--- title: "SP Angel Morning View -Today’s Market View, Monday 28th April 2025" publisher: "Share Talk" author: "sharetalk" published: "2025-04-28T11:17:30+00:00" modified: "2025-04-28T11:18:41+00:00" date: 2025-04-28 canonical: "https://www.share-talk.com/sp-angel-morning-view-todays-market-view-monday-28th-april-2025/" category: "B2B" categories: ["B2B", "Business & Support Services", "SP Angel", "Technology", "Technology, Media & Telecoms"] tags: ["base metals", "battery", "china", "company news", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Shanghai Composite", "SP Angel"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1" format: "news" language: "en-GB" --- # SP Angel Morning View -Today’s Market View, Monday 28th April 2025 **Published:** April 28, 2025 **Author:** sharetalk **Categories:** B2B, Business & Support Services, SP Angel, Technology, Technology, Media & Telecoms **Tags:** base metals, battery, china, company news, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Shanghai Composite, SP Angel **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/10/SP-Angel.jpg?fit=750%2C406&quality=89&ssl=1) --- **Gold rally falters amid easing geopolitical tensions and lower Treasury yields** **MiFID II exempt information – see disclaimer below** **80 Mile Plc* (80M LN) – MGL to fund two exploration drill holes into the Jameson helium gas project in Greenland** **Alkane Resources (ALK AU) – Merger with Mandalay Resources** **Artemis Resources (ARV LN) – Drilling results from Carlow, WA** **Cornish Metals* (CUSN LN) – Strengthening the team as South Crofty progresses towards a resumption of mining** **Empire Metals* (EEE LN) – AC Drilling programme supports JORC MRE target for 3Q25** **European Metals Holdings (EMH LN) – US$36m in EU grant funding for the Cinovec Lithium Project** **East Star Resources (EST LN) – Historic drilling results from Rulikha, Kazakhstan** **Gemfields Group (GEM LN) – Bangkok ruby auction** **GreenX Metals (GRX LN) – Expansion of their Tannenberg Copper Project concession to include historic mines and drill data** **KEFI Gold and Copper* (KEFI LN) – BCM appointed as a mining contractor and commits US$23m to Tulu Kapi project funding** **Metals Exploration (MTL LN) – Drilling at La India** **New Frontier Minerals (NFM LN) – Identification of a new target in the Harts Range project area, NT** **Orosur Mining* (OMI LN) – Financials show well-funded for Pepas North exploration** **Perseus Mining (PRU AU) – Nyanzaga approved, first gold targeted 1Q27** **Gold ($3,280/oz) rally falters amid easing geopolitical tensions and lower Treasury yields** - Gold is down over $200/oz from its recent record highs at $3,500/oz, touched briefly amid concerns Trump would fire Powell. - This rhetoric has been rowed back by the President, supporting a bond and dollar rally. - The US 10 year has fallen below 4.26%, having neared 4.5% amid concerns over the Fed’s independence. - This had pushed investors into haven assets other than Treasuries, with gold, the Swiss franc and the Japanese yen all benefiting. - Concerns seem to be cooling, explaining some profit taking on gold. - However, we see the reversal as a healthy correction following the sharp rally seen through April, which saw gold climb nearly $500/oz. - The rally had likely overheated, with SPDR Gold ETF options hitting record highs, whilst hedging costs hit August lows. - Funds have cut net long futures to 12 month lows, further supporting the profit taking thesis. (Bloomberg) | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **+0.05%** | **at** | **40,114** | | **Nikkei 225** | | **+0.38%** | **at** | **35,840** | | **HK Hang Seng** | | **+0.04%** | **at** | **21,989** | | **Shanghai Composite** | | **-0.20%** | **at** | **3,288** | | **US 10 Year Yield (bp change)** | | **+1.9** | **at** | **4.25** | **Economics** **US – Difficult quarterly earnings season to come for automotive and other manufacturers in the US and elsewhere** - Substantial job losses to be announced by many manufacturers as tariffs disrupt markets - The inventory build and then disruption from Trump’s tariffs are distorting markets to the detriment of many manufacturing businesses and their employees. - The situation will hit economic growth as business reorientate their manufacturing operations where possible to work in a world of higher and uncertain tariffs. **US – President Trump said that another delay to reciprocal tariffs is “unlikely” putting pressure on trading partners to negotiate a deal.