$111.9/t vs US$110.4/t

Chinese steel rebar 25mm US$460.5/t vs US$459.6/t

HCC FOB Australia US$176.3/t vs US$177.0/t

Thermal coal swap Australia FOB US$111.0/t vs US$112.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$66,685/t vs US$66,511/t

Lithium carbonate 99% (China) US$9,449/t vs US$9,165/t

China Spodumene Li2O 6%min CIF US$750/t vs US$730/t

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

China Tungsten APT 88.5% FOB US$433/mtu vs US$433/mtu

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

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

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

China Ilmenite Concentrate TiO2 US$286/t vs US$286/t

China Rutile Concentrate 95% TiO2 US$1,094/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$362.5/t vs US$362.5/t

Germanium China 99.99% US$2,925.0/kg vs US$2,925.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

Company News

Anglo Asian Mining* (AAZ LN) 175p, Mkt Cap £200m – Demirli production launched – 4kt FY25 and ~15kt FY26

BUY – 333p (from 316p)

• The Company announced the start of commissioning and first production at the Demirli Copper/Molybdenum Mine in the Karabakh Economic Region, Azerbaijan.
• Production is expected to ramp up in the coming months.
• Demirli FY25 production guidance is for 4.0kt copper (in concentrate).
• The mine is guided to ramp up to ~15.0kt in FY26 onwards.
• The operation employs >200 people including 150 new full time hires, 50 employees relocated from the Company’s other operations with a number of contractors on site.
• Operations are linked to national power grid, water access secured, open pit operations feed the existing flotation plant, tailings are currently discharged into existing tailings facility. A full geotechnical programme has been completed for a new tailings dam location.
• The life of mine will be determined following development of the geological and resource model; the team highlights significant exploration potential in the existing mining area as well as satellite targets.
• The Company will release Group wide FY25 guidance in due course (previously, the Group targeted 28.0-33.0koz gold and 6.5-6.8kt copper excl Demirli, generating $110-125m Revenue and $45-55m EBITDA @$2,800/oz and $9,000/t)

Conclusion: Demirli commissioning represents a significant milestone for the Group and a major accomplishment for the team given access to the site was secured only last summer. Demirli is already set to make a meaningful contribution to FY25 production (4kt Cu or ~20% of our estimated FY25 output) before ramping up to ~15kt in FY26.

Demirli startup offers a series of value enhancing drivers including a multi asset status with a diversified production base, negligible development cost given brownfield nature of the asset and good access to infrastructure (development capex for a greenfield copper porphyry production facility (~15ktpa) would have likely been >$300m vs <$10m expected by the Company), fast permitting, no equity dilution, nearly doubling Group scale in revenue and production terms and increasing exposure to copper (SPAe ~60% Cu FY26 production vs ~20% FY22), the metal with strong outlook and attracting higher valuation multiples.

We revised our valuation bringing Demirli cash flows forward by ~6m as well as updating our P/NAV risk factor (0.9x, up from 0.8x) as the operation is now in commissioning/ramp up stage, expect a complete removal of the discount (ie 1.0x) once Demirli at full capacity. Demirli accounts for ~37% of our Group NPV, nearly on par with Gedabek (~40%) (see more info on indicative Demirli economics below). At 2.0x EBITDA26 (2.1x spot gold/copper prices) AAZ remains cheap.

We reiterate our BUY recommendation and upgrade our target price to 333p (from 316p)

*SP Angel acts as Nomad and Broker for Anglo Asian Mining

Aura Energy* (AURA LN) 7.6p, Mkt Cap £69m – June quarter operational update

• At the Tiris Uranium Project (Mauritania), the Company continues to advance project funding discussions.
• The team is in talks with the Development Finance Corporation (DFC), other financial institutions and strategic equity investors.
• Due diligence and term sheet negotiations are ongoing.
• The project remains on track for commissioning in CY27.
• In Sweden, the Company signed a collaboration agreement with Neu Horizon Uranium, an Australian based unlisted public company focused on Sweden’s uranium resources.
• Aura invested A$100k for a minority stke in New Horizon with the agreement including technical cooperation on uranium projects as well as engagement with regulatory authorities in Sweden.
• Neu Horizon holds a portfolio of prospective uranium exploration licenses in Sweden and is expecting to list on the ASX 4Q25/early 2026.
• FCF during the quarter -A$4.5m including A$2.8m (exploration/evaluation), A$1.1m (corporate/admin) and A$0.6m (staff costs).
• Closing cash balance A$11.7m (JunQ25) covering ~2.6 quarters of spending/investment.
• FCF forecast at -A$4.5m in SepQ25.

