SP Angel Morning View -Today’s Market View, Tuesday 30th September 2025

Gold price builds to new $3,872/oz high in Asian trading but crashes back as London opens

MiFID II exempt information – see disclaimer below

C3 Metals (CCCM CN) – Encouraging maiden gold assays from Jamaica

Cornish Metals (CUSN LN)– Flash Note: CLICK LINK – PEA provides blueprint for a 21st century mine in the heart of Cornwall’s historic mining district

Ferro-Alloy Resources (FAR LN) – Interim results and update on feasibility study

Goldstone Resources* (GRL LN) – Interim results

GreenX Metals (GRX LN) – Annual report

KEFI Gold and Copper* (KEFI LN) – Interim results highlight nearing Tulu Kapi Gold Project funding completion

Metals One (MET1 LN) – H1 report shows broad commodity and geographical exposure of exploration projects

Mkango Resources* (MKA LN) – Inserma preprocessing units acquired for Texas, Nevada and South Carolina.

Petra Diamonds (PDL LN) – Refinancing latest timetable

Phoenix Copper* (PXC LN) – Interim results highlight progress of the Empire open-pit copper project

Strategic Minerals* (SML LN) – Increasing momentum as Redmoor drilling leads towards an MRE update early in 2026

Q2 Metals (QTWO CN) – Further wide intercepts of mineralised spodumene intersected

URU Metals* (URU LN) – Results highlight potential for expansion into higher grade at Zebediela nickel PGM project in South Africa

Wia Gold* (WIA AU) – Scoping study highlights 11 year mine life producing 146kozpa at $1,447/oz AISC

Gold price builds to new $3,872/oz high in Asian trading but crashes back as London opens

• Gold prices have crashed back to below $3,800/oz today as sellers take the shine of gold’s big run.
• We expect this morning’s price spike to over $3,870/oz encouraged some profit taking, with the metal up 10% this month.
• Interesting developments with the majors yesterday, as the CEOs of both Barrick and Newmont parted ways.
• Mark Bristow was replaced by Mark Hill whilst Tom Palmer was replaced by COO Natascha Viljoen.
• The reasons remain elusive, although Barrick has been struggling with the Malian government, who have taken control of their cash cow Loulo Gounkoto.
• Barrick had previously guided that Bristow would leave on first production at Reko Diq, guided for 2028.
• Newmont struggled operationally over the past 12 months in Nevada but has successfully sold down several non-core assets for cash considerations.
• Performance has lagged Agnico Eagle and Kinross, who have been rewarded for rigid cost control and prudent capital allocation.
• Barrick is focusing on their development of Reko Diq in Baluchistan, with some investors concerned about the asset’s jurisdictional risk.
• Their discovery of Fourmile was well received by the market, with a PEA outlining potential for 750kozpa over 25 years at AISC of $650-750/oz.
• Newmont lacks obvious growth stories, instead focusing on extending LOM and expanding existing assets.
• Some have suggested the timing of both departures opens the door to a potential mega-merger between the two.

Copper ($10,378/t) Mud rushes, seismic events, block caving blockages, pit wall failures, tailings dam collapses

• The mining industry is amazingly good at controlling, limiting and predicting the occurrence of major incidents in mines.
• But it’s not possible to forecast or stop every event.
• More incident will occur as mines get older, deeper and more technically challenging.
• Costs will rise as miners and regulators work harder to limit the occurrence and impact of major events
• We note Freeport had already developed a system for mud events, though the Grasberg underground mine was clearly overwhelmed by the total 800,000t volume of this latest event.
• “A variety of actions have been applied to avoid violent wet muck entry at the production level including”
  • See: https://www.sciencedirect.com/science/article/abs/pii/S1365160923001594.
• The El Teniente mine has developed a risk map for long-term planning and classification of wet muck and its flow conditions.

Conclusion: Grasberg’s mud rush was a major event but is far from a unique occurrence.

