SP Angel Morning View -Today’s Market View, Tuesday 11th March 2025

Gold recovers from sell-off as investors seek haven assets amid US sell-off

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Ferrandina Plant work programs targeting restart of 5,000tpa ESO (epoxidized soybean oil) and 10,000tpa biofuels

Beowulf Mining* (BEM LN) – GAMP PFS results

G2 Goldfields (GTWO CN) – Expansion of Oko Project Resource, Guyana

KEFI Gold and Copper* (KEFI LN) – Tulu Kapi funding update

Meridian Mining (MNO CN) – PFS results for Cabaçal VMS copper-gold project, Brazil

Mkango Resources* (MKA LN) – US JV capacity expansion

Resolute Mining* (RSG LN) – Updated MRE shows mining depletion being replaced by additional reserves and resources

Gold ($2,910/oz) recovers from sell-off as investors seek haven assets amid US sell-off

• Gold prices rebounded from yesterday’s lows, after consistent buying in Asian markets lifted prices from $2,883/oz.
• The metal sold off amid wider market weakness, with the Nasdaq down c.4% and the S&P500 down 2.8%.
• Treasuries rallied as traders sought haven assets, with the US 10 year yield sliding below 4.2%.
• The dollar continues to weaken amid concerns over US slowdown and a rally in the Yen, with rising inflation expectations in Japan.
• The Yen carry trade continues to unwind as JGB yields tick higher, with the USD/JPY now sliding to 147.4, from 158 at the beginning of the year.
• US assets are particularly vulnerable to a strengthening yen, with investors facing pressure to repay yen-denominated debts.
• Gold’s strength amid the ongoing liquidity crunch is encouraging, and further weakness in the dollar, alongside sliding yields, should prop up gold prices.
• However, we see strength in the yuan as a possible headwind to gold’s momentum, with Chinese investors buying gold to protect against their weak domestic currency.

Copper ($9,615/t) rises whilst China cathode inventories slide on weak imports

• Copper prices are rising on sustained tariff expectations and a weaker dollar, supporting buying.
• China cathode inventories fell in Shanghai and Guangdou, on weak imports. (SMM)
• SMM also note that copper rod producers are cutting run rates on suppressed new orders following the recent rally.
• Asian smelters are boosting exports in a bid to take advantage of elevated LME and CME prices following the Tariff-fuelled rally.
• Bloomberg reports Peru is preparing a delegation to send to the US to ‘avoid being hurt by certain restrictive measures that will be implemented due to US interests.’
• Peru is the third largest copper producer globally, after Chile and the DRC.
• Additionally, Codelco was overtaken by BHP’s Escondida for output in January, although is expected to ramp up from its El Salvador operation later this month.

China property market

• Signs of minor recovery in Tier 1 cities, with new property sales up 39%yoy from a low base in the Jan/Feb period.
• Small city new-property sales continue to limit a wider market recovery.
• Housing Minister stated on Sunday that there are signs of positive change, with improving market confidence.
• Consensus currently suggests no market recovery until 2026, with home prices forecast to fall further this year.
• Average home prices down c.20-30% since August 2021 peaks.

Indonesia – Government looking to add further royalties to miners on Copper, coal and nickel

• We understand the government is casting around for extra cash.
• We also believe the Indonesian government is unhappy at the overproduction of its minerals and the effect on its tax take of lower metals prices.

Economics

US – Equity futures are trading slightly higher this morning after reporting heavy losses on Monday amid a broad sell off on recessionary fears.

• S&P 500 futures were up 0.4% after a 2.7% drop in the previous sessions, the largest this year.
• Nasdaq 100 futures traded 0.5% higher following a 4.0% fall yesterday marking the sharpest decline since 2022.
• 10y yields are down 10bp from Friday last week having dropped as much as 15bp and touching 4.15% earlier today.

UK – 70,137 phones were stolen in London last year, up 40% on 2023

• Please be careful with your smartphone on London streets the thieves are pros!
• The thieves will grab your phone while you are using it and keep it alive so they can hack into your Apps and bank account.