** - The administration downplayed latest volatility in the market saying that it will take time for the economy to adjust and go through a “transition”. - Earlier, US Treasury Secretary Scott Bessent said that the administration is working on bilateral trade deals with 17 key partners, excluding China. - Reporting season continues with four of MAG7 stocks are reporting this week including Microsoft, Apple, Meta and Amazon. - NFPs are due on Friday. **China says US should revoke all unilateral tariffs** - The US should revoke unilateral tariffs on China if it wants to sort the trade issues between the two nations said He Yadong, a spokesperson for the Ministry of Commerce. - He also said that China and the US are currently not in talks and the US must show sincerity if it wants to talk. - Shipments from China to the US have plummeted 60% since the US raised tariffs to 145% in April. - Trump has said new tariffs rates for China could come in the next two to three weeks. - Meanwhile, China and the EU are in close discussions on EV prices Yadong said. - The EU imposed tariffs of up to 47% on Chinese-made EVs last year, but is now in discussions as to the possibility of introducing minimum EV prices to replace the tariffs. **China – The government reiterated their plans to strengthen support for the economy including both monetary and fiscal tools, National Development and Reform Commission said on Monday.** - Officials will “fully prepare contingency plans, and constantly improve the policy toolbox for stabilizing employment and the economy”. - Commission representatives are “fully confident” In reaching the expansion target of around 5% for 2025. - Separately, the central bank said that it will maintain ample liquidity and cut reserve requirement ratio and interest rates in a “timely manner”. **Japan – Policy rate announcement due this Wednesday.** **Ukraine/Russia – US expressed frustration with progress of ceasefire deal talks with Russia and continuing missile strikes on Ukraine.** - “I was very disappointed that missiles were [launched] by Russia… I want [Putin] to stop shooting, sit down and sign a deal,” President Trump said. - Last week, Russia launched the deadliest strike of the year on Kyiv that claimed 12 civilian lives and wounded 90 more. - Mark Rubio said earlier that the US is likely to see this week whether ceasefire deal efforts are likely to bring tangible result of whether its time to withdraw and refocus. **India – Dispute between India and Pakistan over Kashmir continues to escalate** - Fortunately, both sides are sensible enough not to go for the nuclear option but trade might suffer between the two nations. - India has threatened to cut off a major water supply into Pakistan creating greater tension. - The authorities in Pakistan not have to deal with militants in Baluchistan and Kashmir. **Ukraine – What did Zelensky say to Trump at the Pope’s funeral?** - Nobody wants any more soldiers to die but if Russia takes up the US offer for peace their next move might be to regroup ahead of taking the rest of Ukraine. - Putin does not appear particularly interested in cease fires or peace so there may be other motivations behind Russia’s ongoing aggression. **Currencies** **US$1.1353/eur vs 1.1364/eur previous. Yen 143.70/$ vs 143.03/$. SAr 18.693/$ vs 18.817/$. $1.331/gbp vs $1.330/gbp. 0.638/aud vs 0.639/aud. CNY 7.299/$ vs 7.296/$.** **Dollar Index 99.648 vs 99.57previous.** **Precious metals:****         ** **Gold US$3,289/oz vs US$3,306/oz previous** **Gold ETFs 89.2moz vs 89.5moz previous** **Platinum US$982/oz vs US$960/oz previous** **Palladium US$951/oz vs US$937/oz previous** **Silver US$33.0/oz vs US$33.3/oz previous** **Rhodium US$5,375/oz vs US$5,375/oz previous** **Base metals:   ** **Copper US$9,380/t vs US$9,392/t previous** **Aluminium US$2,431/t vs US$2,450/t previous** **Nickel US$15,665/t vs US$15,823/t previous** **Zinc US$2,641/t vs US$2,677/t previous** **Lead US$1,968/t vs US$1,963/t previous** **Tin US$31,990/t vs US$31,673/t previous** **Energy:****           ** **Oil US$66.9/bbl vs US$66.7/bbl previous** - The US Baker Hughes rig count was up 2 to 587 units last week (-26 or 4% y/y), with oil rigs up 2 to 483 units (-23 y/y) and gas rigs up 1 to 99 units (-6 y/y), as Oklahoma gained 2 rigs to 55 units (+10 y/y). **Natural Gas €32.3/MWh vs €33.4/MWh previous** **Uranium Futures $66.6/lb vs $65.5/lb previous** **Bulk:****   ** **Iron Ore 62% Fe Spot (China CFR) US$99.9/t vs US$100.2/t** **Chinese steel rebar 25mm US$462.9/t vs US$463.4/t** **HCC FOB Australia