SP Angel Morning View -Today’s Market View, Thursday 24th July 2025

Copper – record arbitrage for physical, spot copper between Comex and LME

MiFID II exempt information – see disclaimer below

This note is crafted by humans with some help from Google AI – This note is also MiFID II exempt information – see disclaimer below

Anglo American (AAL LN) – Quarterly production reports highlights progress on simplifying the business while maintain 2025 production guidance

Cornish Metals* (CUSN LN) – Progress report from South Crofty

Lynas Rare Earths (LYC AU) – 4QFY25 operations update

Mkango Resources* (MKA LN) – BUY – NdFeB material feedstock supply agreement for HyProMag USA

Meteoric Resources (MEI AU) – A$42.5m raised

New Frontier Minerals (NFM LN) – High-grade rare earths structural corridor extends >2.4km at Harts Range, near Alice Springs Australia   

Resolute Mining* (RSG LN) – Bantaco MRE, Senegal

Xtract Resources (XTR LN) – Reconnaissance exploration for antimony in Morocco

Savannnah Resources* (SAV LN) BUY – 16.7p – Project finance advisor appointment

Copper ($9,940/t) – record arbitrage for physical, spot copper between Comex and LME

• Traders are preparing for a potential 50% tariff on copper imports into the US
• Many still think the tariffs won’t be 50% as it doesn’t make sense to tax copper coming into the US
• An export ban of copper scrap would be more helpful
• The Trump administration may use the prospect of lower tariffs on Chile to try to restrict copper flows into China
•  We are struggling to see how this can really work

Iran – Israel caused 120-150 Iranian missile launchers to explode on activation during the recent 12-day war.

• The report in the Iran International suggests Israel hacked and sabotaged Iran’s entire air defense system along with a good number of ballistic missile launchers according to Iranian analyst
• https://www.iranintl.com/en/202507228160
• You have to admire MOSAD. The message is clear, if you try to fire missiles to kill people in Israel you run a significant risk of blowing yourself up.
• The event will go down in history alongside the exploding Hezbollah pagers and walkie-talkies which injured nearly 3,000 Hezbollah agents.

Economics

EU/US – Two major trade partners are close to agreeing a 15% import tariff on European goods similar to the deal signed with Japan this week. (FT)

• The US earlier threatened to raise tariffs to 30% from August.
• The US has been charging an extra 10% tariff on EU shipments since April as trade talks continued.
• That was on top of pre existing duties averaging 4.8%.
• 15% is expected to include all previous levies with Brussels considering the potential deal as largely keeping the status quo.

Eurozone – Private sector expanded at the fastest rate since last August on preliminary PMI numbers, although, in absolute terms, growth remains subdued.

• Manufacturing inched closer to breakeven nearly ending three years of contraction.
• Services sector seems to have gathered momentum.
• Employment climbed and final prices climbed modestly.
• Prelim Manufacturing PMI (Jul/Jun/Est): 49.8/49.5/49.8
• Prelim Services PMI (Jul/Jun/Est): 51.2/50.5/50.6
• Prelim Composite PMI (Jul/Jun/Est): 51.0/50.6/50.7

Germany – Preliminary PMIs show manufacturing remained in a contraction, albeit, at slightly slower pace than in June with services almost flat.

Consumer confidence slipped more than expected in August.

• Prelim Manufacturing PMI (Jul/Jun/Est): 49.2/49.0/49.5
• Prelim Services PMI (Jul/Jun/Est): 50.1/49.7/50.0
• Prelim Composite PMI (Jul/Jun/Est): 50.3/50.4/50.7
• GfK Consumer Sentiment (Aug/Jul/Est): -21.5/-20.3/-19.3

France – Prelim Manufacturing PMI (Jul/Jun/Est): 48.4/48.1/48.5

• Prelim Services PMI (Jul/Jun/Est): 49.7/49.6/49.6
• Prelim Composite PMI (Jul/Jun/Est): 49.6/49.2/49.1

ECB is expected to keep rates unchanged later today with all focus on EU/US trade deal negotiations.

• At least one cut is expected until YE25 taking the deposit rate to 1.75%.