Portugal – Minority government is at risk of losing a confidence vote potentially triggering another general election. (Bloomberg)

• The government asked for a vote amid a political crisis that focused on Social Democrat PM Luis Montenegro.
• The debate is based around potential conflicts of interest related to the Montenegros’ family law firm that is reported to have been receiving monthly payments from a company that had a major gambling concession granted by the government.
• Montenegro denied any wrongdoing saying that firm control was transferred to his wife and children when became Social Democrat leader in 2022 and that he was not involved in its running.
• Previously, next general election was not expected before January 2028 after the latest one in 2024 saw the Social Democratic Party forming a minority government with its smaller ally the Popular Party with 80 seats in the 230 seat parliament.
• The vote is scheduled for this afternoon and an early general election may take place on May 11 or May 18 at the earliest marking a potential third snap election in less than four years.

Russia – Russia hits Chinese vehicle imports with ~$7,500 recycling fees, eg tariffs to Chinese vehicle imports

• Russia bought >1m Chinese vehicles last year and also bought ~30% of Chinese gasolene vehicle exports.
• Chinese automotive manufacturers now control >60% of the Russian market pushing local brands to under 30% (CPCA).

Ukraine/US – Top US and Ukrainian officials begin talks in Saudi Arabia regarding a possible ceasefire deal today.

• Earlier US Secretary of State Rubio said that Ukraine should be prepared to give up some of its territory as a concession in the deal.
• US representatives headed by Steve Witkoff are expected to meet with President Putin later this week.

Zelensky launches largest ever drone attack on Moscow as peace talks start in Jeddah

• Zelensky has been looking for more negotiating power since Ukraine’s incursion into Kursk which it partially holds.
• A partial ceasefire across air and sea with Russia including long-range drone and missile strikes and operations over the Black Sea has been suggested by Zelenski on social media.
• Russia has said any form of partial ceasefire is unacceptable without a final settlement.
• We do not expect Russia to lessen its aggression and we don’t see Zelenski wanting to give up any more of Ukraine than has already been taken.
• We expect the talks to fail. For Trump to say he tried and for the US to ramp up its supply of missiles and intelligence to Ukraine.

Australia – 2021 AUKUS security deal enabled the construction of eight submarines from the UK and US for Australia in exchange for $bn investments in US and UK naval shipbuilding.

• Trumps’s new nominee for undersecretary of defense for policy, says he is worried about a key component of that deal.
• Eg. Selling nuclear-powered submarines to Australia could leave US sailors “vulnerable,” because the vessels won’t be “in the right place in the right time.”
• Trump has yet to comment on AUKUS but you can be sure it is on his list for further negotiation. More minerals anyone?
• The issue could also sway the next Australian federal election, probably in mid-May particularly with Trump and Musk appearing to interfere with other elections.

 Currencies

US$1.0900/eur vs 1.0816/eur previous. Yen 147.04/$ vs 147.23/$. SAr 18.255/$ vs 18.307/$. $1.292/gbp vs $1.289/gbp. 0.629/aud vs 0.632/aud. CNY 7.230/$ vs 7.264/$

Dollar Index 103.492 vs 103.929 previous

Precious metals:         

Gold US$2,906/oz vs US$2,901/oz previous

Gold ETFs 86.1moz vs 86.1moz previous

Platinum US$965/oz vs US$970/oz previous

Palladium US$948/oz vs US$952/oz previous

Silver US$32.4/oz vs US$32.4/oz previous

Rhodium US$6,050/oz vs US$5,625/oz previous

Base metals:   

Copper US$9,566/t vs US$9,516/t previous

Aluminium US$2,697/t vs US$2,689/t previous

Nickel US$16,515/t vs US$16,515/t previous

Zinc US$2,868/t vs US$2,871/t previous

Lead US$2,044/t vs US$2,039/t previous

Tin US$32,690/t vs US$32,585/t previous

Energy:           

Oil US$69.5/bbl vs US$70.4/bbl previous

• Crude oil prices fell to a 6M low yesterday as President Trump’s trade policy actions continue to put a dampener on market expectations for global growth.
• The Kurdish Syrian Democratic Forces that control north-eastern Syria signed an agreement with the interim President Ahmed al-Sharaa to integrate all military and civilian institutions into the Syrian state, which includes handing over control of the region’s oil and gas fields including the Gulfsands-operated block 26 (50% WI).
• A cargo container collided with an oil tanker at anchor carrying jet fuel off northeast England, which ignited a blaze on both vessels and forced their respective crews to abandon ship.

