SP Angel Morning View -Today’s Market View, Wednesday 18th June 2025

Silver plays catch up on gold rally as investors seek alternative exposure

MiFID II exempt information – see disclaimer below

Asante Gold (ASE CN) – US$470 in comprehensive funding package secured

Celsius Resources (CLA LN) – Technical consulting support for the MCB project, Philippines

Global Atomic (GLO CN) – C$30m equity raise

Goldstone Resources* (GRL LN) – Progress report on Homase mine, Ghana

Koryx Copper (KRY CN) – Focus on met-testwork for PEA due 3Q25

Landore Resources (LND LN) – Latest drilling at BAM extends mineralised footprint

Lundin Mining (LUN CN) – Outlining long-term strategy, driven by Vicuña

Power Metal Resources* (POW LN) – 2400m drill programme at Badger Lake uranium target

Strategic Minerals* (SML LN) – Call option payment for Leigh Creek copper project

URU Metals* (URU LN) – Video on Zeb Nickel Project in the Bushveld Complex, South Africa

Silver ($37/oz) plays catch up on gold rally as investors seek alternative exposure

• Silver prices have rallied, pushing past recent highs to settle at $37/oz.
• The metal has now rallied 28% ytd, whilst gold has rallied 29% ytd.
• The move came alongside a jump higher in platinum, suggesting investors are seeking alternative haven exposure following the gold rally.
• The dollar index continues to sit at 2022 lows, with traders boosting exposure to the Euro, Sterling and the Swiss Franc amid concerns over the Trump administration.
• The dollar may well rally following the sustained sell-off, which could take some wind out of the precious metal rally.
• However the wider theme of geopolitical division is pushing countries to diversify their foreign reserve base away from dollar-denominated assets.
• Gold has been a primary beneficiary of this and we expect this theme to continue through the decade.
• Focus will be on the BRICs summit next month in Brazil.
• The BRICs summit last year, held in Russia, saw increased discussion of de-dollarisation and the future role of gold in various markets.
• This pushed gold prices to the highs of 2024, before China resumed purchases again in November.

Chinese car trade-in subsidies halted in some regions as funds run low

• China’s trade-in subsidy to boost sales of electric and fuel-efficient vehicles has been suspended in key cities across at least six provinces as funds run short.
• Cities in provinces including Guangdong, Henan and Zhejiang have suspended the programme, which gives consumers up to 20,000 yuan towards the purchase of a newer model car and had been scheduled to run until the end of this year.
• Industry officials have also scrutinised the prevalence of ‘zero-mileage’ used cars – vehicles that have been registered and had license plates, but never driven, being sold on the second-hand market.
• Retailers have been using the tactic to qualify for rebates when purchasing in bulk, and then selling the vehicles on the used-car market to reduce inventory and to inflate sales figures.

Trade IG: Trading Experiences with Angeline Ong: Talk starts 2:16 into the video: 

Vox Markets: Mining Matters: https://www.voxmarkets.co.uk/articles/mining-matters-sp-angel-s-john-meyer-on-commodities-capital-and-change-7c82c6d/

Economics

The US is on holiday tomorrow with many American’s expected to take a long weekend

US – President Trump administration is debating if the US should join the Israel/Iran war which entered a sixth day.

• Trump called for Iran’s “unconditional surrender” warning that US patience was wearing thin.
• The US has been building up its military presence in the Middle East over the last days including air-to-air refuelling aircraft and the USS Nimitz aircraft carrier that is on its way from the South China Sea.
• A US defence official said it would take at least a week for the strike group to reach the region.
• Israel is reported to be increasingly optimistic that the US would join its military campaign.
• Brent prices are trading close to four months highs.
• The FOMC is expected to keep rates unchanged at 4.25-4.50% with the decision to be announced later today.