*SP Angel acts as Nomad to Aura Energy

Central Asia Metals (CAML LN) 148p, Mkt Cap 247m – Termination of NWR bid

• The Company decided not to submit a counter offer for New World Resources.
• Last week the Company increased its bid price to A$0.065.
• Kinterra raised its counter offer to A$0.066/0.067(if Kinterra’s interest exceeds 30% July 24) post that.
• New World Resources now unanimously recommend, in the absence of superior proposal, that NWR shareholders accept the Kinterra offer.
• As a result a break fee will now be payable to CAML.
• CAML stock is up 6% this morning.

Cobra Resources (COBR LN) 2.45p, Mkt cap £20m – Metallurgical test results from the Boland rare earths project, South Australia

• Cobra Resources reports metallurgical results from testing of six bulk sample of material recovered from the recently completed sonic drilling programme at its Boland rare earths project in South Australia.
• The leaching tests, performed by the Australian Nuclear Scientific Technology Organisation (ANSTO), have shown high recovery rates for the preferred elements, dysprosium and terbium (Dy and Tb).
• The tests provided insights into the impact of acidity (pH) using both ammonium sulphate and magnesium sulphate as leaching agents (lixiviants).
• Results using ammonium sulphate showed recovery rates of “up to 89% Dy+Tb and 93% Nd+Pr … [neodymium and praseodymium] … using ammonium sulphate (“AMSUL”) at pH2.5 with  low acid consumption of 6.9 kg/t”.
• Recovery rates of “up to 84% Dy+Tb and 86% Nd+Pr using ammonium sulphate (“AMSUL”) at pH3 with very low acid consumption of 2.6 kg/t”.
• Tests using magnesium sulphate delivered recovery rates of “up to 83% Dy+Tb and 84% Nd+Pr using magnesium sulphate (“MAGSUL”) at pH3 with very low acid consumption of 2.7 kg/t”.
• “Testing at stronger acidities of pH 2.5 showed slight increases in recoveries without increasing acid consumption or impacting the ratio of impurities”.
• The company explains that the results achieved by both reagents potentially reduce “exposure to price volatility in securing critical reagents”.
• Today’s announcement confirms that additional “tests are being completed aimed at removing low-value and relatively abundant cerium and lanthanum through an in situ recovery (“ISR”) ‘preconditioning’ phase, designed to increase the overall value of a Mixed Rare Earth Carbonate (“MREC”)”.
• Commenting on the metallurgical results, Managing Director, Rupert Verco, said that they “will not only assist in forward exploration targeting, but they will also support economic grade valuation within a near term resource estimate and support future economic analysis enabling higher margin ore to be prioritised in production”.
• He explained that Cobra Resources’ “metallurgical strategy is relatively simple: maximise the value of dysprosium and terbium within our product. We aim to achieve this by leveraging the considerable advantages that ISR … [in-situ recovery] … allows for minimal cost flowsheet modifications”.

Conclusion: The metallurgical results from the Boland paleochannel-hosted rare earths project provide encouraging recovery rates for the main target elements, dysprosium and terbium, and expand insights into the behaviour of the rare-earth elements using different reagents across a range of acidities.

Jubilee Metals Group (JLP LN) 3.45p, Mkt cap £107m – Strong quarterly operational performance from S African businesses ahead of their planned disposal

• Jubilee Metals reports that its South African chrome operations delivered a 19% increase in chrome concentrate during the 3 months ending 30^th June to 505,578t of (Q4 2024 – 421,698t) bringing FY output to ~1.9mt (FY2024 ~ 1.5mt).
• Platinum group metals production rose by almost 15% during the quarter to 8,973oz (Q4 2024 – 7m828oz) bringing FY production to 38,579oz (FY 2024 – 36,411oz).
• The company’s guidance for FY 2026 is in the range of 1.65-1.80mt of chrome concentrate and between 36-40,000oz of PGMs.
• CEO, Leon Coetzer, confirmed the company’s June announcement of a proposal to sell the South African chrome and PGM operations and said that Jubilee Metals is “finalising the sale agreements”.
• He also highlighted the “strong production results for the period” at a time when “we have seen large fluctuations in the price of chrome … [with] … a 1% movement in chrome price now being equivalent to an approximate 4.5% movement in the platinum price”.