Natural Gas €42.1/MWh vs €40.2/MWh previous

Uranium Futures $63.8/lb vs $63.9/lb previous

Bulk:   

Iron Ore 62% Fe Spot (China CFR) US$100.7/t vs US$99.8/t

Chinese steel rebar 25mm US$486.0/t vs US$484.3/t

HCC FOB Australia US$181.0/t vs US$182.0/t

Thermal coal swap Australia FOB US$111.5/t vs US$108.3/t

Other:  

Cobalt LME 3m US$27,750/t vs US$26,960/t

NdPr Rare Earth Oxide (China) US$61,197/t vs US$60,713/t

Lithium carbonate 99% (China) US$10,027/t vs US$9,981/t

China Spodumene Li2O 6%min CIF US$815/t vs US$815/t

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

China Tungsten APT 88.5% FOB US$353/mtu vs US$348/mtu

China Graphite Flake -194 FOB US$430/t vs US$430/t

Europe Vanadium Pentoxide 98% US$4.8/lb vs US$4.8/lb

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$301/t vs US$299/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$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$385.0/kg vs US$385.0/kg

Battery News

Indonesia car sales grow for first time since June 2023 on back of strong EV sales

• Indonesia’s car sales in grew 2.2% yoy in February, the first growth recorded since June 2023.
• Adoption of EVs has been steadily growing driven mostly by the arrival of Chinese brands in the country.
• The Indonesian government have offered a wide range of incentives to attract EV manufacturers to invest in the country.
• A number of Chinese EV brands, including BYD and Chery Auto have entered the Indonesian market in recent years thanks to these incentives.
• Japanese carmakers such as Toyota, Daihatsu, Honda and Mitsubishi Motors still dominate Indonesia’s car market, but BYD is starting to dominate the EV market with a 36% share in November 2024.

UK government expected to relax ZEV mandate following pressure from automakers and sluggish EV uptake

• UK business secretary Jonathan Reynolds told The Times that “a substantial change of policy” had been agreed, following a consultation phase.
• Nissan, who operate the largest vehicle manufacturing plant in the UK have been vocal that overly strict requirements for EV production pose a risk to the company’s production in the UK.
• Reynolds added that the government “is absolutely of the view that you will not get to the progress around net zero and the energy transition that we want to see by closing down British jobs and British industry.”
• Under the current ZEV mandate, automakers are required to achieve 28% sales of EVs this year or face heavy fines.
• The timing of Reynolds announcement follows closely after the EU Commission announced its plans to relieve pressure on automakers in the bloc.

Company News

80 Mile Plc* (80M LN) – 0.27p, Mkt cap £10.9 – Ferrandina Plant work programs targeting restart of 5,000tpa ESO (epoxidized soybean oil) and 10,000tpa biofuels

(80 Mile holds 24% of Hydrogen Valley which owns the Greenswitch’s Ferrandina Plant, plus 96.6% of White Flame Energy, 100% of the Hammaslahti and Enonkoski projects and all its Greenland prospects)

