SP Angel Morning View -Today’s Market View, Monday 29th September 2025

Gold breaks through record highs on sustained ETF support as focus shifts to US shutdown

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – NED resignation

Ariana Resources (AAU LN) – Focus on growth following ASX dual-listing

Aurum Resources (AUE AU) – Drilling results from Boundiali, Cote d’Ivoire

Burgundy Diamond Mines (BDM AU) SUSPENDED – Suspension on pending funding package  

Great Western Mining (GWMO LN) – Exploration update from Rhyolite Dome and West Huntoon

Guardian Metal Resources (GMET LN) – Rock chip sample results from Pilot North project, Nevada

Keras Resources* (KRS LN) – Interims highlight good progress on organic phosphate sales in the US and manganese production in Togo

Mkango Resources* (MKA LN) – BUY – DFC $4.6m matched funding for MKAR

Metals One (MET1 LN) – Reconnaissance sampling results from Colorado uranium/vanadium project

Orosur Mining* (OMI LN) – Results show focus on development opportunity at Pepas and wider exploration drilling at El Cedro and El Pantano

Power Metal Resources* (POW LN) – Interim results as exploration focused on Oman and Canadian urnaium

Rockfire Resources (ROCK LN) – Farming out Queensland gold project to focus on the Molaoi zinc project in Greece

Gold ($$3,817/oz) breaks through record highs on sustained ETF support as focus shifts to US shutdown

• Gold prices jumped this morning in early trading, up 1.5% to record highs of $3,817/oz.
• The move builds on a strong rally last week, when the metal jumped 2% on sustained geopolitical tensions, and ETF inflows.
• ETF buying has accelerated, with holdings jumping 400koz this morning.
• We reiterate our view that ETF buying has a way to go, with 2020 and 2020 levels both higher than 105moz.
• This could provide further room to run for gold prices, as Western institutional investors increase their allocations to physical gold.
• US-government shut-down is looming unless a short-term spending bill can be agreed by 1st October
• Miners are rerating, with the VanEck Gold Miners index up 18% in the past month vs spot gold up 11%.
• Traders are also eyeing a potential US shutdown, with Trump set to meet US congressional leaders today to reach an agreement on a short-term spending bill.
• Focus also on US NFP labour data due on Friday, with expectations of a further slowdown in US hiring.
• Elsewhere, other precious metals are enjoying the rally, with platinum up 2.3% this morning to 2013 highs at $1,630/oz.
• Silver is also rallying, up 1% to $47/oz as traders look to position for a sustained rally on weaker dollar and geopolitical tensions.

Copper ($10,270/t) holds steady as market reels from supply disruptions

• Copper prices are off their post-FCX update highs of $10,501/t but remain elevated as traders digest the mud flow disaster at Grasberg.
• Benchmark Mineral Intelligence suggest the cumulative loss between September 8^th -2026-end will be 600kt of Cu.
• As a result, Benchmark has increased their 2026 deficit from 72kt to 400kt.
• Citi expect a 350kt deficit in 2027.
• Grasberg follows supply shocks from Kamoa Kakula, El Teniente, Hudbay’s Constancia and continued delays at Teck’s QB2.

• The 800,000t mud rush at Grasberg leads to questions on the long-term viability of operating a block cave in an environment of such high rainfall.
• Mining suspended as rescue workers look for another five missing miners with some parts of the mine might restart this year with the block cape potentially starting next year.
• We expect the Grasberg shutdown to exacerbate an already tight market leading to a significant deficit in copper by the year end.

Economics

US – Top congressional leaders to meet with President Trump on Monday in an effort to avoid a government shutdown this week.

• Earlier President Trump argued that Democrats need to drop demands for renewing healthcare subsidies and ending Medicaid cuts before he would agree to meet.
• Trump also suggested that a shutdown was likely.

