SP Angel Morning View -Today’s Market View, thursday 12th June 2025

Gold strengthens as tensions between US and Iran mount

MiFID II exempt information – see disclaimer below

Cornish Metals* (CUSN LN) – Grant support for South Crofty

Great Southern Copper (GSCU LN) – Drilling results from Cerro Negro, Chile

Karelian Diamonds (KDR LN) – Finland mining rights

Mkango Resources* (MKA LN) – BUY – US$92m funding LOI from US EXIM Bank

Oriole Resources* (ORR LN) – Further intercepts from Mbe, Cameroon

Perpetua Resources (PPTA CN) – US$400m equity raise

Phoenix Copper* (PXC LN) – US$75m 8.5% bond to progress the Empire mine towards production

Resolute Mining* (RSG LN) – COO appointment

Savannah Resources* (SAV LN) – BUY, 18.1p – DFS workstreams continue to derisk Barroso technically and environmentally

Talga (LTG AU) – Final permits for the graphite mine secured

URU Metals* (URU LN) – Strategic placement to delineate drill targets at Zeb

WIA Gold* (WIA AU) – High-grade drill results from footwall lode

Gold ($3,362/oz) strengthens as tensions between US and Iran mount

• Gold prices have strengthened as geopolitical tensions resurface between the US and Iran.
• The Trump administration has authorised American military personnel dependents to leave the Middle East whilst tensions between the US, Israel and Iran ramp up.
• Washington is negotiating with Terhan over a nuclear deal, with Trump’s 60-day deadline for Iran to agree a new deal expiring today.
• Netanyahu has reportedly been wanting to strike additional Iranian facilities, with the US restraining him.
• Elsewhere, CPI came in cooler-than-expected, fuelling additional rate cut bets and supporting US Treasuries.
• 10 year yields have fallen below 4.4% and continue to edge lower from May peaks.
• A weaker dollar is also supporting gold prices.

Trade IG: Trading Experiences with Angeline Ong: 

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

SharePickers: Copper – We’ve Never Seen This Before in the World: Video: 

Podcast: https://audioboom.com/channels/4099560-the-sharepickers-podcast-with-justin-waite

Economics

US – President Trump threatened its trading partners planning to send letters to dozens of countries in the next one to two weeks imposing tariffs ahead of a July 9 deadline.

• We’re going to be sending letters out in about a week and a half, two weeks, to countries, telling them what the deal is,” Trump told reports Wednesday.
• “At a certain point, we’re just going to send letters out. And I think you understand that, saying this is the deal, you can take it or leave it,” he added.
• Both S&P (-0.5%) and Nasdaq (-0.6%) futures are trading lower this morning.

Inflation came in at a lower level than expected despite higher import tariffs.

• The report showed that items most exposed to imports in China raised prices but deflation in other segments like recreational-services and durable goods kept the headline and core numbers lower.
• US administration again pressured the Fed to cut rates in the view of slowing inflationary pressures.
• Treasuries gained, the dollar pulled back and the S&P opened higher following the report.
• Expectations of a rate cut by September picked up to ~>85%, up from <80%.
• CPI (%mom, May/Apr/Est): 0.1/0.2/0.2
• CPI (%yoy, May/Apr/Est): 2.4/2.3/2.4
• Core CPI (%mom, May/Apr/Est): 0.1/0.2/0.3
• Core CPI (%yoy, May/Apr/Est):2.8/2.8/2.9

UK – The economy shrank 0.3%mom in April marking the sharpest drop in 18 months on an increase in taxes and US tariffs.

• Markets expected a 0.1% drop.
• Services and production fell while construction was marginally up.
• Exports to the US fell the most in a single month since records began in January 1997 as firms frontloaded orders in the runup to April Liberation Day.
• The pound pulled back following the announcement is trading a 1.3545.
• GDP (Apr/Mar/Est): -0.3/0.2/-0.1
• GDP (Apr/Mar/Est): 0.7/0.7/0.7

Iran – The US ordered some of its staff to leave its embassy in Baghdad after Iran threated to hit American assets in the Middle East if attacked over the nuclear programme.

• Another round (#6) of US/Iran negotiations are set to start in Oman on Sunday.
• Earlier Trump said he was less confident the US will reach a deal with Iran.

