SP Angel Morning View -Today’s Market View, Tuesday 29th July 2025

Gold holds lower levels as dollar rallies on EU trade deal

MiFID II exempt information – see disclaimer below

Crafted by humans, with minor assistance from Google AI

Anglo American (AAL LN) – H1 results from Kumba Iron Ore, South Africa

Aurum Resources (AUE AU) – 100,000m drilling programme at Boundiali, Cote d’Ivoire due to deliver updated MRE and PFS by end of year

C3 Metals (CCCM CN) – Encouraging copper soil sampling results from Jamaica

GreenRoc Strategic Materials Plc (GROC LN) – Bulk sampling of graphite from the Amitsoq Graphite Mine in Greenland to start in August

Liontown Resources (LTR AU) – 4QFY25 operations update

Metals One (MET1 LN) – Expanding its US uranium exploration interests

Panther Metals (PALM LN) – Assays from historic drilling at the Obonga project, Ontario

Power Metal Resources* (POW LN) – First day of trading for FDR

Resolute Mining* (RSG LN) – Production guidance maintained with Senegalese exploration success offering potential mine life extension for Mako

Sylvania Platinum (SLP LN) – Higher PGM prices support earnings

Wildcat Resources (WC8 AU) – Tabba Tabba PFS

Winsome Resources (WR1 AU) – Renard Project acquisition option terminated

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

Gold ($3,323/oz) holds lower levels as dollar rallies on EU trade deal

• Gold prices have edged lower, holding below the recent $3,330/oz support.
• The move comes as a recent swathe of trade deal announcements from the White House have reduced haven demand.
• The EU-US trade deal, seen as a win for Trump, has weighed on the Euro, lifting the dollar from recent lows.
• Elsewhere, Reuters reports China’s net gold imports via Hong Kong fell 60% in June mom from 48.13t to 19.4t.
• China’s data showed gold consumption in 1H25 fell 3.5%yoy, with imports falling for a second successive month.
• China has been a major driver in gold’s rally over the past two years, and signs of faltering demand may be weighing on the metal.
• However, we expect the longer term trend of central bank buying, in an effort to diversify away from dollar reserve holdings, to continue to support gold over $3,000/oz.

Six university students drown in flotation tank during site visit to copper / moly mine in northern China

• The six students were from Northeastern University and were standing on metal grating panel which collapsed above a flotation tank.
• The process plant at National Gold Group’s Inner Mongolia mining company looks relatively well constructed in an available photograph.
• But, there is speculation over the substandard quality of the metal grates and lack of awareness of the load-bearing capacity.

Economics

President Trump denied permission for Taiwan’s President Lai Ching-te to stop over in New York en route to Central America.

• The decision might have come following China raising objections with Washington about the visit.
• US and China are currently in discussions regarding a potential trade deal.

China – heavy rains exacerbated by mismanagement of hydropower dams enhance flooding

• Towns and cities downstream of many hydropower dams are being intentionally flooded to protect dam structures.
• Dam operators are accused of maintaining high water levels ahead of heavy rains to maximise hydropower output.
• The result is excessive spilling of water

Ukraine/Russia – President Trump shortened the deadline for the ceasefire deal between Russia and Ukraine to 10-12 days.

• He previously set a 50-day target for Russia to reach an agreement with Ukraine or face tighter sanctions including secondary sanctions on countries purchasing oil from Moscow.
• Trump suggested on Monday that he does not believe Putin will comply.
• “I’m not so interested in talking [to Putin] any more… He talks. We have such nice conversations . . . and then people die the following night in a missile” strike.
• Putin does not like ceasefires and he will potentially threaten the West with Nuclear weapons again.
• Trump can simply enable US missiles to fly further to strike military targets deeper within Russia.
• China will continue to sell components to Russia for its ‘Special Military Operation’ in Ukraine
• Russia will almost certainly go bust
• China will take advantage of the situation and may negotiate to take back the Amur Region which it annexed in 1860.
• We suspect China may exact further concessions from Russia in return for bailing out the nation.

