SP Angel Morning View -Today’s Market View, Monday 30th June 2025

Copper rises as dollar weakens and low TCRC fees highlight tight concentrate market

MiFID II exempt information – see disclaimer below

Bezant Resources (BZT LN) – Chairman confirms focus on the development of the Hope & Gorob project in Namibia

Great Western Mining* (GWMO LN) –2024 results

Guardian Metal Resources (GMET LN) – Additional tungsten mineralisation identified at the Tempiute tungsten project, Nevada

Keras Resources* (KRS LN) – Results highlight investment into Falcon Isle organic phosphate infrastructure in Utah, USA

Kodal Minerals* (KOD LN) – KMUK signs zero-discount offtake agreement on 6% spodumene from Bougouni Lithium Project in Mali

Liontown Resources (LTR AU)   – CFO and COO depart

Metals One (MET1 LN) – Chairman’s report outlines geographical and commodity spread of exploration activities

Power Metal Resources* (POW LN) – FY24 results

Strategic Minerals* (SML LN) – Reanalysis of historic samples identifies silver at Redmoor.

West African Resources (WAF AU) – First Pour at Kiaka

Copper ($9,850/t) rises as dollar weakens and low TCRC fees highlight tight concentrate market

• Copper prices have extended gains, supported by further weakness in the US dollar.
• Antofagasta’s recent TCRC fee delivered at $0/t, although better than spot, highlights continued tight concentrate supplies.
• Smelter capacity has jumped significantly, driven by expansions in China, Indonesia and the DRC.
• Supply shocks have come recently from Ivanhoe’s Kamoa Kakula, which cut guidance on seismic damage.
• Additionally, the market continues to focus on Trump’s Section 232 investigation into copper markets, pushing COMEX prices higher as traders move metal to the US in fear of upcoming tariffs.
• First Quantum has reportedly started shipping its 120kt of stockpiled concentrate from Cobre Panama (Bloomberg).

Rare Earths – Exports of RE magnets are seen picking up from China following further talks between China/US, although, automakers warn of a continued risk of shortages.

• Export approvals to Europe increased to ~60% of the requested licenses, up from 25% just earlier this month.
• Magnet exports seen a drop of 75% at one point after China restricted shipments of seven rare earth elements and magnets in April.

Earlier, the WSJ reported that China is aiming to limit a flow of RE processing technical expertise to the West.

• According to the WSJ, China’s Ministry of Commerce asked its rare earth companies to provide the government with personnel lists as the government is looking to control industry professionals movements making sure they do not reveal trade secrets.
• Some people reportedly have been asked to turn in their passports to either their companies or local authorities to prevent the m from leaving the country.

Trade IG: Trading Experiences with Angeline Ong: Talk starts 2:16 into the video: 

Vox Markets: Mining Matters: https://www.voxmarkets.co.uk/articles/mining-matters-sp-angel-s-john-meyer-on-commodities-capital-and-change-7c82c6d/

Economics

US – The Senate begins voting on “Big, Beautiful Bill” today with Trump aiming to pass the legislation before the July 4 holiday.

• The bill was passed by the House last month by a small majority.
• The bill involves extending tax cuts, reducing social spending and increasing federal debt.
• The non partisan Congressional Budget Office said that the bill will add more than US$3.2tn to US national debt over 10 years.
• The White argued the bill will ultimately cut budget deficits and bring debt to GDP ratio down.

Canada/US – Canada withdraws its digital services tax on technology companies after President Trump said he was ending all trade negotiations on Friday afternoon.

• “Rescinding the DST will allow the negotiations to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians,” Finance Minister Francois-Philippe Champage said.
• The digital services tax was passed into law last year and involves charging 3% of the digital services revenue a firm earns from Canadian users above C$20m in a calendar year.

China – Official PMIs came in slightly ahead of expectations in June, although, manufacturing sector continued to contact for a third consecutive month.

