SP Angel Morning View -Today’s Market View, Thursday 20th March 2025

Copper prices continue to rise as supply tightens on improving Chinese demand

MiFID II exempt information – see disclaimer below

Arafura Rare Earths (ARU AU) – Up to 300tpa NdPr binding offtake with Traxys

Artemis Resources (ARV LN) – Completion of Pilbara Phase 1 drilling campaign

Blencowe Resources (BRES LN) – Non-Binding MoU for graphite offtake from the Orom Cross graphite project, Uganda

Botswana Diamonds (BOD LN) – Interim report highlights use of AI as an exploration tool

C3 Metals (CCCM CN) – Closing of C$11.5m private placement

Central Asia Metals (CAML LN) – Solid financial performance in 2024 as investment at Sasa extends mine life to 2029

Great Western Mining* (GWMO LN) – Staking additional claims around Eastside Project

KEFI Gold and Copper* (KEFI LN) – Saudi JV secures an exploration license with Hancock

Kinross Gold (KGC US) – Ramp up of buyback as cash flow ramp up on strong gold prices

Wishbone Gold (WSBN LN) – Proposed RTO dropped

Copper ($9,966/t) prices continue to rise as supply tightens on improving Chinese demand

• LME copper prices hit $10,000/t, their highest since September.
• The market continues to look to Trump’s tariffs, with April 2^nd set to be the make-or-break date for widespread policy rollout.
• COMEX prices continue to extend their spread with LME over tariff concerns, with prices now sitting at $11,300/t in the US.
• COMEX prices have rallied nearly 30% this year whilst the LME price is up 14%.
• This is pushing an arbitrage trade, with traders including Trafigura and Glencore moving metal into the US and diverting it from Asia.
• Market sources suggest 100,000-150,000t of physical copper is heading to the US with reports of warehouse managers being asked to take in more metal.
• Official stats suggest imports of just 75,000t so far this year but we expect substantial new inflows. The US imported around 910,000t of cathodes, wire, bars and billets in 2024.
• The premium cost of buying physical copper in the US will simply add to local costs and likely drive local, US, prices higher.
• There will be some additional demand growth from the reshoring of manufacturing into the US but we suspect the rapid restocking by manufacturers looking to ensure physical supplies is the bigger driver of the Arb price.
• We see LME prices as more representative of global copper demand, given the exchange’s closer integration with global supply chains vs CME contracts’ more speculative use.
• Futures curves are sitting in backwardation, suggesting that physical demand is strong, currently corroborated with reports from Chinese sources of improving downstream demand.
• Meanwhile, China is seeing smelter capacity reduction, following several quarters of unprofitable operations on record-low TCRC fees.
• Additionally, the dollar is weakening, supporting copper.
• Elsewhere, Codelco is looking to utilise Friedland’s I-Pulse technology to offset declining ore quality and rising costs.
• The PBoC continues to boost liquidity, raising the budget deficit target to 4% of GDP, highest level in three years as it ramps up government bond issuance.

Gold ($3,040) hits another record high in wake of Fed meeting as US yields slide

• Gold prices hit record highs of $3,057/oz yesterday in the spot market, following mixed messaging from the FOMC.
• The Fed held rates but slowed the pace of balance-sheet runoff, moderating its quantitative tightening programme.
• Increased comments on Powell on uncertainty hint at the ongoing growth slowdown, with Powell stating that ‘uncertainty around the economic outlook has increased.’
• Powell stated that recession risks have moved up but remain low. Theme was weaker growth and higher inflation.
• Market currently expects 50bp rate cuts this year, 50bp next year and 25bp in 2027.
• US 10 year yields down to 4.2%,
• Gold has been benefiting from a weaker dollar, alongside central bank buying amid ongoing geopolitical tensions.
• Chinese state-backed CITIC Securities published a note stating that gold is benefiting from ‘the overall easing of global liquidity, concerns about the US economy, accelerated inflows of gold ETFs and global central bank gold purchases’, and that prices ‘are expected to maintain a high level, with an operating range of $2,700-3,200/oz.’
• The PBoC has applied controls over minimum purchase amounts of accumulated gold from CNY700 to CNY800/gram, ‘due to the recent large fluctuations in domestic gold price.’

interactive investor. Five mining stocks to watch: 

• The ii film crew caught up with a handful of small-cap miners at the Mining Indaba in February.
• Each looks forward to an exciting year ahead, some with long-term projects and strong economics and access to gold, lithium, graphite, diamonds and uranium.