Currencies

US$1.1565/eur vs 1.1719/eur previous, Yen148.43/$ vs 147.85/$ SAr17.938/$ vs 17.763/$, $1.334/gbp vs $1.343/gbp, 0.651/aud vs 0.655/aud, CNY 7.176/$ vs 7.169/$

Dollar Index 98.82 vs 97.84 previous.

Precious metals:

Gold US$3,328/oz vs US$3,340/oz previous

Gold ETFs 91.8moz vs 91.8moz previous

Platinum US$1,386/oz vs US$1,410/oz previous

Palladium US$1,247/oz vs US$1,247/oz previous

Silver US$38.2/oz vs US$38.1/oz previous

Rhodium US$6,750/oz vsUS$6,350/oz previous       

Base metals:

Copper US$9,777/t vs US$9,799/t previous

Aluminium US$2,610/t vs US$2,628/t previous

Nickel US$15,195/t vs US$15,215/t previous

Zinc US$2,805/t vs US$2,817/t previous

Lead US$2,011/t vs US$2,021/t previous

Tin US$33,600/t vs US$33,905/t previous

Energy:

Oil US$70.0/bbl vs US$69.0/bbl previous

• Energy prices edged higher after President Trump shortened the deadline for Russia to reach a Ukraine ceasefire to “about 10 to 12 days” or face potential “secondary sanctions”.
• Media reports that Vitol spent $1.7bn on share buybacks from its partners in 1H25, which is tracking materially lower than  the record $10.6bn spend on repurchases in 2024.

Natural Gas €33.3/MWh vs €32.7/MWh previous

Uranium Futures $71.3/lb vs $71.1/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$110.4/t vs US$110.6/t

Chinese steel rebar 25mm US$469.8/t vs US$468.6/t

HCC FOB Australia US$177.0/t vs US$178.0/t

Thermal coal swap Australia FOB US$117.5/t vs US$114.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$72,739/t vs US$71,628/t

Lithium carbonate 99% (China) US$9,824/t vs US$9,973/t

China Spodumene Li2O 6%min CIF US$840/t vs US$840/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$4.9/lb vs US$4.9/lb

Europe Ferro-Vanadium 80% US$23.7/kg vs US$23.7/kg

China Ilmenite Concentrate TiO2 US$282/t vs US$282/t

China Rutile Concentrate 95% TiO2 US$1,094/t vs US$1,095/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

Volkswagen boosts in investment in QuantumScape solid-state battery

• PowerCo, Volkswagen Group’s battery subsidiary, will invest a further $131m in solid-state battery start-up QuantumScape to fund a pilot solid-state cell line in San Jose.
• The injection comes on top of the $130m committed last year, with payments linked to technical milestones under the licensing deal.
• Under that agreement, PowerCo may manufacture up to 40GWh of solid-state cells annually, expandable to 80 GWh—enough for roughly one million EVs a year.
• Volkswagen has backed QuantumScape since 2012 and now holds a 17 % stake valued at about $459 m.
• QuantumScape’s anode-free lithium-metal QSE-5 cells deliver around 305 Wh/kg, potentially stretching a 350-mile EV to 400–500 miles while cutting graphite use and charge times.

CATL powers China’s first pure-electric tourist vessel

• China’s first pure-electric tourist passenger ship, Yujian 77, co-developed by CATL, began service on 25^th July.
• The vessel carries a 3,918 kWh CATL marine battery pack that provides about 100km of range and delivers 140Wh/kg energy density using CTP integration.
• Yujian 77 accommodates 358 passengers and can reach 20 km/h
• Annual fuel use is forecast to fall by nearly 250t, cutting CO₂ emissions by more than 400t.