If the world gets wetter and storms become more severe miners will need to prepare for more

Economics

UK – BoE deputy governor ‘confident’ inflation will hit 2% target

• The view hints at a further rate cut to us.
• Whatever the BoE thinks, we suspect China will have other ideas.
• China may start to export more inflationary pressure reversing the deflationary impact of its low-cost exports.
• Eg. If western shops can’t buy low-cost Chinese goods at such low levels, they will have to adjust prices higher

Currencies

US$1.1744/eur vs 1.1725/eur previous. Yen 148.01/$ vs 148.64/$. SAr 17.249/$ vs 17.262/$. $1.345/gbp vs $1.344/gbp. 0.660/aud vs 0.657/aud. CNY 7.123/$ vs 7.118/$

Dollar Index 97.75 vs 97.90 previous

Precious metals:         

Gold US$3,816/oz vs US$3,811/oz previous

Gold ETFs 96.7moz vs 96.6moz previous

Platinum US$1,600/oz vs US$1,613/oz previous

Palladium US$1,265/oz vs US$1,280/oz previous

Silver US$46.7/oz vs US$46.8/oz previous

Rhodium US$7,125/oz vs US$7,125/oz previous

Base metals:   

Copper US$10,378/t vs US$10,266/t previous

Aluminium US$2,670/t vs US$2,667/t previous

Nickel US$15,240/t vs US$15,240/t previous

Zinc US$2,924/t vs US$2,909/t previous

Lead US$1,991/t vs US$1,993/t previous

Tin US$35,280/t vs US$34,570/t previous

Energy:           

Oil US$67.3/bbl vs US$69.4/bbl previous

• Crude oil prices fell on market speculation that the OPEC+ alliance is considering raising output in November at its next meeting on Sunday.
• TotalEnergies announced a $7.5bn savings programme (capex + opex) over 2026-2030, which includes a reduction of $1bn per annum net Capex guidance to ~$16bn in 2026 and $15-17bn per year during 2027-2030. The Company still targets energy production (oil, gas and electricity) by ~4% per year through 2030 and a >40% cash flow pay-out ratio.
• TotalEnergies has agreed the sale of 50% of its 1.4GW solar portfolio in North America to KKR, which values the portfolio at an enterprise value of $1.25bn.

Natural Gas €32.0/MWh vs €32.2/MWh previous

Uranium Futures $82.0/lb vs $82.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$102.8/t vs US$103.1/t

Chinese steel rebar 25mm US$449.1/t vs US$449.5/t

HCC FOB Australia US$186.0/t vs US$187.0/t

Thermal coal swap Australia FOB US$109.0/t vs US$104.9/t

Other:  

Cobalt LME 3m US$35,000/t vs US$35,000/t

NdPr Rare Earth Oxide (China) US$78,272/t vs US$79,022/t

Lithium carbonate 99% (China) US$10,010/t vs US$10,016/t

China Spodumene Li2O 6%min CIF US$830/t vs US$830/t

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

China Tungsten APT 88.5% FOB US$593/mtu vs US$593/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

China Graphite Flake -194 FOB US$400/t vs US$400/t

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

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

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

US Titanium Dioxide TiO2 >98% US$2,979/t vs US$2,979/t

China Rutile Concentrate 95% TiO2 US$1,102/t vs US$1,103/t

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

Brazil Potash CFR Granular Spot US$352.5/t vs US$352.5/t

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

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Company news

C3 Metals (CCCM CN) C$1.26, Mkt Cap C$126m – Encouraging maiden gold assays from Jamaica

• Copper and gold explorer C3 Metals, who hold exploration projects in Jamaica and Peru, report drilling results.
• C3 reports the first four holes of their Super Block programme, where they are in JV with Geophysix.
• Management notes PEZ drilling intersected gold mineralisation associated with the adularia alteration in fault zones and irregular veinlets of carbonate, quartz, pyrite and zeolite.
• Mineralisation noted as structurally controlled, low sulphidation epithermal style.
• Highlights include:
  • SUP4025-001: 24m at 0.5g/t Au from 53m and 10.3m at 1.23g/t Au from 113m
• Management sees intersected mineralisation as bearing distinct similarities to the former producing Pennants Gold Mine on the licence package, potetnailly part of a similar large structural zones with a high-grade centre.
• Going forward, focus will be on finding the host of gold mineralisation at PEZ, with petrographic and spectrometer studies planned.
• Phase 1 scout drilling will continue through with 14 holes over 2,500m planned to test gold and coincident radiometric anomalies at PEZ.
• Six holes have now been completed over 1,020m.

