SP Angel Morning View -Today’s Market View, Tuesday 26th August 2025

Gold presses higher as Trump moves to fire Fed governor

MiFID II exempt information – see disclaimer below

29Metals (29M AU) – Deleveraging continues as focus on cost control

Cobra Resources (COBR LN) – Option to acquire copper project in South Australia

First Tin (1SN LN) – Drilling results from Taronga, NSW

Galileo Resources (GLR LN) – Drilling underway in the Kalahari Coper Belt, Botswana

Guardian Metal Resources (GMET LN) – Participation in US Government strategic minerals supply initiatives

Ivanhoe Mines (IVN CN) – Dewatering accelerates at Kakula as updated LOM plan due

Kodal Minerals* (KOD LN) – Security contractor killed at entrance to Bougouni lithium mine in Mali

Marimaca Copper (MARI CN) – DFS for MOD project as financing due by year-end

Meteoric Resources (MEI AU) – Caldeira environmental permitting update

Mkango Resources* (MKA LN) – BUY – HyProMag USA commences stockpiling feedstock

New Frontier Minerals* (NFM LN) – Hart Range bulk sample returns 1.72% TREO including ~13% Dy2O3+Tb4O7

Oriole Resources* (ORR LN) – Further higher-grade drill results from Mbe

Orosur Mining* (OMI LN) – Pepas MRE progress alongside two greenfield programmes

Robex Resources (RBX CN) – On track for 4Q25 first pour

Gold ($3,377/oz) presses higher as Trump moves to fire Fed governor

• Gold prices have climbed on increased hostility between Trump and the Fed.
• The metal rallied last night on news that Trump was firing Lisa Cook.
• The policymaker stated Trump had ‘no authority to do so’ and she would ‘continue to carry out my duties to help the American economy.’
• Gold has shown strength in recent months as Trump ramps up attacks on Fed Chair Powell and the Central Bank’s independence.
• There is concern that increased influence over the Fed from the White House could cause wider market implications, likely a further sell-off in US Treasuries and increased dollar weakness.

Tungsten – Tungsten carbide price jumps $1,000 to $29,064/t yesterday

• Tight tungsten supply coupled with the impact of February’s export restrictions from China are causing tungsten prices to accelerate higher
• Rumours suggest some tungsten carbide plants may have shut down for a few weeks while awaiting feedstock.
• China is thought to have released some export licenses for Japan and Korea
• Reports of strong demand in China may be holding back the authorities from releasing further export permits

Rare earth producers in China surge on reports the government tightens controls on local production

• Authorities are looking to better track local supply including a requirement to send regular output data to the government, according to the statement by the Ministry of Industry and Information Technology (Bloomberg).
• The plan first released in June 2024 and announced on Friday outlines responsibilities of companies, local governments and ministries in managing REE output.
• The move comes in line with latest developments in the industry as China tightens grip on supply of critical REE into overseas markets.
• Magnet producer JL-Mag Rare-Earth climbed 18% in Hong Kong while mainlaind traded REE producers like Chinae Northern Rare Earth Group and China Rare Earth Resources and Technology were up 10% and 8.5%, respectively.

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 issued a draft notice on Monday warning that Indian imports will face a 50% tariff from August 27.

• Earlier White House threatened to double import tariffs from 25% to 50% over India’s purchases of Russian oil.

Odds of a rate cut in September with another one to follow shortly after climbed last week after Fed Chair Jay Powell speech at Jackson Hole, Wyoming.

• Powell said that he was open to the idea of lowering rates focusing on soft labour numbers and downplaying inflationary pressures.
• More sensitive 2y bond yields dropped 0.1pp while S&P 500 jumped 1.5% on the news.

President Trump fired Federal Reserve Governor Lisa Cook “effective immediately” in escalation of White House attacks on the central bank. (FT)

• Trump said that there was sufficient reason to believe she made false statements regarding her mortgage agreements.
• “The Federal Reserve Act provides that you may be removed, at my discretion, for cause,” Trump wrote.
• Cook said she would not resign.
• “President Trump purported to fire me ‘for cause’ when no cause exists under the law, and he has no authority to do so,” she said.
• Gold prices climbed and the US$ dollar sold off as bond prices pulled back.

