SP Angel Morning View -Today’s Market View, Thursday 3rd April 2025

Trump tariff rollout triggers global risk-off move as focus shifts to China’s response

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Completion of copper asset sale

Ariana Resources (AAU LN) – Phase 1 earn-in completed delivering 51% of the Slivova project, Kosovo

Artemis Resources (ARV LN) – Consolidation of lithium exploration interests in WA

Galan Lithium (GAL AU) – US$150m bid rejected

Jubilee Metals Group (JLP LN) – ‘Large Waste Project’ in Zambia

Panther Metals (PALM LN) – Exploration commitment for the Obonga project extended by a year

Ramelius Resources(RMS AU) – Record free cash generated from high-gold price environment

Robex Resources (RBX CN) – Kiniero first pour on track for 4Q25

Strategic Minerals* (SML LN) – Strong Q1 sales from Cobre provide support to renewed impetus for Redmoor exploration

Copper slides ($9,544/t) as tariff trade unwinds and market looks to global growth slowdown

• Copper prices have fallen 2% following Trump’s Liberation Day speech, having been driven higher by expectations of tariffs.
• Reuters reported c.500kt of copper was redirected to the US, in anticipation of a potential 25% tariff on copper imports.
• LME stocks down from 258kt to 106kt since the February 262 announcement.
• However, Trump left copper relatively unscathed in his tariff rollout yesterday, likely triggering the more speculative positions to exit the bullish copper trade.
• Additionally, the market is likely pricing in a slower global growth dynamic as a result of the tariff rollout, with China expected to slow, seen in the strength in their government bonds and weakness in the yuan.
• Aluminium hit seven month lows, whilst oil, PGMs and zinc all fell over 1%.
• Trump is exploring metals tariffs under a separate programme, using the Section 232 facility.
• Copper tariff updates are expected within the coming weeks, raising the potential for a continuation of the cross-Atlantic arbitrage trade.

Gold ($3,130/oz) flat amid tariff chaos as yields slide and traders assess potential for retaliation

• Gold prices spiked overnight, following Trump’s Liberation Day speech, climbing to $3,162/oz overnight in the spot market.
• Prices have since pulled back, and are now flat on the pre-speech level.
• US treasury yields have fallen significantly following the speech, with the 10 year sliding below 4.1% to hit October 2024 lows.
• A weaker dollar is likely supporting gold, with the Greenback weakening against the Yen amid the rush for haven assets.
• The Yen, which is usually bid in times of high volatility and market uncertainty, rose to late September highs.
• Additionally, the Euro and Sterling are both strengthening against the dollar, suggesting rising expectations of a tariff-induced slowdown in the US.
• China and the EU have vowed retaliation, with China stating they ‘firmly oppose this and will take countermeasures to safeguard its own rights and interests;
• Meanwhile, the Shanghai Gold Exchange made a statement on recent price volatility in the bullion market.

Economics

US – President Trump announced reciprocal tariffs on more than 180 countries yesterday that are due to come into effect later this month.

• 10% tariff would apply to nearly all US imports from April 5.
• Additionally, a number of countries are facing additional levies.
• Headline tariffs include:
• China 37% (on top of existing 20% taking total to 57%);
• EU 20%;
• Japan 24%;
• India 24%;
• UK 10%;
• Taiwan 32%.
• Imports from Canada and Mexico are not included on the list but are dealt with separately under previous executive orders that saw 25% tariffs levied on all goods before some exemptions and delays were announce.
• A series of countries including China and the EU promised to retaliate against new trade barriers rising risks of a full blown trade war.

Japan – The yen rallied more than 2% beating all its G10 peers as Japanese bonds climbed on the back of investors’ safe haven demand.