UK – Chancellor signalled big tax rises in the coming Budget claiming “the world has changed”. (FT)

• Rachel Reeves blamed the wars in Ukraine and Gaza, rising global borrowing costs, US tariffs and new OBR forecasts behind projections for change in policy outlook.
• OBR is set to downgrade productivity forecasts leading to a budget gap of up to £30bn.
• The gap to include £5bn from the government’s retreat on planned welfare reform.

UK – Retail leaders warn of potential recession as rising costs and regulation combine to slow sales

• Around 25% of wealthy foreigners with foreign-held trusts are reported to have left the UK in response to last year’s Autumn budget.
• A lack of growth, wealth creation and slow job creation combined a slump in overseas trade is worsening business confidence.

Argentina – Trump offers Javier Milei $20bn support for peso

• US offering a $20bn peso swap facility to the Argentine central bank with the Federal Reserve.
• The idea is to enable ‘significant stand-by credit’ and reduce excess volatility.
• Argentina spent $1.1bn of their currency reserves last week propping up the peso.
• We view the $20bn as perhaps dissuading some funds not to short the peso but ultimately if the government can’t break Argentina’s habit of hiding money offshore and evading taxes then the currency will inevitably collapse as it has done so often for so many years.
• Curiously, some Argentinians who work abroad and who expect to gain from regular currency depreciation are less than happy at the currency’s recent strength.

Currencies

US$1.1725/eur vs 1.1678/eur previous. Yen 148.64/$ vs 149.84/$. SAr 17.262/$ vs 17.449/$. $1.344/gbp vs $1.335/gbp. 0.657/aud vs         0.653/aud. CNY 7.118/$ vs 7.135/$.

Dollar Index 97.90 vs 98.42 previous.

Precious metals:         

Gold US$3,811/oz vs US$3,747/oz previous

Gold ETFs 96.6moz vs 96.2moz previous

Platinum US$1,613/oz vs US$1,553/oz previous

Palladium US$1,280/oz vs US$1,256/oz previous

Silver US$46.8/oz vs US$45.0/oz previous

Rhodium US$7,125/oz vs US$7,175/oz previous

Base metals:   

Copper US$10,266/t vs US$10,227/t previous

Aluminium US$2,667/t vs US$2,647/t previous

Nickel US$15,240/t vs US$15,205/t previous

Zinc US$2,909/t vs US$2,895/t previous

Lead US$1,993/t vs US$2,002/t previous

Tin US$34,570/t vs US$34,405/t previous

Energy:

Oil US$69.4/bbl vs US$69.4/bbl previous

• The US Baker Hughes rig count rose 7 to 549 units last week (-38 or 6% y/y), with oil rigs up 6 to 424 units (-60 y/y) and gas rigs down 1 to 117 units (+18 y/y), as the Eagle Ford Formation gained 3 rigs to 45 units (-3 y/y).
• Total announced it would acquire a 49% interest in natural gas producing assets, owned and operated by Continental Resources in the Anadarko Basin, which have the potential to reach a gross production of around 350mmcfd/d by 2030.
• Greetings from Cape Town, where the SP Angel Energy Team, Richard Hail, Stuart Gledhill and David Mirzai, will be in town for Africa Energy Week. If you are attending, please get in touch to arrange a catch up over a suitable beverage.

Natural Gas €32.2/MWh vs €32.7/MWh previous

Uranium Futures $82.0/lb vs $83.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$103.1/t vs US$103.5/t

Chinese steel rebar 25mm US$449.5/t vs US$449.4/t

HCC FOB Australia US$187.0/t vs US$187.0/t

Thermal coal swap Australia FOB US$104.9/t vs US$104.9/t

Other:  

Cobalt LME 3m US$35,000/t vs US$35,000/t

NdPr Rare Earth Oxide (China) US$79,022/t vs US$78,832/t

Lithium carbonate 99% (China) US$10,016/t vs US$10,063/t

China Spodumene Li2O 6%min CIF US$830/t vs US$830/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$593/mtu vs US$593/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$270/t