Sahel – Attack on lithium mine in south of Mali indicates growing instability in the region as government fights back

• The high-price of gold has led to a significant rise in artisanal gold mining in the region and an increase in banditry in general.
• ISIS remains a threat to the north of the capital, Bamako, through its IS-GS “Islamic State in the Greater Sahara” affiliate.
• The IS-GS group is responsible for recent deadly attacks and ongoing kidnappings.
• JNIM ‘Jama’a Nusrat ul-Islam wa al-Muslimin’ is more active in Burkina Faso and has grown in its operational capacity with attacks on army installations and control of wider territories.
• JNIM imposes a strict interpretation of Islam and Sharia in the areas where it operates.
• JNIM claims to have ramped up its activities with >280 attacks in Burkina Faso in H1 2025, killing ~1,000 people across the Sahel since April.
• The region looks increasingly unstable following the withdrawal of French and then Russian (Wagner) forces.
• The Mali government is fighting back but is currently struggling to control the rise in banditry and terrorist attacks

Currencies

US$1.1613/eur vs 1.1598/eur previous. Yen 147.71/$ vs 148.56/$. SAr 17.672/$ vs 17.691/$. $1.344/gbp vs $1.341/gbp. 0.648/aud vs 0.643/aud. CNY 7.162/$ vs 7.182/$.

Dollar Index 98.53 vs 98.76 previous.

Precious metals:

Gold US$3,370/oz vs US$3,327/oz previous

Gold ETFs 92.4moz vs 92.4moz previous

Platinum US$1,339/oz vs US$1,348/oz previous

Palladium US$1,094/oz vs US$1,116/oz previous

Silver US$38.6/oz vs US$38.0/oz previous

Rhodium US$7,375/oz vs US$7,475/oz previous

Base metals:   

Copper US$9,793/t vs US$9,725/t previous

Aluminium US$2,613/t vs US$2,588/t previous

Nickel US$15,075/t vs US$14,930/t previous

Zinc US$2,797/t vs US$2,783/t previous

Lead US$2,005/t vs US$1,978/t previous

Tin US$33,745/t vs US$33,480/t previous

Energy:           

Oil US$68.3/bbl vs US$67.9/bbl previous

• Crude oil prices edged higher over the weekend after US Federal Bank Chair Jerome Powell indicated that the central bank could cut interest rates as soon as its September policy meeting.
• The US Baker Hughes rig count fell 1 to 538 units last week (-47 or 8% y/y), with oil rigs down 1 to 411 units (-72 y/y) and gas rigs flat at 122 units (+22 y/y), as Texas lost 2 rigs to 240 units (-34 y/y).
• Following completion of the due diligence, Sidara has reduced its takeover offer from 35p to 30p/sh for Wood, which remains subject to satisfying the remaining pre-conditions.
• Orsted shares fell to an all-time low after the US administration issued a stop-work order at the 700MW Revolution Wind offshore project, which is 80% complete and was expected to commence generation in 2H26.
• The Northern Lights JV has injected the first CO2 volumes into the subsea Aurora reservoir, following transportation from the Heidelberg Materials’ cement factory in Norway. Northern Lights will transport and store CO2 from Norway during the remainder of 2025 with CO2 volumes from Denmark and the Netherlands expected to be added in 2026.

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

Uranium Futures $74.6/lb vs $73.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$111.7/t vs US$109.9/t

Chinese steel rebar 25mm US$463.9/t vs US$481.8/t

HCC FOB Australia US$188.0/t vs US$189.3/t

Thermal coal swap Australia FOB US$109.8/t vs US$111.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$87,272/t vs US$87,998/t

Lithium carbonate 99% (China) US$10,933/t vs US$11,348/t

China Spodumene Li2O 6%min CIF US$940/t vs US$990/t

Ferro-Manganese European Mn78% min US$1,005/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$23.6/kg vs US$23.5/kg

China Ilmenite Concentrate TiO2 US$269/t vs US$268/t

China Rutile Concentrate 95% TiO2 US$1,096/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$352.5/t vs US$355.0/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

EV & battery news

Global EV battery production now outpaces demand nearly 3:1

• Global EV battery production capacity is forecast at 3,930GWh this year, while demand is set to only total around 1,161GWh
• Much of the expansion is driven by Chinese manufacturers who are continuing to expand business.
• Due to battery overcapacity, several plants in the US and elsewhere are delaying or shelving projects.
• For example, Panasonic’s new Kansas plant won’t strive for peak output until 2027, in particular due to the fall off in demand for Tesla vehicles.