 Company news

Anglo American (AAL LN) 2,241p, Mkt Cap £27bn – H1 results from Kumba Iron Ore, South Africa

• Anglo American draws attention to the release of interim results from the Kumba Iron Ore subsidiary of Anglo South Africa.
• Kumba reports the production of ~18mt of iron ore over the 6 months ending 30th June from its operations at Sishen and Kolomelo (H1 2024 – ~18mt) and sales of approximately 12.5mt (H1 2024 – ~11.5mt) generating revenue of R34.5m (H1 2024 – R35.8m).
• EBITDA of ~R16bn (H1 2024 -~R15.6bn) and attributable earnings of R7.1bn (H1 2024 – R7.1bn) “reflect the impact of lower iron ore prices, a stronger Rand/US$ exchange rate, partly offset by higher sales volume and marginally lower operating expenses”.
• Kumba reports a closing net cash balance of R16.1bn and has declared an interim dividend of R16.60/share (H1 2024 – R18.77/share.
• Chief Executive, Mpumi Zikalala, said that Kumba has made progress “on our strategy of safely and sustainably unlocking value from our core assets, demonstrated by our consistent production, cost and capital discipline”.

Aurum Resources (AUE AU) A$0.47, Mkt Cap A$163m – 100,000m drilling programme at Boundiali, Cote d’Ivoire due to deliver updated MRE and PFS by end of year

• Australian listed Aurum Resources has announced drilling results from its 1.59Moz Boundiali Gold Project in Côte d’Ivoire.
• The results from 57-holes (13,837m) forms part of a 100,000m programme planned in 2025 which will contribute to “Two MRE updates planned in CY2025 to grow the maiden 1.59Moz Boundiali Mineral Resource Estimate”.
• A Pre Feasibility Study for the project is “due for completion by end of CY2025” and the company confirms that it is also expects to deliver an updated MRE, based on a 30,000m drilling programme currently underway, for its Napié project “by year-end”.
• Among the results highlighted from the drilling of the BD target at Boundiali project are:

• • An interval of 2.34m at an average grade of 67.21g/t gold from a depth of 189m in hole DS DD-0192; and
  • A 53.45m wide intersection at an average grade of 0.96g/t gold from a depth of 501m in hole DS DD-0193; and
  • A 6.00m wide intersection at an average grade of 30.68g/t gold from a depth of 82m in hole DS DD-0203; and
  • A 2.00m wide intersection at an average grade of 22.86g/t gold from a depth of 297m in hole DS DD-0240; and
  • A 26.00m wide intersection at an average grade of 0.90g/t gold from a depth of 249m in hole DS DD-0189; and
  • A 25.00m wide intersection at an average grade of 0.35g/t gold from a depth of 140m in hole DS DD-0233; and

• “The BDT1, BDT2 gold deposits, and BDT3 gold prospect lie within an underexplored 13km by 3km mineralised corridor. Gold mineralisation is hosted in a thick, north-south trending sandstone unit, positioned between hanging wall and footwall volcano-sedimentary rocks”.
• “Gold mineralisation remains open along strike and at depth on all deposits and prospects at the Boundiali Gold Project”.
• Managing Director, Dr. Caigen Wang, welcomed the “further high-grade gold intercepts at the Boundiali project … [and confirmed that] … Aurum is on track to complete 100,000m of diamond drilling at Boundiali in 2025”.

C3 Metals (CCCM CN) C$0.74, Mkt cap C$75m – Encouraging copper soil sampling results from Jamaica

• C3 Metals, who hold copper and gold projects in Jamaica and Peru, report copper soil sampling results from their Bellas Gate Project in Jamaica.
• The Company has conducted nine widely spaced lines over a 3km strike on the volcanic redbed copper prospect, using 5m intervals over each line.
• Highlight results include:
  • 120m zone averaging 0.12% copper in soils
  • 90m zone averaging 0.13% Cu
  • 50m zone averaging 0.16% Cu
  • 205m zone averaging 452ppm Cu
• C3 has now identified an east-west trending copper-in-soil anomaly over 2.7km length and 200m width with a minimum 400ppm copper threshold.
• Management notes the potential to drill the target to shallow depths of 150m.
• The east-west trending zone is believed to host copper mineralisation in amygdaloidal basalt units dipping northwest.
• The Company intends to begin drilling at Bellas Gate in 2H25, targeting both the redbed copper target and their deeper-lying porphyry targets.
• C3 has outlined a 750m diamond drilling programme across five holes, all permitted.