UK – Prelim Manufacturing PMI (Jul/Jun/Est): 48.2/47.7/48.0

• Prelim Services PMI (Jul/Jun/Est): 51.2/52.8/52.9
• Prelim Composite PMI (Jul/Jun/Est): 51.0/52.0/51.8

Currencies

US$1.1763/eur vs 1.1742/eur previous. Yen 146.45/$ vs 146.73/$. SAr 17.600/$ vs 17.586/$. $1.356/gbp vs $1.354/gbp. 0.661/aud vs 0.658/aud. CNY 7.153/$ vs 7.163/$.

Dollar Index 97.30 vs 97.45 previous.

Precious metals:

Gold US$3,366/oz vs US$3,421/oz previous

   Gold ETFs 91.6moz vs 91.6moz previous

Platinum US$1,406/oz vs US$1,454/oz previous

Palladium US$1,269/oz vs US$1,288/oz previous

Silver US$39.1/oz vs US$39.2/oz previous

Rhodium US$6,000/oz vs US$5,900/oz previous

Base metals:

Copper US$9,940/t vs US$9,888/t previous

Aluminium US$2,645/t vs US$2,638/t previous

Nickel US$15,580/t vs US$15,480/t previous

Zinc US$2,865/t vs US$2,852/t previous

Lead US$2,035/t vs US$2,020/t previous

Tin US$34,945/t vs US$33,850/t previous

Energy:

Oil US$69.0/bbl vs US$68.6/bbl previous

• Crude oil prices edged higher following President Trump’s announcement of a major trade deal with Japan, as the EIA estimated a w/w US inventory draws of 3.2mb to crude and 1.7mb to gasoline, offset by a draw of 2.9mb to diesel stocks, as refinery utilisation increased 1.6% w/w to 95.5% on domestic output of 13.3mb/d.
• European energy prices were stable as EU natural gas storage levels rose 2.2% w/w to 65.7% full (vs 74.1% 5-Yr average) with aggregate inventory at 745TWh and all countries now above 55% full.

Natural Gas €33.0/MWh vs €33.6/MWh previous

Uranium Futures $72.4/lb vs $71.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (cfr Dalian) US$113.4/t vs US$113.8/t

Chinese steel rebar 25mm US$464.2/t vs US$462.7/t

HCC FOB Australia US$178.0/t vs US$179.0/t

Thermal coal swap Australia FOB US$112.8/t vs US$112.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$69,342/t vs US$66,869/t

Lithium carbonate 99% (China) US$9,842/t vs US$9,549/t

China Spodumene Li2O 6%min CIF US$790/t vs US$770/t

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

China Tungsten APT 88.5% FOB US$443/mtu vs US$443/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$23.7/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$283/t vs US$285/t

China Rutile Concentrate 95% TiO2 US$1,097/t vs US$1,096/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$2,975.0/kg vs US$2,975.0/kg

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

EV and battery news

UK vehicle manufacturing hits lowest level since 1953

• Car and van production in UK slipped to 417,200 units in H1, marking the lowest output since 1953, excluding the Covid disruptions.
• Society of Motor Manufacturers and Traders data shows a 12% yoy decline in production, driven by factory disruptions and weaker export demand following trade tensions, particularly tariffs with the US.
• President Trump’s 25% tariffs on imported vehicles and parts prompted UK-made luxury brands like Bentley and Jaguar Land Rover to suspend US exports in April.
• From the end of June, a new UK‑US deal will allow 100,000 British‑made vehicles annually to enter the US at a reduced 10% tariff, easing some pressure on exporters.
• The Labour government’s £650m EV subsidy scheme offers up to £3,750 per car priced under £37,000, but a lack of industry consultation has left manufacturers and buyers uncertain.
• Total production forecasts for 2025 have been cut to 755,000 vehicles from an earlier estimate of 815,000, as the SMMT warns further growth hinges on securing additional trade agreements.