• Composite PMI climbed on the previous month which is probably a reflection of a temporary agreement to lower US/China tariffs last month.
• Manufacturing PMI (Jun/May/Est): 49.7/49.5/49.6
• Services PMI (Jun/May/Est): 50.5/50.3/50.3
• Composite PMI: (Jun/May/Est): 50.7/50.4/NA

Ukraine/Russia – Kremlin launched the most extensive air strike of Ukraine since the start of the invasion, FT cites Kyiv.

• Ukraine air force said Russia fired 537 aerial weapons overnight including drones and missiles while Ukrainian air defences intercepted only just under 250.
• The attack marks a major escalation as ceasefire discussions seem to have stalled.

Zijin Mining (2899 HK) HKD20, Mkt Cap HKD566m – Gold mine acquisition in Kazakhstan for US$1.2bn

• Zijin Mining acquires 100% in the Raygorodok Gold Mine project in Kazakhstan paying US$1.2bn.
• The Raygorodok operation is located in northern Kazakhstan Akmola region and hosts 241mt at 1.01g/t for ~8moz in total resource and ~3moz in reserves.
• Mining operations includes two open pit mines.
• The mine is owned 65/35 by V Group, under management of Kazakhstan based Verny Capital, and RCF.
• The transaction is expected to close 30 September 2025.

Currencies

US$1.1738/eur vs 1.1715/eur previous. Yen 143.80/$ vs 144.50/$. SAr 17.756/$ vs 17.850/$. $1.372/gbp vs $1.374/gbp. 0.654/aud vs 0.655/aud. CNY 7.163/$ vs 7.169/$.

Dollar Index 97.09 vs 97.23 previous.

Precious metals:         

Gold US$3,295/oz vs US$3,285/oz previous

Gold ETFs 90.6moz vs 90.4moz previous

Platinum US$1,375/oz vs US$1,382/oz previous

Palladium US$1,155/oz vs US$1,139/oz previous

Silver US$36.2/oz vs US$36.2/oz previous

Rhodium US$5,475/oz vs US$5,450/oz previous

Base metals:   

Copper US$9,870/t vs US$9,887/t previous

Aluminium US$2,598/t vs US$2,575/t previous

Nickel US$15,225/t vs US$15,160/t previous

Zinc US$2,770/t vs US$2,765/t previous

Lead US$2,047/t vs US$2,036/t previous

Tin US$33,775/t vs US$33,650/t previous

Energy:           

Oil US$67.6/bbl vs US$68.2/bbl previous

• Crude oil prices fell on speculation that OPEC+ would decide at its upcoming meeting to implement another output hike in August, as the geopolitical risk premium continues to weaken.
• The US Baker Hughes rig count was down 7 to 547 units last week (-34 or 6% y/y), with oil rigs down 6 to 432 units (-47 y/y) and gas rigs down 2 to 109 units (+12 y/y), as Wyoming lost 5 rigs to 18 units (+7 y/y).
• The IEA’s Oil 2025 report forecasts China’s consumption peak in 2027, following a surge in electric vehicle sales and the restructuring of its economy, will contribute to a 2.5mb/d increase in global oil demand between 2024 and 2030, which plateau of c.105.5mb/d by the end of the decade, roughly 9mb below global oil supply.

Natural Gas €32.8/MWh vs €33.0/MWh previous

Uranium Futures $78.9/lb vs $78.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$94.4/t vs US$94.5/t

Chinese steel rebar 25mm US$459.0/t vs US$459.0/t

HCC FOB Australia US$178.5/t vs US$178.3/t

Thermal coal swap Australia FOB US$107.3/t vs US$106.9/t 

Other:  

