SP Angel Morning View -Today’s Market View, Monday 8th September 2025

Gold ($3,611/oz) breaks through record highs after weak US labour data

MiFID II exempt information – see disclaimer below

URU Metals* (URU LN) – £500k placing and exploration update

New Found Gold (NFG CN) – Acquisition of Maritime Resources

Power Metal Resources* (POW LN) – Initial drilling results from Fermi Uranium JV

Resolute Mining (RSG LN) – MRE update at Doropo as 200kozpa potential confirmed, FID due year-end

West Wits Mining (WWI AU) – Funding package from Nebari

Gold ($3,611/oz) breaks through record highs after weak US labour data

• Gold prices have continued their break after after several months of consolidation.
• The metal hit record highs over $3,600/oz this morning, having risen 4% over the past week.
• There has been a slew of factors supporting the gold price, including Trump’s attack of Fed independence and a meeting between major BRIC nations China, India and Russia.
• This coincided with additional buying from Central Banks, with China continuing to add and India boosting holdings in favour of US Treasuries.
• On Friday, NFP data disappointed, adding 22k new jobs (75k expected), whilst June was revised negative.
• The market fully priced in a 25bp cut in September and increased odds of a 50bp cut to c.12%.
• This has pushed US Treasury yields lower, with the 10 year hovering just above 4% (4.75% in January).
• This has provided a supportive territory for gold prices, with ETF inflows continuing to edge higher.
• American and European ETF holdings remain lower than 2022 and 2020 levels in ounces, whilst Asian holdings have tripled.

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

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US

• NFP 22k (75k expected)
• Unemployment Rate 4.3% (4.3% expected)
• Manufacturing Payrolls -12k (-5k expected)
• Private payrolls 38k (75k expected)

Canada

• Employment -66k (+4.9k expected)
• Unemployment rate 7.1%
• Average hourly earnings 3.2%yoy vs 3.3% previous

China

• Exports 4.4%yoy (5% expected), 7.2% previous
• Imports 1.3%yoy (3% expected), 4.1% previous
• Trade balance US$102.3bn (US$99.4bn expected), $98.2bn previous

Currencies

US$1.1727/eur vs 1.1674/eur previous. Yen 147.65/$ vs 148.22/$. SAr 17.526/$ vs 17.707/$. $1.352/gbp vs $1.346/gbp. 0.658/aud vs 0.654/aud. CNY 7.133/$ vs 7.138/$.

Dollar Index 97.68 vs 98.11 previous.

Precious metals:         

Gold US$3,610/oz vs US$3,550/oz previous

Gold ETFs 93.8moz vs 93.7moz previous

Platinum US$1,401/oz vs US$1,387/oz previous

Palladium US$1,133/oz vs US$1,133/oz previous

Silver US$41.1/oz vs US$40.8/oz previous

Rhodium US$7,150/oz vs US$7,200/oz previous

Base metals:   

Copper US$9,904/t vs US$9,959/t previous

Aluminium US$2,619/t vs US$2,603/t previous

Nickel US$15,370/t vs US$15,255/t previous

Zinc US$2,868/t vs US$2,858/t previous

Lead US$1,995/t vs US$1,990/t previous

Tin US$34,495/t vs US$34,630/t previous

Energy:           

Oil US$66.6/bbl vs US$66.8/bbl previous

• Crude oil prices were stable after the eight participating countries of OPEC+ decided to boost output by 137kb/d in October, which is the first reversal of the 1.65mb/d additional voluntary adjustments announced in April 2023.
• The US Baker Hughes rig count rose 1 to 537 units last week (-45 or 8% y/y), with oil rigs up 2 to 414 units (-769 y/y) and gas rigs down 1 to 118 units (+24 y/y), as Texas gained 2 rigs to 243 units (-31 y/y).
• The Republic of the Congo and Southernpec’s Wing Wah subsidiary have signed an agreement for the integrated development of the Banga Kayo, Holmoni and Cayo permits, which targets increasing output to 200kb/d by 2030 with an integrated gas monetisation component, with multi-phase expansion of LNG, LPG, butane and propane capacity.

