SP Angel Morning View -Today’s Market View, Wednesday 13th August 2025

Gold edges higher as Trump looks to withdraw labour data and Uganda starts buying bullion

MiFID II exempt information – see disclaimer below

Artemis Gold (ARTG CN) – Blackwater moves from development to production

BeMetals* (BMET CN) –– Acquisition of Canadian gold exploration project

Cornish Metals* (CUSN LN) – Progress report from South Crofty

Evolution Mining (EVN AU) – Record Cowal production supports annual results.

Galileo Resources (GLR LN) – Further drilling planned in the Kalahari Coper Belt. Botswana

Guardian Metal Resources (GMET LN) – Expanding Pilot North Project, Nevada

Largo (LGO CN) – 2Q25 production improves while low vanadium prices remain a challenge

Metals One (MET1 LN) – Acquisition of additional US projects completed

Montage Gold* (MAU CN) – Results highlight Koné construction progress and expanded drilling programme

New Frontier Minerals (NFM LN) – Targets identified for drilling high-grade sample targets Harts Range rare-earth prospect in Australia

Orla Mining (ORA US)– Pit wall event at Camino Rojo hits guidance

Phoenix Copper* (PXC LN) – Restructuring of short-term loan facility

Thor Energy (THR LN) – Sale of US uranium projects

Winshear Gold (WINS CN) –– Acquisition of Scottish nickel exploration project

Vulcan Elements (PRIVATE) – US$65m raise to develop magnet manufacturing in the US

Gold prices ($3,360/oz) edge higher as Trump looks to withdraw labour data and Uganda starts buying bullion

• Gold prices are edging higher, moving back to $3,360/oz.
• The metal had made an assault on the $3,400/oz mark in the wake of a weak NFP data reading for July, but subsequently pared gains.
• Trump backed out of tariffing gold imports, taking some shine off the metal’s rally.
• CPI came in in line with expectations yesterday, supporting gold after additional rate cuts were priced in.
• However, we continue to see the Central Bank buying theme as the primary driver of gold prices.
• Uganda has joined the fore, starting a larger scale domestic gold buying programme after a pilot programme due imminently.
• Elsewhere, the IPO of Uzbek gold producer Navoi will be a good sentiment indicator for gold mining appetite in London, with Bloomberg reporting expectations of a $20bn dual listing.
• Navoi produced 3.1moz last year, generating operating profit of $4bn from $7.4bn in revenues.

Metals markets are looking for a new round of rate cuts from the Fed, the UK and EU

• Cutting rates is seen as leading to a weaker US dollar in the short term and higher commodity prices
• Trump’s Tariff negotiations created a great deal of disruption and an element of instability with rising unemployment in the US
• The disruption is causing US and other companies to report lower earnings and often losses for the first half 2025
• Trump is keen to push for lower rates as part of his strategy to encourage new investment into US manufacturing.
• Government debt concerns combined with higher NI taxes in the UK and rising unemployment with many households on low-interest 5-year deals facing the prospect of renewal.
  • In the UK ~690,000 homeowners who are on three-, four-, five-year or longer deals are up for renewal in 2025. Around 575,000, are on five-year deals.
• China is also cutting back on excess production of oversupplied materials such as lithium, rare earths and cobalt.

IGTV – Trump Tariffs, Putin Talks & the Metals Market:  https://youtu.be/PQZaCoCFHOg?si=P1VfOhEtLQ1kr7Sc

Economics

US – Headline inflation held steady at 2.7% in July, slightly below market expectations, while core measure accelerated during the month.

• A pick up in core measure was led by services prices that climbed the most since the start of the year.
• Inflation in goods exposed to tariffs was not as bad as expected boosting expectations the Fed may lower rates at the next meeting.
• Odds of a rate cut in September gone up by 10pp to ~97% following the announcement.
• Yields on more sensitive 2y bond yields dropped ~7bp currently trading at 3.7%.
• 10y 4.26% (-4bp preannouncement).
• S&P 500 and Nasdaq hit new all time highs closing 1.1% and 1.4%.
• CPI (%mom, Jul/Jun/Est): 0.2/0.3/0.2
• CPI (%yoy, Jul/Jun/Est): 2.7/2.7/2.8
• Core CPI (%mom, Jul/Jun/Est): 0.3/0.2/0.3
• Core CPI (%yoy, Jul/Jun/Est): 3.1/2.9/3.0

US BLS head suggests to temporarily suspend monthly employment reports and providing only quarterly numbers until issues with data collections are fixed.