Cornish Metals* (CUSN LN) 7.5p, Mkt cap £97m – PEA provides blueprint for a 21st century mine in the heart of Cornwall’s historic mining district

Flash Note: CLICK LINK

As Cornish Metals works towards the resumption of tin production at the historic South Crofty mine in Cornwall, the company has issued an updated study describing the planned transformation of a 400+ year old mine into a 21st century operation suppling a ‘critical mineral’ used in most electronic devices and in electrical infrastructure.  The study refines the 2024 PEA with updated economics using current operating and cost estimates and commodity price assumptions reflecting recent robust metal price performance.

• Based on current mineral resources, an initial 14-year mine life at South Crofty produces ~49kt of tin supplying approximately 1.6% of global production between years 2-6 and with meaningful opportunities to extend and/or expand life production rates and mine-life.
• Tin production is derived from the mining of 500ktpa of ore, which after an ore pre-concentration stage provides feed of 250ktpa of ore at a grade of 1.89% tin to the processing plant.
• Operating costs of US$14,500/t LOM, secure a position in the lowest cost quartile of global tin production with costs for years 2-6 estimated to be even lower at an average US$13,419/t.
• Pre-production capital costs have increased to £198m compared to the previous study which estimated £142m with sustaining capital of £43m at a similar level to the £43.5m estimated in 2024.
• As well as price escalation and inflationary pressures, the higher initial capital cost estimate reflects improvements in the scope of the project, including enhancements to the plant, which may facilitate future expansion, and timing differences to the originally envisaged dewatering and shaft refurbishment programmes some of whose costs are now captured in the preproduction capital estimate.
• Based on a revised tin price estimate of US$33,900/t and an exchange rate of US$1.30/£ (previously US$31,000/t and US$1.25/£), the company estimates an after-tax NPV6% of £180m, an IRR of 20% and payback within 3.3 years.
• With current tin prices around US$34,500/t and supply concerns from existing producers in Myanmar and China, SP Angel takes a more robust commodity price view with our long-term tin price estimate currently at US$37,000/t.
• Applying SPAngel’s commodity view to the revised PEA’s operating, capital and operating cost profile, we estimate that South Crofty generates an after-tax NPV6% of £218m, an IRR of 25.2% and payback within 2.8 years of the forecast 14 years LOM.
• Even though tin has been intermittently mined in the South Crofty area since at least the 1590s, significant opportunities remain for resource and reserve replenishment including at depth and along strike of mineralised structures in the immediate mine area; and South of the mine in the Carn Brea area where exploration drilling has shown previously unknown zones of mineralisation between the ‘Great Flat Lode’ and the underlying ‘Wide Formation’.

Conclusion: An updated review for the planned resumption of tin mining at South Crofty shows an initial 14 year mine life delivering an economically robust project in the lowest quartile of global production costs with potential opportunities to extend mine life and/or increase output.

*SP Angel act as Nomad and Broker to Cornish Metals

Ferro-Alloy Resources (FAR LN) 8.72p, Mkt cap £44.5m – Interim results and update on feasibility study

• Vanadium producer and developer Ferro-Alloy report interim results to 30^th June 2025.
• The reports US$13.1m in cash at year-end and a loss before tax of $3.5m, with $17.1m in debt.
• Total revenues for the period reported at $2.5m, 17% higher yoy on higher molybdenum content in concentrates.
• Cost of sales reported at $3.4m, administrative expenses reported at $1.5m.
• Company guides for a feasibility study on the Balasausqandiq vanadium deposit in the middle of October.
• Current R&D programme at the existing plant focusing on carbon black substitute product, with a pilot plant producing 400kgph.
• Vanadium oxide studies are also being explored to produce for the battery electrolyte market for vanadium redox flow batteries.
• High purity vanadium pentoxide routes are being explored, with the commissioning of a recrystallisation circuit.
• The existing plant produced 151t of vanadium pentoxide over 1H25, and 27.8t of molybdenum in ferro-molybdenum.