Economics

US – Fed leaves rates unchanged at 4.25-4.5% indicating just two 0.25% rate cuts to come this year as month-on-month IP jumps

• Economists are more likely to lean towards the Democrats in their nature and may be less inclined to help Trump in his drive for US growth.
• We also suspect Fed Chairmen to take a cautious approach towards inflation and potential threats to the US economy from disruption caused by Trump tariffs.

Markets welcomed the news that the Fed will slow down the pace of a reduction in its balance sheet sending equity indices higher

• The central bank said that it will lower the cap on the amount of Treasuries allowed to mature without being reinvested to US$5bn from $25bn from April 1.
• The cap for mortgage backed securities was left unchanged at $35bn.
• Both S&P 500 and Nasdaq finished the day up 1.1% and 1.4%, respectively, while 2y bond yields fell >10bps.
• The central bank left rates unchanged at 4.25-4.50% range, in line with estimates, while releasing updated economic and rate projections.
• Growth forecasts have been brought down to 1.7% (-0.4pp, 2025), 1.8 (-0.2pp, 2026) and 1.8 (-0.1pp, 2027).
• Unemployment forecasts remained largely unchanged with a slight upwards adjustments only for 2025 (4.4%, +0.1pp).
• Inflation estimates were revised higher to 2.7% (+0.2pp, 2025), 2.2 (++0.1, 2026) and 2.0 (unchanged, 2027).
• Median estimate remains for two rate cuts in 2025.

US Industrial production rose 0.7% mom vs 0.3% mom in January and 1.4% year-on-year vs 1.92% yoy in January.

• Industrial production was three times higher than expected in February. Something that Donald Trump is likely to comment on.
• Manufacturing output rose 0.9% mom
• Manufacturing accounts for just over 10% of the US economy but is a much larger share of GDP in China where manufacturing contributes ~30% of GDP.
• Motor vehicles and parts production jumped a substantial 8.5% mom reversing a decline in this area but might settle back now that Trump has eased automotive parts tariffs with Mexico.
• Durable manufacturing output rose 1.6%
• Non-durable manufacturing production rose 0.2% on gains in chemicals offsetting lower output in food, beverages and tobacco products.
• Mining recovered 2.8% after a fall of 3.2% in January.
• Utilities output dropped 2.5% in February vs a rise of 6.1% in January as warmer weather reduced heating demand.
• Capacity utilization rose to 78.2% in February from 77.7% in January but remains 1.4% below the 1972–2024 average.

Trump is looking to announce new trade policies on reciprocal tariffs on 2^nd April

• The ‘Dirty 15’ trading nations are already seen cutting tariffs on goods from the US and removing unfair trading practices (Asiafinancial).
• Many nations have quietly imposed tariffs and restrictive trading practices on the US which for many years has pursued a policy of globalisation and free trade.
• With reciprocal tariffs, trump appears to be simplistically levelling the playing field: “April 2 is a liberating day for our country,” according to Trump
• Some nations are pre-negotiating on their tariffs.
• The identity of the ‘Dirty 15’ has not been revealed but we believe it includes: India, EU nations, South Korea, Brazil and China.

China – Lenders leave benchmark lending rates for a fifth consecutive month leaving room for more stimulus should US/China trade relations worsen and deflation risks escalate further.

• 1 Year Price Rate (Mar/Feb/Est): 3.10%/3.10%/3.10%
• 5 Year Price Rate (Mar/Feb/Est): 3.60%/3.60%/3.60%

China – plans to issue CNY1.3tn of ultra-long-term special government bonds, eg CNY300bn more than last year

• China also plans to arrange CNY4.4tn of special local government bonds. CNY500bn more than 2024