• 80 Mile Plc reports on significant upgrades completed at the Greenswitch’s Ferrandina Plant and work towards resuming production in 2025.
• The recent £8.5 million plant upgrade “included the modernisation of key infrastructure such as switches, electrics, boilers and piping, cleaning of existing pipework, removal of production build up in the pipes and tanks, and replacing old or worn out parts and equipment”.
• The plant has now received all permits for a staged restart with technical and commissioning teams working on the front-end restart due within weeks.
• “Upgrades include:
  • Process & Utility Enhancements:
    • Overhaul of water treatment, process water, service water and water recycling systems to enhance operability, reliability and efficiency.
  • Electrical & Instrumentation Upgrades:
    • Replacement of electric power feeders and switchgears to improve and regulate power distribution.
    • Installation of a new Distributed Control System, that will allow for increased automation and process monitoring.
  • Energy Efficiency & Mechanical Upgrades:
    • Addition of onsite power co-generation units, steam boilers, and hot oil systems to improve energy efficiency and recyclability.
    • Extensive mechanical improvements to primary process units to ensure higher reliability and lower maintenance costs.
  • Safety & Compliance Improvements:
    • Expansion of the firefighting system, meeting updated Italian regulatory requirements.
    • Installation of a CCTV security system covering the plant, external fences, and offices.”
• Final €1.9 million Maintenance Programme Underway
• Greenswitch has entered into an agreement with a global fuel trader with hard production assets in Europe for technical oversight and assistance on the commissioning of the plant, training and ongoing technical support up to production.
• Phase 1: Ongoing, due for completion prior to end of May 2025.
  • Maintenance of the ESBO (Soybean Oil Epoxidation) unit, improving speciality chemical production.
  • Overhaul of Intermediate Storage Facilities for raw materials and finished products.
  • Upgrades to FEROIL (Esterification Unit), a core continuous processing unit.
• Phase 2: June 2025 – August 2025
  • Optimisation of the Methanol Distillation Unit to improve recovery efficiency.
  • Maintenance of the Biodiesel Production Unit (Transesterification process), ensuring higher yield.
• Phase 3: July 2025 – September 2025 with nameplate capacity being achieved end of 2025 Q1 2026
  • Enhancements to the Glycerine Recovery & Purification Unit, targeting ≥98% purity for high-value applications.
• €1.9m maintenance programme as part of a test includes ~€1m in required parts and equipment coming from existing warehouse inventory.
• Energy & Infrastructure:
  • Thermal Power Plant producing low and medium-pressure steam (max thermal capacity 12 million Kilo Calories/day).
  • Methanol Recovery Unit optimising process efficiency.
  • Electrical Substations with 2.5 Megawatt electric (‘Mwe’) installed power (high, medium, and low voltage).
  • Fuel Gas & Metering System for natural gas supply from the SNAM grid.
• Storage Facilities:
  • Raw materials storage: 16,000 metres cubed (‘m³’) capacity.
  • Finished product storage: 3,000 m³ capacity.
  • These infrastructural enhancements will enable cost-effective, high-volume production, aligning with Hydrogen Valley’s strategy for sustainable, scalable operations.
• The Company is says it is pleased with the focus and commitment to operational efficiency, cost control, and creating shareholder value and we expect further updates will be provided as the maintenance programme and restart advances.
• Funding:  80 Mile Plc raised £1.5m at 0.27p/s in December 2024
  • The funds are intended to acquire 49% of Hydrogen Valley for £2m in cash and ~29% in new 80 Mile plc shares.
  • 80 Mile has an option to move to 100% ownership for an aggregate consideration of £6.05m in either cash or shares in the next two years.
• Targets:
  • Q1 2025: Restart ESO and biofuels production at expected initial capacities of 5,000 tonnes/year and 10,000 tonnes/year respectively.
  • Q2 2025: Aim to ramp up biodiesel production to 50,000 tons/year following maintenance and supply chain formalisation.
  • Secure approval of green hydrogen government grant of up to €10 million.
  • Initiate planning for a SAF plant in conjunction with an international offtaker, with the aim to secure EU energy transition grants to support this.
• Ferrandina Plant has nameplate capacity:
  • Biodiesel Unit: 185,000 tonnes/year (‘t/y’) (continuous mode).
  • FEROIL Esterification Unit: 200,000 t/y (continuous mode).
  • ESBO Epoxidation Unit: 15,000 t/y (batch mode).
  • Glycerine Recovery & Purification Unit: Producing ≥98% purity for high-value applications.

Conclusion:  Much will depend on the skill and technical knowledge contained within the contracted team for the commissioning of the ESO and biofuels plant however 80m appears, if things go well, to have acquired a significant asset at a very good price.

*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

Beowulf Mining* (BEM LN) 21p, Mkt cap £8.2m – GAMP PFS results

• Beowulf Mining report the results from their Finnish subsidiary, Grafintec’s optimised PFS.
• The Company reports a two phase-development of the graphite anode materials plant.
• Phase 1 shows a post-tax NPV8 of €924m for an IRR of 37% over 25 years.
• Phase 1 expected to produce 25ktpa of coated spherical purified graphite, generating €150m in EBITDA pa when fully ramped up.
• CAPEX for Phase 1 estimated at €225m with a 3-year payback.
• Phase 2 offers additional expansion potential, with potential to expand to 75ktpa CSPG.
• Phase 2 NPV8 estimated, post-tax at €2.2bn for an IRR of 38% over 25 years, generating €451m in EBITDA pa when in full production.
• Phase 1 will hold a singular module with throughput of 42ktpa, with phase 2 expected to add two additional modules.
• Beowulf, in line with their Consultant Anzaplan and supported by quotes from third-party suppliers, assumes pricing of:
  • Concentrate purchase price of €568/t
  • CSPG-18 realised price: €7,800/t
  • CSPG-8 realised price: €10,260/t.
  • Fines realised price: €500/t.
• The plant will use micronisation, spheronisation, caustic baking, leaching and filtration followed by coating to produce a high-value product to feed into the EV battery supply chain.