Conclusion: C3 Metals is in JV with Freeport McMoRan at Bellas Gate, with FCX earning up to 75% in the project via a U$75m exploration spend. The Company has now generated a large redbed copper anomaly which they believe warrants drilling. The second half of 2025 is set to be a busy period for the JV, with drilling planned at both the redbed anomaly and the copper porphyry targets that brought Freeport in.

GreenRoc Strategic Materials Plc (GROC LN) 2.40p, Mkt Cap £6.6m – Bulk sampling of graphite from the Amitsoq Graphite Mine in Greenland to start in August

• GreenRoc reports the collection of the 15-20t graphite bulk sample will start at the Amitsoq Graphite Mine in Greenland in August.
• EIA: The BioApp ApS team are currently running environmental baseline studies at the mine.
• EU invited GreenRoc management to meetings to support the development of the Amitsoq project and AMM ‘active anode material’ plant.
• Other areas of very high-grade graphite confirmed in field studies on GreenRoc licenses east of Nanortalik
• Flexible / expandable graphite testing confirms Amitsoq graphite concentrate can produce this NATO critical indispensable ‘Very High Risk’ material.
• Flexible/expandable graphite is used in sealing and gasketing applications due to their resilience and ability to dissipate energy during vibration.
• The material also shows high resistance against chemical agents and can retain its structural integrity at temperatures up to 2500°C in inert atmosphere.
• ProGraphite test work on a +180µm fraction of Amitsoq graphite concentrate was treated with a standard chemical recipe and successfully yielded expandable graphite with an expansion rate of 160g/l.
• Amitsoq Active Anode Materials PFS (11 July 2024):
  • NPV of US$621m vs $545m – post tax
  • IRR 26.5% vs 25.3%
  • Capex $340m vs $321m
  • Opex $1,872/t vs $2,211/t
  • Production 80,000tpa of concentrate – remains the same
  • Production 39,700tpa active anode material – remains the same
  • Includes: onsite production of de-ionised water and construction of a plant for the production of nitrogen.

Conclusion:  GreenRoc is making great progress on all fronts. The company is looking forward to EU support and can produce graphite suitable for NATO. The company has Letter of Interest rom the Export and Investment Fund of Denmark for funding and is preparing the ground for future production of Active Anode Material in Norway.

Liontown Resources (LTR AU) A$0.83, Mkt Cap A$2.1bn – 4QFY25 operations update

• The Company released operations update for the 4QFY25 at the Kathleen Valley Lithium Mine, WA.
• 4QFY25 production ~86kt at 5.2% Li2O with 631kt at 1.2% Li2O processed and 57% metallurgical recoveries.
• Sold 97kt at 5.2% Li2O.
• Realised prices US$633/SC5.2 ($740/SC6.0 equivalent).
• FOB operating costs and AISC averaged $576/t and $786/t sold.
• CFO was A$23m and FCF of -A$27m during the quarter.
• Closing cash stood at A$156m, down A$17m on quarter.
• FY25 production and sales of 295kt and 283kt 5.2% Li2O.
• Realised prices US$680/SC5.2 ($788/SC6.0 equivalent).
• FOB operating costs and AISC averaged $508/t and $685/t sold.
• FY26 guidance is for
  • Production 365-450kt 5.2% Li2O.
  • Operating cash costs US$555-680/t (A$855-1,045)
  • AISC US$690-840/t (A$1,060-1,295)
  • Capex US$65-80m (A$100-125m).
• Open pit mining remains on schedule for completion in December 2025, with access to the final major ore zone on track for Q2FY26.
• Underground production ramp up continued, with stoping commencing on schedule in April 2025 and blasting and stoping performance in line with expectations.
• Operations to source 100% of feed from underground by 3QFY26 with lithia recovery targeted at 70%.
• Business optimisation program delivers A$112 million in cumulative cost savings and deferrals realised, exceeding the A$100M target set in November 2024.
• Market conditions remain challenging, and the Company will continue its focus on business optimisation and cash improvement initiatives.
• Stock closed 4% down today.

