SP Angel Morning View -Today’s Market View, Tuesday 2nd September 2025

Gold hits record high in Asian trading as ETF inflows mount on increased investor appetite

MiFID II exempt information – see disclaimer below

Critical Mineral Resources (CMR LN) – Drilling underway in Morocco

Ecora Resources (ECOR LN) – Sale of Dugbe gold royalty for $20m

Goldstone Resources* (GRL LN) – Operations update

KEFI Gold and Copper* (KEFI LN) – Tulu Kapi Project financing package update

Oriole Resources* (ORR LN) – Mbe drilling complete

Premier African Minerals (PREM LN) – Additional shares issued to the off-take partner for the Zulu lithium project, Zimbabwe

Rockfire Resources (ROCK LN) – University research on the Molaoi zinc project in Greece

Sylvania Platinum (SLP LN) – PGM prices follow gold higher. Ronel Bosman promoted to CFO

Tertiary Minerals* (TYM LN) – Extending mineralisation at Mushima North

Gold hits record high of $3,510oz in Asian trading as ETF inflows mount on increased investor appetite

• Gold prices climbed to record highs overnight at $3,510/oz driven by buying in the early hours.
• China looks increasingly likely to increase its gold holdings at the expense of US treasury holdings in preparation for further liberalisation of its markets and potential invasion of Taiwan.
• Sustained strength in overnight markets suggests increased Asian buying again, with China driving much of the metal’s strong rally since 2024.
• Gold prices are now up 40% in the past 12 months and 22% in the last six months.
• US Fed rate cut expectations have also increased recently, as PCE data came in line and traders focus on NFP data due Friday.
• Further weak Non-Farm Payroll data could lock in a rate cut for September, with Powell increasingly focused on the health of the US labour market.
• A Federal court also ruled that Trump’s global tariffs were illegally imposed meaning there will be a further review on Trump’s executive powers next year

• Trump’s petition to sack Lisa Cook is also unnerving investors.
• More US news is generated over the weekends these days with the Trump press offices working 24/7 to keep up with his Truth Social and other outpourings.
• Asian investors appear to have jumped into the US ahead of US traders in this latest upward move for gold.
• ETF inflows climbed again, as retail investors look to take part in gold’s strong rally into the autumn.
• The World Gold Council highlights ETF demand boosted total gold demand in 1H25, alongside sustained buying from central banks, whilst jewellery demand weakened.
• Investors focused on technical are also likely supporting the rally after gold broke out of the recent range-bound zone c.$3,330/oz.
• The GDX miners index ratio to gold prices remains well below its average since exception at c.0.6, suggesting there is ample room to run higher as investor appetite increases.
• The GDX is up 74% over the past 12 months and 60% over the past six months as investors boost exposure to gold miners in line with the price appreciation.
• However, gold exposure remains limited among blue-chip investors, with Newmont accounting for 0.15% of the SP500.

Copper ($9,880/t) price backs off from $9,929/t on Friday

• Traders are focussed on Gold and Silver allowing copper prices to slip.
• German Economy Minister, Katherina Reiche, has called for Europe-wide policies to stem the flow of scrap to China.
• The move is in reaction to intense competition for copper concentrates and scrap with German copper processors and smelters.
• Aurubis are suffering from all-time lows on Tc/Rc charges and have previously warned of potential closure.

Tungsten – APT prices hit $525/mtu continue to rise as Chinese export restrictions force buyers to look for scrap material

• We believe APT tungsten prices are showing significant gains within China as processers compete for material.
• China has scaled back production quotas for local mines in recent years despite strong domestic demand.
• Demand for tungsten APT concentrates jumped around 35% last month following the summer slowdown.
• Some Wolframite Converters are said to have shutdown in recent weeks due to a lack of feedstock.
• China Tungsten APT 88.5% FOB US$513/mtu vs US$503/mtu.