• “Until it is corrected, the BLS should suspend issuing the monthly job reports but keep publishing the more accurate, though less timely, quarterly data,” EJ Antoni said.
• “Major decision-makers from Wall Street to DC rely on these numbers, and a lack of confidence in the data has far-reaching consequences.”

China – New loans come in lower than expected in July.

• New Yuan Loan (CNY bn, Jul/Jun/Est): 12,870/12,920/13,220
• Aggregate Financing (CNY bn, Jul/Jun/Est): 23,990/22,833/24,457

London – Met police impound 72 luxury vehicles for dangerous driving and other offences

• A number of the vehicles were shown to be stolen with eight arrests and a further four for immigration offences.
• The impounded vehicles include Ferraris, Lamborghinis and Bentleys which were either unroadworthy or being driven illegally.
• Two purple Lamborghinis were also seized, possibly for driving in a particularly loud colour in a built-up-area.
• We suspect many of the seizures might have been in the area around Harrods which has become a noisy parade for people showing off their supercars.

Currencies

US$1.1707/eur vs 1.1640/eur previous. Yen 147.48/$ vs 147.62/$. SAr 17.542/$ vs 17.736/$. $1.354/gbp vs $1.345/gbp. 0.655/aud vs         0.652/aud. CNY 7.176/$ vs 7.183/$.

Dollar Index 97.81 vs 98.27 previous.

Precious metals:

Gold US$3,357/oz vs US$3,355/oz previous

Gold ETFs 92.5moz vs 92.5moz previous

Platinum US$1,350/oz vs US$1,329/oz previous

Palladium US$1,136/oz vs US$1,148/oz previous

Silver US$38.4/oz vs US$37.9/oz previous

Rhodium US$7,150/oz vs US$7,075/oz previous

Base metals:   

Copper US$9,846/t vs US$9,780/t previous

Aluminium US$2,632/t vs US$2,610/t previous

Nickel US$15,320/t vs US$15,325/t previous

Zinc US$2,841/t vs US$2,837/t previous

Lead US$2,013/t vs US$2,005/t previous

Tin US$33,835/t vs US$33,950/t previous

Energy:           

Oil US$66.0/bbl vs US$66.8/bbl previous

Natural Gas €32.5/MWh vs €33.0/MWh previous

Uranium Futures $72.3/lb vs $72.0/lb previous

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$112.6/t vs US$111.3/t

Chinese steel rebar 25mm US$480.5/t vs US$478.6/t

HCC FOB Australia US$191.5/t vs US$192.0/t

Thermal coal swap Australia FOB US$111.8/t vs US$112.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$74,063/t vs US$73,506/t

Lithium carbonate 99% (China) US$11,078/t vs US$10,584/t

China Spodumene Li2O 6%min CIF US$880/t vs US$850/t

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

China Tungsten APT 88.5% FOB US$473/mtu vs US$473/mtu

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

Europe Vanadium Pentoxide 98% US$5.1/lb vs US$5.1/lb

Europe Ferro-Vanadium 80% US$23.5/kg vs US$23.5/kg

China Ilmenite Concentrate TiO2 US$275/t vs US$275/t

China Rutile Concentrate 95% TiO2 US$1,094/t vs US$1,092/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

Company news

Artemis Gold (ARTG CN) C$27, Mkt Cap C$6.3bn – Blackwater moves from development to production

• Artemis Gold, who operate the Blackwater Mine in BC, report results.
• Artemis reports revenue of $231m over the quarter, with EBITDA of $169m and net income of $0.44/share.
• The Company mined 4.8mt ore and 2.4mt waste over the May1-June 30^th period.
• 1mt ore milled at 1.34g/t Au and 84% recoveries to produce 35koz Au.
• AISC reported at $805/oz and average realised gold price of $3,326/oz achieved.
• Management is focused on repaying debt, optimising Phase 1 operations and accelerating Phase 2 operations.
• Blackwater is set to produce 440kozpa over 17 year LOM at AISC of $781/oz for post-tax NPV5 at C$3.25bn ($1,800/oz Au)
• Phase 1 holds throughput capacity of 6mtpa, Phase 2 at 15mtpa and Phase 3 at 25mtpa.
• Blackwater holds 12moz Au in M&I resources.