Rare Earths – China issued time capped export licenses for export shipments to US firms following trade negotiations with the US.

• Licenses are for six months with Beijing looking to keep leverage on the US if trade tensions flare up.
• “FULL MAGNETS, AND ANY NECESSARY RARE EARTHS, WILL BE SUPPLIED, UP FRONT, BY CHINA,” Trump said in his post.
• “LIKEWISE, WE WILL PROVIDE TO CHINA WHAT WAS AGREED TO, INCLUDING CHINESE STUDENTS USING OUR COLLEGES AND UNIVERSITIES (WHICH HAS ALWAYS BEEN GOOD WITH ME!).”
• REE producers, MP Materials and Lynas closed 6% and 8% lower yesterday.

Currencies

US$1.1510/eur vs 1.1413/eur previous. Yen 144.06/$ vs 145.16/$. SAr 17.823/$ vs 17.695/$.    $1.354/gbp vs $1.347/gbp. 0.649/aud vs 0.651/aud. CNY 7.182/$ vs 7.187/$

Dollar Index 99.12 vs 99.12

Precious metals:         

Gold US$3,352/oz vs US$3,340/oz previous

Gold ETFs 88.5moz vs 88.5moz previous

Platinum US$1,257/oz vs US$1,262/oz previous

Palladium US$1,058/oz vs US$1,080/oz previous

Silver US$35.7/oz vs US$36.5/oz previous

Rhodium US$5,500/oz vs US$5,650/oz previous

Base metals:   

Copper US$9,648/t vs  US$9,751/t previous

Aluminium US$2,517/t vs US$2,526/t previous

Nickel US$15,120/t vs US$15,385/t previous

Zinc US$2,651/t vs US$2,683/t previous

Lead US$1,989/t vs US$1,984/t previous

Tin US$32,640/t vs US$32,730/t previous

Energy:           

Oil US$69.1/bbl vs US$66.9/bbl previous

• Crude oil prices moved higher on media speculation that Israel may be planning a military strike on Iran, supported by positive talks on a trade deal between the US and China in London.
• The EIA estimated a w/w US inventory draw of 3.6mb to crude, partially offset by builds of 1.5mb to gasoline and 1.2mb to diesel stocks, as refinery utilisation rose 0.9% w/w to 94.3% with domestic output flat at 13.4mb/d.
• European energy prices are stable as weak LNG demand in China enabled EU natural gas storage levels to rise 2.7% w/w to 49.6% full (vs 60.4% 5-Yr average) with aggregate inventory at 562TWh.
• The World Bank has agreed to end a 2013 ban on funding nuclear energy projects in developing countries in response to forecasts for electricity demand growth, but is not yet in agreement over ending a 2017 ban on funding new oil and gas projects,  although it still considers gas projects in the poorest countries.
• The UK Government allocated a further £9.4bn of capital spending by 2029 to carbon capture and storage (CCS) developments and announced support for the Track 2 Acorn & Viking projects, which had few details on the quantum and timing of this funding as a final investment decision was deferred until later this Parliament.

Natural Gas €36.2/MWh vs €35.2/MWh previous

Uranium Futures $70.0/lb vs $70.1/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$95.5/t vs US$95.9/t

Chinese steel rebar 25mm US$464.0/t vs US$464.3/t

HCC FOB Australia US$181.0/t vs US$181.0/t

Thermal coal swap Australia FOB US$106.8/t vs US$106.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$61,962/t vs US$62,338/t

Lithium carbonate 99% (China) US$8,466/t vs US$8,488/t

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

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

China Tungsten APT 88.5% FOB US$418/mtu vs US$418/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

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

Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$361/t vs US$361/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/t vs US$1,465/t

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

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$2,845.0/kg vs US$2,845.0/kg

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

Battery News

Uber to bring forward driverless taxi trials in UK

• Uber will trial robotaxis in London in spring 2026, following changes to legislation surrounding driverless vehicles.
• The ride-hailing service has been working with UK AI firm Wayve to test the technology on streets, but with human oversight.
• The original date was in 2026, but this was pushed back until the second half of 2027.
• The government has now introduced an accelerated framework for small autonomous “bus and taxi-like” commercial services.
• The Department for Transport says the industry could create 38,000 jobs and add £42bn to the UK economy by 2035.