US to lower tariffs on European autos

• The US and EU are working on a deal to reduce the current 27.5% import tariff on European imports.
• It is believed the deal will mirror the proposed cut to 15% on Japanese imports.
• In return, the EU would drop its own tariffs on certain US industrial goods and grant “preferential market access” to a wide range of American seafood and agricultural exports.

Company news

29Metals (29M AU) A$0.28, Mkt Cap A$383m – Deleveraging continues as focus on cost control

• Copper and zinc producer 29Metals reports HY25 results.
• The Company produced 9.7kt Cu over the six months and 29.3kt Zn.
• Revenue reported at A$271m vs A$243m
• Cost of sales fell to A$232m vs A$258m.
• NPAT at A$35m from A$109m.
• EBITDA of A$113m vs A$5m over 1H24.
• Company reduced debt by A$59m over the six months to 30^th June 2025.
• Current debt at A$203m and liquidity of A$202m.
• Company focused on ramping up higher-grade volumes at Golden Grove and developing the Gossan Valley project.
• Focus on Capricorn Copper of water level reductions, long-term TSF approval to support operations restart.

Cobra Resources (COBR LN) 3.9p, Mkt cap £31m – Option to acquire copper project in South Australia

• Cobra Resources reports that it has secured a 12-month option to acquire 1,855km² of exploration licences with the potential to host meaningful copper mineralisation in South Australia.
• The four Manna Hill project licences include Blue Rose porphyry target where previous drilling has intersected limestone-hosted skarn mineralisation over widths of up >130m and grades as high as 2% copper over a strike length of 1.6km.
• Other targets include a 3km long geophysical induced polarisation anomaly at the Netley Hill prospect where previous drilling encountered shallow copper/molybdenum mineralisation and the Golden Sophia prospect which is reported to host “Carlin style gold with untested scale” located “proximal to a blind magnetic anomaly that may represent the porphyry source”.
• The licences also include “the historic Wadnaminga and Talkaboolka goldfields … [and today’s announcement confirms that] … artisanal mining produced over 25,000 Oz of gold” at Wadnaminga.
• The option terms include the payment of A$1m in Cobra shares to the vendor, David Clarke, who is also a Cobra Director as well as “Reimbursement of Seller’s substantiated project expenditure (cash) … [and a] … 26% equity interest in any future mining SPV established to hold mining licences where the valuation is determined through two independent valuations”.
• Managing Director, Rupert Verco, explained that “David Clarke, has worked diligently to achieve land access to the Manna Hill Project over many years and has provided Cobra the opportunity to advance this asset in an underexplored porphyry province in the copper capital of Australia”.
• He said that previous exploration “has yielded outstanding intersections across multiple targets … [and expressed the opinion that] … a diligent exploration strategy can deliver a major discovery”.

First Tin (1SN LN) 6.1p, Mkt Cap £27m – Drilling results from Taronga, NSW

• First Tin reports initial results from its current infill and extension drilling programme at for the Taronga tin project in New South Wales.
• The company confirms that up to 18^th August in had completed 39 reverse circulation (RC) holes (2,780m) and 3 PQ size diamond drill holes (384m) to provide “samples for additional mineral processing testwork”.
• The holes, located in “northern part of the proposed South Pit … are designed to convert Inferred resources at the Hillside Extended zone into Indicated resources, and to extend this zone to the northeast within the current pit outline” and include

• • Hole TMTARC-044 which intersected 23m at an average grade of 0.16% tin from a depth of 30m including a higher-grade section of 12m averaging 0.17% tin from 36m depth; and
  • Hole TMTARC-045 which intersected 10m at an average grade of 0.06% tin from a depth of 17m including a 2m section averaging 0.14% tin from 17m depth; and
  • Hole TMTARC-047 which intersected 17m at an average grade of 0.13% tin from a depth of 43m including 5m averaging 0.20% tin from 43m depth; and
  • Hole TMTARC-048 which also intersected 17m of mineralisation at an average grade of 0.13% tin from surface including a higher-grade section of 6m averaging 0.16% tin from 2m depth.