Natural Gas €32.4/MWh vs €32.6/MWh previous

Uranium Futures $76.2/lb vs $76.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$117.1/t vs US$116.8/t

Chinese steel rebar 25mm US$455.8/t vs US$455.3/t

HCC FOB Australia US$185.5/t vs US$185.0/t

Thermal coal swap Australia FOB US$111.0/t vs US$109.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$81,314/t vs US$83,570/t

Lithium carbonate 99% (China) US$10,305/t vs US$10,227/t

China Spodumene Li2O 6%min CIF US$860/t vs US$860/t

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

China Tungsten APT 88.5% FOB US$528/mtu vs US$528/mtu

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

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

Europe Ferro-Vanadium 80% US$23.7/kg vs US$23.7/kg

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

China Rutile Concentrate 95% TiO2 US$1,101/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$350.0/t

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

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

EV & battery news

Volkswagen hit by tariffs to the tune of several billion euros

• VW CEO Oliver Blume said US tariffs have already cost the company “several billion euros” so far in 2025.
• Audi suffered a €600m hit in H1; Porsche took €300m damage in the April-May period, with both brands lacking US production.
• The group saw a €1.3bn loss from tariffs in H1, prompting a cut in full-year margin outlook to 4–5% and flat sales forecast.
• VW is pushing to invest more in the US, including the possibility of Audi production, with a decision expected by the end of the year.

Uber and Momenta to begin L4 robotaxi testing in Germany in 2026

• Uber and Chinese autonomous-driving company Momenta will start testing Level 4 (fully driverless in geo-fenced zones) robotaxis in Munich in 2026.
• The effort is part of Uber’s strategy to expand its robotaxi network outside the US and China.
• Momenta supports this with AI-driven driving software already deployed in 400,000 vehicles via existing OEM partnerships.
• The Munich rollout will be one of Europe’s first public Level 4 robotaxi trials and accelerate the region’s catch-up with the US and China in commercial AV deployment.

Company news

URU Metals* (URU LN) 3.3p, Mkt cap £2m – £500k placing and exploration update

• URU Metals has raised £500k gross at 2.8p/share.
• Funds will be used to progress the ground-based geophysical survey and the securing of the Mining Rights.
• Additionally, URU reports results from its high-power AEM survey over the Zeb Nickel Project, South Africa.
• The dataset has been integrated with previous gravity and magnetic models to support understanding of the geological framework.
• The study has identified laterally persistent conductors with features consistent with the Company’s chonolith/feeder-style nickel sulphide model.
• 3-D integration with the various studies suggests a focused corridor where sulphide accumulation may be most probable.
• A follow-up programme will include ground-based electromagnetic methods, downhole EM and complementary techniques to refine drill target delineation.

Conclusion: An additional £500k raised will support URU as it advances its drill target delineation at Zeb. The Company’s geological model suggests nickel-copper-PGE sulphides may be present in a now well defined corridor. This target corridor will be further refined with follow-up geophysics before drilling.

*SP Angel acts as Nomad and Broker to URU Metals

New Found Gold (NFG CN) C$2.47, Mkt cap C$570m – Acquisition of Maritime Resources

• Canadian gold developer New Found Gold, who hold the undeveloped Queensway project, has acquired Maritime Resources.
• Maritime shareholders will receive 0.75 New Found Gold shares, valuing Maritime at C$292m as of September 5^th.
• New Found Gold existing shareholders will hold 69% of the pro forma company.
• Maritime holds the Hammerdown project, where open pit ore is due to be processed at the Pine Cove Mill, ramping up to nameplate in early 2026.
• The DFS highlighted 50kozpa production from 1.9mt at 4.46g/t Au for 272koz in 2022.
• New Found Gold holds the Queensway project, which envisages 1.5moz Au production over 15 year LOM at AISC of US$1,256/oz.
• Queensway CAPEX estimated at $155m for stage 1 (700tpd) and $442m for stage 2 (7,000tpd) for LOM average gold production of 100kozpa.