US Titanium Dioxide TiO2 >98% US$2,979/t vs US$2,979/t

China Rutile Concentrate 95% TiO2 US$1,103/t vs US$1,100/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

UK pledges £1.5bn loan guarantee to Jaguar Land Rover

• Britain will provide a £1.5bn loan guarantee to support JLR’s supply chain after its production was halted by a cyberattack.
• JLR’s shutdown has lasted nearly a month, threatening small suppliers with cash shortages and job cuts.
• The loan will be privately financed but guaranteed by UK Export Finance, aimed at unlocking liquidity for affected suppliers.
• JLR, owned by Tata Motors, runs three UK factories producing ~1,000 cars per day, supporting thousands of jobs around Birmingham and Liverpool.

Niron Magnetics starts construction on rare earth-free magnet manufacturing plant in US

• The new plant has capacity fir 1,500tpa of REE-free permanent magnets in Minnesota, USA.
• Niron claims to have created a commercially viable new magnet material capable of producing superior permanent magnets from more abundant elements including iron and nitrogen.
• Management claim their iron nitride batteries hold exceptionally high magnetization and avoiding the need for REE-magnets.
• Samples from Niron’s pilot plant are being tested by a range of automotive and electronics manufacturers.

• Niron Magnetics claims its iron-nitride permanent magnets are 50% stronger than the neodymium-iron-boron magnets with a magnetic flux density of 2.4 Teslas, to Nd2Fe14B’s 1.6 Teslas.
• Niron also claims Iron Nitride magnets offer inherent stability over wide temperature ranges.
• But if resistivity is low, the magnets can overheat due to propagation of Eddy currents, degrading the magnet and limiting its performance.
• The use of high-resistivity fluoride coatings can reduce eddy current losses, especially in high-frequency applications can limit this issue but this adds complexity to the process.
• experts are sceptical that non-rare earth permanent magnets can be developed for powerful and efficient synchronous traction motors in the near future, according to IEEE Spectrum.  https://spectrum.ieee.org/permanent-magnet-tesla

Conclusion: REE magnets still appear to be preferred for high-performance applications with iron magnets used where cost and durability in harsh environments are more important than strength.

Company news

Andrada Mining (ATM LN) 2.95p, Mkt cap £60m – NED resignation

• Andrada Mining reports the resignation of non-executive director, Michael Rawlinson “to focus on other professional commitments”.
• Wishing Mr. Rawlinson “ every success in his future endeavours”, Chairman, Glen Parsons, thanked him for “his commitment, valuable insights and guidance during his tenure … [and said that] … It has been a pleasure working alongside him at Andrada”.

Ariana Resources (AAU LN) 1.63p, Mkt Cap £39m – Focus on growth following ASX dual-listing

• Ariana Resources reports a pre-tax profit of £0.2m for the six months to 30^th June 2025 (H1 2024 – £0.7m) bolstered by a £1m contribution from the company’s 23.5% interest in the Turkish mine operator, Zenit Madencilik.
• Unaudited accounts show a closing cash balance of ~£0.4m.
• The company highlights Zenit’s continuing financing of the development of the Tavsan mine project from internal resources and a “US$20 million loan facility provided by Türkiye Cumhuriyeti Ziraat Bankasi”.
• Following completion of the processing plant and receipt of final permits, operations at Tavsan are now underway.

• Today’s announcement also describes progress at the Dokwe project in Zimbabwe where an updated pre-feasibility study shows that, at a gold price of US$2,750/oz the project delivers an after-tax NPV_10% of US$354 million and an IRR of 75% from the production of ~795koz of gold “at an estimated all-in sustaining cost (“AISC”) of US$1,144 per ounce” over a 13 year mine life.