• First Tin says that the drilling “has shown that mineralisation is present within the South Pit in areas that were previously classified as waste rock”.
• CEO, Bill Scotting, said that the results show “that additional mineralisation exists within and adjacent to the current pit outlines … [at] … grades and widths … consistent with existing quantified resources and are expected to result in additional resources being added within the current South Pit outline”.
• The company’s December 2024 presentation to the International Tin Association shows a ‘Proven & Probable’ mineral reserve of 40mt at an average grade of 0.13% tin at Taronga withing a total ‘Measured, Indicated and Inferred’ resource of 133mt at a grade of 0.1% tin.
• The ‘Inferred’ portion of the resource, which the current campaign is aiming to help upgrade is 61.1mt at an average grade of 0.09% tin.

Conclusion: Initial results from the infill and extension drilling at Taronga indicate that some material within the South pit, previously regarded as waste, contains grades similar to the current resource offering the potential to expand the overall resource volume and possibly upgrade some of the current ‘Inferred’ resource which currently comprises almost half the total resource tonnage.

Galileo Resources (GLR LN) 0.85p, Mkt Cap £8.7m – Drilling underway in the Kalahari Coper Belt, Botswana

• Galileo Resources reports that it has started a four-hole programme of reverse-circulation drilling to test geological/geochemical targets in the northwestern part of the Kalahari Copper Belt, Botswana.
• The Galileo licence is contiguous with Cobre Limited’s Kitlanya Copper Projects where, BHP is “investing up to US$25 million for exploration expenditure”.
• The new drilling targets the geological contact between the D’Kar Formation and the underlying Ngwako Pan Formation which is a well-recognised host location for copper/silver mineralisation in the Kalahari Copper Belt.
• The company explains that “Recent analysis by the Company using a hand-held pXRF instrument on rock chips from an RC drilling programme in 2022 highlighted a zone of consistent downhole copper anomalism in hole QTRC006 which will be further tested in the current programme”.

Conclusion: Galileo Resources is following up its recently announced re-evaluation of historic KCB drilling with four reverse-circulation holes to test a favourable geological setting which hosts mineralisation elsewhere in the belt

Guardian Metal Resources (GMET LN) 92.5p, Mkt Cap £124m – Participation in US Government strategic minerals supply initiatives

• Guardian Metal Resources announces that, following the US Department of Defense’s US$6.2m funding of its Pilot Montain Tungsten Project in Nevada, it is joining two US Government programmes, the ‘Defence Industrial Base Consortium’ (DIBCm ) and the Cornerstone Programme’.

• The DIBC aims to “enhance the resilience and responsiveness of the U.S. Defense industrial base … [by] … identifying, developing, and testing cutting-edge capabilities, while also addressing supply chain issues, critical mineral extraction, and scaling emerging technologies”.
• “The consortium provides opportunities for its members to access funding programmes, potential partners, and industry collaborations”.
• The public-private Cornerstone initiative, which is managed by the US Army, “focuses on developing prototype projects and capabilities to address specific needs within the defence related industrial base, such as improving artillery systems or enhancing the supply chain for critical materials”.
• CEO, Oliver Friesen, explained that these and other collaborative associations with the US Government “underscore the strategic importance of our tungsten projects to U.S. national security”.

Conclusion: US Government support for critical minerals supply chains opens channels for the company’s Nevada tungsten projects.