Conclusion: Blackwater is a large-scale, low cost gold mine in British Columbia and Artemis shareholders have enjoyed a significant rerate by bringing it online. It will be interesting to see where the team goes from here, with a sale potentially on the table or growth either organically or via M&A.

BeMetals* (BMET CN) – C$0.06, Mkt cap C$13.7m – Acquisition of Canadian gold exploration project

• Yesterday, BeMetals reported the signing of a definitive agreement with Prospector Metals to acquire the of the 232km² Savant project Savant gold exploration project in northwest Ontario along the lines described in the company’s announcement of 10^th July.
• BeMetals is obliged to spend C$0.5m pa for five years with the definition of less than 500,000of gold resources leaving Prospector Metals retaining 100% of the project.
• If the exploration develops 0.5moz of ‘Inferred’ resource the two companies will form a 50:50 joint venture on the project while the definition of >1moz of resources, of which at least 500,000oz are ‘Indicated’ earns BeMetals full ownership of the project with Prospector Metals retaining a 0.5% NSR interest.
• “BeMetals expects to work closely with Prospector Metals in the coming weeks to design the 2025 exploration program with the aim to identify and prioritize drill targets for subsequent initial drilling campaign in 2026”.
• John Wilton, President of BeMetals, said that the Savant gold project “ is underexplored and hosts compelling geological features that highlight its discovery potential”.

Conclusion: BeMetals has agreed the acquisition of the Savant gold exploration project in Ontario with based on exploration expenditure and ultimate project ownership linked to the size and status of the resource defined over a five year period.

*An SP Angel analyst holds shares in BE Metals

Cornish Metals* (CUSN LN) 7.5p, Mkt Cap £93m – Progress report from South Crofty

• Cornish Metals has reported on progress of its work at the historic South Crofty tin mine in Cornwall where it is working to start underground pre-production development next year in preparation for a resumption of production.
• The company reports that refurbishment and dewatering of the New Cooks Kitchen Shaft (NCK) is “is progressing well” and that it has started preparatory work for the installation of permanent pumps at the mid-shaft pumping station 360m below surface.
• Currently, the submersible pumps are operating at “at approximately 380 metres below surface” as the dewatering and shaft refurbishment continues.
• Today’s announcement confirms that “Work on the pump station is expected to be completed during Q4 2025” following which the “submersible pumps will then be lowered to the lower pump station level (approximately 730 metres below surface) and mine dewatering and shaft refurbishment will resume at that point”.
• Cornish Metals also confirms its previous timing indications that “Mine dewatering and NCK shaft refurbishment to the lower pump station level are expected in mid-2026”.

Conclusion: It is encouraging to receive confirmation that dewatering and shaft refurbishment is progressing at South Crofty with around 30m of advance since the company’s last report 3 weeks ago

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Evolution Mining (EVN AU) A$8, Mkt Cap C$16bn – Record Cowal production supports annual results.

• Australian gold and copper miner Evolution reports FY25 results.
• Company produced 750koz Au and 76kt Cu over the year, up 5% and 12% respectively with AISC of US$1,653/oz.
• The Company generated A$2.2bn in EBITDA and A$1bn in net mine cash flow.
• CAPEX over the period at A$1bn.
• Net debt at A$1bn.
• EPS at A$0.46/share and dividend of A$0.13/share.
• Company reports record gold production from their Cowal mine and has approved the OPC project to extend open pit mining to 2042.
• Northparkes (acquired from CMOC for c.US$830m) generated net mine cash flow of A$108m.
• Ernest Henry mine life extended to 2040 with Bert PFS due for December 2025.
• Mungari generated A$229m operating cash flow with 4.2 mill expansion commissioned ahead of schedule.
• FY2026 guidance:
  • 710-780koz Au, 70-80kt Cu
  • US$1,720-1,880/oz Cu
  • SUSEX: A$215-270/oz
  • Mine development CAPEX A$215-270m
  • Project CAPEX: A$365-440m