Twin Sessions meeting strategy and initiatives

• News is emerging on the measures the China CCP is putting in place to simulate domestic consumption and drive the economy in the face of 20% US tariffs on China (SCMP).
• Consumer spending power: China plans to raise household incomes and cut household costs to stimulate spending.
• Childcare costs to be supported with a childcare subsidy system and increased paediatric services.
  • Eligible regions will also be encouraged to provide inclusive childcare institutions with support in finding venues and operational subsidies.
• Pensions and support for senior citizens. Private firms given a greater role in the provision of elderly care and childcare services.
  • Pensions to be improved and retirement accounts promoted for greater support.
• Equity markets: stabilisation of the market and crackdown on financial fraud, particularly illegal reductions of holdings.
• Property market: Halting of market decline with local authorities allowed to buy commercial property and create new through renovating urban villages and dilapidated homes.
• fixing “unreasonable” business practices. Government to crack down on late and default payments to small companies.
  • This is particularly rife with SMEs and contractors to parastatal companies which often refuse to pay bills to SMEs. enterprises.
• Supply: Government support for better products, clampdown on poor quality goods and reduction of fraud.
• Foreign investment: China to encourage greater foreign investment.
  • We suspect Trump policies will restrict much of this. We expect many Chinese tech entrepreneurs to safeguard their businesses by locating their businesses outside of China
• Foreign market access: external investors to be given access to a greater range of markets including previously restricted markets including telecommunications, healthcare and education.
  • China is also looking to import more high-quality healthcare service.
  • Other service industries may also be included in the state’s list of “encouraged foreign investment industries”.
• Vehicle demand. Pilot reforms for automotive services including vehicle modification, leasing, events and RV camping.
• Demand-promotions. New events to encourage winter tourism and a “buy in China” campaign for local products plus a “Premium Foreign Products China Tour”.
• AI ‘Artificial intelligence’: to develop new AI use and accelerate AI applications including autonomous vehicles, smart wearables, ultra-high-definition video, brain-computer interfaces and robots.

UK – The central bank es widely expected to hold rates unchanged at 4.50% as potential trade barriers and budget woes add to growth and inflation outlook uncertainty.

• Inflation has been on the rise recently while an increase in employer NI contributions taking effect from April present growth risks.
• The announcement is due 12pm today.
• Separately, employment numbers released this morning showed the economy added more than expected jobs in three months to January as well as February.
• Jobless rate was little changed with a robust growth in wages, in line with estimates.
• Employment Change (3M/3M, Jan/dec/Est): 144k/88k(revised from 107k)/91k
• Unemployment Rate (Jan/Dec/Est): 4.4%/4.4%/4.4%
• Av Weekly Earnings (yoy%, Jan/Dec/Est): 5.8%/6.1%(revised from 6.0%)/5.8%
• Av Weekly Earnings ex Bonus (yoy%, Jan/Dec/Est): 5.9%/5.9%/5.9%

Switzerland – The Swiss National Bank cut its benchmark rate to 0.25%, in line with estimates, to the lowest level since September 2022 highlighting uncertainty over global economic and inflation developments.

• “At present, the risks are predominantly to the downside,” President Martin Schlegel commented on the decision.
• Markets are betting that it was the last cut for 2025.

Turkey – The lira continued its slide posting a further 0.4% drop today with thousands seen taking their frustration with the detention of Ekrem Imamoglu to the streets.

• The cost of borrowing Turkish liras in the offshore market rose to the highest in two years hitting 175% today, Bloomberg reports.

Israel / Gaza – Somaliland offers to accept Gaza refugees

• Donald Trump is reported to have negotiated a deal with the government of Somaliland who will accept refugees from Gaza.
• In return the US will recognise the nation of Somaliland with support.
• Israel appears to be expanding its military activity across the north of Gaza today.
• It will be interested to see when evacuation vessels start to move people from Gaza to Somaliland.
• Wonder when construction will start on the first Gaza Riviera Trump towner?

Saudi Arabia – attacking Houthis in the north of Yemen

Yemen – Houthis plan to raise frequency of attacks against Israel

• The US (Trump) has said it considers any attack by the Houthis to be a direct attack by Iran
• You can see where all this is going!
• You have to feel very sorry for all the innocent people who will be caught up in these air raids because Iran insists on attacking Israel and the US.