Ivanhoe Mines (IVN CN) C$11.8, Mkt Cap C$15.8bn – Dewatering accelerates at Kakula as updated LOM plan due

• Friedland-backed Ivanhoe provides an update from Kamoa-Kakula.
• Ivanhoe is beginning Stage Two dewatering via four new high-capacity pumps to dewater the eastern side of Kakula.
• Mining on the eastern side expected in 1Q26 on a selective basis.
• The pumps are expected to be operational in mid-September.
• Western side dewatering due for completion within two months.
• Stage three dewatering due late 2025, to dewater the remaining areas deep on the eastern side.
• Guidance expected to be released for 2026 and 2027 in mid-late September 2025.
• LOM plan and updated technical report due 1Q26.

Kodal Minerals* (KOD LN) 0.31p, Mkt Cap £62m – Security contractor killed at entrance to Bougouni lithium mine in Mali

(Hainan Mining holds a 51% stake in KMUK which holds the Bougouni Lithium Project in Mali with Kodal holding 49%. Mali will hold 35% of the jv company with KMUK)

(Kodal Minerals Plc now, effectively, hold 49% of 65% of the Bougouni project with Mali holding 35% through LMLB and 65% of LMLB held by the Kodal jv with Hainan Mining within KMUK)

• Kodal Minerals reports the death of a security contractor at the Bougouni mine site in Mali.
  • “The incident occurred on Friday night, 22 August 2025, when assailants on motorcycles approached the main security post.
  • Military forces positioned at the site, which support the Company’s security operations, engaged the attackers who quickly fled the scene.”
  • “The military security presence on site has been increased to ensure the security and wellbeing of staff and contractors at the mine.”
• The company says “Mining and processing activities at the Bougouni Mine have not been impacted by the incident.”
• Management had planned a maintenance shutdown for late August which should improve the operation of the process plant.
• The Bougouni Mine continues to await export permits and has >45,000t of high-grade spodumene in stockpiles at the mine site
• Kodal recently hosted a government delegation including the Minister of Mines, suggesting to us the final export permits might come through in the near future.
• The buildup of the 45,000t spodumene stockpile highlights the need for an export permit.
• Security situation:
• Mali has long suffered from Bandits and low-level attacks to the north of Bamako which were countered by French and then Russian (Wagner) forces in recent years.
• This is the first attack to the south of Bamako that we have heard of suggesting this is either a new group of local bandits or potentially a longer-range attack.
• The high-price of gold has led to a significant rise in artisanal gold mining in the region and an increase in banditry in general.
• Kodal is close to a main highway making the mine a potential target for bandits despite strong support from the local community.

Conclusion: Kodal has “Military forces positioned at the site” who have bravely protected the perimeter of the mine indicating a level of government support.

It is possible the assailants thought Bougoumi was a gold mine following the government’s airlift of >32,000oz from Barrick’s Loulo-Gounkoto mine in July.

We expect the spodumene export permit to come through shortly.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Marimaca Copper (MARI CN) C$11.4, Mkt Cap C$1.2bn – DFS for MOD project as financing due by year-end

• Marimaca reports a DFS for the Marimaca Oxide Deposit project.
• The study envisages an open pit, heap leach and SX-EW operation.
• DFS highlights:
  • 14mtpa ore stacked at 0.42% Cu
  • 72% recoveries for 43ktpa LOM average Cu.
  • LOM strip ratio of 0.82:1
• Economics:
  • $587m development CAPEX and $529m LOM SUSEX
  • LOM AISC of $2.29/lb and C1 costs of $1.84/lb.
  • Post-tax NPV8 of $709m at $4.3/lb.
  • IRR of 31%.
  • AT NPV8 of $1.1bn at $5.05/lb Cu for 39% IRR and $347m at $3.5/lb for IRR of 21%.
• Going forward, Marimaca is focused on grade control, further metallurgical optimisation work, early site preparation and growth at Pampa Medina.
• Permitting:
  • Company expects one further follow-up round of questions and information requests, with environmental approvals expected end of 2026.
• Funding:
  • Marimaca held $24m in cash in June, and has begun the debt financing process for the MOD project.
  • Company notes expressions of interest up to $500m.
  • Debt financing package expected in 2025.
  • On Equity financing, the Company notes Assore and Mitsubishi ‘have significant equity financing capacity and have indicated their ongoing support to the Marimaca team.’
  • This support will be combined with a larger