Company News

Cornish Metals* (CUSN LN) 8p, Mkt Cap £98m – Grant support for South Crofty

• Cornish Metals reports the receipt of ~£4.2m of grant funding from the “from the Cornwall and Isles of Scilly Good Growth Programme, which is managed by Cornwall Council and funded by the UK Government”.
• The grant will be used to help finance the estimated £6.8m cost of the ‘Bartles Foundry project’ which is the “construction of workshops, stores and offices on the Bartles Foundry site … [to support the resumption of mining at South Crofty on] … 4.5 acres of land … [which was bought] … from Cornwall Council” earlier this year.
• Welcoming the support of the Cornwall and Isles of Scilly Good Growth Programme CEO, Don Turvey, said that the grant funds “will enable the construction of the Bartles Foundry project that will support South Crofty as we move into the underground development phase, which will provide local employment opportunities during the construction and operational phase”.
• Cornwall’s Councillor, Tim Dwelly, confirmed that “South Crofty is a big priority for us … supporting high-quality well-paid jobs in the area … [and] … helping the security of the whole UK by strengthening the domestic supply of essential minerals”.

Conclusion: The financial support of Cornwall Council to assist in the construction of surface support facilities at South Crofty is the latest support by both national and local government for Cornish Metals’ efforts to resume production in the heart of Cornwall’s historic tin mining area.

*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

Great Southern Copper (GSCU LN) 3.65p, Mkt Cap £19m – Drilling results from Cerro Negro, Chile

• Great Southern Copper has released the latest results from its Phase 2 drilling campaign around the Mostaza mine at its Cerro Negro prospect in the Especularita project in northern Chile.
• The results confirm that mineralisation extends “up to 500m south of the Mostaza mine … [which] … exploited steeply dipping to subvertical lodes … [and where recent geological work based on GSCU’s drilling] … has identified a previously unrecognised and untested tabular lode, or “manto”, below the Mostaza pit and dipping about 50° to the west”.
• The company says that “Exploration holes DD010, DD012 and DD014 intersected broad zones of anomalous silver in silicified leached rock near surface stongly indicative of the potential for high-grade sulphide Cu-Ag mineralisation  at depth” with results including:

• • A 3m wide intersection at an average grade of 3.43% copper and 164.7g/t silver from a depth of 24m in hole DD-012, described as “the southernmost hole drilled to date”.  The zone forms part of a wider argentiferous intersection of 20m averaging 32.1g/t silver; and
  • A 19m wide intersection averaging 30.5g/t silver from a depth of 6m in hole DD-010 including an 8.8m higher grade section from 10.2m depth which averaged 58g/t silver; as well as
  • A 13.5m interval at an average grade of 3.04% copper and 322.4g/t silver from a depth of 37m in hole DD-013.

• The company confirms that it plans a third drilling phase to test “beneath the broad leached mineralisation zones” which appear, in some holes, to be depleted in copper.
• Great Southern Copper also confirms that further results are in the pipeline with “assays pending on holes CNG25 DD015 – DD025”.
• CEO, Sam Garrett, said that the drilling shows the mineralisation beneath Mostaza “remains open along strike and at depth”.
• He added that the exploration drilling “also intersected significant mineralisation over 500 metres south of the mine. Holes DD010, 012 and 014 have intersected broad zones of anomalous silver hosted in highly leached rocks near surface, which we believe represent the possible oxidised tops of sulphide-rich, high-grade Cu-Ag mineralised lens material at depth”.

Conclusion: Drilling indicates a larger mineralised footprint around the old Mostaza mine with recent results confirming mineralisation remaining open at depth and as far as 500m further south.  A new phase of drilling, supported by additional geophysics, is planned to test beneath the shallow leached zones.

Karelian Diamonds (KDR LN) 1.38p, Mkt Cap £1m – Finland mining rights

• Karelian Diamonds reports that the Finnish Safety and Chemical Agency has registered the mining rights for its Lahtojoki diamond project.
• The 71-hectare concession hosts a 16 hectare diamond-bearing kimberlite pipe with both pink and colourless gem quality diamonds.
• Managing Director, Maureen Jones, said that “Confirmation of the registration of mining rights is a critical step for the Company and means that the Company can plan the next stage of work at the Lahtojoki Diamond Deposit”.