Vanadium – Glencore and Merafe JV in South Africa launching a retrenchment process at Rustenburg ferrochrome smelter and vanadium operations.

• Economic pressures, load-shedding, and rising electricity costs forced suspension of production at the Boshoek, Wonderkop, and Lion smelters in May.
• Retrenchment will affect Boshoek and Wonderkop; Lion smelter may cut output by 50%.
• Rhovan vanadium operations (North West) and carbon division (Emalahleni) will also be impacted.
• Glencore already has 10 of 22 furnaces shut or temporarily closed; further closures risk 2,425 direct jobs and 17,000+ indirect jobs, labour union representative said.

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

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US equities alongside bonds pulled back amid concerns over government finances and inflation risks.

• S&P futures are down 0.4% as the US is due to come back from a long weekend.
• Yields on 30y debt climbed 4bp to 4.97%.
• The rally in equities face a test this month with a series of economic data due to be released including jobs report later this week and Fed rate decision in two weeks.
• Tariff tensions as well as concerns over that President Trump attacks on the Fed raise risks of a potential pickup in longer term inflation.

Japan – BOJ Deputy Governor reiterated the central bank’s standing on raising rates if conditions allow.

• Although, the official stayed clear of making clear hints as to exact timing on that.
• The yen weakened 0.8% this morning as markets are likely to have expected more hawkish comments.
• 2y yields are off only slightly trading a 0.87%..

Eurozone – Inflation report showed headline measure picking up slightly in August with markets expecting no change in rates next week.

• Core measure held up at 2.3%, slightly ahead of forecasts for a marginal slowdown.
• CPI (%yoy, Aug/Jul/Est): 2.1/2.0/2.1
• Core CPI (%yoy, Aug/Jjul/Est): 2.3/2.3/2.2

French government about to fall as government is not able to agree on the cost cutting necessary to restore financial credibility.

UK – 30y bond yields hit the highest level since 1998 over outlook for higher debt levels, budget deficits and persistent inflation.

• Long term yields reached 5.7%, the highest borrowing costs among G7 nations.
• Economists expect the chancellor to announce tax increase in the autumn to reduce the large deficit.

Afghanistan – Earthquake death toll rises to 1,124 with 3,251 injured

• The number of casualties is expected to continue to rise.

Currencies

US$1.1665/eur vs 1.1717/eur previous. Yen 148.61/$ vs 147.16/$. SAr 17.698/$ vs 17.583/$. $1.343/gbp vs $1.352/gbp. 0.651/aud vs 0.654/aud. CNY 7.148/$ vs 7.133/$.

Dollar Index 98.05 vs 97.65 previous.

• US dollar regains some losses despite general weakness. The market is waiting on Non-Farm Payrolls on Friday to determine the potential for Fed rate cuts.
• Sterling collapses as cost of government borrowing jumps. The yield on a UK 30-year Gilt is at a record 30-year high.
• France – uncertainty over the future of the current French government and its inability to cut costs may require support the ECB in similar fashion to the Greek debt crisis.

Precious metals:

Gold US$3,482/oz vsUS$3,471/oz previous

Gold ETFs 93.4moz vs 93.3moz previous

Platinum US$1,413/oz vs US$1,388/oz previous

Palladium US$1,135/oz vs US$1,118/oz previous

Silver US$40.7/oz vs US$40.6/oz previous

Rhodium US$7,175/oz vs US$7,100/oz previous

Base metals:   

Copper US$9,880/t vs US$9,929/t previous

Aluminium US$2,617/t vs US$2,612/t previous

Nickel US$15,265/t vs US$15,460/t previous

Zinc US$2,845/t vs US$2,836/t previous

Lead US$1,989/t vs US$1,989/t previous

Tin US$34,805/t vs US$34,905/t previous

Energy:

Oil US$68.7/bbl vs US$67.8/bbl previous

Natural Gas €32.2/MWh vs €32.1/MWh previous

Uranium Futures $76.4/lb vs $76.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$111.6/t vs US$112.8/t