• Stronger yen along with US tariffs’ announcement are expected to weigh on exporters with Nikkei down more than 4% at some point on the day.
• Banking stocks were reported to have been hit the worst as investors expect the central bank to potentially delay quantitative tightening.
• The yen is currently trading around 146.8 level.
• The government commenting on US decision to place 24% tariff on Japan’s imports from next week called them “very disappointing” and pledged support for domestic industries.
• Tariffs on Japanese goods are higher than 20% placed on the EU and more than double 10% base rate despite promises from Japan to increase investment into the US to $1tn. (Bloomberg)

China – Private sector growth accelerated in March with both manufacturing and services sector printing higher than expected PMIs.

• Things are set to change as the US imposed new 34% tariffs on Chinese imports.
• Market commentators that US tariffs on China average now at least 65% when previous levies are counted in.
• Bloomberg Economics estimates that those tariffs are expected to reduce Chinese exports to the US by some 80%.
• Other estimates point to 1-2pp hit to Chinese GDP growth as a result of hike.
• Caixin Manufacturing PMI (released Tuesday, Mar/Feb/Est): 51.2/50.8/50.6
• Caixin Services PMI (Mar/Feb/Est): 51.9/51.4/51.5
• Caixin Composite PMI (Mar/Feb/Est): 51.8/51.5

Turkey – March inflation data pointed to a slowdown in price growth, although, the latest political crisis that send the lira to new lows is likely to undo the progress.

• CPI (%mom, Mar/Feb/Est): 2.5/2.3/2.9
• CPI (%yoy, Mar/Feb/Est): 38.1/39.1/38.7
• Core CPI (%yoy, Mar/Feb/Est): 37.4/40.2/38.6

Currencies

US$1.0960/eur vs 1.0788/eur previous. Yen 147.30/$ vs 149.67/$. SAr 18.896/$ vs 18.575/$. $1.312/gbp vs $1.291/gbp. 0.630/aud vs         0.630/aud. CNY 7.303/$ vs 7.271/$.

Dollar Index 102.717 vs 104.3 previous.

Precious metals:

Gold US$3,125/oz vs US$3,118/oz previous

Gold ETFs 88.0moz vs 88.0moz previous

Platinum US$977/oz vs US$978/oz previous

Palladium US$967/oz vs US$982/oz previous

Silver US$33.1/oz vs US$33.7/oz previous

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

Base metals:

Copper US$9,489/t vs US$9,690/t previous

Aluminium US$2,466/t vs US$2,493/t previous

Nickel US$15,800/t vs US$16,055/t previous

Zinc US$2,732/t vs US$2,807/t previous

Lead US$1,950/t vs US$1,982/t previous

Tin US$36,750/t vs US$38,035/t previous

Energy:

Oil US$72.5/bbl vs US$74.2/bbl previous

Natural Gas €40.0/MWh vs €42.5/MWh previous

Uranium Futures $65.2/lb vs $64.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$103.0/t vs US$103.7/t

Chinese steel rebar 25mm US$471.9/t vs US$474.4/t

HCC FOB Australia US$175.7/t vs US$175.0/t

Thermal coal swap Australia FOB US$104.5/t vs US$107.3/t

Other:  

Cobalt LME 3m US$33,925/t vs US$33,965/t

NdPr Rare Earth Oxide (China) US$60,525/t vs US$60,792/t

Lithium carbonate 99% (China) US$9,846/t vs US$9,917/t

China Spodumene Li2O 6%min CIF US$805/t vs US$805/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$5.1/lb vs US$5.0/lb

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

China Ilmenite Concentrate TiO2 US$284/t vs US$285/t

Global Rutile Spot Concentrate 95% TiO2 US$1,506/t vs US$1,506/t

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

Brazil Potash CFR Granular Spot US$337.5/t vs US$337.5/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

Trump auto tariffs will cover $460bn worth of vehicle and parts import

• According to Reuters analysis of President Donald Trump’s new tariffs, the 25% auto tariff will apply to over $460bn worth of imported vehicles and parts annually.
• The list of tariff codes covers engines, transmissions, lithium-ion batteries, and other key components as well as parts such as spark plug wires and brake hoses.
• The internal computer of the vehicle has been included on the tariff code that includes all computer devices (laptops, desktops and disk drives)
• This tariff category had imports of over $138.5bn in 2024, but the value of automotive computers is not clear due to the grouped tariff.