Conclusion: As it nears completion of its disposal of its South African operation to focus on its Zambian opportunities, Jubilee Metal’s SA chrome and PGM businesses have delivered a strong performance

Keras Resources* (KRS LN) – 1.3p, Mkt cap £1.3m – Open offer

(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA)

• Keras Resources report the launch of an open offer for qualifying shareholders at 1.4p/s .
• The open offer follows the issue of convertible loan notes to Christopher Grosso and Joseph Carbone for £375,000 each totalling £750,000.
• Shareholders can subscribe for 542 offer shares for every 1,000 existing shares held at the Record Date.
• The funds raised under the Open Offer will be used to repay the part of the CLNs which is not converted.
• The Company has posted a Circular to Shareholders which will be available on the Company’s website at www.kerasplc.com
• “The Open Offer is the final funding solution for this growth phase and has been designed, and priced at a discount to the 7 day VWAP of 1.4571p to accommodate all shareholders while being underwritten by the Company’s two significant shareholders, Chris Grosso and Joseph Carbone. “
• Manganese (Togo):  Management will update the market on expected imminent manganese sales from the Nayéga mine, in Togo.
• Organic Rock Phosphate (Utah, USA): The team are also due to update investors on the Diamond Creek mine and Falcon Isle process plant in Utah.
• We also look forward to a report on sales of the PhosAgri Organic rock phosphate and the added value Phosul® product which won the 2024 Green Chemistry Challenge Award for phosphate fertilizer that avoids hazardous chemicals and waste emissions associated with traditional phosphate fertilizer.
• The Falcon Isle process plant is generating positive cash flows following last year’s investments in property and equipment and the Phosul Utah LLC joint venture.
• We look forward to hearing more from Colton Hale, the new managing director at the Diamond Creek mine. Mr Hale was formerly at Rio Tinto, Burningham Enterprises and Bodell Construction and worked as a Senior Financial Analyst at Rio Tinto and as a Project Superintendent at Bodell Construction.

*SP Angel acts as nomad and broker to Keras

Lifezone Metals (LZM US) US$4.2, Mkt Cap $338m – Kabanga DFS and an agreement with BHP to acquire its 17% stake

• Lifezone published Kabanga FS on Friday declaring maiden mineral reserve on the Kabanga Nicker Project in northwestern Tanzania.
  • 3.4mtpa concentrator running for 18y LOM;
  • Mineral inventory of 52.2mt at 1.98% Ni, 0.27% Cu, 0.15% Co
  • The plant to produce a high grade nickel, copper and cobalt concentrate (17.5% Ni) for further downstream processing
  • Underground mining to be carried using longhole stoping with past backfill using declines to access the ore.
  • LOM production 902kt nickel, 134kt copper and 69kt cobalt (contained in concentrate)
  • AISC $3.36/lb post copper and cobalt by product (cash cost first quartile on CRU numbers)
  • Development capex $942m
  • Total LOM capex (including sustaining) $2.49bn
  • NPV8 (post tax) and IRR (post tax) estimated at US$1.58bn and 23% (at $8.5/lb  or ~$18,700/t Ni).
  • Mineral Reserves 43.9mt at 1.98% Ni, 0.27% Cu, 0.15% Co
  • Mineral Resources (ex Reserves):
  • Measured & Indicated 18.3mt at 1.20% Ni, 0.18% Cu, 0.10% Co (1.54% NiEq)
  • Inferred 13.5mt at 2.08% Ni, 0.28% Cu, 0.15% Co (12.59% NiEq)
• The Company also agreed to acquire the remaining 17% stake owned by BHP consolidating interest in Kabanga.
• Following the transaction Lifezone will own 100% in the Kabanga Nickel Ltd (KNL) that in turn has 84% in Tembo Nickel Corporation Ltd (TNCL), an operating company for the project.
• The remaining 16% of TNCL is held by the Government (free carry)
• All existing agreements with BHP will be terminated with Lifezone assuming control of 100% of offtake.
• Lifezone wil pay US$83m comprised of a fixed payment of $10m on FID and completion of funding ($250m) with the rest contingent on commercial production.

