SP Angel Morning View -Today’s Market View, Thursday 7th August 2025

Metals rally as Chinese exports beat expectations and dollar weakens

MiFID II exempt information – see disclaimer below

C3 Metals (CCCM CN) – High-priority copper target defined in Peru, drilling imminent

Allied Gold (AAUC CN) – 2Q25 operational update

American West Metals (AW1 AU) – Encouraging drilling intersections from the Storm Project, Nunavut

Aterian plc* (ATN LN) – Expansion of the Botswana exploration licence holding

Energy Fuels (UUUU US) – Progressing uranium and rare earth production

Guardian Metal Resources (GMET LN) – Latest drilling shows broad zones of mineralisation at the Pilot Mountain project, Nevada

Liontown Resources (LTR AU) – A$266 fully underwritten equity raise to strengthen balance sheet

Metals One (MET1 LN) – Further expansion of US uranium exploration interests

Lundin Mining (LUN CN) – Focus on long-term growth as Vicuna study looms

Royal Gold (RGLD US) – Focus on growing portfolio via acquisitions

Triple Flag (TFPM US) – Results steady following acquisition of Nevada royalty

Metals rally as Chinese exports beat expectations and dollar weakens

• Precious metals are leading the charge on a weaker dollar, with palladium and platinum both rallying whilst gold futures hit $3,450/oz.
• Spot gold prices are sitting at $3,380/oz having bounced off the $3,400/oz mark this morning.
• A weaker dollar is supporting metals, with lower US Treasury yields persisting following the surprise miss in NFP data last week.
• The US labour market has defied expectations for several years now, however last Friday may have shown cracks beginning to form in the economy.
• It is encouraging to see gold and other precious metals catch a bid as labour market concerns increase, suggesting they may see sustained inflows should the US continue to see weaker data.
• Copper has been supported by improved China export data and expectations that Codelco’s El Teniente mine will be kept on care and maintenance for longer than initially expected.

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

Economics

President Trump declared plans for a 100% semiconductors imports tariff while promising exemptions for companies moving production back into the US.

• The announcement came as Tim Cook, head of Apple, announced plans to invest an additional $100bn into domestic manufacturing.

China – Trade data comes ahead of expectations as China ramps up trade with non-US nations.

• Growth in exports of 7.2%yoy was driven by a pickup in shipments to the EU, Southeast Asia, Australia, Hong Kong and other markets.
• Exports to the US fell at double digits for a fourth month.
• Imports also climbed surprisingly suggesting an improvement in local demand in July.
• Exports (%yoy, Jul/Jun/Est): 7.2/5.9(revised from 5.8%)/5.6%
• Imports (%yoy, Jul/Jun/Est): 4.1/1.1/-1.0

Germany – Industrial production dropped the most in almost a year fuelling concerns that the economy could have contracted more than initially estimated in 2Q25.

• Production was down 1.9%mom led by machinery and equipment, pharma and food.
• May numbers were also revised down for a slight contraction.
• On a positive note, trade data came in stronger than forecast in June.
• Industrial Production (%mom, Jun/May/Est): -1.9/-0.1(revised from 1.2)/-0.5
• Exports (%mom, Jun/May/Est): 0.8/-1.4/0.4
• Imports (%mom, Jun/May/Est): 4.2/-3.9(revised from -3.8)/0.8

UK – The central bank is set to cut rates by 25bp to 4.00%, the lowest level in two years.

• Policymakers have been reluctant to cut amid a fresh spike in inflation.
• The MPC to release updated forecasts that are expected to show stronger near term price pressures compared to May predictions.

India/US – Trump doubled tariffs on Indian imports to 50% blaming the nation for restrictive trading policies and purchases of Russian oil.

• The higher rate will take effect within 21 days offering Indian government more time to negotiate a potential deal.

Russia/US – Donald Trump and Vladimir Putin are set to meet for summit talks in the next few days raising hopes for a ceasefire in Ukraine.#

Currencies

US$1.1683/eur vs 1.1575/eur previous. Yen 146.79/$ vs 147.61/$. SAr 17.710/$ vs 17.872/$. $1.338/gbp vs $1.329/gbp. 0.653/aud vs         0.649/aud. CNY 7.178/$ vs 7.190/$.

Dollar Index 98.06 vs 98.78 previous.