EV charging firms to team up for Europe’s largest network

• Four of Europe’s largest EV charging firms have agreed to team up to create the largest public charging network in Europe.
• Italy’s Atlante, Germany’s Ionity, the Netherlands’ Fastned and France’s Electra will create a new alliance called Spark aimed at sharing their networks.
• Spark will comprise of 11,000 charging points and 1,700 charging stations across 25 countries.
• This will make the network biggest than main rival Tesla’s European network.
• According to the European Commission, 3.5 million charging points will need to be installed by 2030 – almost three times the latest annual installation rate.

Company News

 80 Mile Plc* (80M LN) – 0.24p, Mkt cap £9.4m – Completion of copper asset sale

• 80 Mile has executed a share purchase agreement for the sale of the FinnAust SPV to Metals One.

• The SPA, announced mid-March, holds sees the sale of the Hammaslahti Copper-Zinc Project and the Outokumpu Copper Project in Finland to Metals One.
• 80 Mile will retain the rights to any industrial gases, including helium and hydrogen, over the projects.

Conclusion: 80 Mile continue to sharpen their focus on industrial gases.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has visited Dundas in Greenland and the Hammaslahti and Enonkoski projects in Finland

Ariana Resources (AAU LN) 1.25p, Mkt Cap £24m – Phase 1 earn-in completed delivering 51% of the Slivova project, Kosovo

• Ariana Resources reports that its 76% owned Western Tethyan Resources (WTR) has acquired 51% of the Slivova gold project in Kosovo, described by Ariana’s Managing Director, Dr. Kerim Sener, as “the most advanced gold project in Kosovo”.
• The 51% ownership is triggered by the recent completion of three drillholes (~786m) testing “down-plunge extensions of gold-silver mineralisation in the main gossan zone at Slivova and at the Dzemajl satellite target … [fulfilling] … the Phase 1 … earn-in requirements by fully spending the required 800,000 Euros”.
• Results from the drilling are still awaited but today’s announcement confirms that “WTR may now increase its holding to 85% … in two further phases over the next three years by making additional exploration expenditures totalling 1 million Euros, completing an Environmental Impact Study (“EIS”) and a Feasibility Study (“FS”) for the Project, and by making the required mining license application to the Kosovo mining authorities”.
• Work, expected to start in 2025, comprising “a JORC -compliant resource estimate and commencement of a full Environmental Impact Study” is required under the next phase of the earn-in agreement to reach 75% ownership.
• “WTR must complete the EIS, FS, and Mining License application in the fourth and fifth years from the effective date (2026-2027) in Phase 3 to reach 85%”.
• The project is located around 30km SE of Kosovo’s capital, Pristina and hosts “a global NI43-101 Mineral Resource of 176,000oz of gold and 646,000oz of silver, largely in Measured and Indicated categories”.
• Dr. Sener commented that “Our 2023 Preliminary Economic Assessment demonstrated positive economics based on an assumed gold price of US$1,835 per ounce. With the current trajectory of the gold price, this is a project that has the capacity to be advanced quickly through to feasibility and financing”.

Conclusion: Completion of the first phase of the earn-in at Slivova gives Ariana 51% of a Kosovan gold project

Artemis Resources (ARV LN) 0.41p, Mkt Cap £10.4m – Consolidation of lithium exploration interests in WA

• Artemis Resources reports that it has agreed to consolidate its lithium mineral rights west of Karratha, WA with those of Greentech Minerals.
• The two company’s holdings will be “combined into a lithium exploration joint venture company called … Andover Lithium … with GreenTech and Artemis each owning 50% of the shares of Andover Lithium”.
• Today’s announcement explains that Andover Lithium will now control “the largest lithium exploration tenement package in the West Pilbara covering over 420 km2 along strike from the Azure Minerals lithium discovery … [and] … provides an opportunity to attract a major funding partner into Andover Lithium and will allow the two companies to focus on their core exploration and resource expansion activities in the Karratha region, respectively for gold and copper/zinc”.
• The combined mineral rights cover “a large portion of the Karratha-Roebourne lithium corridor and includes six known lithium prospective areas, four with significant outcropping spodumene bearing pegmatites”.
• Artemis Resources confirms that it “remains focused on increasing existing resources at its Carlow Gold Project and making new gold discoveries and GreenTech remains focused on increasing existing resources of high-grade copper and zinc at its 100% owned Whundo VMS Project”.