Currencies

US$1.0870/eur vs 1.0910/eur previous. Yen 148.57/$ vs 149.51/$. SAr 18.169/$ vs 18.242/$. $1.297/gbp vs $1.298/gbp. 0.631/aud vs 0.634/aud. CNY 7.239/$ vs 7.236/$

Dollar Index 103.641 vs 103.578 previous

Precious Metals

Gold US$3,041/oz vs US$3,033/oz previous

Gold ETFs 87.0moz vs 87.0moz previous

Platinum US$994/oz vs US$992/oz previous

Palladium US$956/oz vs US$966/oz previous

Silver US$33.6/oz vs US$33.8/oz previous

Rhodium US$5,700/oz vs US$5,400/oz previous

Base metals:   

Copper US$9,975/t vs  US$9,936/t previous

Aluminium US$2,676/t vs US$2,665/t previous

Nickel US$16,325/t vs US$16,590/t previous

Zinc US$2,929/t vs US$2,962/t previous

Lead US$2,080/t vs US$2,098/t previous

Tin US$34,975/t vs US$35,400/t previous

Energy:           

Oil US$71.4/bbl vs US$70.4/bbl previous

• Crude prices edged higher as the EIA estimated a US inventory w/w build of 1.7mb to crude (smaller than API), offset by draws of 0.5mb to gasoline and 2.8mb to diesel stocks, with refinery utilisation up 0.4% w/w to 85.9%.
• European natural gas prices moved lower even as EU natural gas storage levels fell by 3% w/w to 34.3% full (vs 45.7% 5-Yr average) with aggregate inventory now at 393TWh and Germany falling below 30% full.

Natural Gas €43.6/MWh vs €42.4/MWh previous

Uranium Futures $65.1/lb vs $64.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$100.6/t vs US$100.4/t

Chinese steel rebar 25mm US$481.8/t vs US$482.8/t

HCC FOB Australia US$175.3/t vs US$175.8/t

Thermal coal swap Australia FOB US$102.5/t vs US$101.4/t

Other:  

Cobalt LME 3m US$36,170/t vs US$36,170/t

NdPr Rare Earth Oxide (China) US$61,408/t vs US$61,498/t

Lithium carbonate 99% (China) US$9,947/t vs US$10,061/t

China Spodumene Li2O 6%min CIF US$810/t vs US$810/t

Ferro-Manganese European Mn78% min US$1,005/t vs US$1,005/t

China Tungsten APT 88.5% FOB US$358/mtu vs US$358/mtu

China Graphite Flake -194 FOB US$435/t vs US$435/t

Europe Vanadium Pentoxide 98% US$4.9/lb vs US$4.9/lb

Europe Ferro-Vanadium 80% US$24.1/kg vs US$24.0/kg

China Ilmenite Concentrate TiO2 US$300/t vs US$301/t

Global Rutile Spot Concentrate 95% TiO2 US$1,543/t vs US$1,543/t

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

Brazil Potash CFR Granular Spot US$335.0/t vs US$335.0/t

Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Battery News

Jaguar Land Rover to hire 150 EV technicians ahead of all-electric Range Rover launch

• Jaguar Land Rover will recruit 150 specialist EV technicians ahead of the launch of its all-electric Range Rover later this year.
• The automaker plans to offer a fully electric version of all its brands by 2030 and views the new roles as “central” to these plans.
• 50 of the new roles will be based at the company’s Solihull plant, where it will launch production of the Range Rover Electric later this year.
• The remaining 100 roles will be based in JLR’s Electric Propulsion Manufacturing Centre in Wolverhampton.
• JLR posted a record £7.5bn revenue in its most recent quarter and, while YTD pre-tax profit stood at its highest level in a decade.

China delays approval for BYD’s planned Mexican plant amid fears technology could leak to US

• The Chinese government has delayed approval for BYD to build a new EV plant in Mexico citing fears that smart EV technology could leak across the border into the US.
• Chinese automakers need approval from China’s Ministry of Commerce to produce overseas, which the ministry has yet to grant.
• Authorities are concerned that Mexico would gain unrestricted access to BYD’s advanced technology and know-how, and may even possibly allowing the US access to it.