Chinese carmakers gain ground as Europe’s auto market shrinks

• Chinese automakers captured a record 5.1% slice of Europe’s auto market in the first half of 2025 as overall registrations slid and buyers shifted towards lower-cost EVs.
• Registrations fell by 4.4% yoy in June, bringing the first‑half total to 1.25m vehicles.
• Stellantis and Tesla saw their market shares slip to 15.3% and 1.6% respectively, while Chinese competitors saw their market share increase.
• BYD registered over 70,000 vehicles, up 311% yoy, driving the overall share for Chinese brands to new heights.
• Fully electric models claimed a 17.4% share of registrations, with EV sales rising by 25% compared to last year.
• EU policymakers have responded with talks over further new tariffs on Chinese EVs to protect domestic manufacturers.

 Company news

Anglo American (AAL LN) 2,344p, Mkt Cap £28bn – Quarterly production reports highlights progress on simplifying the business while maintain 2025 production guidance

• Reporting its Q2 production results for the three months to 30th^t June 2025, Anglo American reports progress on simplifying its business with its “reorganisation and cost reduction programmes … on track” and the successful demerger of its PGM business, now known as ‘Valterra Platinum’ in late May.
• The company confirms progress with its plans to sell De Beers “despite the current challenging market conditions” and says that it expects a “full restart … [of steelmaking coal operations at Moranbah] … in due course”.
• Among the core businesses, quarterly copper output of 173,300kt brought H1 output to 342,200t (H1 2024 – 393,800kt) with increased production from Quelllaveco “as a result of higher throughput, offset by planned lower production in Chile, at both Collahuasi … [which suffered lower grades, recoveries and the impact of water constraints] … and Los Bronces” offset by lower Chilean production “reflecting the planned lower ore grade at Collahuasi and planned lower throughput at Los Bronces”.
• Copper production guidance for the year is maintained in the range 690-750kt with cost guidance also confirmed at ~US$1.51/lb including US$1.95/lb (previously US$1.85/lb) at the Chilean operations and US$1.00/lb (formerly US$1.10/lb) in Peru.
• Copper output is “expected to be weighted to the second half of 2025 given the impact from lower grades in the first half from Collahuasi, particularly in Q1”.
• Production of 15.9mt of iron ore during Q2 brings H1 output to 31.4mt (H1 2024 – 30.7mt) includes ~18.2mt from Kumba in S Africa reflecting “a flexible production approach to managing Sishen and Kolomela as one integrated complex” and ~13.1mt from the South American operations of Minas Rio reflecting “improved mass recovery at the beneficiation plant, and enhanced operational discipline”.
• Full year production guidance remains at 57-61mt with unit cost guidance intact at US$36/t.  Kumba is expected to produce 35-37mt at around US$36/t with Minas Rio contributing a further 22-24mt at US$32/t.
• Resumption of manganese mining during the quarter after the temporary suspension in the aftermath of cyclone Megan increased quarterly output to 745,600t (Q1 356,000t) bringing H1 output to ~1.09mt (H1 2024 – 1.14mt).
• Quarterly rough diamond production of 4.1m carats brought H1 production to 10.2m carats (H1 2024 – 13.3m carats) with the lower output “reflecting a planned production response to the prolonged period of lower demand”.
• Anglo American says that “diamond trading conditions remained challenged in the first half of 2025” with improving sentiment at the end of Q1 damaged by “uncertainty surrounding U.S. tariffs announced in April … [which] … subsequently slowed polished trading”.
• Full year diamond production guidance remains intact in the range 20-23m carats and cost guidance is also unchanged at ~US$94/carat.
• Steelmaking coal production of ~2.06mt during the quarter was “primarily impacted by the suspension of mining at the Grosvenor longwall operation following the underground fire in June 2024”.
• H1 production of 4.3mt of steelmaking coal is around half the 8.0mt of H1 2024 reflecting “the sale of our minority interest in Jellinbah which completed in January 2025 and the incident at Moranbah in March 2025. These decreases were partially offset by higher production at the Aquila underground mine”.
• “Production guidance for 2025 has not been updated, remaining at 10-12 million tonnes as we continue to assess potential impacts from the temporary stoppage at Moranbah. Production guidance excludes Grosvenor as the operation remains suspended. A walk-on/walk-off longwall move at Aquila, that will have a minimal production impact, is planned for Q3 2025”.  Unit cost guidance of ~US$1.05/t of coal “ is currently under review, in light of the temporary stoppage at Moranbah”.
• Nickel output of 9,500t in Q2 brings H1 output to 19,300t (H1 2024 – 19,500t) with 2025 production guidance maintained at 37-39,000t and costs unchanged at ~US$5.05/lb.
• Anglo American confirms its previous announcements of “a definitive agreement to sell the Nickel business to MMG Singapore Resources Pte. Ltd, subject to relevant approvals”.

