SP Angel Morning View -Today’s Market View, Tuesday 7th October 2025

Gold around all-time high a little short of the $4,000/oz mark

MiFID II exempt information – see disclaimer below

C3 Metals (CCCM CN) – Programme to extend geophysical coverage and identify copper/gold drilling targets in Jamaica

European Lithium (EUR AU) – $21m worth of CRML shares sold to an institutional investor and Critical Metals $35m PIPE deal

Critical Metals (CRML US)

G Mining Ventures (GMIN CN) – Up to $537.5m funding for Oko West Gold Project

Greatland Gold (GGP LN) – Production and cost guidance maintained after September Quarter production results

Minerals 260 (MI6 AU) – Strong drilling results at Bullabulling Gold Project

Orosur Mining* (OMI LN) – Further infill drilling results from Pepas, Colombia

Rio Tinto (RIO LN) – Investment to maintain future iron ore production at West Angelas

Savannah Resources* (SAV LN) – Board changes

Tolu Minerals (TOK AU) – Raising ~A$60m to refurbish the Tolukuma gold mine, PNG

Trilogy Metals (TMQ CN) – Trump administration greenlights Ambler Access Project and DOW takes a 10% stake in TMQ

Gold prices are hovering around all-time highs a little short of the $4,000/oz mark.

• Prices have been supported by central buying, worries over fiscal deficits in major economies like the US, EU and Japan as well as general geopolitical concerns.
• Appointment of Sanae Takaichi as the leader of the Liberal Democratic Party who is seen as a pro fiscal and monetary stimulus soon to be PM saw the yen extending its slide and sending local equity index higher.
• Outlook for lower Fed rates also helped the sentiment driving ETF related demand.
• PBC is seen extending its gold buying streak in September for an 11^th consecutive month.

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

France – Sebastien Lecornu resigned as PM only weeks after taking the job and hours after naming a cabinet.

• The decision follows failed attempts to pass a budget through a fractured Fr3ench Parliament.
• France’s 10y premiums over German debt is currently trading at ~85bp, the highest since early January.

Currencies

US$1.1675/eur vs 1.1705/eur previous. Yen 150.63/$ vs 150.08/$. SAr 17.231/$ vs 17.257/$. $1.344/gbp vs $1.345/gbp. 0.659/aud vs 0.661/aud. CNY 7.121/$ vs 7.121/$.

Dollar Index 98.39 vs 98.17 previous.

Precious metals:

Gold US$3,945/oz vs US$3,930/oz previous

Gold ETFs 97.3moz vs 97.3moz previous

Platinum US$1,612/oz vs US$1,620/oz previous

Palladium US$1,320/oz vs US$1,275/oz previous

Silver US$48.1/oz vs US$48.6/oz previous

Rhodium US$7,075/oz vs US$7,075/oz previous

Base metals:   

Copper US$10,693/t vs US$10,666/t previous

Aluminium US$2,718/t vs US$2,701/t previous

Nickel US$15,455/t vs US$15,400/t previous

Zinc US$3,000/t vs US$3,018/t previous

Lead US$2,006/t vs US$2,010/t previous

Tin US$36,545/t vs US$36,715/t previous

Energy:           

Oil US$65.4/bbl vs US$65.6/bbl previous

Natural Gas €33.4/MWh vs €32.4/MWh previous

Uranium Futures $80.5/lb vs $81.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$103.9/t vs US$103.8/t

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

HCC FOB Australia US$190.8/t vs US$190.5/t

Thermal coal swap Australia FOB US$107.5/t vs US$107.8/t

Other:  

Cobalt LME 3m US$36,470/t vs US$35,000/t

NdPr Rare Earth Oxide (China) US$78,917/t vs US$78,917/t

Lithium carbonate 99% (China) US$10,012/t vs US$10,012/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$1,102/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

UK becomes BYD’s largest market outside China after 880% sales surge

• BYD’s UK sales rose 880% yoy in September to 11,271 units, making the UK its biggest market outside China.
• This growth is in spite of Chinese EVs being excluded from new UK EV subsidies.
• BYD has criticised the UK’s £650m EV subsidy scheme for excluding Chinese-built cars, warning it could hurt market competitiveness.
• However the surge can be attributed to the absence of UK tariffs on Chinese EVs, unlike EU (up to 45%) and US markets.
• UK EV sales hit record levels in September: 73,000 BEVs and strong PHEV growth, according to the Society of Motor Manufacturers and Traders.
• Petrol and diesel still made up over half of total car sales in the UK in September.