 Company News

Arafura Rare Earths (ARU AU) A$0.19, Mkt Cap A$468m – Up to 300tpa NdPr binding offtake with Traxys

• The Company signed a binding offtake with Traxys for the sale of NdPr Oxide from the Nolans Project in Australia (NT).
• The contract is for 100tpa over five years (first two years during ramp up the volume is determined pro rata) with an option to increase to a maximum of 300tpa at the option of Arafura.
• Price is to be broadly determined referencing to the NdPr Ex Works China Price.
• The agreement is subject to conditions being met before e31 December 2028 including completion of construction and start of commercial production and ramp up at Nolans.
• Supplied product should grade at least 99% TREO.
• The offtake amounts to ~8% of the binding offtake target that is estimated at 80% of 4,440tpa NdPr Oxide project capacity.
• The agreement takes total production under binding offtake to 66% including 1,500tpa (43%) with Hyandai & Kia as well as 520tpa (15%) with Siemens.

Artemis Resources (ARV LN) 0.41p, Mkt Cap £10.4m – Completion of Pilbara Phase 1 drilling campaign

• Yesterday, Artemis Resources reported the completion of five diamond drillholes (1,790m) in its Phase 1 programme to test gold targets within a 4km long zone around its Carlow resource in the Pilbara region of WA.
• The drilling investigated “three previously undrilled, high priority gold targets”, including:

• • The Titan prospect located around 2km NW of Carlow; and
  • The Marillon electro-magnetic (EM) target approximately 800m east of Carlow; and
  • “Potential extensions down plunge from the Carlow deposit” which, according to the company’s website, currently hosts a resource of 8.74mt at a gold equivalent grade of 2.5g/t totalling ~700koz on a gold equivalent basis.

• The announcement confirms that “All three holes at Titan intersected a wide zone of hydrothermal alteration and veining in an ultramafic sequence down dip from a surface gold occurrence” and that “Re-modelling of geophysical data confirms the Titan holes were drilled across a regional northwest trending structure with no previous drilling”.
• The announcement also says that “Both drill holes completed at the Marillion and Carlow extension targets intersected zones of vein hosted, stringer and semi massive sulphides”.
• Drill core samples “from the five drill holes have been sent for assay with results expected in coming weeks”.
• Managing Director, Julian Hanna, commented that “this initial drilling program is already changing our understanding of the geological and structural setting as well as the wider gold potential of this highly mineralised area”.

Conclusion: Initial drilling of three previously untested targets close to the company’s Carlow deposit in the Pilbara area, WA has provided enhanced geological insights into the mineralisation potential. We await results from the samples currently awaiting assay with interest.

Blencowe Resources (BRES LN) 3.3p, Mkt Cap £9.7m – Non-Binding MoU for graphite offtake from the Orom Cross graphite project, Uganda

• Blencowe Resources reports that it has signed a non-binding Memorandum of Understanding with Florida-based Apollo Energy Systems (AETC) for purified graphite from its Orom Cross graphite project in Uganda.
• An ‘Indicative Framework’ establishes a potential offtake of “250 tonnes per annum of purified small flake graphite, with final pricing to be agreed within 24 months”.
• Although “the Apollo MOU represents a small component of the proposed 5,000tpa Phase 1 production, the purification (to be undertaken by AETC in Chicago) elevates the value of fine flake concentrate … [and offers] … the potential to expand volumes of this purified product sold to Apollo in the future”.
• AETC is described as a “leading processor of lead acid battery technology for advanced energy storage systems, operating from the United States”.
• Executive Chairman Cameron Pearce commented that ““Following a successful marketing tour of the USA, this MOU is the first of several that we anticipate bringing to market near term. It builds on our initial agreement with Jilin, announced in 2024, to supply up to 15,000tpa large flake concentrate”.
• Orom Cross hosts an ‘Indicated & Inferred’ JORC compliant resource of 24.5mt at an average total graphite grade of 6% amenable to open-pit mining. The company describes it as having “a low strip ratio and free dig operations, thereby ensuring lower operating and capital costs”.
• Previous announcements indicate that development of the deposit is “targeted for 2026”.

Conclusion: Blencowe Resources is attracting interest from potential purchasers of graphite product from the Orom Cross project.  Although still in non-binding form at this stage, the MoU announced today is a tangible indication of interest from a possible end-user.