Precious metals:         

Gold US$3,395/oz vs US$3,372/oz previous

Gold ETFs 91.7moz vs 91.8moz previous

Platinum US$1,342/oz vs US$1,327/oz previous

Palladium US$1,157/oz vs US$1,172/oz previous

Silver US$38.3/oz vs US$37.8/oz previous

Rhodium US$7,025/oz vs US$6,875/oz previous

Base metals:   

Copper US$9,714/t vs US$9,670/t previous

Aluminium US$2,617/t vs US$2,575/t previous

Nickel US$15,235/t vs US$15,100/t previous

Zinc US$2,816/t vs US$2,769/t previous

Lead US$2,005/t vs US$1,998/t previous

Tin US$33,665/t vs US$33,365/t previous

Energy:           

Oil US$67.4/bbl vs US$68.3/bbl previous

Natural Gas €32.9/MWh vs €34.1/MWh previous

Uranium Futures $72.2/lb vs $71.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$110.3/t vs US$110.6/t

Chinese steel rebar 25mm US$476.5/t vs US$474.7/t

HCC FOB Australia US$191.5/t vs US$189.5/t

Thermal coal swap Australia FOB US$116.3/t vs US$116.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$73,560/t vs US$74,134/t

Lithium carbonate 99% (China) US$9,710/t vs US$9,486/t

China Spodumene Li2O 6%min CIF US$780/t vs US$770/t

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

China Tungsten APT 88.5% FOB US$463/mtu vs US$463/mtu

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

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

Europe Ferro-Vanadium 80% US$23.5/kg vs US$23.5/kg

China Ilmenite Concentrate TiO2 US$275/t vs US$275/t

China Rutile Concentrate 95% TiO2 US$1,094/t vs US$1,092/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$3,025.0/kg vs US$3,025.0/kg

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

EV & battery news

Tesla sales plunge in UK and Germany

• Tesla’s July registrations fell nearly 60% yoy to 987 units in the UK and more than 55% to 1,110 in Germany, official data show.  
• Across ten core European markets, the brand’s monthly sales slipped 45%, even though those countries account for over 80% of Tesla’s first-half regional volume.  
• Meanwhile, BYD registrations jumped almost five-fold to 1,126 units in Germany and over four-fold to 3,184 in Britain, highlighting intensifying competition.  
• Germany’s overall new-car market grew 11.1% to 264,802 vehicles, with EV sales surging 58% to 48,614 units.  
• Britain’s registrations slipped 5% to 140,154 units, yet BEV sales still rose 9.1%.

B2U repurposing retired EV batteries for Texas grid

• B2U Storage Solutions is installing 500 end-of-life EV battery packs in 21 shipping-container cabinets near San Antonio, giving them an eight-year second life as grid storage.  
• The pilot site will provide 24MWh of capacity, charging when renewable power is abundant and cheap, then discharging to help balance the ERCOT network.  
• Three further Texas projects totalling 100MWh are planned over the coming year, complementing B2U’s three existing second-life battery plants in California.  
• B2U’s technology uses packs straight from vehicles without extra re-engineering, enabling large-scale storage at lower cost than new batteries and already managing more than 2,000 retired packs.  
• Second-life installations add to Texas’s rapid storage build-out, providing nearly 4GW of the 9.6GW capacity added to the grid since last summer.

Company news

C3 Metals (CCCM CN) C$0.7., Mkt Cap C$70m – High-priority copper target defined in Peru, drilling imminent

• Jamaica/Peru copper and gold explorer C3 reports geophysics results from its Khaleesi target in Peru.
• The Company has conducted ground-based geophysical surveys over the southern Peruvian project.
• The Mag survey has confirmed a near-surface magnetic body, separating into two bodies at depth and coincident with IP chargeability/resistivity anomalies
• These anomalous readings correlate to showings of elevated copper readings in geochemistry results.
• Management now consider a 600m vertical depth copper porphyry target.
• There is also a copper skarn target correlating to a 470m x 400m copper-zinc anomaly.

Conclusion: C3 Metals have now identified a strong copper anomaly at their Khaleesi project in Peru using a combination of geophysics and geochemistry surveys. This has enabled the delineation of a 14 hole, 6,000m drill programme due to start 3Q25. C3 Metals is one of our favourite copper exploration stories currently and we look forward to drilling updates across several of their Jamaican and Peruvian projects in 2H25.