Conclusion: Anglo American highlights progress on the streamlining of its portfolio while maintaining 2025 cost and production guidance across all its major commodity sectors.

Cornish Metals* (CUSN LN) 7.65p, Mkt Cap £99m – Progress report from South Crofty

• Cornish Metals has provided a progress report on its work at the historic South Crofty tin mine in Cornwall where it is working to start underground pre-production development next year in preparation for a resumption of production.
• Refurbishment of the New Cooks Kitchen Shaft is “is progressing well” although the company explains that “the pace of advance down the shaft has been held back by the rate of dewatering in recent months”.
• Dewatering rates have now increased to “near full capacity of 25,000m³ per day in mid-July … [following ] … delays in the servicing one of the pump motors … [but with maintenance now complete] … the water level … [is] … currently at approximately 340 metres below surface”.
• Today’s announcement explains that “Refurbishment of NCK shaft is progressing well, but the pace of advance down the shaft has been held back by the rate of dewatering in recent months”.
• “Refurbishment depth is currently down to approximately 330 metres below surface with increased advance rates now back in-line with plan”.
• The company explains that “Mine dewatering and NCK shaft refurbishment to the lower pump station level (approximately 730 metres below surface) are now expected in mid-2026, from Q4-2025 previously … [resulting in first] … tin production from South Crofty … now expected in the first half of 2028, from 2027 previously”.
• Other developments include the preparation of a site at the old Bartles Foundry buildings “for construction of new stores and workshop facilities” as well as an expected start of “Excavation and earthworks for the processing plant … [which] … are expected to commence in August 2025”.
• The company concludes that “First tin production from South Crofty is now expected in the first half of 2028, from 2027 previously”.
• The addition of additional underground drilling capacity and the imminent start of operator training “will enable the start of underground development of the No. 1 level of the mine”.
• Summarising progress, CEO, Don Turvey, said that “Activities at South Crofty have ramped up meaningfully following the financing in Q1 2025 with works underway across the site on-surface and underground”.
• He said that recent appointments of both senior management and advisors have left Cornish Metals “better positioned to build and deliver a world class project at South Crofty … [and] … a restart of tin production”.

Conclusion: Slower than expected pumping rates have now been resolved and shaft refurbishment is reported to be progressing well with initial tin production now expected in H1 2028.

*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

Lynas Rare Earths (LYC AU) A$10.6, Mkt Cap A$9.5bn – 4QFY25 operations update

• 4QFY25 production 3.2kt TREO incl 2.1kt NdPr (4QFY24: 2.2kt TREO and 1.5kt NdPr).
• Dy and Tb oxides were produced at the new production line at Lynas Malaysia in May and June marking the first commercial production of separated HREs for Lynas.
• Lynas is the world’s only commercial producer of separated HRE oxides outside China.
• Sales 2.8kt TREO (4QFY24: 3.2kt).
• Average realised selling price A$60.2/kg (4QFY24: A$42.3/kg).
• That was the highest since July 2022.
• The Company highlighted that market conditions remained challenging during the quarter with pricing continuing at low level, although, a small improvement in NdPr pricing was recorded at the end of June.
• The Company also notes a significant increase in demand for its products from direct end users and new magnet maker projects.
• Sales and cash receipts of A$170m and A$153m (4QFY24: A$137m and A$118m).
• FCF (ex interest) amounted to -A$83m and -A$340m for 4QFY25 and FY25 after accounting for A$88m and A$425m in capex, respectively.
• Closing cash and short term deposits stood at A$166m.
• Stock closed 5% up.