US$187.0/t vs US$185.5/t** **Thermal coal swap Australia FOB US$95.0/t vs US$94.0/t** **Other****:  ** **Cobalt LME 3m US$33,700/t vs US$33,700/t** **NdPr Rare Earth Oxide (China) US$55,626/t vs US$56,683/t** **Lithium carbonate 99% (China) US$9,139/t vs US$9,258/t** **China Spodumene Li2O 6%min CIF US$795/t vs US$800/t** **Ferro-Manganese European Mn78% min US$995/t vs US$995/t** **China Tungsten APT 88.5% FOB US$363/mtu vs US$358/mtu** **China Graphite Flake -194 FOB US$430/t vs US$430/t** **Europe Vanadium Pentoxide 98% US$5.2/lb vs US$5.1/lb** **Europe Ferro-Vanadium 80% US$24.3/kg vs US$24.2/kg** **China Ilmenite Concentrate TiO2 US$284/t vs US$284/t** **Global Rutile Spot Concentrate 95% TiO2 US$1,513/t vs US$1,513/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$355.0/t** **Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg** **China Gallium 99.99% US$390.0/kg vs US$390.0/kg** **Battery News** **European EV sales see growth for first time since December** - New car registrations in Europe grew 2.8% in March yoy, the first month of growth for the year. - Robust demand for EVs in some regions out weighed poor sales numbers in France and Germany. - The UK, in particular, saw yoy growth of 12% in the month. -  It is not certain that the growth will continue after the European Union decided in early March to give automakers more time to meet stricter CO2 emissions targets. **Company News** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -1.1% | 4.4% | **Freeport-McMoRan** | -0.7% | 13.5% | | **Rio Tinto** | 0.1% | 6.1% | **Vale** | -2.6% | 4.3% | | **Glencore** | 0.6% | 5.6% | **Newmont Mining** | -3.2% | -2.1% | | **Anglo American** | 0.0% | 6.1% | **Fortescue** | -0.3% | 3.5% | | **Antofagasta** | 0.6% | 11.0% | **Teck Resources** | -1.6% | 8.2% | **80 Mile Plc* (80M LN) – 0.30p, Mkt cap £12m – MGL to fund two exploration drill holes into the Jameson helium gas project in Greenland** - 80 Mile plc reports its agreement with March GL (MGL) for the funding of stratigraphic drilling at the Jameson industrial gas project in Greenland. - MGL will fund 100% of two stratigraphic exploration holes and related costs to delineate the sedimentary structure and energy potential of the Jameson Basin. MGL will earn an initial 50% interest upon completion of the first hole drilled to define the basins technical specifications. - MGL will earn an additional 20% upon successful completion of a second test hole within an agreed timeframe. MGL are to pay US$500,000 to 80 Mile plc on execution of final documentation MGL has contracted Halliburton to support logistics planning and secure other necessary services for Jameson 80 Mile plc are free carried till completion of the second drill hole. The drill program is expected to show: - The presence and concentration of naturally occurring gases included hydrogen, helium, and associated industrial gases; - The structure and thermal characteristics of the basin; and - Occurrences of natural gas and liquid condensate estimated by ARCO and other independent groups to be multi billion equivalent barrel potential. Over US$100m was spent on exploration from 1970s-1990’s by ARCO and others including the construction of the Constable Point Airfield, East Greenland. ARCO cut all global exploration activities including Greenland between 1984 and 1986 laying off >14,000 employees and the relinquishment of its Jameson Land licenses. **Conclusion: **Jameson remains one of the largest undrilled onshore basins of its kind with prospectivity for industrial gases. The licenses are seen as prospective for helium. **SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has visited Dundas in Greenland and the Hammaslahti and Enonkoski projects in Finland* **Alkane Resources (ALK AU) A$0.78, Mkt Cap A$475 – Merger with Mandalay Resources** - Gold producer Alkane report a plan of arrangement with Mandalay for an all-share merger. - Pro forma basic ownership will see ownership split 45% Alkane and 55% Mandalay. - Implied market capitalisation of A$1,013m. - The Merger is expected to see production of 160koz AuEq in 2025, and 180koz AuEq in 2026. - Mandalay holds the Costerfield antimony project whilst Alkane holds the Boda-Kaiser copper-gold development project. - Boda Kaiser scoping study outlined 20mtpa throughput, 17 year LOM, 159kozpa Au (first five years) and 35ktpa Cu (first five years), CAPEX of A$1.8bn, - Mandalay is expected to produce 90koz AuEq in 2025 whilst Alkane was expected to produce 70kozAuEq. - Company notes the potential for a re-rate on