Conclusion: Consolidation of lithium exploration interests in WA into Andover Lithium is presented as an opportunity to attract additional funding and allow the company to focus on its gold exploration at Carlow, WA.

Galan Lithium (GAL AU) A$0.15, Mkt Cap A$130m – US$150m bid rejected

• The Company received an unsolicited, conditional, non binding bid from Zhejiang Huayou Cobalt and the Renault Group for 100% in its lithium assets in Argentina.
• Bidders made a US$150m cash offer.
• Conditions to the proposal included completion of further due diligence, approvals from bidders, Galan shareholders and relevant authorities.
• The Board rejected the proposal saying the offer undervalues the business.
• The Board believes that completion of offtake and financing for Phase 1 HNW is to be completed in the short term that should see a rerate in the Company’s value.
• The stock is trading up nearly 40% in Australia.

Conclusion: The Board reject a $150m bid that in turn translates into just under A$0.30/sh offer, nearly 3x the closing price on Wednesday but a far cry from levels seen during the latest lithium bull run (>A$2/sh). The Company argues that Phase 1 HNW offtake and financing completion which are expected in the short terms should see the Company rerate.

Jubilee Metals Group (JLP LN) 3.18p, Mkt cap £95m – ‘Large Waste Project’ in Zambia

• Jubilee Metals reports that it “has secured the exclusive rights to the Large Waste Project (Project) for a reduced consideration of US$18 million (previously US$30 million)”.
• The company has been evaluating the project for a year conducting “sampling campaigns, laboratory test work and pilot scale trials, the results of which will inform the board’s decision as to whether to exercise the option to acquire the assets”.  A decision is expected by mid-May.
• Reporting what it describes “encouraging results from the due diligence completed so far, Jubilee has entered into an agreement to sell 10 million tonnes of the estimated 260 million tonnes of material to a selected multi-national metals company. The value of the 10 million tonnes material trade is estimated at US$6.75 million”.
• This will provide “a detailed insight into the performance of the material when processed at the partnered company’s existing facilities. The results of which will provide a high degree of confidence in the expected performance of the material if processed in future by Jubilee”.
• CEO, Leon Coetzer, explained that the “Large Waste Project offers tremendous potential for Jubilee to significantly expand its copper portfolio in Zambia … [where] … Jubilee’s copper strategy continues to gain further momentum on the back of the restart of its Roan Concentrator processing high-grade copper material as well as the expansion of its Munkoyo mining operation”.

Conclusion: A price reduction to secure the 260mt ‘Large Waste Project’ as a feed source to its Roan Concentrator in Zambia, coupled with sale of 10mt of the resource for a price equivalent to almost 40% of the renegotiated lower price hints that the May decision to acquire the project may well be positive.

Panther Metals (PALM LN) 38.5p , Mkt Cap £2.0m – Exploration commitment for the Obonga project extended by a year

• Panther Metals reports that it has secured an additional year to complete its exploration commitments to purchase the Obonga exploration project north of Thunder Bay in Ontario.
• The revised agreement, with Broken Rock Resources, extends the exploration commitment to 5 years, and replaces the previously agreed net-smelter-royalty with a 1.5% gross revenue royalty.
• “In connection with the signing of the Amending Agreement Panther will allot and issue 42,070 new ordinary  shares (the “Consideration Shares”) with a value of Canadian $30,000”.
• The Obonga project comprises “five prospective primary targets: Wishbone, Awkward, Survey, Ottertooth and Silver Rim” where a “Phase 1 drilling campaign at Wishbone in Autumn 2021 revealed the presence of significant VMS-style … [volcanogenic massive sulphide] … mineralised systems on the property”.
• Welcoming the amended agreement, CEO, Darren Hazelwood, explained that “Obonga remains a frontier with significant untapped potential … [and he expressed confidence that it] … will become a cornerstone asset”.