Metals One (MET1 LN) 6p, Mkt Cap £32m – Expanding its US uranium exploration interests

• MetalsOne reports that it has exercised rights to increase its interest in a private US- based company with uranium exploration interest in New Mexico.
• Metals one is increasing its ownership of Novacore Exploration “from 10% to 30% … [by subscribing] … for an aggregate additional 1,461,653 shares in NovaCore at a price of US$0.587 per share for an aggregate consideration of US$856,000”.
• 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”.
• Today’s announcement explains that Novacore’s recent “gamma spectrometry surveys have identified multiple uranium-rich zones. The area has road access, a known permitting regime, and favourable geology with structural and geophysical targets that remain largely undrilled below 400 feet”.
• MetalsOne holds uranium exploration projects at Squaw Creek Wyoming’ Shirley Basin and in the the Uravan Belt of Colorado and announced last week 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 further expanding its uranium exploration interests in the United States.

Panther Metals (PALM LN) 68.5p , Mkt Cap £3.9m – Assays from historic drilling at the Obonga project, Ontario

• Panther Metals reports results from the assaying of previously unsampled core drilled at its Obonga project in Ontario in 2013.
• The two holes drilled on the ‘Awkward Target’ showed “previously un-assayed Platinum Group Element (“PGE”), Nickel (Ni) and Copper (Cu) results which are deemed highly encouraging for the existence of the targeted mineral system”.
• The ‘Awkward Target’ is described as “a PGE, Ni and Cu magmatic sulphide prospective conduit and layered mafic intrusive target … [comprising] … a highly anomalous geophysical target comprising a coincident magnetic remnant low and electromagnetic conductor”.
• Today’s announcement reports results from holes “PL-13-01, PL-13-02 and PL-13-03 drilled by Navigator Minerals during 2013” including:
  • A 1.5m wide intersection grading 0.41% nickel, 0.14g/t platinum, 0.11g/t palladium, 1.67g/t silver and 2,520 ppm (~0.25%) copper from a depth of 161.00m in hole PL-13-01; and
  • An intersection of 45cm at a grade of 0.89% nickel, 0.02g/t palladium, 1.71g/t silver and 3,550 ppm (~0.35%) copper from a depth of 171.40m in hole PL-13-03, which also intersected other narrow mineralised intervals including 0.85, grading 1.07% nickel, 0.01g/t platinum, 0.04g/t palladium, 1.28g/t silver and 2,290 ppm (0.22%) copper from 173.65m depth.
• CEO, Darren Hazelwood, said that the results from the historic drill-core “continue to build a strong case for Awkward as a significant nickel sulphide discovery”.
• Mr. Hazelwood said that the “growing body of evidence points to Awkward being a large-scale and high-impact exploration opportunity. While we have had early discussions with potential partners, the risk/reward profile at this stage clearly favours Panther. We believe we are at the beginning of something significant, and we’re committed to unlocking the early stages of the value curve”.

Power Metal Resources* (POW LN) 12p, Mkt cap £14m – First day of trading for FDR

• Power Metal Resources reports their spin out, First Development Resources, begins trading today.
• FDR raised £2.3m as part of the IPO, and is set to hold a market cap of £7.1m on admission.
• POW retains a 43.44% stake in FDR.
• First Development Projects:
  • Wallal, WA: drill-ready project with comparable geophysical characteristics to Greatland’s Havieron and Rio Tinto/Sumitomo’s Winu Project
  • Ripon Hills/Braeside West, WA: base/precious metal prospectivity in hydrothermal systems
  • Selta, Northern Territory: Lies northwest of Arafura’s Nolans REE Project, with nine targets identified for further exploration.
• FDR will be run by Tristan Pottas, who has significant experience in the Western Australian Goldfields.