Galileo Resources (GLR LN) 0.83p, Mkt Cap £8.6m – Further drilling planned in the Kalahari Coper Belt. Botswana

• Galileo Resources reports that relogging of core drilled in 2022 at its licences in the Kalahari Coper Belt (KCB) of Botswana has identified traces of copper mineralisation at the contact between the D’Kar Formation and the underlying Ngwako Pan Formation.
• This stratigraphic position is known to “host to much of the economic mineralisation in the Belt” and the company confirms that it has “provisionally identified traces of chalcopyrite, bornite and chalcocite copper mineralisation”.
• The identification of the mineralisation “is further supported by soil anomalies and is partially coincident with IP geophysical targets”.
• Today’s announcement says that XRF analysis of RC chips from the previous drilling “has highlighted a zone of consistent downhole copper enhancement in hole QTRC006 over a 55m interval to the bottom of the hole at 211m depth … [located] …  proximal to the known D’Kar/Ngwako Pan contact in the vicinity of a soil anomaly and an interpreted thrust fault along strike from the Tlou prospect currently being drilled by BHP/Cobre on the adjoining property”.
• Galileo Resources confirms that a “new RC drill programme is being planned for PL253 to further test this recently identified target”.

Conclusion: Re-evaluation of historic KCB drilling has identified copper mineralisation in a favourable stratigraphic position.  Additional drilling is planned.

Guardian Metal Resources (GMET LN) 56p, Mkt Cap £83m – Expanding Pilot North Project, Nevada

Power Metals Resources* (POW LN) 14.5p, Mkt cap £16.5m – (Power Metals* holds a 19.5% stake in Guardian Metal Resources)

• Guardian Metal Resources reports that it has staked additional claims at the Pilot North Project in the Walker Lane Belt, Nevada.
• The additional 42 claims bring the company’s interest to ~2,086 acres (~844 hectares) and now covers “four World War II era tungsten mines”.
• “The claim staking was in response to highly encouraging rock sample assay results from a 22 sample reconnaissance programme”.

Largo (LGO CN) C$1.9, Mkt Cap C$123m – 2Q25 production improves while low vanadium prices remain a challenge

• Production recovered during the quarter (+74%qoq) as operation turnaround plan is progressing.
• Turnaround plan actions improved mine access, haul distances, and contractor performance, enabling higher production and better grades.
• Lower sales compared to production levels reflect lower output in 1Q25.
• Vanadium prices continued to suffer from downward pressure in European and Chinese markets driven by persistent oversupply from China and Russia as well as reduced demand from the steel and infrastructure sectors.
• V2O5 prices averaged US$5.13/lb (-13%) over the quarter.
• Prices stood at US$5.05/lb as of quarter end.
• Production 2.3k (-16%yoy)
• Sales 1.8kt (-2%)
• Cash costs ex royalties averaged $4.63/lb (-22%)
• Revenues US$26m (-9%yoy)
• EBITDA US$- (-104%)
• Net Loss US$6m (-60%)
• EPS (diluted) -US$0.09 (-61%)
• FCF -US$2m (2Q24: -US$18m)
• Closing cash balance $5.6m down from $8.4m in 1Q25.
• Debt climbed to $95.1m including $81.3m due over the next 12 months; the Company has also drawn on further working capital facilities post reporting date.
• Guidance reiterated at:
  • Production 8.5-10.5kt V2O5 equivalent
  • Sales 6.5-8.5kt V2O5
  • Ilmenite production 25-35kt
  • Ilmenite sales 20-30kt
  • Cash costs ex royalties US$4.50-5.50
• The Company acknowledged an increase in imports tariffs on Brazil in the US (50% from 10%) announced August.
• The Company is evaluating the potential commercial impact on its vanadium sales into the US.
• Guidance for 2025 remains on a “business as usual” basis, but management is monitoring geopolitical risks that could materially affect operations, sales, and forecasts, with updates to be made if necessary.