Conclusion: Extension of the timetable to acquire the Obonga project gives Panther Metals additional time to assess the project where it has already identified VMS targets and the potential for layered intrusions with possible PGM mineralisation We await further news as the exploration progresses.

Ramelius Resources (RMS AU) A2.42, Mkt Cap A$2.8bn – Record free cash generated from high-gold price environment

• Australian gold producer Ramelius reports production of 80.5koz over 1Q25, vs 85.3koz previous quarter.
• Cash position at A$657m, up from A$502m previous quarter.
• Company entered into an agreement to acquire Spartan for A$0.25 in cash and 0.7 new RMS shares.

Robex Resources (RBX CN) C$3.25, Mkt Cap C$550m – Kiniero first pour on track for 4Q25

• Guinean gold developer and Malian gold miner Robex reports an update for their Kiniero project, currently in construction.
• Kiniero lies in the Siguiri Basin in Guinea and holds 968koz in reserves.
• CAPEX guided at US$160m, LOM 9.5 years producing average annual production of 90koz at AISC of $980/oz.
• The Company reports grade control drilling has commenced, process plant engineering is complete.
• The first four power station engines and generators nearing completion, due for testing mid-April.
• Purchase orders for agitators, pebble crushers and conveyor drives made.
• Concrete work is 85% complete for the process plant, with tank structures 42% complete.
• TSF clearing complete and TSF base being prepared.
• Mining contractor to be mobilised in 3Q25, and SMP contractor mobilised in  2Q25.
• Robex guides for first pour in 4Q25 and 155koz Au in 2026 from Kiniero.

Strategic Minerals* (SML LN) 0.4p, Mkt Cap £7.6m – Strong Q1 sales from Cobre provide support to renewed impetus for Redmoor exploration

• Strategic Minerals reports sales from its Cobre magnetite operation in New Mexico during the three months to 31^st March 2025 were 17,1622t generating revenues of ~US$1.19m.
• The company reports a 31st March 2025 cash balance of US$0.53m “due to another strong quarter of sales volumes at Cobre as the Company continues to rationalise the internal cost profile ready to focus on CRL … [Cornwall Resources Ltd which operates the Redmoor project] … and critical minerals exploration and development”.
• Strategic Minerals says that Cobre is continuing “to benefit from the return of … [it’s] … major client in the 2024 operational year and the in-country team have consistently delivered when scaling operations to meet demand”.
• We believe that the result announced today is the highest March quarter performance since 2018 when Cobre sold 21,635t for US$1.42m.
• Executive Director, Mark Burnett, explained that Cobre’s performance “will support the renewed focus on critical minerals exploration and development at the Redmoor Tungsten-Tin-Copper Project in Cornwall”.
• Today’s announcement also comments on the previously announced re-evaluation of historic drill core from Redmoor which has identified additional “tungsten, copper and tin mineralisation within and external to the Sheeted-Vein-System … [showing] … the potential upside to the existing JORC (2012) compliant Redmoor Mineral Resource Estimate (“MRE”)published on 14 February 2019”.
• The current estimate for Redmoor, based on Strategic Minerals’ 2017/2018 drilling, is an ‘Inferred’ mineral resource of 11.7mt at an average grade of 0.56% tungsten trioxide, 0.16% tin and 0.50% copper.
• The company confirms that it “has started to recruit more in-house geological specialists in order to accelerate the planned exploration work programme” at Redmoor.

Conclusion: A strong first quarter sales result from Cobre supports the increasing focus on exploration at Redmoor where, following the identification of previously undetected mineralisation and expansion of the exploration area, the company is now seeking to recruit exploration staff. We look forward to a revised mineral resource estimate and results from exploration in the expanded area.

*SP Angel acts as Nomad and broker to Strategic Minerals

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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*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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