Conclusion: Power Metals has a stated strategy of project generation followed by value creation. Having successfully spun out Guardian Metals (GMET.LN), and generated significant returns in the process, POW is continuing the strategy with First Development Resources. FDR holds a prospective licence package in Wallal, WA, which is drill ready and neighbouring significant copper/gold deposits. Alongside Wallal, FDR holds several exploration licences in Western Australia and the Northern Territories.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Resolute Mining* (RSG LN) 30.95p, Mkt Cap £659m – Production guidance maintained with Senegalese exploration success offering potential mine life extension for Mako

• Resolute Mining reports the production of 75,962 oz of gold at a cost (on an all-in-sustaining cost basis) of US$1,668/oz in the 3 months to 30thJune brings H1 production to 151,460oz at an AISC of US$1,688/oz (H1 2024 – 167,140oz at US$1,442/oz).
• The company maintains its 2025 production guidance range of “275-300 koz at an AISC of $1,650 -1,750/oz”.
• The H1 production includes production of 89,259 oz of gold at an AISC of US$1,972/oz from the Syama operations in Mali and 62,201oz at US$1,104/oz from the Senegalese operation at Mako.
• At Syama, sulphide ore production “was lower than expected due to explosive supply disruptions that returned during the Quarter”.  The resulting disruption leads Resolute Mining to comment that it expects H2 “to be at the lower end of production guidance at Syama across both the sulphide and oxide operations”.
• The company also explains that “Production in Q3 is expected to be in line with Q2 due to the seasonal impact of the rainy season. A stronger Q4 is expected post-rainy season combined with the commissioning of the expanded flotation circuit for the Syama Sulphide Conversion Project (SSCP) that will enable higher grade sulphide ore from Syama North to be processed and fed into the roaster”.
• At Syama, the SSCP is “progressing on time and budget … [with] … CCIL circuit commissioning and full ramp-up … expected in Q3 2025, and the construction of the flotation circuit is being accelerated and expected to be completed in Q4 2025”.
• The company explains that completion of these elements of the SSCP “will bring forward some of the benefits of the SSCP by allowing for increased sulphide processing at 50% of the CCIL design capacity”.
• “Mako performed strongly in Q2 with gold production of 34,938oz due to higher than expected ore grades in the final part of the pit. In June, as per schedule ahead of the rainy season, mining activities within the main pit ended and stockpile processing has commenced as planned”.
• The company confirms the progress of efforts to extend the mine-life at Mako following the recent release of an initial mineral resource estimate (MRE) for the Bantaco project and work on submission of the ESIA for the Tomboronkoto deposit which are both considered as future ore sources for the Mako plant.
• The company explains that integration of the Doropo project in Ivory Coast, which was acquired in May, is progressing “smoothly”.
• At Doropo, “pit optimisations with Definitive Feasibility Study (DFS) parameters were performed at the Group reserve price assumption of $1,950/oz versus the original price of $1,450/oz. This has shown the potential for mineable ounces to substantially increase from the DFS without changing the near-term production profile”.
• An updated MRE for Doropo is expected during H2 and work is continuing on an optimisation of the DFS.
• Commenting on its exploration activities, Resolute Mining says that efforts in Mali are concentrated on drilling oxide targets within existing permit areas while in Ivory Coast work continues on the assessment of the ~2.2moz ABC deposit and on progressing the 400koz ‘Inferred’ resource at the La Debo project where “an updated MRE is underway and targeted for H2 2025”.
• Resolute Mining confirms a closing net cash balance of US$110m and says that it “continues to explore various options with respect to the financing of the development of the Doropo Project”.
• CEO, Chris Eger, said that “our operating results at Mako in Senegal … [continue] … to exceed expectations in terms of operations and progress on life extension initiatives … [although] … In Mali we continue to see supply chain disruptions as a result of a complicated political landscape which impacted gold production”.