*SP Angel acts as Nomad and Broker to Beowulf Mining

G2 Goldfields (GTWO CN) C$2.8, Mkt cap C$671m – Expansion of Oko Project Resource, Guyana

• G2 Goldfields, who are exploring for gold in Guyana, report an updated MRE for their Oko project in Guyana.
• The Company holds the Oko Main Zone, seen as high-grade north-south structure, alongside the bulk-mineable, disseminated resource to the south known as Ghanie.
• Today the Company announces an increase in Indicated ounces of 60% to 1.5moz, having drilled an additional 188 holes totalling 59,154m.
• G2’s total inferred resource has increased by 49% to 1.6moz.
• Total drilling conducted now at 587 holes over 152,817m.
• Oko Main Zone open pit/underground combined:
  • Indicated: 3.15mt at 7.98g/t Au for 808koz
  • Inferred: 3.47mt at 4.6g/t Au for 513koz.
• Ghanie open pit/underground combined:
  • Indicated: 10.3mt at 2g/t Au for 663koz
  • Inferred: 12.1mt at 2.64g/t Au for 1,025koz
• Oko NW
  • Open Pit Inferred: 4.98mt at 0.61g/t Au for 97.2koz
• Company expects the zone remains open for further growth, with OMZ and Ghanie hosting ‘multiple plunging zones of high-grade mineralisation that remain open vertically.’
• Company currently has two diamond drill rigs active, targeting high-grade plunging mineralisation.

KEFI Gold and Copper* (KEFI LN) 0.5p, Mkt Cap £44m – Tulu Kapi funding update

• The Company releases an update on Tulu Kapi project funding.
• Credit committee approvals are now granted by both banks with regards to the $240m share of total $320m funding with necessary internal Board ratifications now in progress.
• Ethiopian Country Membership for the second co-lending bank has been approved at the Ministerial level and is going through Parliamentary Ratification.
• Government earn in is proceeding as planned while equity capital preparations at subsidiary levels are advancing in parallel.
• First community compensations have been paid with local authorities carrying out the Community Property Survey to finalise the full community resettlement budget.
• Alternative site access road is now over 50% complete improving efficiency and security.
• Initial construction camp is being built.
• The Company is expecting to assemble all definitive documentation by 31 March to trigger development of the Project as soon as possible thereafter.

Conclusion: Major part of the Tulu Kapi funding in the form of bank debt and accounting for $240m of total $320m project funding is now approved by both credit committees with final Board ratifications in progress. The Company is expecting to have all final documentation ready for signing by 31 March followed by first drawdowns and start of development works.

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

Meridian Mining (MNO CN) C$0.58, Mkt cap C$177m – PFS results for Cabaçal VMS copper-gold project, Brazil

• Brazilian mine developer Meridian report results for their Cabaçal feasibility study.
• The Study reports a base case post-tax NPV5 of US$984m and IRR of 61.2% using $2,119/oz Au, $4.16/lb Cu, $26.9/oz Ag.
• Project expected to produce 141koz AuEq over the first 10 years of operations, at an AISC of $742/oz AuEq.
• LOM initial CAPEX of US$248m, which includes expansion to 4.5mtpa throughput in year four.
• The Company will now begin the feasibility study for Cabaçal and is working on a maiden MRE for Santa Helena.
• The current Cabaçal resource/reserves stand at:
  • M&I: 51.4mt at 0.55g/t Au, 0.4% Cu, 1.5g/t Ag for 904koz Au, 204kt Cu, 2.5moz Ag
  • Reserves: 41.7mt at 0.63g/t Au, 1.64g/t Ag, 0.44% Cu for 850koz Au, 2.2moz Ag, 405k Cu.
• The mine will be an open pit operation, with estimated strip ratio of 2.33 of LOM.
• Company will sell gold and silver in doré bars and a copper-gold concentrate