• Exploration at Dokwe delivered an increased mineral resource at Dokwe with a combined ‘Measured, Indicated & Inferred’ resource currently standing at “19.7Mt @ 1.54 g/t Au for 977,000 oz gold across the Dokwe North and Dokwe Central sites”.  Resources are reported at a 0.6g/t gold cut-off grade.
• Since 30^th June, Ariana Resources has completed its ASX dual listing and raised an additional A$11m “largely from institutions, and introduced the investment opportunity to a broader range of investors”.
• Managing Director, Dr. Kerim Sener, also confirmed that “Early in the period, Newmont Mining Corporation made a further investment in the Company, reflecting their confidence in the opportunities identified from successful generative exploration undertaken in the SE European region by the team at Western Tethyan Resources, of which we own 76%”.
• He explained that Newmon’s “financing has enabled activities to continue in Kosovo, while we await the grant of various exploration licence applications through the Kosovan authorities”.
• Dr. Sener reaffirmed Ariana Resources’ continuing focus “on advancing its high-quality pipeline of gold projects, leveraging strong market conditions and strategic partnerships to deliver shareholder value”
• He confirmed “Operational progress at Dokwe and Tavşan, combined with our enhanced financial flexibility following the ASX listing, positions the Company for continued growth”.

Conclusion: Following the dual listing in Australia, Ariana Resources is continuing to focus on operational growth, with its 23.5%-owned Turkish associate, Zenit Madencilik bringing the Tavsan mine on stream and continuing work delivering an increased mineral resource and improved economics at Dokwe in Zimbabwe.

Aurum Resources (AUE AU) A$0.67, Mkt Cap A$230m – Drilling results from Boundiali, Cote d’Ivoire

• Ivorian explorer Aurum, who hold the Boundiali gold project, report drill results.
• The Company has been conducting a 100,000m infill drilling programme at the 2.4moz project.
• Company believes it has confirmed high-grade continuous gold mineralisation.
• At BMT3, highlights include:
  • MBDD260: 1m at 152.35g/t Au from 96m
  • MBDD250: 21m at 4.06g/t Au from 128m, incl. 1.40m at 53.22g/t Au
  • MBDD255: 5m at 10.80g/t Au from 82m, incl. 4m at 13.45g/t Au
  • MBDD238: 6.65m at 6.23g/t Au from 52m
  • MBDD232: 9.30m at 4.44g/t Au from 75m, incl. 4.30m at 9.10g/t Au
• At BMT2, highlights include:
  • DSDD0254: 10.50m at 2.39g/t Au from 43.50m, incl. 1m at 22.81g/t Au
  • DSDD0252: 0.90m at 22.03g/t Au from 126m
• Management notes mineralisation at both deposits remains open along strike and at depth.
• Aurum has boosted its Company-owned fleet to 12 rigs, with drilling to expand to 130,000m in CY25.
• Company aims to deliver two MRE updates for Boundiali and Napie in 1Q26.
• PFS for Boundiali aimed for 1Q26.
• Cash and Montage shares reported at A$40m.

Burgundy Diamond Mines (BDM AU) SUSPENDED – Suspension on pending funding package  

• Struggling diamond miner Burgundy have gone into suspension on the ASX.
• The Company is working on the completion ‘of a funding package which is critical to the Company’s ongoing financial viability.’
• Management is aiming to release an announcement on the acquisition of sufficient external funding before October 16^th.

Great Western Mining (GWMO LN) 1.6p, Mkt Cap £2.8m – Exploration update from Rhyolite Dome and West Huntoon

• Great Western provides an exploration update from its exploration activities in Nevada.
• The Company is set to begin an RC drilling programme at Rhyolite Dome and West Huntoon next week.
• The programme will cover 1,800m.
• IP surveys are Rhyolite Dome have identified gold prospectivity and supported the delineation of drill targets.
• Assays will also be taken from three RC holes drilled at West Huntoon that were never analysed.
• Soil sampling due from the Pine Crow and Defender Tungsten projects are due back from the lab shortly.