Mkango Resources* (MKA LN) 16.6p, Mkt Cap £54m – US$92m funding LOI from US EXIM Bank

BUY

• HyProMag USA, a 50/50 JV between CoTec and Maginito, received a letter of interest from the US Export-Import Bank for its rare earth recycling and magnet manufacturing facility in Dallas-Fort Worth, Texas.
• EXIM is considering funding of up to $92m with a 10y term.
• The potential loan is part of a Make More in America (MMIA) programme and is aligned with Executive Order 2421 (Mar25) “Immediate Measures to Increase American Mineral Production” focused on fast tracking permitting and funding for US critical minerals.
• Mkango holds an effecting interest of ~40% in HyProMag USA through its 79% stake in Maginito.
• Previously, HyProMag USA estimated that ~$130m facility could run at ~1.6kt NdFeB within five year of commissioning producing permanent magnets and co-products from recycling REE containing spent equipment.

Conclusion: An expression of interest for a significant part of HyProMag USA capex that is likely to involve very competitive terms is a welcome news and a reflection of high interest in establishing sources of critical minerals and products like REE containing permanent magnets outside of China. JV is working on detailed engineering study ahead o FID and notice to proceed in 2H25 with first production targeted for 1H27.

*SP Angel acts as nomad and broker to Mkango Resources

Oriole Resources* (ORR LN) 0.25p, Mkt Cap £9.7m – Further intercepts from Mbe, Cameroon

• Oriole has announced additional drilling results from Mbe in Cameroon
• The Company has now completed 70% of the maiden diamond drill hole programme with 4569m drilled.
• Drilling has now identified mineralisation over a strike of >200m and width of up to 400m, vertical depth of 290m and open at depth and in all directions.
• This week’s drilling has yielded highlights including:

• • MBDD010:

• • • 8.90m at 0.47g/t Au from 10.00m
    • 3.10m at 0.80g/t Au from 74.10m
    • 5.00m at 1.86g/t Au from 80.40m
    • 13.10m at 0.62g/t Au from 117.20m
    • 8.40m at 0.61g/t Au from 154.50m
    • 4.00m at 0.52 g/t Au from 167.30m
    • 2.00m at 1.19g/t Au from 177.40m

• • MBDD011:

• • • 17.30m at 0.39g/t Au from 3.60m
    • 5.10m at 0.76g/t Au from 50.00m
    • 11.50m at 0.53g/t Au from 92.80m
    • 4.40m at 0.64g/t Au from 110.50m
    •  1.00m at 2.53g/t Au from 118.00m
    • 4.30m at 1.63g/t Au from 124.90m
    • 1.10m at 2.03g/t Au from 136.80m
    • 1.10m at 0.98g/t Au from 141.20m
    • 5.00m at 1.50g/t Au from 196.10m

• • MBDD012

• • • 21.30m at 1.61g/t Au from 2.40m, including 11.00m at 2.04g/t Au and 4.00m at 2.53g/t Au
    • 3.20m at 0.52g/t from 86.50m
    • 2.50m at 10.31g/t Au from 98.50m
    • 3.10m at 1.10g/t Au from 179.60m

• Hole 12 was drilled to the west of 10 and 11, with the 21m at 1.6g/t intercept drilled 110m northwest of hole 8 (87m at 1.4g/t Au)
• Oriole expects to deliver a maiden, pit-contained MRE in Q4-2025.

*SP Angel acts as Broker to Oriole

Perpetua Resources (PPTA CN) US$16, Mkt Cap C$1.2bn – US$400m equity raise

• The Company is raising US$400m in new equity at US$13.2 as part of a funding package for the Stibnite Gold Antimony Project, Idaho, US.
• The raise includes a bought deal of $300m and a private placement for $100m with Paulson & Co.
• Proceeds will be used as an equity component of development funding.
• The Company applied for up to US$2bn in project funding by the Export-Import Bank of the US in May 2025.
• EXIM is currently carrying its due diligence with the provision of the loan subject to successful completion of the DD process as well as an equity raise.
• The Company expects debt funding to be completed in 2026.
• Separately, the Company is in discussions with potential partners regarding a US$155m guarantee and indemnification in respect of reclamation bonds required for federal and state permits.
• Final permits are expected in 2025.
• Additionally, the team is seeking US$200-250m in further funding in the form of a NSR (not to exceed 3.9%) or a gold stream with buy back option.
• The project hosts 4.8moz at 1.43g/t in mineral reserves and is estimated to run at ~460kozpa in first 4 years according to the latest FS.