Power Metal Resources* (POW LN) 18p, Mkt cap £20m – Initial drilling results from Fermi Uranium JV

• Power Metal Resources, provides an update from its Fermi uranium JV in Canada.
• The Company has now completed a 2,600m diamond drilling programme over seven holes at Drake Lake-Silas.
• This was intended to test for the continuation of mineralisation from the Armstrong Deposit, 550-1,000mm to the northeast and an IOCG target to the centre of the licence.
• Drillhole DL25-02 intercepted a 2m hematite breccia recoding 600ppm U within 12m of elevated radiation.
• The intercept lies within an inferred shear structure cutting through the basaltic sequence.
• Additionally, hole DL25_05 intercepted a massive sulphide stockwork system between 233m and 257m, with potential for primary sulphide mineralisation.
• Drilling was terminated to the northeast after two initial holes intersected similar geology to Armstrong but no economic mineralisation.
• POW and Fermi are now evaluating follow-up programmes to boost their understanding of the sulphide-rich metasedimentary unit, including ground-based IP geophysics.
• At Perch River, a 1,563m drilling programme was concluded following six drillholes, no significant uranium mineralisation was encountered.
• Assay results are due and the team will evaluate data to dictate next steps going forward.
• At Badger Lake, the Company is waiting for land authorisation to drill up to 30 holes, expected by mid-September.
• Badger Lake is showing a gravity high overlain by coincident anomalous uranium.
• At East Hawkrock, geophysics surveys are set to get underway to refine drill targets, with drilling due in February-April 2026.

Conclusion: The Fermi Uranium Joint Venture has made good progress across its wide Canadian exploration portfolio, completing drilling programmes at both Perch River and Drake Lake-Silas. At the latter, two zones of mineralisation were identified, highlighting a massive sulphide zone within a prospective metasedimentary horizon alongside a hematite breccia showing elevated uranium. At Perch River, the six-hole programme supported the team’s geological understanding of the property. As a result of the two programmes, Fermi is now better positioned to further prioritise drilling targets and rework their targets with the additional information. A strong uranium target has been identified at Badger Lake, where drilling is due t get underway soon.

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

Resolute Mining (RSG LN) 36p, Mkt cap £724m – MRE update at Doropo as 200kozpa potential confirmed, FID due year-end

• Resolute has boosted the Doropo MRE to 114mt at 1.19g/t for 4.4moz, up 28%.
• The increase followed gold price assumptions changed to $3,000/oz from $2,000/oz.
• 84% of the MRE is in the Measured and Indicated category.
• Resolute notes potential for additional ounces from the Kilosegui and Souwa deposits, which are open along strike and at depth.
• Company believes the increased MRE will boost the mine life >five years past the current 10 year mine plan.
• Reserves are set to be updated at $1,950/oz from the current $1,450/oz DFS.
• The updated DFS is expected to show production over the first four years over 200kozpa.
• The DFS, currently in progress with Lycopodium, is due for completion 4Q25.
• Resolute expects the Exploitation Permit for Doropo imminently, with FID due before the end of 2025.

West Wits Mining (WWI AU) A$0.045, Mkt cap A$141m – Funding package from Nebari

• West Wits, who hold the Qala Shallows project, report approval of a funding package from Nebari.
• The debt provider has approved an initial US$12.5m loan facility to advance development of Qala Shallows.
• Two additional funding tranches will be available of US$22.5m total upon additional conditions.
• West Wits is targeting first gold pour in 1Q26, with steady state production aimed at 65,000t ore per month.
• The Qala Shallows DFS from July estimated a post-tax NPV7.5 at US$500m and IRR of 81% ($2,850/oz Au)
• Funding requirement of US$44m.
• Qala Shallows holds 1.03moz at 3g/t Au inclusive of Ore Reserves (384koz at 2.6g/t Au), with drilling intended to convert resources to reserves.
• West Wits will begin processing stockpiles at Sibanye Stillwater’s plant before beginning decline development to ramp up to steady state of 70kozpa by 2028.

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

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*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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