Goldstone Resources* (GRL LN) 0.6p, Mkt Cap £5m – Interim results

• The Company released interim results for its Homas Gold Mine operations in Ghana.
• Revenues and gross profits climbed helped by strong gold prices.
• Campbell Smyth has been appointed as Interim Chairman replacing Angela List on the Board.
• Mr Smyth brings over 30 years of experience in fund management, capital markets, and corporate finance.
• The Company remains focused on ramping up operations to 48ktpm run rates.
• Expansion of heap leach facilities continues to progress with the engineering design complete, construction permit pending and separate construction materials (geotextile and geomembrane) arriving at site by the end of the month.
• Revenues $6.7m (1H24: $2.6m), equivalent to ~2koz at average gold prices.
• Gross profit $3.9m (1H24: $1.3m)
• Admin costs $4.7m (1H24: $2.3m)
• Net loss -$3.8m (1H24: -$2.4m)
• CFO -$2.2m (1H24: -$1.2m) including $1.0m charge from working capital movements.
• FCF -$2.2m (1H24: -$1.2m) given little in the way of capitalised costs during the period.
• Closing cash balance $0.4m and $8.2m in outstanding debt (gold loan with 1.9koz outstanding principal and 0.6koz in accrued interest to 1H25, loan due 31 December 2025).

*SP Angel acts as Broker to Goldstone Resources

GreenX Metals (GRX LN) 37.5p, Mkt cap £108m – Annual report

• GreenX Metals, who are exploring for copper in Germany, have released their annual report. Click LINK.
• Poland
  • Over the year, GreenX was awarded up to £252m in compensation from the international arbitration claims against the Republic of Poland.
  • GreenX is currently accruing £14mpa, with interest expense of £2.7m.
  • Poland has subsequently lodged a request to set-aside the award with the courts of England and Wales regarding the Bilateral Investment Treaty ruling, and the courts of Singapore re. the Energy Charter Treaty.
• Germany:
  • GreenX have expanded their exploration licence to 1,900km2, and is working with BHP via their Xplor programme.
  • The Company is now evaluating 47 historical drill holes to advance exploration at the historic Tanneberg mine.
  • The Tannenberg project historical database contains 95 drillholes from the 1930s, with the Company focusing on previously unrecognised mineralisation in the hanging wall limestone and footwall sandstones.
  • GreenX has completed 58km2 of airborne magnetic and radiometric surveys over Tannenberg, where the district previously produced 416.5kt Cu at 0.8-1.2% Cu.
• Greenland:
  • Management is looking to capitalise on increased interest in Greenland critical minerals projects.
  • Company notes encouraging antimony results from Eleonore North, with historical grab sample results from outcropping veins reported at 23% Sb and 4g/t Au.
  • Antimony mineralisation identified over 3km trend in veins and structures.
  • GreenX’s Artic Rift project  has shown potential for copper mineralisation, with remote-sensing options underway to support the next exploration programme.
• Cash reported at 30^th June at €3.8m, exploration expenses over the period at €429k.

KEFI Gold and Copper* (KEFI LN) 1.1p, Mkt Cap £90m – Interim results highlight nearing Tulu Kapi Gold Project funding completion