Allied Gold (AAUC CN) C$19, Mkt Cap C$2.1bn – 2Q25 operational update

• The Company released a quarterly update for its Africa based portfolio of producing and development gold assets.
• Total production 91koz at US$2,343/oz AISC (2Q24: $1,505/oz AISC) including
  • Sadiola (Mali) 49koz at $2,471/oz;
  • Bonikro (CDI) 26koz at 1,592/oz;
  • Agbaou (CDI) 16koz at 3,104/oz.
• Total sales 81koz at realised gold price $3,098/oz (2Q24: 85koz)
• Revenues $252m (2Q24: $196m)
• EBITDA $23m (2Q24: 56m).
• Adjusted EBITDA $72m (2Q24: $56m) excluding revaluation loss, share based comp and other adjustments.
• PAT (attributable) -$25m (2Q24: $8m).
• Net cash generate from operations $22m.
• Cash $219m as of 2Q25 (including US$62m in new proceeds from an equity raise completed April) with $50m available and remaining undrawn under its revolving credit facility.
• The Company highlights improved cash flow generation expected in 2H25 positioning the Company to execute on Kurmuk’s remaining capex.
• Kurmuk (Ethiopia) remains on target for first production 2Q26.
• 3Q25 production is expected to be comparable to 2Q25 and increase to 118-122koz driven by higher processed grades in 4Q25.
• Production as previously guided to be 55% weighed towards 2H25.
• AISC are expected to come down to $1,850/oz in 2H25.
• FY25 guidance ~380-390koz, narrowed down from 375-400koz.

American West Metals (AW1 AU) A$0.036, Mkt Cap A$33m – Encouraging drilling intersections from the Storm Project, Nunavut

• In an announcement to the ASX, American West Metals reports assay results from reverse-circulation (RC) drilling at its Storm Project on Somerset Island, Nunavut.
• Results from the first 10 holes of the current campaign include “near-surface copper intersections” of:

• • 12.2m at an average grade of 1.9% copper and 77g/t silver from a depth of 19.8m in hole SR25-005 at the Corona prospect; and
  • 7.6m at an average grade of 1.7% copper and 3.2g/t silver from a depth of 25.9m in hole SR25-006, also at the Corona prospect; and
  • A further Corona prospect result of 4.6m at an average grade of 1.1% copper and 1.3g/t silver from a depth of 25.9m in hole SR25-07; as well as
  • Am intersection of 7.6m at an average grade of 1.1% copper and 2.2g/t silver from a depth of 73.2m in hole SR25-010 at the Gap prospect. Assays from depths between 182-149m in this hole are pending.

• Managing Director, Dave O’Neill, said that the RC results “have exceeded expectations and confirm the excellent continuity of the high-grade copper zones at The Corona and Thunder Deposits … [confirming] … thick intervals of near-surface high grade copper sulphide as we look to upgrade the resource classification in the initial open pits”.
• He also confirmed that “Our second deep diamond drill hole … [ST25-04] … has also now been completed and has intersected over 57m of sediment-hosted visual copper-style sulphide mineralisation, including some strong zones confirmed with portable XRF”.
• ST25-04 “was drilled to a depth of 692m to the south-west of the Cyclone Deposit … to test the Allen Bay horizon within the Central Graben, the south graben fault zone, as well as the moving-loop electro-magnetic (MLEM) plates located at depth”.
• It has “intersected two broad zones of visual copper sulphide mineralisation … between 183-215m and 298.5–327m downhole … [and today’s announcement says that each] … zone is hosted within the same geological unit that is known to host copper mineralisation at the Storm Project”.

Conclusion: The storm project is extending its JORC resource of 10mt at 1.3% copper. An initial PEA gives a Post-tax NPV of US$149m and an IRR of 46% on an AISC of US$2.99/lb and a small $80m capex. Expanding the resource should add materially to the value and scale of the project.

Aterian plc* (ATN LN) 35.5p, Mkt Cap £3.42m – Expansion of the Botswana exploration licence holding

(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.)

(Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian reports that it has been granted 3 new prospecting licences in Botswana’s Kalahari Copper Belt (KCB), taking its licence holding to 10 licences covering an area of ~2,298km².
• The newly awarded licences (~239km²) increase Aterian’s holding by around 12% and “target the lower D’Kar Formation … [whose contact with the underlying Ngwako Pan Formation is recognised as] … a proven host for world-class sediment-hosted copper-silver (Cu-Ag) deposits”.
• Two of the “licences lie to the southwest of Sandfire Resources’ Motheo production hub”.
• “The third licence, located towards the northern margin of the KCB, has several historically reported copper-in-soil geochemical anomalies from work completed by MOD Resources prior to its acquisition by Sandfire Resources in 2019 for AS$167 million”.
• Today’s announcement confirms that “An independent consultancy is currently acquiring historical airborne geophysical raw line data for the new licences to reprocess this information … [which] … is expected to improve our understanding of the underlying geological formations”.
• Describing the KCB as “one of the world’s most prospective areas for yet-to-be-discovered sediment-hosted copper deposits … [the announcement explains that it ] … is approximately 1,000 km long and up to 250 km wide, containing copper-silver mineralisation that is generally stratabound and hosted in metasedimentary rocks, which have been folded, faulted, and metamorphosed”.
• The announcement describes typical KCB copper deposits as “stratabound, disseminated, and structurally controlled ore bodies that are 5 to 40 m thick and have strike lengths of 1.5 to 4 km”.

Conclusion: Expansion of its exploration licence portfolio in Botswana’s Kalahari Copper Belt exposes Aterian plc to an increasingly recognised copper exploration province in a geopolitically stable African jurisdiction.

*SP Angel acts as Broker to Aterian Plc

Energy Fuels (UUUU US) $10, Mkt cap $2bn – Progressing uranium and rare earth production

• American uranium and rare earths producer Energy Fuels reports quarterly results.
• The Company generated $3.9m in revenues over the quarter after selling 50,000lb of U₃O₈ at $77/lb prices.
• Operating loss reported at $26m, up from $9m in 2024.
• Cash position at $71m and marketable securities at $126m.
• Uranium:
• Company produced 180klb of U₃O₈ from its White Mesa Mill in Urah over the quarter.
• Increasing production from the Pinyon Plain and La Sal mines, with mined ore at 665klb contained at average grades of 2.23%/
• Ore being stockpiled before large-scale processing begins in 4Q25.
• Energy Fuels expects to produce 1mlb of finished U₃O₈ over 2025.
• Energy Fuels has previously outlined plans to boost uranium production to 6mlbpa.
• Rare Earths:
• Donald regulatory approvals received from Victoria, Australia, enabling debt/equity financing before FID. FID guided for 2025 end.
• Expanded processing of Sm, Gd, Dy, Tb, Lu and Y at scale at REE production facility in Utah.
• Dy oxide produced at pilot scale due August 2025.
• Commercial heavy REEs targeted for 4Q26 and 4Q27 from Donald monazite feed.
• Toliara:
• Aiming to finalise investment agreement with Malagasy government to support FID early 2026.

Conclusion: US group Energy Fuels are leveraging their processing ability to develop US-based production of uranium and REE. The Company is ramping up the Pinyon Plain uranium mine and sees longer LOM and lower OPEX from the project going forward. With rare earths, Energy Fuels is conducting pilot-scale testing for heavy REE, before targeting commercial scale by 4Q26 from existing feed sources and the Company’s Donald project.

Guardian Metal Resources (GMET LN) 56.5p, Mkt Cap £85m – Latest drilling shows broad zones of mineralisation at the Pilot Mountain project, Nevada

Power Metals Resources* (POW LN) 13p, Mkt cap £15m – (Power Metals* holds a 19.5% stake in Guardian Metal Resources)