Mkango Resources* (MKA LN) 10.5p, Mkt Cap £35m – US JV capacity expansion

BUY

• The Company released an update on the HyProMag USA JV that is run in a partnership with CoTec.
• The Company will be expanding the detailed design of the recycling facility to three HPMS vessels, up from two considered as base case in the Nov24 FS.
• Additional HPMS vessel comes at an estimated incremental capital cost of $7m.
• Third vessel improves project economics and increases estimated post tax NPV7 by $17m to $279m on current market prices for NdFeB ($55/kg) and by $90m to $593m on forecast higher prices ($94/kg).
• Three vessels expand production rate to a total of ~1.6kt NdFeB within five years of commissioning, up from ~1.0kt NdFeB estimated before.
• Additionally, JV will now launch conceptual studies to look into further expanding to triple the capacity of the Project.
• The study will also look into a development of integrated long loop processing that is complementary to the HPMS short loop process.
• Long loop envisages processing of liberated RE containing demagnetised powder using chemical process for production of RE carbonate or oxide.

Conclusion: The Company is planning to expand capacity of the US recycling and magnet manufacturing project by ~50% to ~1.6ktpa NdFeB at a low incremental capital cost of $7m (~5% extra to previously estimated $125m capex). Additionally, the team will consider tripling that capacity as well as adding chemical route processing to expand its RE containing product range. The decision come amid strong demand outlook for permanent magnets and increasing attention on critical elements’ security of supply.

*SP Angel acts as nomad and broker to Mkango Resources

Resolute Mining* (RSG LN) 19.4p, Mkt Cap £430m – Updated MRE shows mining depletion being replaced by additional reserves and resources

• Resolute Mining has published its mineral resource and reserve estimates for 31^st December 2024.

• The new estimates show an overall JORC compliant resource of 11.04moz of gold (December 2023 – 11.20moz) including 8.96m oz (81%) classed as ‘Measured & Indicated’

• The Syama operation in Mali hosts ~90% of the total resource (9.96moz) with an additional 730,000oz (7%) from the Senegalese deposits at Mako and Tomboronkoto and a further 357,000oz (3%) at Mansala in Guinea which released an initial MRE in September 2024.
• In detail, the Malian operations host ‘Measured & Indicated’ resources of ~92.2mt at an average grade of ~2.8g/t gold.
• Mako hosts am additional ~15mt of ‘Measured & Indicated’ resources at a grade of 1.4g/t gold (~680koz).
• The resources include ‘Proven & Probable’ reserves of 4.35moz (December 2023 – 4.36moz), on a 100% basis.
• Around 95% of the reserves (4.13moz) are located in Mali with the balance of 227,000oz at Mako, including 165,000oz held in stockpiles.
• The company highlights the maintenance of both the overall resource and reserve inventory against its production and points out that the “Syama North Ore Reserves increased to 1.5 Moz following continued drilling success in 2024 and change in gold price assumption to $1,950/oz”.
• CEO, Chris Eger, said that the increased reserve at Syama North “provides open pit flexibility in conjunction with the underground sub-level cave at Syama. This ensures we can provide an optimal feed blend to the sulphide processing plant … [which] … will increase to 4 Mtpa of capacity once the Sulphide Conversion Project is complete in mid-2026”.
• Mr. Eger also emphasised the company’s commitment to extend the life of the Mako operation and explained that “the Tomboronkoto deposit, which is located 17 km from Mako, was upgraded to the Indicated category in 2024”.
• Tomboronkoto’s ‘Indicated’ resource contains around 334koz contained in ~6.2mt at an average grade of 1.7g/t plus an additional 43koz of ‘Inferred’ resources (880kt at an average grade of 1.5g/t).

Conclusion: Resolute Mining is matching mining depletion of its ore reserves and resources with replenishment through the identification of additional mineralisation. The company confirms its objective to extend the mine life at Mako following an upgrade to the resource at the nearby Tomboronkoto deposit.

*SP Angel analysts hold shares in Resolute Mining

LSE Group Starmine awards for 2024 commodity forecasting:

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

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

Analysts

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

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

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

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

Sales

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

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

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

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

SP Angel                                                            

Prince Frederick House

35-39 Maddox Street London

W1S 2PP

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

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

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SPA, 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