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

NdPr Rare Earth Oxide (China) US$62,054/t vs US$62,077/t

Lithium carbonate 99% (China) US$8,348/t vs US$8,356/t

China Spodumene Li2O 6%min CIF US$625/t vs US$610/t

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

China Tungsten APT 88.5% FOB US$428/mtu vs US$428/mtu

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

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

Europe Ferro-Vanadium 80% US$24.3/kg vs US$24.3/kg

China Ilmenite Concentrate TiO2 US$290/t vs US$289/t

China Rutile Concentrate 95% TiO2 US$1,096/t vs US$1,095/t

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

Brazil Potash CFR Granular Spot US$362.5/t vs US$362.5/t

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

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

EV news

BMW trialing solid-state batteries in i7 SUV with its Solid Power partnership

• BMW is road-testing solid-state batteries in an i7 SUV near Munich, using its partnership with Solid Power to explore higher energy density and improved safety in EVs.
• The test car employs large-format, pure ASSB cells which boast a combination of higher energy density, compact size, and a reduction in the likelihood of catching fire.
• BMW is using the test vehicle to gain a better understanding of the management of battery cell expansion and how to control the operating pressure in response to changing temperature conditions.
• The companies have not disclosed when they might introduce solid-state batteries into production vehicles.

Is wireless charging the future of commercial EV fleets?

• InductEV’s  has been running a three-year wireless charging project in Gothenburg, Sweden, which has seen positive results.
• The project involved 20 electric Volvo XC40 taxis that were charged wirelessly via two charging stations with four in-ground chargers delivering up to 75kW.
• The tests saw 10,000 charging ‘events’ with 100% uptime.
• The charging stations also saw perfect operation in all weather conditions including rain, snow and ice.
• Induct EV are also trialling wireless charging with cargo handling equipment at the Port of Long Beach in California.

Company News

Bezant Resources (BZT LN) 0.03p, Mkt cap £6.2m – Chairman confirms focus on the development of the Hope & Gorob project in Namibia

• Bezant Resources reports a 2024 loss of £1.0m (2023 – loss of £6.1m) and a closing cash balance of £88,000.
• In his letter to shareholders Executive Chairman, Colin Bird, expressed confidence “that our Hope and Gorob copper – gold Project … [in Namibia] … will come into production” in an environment of strong copper and gold prices.
• Mr. Bird explained that recent “large-scale dry ore sorting trials on representative ore from Hope & Gorob … achieved excellent results … [and that] … subsequent lower grade material upgraded to expectation and produced a pre-concentrate at the requisite grade necessary to maintain positive project economics”.
• He confirmed Bezant Resources’ confidence in ore-sorting delivering “a feed grade in excess of 2.8% copper, 0.6g gold and 13g silver, which in this day and age is an excellent raw ore feed for a flotation plant”.
• He also explained that “the area between Hope and Gorob, being some 17km and previously subjected to 69,000m of drilling will be our next target for additional Mineral Resource development and expansion with expectations of deeper ore providing the potential for a future significant underground mining operation”.
• Once it achieves full-scale commercial production, Hope & Gorob is expected to produce around 7,000tpa of copper equivalent in concentrate “from open pit mining for at least 6 years, and we are confident that open pit mining will continue for an extended period yet to be defined by drilling”.
• Commenting on other projects, follow-up work is expected following the identification of geophysical based drilling targets at the Kanye Battery Manganese project in Botswana
• The Chairman’s statement also confirms the previously announced disposal of the Eureka project in Argentina and the decision to “discontinue our interest in the PCB Mining Ltd project in Zambia, based on complex ownership issues and the short term lack of prospectivity of the project relative to the Hope and Gorob project in Namibia which is our current main focus”.

Great Western Mining* (GWMO LN) 0.94p, Mkt Cap £1.7m –2024 results

• Nevada-based explorer Great Western reports full year results to 31^st December 2024.
• The Company reports a loss of €1.7m, from €0.95m 2023 reflecting an impairment provision for relinquished claims.
• Cash at year-end was €0.3m, with the company raising a further £1.25m gross post-year end.
• Over 2024, Great Western continued to progress their Nevada claims package, also completing the construction of their processing mill JV.
• The Company has built a large-scale porphyry target at the West Huntoon project, which is set to see drilling this year.
• GWM will also complete geophysics and a maiden drilling programme at the Rhyolite Dome gold prospect.
• More recently, GWM’s tungsten prospectivity has improved significantly with sampling returning high-grade tungsten samples at Pine Crow and Defender.