Metals One (MET1 LN) 12.32p, Mkt Cap £35m –Wyoming uranium exploration project acquisition

• MetalsOne confirms the completion of the Squaw Creek (SQ) uranium project acquisition in Wyoming.
• The previously announced acquisition of the project, located in the Shirley Basin uranium district and described as “one of the most historically productive uranium regions in the U.S.” follows the recently completed acquisition of the Uravan Uranium-Vanadium Project in Montrose County, Colorado.
• MetalsOne will pay US$50,000in cash plus 0.5m shares to acquire the ~430 hectares of unpatented mining claims.
• “Initial geophysical surveys and surface sampling are ongoing as part of the Company’s Phase 1 uranium exploration programme in the U.S., which includes both the Uravan and SQ projects”.
• Chairman, Craig Moulton, explained that the acquisition of its second American uranium project will and last week’s “entry into the Red Basin, New Mexico … [helps] … to build momentum with our North American strategy and this positions us to advance exploration across three highly prospective districts with strong historic uranium pedigree and near-term exploration upside”.

Meteoric Resources (MAI AU) SUSPENDED – Caldeira PFS released, stock suspended pending a capital raise

• The Company released maiden mineral reserve and PFS for the Caldeira REE Project in Brazil.
• PFS details:
  • Mining using conventional excavation (no drilling/blasting given soft clay material) and hauled to the processing plant
  • Processing using a low acidity ammonium sulfate solution with 55% TREO (71% MREO) recoveries and producing MREC with less than 2% impurities.
  • 6.0mtpa plant to produce 24ktpa MREC
  • Av annual production 13.6kt TREO including 4.2kt NdPr oxide and 130t DyTb oxide.
  • Mineral inventory 129mt at 3,701ppm TREO
  • WO ratio 0.38x
  • Operating cost (ex DyTb by product) US$21.80/kg NdPr
  • AISC ~US$12.62/kg TREO (using spot pricing $67/kg NdPr) and US$13.07/kg (consensus pricing $86/kg NdPr).
  • MREC payability assumed 70%.
  • Development capex US$443m
  • NPV8 (post tax) and IRR (post tax) US$109m and 11% (spot $67/kg NdPr)
  • NPV8 (post tax) and IRR (post tax) US$488m and 21% (consensus $86/kg NdPr)
  • NPV8 (post tax) and IRR (post tax) US$835m and 28% (DoD and MP deal floor price of $110/kg NdPr)
  • Mineral Reserves 103mt at 4,091ppm TREO (990ppm or 24% NdPr)
  • Mineral Resources 1,497mt at 2,359ppm TREO (500ppm or 21% NdPr, 526ppm or 22% MREO (NdPrTbDy)
• Environmental studies are ongoing with construction guided to start 2026.
• Pilot plant construction at Pocos de Caldas is underway testing the flowsheet and MREC quality.
• The Company is in trading halt pending a capital raise

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £14m – Continuing to wrestle with Zulu plant performance

• Last Friday, Premier African Minerals provided a progress report on its initial testing of modifications to the flotation plant at its Zulu lithium plant in Zimbabwe.
• Acknowledging that “Due to the long-standing time prior to re-starting the plant, it took longer than anticipated to achieve a constant running state” required to evaluate adjustments to the plant, the company confirms that the cleaner cell inserts “have now shown that they reduce the retention time of concentrates in the cleaner section of the original float plant”.
• Premier African Minerals says that “During this test run, there were encouraging signs, including an observed improvement in concentrate grade with results exceeding the target grade of 5% in the final cleaner cell prior to being pumped to the filter press … [but] … This has not been matched for now by a meaningful improvement in recoveries, with excess LiO2 present in the tailings which are then recirculated to the flotation circuit”.
• Today’s announcement explains that “Premier’s priority is to achieve a commercially saleable grade and then optimise for recovery … [and that] … the OEM for the float plant will assume full operational control of the plant for the week commencing 21 July 2025 during which the plant test run will recommence with an objective to achieve a sustained steady-state of operation”.
• CEO, George Roach, said that although “Premier is pleased with the initial progress to date, we were frustrated with the time needed to get the plant into a constant running state, although as reminded by our OEM that this not a simple plant and maintaining target operating parameters requires time and patience”.