Guardian Metal Resources (GMET LN) 111.5p, Mkt Cap £178m – Rock chip sample results from Pilot North project, Nevada

• Guardian Metal Resources reports results from a rock chip sampling programme from its recently acquired Pilot North project in the Walker Lane mineral belt, Nevada.
• Fieldwork at Pilot North, which is located around 15kn NW of the compnay’s Pilot Mountain project and hosts several WW2 era mines based on tungsten and copper skarn mineralisation, included the collection of 92 rock chip samples.
• The company reports that these samples reported:
  • “31 overlimit copper assay results including:14.65%, 10.6%, 9.21%, 8.86%, 7.22%, 6.92%, 6.89%, 6.78%, 6.7%, 6.27%, 5.56% and 5.3% Cu” as well as
  • “12 overlimit silver assay results including:708 g/t, 538 g/t, 496 g/t, 319 g/t, 284 g/t, and 276 g/t Ag” and
  • “13 overlimit tungsten trioxide (WO3) assay results including:0.59%, 0.46%, 0.40%, 0.36%, and 0.36% WO3”
• Guardian Metal Resources confirms that it “will be undertaking detailed geological mapping of the most prospective areas to guide the next exploration steps which may include geophysical surveys and diamond drilling”.
• CEO, Oliver Friesen, commented that the “combination of both the high tenor and consistency of the rock chip assay results-particularly in copper, silver, and tungsten-across much of the Project area is very encouraging and, in our view, underscores the potential importance of this developing opportunity for the Company”.

Conclusion: Encouragement from initial, early stage rock-chip sampling at the Pilot North project is being followed up with more detailed exploration which may identify future drilling targets.

Keras Resources* (KRS LN) 1.55p, Mkt cap £2.43m – Interims highlight good progress on organic phosphate sales in the US and manganese production in Togo

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

(The Nayéga manganese mine in Togo is 100% owned by Société Togolaise de Manganèse or the Government of Togo)

• Keras reports significant progress in the growth of its operations in Utah and with the start of mining at the Nayéga manganese mine in Togo.
• The company has made its final payment to the previous owner of Falcon Isle Resources and has developed an Integrated Granulator Plant at its Delta Facility in Utah.
• Keras’ organic rock phosphate ore is sold as PhosAgri and has received organic certification by all three key certification agencies in the USA.
• As a Direct Shipping Ore it requires no chemical or synthetic upgrade processes, contains low heavy metal impurities, available P2O5 of between 11%-15% which is 3x higher than any other organic phosphate produced North America, and a calcium content of >25%.
• Ore is also transformed into a PhoSul® granulate comprising 80% of Keras’ high grade organic rock phosphate from its Diamond Creek mine.
• Sales of Phosul® granulate and Falcon Isle’s dry rock phosphate products rose 21% to 3,934t vs 3,238t yoy with sales limited by upgrades and optimisations to the plant in the planting season.
• Financials:
• Interim loss of £299,000 vs £436,000 yoy due to reduction in operating and admin costs.
• Sales fell £415,000 vs £556,000 but are expected to be significantly stronger to end September 2025 and to outstrip the first half now the Phosul® granulate plant is running.
• Phosphate sales are expected to exceed the £753,000 seen in 2024 depending on sales of organic phosphate to farmers.
• Convertibles: £750,000 issued on 25 June and used to pay the final tranche of $800,000 to complete the acquisition of Falcon Isle Resources Corp.
• The Nayéga manganese mine shipped 2,700t of ore on 5 September earning advisory fees and revenue royalites on news with management maintaining close contact with the Togo Ministry of Mines.
• The mine appears to be meeting expectations of processing ore at an initial rate of 4,000tpm of saleable manganese for the first 3 months with nameplate capacity expected at 8,000tpm thereafter.
• Keras holds a 1.5% royalty advisory fee plus 6.0% of gross revenue from the mine over the lesser of 3.5 years or 900,000t of beneficiated manganese ore sold..
• The deal with the Togo government should give nearly $0.9m a year at a price of $3.5/dmt for manganese and production of 7,480tpa equating to some $2.6m over three years.
• Manganese ore prices for 38%min FOB South Africa have recovered to $3.20-3.35/dmtu from a low of around $3/dmtu in April.