Mkango Resources* (MKA LN) 33p, Mkt Cap £105m – NdFeB material feedstock supply agreement for HyProMag USA

BUY

• HyProMag USA, a 50/50 JV between CoTec and Maginito (~80% Mkango), signed a feedstock supply and preprocessing site share agreement with Intelligent Lifecycle Solutions (ILS).
• ILS is a global electronics recycling business processing electronic waste.
• ILS will secure and store NdFeB feedstock from HDDs and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada, ahead of the commissioning of HPMS magnet recycling and manufacturing facilities in Dallas-Fort Worth, Texas.
• The agreement offers a source to secure the NdFeB containing feedstock that will be pre-processed using Inserma technologies ahead of HPMS liberation of magnet material and short loop manufacturing of new finished magnets.
• ILS is planning to use its existing infrastructure to procure nationally rare earth material from government, manufacturing, and businesses as well as other recycling sources.
• The agreement is expected to be one of many as HyProMag progresses towards start of construction and commissioning (Notice to Proceed 2H25, First production 1H27).

*SP Angel acts as nomad and broker to Mkango Resources

Meteoric Resources (MEI AU) A$0.17, Mkt Cap A$362m – A$42.5m raised

• The Company announced yesterday it closed an upsized placing of A$42.5m at A$0.14 for the wholly owned Caldeira Rare Earth Project in Brazil.
• The placing price represents a ~10% discount to the last traded price.
• Proceeds to be used to FS related work, environmental licensing, infill drilling and development of a 25kg/hour MREC pilot plant at Pocos de Caldas.
• MREC samples will be used for metallurgical testwork, flowsheet design and customer validation.
• The team targets FID in 2026.

New Frontier Minerals (NFM LN) 0.53p, Mkt Cap £8.4m – High-grade rare earths structural corridor extends >2.4km at Harts Range, near Alice Springs Australia   

• New Frontier Minerals reports that its exploration team has identified additional high-priority drilling targets for heavy rare-earths, niobium and uranium at its Harts Range project located ~140km northeast of Alice Springs in the Northern Territory, Australia.
• Results from field exploration in June have identified a new target, ‘Old Trafford’ “located approximately 320m west of the mineralised Westminster Prospect”.
• Today’s announcement explains that Old Trafford, “along with the mineralised prospects – Cusp and Bobs, Paddington, and Westminster – occur within an east-west trending structural corridor now extending over 2.4 kilometres at the Harts Range Project”.
• Old Trafford, rock sample:
  • 0.73% TREO (inc 0.097% Dy2O3, 0.015% Tb4O7) with 1.92% Nb2O5 and 0.31% Ta2O5
• Westminster sample:
  • 7.34% TREO (inc 0.55% Dy2O3, 0.06% Tb4O7) with 0.008% Nb2O5 and 0.002% Ta2O5
  • 7.46% TREO 0.53% Dy2O3, 0.05% Tb4O7) with 0.01% Nb2O5 and 0.002 Ta2O5
  • “Sample HRS035 displays the most notable geochemical results, particularly in Light Rare Earth Elements (LREEs), with elevated values in CeO2 (196 ppm), La2O3 (111.9 ppm), Nd2O3 (86.7 ppm), Pr6O11 (24.4 ppm), and Sm2O3 (16.1 ppm).
  • The results suggest a localised enrichment of LREEs relative to surrounding samples, which exhibit only modest background levels. While no high-grade concentrations are present, the clustering of elevated LREEs in HRS035 may warrant further exploration and follow-up sampling to investigate potential mineralised trends.”
• Assays from July field program expected in early August 2025.
• Drilling to be fast tracked for 2,000-3,000m for Reverse Circulation.
• Bank Prospect (malachite) in foliated gneissic rocks):
  • 2.72% copper oxide from rock chip samples
• The Bank copper prospect is discontinuous and is seen to outcrop next to a creek-bed >200 from the main mineralisation.
  • Sample grades are: 1.38%, 1.08%, 0.82%, 0.20%, 0.99%, 0.23%, 0.99%, 2.72% and may or may not be representative of the underlying mineralisaton.
• IP or EM geophysical surveys will be used to determine future drilling

Conclusion:  Results from Harts Range show really interesting grades of rare earths along a potentially meaningful structural corridor. The sample grades are particularly interesting for their unusual Dysprosium and Terbium grades. These are scares rare earth metals at the best of times, so to find such grades in a Western deposit feels quite meaningful in the current geopolitical environment.