Conclusion: The Zulu lithium plant continues to present challenges in achieving its planned steady-state operational performance.  Continuing work aims to resolve the outstanding issues.

SolGold (SOLG LN) 7.19p, Mkt Cap £215m – Latest tranche of streaming finance to maintain momentum of Cascabel development

1. Solgold, which published plans last week describing its pathway to deliver production from its Cascabel copper/gold project in northern Ecuador by late 2028, announces that it has now received the second US$33.3m tranche under its US$100 million initial deposit from the streaming agreement Franco-Nevada and OR Royalties, the former Osisko Bermuda Limited.
2. Receipt of the funds follows the company’s 10^th July announcement that it had reached the required operational milestones for release of the next block of funds.
3. Today’s announcement confirms that the company’s 30^th June balance sheet shows “a cash balance of approximately US$12 million, prior to the receipt of this additional funding”.
4. With the latest influx of funds “Multiple high-priority workstreams will be advanced, including early works mobilization, land access, permitting activities, the feasibility study, and continued drilling at the Tandayama-Ameríca deposit”.
5. CEO, Dan Vujcic, said that Solgold plans to “now move decisively to build one of the most significant new copper projects not only in the Americas but also around the globe”.

Conclusion: Solgold has received an additional US$33m under its streaming agreement.  The additional finance should help the company implement its plan, announced last week, to bring Cascabel to production by the end of 2028.

Sunrise Resources (SRES LN) 0.02p Mkt Cap £1.0m – Option to sell the Hazen pozzolan project, Nevada

• Sunrise Resources reports that it has secured a 90-day option to sell its Hazen pozzolan project in Nevada to “a large US based company”.
• The optioner will pay a fee of US$20,000 for the US$800,000 option which “can be extended for up to three successive periods of 30 days each on payment … of a further US$7,500 for each such extension”.
• “The Option Agreement allows the Optioner to conduct exploration on the Project area during the Option Period”.
• Executive Chairman, Patrick Cheetham, confirmed that Sunrise Resource had been in discussion “for some time … [and explained that] … Hazen is an early stage project and so non-core for Sunrise Resources”.

Tertiary Minerals* (TYM LN) 0.04p, Mkt Cap £1.7m –Drilling starts at Mushima North polymetallic project

• Tertiary Minerals has started a previously announced 1,500m programme of air-core and reverse-circulation (RC) drilling at is Mushima North project in Zambia.
• The latest phase of drilling at Mushima North, which lies 28km east of the Kalengwa copper mine, will “test along strike and downdip continuations of mineralisation at Target A1, where drilling … in late 2024 returned drill intersections including”:
  • “57m at 25 g/t Ag, 0.20% Cu, 0.15% Zn from 14m downhole (24TMNAC-004)”; and
  • “65m at 23 g/t Ag, 0.14% Cu, 0.27% Zn from 9m downhole (24TMNAC-005)”; and
  • “66m at 26 g/t Ag, 0.13% Cu, 0.26% Zn from 13m downhole (24TMNAC-006P)”.
• Managing Director, Richard Belcher, explained that “many of the … [previously drilled holes ended] … in mineralisation”.
• He said that the new drilling “has been designed to follow-up on these highly encouraging drilling results and will not only test the surface footprint of the silver- and zinc-in-soil anomaly over a strike extent of some 1.6km and up to 300m wide, but also the downdip potential to a depth of up to 150m”.
• The A1 target is “a large (3.1km by 1.7km) copper-in-soil anomaly with copper values up to 350ppm … associated with a 1.7km by 0.5km zinc- and coincidental 1.3km by 0.3km silver-in-soil anomaly”.
• Today’s announcement explains that the relatively nearby high-grade Kalengwa mine “is under redevelopment … [at a planned 15ktpa copper production rate, and that] … In the 1970s, high-grade ore, average approximately 11% Cu, was trucked for direct smelting at other mines in the Copperbelt”.
• The announcement says that as well as the A1 target, “Numerous other geochemical and/or geophysical targets (A2, B1, B2, B3, C2) are yet to be drill tested”.

Conclusion: Tertiary Minerals has started the next phase of drilling at the Mushima North Project. The campaign aims to test the continuation of mineralisation at depth, where management is hoping to intercept higher-grade values. Drilling will also test the continuity of mineralisation along strike.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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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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.