Conclusion: Keras has worked hard to develop sales of organic phosphates in the US. Sales were held back by optimisation of the Phosul® granulate plant during the planting season but are now making strong gains. Revenue from manganese sales and advisory fees in Togo will also boost profits through the second half.

*SP Angel acts as nomad and broker to Keras

Mkango Resources* (MKA LN) 45p, Mkt Cap £146m – DFC $4.6m matched funding for MKAR

BUY

• Lancaster Exploration (to be renamed Mkango Rare Earths Limited, MKAR), a wholly owned subsidiary of the Company, secured $4.6m project development funding with US International Development Finance Corporation.
• MKAR covers upstream/midstream part of the Mkango portfolio (ie Songwe Hill Rare Earth Mine in Malawi and Pulawy Rare Earths Separation Plant in Poland) and is in the process of getting listed on NASDAQ.
• Proceeds to be used on project FEED and value engineering studies.
• Funding is subject to certain conditions and is to be matched by equal contributions by MKAR over the next 18 months.
• Funds are repayable if MKAR secures full project funding over the 10 years from signing the agreement with DFC.
• For the period of five years post termination of the agreement, the DFC has an option to offer project funding on comparable or better commercial terms than other available options at the time.
• DFC was established in 2019 and is partnering with the private sector to advance US foreign policy and strengthen national security investing across such strategic sectors as critical minerals, modern infrastructure, and advanced technology.

Conclusion: Securing funding from the US state owned DFC provides strong validation of the strategic importance and viability of Mkango’s rare earths projects. This support not only enhances credibility with future investors and lenders but also signals positive momentum towards unlocking larger-scale project financing.

*SP Angel acts as nomad and broker to Mkango Resources

Metals One (MET1 LN) 3.93p, Mkt Cap £32m – Reconnaissance sampling results from Colorado uranium/vanadium project

• MetalsOne reports that reconnaissance rock-chip and scintillometer surveying at its Uravan uranium and vanadium project has confirmed uranium mineralisation associated with the historical mines in the area.
• The majority of the 19 rock chip samples come from “historic waste dumps associated with former uranium-vanadium workings, confirming the high tenor of ore historically mined in the district”.
• The mineralisation is “hosted in sandstone of the Salt Wash Member, Morrison Formation, dominated by … [the minerals] … carnotite and uraninite, with some roscoelite”.
• Chairman, Craig Moulton, confirmed that “these results are not from in-situ mineralisation and cannot be taken as indicative of average grades, they provide strong validation of the scintillometer anomalies identified in our survey and evidence of high value material mined historically from many visible adits”.
• Mr. Moulton explained that MetalsOne’s “next steps will involve surveying the historical adits across the anticline to understand the extent and grade of these occurrences and therefore determine the exploration potential of the Project”.

Conclusion: Early-stage sampling, largely of historic mine dump material, confirms uranium and vanadium mineralisation at the Uravan project, Colorado.

Orosur Mining* (OMI LN) 27p, Mkt Cap £62m – Results show focus on development opportunity at Pepas and wider exploration drilling at El Cedro and El Pantano

• Orosur reports FY25 results to May 31st.
• The Company has made good progress in Colombia, and is now exploring development options for Pepas.
• These include in-fill drilling programme ongoing, with an MRE due in December.
• At El Cedro, earlier stage exploration is ongoing, with soil sampling assays showing an anomalous gold zone, with wider sampling now underway.
• In Argentina, Orosur holds a 51% interest in El Pantano and will look to earn 100% in the project via a $2m spend.
• El Pantano exploration has included geophysics to further delineate drill targeting.
• Orosur reports a cash balance of $4.9m at period end, and $4.2m as of today.
• Orosur announced a C$20m placing on September 18^th, with the option to raise an additional C$2m through the issue of 58.8m new shares at C$0.34/share.