Resolute Mining* (RSG LN) 32.9p, Mkt Cap £678m – Bantaco MRE, Senegal

• Resolute Mining reports an initial Mineral Resource Estimate (MRE) for its South and West projects located around 20km east of its Mako gold mine in Senegal.
• At a cut-off grade of 0.5g/t gold, Bantaco South hosts an ‘Inferred’ resource of 87,000oz within 2.2mt at an average grade of 1.2g/t gold.
• Using the same cut-off, the Bantaco West prospect ‘Inferred’ resource hosts 179,000oz within 5.8mt at an average grade of 0.97g/t gold.
• Both prospects “remain open along strike and at depth” with the majority of the resources identified to date lying “within the top 100m”.
• At Bantaco South “Gold mineralisation varies from approximately 10 to 35m in thickness (measured across the zone from hanging wall to footwall) along approximately 350m strike”.
• “At Bantaco West mineralisation is up to approximately 40m thick (measured across the zone from hanging wall to footwall) along a defined mineralised zone of approximately 2km strike length. At both prospects, mineralisation is encountered from surface”.
• The company highlights “Strong potential to grow resources at Bantaco Main zone, follow up drilling program to commence in H2 2025”.
• Additional drilling is also planned “to convert Inferred resources to the Indicated category at both Bantaco South and West Prospects”.
• The adjacent Tomboronkoto deposit, which together with Bantaco, jointly host “over 600koz of gold” provides potential to extend the life of the Mako mine potentially supporting “another five to 10 years of mining activities in Senegal”.
• CEO, Chris Eger, acknowledged “the excellent progress our exploration team” and commented that the “Bantaco Project is key to the extension of Mako and has the possibility to be developed ahead of the Tomboronkoto Project allowing us to build on our strong mining heritage in the region and established stakeholder relationships, which facilitate a clear development timeline”.

Conclusion: The identification of shallow mineral resources at Bantaco within 20km of the Mako plant in Senegal, provided potential mine life extension opportunities for the Mako gold mine.  Further drilling is planned to upgrade and expand the current ‘Inferred’ MRE.

*SP Angel analysts hold shares in Resolute Mining

Xtract Resources (XTR LN) 0.75p, Mkt Cap £6.4m – Reconnaissance exploration for antimony in Morocco

• Xtract Resources reports that it has completed a 90-day programme of reconnaissance exploration for antimony on Moroccan licences held by its 80% owned Wildstone SARL.
• The 380km² licence area hosts “areas of known antimony mineralisation, newly identified mineralised structures, potential extensions of antimony-bearing veins, and several former commercial producing mines”.
• Xtract Resources says that “Ground magnetic orientation surveys completed on known mineralised structures to establish geophysical signatures for antimony targets … can now be rolled out to all licences in the portfolio”.
• Wildstone will now start more focussed exploration over “high-priority targets … [and build] … partnerships with small-scale miners operating within and nearby its licences”.
• “To date, very limited exploration has taken place and these licences are due for renewal in July and October 2026”.

• Describing the reconnaissance exploration results as “positive and exciting … [Executive Chairman, Colin Bird, said that] … We now have the basis for the potential development of an antimony business and future exploration and potential resource development will focus on the definition of Mineral Resources and the building of the Company and its capabilities in Morocco”.

Conclusion: Initial reconnaissance exploration for antimony in an area of artisanal mining and past production in Morocco has identified targets fro rollow-up exploration.

Savannnah Resources* (SAV LN) 3.6p, Mkt Cap £79m – Project finance advisor appointment

BUY – 16.7p

• The Company appointed project finance advisor for the Barroso Lithium Project in Portugal.
• Cutfield Freeman & Company Limited will assist in structuring and leading the next of the Company’s funding strategy.

*SP Angel acts as Nomad and Broker to Savannah Resources

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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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

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.