Currencies

US$1.1521/eur vs 1.1428/eur previous. Yen 144.97/$ vs 142.70/$. SAr 18.003/$ vs 17.827/$. $1.346/gbp vs $1.353/gbp. 0.650/aud vs 0.646/aud. CNY 7.185/$ vs 7.191/$

Dollar Index 98.560 vs 98.837

Precious metals:

Gold US$3,380/oz vs US$3,388/oz previous

Gold ETFs 89.3moz vs 89.0moz previous

Platinum US$1,274/oz vs US$1,246/oz previous

Palladium US$1,057/oz vs US$1,030/oz previous

Silver US$37.1/oz vs US$36.4/oz previous

Rhodium US$5,425/oz vs US$5,475/oz previous

Base metals:

Copper US$9,725/t vs US$9,710/t previous

Aluminium US$2,550/t vs US$2,520/t previous

Nickel US$15,000/t vs US$15,005/t previous

Zinc US$2,659/t vs US$2,655/t previous

Lead US$1,980/t vs US$1,988/t previous

Tin US$32,620/t vs US$32,560/t previous

Energy:           

Oil US$76.1/bbl vs US$73.9/bbl previous

• Crude oil prices moved higher on Trump’s threats to Iran and as the API estimated a larger-than-expected 10.1mb w/w draw (-0.6mb exp) to crude and 0.2mb draw to gasoline, offset by a 0.3mb build to distillate stocks.
• European energy prices edged higher as Qatar asked some LNG vessels to wait outside the Strait of Hormuz until they’re ready to load, as France’s nuclear generation rose 2% w/w to 66% of 61.4GW maximum capacity.
• A £700m investment in the UK offshore wind supply chain was announced by GB Energy and the Crown Estate to support new infrastructure, including ports, supply chain manufacturing and research and testing facilities.

Natural Gas €39.8/MWh vs €38.5/MWh previous

Uranium Futures $74.6/lb vs $75.5/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$94.2/t vs US$94.5/t

Chinese steel rebar 25mm US$461.0/t vs US$461.6/t

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

Thermal coal swap Australia FOB US$111.5/t vs US$108.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$61,383/t vs US$61,808/t

Lithium carbonate 99% (China) US$8,143/t vs US$8,366/t

China Spodumene Li2O 6%min CIF US$610/t vs US$610/t

Ferro-Manganese European Mn78% min US$995/t vs US$995/t

China Tungsten APT 88.5% FOB US$418/mtu vs US$418/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.0/lb vs US$5.0/lb

Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$289/t vs US$361/t

Global Rutile Spot Concentrate 95% TiO2 US$1,687/t vs US$1,687/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$2,895.0/kg vs US$2,865.0/kg

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

Company News

Asante Gold (ASE CN) C$1.5, Mkt Cap C$732m – US$470 in comprehensive funding package secured

• The Company received US$470m in credit and equity commitments to fund growth and refinance short term liabilities.
• The funding package includes

• • $150m senior debt facility comprising $120m of term loan (5y maturity, 18m grace period, 42m amortisation, SOFR+6.5%) and a $30m revolving credit facility (3y, SOFR+4.5%).

• • • Rand Merchant Bank (RMB) accounted for $110m and Appian for remaining $40m.

• • Up to $125m subordinated debt facility (7y, to be repaid in 20 equal quarterly instalments, SOFR+9.75%)

• • • Appian accounted for $75m of the facility with another financial institution providing the balance $50m.

• • $50m gold stream (100% buyback rights on achieving timing and return thresholds) provided by Appian; the facility involves 1.5% of payable gold sold from the Bibiani ad Chirano at 20% of the market price for 24m, 2.25% until delivery thresholds are met, 0.30% after that.
  • $50m in credit lines from RMB for gold hedging programme (related to the senior debt facility)
  • $10m from RMB for environmental guarantees.
  • Financing package is conditional on the Company raising $130m in equity for which the team secured $85m in commitment including $10m from Appian.
• Proceeds to be used at its Ghanaian gold operations including Bibiani (pit expansion, sulphide treatment plant completion, community resettlement, underground mine development) and Chirano (mobile equipment, underground development and expansion, plant upgrades).
• The Company is targeting 500kozpa run rates by 2025.

Celsius Resources (CLA LN) 0.33p, Mkt Cap £10.2m – Technical consulting support for the MCB project, Philippines