Phoenix Copper* (PXC LN) 5.25p, Mkt Cap £7.7m – US$75m 8.5% bond to progress the Empire mine towards production

(Phoenix holds 80% of the Empire mining property in Idaho)

• Phoenix Copper reports that it has signed a non-binding Letter of Intent (LOI) with a US-based investor to subscribe for US$75m of its “listed, secured floating rate minimum 8.5% corporate copper bonds due 2029-2033”.
• Subject to further due-diligence and completion of the necessary legal documents, “Phoenix expects the Bonds to be drawn down in three tranches: $30 million on execution of the legal documentation (the “First Tranche”), followed by two further tranches of amounts and on dates to be mutually agreed between Phoenix and the Investor”.
• Today’s announcement confirms that the “LOI also provides for the issue to the Investor of a preference share of no par value convertible at £0.05 per share into 25 million new ordinary shares of no par value, currently representing approximately 10.5% of the enlarged outstanding share capital of the Company”.
• The convertible vest “at any time between 1 September 2025 and 30 June 2028 …  pro-rata to the Bonds Drawdown”.
• Chief Financial Officer, Richard Wilkins confirmed that Phoenix Copper has “been in discussions with the Investor for a number of months, and we look forward to completing the appropriate legal documentation and welcoming the Investor on board as both a Bondholder and, through the proposed conversion of the preference share, a shareholder”.
• Mr. Wilkins said that the “proposed placement of Bonds will provide the Company with the cash resources to complete construction of the Empire open-pit copper, gold and silver mine in Idaho, USA and proceed into production, as well as commencing an underground drilling programme on the Empire sulphide vein system, by way of driving an initial adit to the known high-grade (8.38% copper) zone”.
• We understand that the Empire mine was discovered during the 1880s and worked extensively until the 1940s.
• The announcement also reports that “its short-term loan provider has converted $176,585 of outstanding principal into 4,853,208 new ordinary shares in the Company (the “New Ordinary Shares”) at a price of 2.82 pence per ordinary share”.

Conclusion: The injection of US$75m corporate bond funding opens the way for construction of the Empire open-pit mine project in Idaho and provides the financial resources to explore the underground sulphide potential which underpinned production during the first half of the 20^th century.

*SP Angel acts as Nomad to Phoenix Copper

Resolute Mining* (RSG LN) 27.9p, Mkt Cap £589m – COO appointment

• Resolute Mining reports the appointment of Centamin’s former Sukari General Manager, Gavin Harris, as its Chief Operating Officer, replacing the present incumbent, Geoff Montgomery, who is remaining with the company as a senior technical advisor.
• Mr. Harris, is a “Chartered Mining Engineer (CEng) with over 20 years of experience in surface and underground mining, having previously worked in West Africa, Australia, Middle East and the United Kingdom across gold, nickel and copper operations”.
• Welcoming the appointment CEO, Chris Eger, said that Mr. Harris has “the operational expertise and experience to continue to realize the full potential at Syama and Mako as well as bring … [the former Centamin project at] … Doropo into production”.
• Mr.Eger also thanked Mr. Montgomery for his “important role in improving operational performance across our mines … [and welcomed] … his continued technical support as a senior advisor”.

*An SP Angel analyst holds shares in Resolute

Savannah Resources* (SAV LN) 3.6p, Mkt Cap £83m –DFS workstreams continue to derisk Barroso technically and environmentally

BUY – 18.1p

• Savannah, developer of the Barroso spodumene project in Portugal, provides a progress update.
• DFS Progress

• • Savannah has completed 93 holes of the 117 planned for the 13,000m programme.
  • Assay results for 68 holes received, with JORC Resource updates due later this year
  • Assay results set to support an increase in grade and tonnage at Pinheiro, also boosting tonnage at Reservatório.
  • Additional tonnage and grade from Pinheiro hold potential to lower OPEX and boost cash flows in early years of LOM, boosting IRR.
  • Metallurgical testwork, mine scheduling, hydrological studies, process plant engineering, TSF management and other key workstreams well underway.