GDXJ index inclusion and ASX 300 inclusion. **Artemis Resources (ARV LN) 0.34p, Mkt Cap £12.6m – Drilling results from Carlow, WA** - Artemis Resources reports results from its Phase 1 drilling programme of 1,790m in 5 holes at its wholly-owned Carlow gold project near Karratha, WA. - Among the results announced today are: An intersection of 7m at an average grade of 2.9g/t gold from a depth of 399m in hole 25ARDD-001 at the Marillion prospect. The intersection includes a single metre at a grade of 15.3g/t which appears to us to represent the majority of the gold endowment; and - An intersection of 2.5m at an average grade of 0.87% copper from a depth of 478m in hole 25ARDD-002 which was drilled 100m east of the Carlow Resource area to investigate the potential for a down-plunge extension to mineralisation: and - Three holes (25ARDD-003, -004, and -005) to test *“a surface gold occurrence hosted by west dipping quartz/ironstone veins exposed in shallow pits on the eastern side**”* of the Titan Prospect.  The drilling intersected *“a chrome rich ultramafic sequence overlying strongly altered, veined and brecciated sediments intruded by porphyry dyke. Elevated gold values up to 0.5g/t Au** were intersected in the ultramafic sequence and porphyry and 1m @ 16.4g/t Au was intersected in the porphyry in hole 25ARDD004 from 67m down hole”*. According to the company’s website, the Carlow project area currently hosts a resource of 8.74mt at a gold equivalent grade of 2.5g/t totalling ~700koz on a gold equivalent basis. The company also announces that it is undertaking a review of the more than 400 historic drillholes which contributed to the 2022 resource estimate. Managing Director, Julian Hanna, explained that the historic drilling includes widespread high-grade gold and copper intersections “*across the Carlow lode system with assays greater than 10g/t gold and 2.0% copper**”.* He said that *“Depending on the initial review we expect to appoint consultants to undertake conceptual technical studies including metallurgical test work on drill core samples from Carlow**”.* **Conclusion**: Initial drilling on prospects adjacent to Carlow shows interesting grades at depth but clearly additional work will be needed.  The review of historic drilling underpinning the 2022 resource estimate may clarify the mineralisation envelope in the current higher gold price environment. **Cornish Metals* (CUSN LN) 7.3p, Mkt Cap £93m – Strengthening the team as South Crofty progresses towards a resumption of mining** - Cornish Metals has announced key management appointments as it moves towards a resumption of mining at the historic South Crofty tin mine. - A geologist with 35 years open-pit and underground mining experience, David Howe, is to assume the role of General Manager on 1st May. - Mr. Howe’s career includes *“experience in rehabilitation of old previously operating wet mines … whilst working as VP Operations with Hecla in Venezuela”* as well as roles with Endeavour Mining in Mexico and with Pan American Silver in Chile. - Cornish Metals is also appointing an experienced project development professional and qualified civil engineer, Guillermo Alcazar, as Project Director to lead *“all project construction and development activities”* at South Crofty. - His *“experience includes project leadership roles for Eldorado Gold in Greece and First Majestic Silver’s capital project initiatives, where he served as Director, Infrastructure Projects**”*. - Welcoming the appointments, CEO, Don Turvey, said that their *“wealth of project development and operating experience will be key to leading the project through successful construction and to full production to realise our corporate vision to become the chosen supplier of secure and responsible tin in Europe and to bring tin mining back to Cornwall”*. - In a separate announcement today, Cornish Metals reports the departure of COO Owen Mihalop *“in order to pursue new opportunities**”*. - Extending his appreciation of Owen’s *“contribution to South Crofty”* Mr. Turvey wished him *“all the best in his future endeavours”*. - We echo that sentiment and observe that during some 14 years of service at South Crofty Owen’s contribution has undoubtedly been pivotal in bringing the project to the verge of a new chapter in its long production history extending over more than 400 years. **Conclusion**: Cornish Metals is strengthening its operational team to move South Crofty back towards production.  