• Celsius Resources reports the appointment of technical consulting services to assist in the mining and geotechnical design of its Maalinao-Caigutan-Biyog (MCB)Copper-Gold Project located on Luzon approximately 320km north of Manila.
• DMT Consulting will be “responsible for the optimisation and updating of mine plans and design to inform key engineering decisions and documentation and support the timely release of tender documents for the underground mining contractor procurement and detailed Hydrogeological and underground geotechnical work program”.
• DMT is described as “a globally recognised engineering services and consultancy firm with over 250 years of experience in delivering comprehensive solutions for the mining industry”.
• Resource Development Consultants Ltd (RDCL) will develop “a comprehensive surface geotechnical study to support the detailed design and engineering of surface infrastructure … [which is described as] … a foundational component for the successful construction and operation of the MCB Project”.
• RDCL is a New Zealand based “international geotechnical consulting company … [with] … extensive geotechnical and geophysical expertise and experience working in the mining industry in the Philippines, Indonesia, and New Zealand for the past 17 years”.
• Celsius Resources’ non-executive director, Peter Hume, welcomed the appointments and said that “We are happy to be working with DMT and RDCL for the Front-End Engineering Design”.
• He said that “Their global expertise, coupled with local insights and experience in working with major mining companies in the Philippines, demonstrates their capability to deliver robust and technically sound methodologies that align with international standards and meet MMCI’s timeline requirements”.

Conclusion: Following yesterday’s announcement that Celsius Resources had drawn an initial tranche of loan finance, the appointment of technical consultants to support detailed engineering design for the MCB project shows how the project is progressing towards completion of the project development plan.

Global Atomic (GLO CN) C$0.9, Mkt Cap C$275m – C$30m equity raise

• The Company is raising C$30m issuing 37.5m units at C$0.80 to advance its high grade Dasa Uranium Project in Niger.
• Each unit includes one share and one warrant (36m expiration, C$1.00 exercise price).
• Issue price reflects a 10% discount to the closing price.
• The Company reports it is continuing discussions on project funding expecting to secure financial commitments soon.
• The team is meeting with the US development bank and reached agreement with a JV partner on the major terms of an agreement for a minority stake at the project level.

Goldstone Resources* (GRL LN) 0.65p, Mkt Cap £5.5m – Progress report on Homase mine, Ghana

• In an announcement this morning, ahead of the release of its 2024 results expected on 30^th June, Goldstone Resources provides shareholders with a progress report on its Homase mine operations in Ghana.
• The company reports that during the first 5 months of 2025, to 31^st May, Homase has produced “approximately 2,343 ounces of gold doré … averaging 468 ounce of gold doré per month”.
• The mine is maintaining an “average 48,000 tonnes of agglomerated stacked ore per month, and feed grade … [is] … improving with the expansion of Pit 1”.
• Goldstone says that costs at the mine are declining “in line with targets … with an average all in cost per ounce at USD1,814 per ounce to 31 May 2025”.
• Today’s announcement also confirms that preparatory work is underway for “the pit definition drilling of Pits 5 and 6, along the Homase Mine, which includes crop compensation, access and drill pad preparation”.
• In addition, Homase has made its “First sales of gold to the Bank of Ghana’s gold trading authority, the Ghana Gold Board”.
• CEO, Emma Priestley, said that she is “encouraged by the turnaround in operational performance at Homase, and … [remains] … optimistic about continuing this upward trajectory throughout the remainder of 2025”.
• She also welcomed the initial sales to Ghana’s Gold Board, confirming that they “are fully compliant with the Ghana Gold Board Act” and she also commented that “Our strong and constructive relationship with the Ghanaian authorities remains a key pillar as we work to unlock the full potential of both Homase and Akrokeri”.

Conclusion: The Homase mine is reducing its costs as it delivers consistent monthly ore volumes for stacking resulting in >2,300oz of gold doré production in the first 5 months of 2025.

*SP Angel acts as Broker to Goldstone Resources

Koryx Copper (KRY CN) C$1, Mkt cap C$70m – Focus on met-testwork for PEA due 3Q25

• Namibian copper developer, Koryx, provides an update on its Haib project.
• The Company intends to release a PEA in 3Q25 on the project.
• Haib is expected to produce a copper concentrate through flotation, with the potential for additional production via heap leaching.
• Alongside PEA workstreams, Koryx is accelerating drilling to boost the resource for an enhanced technical study in 1H26.
• Met testwork undertaken to examine comminution and flotation effects, now completed in preparation for the PEA.
• Supplementary leaching testwork will be completed for 2026 study, likely using bacterial leaching which was tested in 2020 at PEA-level.
• Average overall recovery of 89% for material at average MRE grade of 0.35% Cu.
• Concentrate grade of 20-25% Cu achieved.
• Flotation tests yielded 45-70% for molybdenum in copper flotation concentrate.
• Company also exploring pre-concentration testwork to boost economics of lower-grade material, focus on mineral sorting, DMS, and various milling/flotation tests.
• Timeline:

• • Pre-concentration tests due August-end
  • PEA due 3Q25
  • Heap leach testing due April 2026
  • MRE update 1H26
  • PFS 1H26

Landore Resources (LND LN) 3.35p, Mkt Cap £11.6m – Latest drilling at BAM extends mineralised footprint

• Landore Resources has released assay results from its recently completed drilling programme, consisting of 14 holes over 3,549m at its BAM gold project at the Junior Lake property in Ontario, Canada”.
• The company says that the latest drilling has confirmed “additional mineralisation to the east and west of the existing mineral resource, as well as consistency of grade”.
• Among the higher grade results highlighted in today’s announcement are:

• • An intersection of 1.03m at an average grade of 10.6g/t gold from a depth of 300.46m in hole 0425-856 which also intersected 0.96m at an average grade of 8.39g/t gold from a shallower depth of 212.31m; and
  • A single metre intersection at a grade of 9.97g/t gold from 99.42m depth in hole 0425-860; as well as
  • An intersection of 15.96m at an average grade of 1.56g/t gold from a depth of 119.28m in hole 0425-853; and
  • A single metre intersection of 9.92g/t gold from a depth of 338.32m in hole 0425-857

• The company confirms that the results from “this latest drill campaign will be utilised to update the existing BAM MRE, expected to be received in Q3 2025”.
• The company’s website reports an ‘Indicated & Inferred’ mineral resource, at a cut-off grade of 0.3g/t gold, of ~49mt at an average grade of 1g/t hosting ~1.5moz of gold.
• CEO, Alexander Shaw, described the drilling results as “extremely encouraging … [and said that they] … demonstrate that our existing resource has the potential to be expanded, as well as a proportion of the inferred ounces element converted into additional indicated gold ounces”.
• He said that the drilling has “successfully extended the mineralisation to the east, identified high-grade intercepts at depth in the eastern area and revealed strong gold potential within the gabbroic units to the west”.

Conclusion: Recent drilling is extending the potential scale of the BAM mineralisation and we look forward to the planned MRE update expected in Q3 this year.

Lundin Mining (LUN CN) C$13.8, Mkt cap C$12bn – Outlining long-term strategy, driven by Vicuña

• Lundin Mining has outlined its strategic goals of hitting 500ktpa Cu and 550kozpa Au.
• Lundin is aiming to boost copper production by 30-40ktpa through expansionary efforts at Candelaria, Caserones and Chapada.
• Candelaria

• • Aiming to increase underground throughput by 50-60% (22ktpd from 12-14ktpd)
  • Expected t boost annual copper production by 10%.14ktpa by boosting mechanical availability and development rates

• Caserones

• • Leaching improvements to and increased cathode plant utilisation to boost production by 7-10ktpa

• Chapada

• • Scoping studies at Sauva see potential for additional 15-20ktpa and 50-60koz Au, boosting output by 50-100%.
  • PFS for the brownfield project (15km from Chapada) due by year end.

• Vicuña

• • Company planning to deliver an integrated Filo del Sol and Josemaria study alongside BHP 1Q26.
  • This is expected to outline a combined CAPEX and production profile estimate
  • Filo

• • • Sulphide MRE indicated: 1,192mt at 0.54% Cu, 0.39g/t Au, 8g/t Ag for 6.5mt Cu, 15moz Au and 311moz Ag, inferred: 6,080mt at 0.37% Cu, 0.2g/t Au, 3.2g/t Ag for 22.6mt Cu, 39moz Au, 631moz Ag.
    • Oxides MRE indicated: 434mt at 0.34% Cu, 0.28g/t Au, 2.5g/t Ag for 1.5mt Cu, 4moz Au, 35moz Ag, inferred: 331mt at 0.25% Cu, 0.21g/t Au and 2.1g/t Ag for 838kt Cu, 2.3moz Au, 22moz Ag/

• Meanwhile, Company reiterates its production guidance for 2025 at 303-330kt but revises cash costs lower to $1.95-2.15/lb.
• Lower guidance reflects lower cost expectations from Chapada.
• Gold production guided at 135-150koz for 2025 and nickel guidance still 8-11kt at cash costs of $3.05-3.25/lb.
• CAPEX for 2025 revised higher by $60m to $795m, on increased Vicuña expenditure.