Conclusion: Resolute Mining Is maintaining its 2025 production and cost guidance. Supply chain disruption in Mali indicates full year output may be in the lower part of the guidance range while exploration success in Senegal offers the potential of mine life extension at Mako.

*SP Angel analysts hold shares in Resolute Mining

Sylvania Platinum (SLP LN) 74p, Mkt cap £193m – Higher PGM prices support earnings

• South African PGM and chrome producer Sylvania reports quarterly results for 4QFY25.
• The Company processed 674kt over the quarter, up 8%qoq.
• Head grade of 2.19g/t, with total PGM production at 21.1koz 4E, up 3%qoq.
• Average basket price sold at $1,622/oz, up 14%qoq.
• Revenue up 17% at $24m, with net revenue up 15%qoq at $30.3m.
• OPEX fell 9%qoq to $14.3m, with group EBITDA up 98%qoq at $12.9m.
• AISC down 11%qoq to $858/oz, all in costs at $1,245/oz 4E.
• Net profit up 80%qoq at $9.8m.
• CAPEX over the quarter at $8.6m.
• Cash fell 15%qoq to $61m.
• Thaba JV due for commissioning this quarter, ramping up to 1QFY26 with steady state due 2QFY26.
• Management notes technical delays and ‘teething issues’ at Thaba JV commissioning due to weather conditions and safety-related interruptions
• New ROM plant at Lesedi set for steady state in 2QFY26.
• Centralised PGM filtration plant on schedule for completion 2QFY26.

Conclusion: Higher production and PGM prices support increased quarterly EBITDA. Thaba JV remains on track for 2QFY26 despite construction delays and slower commissioning ramp up.

Wildcat Resources (WC8 AU) A$0.16, Mkt cap A$221m – Tabba Tabba PFS

• Australian lithium spodumene developer Wildcat has released a PFS for the Tabba Tabba project.
• Project:
  • 2.2mtpa plant Stage 1, 4.5mtpa plant Stage 2 using whole of ore flotation
  • Stage 1 operation uses open-pit only, Stage 2 includes both open pit and underground.
  • LOM strip ratio of 7.8:1.
  • Recoveries of 74% modelled for SC5.5.
  • Producing 295ktpa of 5.5% Li2O in stage one, expanding to 565ktpa in Stage 2
  • CAPEX: A$443m infrastructure for Stage 1 and 2, A$144m pre-strip costs.
  • Ore Reserve of 46.3mt at 1% Li2O (79% open pit and 21% underground) for 17 year LOM.
  • Potential to add additional tonnage via Chewy, Han and Hutt deposits.
• Economics:
  • C1 costs of US$541/t, AISC of US$658/t.
  • NPV8 of A$1.2bn, IRR of 22.9% post-tax at $1,384/t SC6.
  • NPV8 falls to A$131m at $1,000/t SC6 and rises to A$2.9bn at $2,000/t SC6.
• Cash position of A$55m at 30^th June.

Winsome Resources (WR1 AU) A$0.16, Mkt Cap A$43m – Renard Project acquisition option terminated

• The Company terminated a call option agreement with Stornoway Diamonds to acquire Renard Project in the James Bay region of Quebec.
• In the light of low lithium prices, the team decided to terminate the agreement and is considering alternatives for Adina Lithium Project development.
• The Company highlights that the Renard Project remains the most viable option for Adina development and unless the Renard Project is not sold or rehabilitated the option may be revisited in the future.
• The team was considering using Renard Project processing infrastructure to treat lithium bearing ores from Adina.
• The exclusive option was agreed in April 2024 involving total consideration of C$52m (incl C$15m on closing of the acquisition that was later changed to C$1m and the balance spread over future payments).
• Winsome paid C$4m for the option followed by a number of extensions with the latest expiring on 31 August 2025.
• The Company warned earlier that the option is unlikely to be exercised unless market conditions improve.
• Stock was 9% down today.

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 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

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