Metals One (MET1 LN) 7.3p, Mkt Cap £47m – Acquisition of additional US projects completed

• MetalsOne reports the completion of its acquisition of a 75% interest in Thor Energy’s Vanadium Kings, Radium Mountain and Wedding Bell uranium/vanadium exploration claims in Colorado and Utah.
• MetalsOne will pay £1m in shares, priced at 7.03p/share, in addition to the £100,000 previously paid, to acquire two US companies. Standard Minerals and Cisco Minerals holding the projects and has also secured “an exclusive 12-month option to acquire the remaining 25% of the issued share capitals of Standard and Cisco at a value to be determined by the parties or an independent valuation”.
• The Wedding Bell and Radium Mountain projects, previously drilled by Thor Energy, host “areas of historical high-grade uranium and vanadium production”.
• The Vanadium King project in Utah has “no evidence of historical mining activities; however, there is reporting of significant uranium and vanadium mineralised bodies from drilling activities by Hunt Oil, Mineral Division, in 1980 and 1981 … [which indicates] … widespread uranium and vanadium mineralisation on the project, in a geological setting analogous to multiple deposits elsewhere in the region”.
• Chairman, Craig Moulton, commented that the newly acquired “Claims expand the Company’s footprint in the Uravan Mineral Belt, a geological area in southwestern Colorado and eastern Utah well known for significant uranium and vanadium deposit”.
• As well as the claims being acquired from Thor Energy, MetalsOne also holds other US uranium exploration projects in Wyoming’s Shirley Basin at the Squaw Creek project and in the the Uravan Belt of Colorado and has recently increased its interest in the private US-based company, NovaCore Exploration by a further 5% to 35%.
• Novacore is exploring for uranium on its 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”.

Conclusion: MetalsOne has expanded its uranium exploration interests in the United States with the acquisition of projects from Thor Energy.

Montage Gold* (MAU CN) C$5.15, Mkt Cap C$1.9bn – Results highlight Koné construction progress and expanded drilling programme

• Montage, who are developing the large Koné gold project in Cote d’Ivoire, report results.
• The Company reports liquidity and financing of $735m vs remaining capital disbursements of $676m.
• Montage reports it is ‘well on track for first gold pour in 2Q27.’
• Total CAPEX committed at 44% of total capital expenditures, with prices in line with DFS.
• Company is advancing a widespread exploration programme, increasing to 120,000m from 90,000m for the year. (83,280m drilled over 1H25)
• Montage is aiming to boost satellite resources to 1moz at >1g/t Au to boost production and payback over the beginning of the Kone mine life.
• Montage holds a ‘strategy of creating a premier African gold producer.’
• Koné :
  • 4moz reserves targeting avg production of 300kozpa year 1-8.
  • Total LOM of 16 years and LOM AISC at $1,059/oz.
  • Post-tax NPV5 at $2.6bn and IRR at 55.7% ($2,700/oz)

Conclusion: Montage is led by the ex-Endeavour team who are looking to build a multi-asset West African producer. Their flagship asset Koné is currently under construction, with first pour reiterated for 2Q27. In the meantime, Montage is advancing a series of exploration programmes within their own portfolio and strategic partnerships with listed groups including African Gold, Sanu Gold and Aurum.

*An SP Angel holds shares in Montage Gold

New Frontier Minerals (NFM LN) 0.63p, Mkt Cap £10.0m – Targets identified for drilling high-grade sample targets Harts Range rare-earth prospect in Australia