Conclusion: Orosur’s FY25 results show good progress at Pepas, where they are aiming to deliver an MRE by December, followed by an economic assessment. Following development studies at Pepas for small scale mining, Orosur will look at wider exploration drilling. Meanwhile, exploration continues at El Cedro, where the Company is aiming to drill next year. Drilling at El Pantano is due to start this year.

*SP Angel acts as Nomad and Broker to Orosur Mining

Power Metal Resources* (POW LN) 15p, Mkt cap £18m – Interim results as exploration focused on Oman and Canadian urnaium

• Project incubator Power Metal Resources reports interim results for the year to 30^th June 2025.
• Operating expense reported at £2m over the six-month period.
• Profit reported at £5.2m, with EPS reported at 4.7p/share.
• Cash at period end reported at £4.4m.
• The Company is advancing exploration efforts across its joint ventures in Oman and Canada.
• In Oman, POW reports positive rock chip and float samples from Al Maider, where results included 7.85%, 4.46% and 1.75 Cu.
• At Al Mansur, also on the Block 8 Project, geophysical surveys identified five anomalies, with in-fill gravity surveys defining the AM1 and AM2 prospects as high-priority targets.
• In Canada, where POW is exploring for uranium in JV with UCAM, a wide-ranged exploration programme has identified several key prospects.
• Drilling at Drake Lake Silas and Perch River has further boosted the Company’s understanding of the property, whilst a 2,400m diamond programme at Badger Lake is set to get underway soon.
• Two zones of mineralisation were confirmed at Drake Lake-Silas, whilst a shear structure was tested at depth at Perch River.
• A drilling programme is also due to begin in 1Q26 at East Hawkrock.
• Post-period, POW has sold its remaining cash consideration in Guardian Metals, with total funds received at £22.8m, vs original investment of £1.9m.
• FDR listed on AIM in July 2025, raising gross proceeds of 43%, POW retains 43.44% in the Company, valued today c.£3.9m.
• In September, POW announced intentions to invest £3m into Minestarters, a blockchain-enabled mine financing platform, earning a 49% stake.

Conclusion: This has been a good year for Power Metals, who have realised a major gain in Guardian Metals, generating total cash of £22.8m from an original investment of £1.9m. This underlines the potential of POW’s business model, generating early-stage value in exploration ventures before spinning them out. Their uranium JV in the Athabasca Basin is gaining pace, with exploration advancing across several highly prospective properties. Elsewhere, the hunt for copper continues with drilling underway in Oman.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Rockfire Resources (ROCK LN) 0.23p, Mkt Cap £13m – Farming out Queensland gold project to focus on the Molaoi zinc project in Greece

• Rockfire Resources which is focussed on exploring the Molaoi zinc project in Greece, reports that ASX-listed Eastern Resources is farming-in to Rockfire’s wholly-owned Marengo gold project in Queensland.
• Eastern Resources will assume commitments to:
  • Spend at least A$500,000 during the first year to earn a 20% interest in the project; and
  • Spend at least a further A$500,000 during the second year to earn an additional 31% interest; and
  • Spend a further A$750,000 during the third year to earn a further 29%.
• Rockfire Resources will retain a residual 20% interest with a commitment to pro rata funding of future expenditure.
• Chief Executive, David Price said that “this Farm-in and eventual joint venture is a positive step for the Marengo project and for Rockfire generally. This enables our team to focus its efforts on the Molaoi project in Greece and allows for the advancement of Marengo at the same time”.

Conclusion: Farming out its Queensland gold project allows Rockfire Resources to focus on the exploration of its the Molaoi deposit while retaining a residual 20% exposure to the Marengo project.

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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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

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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.