Botswana Diamonds (BOD LN) 0.11p, Mkt Cap £1.3m – Interim report highlights use of AI as an exploration tool

1. Botswana Diamonds reports an after-tax loss of £225,000 for the six months to 31^st December 2024 (2023 – £251,000 loss) and a closing cash balance of £55,000.
2. As an exploration company, Botswana Diamonds focusses on the identification of potential kimberlite anomalies, aided by the use of artificial intelligence (AI), one of which, located in the Jwaneng region “has most, if not all, of the characteristics deemed essential to be a kimberlite discovery”.
3. The company says that “Once the license applications are granted, we will undertake ground surveys to specify likely drill sites”.
4. Use of AI has also helped to identify “a series of polymetallic targets covering copper, cobalt, silver, zinc and gold … [leading to applications] … for eleven prospecting licenses over open ground covering over 7,000 sq kms”.
5. Botswana Diamonds also reports that, in S Africa, “after a long delay, a mining permit over our Thorny River deposit” has been granted covering ground around the former “Klipspringer mine and the mined out Marsfontein mine”.
6. Describing “tough times” in the diamond industry caused by a “downturn in retail sales and the growth of Lab Grown” diamonds the company highlights the rarity of the natural diamond comparing “a 5-carat natural with a 5 carat lab grown” stone as analogous to “comparing a Ferrari to a Ford Mondeo”.
7. Botswana Diamonds also highlights a trend of “females buying for themselves … [and says that as] … women get wealthier, they have greater disposable income some of which goes on beautiful things – including diamonds. This is particularly evident in the United States where quality diamond sales have held up well”.  The company says that there is evidence of a similar trend “in Asia and the middle east”.

C3 Metals (CCCM CN) C$0.53., Mkt Cap C$43m – Closing of C$11.5m private placement

• Jamaican and Peruvian explorer C3 Metals has closed an upsized bought deal private placement at C$0.5/share, raising C$11.5m.
• Funds will be used for exploration at the Company’s Khaleesi Copper-Gold project, alongside development activities at their Jamaican Super Block project.
• Khaleesi is a 100% owned porphyry, skarn, epithermal system prospective for copper and gold in Peru.
• C3’s recent soil sampling programme has identified a zone of 1,900m x 650m averaging 650ppm copper in soils at Khaleesi.
• The Company suspects this area may cover a porphyry, based on outcrops and alteration.
• C3 has identified a significant geophysical anomaly under the glacial till connecting two copper-in-soil zones.
• The Company had been aiming to begin drilling in late 2Q25 before today’s equity raise.
• The funds will also support further exploration at C3’s Super Block project in Jamaica, where the Company is in a 50/50 partnership with Geophysx Jamaica.
• The Project hosts the former Pennants Gold Mine, with focus on identifying higher grade deposit potential.
• Meanwhile, C3 are in joint venture with Freeport McMoRan at their Jamaican Bellas Gate project, where FCX are earning a 75% stake through a US$75m exploration spend.

Central Asia Metals (CAML LN) 172p, Mkt Cap £290m – Solid financial performance in 2024 as investment at Sasa extends mine life to 2029

• Central Asia Metals has reported 2024 EBITDA of US$101.8m (2023, US$101.0m) and after-tax profit of US$50.6m (2023 – US$37.1m) and competed the year debt-free and with US$67.3m cash.
• Dividends of 18p/share for the year, including a proposed final dividend of 9p/share, match those of 2023.
• The financial results reflect production of 13,439t of copper (2023 – 18,316t) at a cash cost of US$0.80/lb from Kounrad in Kazakhstan and 18,572t of zinc in concentrate (2023 – 27,794t) at Sasa, in North Macedonia, at a cost of us$0.76/lb on a zinc equivalent basis.
• CEO, Gavin Ferrar, commented that “Kounrad again demonstrated its reliability in 2024 … [and explained that despite] … being leached since operations at Kounrad commenced in 2012, the Eastern Dumps continue to yield copper, contributing 27% of the 2024 production total 2024 … [while] … the Western Dumps … will remain the mainstay for the rest of Kounrad’s life”.
• He said that the “key achievements at Sasa in 2024 included the first full year of operation of the Paste Backfill (PBF) Plant and the completion in December of the development of the Central Decline … [and noted that] … these projects are transforming Sasa into a more robust and flexible operation, employing international best practice in tailings disposal, and ensuring safe and profitable operations until at least 2039”.
• Central Asia Metals issued guidance for 2025 production of 13-14,000t of copper, 19-21,000t of zinc in concentrate and 27-29,000t of lead in concentrate with capital expenditure in the range $18-21m.
• Mr. Ferrar commented on “significant capital … [investment which is expected to extend] … the mine’s life to at least 2039 through the transition to new mining methods”.