Conclusion: Nothing too surprising from the MOD DFS, which offers a simple heap leach operation on the Marimaca oxide deposit. CAPEX up slightly vs 2020 PEA whilst NPV/CAPEX retained at 1.8x and IRR sustained over 30%. The team sees ‘50ktpa of copper production is a starting point for the Company’ as it aims to become a ‘significant global copper producer.’ They state plans to boost cathode production to 70ktpa within the next 5 years. Drill results from Marimaca’s other project, Pampa Medina provided a significant rerating in the Company’s equity this year. Additionally, sulphides below MOD remain undrilled.

Meteoric Resources (MEI AU) A$0.13, Mkt Cap A$330m – Caldeira environmental permitting update

• The Company yesterday released an update on environmental permitting process of the Caldeira Ionic Clare REE Project, Brazil.
• The announcement was released following Brazilian media reports covering the voting outcome of a meeting of the Council of Management of the Pedra Branca Conservation Area (CONGEAPA) held the previous week.
• The vote related to mining permits for the Buffer Zone of the Pedra Branca Conservation Area.
• Irregularities have been recorded during the vote that deemed the vote invalid with the matter under review.
• A member representing the Caldas Municipal Council for Environmental and Development (CODEMA) voted against, contrary to written instruction from CODEMA to vote in favour.
• Meteoric received written public support from the Caldas Mayor and CODEMA.
• The Company also received confirmation from the Minas Gerais Environmental Protection Agency (EPA) that the CONGEAPA vote will not impact timing of the Preliminary Environmental Permit (LP).
• The Company reiterated development timelines including pilot plant for the project.
• The stock closed 14% down yesterday but gained back some of losses early on Tuesday (~9% on the day).

Mkango Resources* (MKA LN) 42p, Mkt Cap £141m – HyProMag USA commences stockpiling feedstock

BUY

• The Company reports commencement of permanent magnets contained scrap by Intelligent Lifecycle Solutions (ILS).
• HyProMag USA, a 50/50 JV between CoTec and Maginito (~80% Mkango), signed a feedstock supply and preprocessing site share agreement with ILS last mont.
• The target is to secure 6m to 12m of feedstock before commissioning of HyProMag USA recycling facilities.
• ILS is a global electronics recycling business processing electronic waste.
• ILS will secure and store NdFeB feedstock from HDDs and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada, ahead of the commissioning of HPMS magnet recycling and manufacturing facilities in Dallas-Fort Worth, Texas.

Conclusion: HyProMag USA and its partners ILS start stockpiling permanent magnet containing feedstock, one of critical elements of the recycling business, to be used at the planned HPMS facilities.

*SP Angel acts as nomad and broker to Mkango Resources

New Frontier Minerals* (NFM LN) 0.63p, Mkt Cap £10m – Hart Range bulk sample returns 1.72% TREO including ~13% Dy2O3+Tb4O7

• The Company released assay results from a bulk sample collected at the Cusp Prospect within the Harts Range REE Project, Northern Territory.
• The 25kg sample was collected from the outcrop of mineralised pegmatite containing rare earth mineral samarskite.
• Assays returned 1.72% TREO including 0.19% Dy2O3 and 0.03% Tb4O7 as well as 4.51% Nb2O5 and 0.91% Ta2O5.
• HREO accounted for ~94.8% of TREO.
• Samarskite was identified by weight and colour, later confirmed in laboratory assays.
• The strategy is to assess both conventional and novel processing options for HRE enriched mineralisation accelerating the pathway to commercialisation and enabling future offtake discussions.
• The Company awaiting for permits to commence maiden RC programme at Harts Range.
• Drilling targeted to commence 3QFY25.

Conclusion: Surface sampling returns high in HRE assay results ahead of maiden RC drilling programme at the Hart Range Project (exp 3QFY25).