• The Company released interim results highlighting progress at closing Tulu Kapi Gold Project (Ehtiopia) funding.
• Tulu Kapi remains on schedule to commence full development in October 2025.
• Final capex US$340m reiterated with US$240m project debt and US$100m equity-risk capital, largely at subsidiary level.
• Co-lender boards have approved and are expected to sign formal commitments within the coming week.
• Construction contracts are finalised for signing upon equity drawdown.
• Non-binding proposals for equity-risk capital exceed $100m including $20m from Ethiopia’s government, $10m already invested by KEFI, ~ $10m KEFI post-close fees/costs, with the remaining ~US$60m being finalised via KEFI Ethio Prefs, a gold prepay/stream, and ordinary shares in Ethiopian subsidiaries.
• Financing documents contain standard conditions (incl. government confirmations/approvals) leading towards Notice to Proceed to principal contractor Lycopodium.
• Site preparations are progressing with community resettlement funded by working-capital facilities pending equity then debt drawdowns.
• Infrastructure updates include all-weather road near completion; heavy-load access road to start within two months; grid-connection procurement complete and mobilisation underway.
• In Saudi Arabia, GMCO JV (15% KEFI) released an updated MRE on Hawiah and Al Godeyer deposits.
• Hawiah MRE increased 25% to 36.2mt at 0.82% Cu, 0.85% Zn, 0.64g/t Au and 10g/t Ag.
• GMCO also secured the Umm Hijlan Exploration Licence that nearly doubles targeted Hawiah strike with drilling ongoing.
• Jibal Qutman MRE upgraded to 37.0mt at 0.76g/t for 0.9moz.
• Admin costs £2.4m (1H24: £3.3m)
• Interest costs £0.7m (1H24 £1.5m)
• Net loss -£3.8m (1HH24: -£6.1m)
• CFO -£7.0m (1H24: -£2.3m) with the total affected by £1.0m in total payables paid during the period and £2.6m in equity raise proceeds that came through post reporting period and raised accounts receivable.
• Ex working capital CFO was -£3.3m.
• Capex and capitalised exploration costs -£1.6m (1H24: -£1.6m).
• Closing cash balance £1.1m and no bank debt with payables balances reduced to £3.7m (Fy24: £5.7m).
• The Company received £2.6m received form lates equity raise post reporting period.

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

Metals One (MET1 LN) 3.73p, Mkt Cap £32m – H1 report shows broad commodity and geographical exposure of exploration projects

• Metals One reports a £1.46m loss for the six months ending 30^th June (H1 2024 – £0.77m loss) and a 30th June cash balance of £6.40m “following the exercise by investors of warrants”.
• The company highlights progress in its exploration projects for uranium and gold in the United States, graphite in Tanzania, nickel and platinum group metals in Norway and lithium in Chile.
• In the US, the company has accumulated “six projects including a significant footprint along the Uravan Mineral Belt – a geological zone bordering Colorado/Utah containing uranium and vanadium deposits – along with projects in the historic Shirley Basin mining area of Wyoming and the prospective Red Basin uranium district of New Mexico”.
• Rock chip sampling from mine waste material in the historic Uravan belt “indicate the exceptional grades historically mined from the project” and the company plans to survey “the historical adits… to understand the extent and grade of these occurrences and therefore determine the exploration potential of the project”.
• “Furthering the Company’s exposure to gold… in July, Metals One acquired a 5.9% stake in Fulcrum Metals Plc (AIM: FMET) (“Fulcrum”) (consideration £175,000 cash), a technology-led natural resources company focused on the recovery of precious metals from mine tailings using innovative cyanide-free extraction technology”.
• Via its 16.9% holding in the Tanzanian graphite project, at Chilalo hosts Metals One is exposed to “a JORC resource of 67.3 Mt at 5.4% TGC … [total graphite content] … underpinned by binding offtake agreements covering over 90% of forecast production”.
• In Norway, the Black Schist nickel/copper/cobalt and zinc project and the and Råna nickel project expand the suite of commodity exposure of the exploration portfolio.
• Executive Chairman, Craig Moulton, described 2025 as “a transformational year for Metals One … [and said that over the six months to June] … we have advanced a strategic portfolio of critical and precious metals exploration projects, each supported by strong market fundamentals”.

Conclusion: Exploration spans a wide range of commodities and jurisdictions including uranium and gold in the United States, graphite in Tanzania, nickel and platinum group metals in Norway and lithium in Chile.

Mkango Resources* (MKA LN) 50p, Mkt Cap £156m – Inserma preprocessing units acquired for Texas, Nevada and South Carolina.

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), acquired permanent magnet scrap preprocessing units from Inserma.
• Equipment includes three skid mounted magnet and PCB (Printed Circuit Board) separation units for rare earth recycling hubs in Texas, Nevada and South Carolina.
• Units remove voice coil motor containing the rare earth magnet in under 2 seconds reducing waste handling costs and concentrating the feed into the HPMS vessels.
• Units will be located and operated by Intelligent Lifecycle Solutions (LS), a global electronics recycling business processing electronic waste.
• HyProMag USA and ILS signed a feedstock supply and preprocessing site share agreement this August.
• Under the agreement, ILS secures and stores NdFeB feedstock from HDDs and other sources for HyProMag USA at the ILS pre-processing sites in Williston, South Carolina and Reno, Nevada, ahead of the commissioning of HPMS magnet recycling and manufacturing facilities in Dallas-Fort Worth, Texas.
• Separately, the Company released details of the Project Development Funding Agreement with the DFC on Sedar yesterday.
• The agreement included a clause that says that the DFC is considering the possibility of lending a further $100m to Lancaster Exploration (to be renamed Mkango Rare Earths Limited, MKAR).