Company news

C3 Metals (CCCM CN) C$1.1, Mkt Cap C$110m – Programme to extend geophysical coverage and identify copper/gold drilling targets in Jamaica

• C3 Metals has started a geophysical survey to extend coverage over its Bellas Gate copper/gold exploration project in Jamaica from 16km² to ~70km².
• The 3DIP survey is also intended “to identify drill targets to beyond 700m depth — well beyond the 300m depth limitation of previous survey(s)”.
• Results, which are expected during December, “will be used to design the 2026 drill program … together with existing magnetic geophysical data and geochemical data”.
• Explaining that “the 3DIP Survey will provide us with valuable chargeability and resistivity data across the majority of the project area, and importantly, at depth … [CEO, Dan Symons said that] … Previous exploration has been successful in identifying copper-gold porphyry mineralization where we see coincident magnetic and chargeability ‘highs’ coupled with strong surface geochemistry”.
• He commented that the 3DIP data “is intended to be reliable to beyond 700m depth and potentially to 1,000m” aiding the planning for the drilling planned in 2026.
• The Bellas Gate project hosts priority copper/gold porphyry targets at the Provost, Camel, and Connors prospects.

European Lithium (EUR AU) A$0.17, Mkt Cap A$362m – $21m worth of CRML shares sold to an institutional investor and Critical Metals $35m PIPE deal

Critical Metals (CRML US) $11.6, Mk Cap $1.2bn

• European Lithium sold 3m shares of Critical Metals to a US institutional investor for $7/sh.
• Net proceeds estimated at $21m.
• European Lithium remains a holder of 60m new shares.
• Separately, Critical Metals agreed to issue $35m worth of new shares (5m at $7/sh) via a PIPE transaction to an institutional investor.
• The investor will also get 10m warrants (6y, $7 strike price).
• Transactions follow the news last week that the White House is considering an investment into Critical Metals.
• Shares were trading up >100% pre market on Monday.
• Another news release came out yesterday saying that the White House was not currently considering a position in the Company.
• The share price pulled back closing at $11.6, up 45% on Friday close.

G Mining Ventures (GMIN CN) C$32, Mkt Cap C$7.3bn – Up to $537.5m funding for Oko West Gold Project

• The Company secured commitments for an initial US$387.5m financing package to fund the Oko West Gold Project, Guyana.
• The package includes an option to expand by an additional US$150m, bringing total availability up to US$537.5m.
• Core facility is a US$350m senior secured revolving credit facility with a syndicate of lenders.
• 3y term with annual extension options, interest SOFR + 0.10% + 2.75/3.75% margin, depending on leverage.
• The RCF includes an accordion feature for extra US$150m after six months, subject to lender approval.
• Komatsu Finance to provide an equipment financing facility up to US$37.5m
• FID expected later this month, following receipt of the environmental permit in September.
• The Company reports the RCF combined with cash flow from the producing Tocantinzinho Mine makes the Oko West fully funded.

Greatland Gold (GGP LN) 395p, Mkt Cap £2,508m – Production and cost guidance maintained after September Quarter production results

• Reporting results for the quarter ending 30^th September, Greatland Gold announces the production of 80,890oz of gold and 3,511t of copper.
• The company’s FY 2026 production guidance of 260-310,000oz of gold at an all-in-sustaining-cost in the range of A$2,400-2,800/oz remains intact.
• Today’s announcement confirms that “All-In-Sustaining-Cost (AISC) is still to be finalised and will be reported in the September 2025 Quarterly Activities Report, … [due for release on 27^th October] … but is expected to be around the lower end of FY26 guidance”.