Conclusion: 2024 marked a year of steady progress for Great Western, who have been advancing a range of copper, gold and tungsten projects in Nevada through low-cost exploration. A recent capital raise will now fund drilling at the Company’s copper porphyry target, a maiden programme at the Rhyolite Ridge gold target and further advancement of the recently expanded tungsten claims. JVs in both precious metal processing and exploration alongside Bronco Creek provides further potential for value creation, with the mill’s construction now complete and next steps being analysed.

*SP Angel act as Broker to Great Western Mining, an SP Angel Analyst has visited Great Western’s Nevada claim blocks.

Guardian Metal Resources (GMET LN) 55p, Mkt Cap £75m – Additional tungsten mineralisation identified at the Tempiute tungsten project, Nevada

Power Metals Resources* (POW LN) 12.5p, Mkt cap £14m – (Power Metals* holds a 19.5% stake in Guardian Metal Resources)

• Guardian Metal Resources reports that it has identified skarn-hosted tungsten mineralisation over at least 1,300m of strike length in an area containing historic underground mines at the Tempiute tungsten project in Nevada, which it acquired in January.
• Rock chip sampling has “returned assay values up to 0.94% tungsten trioxide”.
• The company also confirms the identification of tungsten and gallium skarn mineralisation “at newly claimed exploration targets named the ‘East Zone’ located along the east margins of the Tempiute north quartz monzonite stock”.
• Sampling in the East Zone area included “results up to 1.2% WO₃ with 90 ppm Ga and 0.87% WO₃ with 100 ppm Ga”.
• Sampling of an historic ore stockpile “immediately adjacent to the crusher site” assayed at “0.16% WO₃ with 60 ppm Ga, 0.33% WO₃ with 40 ppm Ga and 3.97% Zn, and 0.40% WO₃. Two grab samples collected from a separate sulphide/gossan rich stockpile, recently claim staked by the Company, contain 7,960 ppm Zn with 0.04% WO₃, and 3,020 ppm Zn with 0.08% WO₃ ppm”.
• Guardian Metal Resources also confirms that it “has significantly expanded its land position by staking 31 additional Bureau of Land Management (“BLM”) Mining Claims … [and that] … Geochemical sampling of these newly identified areas has confirmed the presence of significant tungsten mineralisation”.
• CEO, Oliver Friesen, explained the “results from Tempiute highlight how much untapped potential remains in one of America’s most historically significant tungsten districts”.

Conclusion: Guardian Metal Resources has confirmed the tungsten potential of its new Nevada tungsten project and identified and staked new mineralised zones. The US Government is moving to secure indigenous sources of tungsten as a strategic commodity we await news of exploration progress at both Tempiute and the company’s other project at Pilot Mountain with interest.

*SP Angel acts as Nomad and Broker for Power Metals

Keras Resources* (KRS LN) – 1.6p, Mkt cap £1.5m – Results highlight investment into Falcon Isle organic phosphate infrastructure in Utah, USA