The company also sees the departure of its long-serving Chief Operating Officer whose contribution we regard as pivotal in driving the resurgence of the mine. **SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals* **East Star Resources (EST LN) 1. 5p, Mkt Cap £5.8m – Historic drilling results from Rulikha, Kazakhstan** - East Star Resources, reports that it is compiling historical drilling results from the polymetallic Rulikha deposit in Kazakhstan into a digital model. - The historic data contributed to a reported resource of 14.3mt at an average grade of 1.2% copper, 3.5% zinc, 0.28g/t gold and 13.5g/t silver. - *“The historical reports demonstrate outstanding grades, including an 81.2m ore grade interval* … [in hole DH-353 averaging 1.25% copper] … *within East Star’s currently awarded licence area and proximal to a distinct electromagnetic anomaly and three Induced Polarisation (“IP”) anomalies to the north and northeast of these intersections**”*. - Today’s announcement also highlights other intersections including: - 12.1m at an average grade of 10.5% zinc, 4.9% copper, 0.44g/t gold and 17.2g/t silver from 34.3m depth in hole DH-356; and - 12.3m averaging 6.1% zinc and 0.4% copper from 112.1m depth in hole DH-319; and - 7.0m at a grade of 6.1% zinc from a depth of 475.8m in hole DH-34A. - CEO, Alex Walker explained that the historic results “*bode well for these high impact Rulikha targets and I am very much looking forward to getting the drill rig turning on these targets this summer”.* - He also acknowledged “*Our team’s incredible efforts over the winter break, finding and digitising this historical data to prepare for our 2025 geophysics and drilling programme … *[saying that it had been]* … remarkable**”.* **Conclusion**: Guided by a compilation of the historical drilling information, the company is optimistic for its 2025 drilling campaign at Rulikha. We await results with interest. **Empire Metals* (EEE LN) 10.6p, Mkt Cap £68m – AC Drilling programme supports JORC MRE target for 3Q25** - Empire Metals report drilling results from their Air Core programme at the Pitfield titanium project in Western Australia. - Drilling has confirmed the expected continuous nature of the high-grade TiO2 mineralisation within the in-situ weathered cap. - 85 holes were drilled over 4,457m, split evenly between Thomas and Cosgrave. - Mineralisation extends from surface to c.50m depth - Results will contribute to both the JORC resource estimate and bulk sample material for processing testwork. - Standout intercepts include: 60m @ 6.30% TiO₂ from surface - 56m @ 7.15% TiO₂ from surface - 51m @ 7.88% TiO₂ from surface - 57m @ 7.48% TiO₂ from surface - 52m @ 7.43% TiO₂ from surface Grades over 10% TiO2 were reported at Cosgrove over 14m, with an average grade of 5.34% reported at Cosgrove, and an average grade of 6.2% reported at Cosgrove. Drilling at Pitfield has now surpassed 22,000m over 202 holes. Empire reports the completed results ‘*indicate the potential for a significant mineral resource at both prospects.’* **Conclusion: **Empire is aiming to deliver the maiden JORC MRE for the Pitfield Project. They are currently focusing on the Thomas Prospect to drill the initial resource. The Company is aiming to deliver the maiden JORC MRE for 3Q25. **SP Angel acts as nomad and broker to Empire Metals* **European Metals Holdings (EMH LN) 12.6p, Mkt Cap £26m – US$36m in EU grant funding for the Cinovec Lithium Project** - Czech selection panel of the managing authority for the EU Just Transition Fund (“JTF”) has approved a CZK 800 million (US$ 36 million) grant to the Cinovec Project. - The grant is provided by the Czech Ministry of Environment under the EU Just Transition Fund. - The grant is conditional on the project EIA to be submitted by 31 December 2025 and approval of the EIA by the Czech Ministry of Environment by 30 June 2026. - The terms and conditions of the JTF grant will be detailed in the contract including the EIA and construction permitting timetable. - DFS is progressing towards completion in mid-2025. - EIA application is expected by the end of 2025 with approval targeted by mid-2026. - Final construction permitting expected to follow within 24 months in line with - The project was designated as strategic under the EU critical Raw Materials Act earlier in March this year allowing for expedited approval, EIA review and access to funding. **Gemfields Group (GEM LN) 4.25p, Mkt Cap £50m – Bangkok ruby auction** - Gemfields reports that it has realised US$7.2m at auction in Bangkok from the sale of rubies from its 75%-owned Montepuez