Chinese steel rebar 25mm US$478.9/t vs US$480.5/t

HCC FOB Australia US$183.8/t vs US$188.0/t

Thermal coal swap Australia FOB US$108.0/t vs US$108.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$83,938/t vs US$83,768/t

Lithium carbonate 99% (China) US$10,352/t vs US$10,557/t

China Spodumene Li2O 6%min CIF US$900/t vs US$900/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$513/mtu vs US$503/mtu

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

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

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

China Ilmenite Concentrate TiO2 US$269/t vs US$270/t

China Rutile Concentrate 95% TiO2 US$1,098/t vs US$1,101/t

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

Brazil Potash CFR Granular Spot US$350.0/t vs US$350.0/t

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

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

EV & battery news

Company news

Critical Mineral Resources (CMR LN) 4p, Mkt Cap £7.4m – Drilling underway in Morocco

• Critical Mineral Resources, which is earning a 60% interest in the Agadir Melloul copper project in Morocco reports that it has now started drilling outcropping and near-surface gently dipping mineralisation.
• An initial 6,000m core-drilling campaign aims to test the extent of “outcropping copper-mineralised strike and the down dip extensions” of the mineralisation and may “also test the underlying Precambrian basement which is known to be mineralised in places” with the aim of establishing “sufficient resources for the planned 750 to 1,000 tonne per day Initial Mine development”.
• Longer term, drilling aims to test the potential for a larger scale resource where the company has an “initial exploration target of 150,000 to 200,000 tonnes of contained copper, at a 1.2% copper equivalent grade … [and aims to establish] … a large scale resource of global significance”.
• CEO, Charlie Long, explained that the “initial exploration target assumes a 2.0m average thickness over a 4km² area, in line with sedimentary copper deposits around the world, which are often relatively thin but laterally extensive. This 2.0m average will come from mineralised widths of 1.5m to >5.0m, with an expectation that most mineralised intersects will be in the 2.0m to 2.5m range”.
• He said that “most holes will be vertical and drilled to 50m or less, except in a few cases when we choose to test deeper parts of the basement”.

Conclusion: Drilling has started drilling at Agadir Melloul in Morocco aiming to establish sufficient resources to maintain an initial 750-1,000tpd mining development before expanding its efforts to determine the broader extent of mineralisation.

Ecora Resources (ECOR LN) 76p, Mkt Cap £182m – Sale of Dugbe gold royalty for $20m

• Royalty and streaming company Ecora announces the sale of their 2% NSR royalty over Dugbe.
• Elemental Altus are paying $16.5m as an upfront cash payment, with a contingent $3.5m payable on project construction and commercial production.
• Ecora acquired the Dugbe royalty in 2012.
• Pasofino’s Dugbe Gold Project in Libera currently envisages a 5mtpa plant producing average LOM output at 171kozpa over 14 years.
• Pasofino is in final permitting for the project and is looking for ‘strong JV partners and/or strategic exit.’
• The Company sees potential for expansion of the current 3.3moz MRE, noting ‘both deposits remain open at depth and along strike.’

Goldstone Resources* (GRL LN) 0.4p, Mkt Cap £4m – Operations update

• The Company released an operations update for the Homas Gold Mine, Ghana.
• 356 gold dore poured in the week starting 18 August.
• Heap leaching operations expansion continues.
• Civil engineering design complete and awaiting construction permit.
• Geomembrane liner ordered and paid for with anticipated delivery due end of September.
• The team continues to focus on delivering 48ktpm stacking rates that at 1g/t should deliver 1kopm production levels.
• “While the pace has been slower than we would have hoped, operations and gold production remain on a positive trajectory and we are all fully aligned and committed to delivering on our production goals,” the Company reported.