Conclusion: FY 2026 production and cost guidance maintained on September quarter production results.

Minerals 260 (MI6 AU) A$0.28, Mkt Cap A$559m – Strong drilling results at Bullabulling Gold Project

• The Company released drilling results from the ongoing 110,000m infill/extensional drilling programme at the Bullabulling Gold Project, WA.
• New drilling results continue to support an upgrade to the 2.3moz MRE.
• Among best new intersections were 10m @ 7.0g/t Au (extensional), 7m @ 8.8g/t Au (infill), and 32m @ 1.6g/t Au (infill).
• 73 holes (16,415m) reported, bringing total drilling to 437 holes for 91,000m, with ~20,000m still pending assay.
• Results indicate continuity of mineralisation along the full 8.5km strike length, reinforcing confidence in resource growth potential.
• PFS workstreams are well advanced, with metallurgical and geotechnical drilling completed and testwork underway.
• Updated MRE due early December 2025 with another update planned in 2026.
• Company remains well funded for all exploration and study programs.

Orosur Mining* (OMI LN) 24.7p, Mkt Cap £77m – Further infill drilling results from Pepas, Colombia

• Orosur Mining has released results from a further five holes from its infill drilling at the Pepas prospect in the northern part of its wholly-owned Anzá gold project in Colombia.
• The company confirms that the drilling, which aims to deliver an NI43-101 compliant resource estimate by the end of this year is “currently focussing on locating and defining the margins to mineralisation and on better understanding the geological controls on the high grade that is evident in the central part of the Pepas orebody”.
• The results announced today include:
  • A 63.55m wide intersection at an average grade of 8.23g/t gold from a depth of 15.25m in hole PEP-060 including a 37.5m wide section averaging 12.99g/t from 24.85m depth; and
  • A 3.40m wide intersection at a grade of 0.48g/t gold from 3.00m depth in hole PEP-061; and
  • A 7.05m wide intersection grading 0.47g/t gold from a depth of 2.20m in hole PEP-062 which also intersected a second zone of mineralisation at a grade of 0.48g/t over an interval of 5.3m from 60.8m depth; and
  • A 14.00m wide intersection at an average grade of 2.56g/t , from surface in hole PEP-063 which also intersected deeper mineralisation at an average grade of 1.21g/t over a 7m wide interval from 54.7m depth; and
  • An 18.5m interval from surface at an average grade of 1.28g/t gold in hole PEP-064 which also hit deeper mineralisation averaging 4.29g/t gold over 49.95m from 25.65m depth, including 15.6m at an average grade of 9.88g/t from 44.9m.
• Today’s announcement confirms that 54 drill holes have now been completed at Pepas and that Orosur Mining “is currently engaging with its geological consultants in advance of formally triggering the MRE process to ensure that work on the deposit is sufficiently advanced, and that all the necessary inputs are prepared ahead of the required site visit by the resource consultants, probably at the start of November”..

Conclusion: Resource infill drilling at the Pepas prospect is continuing ahead of a planned site visit by the company’s mineral resource consultants in November as Orosur Mining works to deliver an NI43-101 compliant MRE by the end of the year.

*SP Angel acts as Nomad and Broker to Orosur Mining

Rio Tinto (RIO LN) 4,941p, Mkt cap £63bn – Investment to maintain future iron ore production at West Angelas

1. Rio Tinto confirms the investment of $733m to develop “new iron ore deposits in the West Angelas hub” in its Robe River JV in the Pilbara region, WA.
2. In partnership with Mitsui and Nippon Steel, Rio Tinto’s share of the investment is $389m to maintain “annual production capacity of 35 million tonnes, extending mining activity for years to come”.

• “Ore mined at the new deposits will be autonomously trucked to the West Angelas hub, with first ore scheduled for 2027”.