mine in Mozambique. - The company says that *“72.8% of the 250,004 carats on offer were sold* … [at an average price of ] … *US$39.47/carat”*. - Managing Director, Adrian Banks, explained that the auction *“can be described as a hybrid offering, featuring both primary and secondary rubies”*. - He clarified that *“Over 90% of the secondary material was under 0.2 grams (1 carat), presented across 13 lots and spanning a broad range of qualities. The primary rubies offered were of commercial quality, predominantly in smaller sizes”* - Mr. Banks said that the *“auction saw strong attendance and robust demand, providing a timely affirmation of the state of the ruby market against the backdrop of tariff-induced uncertainty in global markets”.* **GreenX Metals (GRX LN) 39.3p, Mkt cap £106m – Expansion of their Tannenberg Copper Project concession to include historic mines and drill data** - GreenX Metals report the expansion of their Tannenberg Copper Project concession to 1,900sqkm from 272km2. - The expansion brings in a new region with a brace of historic drill data which is prospective for sediment-hosted, Kupferschiefer type, copper deposits. - Funding:  exploration is currently supported through funding from the BHP Xplor program in collaboration with BHP. - Tannenberg contains a number of former copper mines with significant drill data to work on. - The region is seen as offering good potential for new discoveries of shallow, 50-500m copper, silver deposits. - Tannenberg 2 drill intercepts include: 0.69m at 3.1% Cu and 31.7ppm Ag from 378m; - 2.2m at 0.9% Cu and 23.1ppm Ag from 378m The BHP Xplor program includes ~US$500,000 of non-dilutive funding to support and accelerate its exploration at Tannenburg. **KEFI Gold and Copper* (KEFI LN) 0.53p, Mkt Cap £43m – BCM appointed as a mining contractor and commits US$23m to Tulu Kapi project funding** - BCM Group has been appointed as a mining contractor for the Tulu Kapi Gold Project in Ethiopia. - Additionally, BCM will contribute US$23m of pre-production costs in the form of Equity Risk Notes alongside other project syndicate members. - ERNs are repayable in cash post senior lenders or convertible into Keft shares post production start. - Project development costs of US$320m are now covered by equity and debt conditional commitments pending final cost updates. - Cost updates are being finalised ahead of signing detailed definitive agreements 2Q25. - Once updates are completed the Company is planning to launch major works within the following month or so and lock in fixed price lump sum. - The appointment is subject to the completion of due diligence and approvals. - GMCO minority stake disposal (15%) discussions are ongoing, although, the Company is in no rush to complete the transaction imminently following BCM commitment to provide a share of project funding. **Conclusion: **The Company is moving closer to finalising Tulu Kapi project funding with BCM being appointed as a mining contractor and joining investment syndicate looking to invest $23m. Final documentation and cost updates are guided to be completed this quarter with the start of development works to follow shortly after that. **SP Angel act as Nomad and Broker to KEFI Gold and Copper* **Metals Exploration (MTL LN) 7.75p, Mkt Cap £203m – Drilling at La India** - Metals Exploration confirms that a drilling rig has arrived on site at its La India project in Nicaragua acquired from Condor Gold in January. - The rig’s initial priority will be* “**a programme of drilling geotechnical holes required to advance mine development studies**”*. - It will *“then move onto exploration drilling to test resource extensions, north of the current proposed open pit**”*. - Metals Exploration explains that as part of its acquisition, *“**Condor Gold shareholders were issued contingent value rights… which enable the … holders to receive their pro rate share of certain potential deferred consideration, provided that certain defined events occur in the 5-year period following the mobilisation of a suitable drill rig to the La India project site**”*. - Now that a rig is on site, this *“**5-year period referred to above expires on 22 April 2030**”*. **Conclusion: **We await news from the La India drilling with interest as the geotechnical work firms ip the pit design and also when the campaign moves to test potential resource extensions. **New Frontier Minerals  (NFM LN) 0.68p, Mkt Cap £9.8m – Identification of a new target in the Harts Range project area, NT** - New Frontier Minerals reports the