Great Western Mining* (GWMO LN) 0.01p, Mkt Cap £0.9m – Staking additional claims around Eastside Project

• Great Western Mining reports the staking of new claims at the Eastside Mine/Tango Area.

• GWM is in a pooling agreement with Bronco Creek Exploration, owned by EMX Royalty, with Eastside claims pooled with BCE’s Tango claims for a large primary porphyry copper target.
• BCE has staked 78 additional claims in the Area of Mutual Interest, with GWM holding a 30% participation.
• The cost to GWM is offset against a credit arising from previous expenditure on the Property.
• The combined land package now covers 2,823 acres vs GWM’s initial 371-acre Eastside package.

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

KEFI Gold and Copper* (KEFI LN) 0.55p, Mkt Cap £44m – Saudi JV secures an exploration license with Hancock

• GMCO (15% KEFI) has been secured the 910km2 Al Hajar North Exploration License in Saudi Arabia via a 50/50 JV with Hancock Prospecting following a competitive tender process.
• The Al Hajar North EL covers the northern Wadi Shwas Mineral Belt (WSMB) in southwest Saudi Arabia and runs parallel to and only 50km east of the geologically comparable Wadi Bidah Mineral Belt hosting Hawiah and Al Godyer.
• WSMB is reported to be highly prospective for VMS and orogenic gold deposits.
• GMCO team identified 26 mineral targets within the Al Hajar North EL that will be the primary focus of initial exploration programme.
• The team identified gold rich VMS gossans that were mined in 2000s by Maaden south of the license area with the same VMS horizon running north directly into the Al Hajar North EL.
• Historical drilling of gossans returned robust gold grades at wide intersections including:
• 34m at 1.98g/t Au from 43m (HJRC003)
• 33m at 1.8g/t Au from 22m (HJRC004)
• 30m at 2.51g/t Au from 11m (HJRC014a)
• KEFI is continuing with a strategic review process regarding its 15% stake in GMCO.
• In light of the new Hancock JV and other developments at GMCO, the deadline for indicative non-binding proposals has been extended to 31 March 2025.

Conclusion: GMCO further expands its exploration portfolio in Saudi Arabia agreeing a 50/50 JV with Hancock Prospecting, a mining major backed by Gina Rinehart, over 910km2 property. The news follows recent announcement of growth in mineral resources across its advanced exploration portfolio. All positive developments with the Company in the process of selling its stake in the GMCO JV.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Kinross Gold (KGC US) $12.2, Mkt Cap $15bn – Ramp up of buyback as cash flow ramp up on strong gold prices

• International gold miner Kinross has initiated a buyback of 110.4m common shares, representing 10% of the Company’s float.
• The buyback will end March 2026.
• Company notes it holds an ‘investment grade balance sheet and strong free cash flow generation’, supporting shareholder returns alongside the quarterly dividend.
• Kinross expects to produce 2moz in FY2025 at an AISC of $1,500/oz, with CAPEXC guided at $1,150m.
• Company is beginning Great Bear construction this year, expected to produce 520kozpa over the first eight years LOM at an AISC of $812/oz with $1.4bn initial CAPEX.

Wishbone Gold (WSBN LN) – SUSP – Proposed RTO dropped

• Wishbone Gold has announced that it will not proceed with “a possible reverse takeover through the acquisition by Wishbone of Evrensel Global Natural Resources” as the parties “have agreed that it is not in … [their] … best interests”.
• Today’s announcement clarifies that with “the current gold price at near record highs and with Wishbone holding a sizeable portfolio of highly prospective gold licences in Australia… the Board considered that it was no longer in the best interests of the Company to pursue the potential reverse transaction and instead has decided to seek to rebuild and expand on its Australian gold strategy”.
• Chairman, Richard Poulden, said that “It was the wrong time for us to consider an RTO and instead we will be repositioning and redirecting our exploration initiatives on our gold assets in Western Australia and Queensland”.
• Today’s announcement also confirms that “in order to strengthen the management team, David Lenigas has agreed to join Wishbone as a consultant”.

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

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