1. Today’s announcement explains that “The West Angelas Sustaining Project is part of Rio Tinto’s tranche of replacement projects that underpin the company’s ongoing commitment to the Pilbara, and which will have combined total capacity of about 130Mtpa”.
2. The announcement also confirms that “work is well progressed on the pre-feasibility study for Rhodes Ridge, one of the world’s largest and highest quality undeveloped iron ore deposits, which is targeting an initial capacity of up to 40Mtpa and first ore by 2030”.

Savannah Resources* (SAV LN) 4.4p, Mkt Cap £102m – Board changes

BUY – Target price under review

• Paulo Pinto is joining the Board as Non-Executive Director.
• Mr Pinto will represent Grupo Lusiaves and Pluris Investments combined ~20% interest in the Company.
• Mr Pinto is an experienced Board Member and Senior Executive with over 30 years of leadership in the banking and financial services industry.
• He currently holds an Executive Board member position at Pluris Investments.
• Pluris Investments is an investment company where Mario Ferreira holds a majority stake and where he transferred his 10% interest in Savannah.
• Dale Ferguson is stepping down from the Board effective today.
• Mr Ferguson will remain in his current role of Chief Technical Officer.

*SP Angel acts as Nomad and Broker to Savannah Resources

Tolu Minerals (TOK AU) A$1.63, Mkt Cap A$329m – Raising ~A$60m to refurbish the Tolukuma gold mine, PNG

1. Australian listed Tolu Minerals is raising ~A$60.5m to progress the refurbishment of the Tolukuma gold mine in PNG which hosts an ‘Inferred’ mineral resource of 0.5moz of gold and 1.95moz of silver within 1.6mt at an average grade of 10g/t gold and 38g/t silver.
2. The company is offering “Approximately 50.4 million New Securities to raise approximately A$60.5 million under the Institutional Placement, representing approximately 25.0% of issued capital”.
3. A presentation to the Denver Gold Group in September 2025 also describes potential extension of the Tolukuma vein system “2km to the SSE” with drilling targets at Taula, Sisimonda and Kimono as well as the “Saki-Yava-Soju-Salat system of gold veins”.
4. In the wider area around Tolukuma, the company’s presentation described geophysical targets with “signatures akin to Tolukuma vein system” including the Karame, Idave and Idula epithermal targets as well as a porphyry target at Belavista.
5. The presentation describes a new road linking the Tolukuma mine site to the capital at Port Moresby as “a game changer for Tolu… [which] … is expected to reduce reliance on helicopter services, fuel, and logistics by more than 75%, unlocking substantial long-term savings for Tolu Minerals”.

Trilogy Metals (TMQ CN) C$2.1, Mkt Cap C$345m – Trump administration greenlights Ambler Access Project and DOW takes a 10% stake in TMQ

• The White House ordered relevant agencies to issue necessary permits for the Ambler Access Project.
• President Trum administration decision overturns the Biden decision to terminate the Ambler Road project in June 2024.
• The Ambler Road is a proposed 211 mile access road tom the Upper Kobuk Projects to the Dalton Highway.
• The decision enables the Company along with its project partner (S32) to advance exploration and development of Arctic and Bornite deposits.
• Ambler Metals, a 50/50 JV with Trilogy and South32, has a 100% interest in the Upper Kobuk Mineral Projects (UKMP) covering the Arctic VMS deposit and the Bornite carbonate replacement deposit.
• Separately, the US government (through the Department of War) reported it will invest ~$35.6m in Trilogy Metals and South32 to advance the project.
• DOW to invest US$17.8m directly in Trilogy, acquiring 8.2m units at $2.17/unit, each with ¾ of a 10-year warrant exercisable at $0.01/share post-construction of the Ambler Road.
• DOW to also pay US$17.8m to South32 for 8.2m Trilogy shares and a 10-year call option over 6.16m additional shares at $0.01/share, with proceeds reinvested into Ambler Metals.
• The investment implies the DOW to hold a 10% interest in Trilogy.
• DOW to gain board representation via an independent director for three years.
• Trilogy to limit new third-party debt above US$1bn until 2029 without DOW consent.
• Shares are trading 185% up post close yesterday.

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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