mobilisation of its exploration team to its Harts Range project located ~140km northeast of Alice Springs in the Northern Territory, Australia. - The team is initially tasked with *“field investigation of the 46 targets identified through our recent airborne survey”*. - Today’s announcement also confirms that surface sampling has identified *“a promising new project area, “Paddington,” located just 200m west of our existing Bobs Prospect**” *in the Harts Range project area. - Chairman, Ged Hall, explained that the Paddington discovery *“highlighted the value of the airborne geophysics as a regional exploration tool”* and that assay results from the samples recovered from Paddington are awaited as an indicator of the heavy rare-earth mineral potential. - He also confirmed the expansion of its exploration area at Harts Range where the company has applied for additional tenements EL34109 and EL34110. - Today’s announcement confirms New Frontier Minerals’ intention *“to drill test these targets as soon as possible”*. **Conclusion**: Field exploration at the Harts Range project has confirmed rare-earth mineralisation within at least some of the 46 existing prospects and identified a new target.  The company is expanding the exploration licence areas and confirming its intention to drill as soon as possible. We await further news with interest. **Orosur Mining* (OMI LN) 11p, Mkt Cap £32m – Financials show well-funded for Pepas North exploration** - Orosur results show continued progress with gold exploration in Colombia. - The Company began drilling in November 2024 and is now targeting prospects immediately to the north of Pepas, where mineralised material has been identified. - Channel sampling to the north has identified 105m at 1.15g/t Au, and drilling is set to begin imminently. - Company is also currently refining drill targets in Argentina at the El Pantano gold project, with geophysics set to begin later this year. - Orosur reports US$2.4m in cash as of February 28th, and US$5.6m in cash as of today’s announcement following the recent equity raise. **Conclusion: **Orosur’s interims show a healthy cash balance to progress the Pepas project. We reiterate our excitement about the North Pepas zone, where extensive gold mineralisation has now been identified in channel sampling, both over wide intervals and at high grades. Drilling is now set to begin in the coming weeks, and we look forward with interest to initial assay results. **SP Angel acts as Nomad and Broker to Orosur Mining* **Perseus Mining (PRU AU) A$3.2, Mkt Cap A$4.44bn – Nyanzaga approved, first gold targeted 1Q27** - Perseus Mining announces it approved the FID of the Nyanzaga gold project, Tanzania. - The Company has completed an internal feasibility study, which estimates average gold production of 200kozpa between FY28-FY35, peaking in FY28. - AISC over the 11 year LOM estimated at US$1,211/oz. - CAPEX to first gold pour of US$523m. - Company reports post-tax NPV10 of US$202m using US$2,100/oz, increasing to US$617m at $2,700/oz for IRRs of 19% and 34% respectively. - Perseus has chosen to operate an open pit operation only, on a larger scale than the previous OreCorp feasibility study. - Perseus is conducting a resource definition drilling programme to potentially expand the ore reserve for Phase 2. - Perseus holds a stated goal of owning 3-4 operating mines producing 500-600koz at a cash margin of >US$500/oz. **LSE Group Starmine awards for 2024 commodity forecasting:** **No.1 in Precious Metals: ****SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024** **No.2 in Base Metals: ****SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024** **Analysts** **John Meyer – ** ** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** ****– 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Arthur Parish – **[Arthur.Parish@spangel.co.uk](mailto:Arthur.Parish@spangel.co.uk)** – 0203 470 0476** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne – **[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534** **Rob Rees – **[Rob.Rees@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0535** **Grant Barker – ****Grant.Barker**[@spangel.co.uk ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471** **SP Angel                                                            ** 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.** | | | | --- | --- | | 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 | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. 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