• Yesterday, Guardian Metal Resources reported drilling results from its continuing campaign at its wholly owned Pilot Mountain tungsten project in Nevada.
• The results include “the final batch of drillholes at the Desert Scheelite zone” which accounts for 61 of the 82 holes drilled so far with “49 resource holes, 7 geotechnical holes and 5 metallurgical holes”.
• A further 20 holes have been drilled so far at the ‘Garnet Zone’ and a single hole so far at ‘Porphyry South’.
• Among the results highlighted in the announcement are:
  • A 21.6m wide intersection at an average grade of 0.20% tungsten trioxide, 1.82% zinc, 5.19g/t gold and 2,016ppm (0.2%) copper from a depth of 44.5m in hole PM25-043, including 4.3m at an average grade of 0.32% tungsten trioxide from 46.7m and a second, 1.8m wide intersection grading 0.29% tungsten trioxide from 54.8m; and
  • A 33.9m wide intersection at an average grade of 0.31% tungsten trioxide, 1.31% zinc, 28.16g/t silver and 1,572ppm (0.15%) copper from a depth of 72.2m in hole PM25-045 which also intersected a shallower mineralised zone over 5.8m from 63.1m depth with an average grade of 0.23% tungsten trioxide, 2.18% zinc, 14.15g/t silver and 1,686ppm (0.17%) copper; and
  • A 45.7m wide intersection at an average grade of 0.24% tungsten trioxide and 15.30g/t silver from a depth of 74.5m in hole PM25-047; and
  • A 24.4m wide intersection at an average grade of 0.31% tungsten trioxide, 1.31% zinc, 28.16g/t silver and 1,572ppm (0.15%) copper from a depth of 72.2m in hole PM25-051 “as well as multiple others throughout the holes reported herein”.
• The company confirms that it expects to receive initial analytical results from the drilling at the Garnet Zone “imminently with inaugural results released to the market in the coming weeks”.
• CEO, Oliver Friesen, said that “this latest batch of assays has confirmed zones of high-grade tungsten, copper, silver and zinc, with numerous holes returning significant widths of tungsten mineralisation”.
• He said that with results expected “from our inaugural Garnet Zone drilling and… [and the start of] … drilling at Tempiute in the coming weeks … Guardian Metal is entering one of its most active … periods in the Company’s history, with significant news flow expected over the coming months”.

Conclusion: Continuing drilling at the Pilot Mountain project has intersected wide mineralisation at the Desert Scheelite Zone with initial results expected shortly from the nearby Garnet Zone

*SP Angel acts as Nomad and Broker for Power Metals

Liontown Resources (LTR AU) SUSPENDED – A$266 fully underwritten equity raise to strengthen balance sheet

• The Company is raising A$266m in a fully underwritten placing at A$0.73/share to strengthen its balance sheet.
• Additionally, the Company launched a A$20m Share Purchase Plan for existing shareholders that is non-underwritten.
• The placing price represents a ~14% discount to the last closing price.
• The National Reconstruction Fund Corp, an Australian sovereign wealth fund managing A$15bn, is taking part as cornerstone subscribing for A$50m.
• The raise will support ramp up of Kathleen Valley Lithium Underground Operation.
• First quarterly debt repayment tranche on existing Ford loan facility (A$336m incl capitalised interest as of June 2025) to be made September (~A$10m).
• Following, the raise conversion price on the US$250m LG 5y convertible note maturing July 2029 (A$373m incl capitalised interest as of June 2025) to be revised to A$1.66, down from A$1.80 (additional adjustment expected depending on the amount raised un der the SPP).
• Hancock Prospecting led by Gina Reinheart, the largest shareholder in the group (~18%), is reported to not be taking part in the raise.

Metals One (MET1 LN) 4.9p, Mkt Cap £26m – Further expansion of US uranium exploration interests

• Yesterday, MetalsOne reported that it had increased its interest in the private US-based company, NovaCore Exploration by a further 5% to 35%.
• The announcement comes after confirmation in late July that MetalsOne had increased its interest in NovaCore from 10% to 30%.
• The additional 5% holding follows a “cash subscription of approximately US$297,000 … [bringing] … the Company’s investment in NovaCore to date to approximately US$1.45 million”.
• Novacore is exploring for uranium on its,15,000 acre (~6,000 hectares) Red Basin Uranium Project in Catron County, New Mexico “where historical U.S. Department of Energy assessments and recent radiometric surveys suggest there is potential for 40 million pounds of U₃O₈”.
• Yesterday’s announcement confirms that recent “gamma spectrometry surveys have identified multiple uranium-rich zones … [in an area of] … favourable geology with structural and geophysical targets that remain largely undrilled below 400 feet”.
• NovaCore “is advancing permitting and environmental studies to support forthcoming drilling”.
• Metals One’s Chairman, Craig Moulton, said that the investment in “NovaCore’s Red Basin project will deliver Metals One’s first exposure to a high-impact uranium drilling campaign”.
• He commented that “We are gaining access to one of the most prospective yet underexplored uranium districts in the western U.S. with the potential to host future uranium deposits of national importance”.
• MetalsOne also holds other US uranium exploration projects in Wyoming’s Shirley Basin at the Squaw Creek project and in the the Uravan Belt of Colorado and recently announced that it had agreed to acquire a 75% interest in the Vanadium Kings, Radium Mountain and Wedding Bells projects, also in the Uravan Belt from Thor Energy which is now focussing its exploration resources elsewhere.