Conclusion: Scrap preprocessing units acquired from Inserma to cut handling costs and streamline preprocessing of rare earth magnet containing scrap further de-risking recycling flowsheet, as HyProMag USA team is finalising detailed engineering of HPMS facilities ahead of FID. On upstream/midstream front, the DFS is considering a potential ~$100m loan to MKAR that may deliver a strong support from government backed agency greatly reducing financing risks.

*SP Angel acts as nomad and broker to Mkango Resources

Petra Diamonds (PDL LN) 18.8p, Mkt Cap £39m – Refinancing latest timetable

• In an update on its refinancing, initial announced on 8^th August, Petra Diamonds reports “a binding commitment letter … with the Senior Secured Bank Lender with the key commercial terms reflecting the in-principle agreement between the Company and the Senior Secured Bank”.
• “Petra and the Senior Secured Bank Lender will enter into good faith negotiations to agree the terms of long form documentation to implement the amendments to the Senior Secured Bank Debt, such amendments to reflect the provisions of the Commitment Letter”.
• Publication of “a prospectus and shareholder circular … [is expected in] … October 2025 and completion of the Rights Issue and the Refinancing are both still expected to occur in Q4 CY2025”.

Phoenix Copper* (PXC LN) 2.85p, Mkt Cap £6.9m – Interim results highlight progress of the Empire open-pit copper project

• Reporting interim results for the 6months to 30^th June 2025, Phoenix Copper reports a loss of US$0.74m (2024 -loss of US$1.10m) and a closing cash balance of ~US$0.56m.
• Investments in the Empire mine development in Idaho have increased to US$44.34m as Phoenix Copper advances the project with “Ongoing delivery of equipment to Empire Mine open-pit site” where Phoenix Copper expects to produce over .40,000t of copper, ~40,000oz of gold and 1.76oz of silver over an 8-year life of the planned open-pit mining.
• The planned operation is based on an April 2024 ‘Proven & Probable’ reserve of ~10.1mt at an average grade of 0.49% copper, 0.32g/t gold and 14.34g/t silver based on the results of “485 drill holes, extensive geological modelling, metallurgical recovery test work, geotechnical evaluation, and mine design”.
• In his letter to shareholders, Executive Chairman, Marcus Edwards-Jones, highlighted the current “rise in metal prices … [which] … has boosted our Empire open-pit life-of-mine net cash flow, after all capital expenditure, by over $80 million … [and explained  that] … the Empire open-pit project is the first of several strings to our bow”.
• He said that “apart from the underground copper sulphides … [at Empire, the company also has a project pipeline including] … the Red Star silver project, the Navarre Creek gold prospect, along with the White Knob and Windy Devil mineralised districts, all await funding amidst improving market sentiment”.
• Chief Executive, Ryan McDermott, explained that the last year’s pre-feasibility study used prices of US$4.45/lb for copper (currently ~US$4.60/lb), US$2,325/oz for gold (currently US$3,719/oz) and US$27.25/oz for silver (currently US$43.30/oz) and said that Phoenix Copper “will consider reevaluating these lower metal prices as part of the final detailed engineering work, and if determined prudent, will reoptimize the economics using higher updated metal prices”.
• The previously published economic results of the 2024 pre-feasibility study show an initial capital investment of US$62.6m generating an after tax NPV_7.5% of US$73.75m and IRR of ~40% with a payback of 1.66 years.
• Mr. McDermott also comments on cost-saving optimisations including a smaller footprint for the flotation plant and the “proximity of the plant to the open pit will reduce overall operating costs by reducing the ore haulage distance … [which reduces the] … haulage distance also allows for the use of smaller, less expensive haul trucks”.
• On financing, Phoenix Copper highlights the “Letter of Intent to subscribe for $75 million of corporate copper bonds … [which was] … signed during the Period”.