• Permitting

• • Savannah is advancing field studies and RECAPE preparation works.
  • Company has adapted and expanded its Iberian wolf monitoring plan for more widespread coverage.
  • Seasonal surveys ongoing to update 2024 monitoring campaign.
  • Forest inventory underway to support environmental impact assessment.

• Infrastructure

• • Strong progress made on the bypass road, with the Environmental Impact Assessment and Preliminary Design for the 16km road submitted to the Portuguese Environmental Agency (APA).
  • Additional surveys on seasonal biodiversity to be formally submitted to APA as part of wider licencing process.
  • Haul road design work nearing completion.
  • Geotechnical fieldwork to begin following second land easement approved by regulator, which is ‘expected shortly.’

• Savannah is also beginning to execute land acquisitions whilst the approval of a Declaration of Public Utility from the Government is underway (submitted December 2024).
• Company continues to bolster its technical and financial team, with recent hires including CFO Henrique Freire, previously with EDP Brazil.
• Management emphasises its efforts to ‘deepen its engagement with local stakeholders’ and has created a stakeholder database whilst also holding frequent sessions with the community to update them of progress.

Conclusion: Savannah is making good headway towards the completion of the Barroso DFS, with the 13,000m almost complete and expected to expand the current mineral resource (28mt at 1.04% Li2O). Higher grade and tonnage from Pinheiro may support enhanced project economics by boosting cashflows in the mine’s earlier years of production. Permitting and stakeholder engagement remains a key focus of Savannah’s, and they have made strong progress with the local community and vital ecological studies.

*SP Angel acts as Nomad and Broker to Savannah Resources

Talga (LTG AU) A$0.48, mkt Cap A$172m – Final permits for the graphite mine secured

• The government dismissed all appeals against the Nunasvaara South natural graphite mine Exploitation Concession.
• The decision means the Exploitation Concession is now in force.
• All major permits are now in force for development of the mine and the anode refinery.
• Lulea refinery that is planned to be fed by Nunasvaara South mine is guided to produce 19.5ktpa of anode material.
• The stock is up 20% today.

URU Metals* (URU LN) 4.5p, Mkt Cap £2.3m – Strategic placement to delineate drill targets at Zeb

• URU has raised £420k from a ‘prominent institutional investor’ who approached the Company.
• The funds will be used to progress exploration at the Zeb nickel project in Limpopo, South Africa.
• The Investor subscribed at 3.5p/share for 12m new shares.
• Funds will enable airborne electromagnetic surveys, precision drill targeting and modelling.
• The Company has identified four drill-ready targets with Target 4 the primary prospect currently.

Conclusion: URU believes the Zeb project holds a conduit-style nickel sulphide system bearing distinct similarities to the Uitkomst Complex. Funds will enable more precise drill target delineation via AEM surveys and advanced 3D modelling.

*SP Angel acts as Nomad and Broker to URU Metals

WIA Gold* (WIA AU) A$0.26, Mkt Cap A$355m – High-grade drill results from footwall lode

• WIA, who are developing the Kokoseb project in Namibia, reports drilling results from nine DD holes over 2,349m.
• The Company drilled under the MRE pit shell, including:

• • KDD055: 26m at 7.9g/t Au from 444m (inc. 13m at 13.3g/t Au)
  • KDD059: 10.5m at 16.7g/t au from 428m (inc. 2m at 85g/t Au)

• RC drilling to extend high-grade shoot in central zone

• • KRC389: 16m at 3g/t Au from 198m (inc. 6m at 6g/t Au)
  • KRC396: 28m at 3.4g/t Au from 192m (inc. 8m at 8.4g/t Au)

• Company also notes infill drilling for shallow resource suggests ‘strong continuity in gold mineralisation.’
• WIA states that none of the results of the high-grade zone beneath the pit shell, high-grade shoot, or infill drilling are included in the current MRE.
• Updated MRE due over the coming weeks.
• One RC rig and three DD rigs on site.
• WIA previously guided for a scoping study due 3Q25.

*An SP Angel Analyst holds shares in WIA Gold

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

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.

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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