• New Frontier Minerals report the identification of drill targets for the Harts Range prospect 140km north-east of Alice Springs, Australia.
• Headingley Prospect: assays have confirmed rare earths and titanium with a 2.3km mineralised corridor and a new drill target ~ 620m west of the mineralised Bobs Prospect.
  • Sample HRS067: assayed 0.73% TREO (inc 0.031% Dy2O3, 0.006% Tb4O7)
  • Sample HRS068: assayed 1.8% TiO2
  • Sample HRS071: assayed 2.3% TiO2 respectively
• Rock samples from the site are notably dense and look like finely disseminated samarskite within an altered amphibolite matrix.
• Cusp Prospect: Bulk sample: a 25kg sample taken from outcrop which comprised of clustered fragments of mineralised pegmatite containing samarskite has been collected and submitted to Intertek for geochemical analysis.
• The sample is from the site where chip samples returned up to 9.97% TREO inc. 1.13% Dy₂O₃, 0.18% Tb₄O₇, 25.46% Nb₂O₅ and 4.77% Ta₂O₅
• Management are applying for approval to drill at Harts Range in Q3 and are reviewing quotes from prospective drilling contractors to fast-track a 2,000-3,000m RC drill campaign.
• REEs: Proposed floor price for Rare Earths produced in Australia:
  • The Australian government is exploring mechanisms to establish a floor price for rare earths and other critical minerals to better enable the development of local production.
  • A proposed initiative for Critical Minerals Strategic Reserve and national offtake agreements is looking to ensure sufficient prices to encourage new investment into REEs along with price stability.
• Performance rights:  The company has also agreed to issue 17,500,000 performance rights to directors and key executives subject to shareholder approval at the 2025 AGM
• The rights vest at a nil exercise prices on the following conditions:
  • 50% upon the 20-day VWAP of the Company’s Shares being equal to or greater than $0.02.
  • 50% upon one of the below milestones being met:

Harts Range drill intersect of either:

• • 5m intersect ≥ 0.75% TREO, or
  • 5m intersect ≥ 1% Nb2O5, or
  • 5m intersect ≥ 1% Ta2O5.
  • Expiry date: 5 years from the date of issue.
• The team will continue to work to define priority drilling targets on the REE prospects.
• Big One copper project in north-west Queensland, samples grades 3.9-11.85% copper have previously showed recovery rates of 83-99%.
• The Big One current MRE is: 2.1mt grading 1.1% Cu is expected to expand on further exploration of other satellite prospects within the NWQ Copper Project.

Conclusion: Management are within weeks of drilling some unusually high-grade rare earth targets in the centre of Australia. Recent moves by the US and Australian governments plan to put a floor prices under rare earths and to encourage the development of new processing facilities to metal oxides. We look forward to further assay results from sampling and for the start of drilling at the Cusp prospect.

Orla Mining (ORA US) $9.8, Mkt Cap $3.2bn– Pit wall event at Camino Rojo hits guidance

• Diversified gold producer Orla reports quarterly production of 77.8koz.
• AISC of $1,421, with ytd AISC of $1,260/oz.
• EPS of $0.15/share.
• $30m repaid towards RCF over the period.
• Cash position at $215m with net debt increasing to $205m from net cash of $160m December 2024.
• Camino Rojo saw 2.6mt stacked over the quarter at 0.57g/t Au grade for 25.1koz produced.
• A pit wall event at Camino Rojo has seen group guidance decreased to 265-285koz from 280-300koz.
• Camino Rojo AISC guidance increased to $850-950/oz from $700-800/oz.
• Musselwhite saw 295kt milled at 5.5g/t Au for 53koz.

Conclusion: Orla bolstered its production profile with the acquisition of Musselwhite from Newmont last year for $850m. Pit wall event has hit production guidance somewhat, whilst focus is on delivering a PEA for the Camino Rojo underground sulphides.

Phoenix Copper* (PXC LN) 2.95p, Mkt Cap £6.7m – Restructuring of short-term loan facility

(Phoenix holds 80% of the Empire mining property in Idaho)

• Followings its announcement in June of plans to restructure its short-term loan facility, Phoenix Copper confirms that this has now completed.
• Phoenix Copper “has drawn down a further US$640,000 gross against the Facility … [which] … has been extended until 30 June 2026 … and the Facility provider has converted a total of US$676,800 of outstanding principal and interest into 16,926,724 new ordinary shares in the Company (the “New Ordinary Shares”) at a price of 3.0 pence per Ordinary Share”.
• “As a result of the Restructuring, the outstanding balance on the Facility now stands at US$2,005,000”.
• Phoenix Copper confirms that the restructuring has provided “additional working capital whilst it completes its placement of US$75 million of corporate copper bonds, due between 2029 and 2033” as announced on 12^th June.
• Conclusion: Restructuring of its short-term debt facility provides additional working capital while the company finalises its US$75m corporate copper bond for construction of the Empire open-pit mine project in Idaho.