Conclusion: MetalsOne is continuing to expand its uranium exploration interests in the United States.

Lundin Mining (LUN CN) C$14.2, Mkt cap C$12bn – Focus on long-term growth as Vicuna study looms

• Lundin Mining reports 2Q25 result.
• Company produced 80kt Cu over the quarter, 38kt Au, 2.7kt Ni and 380t Mo.
• YTD Lundin has produced 157kt Cu, 70koz Au, 5kt Ni and 1kt Mo.
• Revenue over the quarter of $937m, up from $878m same period 2024.
• Adj. EBITDA reported at $396m, down from $461m last year.
• Factoring in recent asset sales, Adj. EBITDA increased from $370m to $395m.
• Operating cash flow at $279m.
• Free cash flow at $176m.
• Net debt reduced to $380m from $1,153m same period last year.
• Company paid down their term loan and reduced net debt to $135m at the end of Q2 (exc. lease liabilities).
• Guidance reaffirmed at 303-330kt Cu with cash costs revised to $1.95-2.15/lb in light of higher gold prices.

Conclusion: Lundin Mining is aiming to become a top-ten copper producer by bringing Vicuna online alongside BHP. This will push copper production to 500ktpa and gold production over 550kozpa. An integrated Josemaria/Filo del Sol study will be completed in 1Q26, with the updated resource containing 13mt of contained copper in M&I at 0.35% Cu and 25mt inferred at 0.32%. The resource also contains 32moz Au at 0.27g/t Au in the M&I category and 49moz at 0.19g/t Au in inferred.

Royal Gold (RGLD US) $161, Mkt cap $11bn – Focus on growing portfolio via acquisitions

• Streaming and royalty company Royal Gold reports 133.2m in total stream revenue for the quarter. (up from $123m same period 2024)
• Major contributors include:
  • Mount Milligan and Pueblo Viejo with $64m and $26m respectively.
• Royalty revenue rose to $76.5m from $51m same period 2024.
• Major contributors include:
  • Cortez, Penasquito, Manh Choh.
• Earnings reported at $132m, with EPS of $1.81/share.
• 2025 guidance of $210-230koz Au achieved ytd at 102koz Au.
• Black River, where RGLD holds a 3.3% GSR, saw first pour under B2 Gold’s operations with commercial production due 3Q25.
• Company acquired Sandstorm and Horizon over the quarter, buying for the former in an all share deal.
• New stream acquired over the Warintza Project in Ecuador for $200m in upfront cash and the right to participate in future financing rounds.
• New stream acquired over Kansanshi in Zambia for $1bn.

Conclusion: Major streaming company Royal Gold has been aggressively expanding its portfolio of streams and royalties over the quarter. It acquired for c.$3.5bn in July and spent $1bn on a gold stream over FQM’s Kansanshi this week. Major growth projects include Kinross’s Great Bear, targeting 500kozpa, IAMGold’s Cote project targeting >360kozpa and B2’s Goose Project in Nunavut.

Triple Flag (TFPM US) C$34, Mkt cap C$7bn – Results steady following acquisition of Nevada royalty

• Streaming company Triple Flag reports revenue of $94.1m on GEO production of 28.7koz.
• This compares to $64m on 27.2koz same period 2024.
• Operating cash flow of $76m up from $49m same period 2024.
• Guidance reiterated at 105-115kGEO in 2025.
• Acquired 1% NSR royalty on Arthur gold project in Nevada, operated by AngloGold Ashanti for C$421m from Orogen.
• Also acquired a further 1.5% GR royalty on Johnson Camp, with first copper sales due 3Q25.
• Growth pipeline includes start of production at Johnson, Arcata and Tres Quebradas.
• Company also notes development progress at Northparkes, Kone and Hope Bay projects.

Conclusion: Triple Flag has boosted its position in Nevada via the acquisition of Orogen Royalties, securing a 1% NSR over AngloGold’s major new discovery, Arthur which holds c.16moz in resources. GEO production is expected to rise from 110koz in 2025 to 145koz in 2029 supported by Kone, Silicon and Hope Bay.

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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

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This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

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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

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