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

• Keras Resources reports results for the year to end-December 2024.
• Keras sold 5,297t of PhosAgri Organic, a high-grade dry rock phosphate last year an increase of 15% on the 4,606t sold in 2023.
• Management commissioned a new Integrated Granulator Plant last June increasing production.
• Run of mine ore is now stored in a dry, under-roof environment which will significantly benefit the beneficiation process.
• Revenue rose to £753,000 in 2024 vs £446,000 and should improve further depending on sales of organic phosphate to farmers.
• Cost of sales: rose to £825k from £386k as production ramped up.
• Operating loss rose to £670k from ££296k due to the increase in activity and expansion of facilities.
• Finance costs rose to £208k from £173k due to additional debt though the restructuring of the debt facilities has done much to keep debt costs down.
• Total loss rose to £753k from £475k
• Cash flow: “Falcon Isle is currently generating positive cash flow, having completed its planned investments in property and equipment. This cash flow is forecast to increase materially as a result of the Joint Venture through Phosul Utah LLC, which company incurred start-up losses in 2024, but is forecasting positive results for 2025.”
• Togo: “the agreement for the provision of advisory and brokerage services in the Republic of Togo is expected to generate positive cash flow for Keras over the next three years.”
• Debt restructured: Keras issued convertible loans of £300,000, converting at £0.04, £597,805 convertible at £0.0275  and FIR issued Promissory Notes of $350,000 7%pa and £597,805 8%pa interest rate.
• On 25 June 2025 the Keras also issued zero coupon convertible loan note for £750,000
• Use of funds: “Funds were used to acquire the Delta facility and repay the remaining consideration for its acquisition of FIR and Falcon Isle Holdings LLC in March 2022, which 100% owns the Diamond Creek high grade phosphate mine”
• Diamond Creek is considered to be the highest-grade rock phosphate project in North America and the granulator plant should enable Keras to take good advantage of its position as the only 100% independent organic rock phosphate producer in North America.
• Management: Keras also appointment of Colton Hale as managing director of the Diamond Creek mine and Falcon Isle process plant in Utah.
• Colton Hale has hands-on experience in mining with Rio Tinto, Burningham Enterprises and Bodell Construction and formerly worked as a Senior Financial Analyst at Rio Tinto and as a Project Superintendent at Bodell Construction.

*SP Angel acts as nomad and broker to Keras

Kodal Minerals* (KOD LN) 0.25p, Mkt Cap £55m – KMUK signs zero-discount offtake agreement on 6% spodumene from Bougouni Lithium Project 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 signing of the offtake agreement with Hainan Mining for the spodumene concentrate from the stage 1 DMS ‘Dense Media Separation’ plant at Bougouni, Mali.
• The Stage 1 DMS line should do 100-120,000tpa with the mine expected to ramp up to a potential capacity of 1.4mtpa of > 5.5% Li2O.
• The four-year offtake agreement is between the local subsidiary held by KMUK in which Kodal has a 49% stake and Hainan Mining Co. Ltd.
• Spodumene concentrate prices will be referenced to the SMM ‘Shanghai Metals Market’ published price for 6% spodumene concentrate on CIF and FOB prices for delivery in China.
• Price adjustments will be based on grade and quality of material delivered as well as calculated FOB and CIF prices for at the loading port in West Africa.
  • “No discount is applied to the SMM published price for the calculation reflecting the arms’ length negotiation of the parties in finalising the agreement”
• The parties are also negotiating an agreed floor price for a minimum 8,000t per month of 5.5% spodumene concentrate to start 1 January 2026.
• An initial payment will be made on ship loading of 95% of the value of the shipment, with the remaining 5% to be paid following delivery and confirmation at the destination port in Hainan, China.
• The contract is an exclusive a “take or pay” agreement for exclusive delivery to Hainan.
• Assays at the minesite, at the departure port and at the destination port will be used to confirm payment.
• Quality controls are for Li2O content, iron impurity and moisture content
• Mining and Processing Operations continuing on site with over 40,000t of spodumene concentrate produced and ready for export.

Conclusion:  There was little doubt over the signature of the offtake agreement due to the expected quality of the spodumene concentrate from Bougouni.

We continue to await news on the export of spodumene concentrates from Mali.

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

Liontown Resources (LTR AU)  A$0.7, Mkt cap A$1.7bn – CFO and COO depart

• Liontown, who have recently developed the Kathleen Valley lithium spodumene project, report management changes.
• Jon Latto, CFO, has stepped down, set to be replaced by Head of Finance Graeme Pettit.
• COO Adam Smits will also step down, with Ryan Hair, who recently led operations at Mount Holland and the commissioning of the Covalent hydroxide refinery in Kwinana, set to fill the position.