*SP Angel acts as Broker to Goldstone Resources

KEFI Gold and Copper* (KEFI LN) 0.8p, Mkt Cap £74m – Tulu Kapi Project financing package update

• The Company released an update on project funding progress at Tulu Kapi Gold Project, Ethiopia.
• Approvals and signing of full project finance package (US$340m) is scheduled for completion September 2025.
• Field activities on schedule and full development expected to begin in October 2025.
• $340m project funding includes $240m debt facility now formally offered by two co-lenders.
• Facility is in circulation for signing.
• US$100m in equity risk capital attracted at subsidiary level.
• Equity risk component final structure to be provided upon completion of the signing of definitive documentation planned for September.

Conclusion: The Company highlights critical milestones on course for signing funding package in September 2025. With debt and equity commitments assembled, site preparations advancing, and community resettlement underway, the company is set to launch full-scale development in October.

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

Oriole Resources* (ORR LN) 0.48p, Mkt Cap £18m – Mbe drilling complete

(Oriole Resources holds 90% of Mbe with BCM holding 10%. Oriole also holds and 90% of the Bibemi gold projects)

• Oriole Resources reports it has completed Phase 1 drilling at Mbe in Cameroon.
• The Company completed, alongside JV partner BCM, 6,824m over 24 holes at MB01-S.
• Assays from the final four holes are due this month.
• A JORC MRE will be published following the final assays in 4Q25.
• Oriole sees the MRE as likely provisional, noting the mineralised system is open ‘in all directions.’

*SP Angel acts as Broker to Oriole

Premier African Minerals (PREM LN) 0.03p, Mkt Cap £22m – Additional shares issued to the off-take partner for the Zulu lithium project, Zimbabwe

• Premier African Minerals reports that its off-take partner for the Zulu Lithium project in Zimbabwe, Canamax Technologies, has converted accrued interest of ~£272k into ~1.2bn shares at a price of 0.023p/share.
• The accrual of interest arises from the December 2024 ‘Restated and Amended Offtake and Prepayment Agreement’.
• The company’s AIM Rule 26 disclosure on its website shows Canamax holding ~10.2bn shares (~13%) suggesting that the conversion of its accrued interest leaves Canamax with ~11.4bn shares or around 13.4%.
• In June, the company raised £1.575m via the issue of 13,125m shares at a price of 0.012p/share.

Conclusion: Conversion of accrued interest due to its off-take partner, Canamax Technologies, leaves Canamax holding around 13% of Premier African Minerals.

Rockfire Resources (ROCK LN) 0.21p, Mkt Cap £12m – University research on the Molaoi zinc project in Greece

• Rockfire Resources reports key findings of research by the University of Patras on the geological setting, genesis, and mineralogy of its Molaoi zinc project in Greece.
• The research team, headed by Dr. Tombros Stylianos, examined the germanium potential of the deposit and also looked at the by-product silver which may enhance “the economic value of the deposit”.
• The research indicates that the deposit, previously identified as a volcanogenic massive sulphide (VMS) may be “a concealed stratiform deposit, hosted in Triassic-age intermediate tuffs, ignimbrites, and andesites … probably initiated as a small submarine VMS system, later evolving (enriched in Ge and Ag) into an epithermal-type system”.
• The work confirms sphalerite as the principal ore mineral with early generations of the minerals hosting germanium with tetrahedrite-hosted silver linked to the later sphalerite.
• Today’s announcement confirms the strategic significance of the germanium which has the “potential to contribute strategically to Europe’s supply of critical raw materials”.
• Dr. Stylianos said that the “findings provide refined insights into the geological setting, deposit style, and Critical Raw and Precious Metals potential of Molaoi and significantly complements Rockfire’s exploration achievements”.
• CEO, David Price, said that the Patras University’s work helped build “our understanding of the deposit generally, but more specifically, it is improving our understanding of the source, distribution and economic potential of the germanium”.
• The company has previously announced plans to start a 30-hole drilling programme at the Molaoi zinc project, aimed at upgrading resource estimates to the ‘Indicated’ level in Greece during September after the Greek August holiday.
• Molaoi currently hosts a JORC Inferred Mineral Resource of 15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag reported at a 4% cut-off.