Power Metal Resources* (POW LN) 13p, Mkt cap £15m –2400m drill programme at Badger Lake uranium target

• Power Metal Resources updates on their Badger Lake Uranium Property, part of the Fermi JV in the Athabasca Basin, Canada.
• A combination of geochemical, biogeochemical and magnetic geophysical surveys have now been completed on the Project, alongside ambient noise tomography.
• This has supported the delineation of several drill targets.
• Diamond drilling will target a conductive body coincident with a number of geochemical anomalies.
• The JV will drill 2,400m of diamond drillholes at the project, following permitting approval, to test the conductive feature and faulting structures.
• The uncomformity lies between 220m and 450m depth.
• The exploration team notes the target bears a number of similarities to several uranium deposits, including McArthur River, Millenium, Phoenix and Kiggavik.

Conclusion: Power Metals are starting their expansive drill programme across several uranium properties in the Athabasca Basin this summer. Badger Lake has seen substantial ground-based and geophysical exploration to date, which has delineated a highly prospective target. We look forward to news of the commencement of drilling and subsequent assay results.

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

Strategic Minerals* (SML LN) 0.29p, Mkt Cap £6.8m – Call option payment for Leigh Creek copper project

• Strategic Minerals confirms the receipt of the full A$100,000 due from Axis Mining & Minerals for a call option to acquire 100% of Strategic Minerals’ Leigh Creek Copper project in South Australia.
• Describing Axis Mining’s plans for an ASX listing, today’s announcement confirms that “if the Call Option is exercised … [Axis Mining will] … issue shares to Strategic Minerals equivalent to 19.9% of the listed vehicle up to a maximum value limit of A$3 million”.
• In addition, Axis Mining & Minerals “will also pay an earn-out to Strategic Minerals equivalent to A$4 million … paid on a half yearly basis from the commencement of commercial production from Leigh Creek Copper Mine” with payments “equivalent of 20% of net free cash flows from the prior period”.

Conclusion: Progress on the disposal of the Leigh Creek project should liberate management to focus on progressing the UK project at Redmoor where the next phase of drilling is planned to start later this month.

*SP Angel acts as Nomad and broker to Strategic Minerals

URU Metals* (URU LN) 5.4p, Mkt cap £2.8m – Video on Zeb Nickel Project in the Bushveld Complex, South Africa

(Zeb Nickel Corp hold 76% of the underlying Zebediela Nickel project 26% held by BEE investors. URU Metals holds a 73.81% interest in Zeb Nickel Corp.

URU’s effective stake is 57% of the overall project. URU Metals acts as a technical advisor to the project)

https://urumetals.com/index.php/projects/

• URU Metals report the release of a short five-minute video on the Zeb Nickel project in the Bushveld Complex, South Africa.
• The video shows the location of the project and its proximity to Valterra Platinum’s (formerly AmPlats) Mogalakwena mine and Ivanhoe Mines’ Platreef PGM-Nickel mine.
• Zeb Nickel’s Zone 1 is one of four vertically stacked mineralised zones

• • Historic, non-compliant, resource: 1.6bnt grading 0.25 % Ni
  • Recent geophysics has outlined a number of additional massive-sulphide and gold targets on the property.
  • Environmental Authorisation is in place

• Drilling: URU is planning a 25-hole drill campaign to develop a compliant NI 43-101 resource for Zone 2 and an updated resource for Zone 1.
• Recent milestones:

• • Identification of four high-priority massive-sulphide drill targets through advanced 3-D gravity-magnetic inversion.
  • Confirmation of a conduit-hosted ultramafic feeder system and additional drill-ready anomalies from detailed geophysical interpretation.
  • Investment of £420 000 secured in June to accelerate drilling and airborne EM survey work

Conclusion: The video highlights how the The Zeb Nickel project could develop into a significant polymetallic, Ni, Cu, PGM, Au and Ag resource.

The Project continues to demonstrate compelling geological parallels to major magmatic sulphide systems in South Africa.

Zone 2’s resemblance to Ivanhoe’s world-class Flatreef orebody, combined with Zone 3’s similarities to the Uitkomst Complex, underscores the project’s potential to host high-grade nickel, copper, and PGE mineralisation across multiple target zones.

*SP Angel acts as Nomad and Broker to URU Metals

LSE Group Starmine awards for 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 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

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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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