Metals One (MET1 LN) 16p, Mkt Cap £36m – Chairman’s report outlines geographical and commodity spread of exploration activities

• MetalsOne reports a 2024 loss of £1.62m (2023 – loss of £1.75m) and a closing cash balance of £33,640.

• In his statement to shareholders Chairman, Craig Moulton explained that the “cash position was bolstered in April 2025 following a retail offer and equity fundraise delivering net proceeds of £3.1 million”.
• Commenting on the difficult financing climate for junior resource companies, he said that with “the prolonged depressed nickel price, sourcing the investment to continue to fund our Black Schist Project became challenging … [while pointing out that the company has] … exceptional exposure to a future rebound in the nickel market with our Black Schist Project” in Finland.
• During 2024, the company increased the Black Scist Project’s mineral resource by more than twofold to 57.1mt “with contained metals of 105.8kt of nickel, 51.9kt of copper, 6.9kt of cobalt, and 276kt of zinc” prompting it to commission a Preliminary Economic Assessment (PEA).
• Drilling at the Råna project in Norway, during 2023, “identified multiple high-priority targets as well as new zones of nickel sulphide mineralisation, while drilling in 2024 intercepted new zones of nickel-copper mineralisation, further demonstrating the Råna Intrusion’s scale potential”.
• Australian-listed Kingrose Mining currently holds 51% of the project and, “has a right to earn up to 75% over eight years through staged expenditure of up to A$15 million … [with MetalsOne fully carried and today’s announcement explains that] … Kingsrose is considering how best to advance the Råna Project”.
• Following an announcement in April on the acquisition of the Hammaslahti Copper-Zinc Project and Outokumpu Copper Project in Finland, MetalsOne “is preparing to drill test Hammaslahti later this year, following the identification of significant sulphide mineralisation, and to advance geophysical surveys of targets at Outokumpu in preparation to drill”.
• In May 2025, MetalsOne also “announced the potential acquisition of a platinum group elements project in Norway … [the Lillefjellklumpen project, which] … comprises a 20 km² exploration licence hosting high-grade platinum group elements, gold, nickel, and copper mineralisation”.
• Surface samples returned assays of “up to 17.5 g/t Pd+Pt, alongside significant gold, nickel, and copper grades” with the geology reported to show similarities to “deposits such as Sudbury (Canada) and Bushveld (South Africa)”.
• In the company’s US uranium exploration projects, exploration is focussing on the Uravan Belt of Colorado and the Squaw Creek project in Wyoming’s Shirley Basin.
• Elsewhere in the US, MetalsOne acquired the Swales gold property in Nevada marking its “entry into the gold exploration sector” with a property “located approximately 13 miles northeast of Nevada Gold Mines’ Carlin Complex, the single largest gold-producing complex in the world”.

Conclusion: MetalsOne’s exploration portfolio ranges from nickel and PGMs in Scandinavia to uranium and gold projects in the United States.

Power Metal Resources* (POW LN) 12p, Mkt cap £14m – FY24 results

• Power Metal Resources reports 15-month results to 31^st December 2024.
• The Company reported a profit of £3.9m over the year, driven by gains on sales of subsidiary interests.
• Cash at period-end was £446k.
• Post-period, POW sold £9.2m worth of GMET shares in February, using proceeds t redeem a £2m loan note issued to ACAM.
• Additionally, the Company sold a 30% interest in Silver Peak for C$410k.
• In North America, POW has advanced its Fermi JV with UCAM and is set to begin drilling imminently following several quarters of target delineation.
• In Oman, POW is advancing drill target delineation at the Block 8 base metals project, where they are earning in for a 12.5% stake.

Conclusion: Power Metals is well funded having sold down a significant portion of its Guardian Metals stake for $9.2m gross. Not only does this leave the company well capitalised to advance its high-priority exploration programmes in Canada for Uranium and Oman for base metals, but it also proves the project incubation strategy. 2H25 is set to be a busy period for POW, with drilling across their Fermi JV uranium projects in the Athabasca Basin due to start imminently.