Conclusion: Operational progress at the Empire open-pit copper project as robust commodity prices further enhance the economic outlook for the project.

*SP Angel acts as Nomad to Phoenix Copper

Strategic Minerals* (SML LN) 0.38p, Mkt Cap £9m – Increasing momentum as Redmoor drilling leads towards an MRE update early in 2026

• Strategic Minerals reports an after-tax profit of US$0.15m for the six months 30^th June 2025 (H1 2024 – US$0.67m) and a closing cash balance of US$1.53m.
• The results reflect “strong operational performance in H1 2025 despite 10-day shutdown due to wildfires” at the Southern Minerals’ Cobre magnetite operation in New Mexico.
• Despite the temporary shutdown, Strategic Minerals expresses confidence that it will more than recoup the “lost revenue in the second half of this year, with Q3 2025 sales already looking very healthy”.
• Executive Chairman, Charles Manners, described the performance of Cobre as a “springboard for the Company to accelerate development of the Redmoor Tungsten-Tin-Copper Project in Cornwall … [where Strategic Minerals has] …. the opportunity to develop a leading source of critical and strategic minerals to provide resilience to western world supply chains”.
• Drilling is currently underway at Redmoor in the first campaign since work in 2018 delivered an initial ‘Inferred’ mineral resource of 11.7mt at an average grade of 0.56% tungsten trioxide, 0.16% tin and 0.50% copper.
• The first 3 holes of the planned nine-hole campaign all intersected “the full thickness of the sheeted vein system with assay results currently pending”.
• A comprehensive relogging and reanalysis programme on the 2018 drill core has shown “an average 9.2% increase in tungsten grades … [and] … identified significant silver mineralisation associated with copper within the sheeted vein system”.
• The revaluation of the historic drilling and results from the current campaign are expected to underpin a “planned MRE … [Mineral Resource Estimate] … update expected in Q1 2026”.  The update offers the opportunity to upgrade a portion of the previous estimate to the higher level of assurance of the ‘Indicated’ category and expand the overall resource.
• Strategic Minerals also confirms the A$100,000 option from Axis Mining for its Cuprum Metals subsidiary to acquire the Leigh Creek Copper Project in South Australia “for an initial cash payment of A$1.9 million and the issue of shares in Cuprum equivalent to 19.9% ownership up to a maximum value of A$3 million”.
• The company explains that “If the option is exercised, this deal structure will enable Strategic Minerals to divest a non-core asset, direct further non-dilutive funds toward the development of Redmoor, and retain the upside of a potential future copper development through a substantial shareholding in Cuprum”.

Conclusion: Strategic Minerals’ New Mexico subsidiary, Cobre, is performing well as the company is reinvigorating its Redmoor Tungsten-Tin-Copper project in Cormnwall with the first drilling campaign since 2018 underway and expected to deliver a new MRE in Q1 2026.

*SP Angel acts as Nomad and broker to Strategic Minerals. An SP Angel analyst recently visited the Redmoor site

Q2 Metals (QTWO CN) C$1.10, Mkt Cap C$209m – Further wide intercepts of mineralised spodumene intersected

• Lithium spodumene explorer in Quebec, Q2 Metals, reports drilling results from the 2025 programme.
• The Company reports results from three holes.
• Highlights include:
  • CS25-036: 273m at 1.61% Li2O from 281m
  • CS25-038: 66m at 1.55% Li2O from 222m
  • CS25-039: 109m at 1.62% Li2O, 71m at 1.84% Li2O, 78m at 1.48% Li2O, 106m at 1.87% Li2O
• A fourth rig is scheduled to start at the end of October.
• Drilling will focus on infill-scale drilling within the main mineralised zone, with the goal of delivering a MRE in 1H26.
• Company notes the Mineralised Zone remains open at depth and along strike.