Conclusion: Research on the germanium potential of the Molaoi deposit has enhanced the understanding of the geological setting and origins of mineralisation and its potential contribution to the European critical minerals supply chain.

Sylvania Platinum (SLP LN) 80p, Mkt cap £209m – PGM prices follow gold higher. Ronel Bosman promoted to CFO

• Sylvania Platinum shares look poised to rise again as the leveraged impact of higher PGM prices feeds combined with improved performance feeds through to the bottom line.
• Platinum prices have risen 55% this year US$1,413/oz vs $911/oz on 2^nd January
• Palladium prices are 25% higher this year at US$1,135/oz vs $908/oz on 2^nd January
• Rhodium prices are 57% higher at US$7,175/oz vs $4,575/ oz on 2^nd January
• Sylvania Platinum report the promotion of Ms. Ronel Bosman into the position of CFO from Executive Officer Finance
• The outgoing CFO, Ms. Lewanne Carminati is stepping down from the Board of Sylvania, to pursue personal development goals from 30 November.
• Ms. Bosman joined Sylvania 2021 overseeing financial, treasury and tax functions for the South African subsidiaries and leading a team of 18 professionals.
• Ronel was previously with Tsebo, Archer Daniels Midlands and Thebe Investments where Ms Bosman managed complex financial operations and cost savings to drive financial performance across diverse business environments.
• Ms. Bosman will join the Sylvania Board in due course.
• Sylvania produces Platinum group metals and chrome in South Africa via its PGM recovery operations.
• The Q4 results showed a significant qoq increase with total PGM (4E) production rising 3% qoq to at 21,100oz

• The combination of higher production and better PGM basket prices at $1,622/oz raised sales by 17% to $24m
• Operating costs also fell 9% qoq to $14.3m with AISC costs also 11% lower qoq to $858/oz for all-in costs at $1,245/oz 4E.
• Group EBITDA rose 98% qoq to $12.9m with net profit rising 80% qoq at $9.8m.

Conclusion: We expect Sylvania to continue to perform well in the current environment for gold and other precious metals as the rise in PGM prices combined with better production and controlled operating costs.

Tertiary Minerals* (TYM LN) 0.04p, Mkt Cap £1.7m – Extending mineralisation at Mushima North

• Tertiary Minerals reports drilling results from Mushima North in Zambia.
• The Company reports lab assay results from the first two holes from the 1,116m AC and RC Phase 2 programme at Mushima North.
• Management highlights the thick intersections of silver mineralisation, noting they extend the polymetallic mineralised footprint a further 225m to the north.
• Results from the two holes:
  • 25TMNAC-025: 73m at 32g/t Ag, 0.16% Cu and 0.24% Zn from 11m
  • 25TMNAC-026: 27m at 35g/t Ag, 0.08% Cu and 0.42% Zn from 48m
• 25TMNAC-025 was drilled vertically to 90m to test depth of oxide-related mineralisation.
• 25TMNAC-026 was drilled to test the continuation of mineralisation to the north.
• Further assay results are expected in the coming weeks to further prove up strike and width continuations.
• Combined Phase 1 and 2 drilling now covers a footprint of 1,680m x 550m.
• Mineralisation is associated with a haematitic and carbonaceous silty-sandy conglomerate, and copper mineralisation with malachite and chrysocolla.

Conclusion: Tertiary has made further progress at Mushima North in Zambia, where it has now extended the mineralised footprint by 225m to the north to 350m x 300m. The Company is exploring the potential for a bulk-tonnage operation and is now undertaking initial metallurgical testwork to explore potential processing operations. Further assay results are due in the coming weeks.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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

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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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