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

Strategic Minerals* (SML LN) 0.3p, Mkt Cap £6.9m – Reanalysis of historic samples identifies silver at Redmoor.

• Strategic Minerals reports that its continuing programme of re-logging and analysis of historic samples at its Redmoor project in east Cornwall has shown silver mineralisation associated with copper within the Sheeted Vein System.
• Today’s announcement highlights the following copper/silver associations

• • A 0.75m interval from a depth of 367.25m in hole CRD-011 containing 8.70% copper and 105g/t silver; and
  • 1.75m from a depth of 413.67m in hole CRD-031 assaying 7.35% copper and 9.11g/t silver; and
  • 3.00m averaging 2.60% copper and 35.8g/t silver from 298.13m depth in hole CRD-020; and
  • 1.11m averaging 3.79% copper and 52.4g/t silver from 257.93m depth in hole CRD-007; and
  • 0.86m averaging 3.27% copper and 50.6g/t silver from 326.14m depth in hole CRD-009; and

• The company explains that it selected “111 archived drillcore pulp samples from historical drilling … and submitted … [them] … for Ag-specific analysis” and results “indicate a strong positive relationship between copper sulphide mineralisation at Redmoor”.
• The relationships between copper and silver “will be investigated further as the project develops”.
• Project Manager, Dennis Rowland, commented that “Alongside the recently announced upgrade to historical tungsten sample results … these new results and the ongoing investigation into the potential relationship between copper and silver mineralisation at Redmoor highlight the unrecognised and unstudied potential for further economic indicators for the project”.
• We understand that the ‘Sheeted Vein System’ hosts multiple closely spaced “sub-parallel veins dipping at around 70⁰“ to the north containing the majority of the current, 11.7mt ‘Inferred’ resource estimate 0.17% tin, 0.56% tungsten trioxide and 0.50% copper.
• In releasing the resource estimate, in February 2019, the company said that the Sheeted Vein System “hosts the high-grade zones, over a strike length exceeding 1,000m and for some 650m down dip… [in a] … series of discrete high-grade zones, sub-parallel to the overall SVS envelope and to each other” within a zone approximately 100m wide.
• Mr. Rowland confirmed the company’s intention “to continue these investigations as we progress both the relogging and sampling campaign, and the match grant funded drilling programme, so that new datasets are available to be included in the remodelling of the Redmoor deposit for potential inclusion in the planned mineral resource estimate update in Q1 2026”.
• The latest phase of drilling, comprising a 9-hole, 5,300m campaign started last week and is to be completed in two phases over around months.

Conclusion: The identification of silver associated with the copper in the Sheeted Vein System at Redmoor adds a further dimension to the suite of minerals within the mineralised bodies and may provide additional economic potential to the project as part of the forthcoming updated mineral resource estimate.

*SP Angel acts as Nomad and broker to Strategic Minerals

West African Resources (WAF AU)  A$2.3, Mkt cap A$2.6bn – First Pour at Kiaka

• Burkina Faso gold producer WAF reports first pour at the Kiaka Gold Project.
• Construction completed 2Q25, with Company highlighting this was ahead of schedule and below budget.
• Recoveries reported at 92%.
• Open pit mining ramping up and stockpiles being built.
• Company is targeting 500kozpa by 2030.
• Kiaka Project
  • CAPEX of US$447m for 8.4mtpa CIL + Gravity plant
  • Reserves of 164mt at 0.9g/t Au for 4.8moz Au
  • LOM 20 years, with LOM strip of 1.8:1 and recoveries of 90%
  • 234kozpa over LOM.

Trade IG: Trading Experiences with Angeline Ong: Talk starts 2:16 into the video: 

Vox Markets: Mining Matters: https://www.voxmarkets.co.uk/articles/mining-matters-sp-angel-s-john-meyer-on-commodities-capital-and-change-7c82c6d/

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 –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

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

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.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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