*An SP Angel Analyst holds shares in Q2 Metals

URU Metals* (URU LN) 5.5p, Mkt cap £4.5m – Results highlight potential for expansion into higher grade at Zebediela nickel PGM project in South Africa

• URU Metals reports on progress at the Zebediela nickel-PGM project in the Limpopo, South Africa.
• The project lies close to other working mines and hosts similar mineralisation to that being mined by Valterra Platinum (formerly AmPlats) and Ivanhoe’s Platreef mine.
• Milestones:
• Granting of the IEA ‘Integrated Environmental Authorisation’, ensures aligned with national environmental regulations and international best practice.
• Progress at Zeb Nickel Project in South Africa.
• Awaiting grant of Mining Right from the DMR ‘Department of Mineral Resources’ the final regulatory step to advance Zeb Nickel into mine development.
• The Mining Right should secure the right to extract nickel, copper, platinum-group metals, gold, chrome, cobalt, vanadium, and iron ore over 30-years.
• Data from a high-resolution airborne gravity and magnetic surveying confirmed presence of a long-lived ultramafic feeder system linking the Uitloop I and II bodies.
• The survey also delineated several structural corridors interpreted as magma conduits and potential sulphide trap sites.
• Results from 3D geophysical inversion identified four discrete, high-priority targets interpreted as potential accumulations of massive nickel-copper-PGE sulphides.
• Targets extend from shallow depths to more than 800m, beyond the limits of historic drilling, and confirm the scale of the untested potential within the licence.
• Drill core from two drillholes completed in 2023 was analysed, providing further validation of our model.
• The drillholes and associated deflections confirm higher-grade nickel-copper-PGE horizons beneath the historic open pit resource.
• Including: 2.27m at 0.27% Ni, 0.17% Cu, and 2.27 g/t 3PGE+Au in Zone 2, and 0.70m at 0.65% Ni and 0.40% Cu in Zone 3.
• Semi-massive sulphide mineralisation was intersected confirming that Zeb hosts the style of mineralisation typically seen in world-class magmatic conduit systems.
• Mineralisation remains open both along strike and at depth, significantly expanding the project’s potential.
• The Company’s geological model suggests nickel-copper-PGE sulphides may be present in a now well-defined corridor which will be further refined with follow-up geophysics before drilling.
• Financials:
  • Admin expenses $637k vs $828k yoy
  • Exploration expenditure an impairment $162k vs $5.1m yoy
  • Forex losses $96k vs $27k
  • Effect of translation of foreign operations +$197k vs +$22k yoy
  • Total loss for the year $635k vs $5,918k yoy
• URU Metals recently raised £500k at 2.8p/share with funds used to progress the ground-based geophysical survey and the securing of Mining Rights.

Conclusion: URU are working towards the definition and targeting of higher-grade feeder zones within the Zebediela nickel PGM project.

*SP Angel acts as Nomad and Broker to URU Metals

Wia Gold* (WIA AU) A$0.33, Mkt Cap A$433m – Scoping study highlights 11 year mine life producing 146kozpa at $1,447/oz AISC

• Namibian gold developer WIA Gold release a Scoping Study for the Kokoseb Gold Project.
• The Company has outlined an open pit operation with a 5.25mtpa CIL plant.
• Production:
  • 177kozpa over years 1-5, LOM average production of 146kozpa
  • Mining inventory of 59mt at 0.97g/t Au for 1.83moz (82% from Indicated category)
  • Gold recovery for grind product P80 of 63µm of greater than 90%
  • Drill, blast and haul operation with LOM strip average of 6:1
• Costs:
  • Development CAPEX of $359m, SUSEX at $35m
  • LOM AISC of $1,447/oz.
  • Mining: $20.4/t Ore
  • Processing: $14.2/t Ore
  • G&A: $2.4/t Ore
• Economics:
  • Post-tax NPV5 of $646m and IRR of 38% at US$2,600/oz Au.
  • NPV5 of $1,269m and IRR of 60% at $3,450/oz.
• Timeline:
  • Mining Licence to be submitted to Ministry of Mines and Energy in October 2025
  • ESIA nearing completion, due for submission in 1Q26
  • DFS due 2H26
  • Maiden underground MRE due mid-2026
  • Exploitation permit award expected 1H26
  • Financing due 2H26

*An SP Angel Analyst holds shares in WIA Gold

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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