*SP Angel acts as Nomad to Phoenix Copper

Thor Energy (THR LN) 0.5p, Mkt Cap £5.2m – Sale of US uranium projects

• Thor Energy has completed the disposal of its US uranium exploration interests to MetalsOne.
• Thor has agreed the sale of 75% of the projects for £1m in shares plus an option over the remaining 25% “at a future price to be mutually agreed and/or determined by an independent third-party valuation”.
• MetalsOne will “sole fund exploration activities during the 12-month Option period”.
• Welcoming the transaction which he described as helping to “achieve our mutually beneficial exploration and development goals … [CEO, Andrew Hume, confirmed that the disposal allows Thor Energy] … to remain focused on the remainder of our project portfolio and notably our HY-Range natural hydrogen and helium project in South Australia”.

Winshear Gold (WINS CN) – C$0.115, Mkt cap C$5.1m – Acquisition of Scottish nickel exploration project

• TSXV-listed Winshear Gold announced yesterday that, subject to the approval of the TSXV, it has reached agreement with the UK private company, Peak Nickel, to acquire the 250km² Portsoy Project in Aberdeenshire.
• The Portsoy Project hosts “massive, semi-massive and disseminated nickel – copper – cobalt sulphide mineralisation hosted within a mafic / ultramafic intrusive complex”.
• The project area, including the Rodburn target which was discovered and drilled to a limited extent during the 1970s and 1980s by Exploration Ventures, a joint-venture between Consolidated Gold Fields and Rio Tinto.
• The historic drilling, totalling 4,115m in 26 holes outlined a “northeast trending, northwest dipping sheet of sulphide mineralisation (now named the South Zone), intersecting up to 12.6m grading 1.1% Ni and 0.33% Cu”.
• Yesterday’s announcement explains that the “South Zone is up to 30m thick (true thickness) and dips at approximately 50o to the northwest. The surface expression appears as a coincident soil and magnetic anomaly with a strike length of over 3km. To date only 350m of strike length has been drill tested, confirming continuous mineralisation to a vertical depth of 180m. Mineralisation is open to depth”.
• “The North Zone appears to be a flat to shallow dipping zone up to 35m thick sub-cropping beneath approximately 15m of glacial till. Only two drill holes have tested this target, which remains open in all directions”.
• Winshear Gold is committed to “completing 1,000m of drilling, including downhole electromagnetic surveying, and undertake initial metallurgical testwork” on receipt of TSXV approval for the transaction.
• The company is also committed to spending a “total of £3,000,000 on the Portsoy Project within 5 years of receipt of TSX-V approval, with a minimum spend of £300,000 per year”.
• Winshear Gold will issue a total of 6.5m shares to Peak Nickel over the five year period with 1m shares to be issued “on each of the first, second, third and fourth anniversaries of receipt of TSX-V approval, and 2,500,000 shares on the fifth anniversary of TSX-V approval”.
• CEO, Richard Williams, described the Portsoy project as “a tremendous opportunity to develop a new nickel – copper – cobalt project in Scotland”.
• Saying that the “Rodburn Target … has demonstrated the presence of near surface, high-grade nickel – copper – cobalt sulphide mineralisation … [Mr. Williams said that the exploration to date has]…only scratched the surface of this system, and … [Winshear Gold looks] … forward to commencing the next drill programme as soon as possible”.

Vulcan Elements PRIVATE – US$65m raise to develop magnet manufacturing in the US

• The Company raised US$65m in Series A funding to support development of a commercial scale facility in Durham, North Carolina. (Mining.com)
• The raise valued the Company at ~US$250m.
• The funding was led by Altimer Capital, a tech focused investment firm that previously backed OpenAI and Uber Technologies.
• One Investment Management founded by Rajeev Misra, the former CEO of Softbank’s US$100bn Vision Fund, also took part.
• Proceeds will be used to scale up its production of magnets to several tonnes per annum, in the next few years and several thousand tonnes by the end of the decade.
• The team secured the facility in March to pilot production of permanent NdFeB magnets.
• The Company was founded in 2023 with Vulcan’s chemistry and process validated by the Department of Energy’s Ames National Laboratory and production process receiving support from the Department of Defense, including contracts with the Air Force, Army and Navy.

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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