*SP Angel acts as broker to New Frontier Minerals

Oriole Resources* (ORR LN) 0.35p, Mkt Cap £16m – Further higher-grade drill results from Mbe

(Oriole Resources holds 90% of Mbe with BCM holding 10%. Oriole also holds and 90% of the Bibemi gold projects)

• Oriole Resources reports drilling from the Mbe project in Cameroon, targeting the MB01-S target.
• Results included highlights:
  • MBDD018: 3m at 1.53g/t Au from 21m, 1m at 9.9g/t Au from 39m, 3m at 17.7g/t Au from 142m (inc. 2m at 26.3g/t Au)
  • MBDD019: 6.15m at 19.6g/t Au from 114m (inc. 1m at 119g/t Au) and 9.3m at 0.6g/t Au from 25m
  • MBDD020: 4m at 2.9g/t Au from 71m (inc. 1m at 9.6g/t Au) and 7.8m at 0.87g/t Au from 174m.
• Management believes these results will support the extension of the current Exploration Target, adding higher-grade mineralised material outside of the current model.
• Additionally, rock chip samples from artisanal pits to the northwest of the MB01-S anomaly returned grades up to 13g/t Au.
• Oriole expects to publish a maiden MRE at MB01-S in 4Q25, with the Phase 1 drill programme now 90% complete.

Conclusion: Oriole’s Mbe Phase 1 drilling programme is now 90% complete. Today’s higher-grade results have been delivered outside of the existing mineralisation model, supporting potential for the MRE to increase vs the current MB01-S Exploration Target (18-24mt at 0.77-0.95g/t Au for 445-730koz). Oriole is currently focused on expanding and defining gold mineralisation at Mbe before the Q4 MRE. Additionally, focus is on metallurgical testwork, given the refractory nature of the mineralisation defined to date. We look forward to further test results as they explore fine grinding, Albion process and various oxidation processes.

*SP Angel acts as Broker to Oriole

Orosur Mining* (OMI LN)11.6p, Mkt Cap £33m –Pepas MRE progress alongside two greenfield programmes

• Orosur reports continued infill drilling at Pepas, their gold project in Colombia.
• Today’s results include assays from four holes at Pepas, intended to be used for the maiden MRE.
  • PEP050: 34m at 2.33g/t Au from surface
  • PEP051: 61m at 3.4g/t Au from 11m
  • PEP052: 4.4m at 2.24g/t Au from surface and 72m at 6g/t Au from 9.4m (inc. 18.5m at 13.5g/t Au and 6m at 9g/t Au)
  • PEP053: 10m at 0.9g/t Au from 17m
• Current drilling is intended to support the MRE, providing infill drilling, defining boundaries of mineralisation and understanding geological controls.
• Today’s holes will also support metallurgical studies due to commence soon.
• At the El Cedro porphyry system to the south, Orosur has begun ridge and spur soil sampling, now 45% complete and due for completion mid-October.
• At El Pantano in Argentina, drill contracts are being finalised with drilling due in mid-October 2025.
• 10-14 diamond holes are planned over 3,000m, targeting various geophysical anomalies.

Conclusion: Whilst Orosur is advancing the maiden MRE for the Pepas gold project in Colombia, it is also accelerating early-stage exploration at the El Cedro porphyry project to the south. Additionally, a maiden drilling programme is due to start in Argentina in 3Q25. Plenty of newsflow to come from Orosur as it advances a three-pronged exploration strategy.

*SP Angel acts as Nomad and Broker to Orosur Mining

Robex Resources (RBX CN) C$3.23, Mkt Cap C$705m – On track for 4Q25 first pour

• Guinean gold developer Robex, who are restarting the Kiniero project, provide an update.
• Robex reiterates first gold pour on track for 4Q25.
• Grade control drilling at Sabali pit ongoing, with 32,184m of samples pending analysis.
• Processing plant and power station nearing completion.
• Kiniero FS:
  • 5mtpa plant feeding 1.04g/t Au for average LOM production of 139kozpa for $243m CAPEX.
  • AISC expected at $1,066/oz
  • Post-tax NPV5 of $647m at $2,330m for 61% IRR

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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