SP Angel Morning View -Today’s Market View, Wednesday 21st May 2025

Gold jumps as China gold imports climb again on sustained appetite

MiFID II exempt information – see disclaimer below

Adriatic Metals (ADT LN) – Talks with Dundee as silver M&A heats up

Bezant Resources (BZT LN) – Disposal of Argentine project

Central Asia Metals (CAML LN) – New World Resources acquisition for A$185m

Great Southern Copper (GSCU LN) – Completion of scout drilling at Viuda Negra prospect, Chile

Ivanhoe Mines (IVN CN) – Seismic activity interrupts underground mining at Kakula

Mila Resources (MILA LN) – Drilling confirms historic assay results

Panther Metals (PALM LN) – Plans for an airborne geophysical survey at the Wishbone prospect, Ontario

Premier African Minerals (PREM LN) – Departure of CEO

Sunrise Resources (SRES LN) – Interim results focus on progress at the Pioche sepiolite project, Nevada

Sovereign Metals* (SVML LN) – Power supply agreement for power from new World Bank approved hydropower project

URU Metals* (URU LN) – Zebediela project shows stratigraphic correlation in mineralised units with Ivanplats’ Platreef Project and massive sulphide geophysical Targets

Gold ($3,310/oz) jumps as China gold imports climb again on sustained appetite

• Gold prices have been climbing steadily, up 2% yesterday to $3,310, but still c.$200/oz below April record highs.
• Gold jumped this week as US Treasuries sell off, amid a wider global bond bear market, with Japanese yields now climbing too.
• This has boosted alternative demand, with gold benefiting.
• However, we continue to see Chinese buying as the primary driver of the gold price, and the market was likely reassured by data showing April imports rose 73%mom at 127.5t, 11 month highs.
• China’s PBoC has recently allocated fresh quotas to commercial banks, boosting gold demand.
• Additionally, Chinese insurance companies are also being encouraged to boost their gold holdings, as China continues to diversify its foreign reserve holdings and asset base.
• Chinese retail are buying gold amid concerns over their domestic property market and Yuan depreciation.
• Meanwhile, Russian gold holdings were unchanged in April at 74.9moz.

Zijin opens gold and copper stock fund to investors (Bloomberg)

• Elsewhere, Zijin is moving to open a gold/copper fund to professional investors.
• Zijin, one of the largest gold miners globally, has opened its ‘Gold Mountain Asset Management’ fund.
• A Gold Mountain portfolio stated, ‘we are bullish on gold, because the price will be supported by ongoing geopolitical uncertainties and trade frictions,’ stating gold could hit $4,000/oz this year.
• Last month Zijin raised the prospect of spinning out its international gold asset portfolio on the Hong Kong exchange.
• We see the moves as reflective of increasing appetite from Chinese institutional investors for exposure to the gold bull market.

PGM prices jump as China boosts imports on resurgence in jewellery demand

• Platinum and Palladium were both up over 4% yesterday, climbing over $1,000/oz.
• Bloomberg reported Chinese jewellers and investors imported the most platinum in 12 months in April, amid surging and volatile gold prices.
• Total imports stood at 11.5t in April, whilst imports over the 12 month period to May fell 31%yoy.
• Analysts are expecting market balances to shrink to deficits this year, with the WPIC forecasting 2025 supply to be the lowest in five years, down 4%yoy to 6,999koz.
• Mining supply fell 13%yoy in 1Q25 to 1,086koz, lowest level since 2020.
• Auto demand is seen falling 2%yoy to 3,052koz, whilst investment demand expected at 688koz in 2025.
• WPIC sees above ground stocks set to fall to 2,160koz in 2025, down 31%yoy.
• Recycling supply expected up marginally in 2025, with a 3% increase to 1,573koz.
• WPIC expects a 966koz deficit for 2025

Copper – We’ve Never Seen This Before in the World: Video: 

Podcast: https://audioboom.com/channels/4099560-the-sharepickers-podcast-with-justin-waite

President Trump urged lawmakers to pass the bill looking to cut taxes and government spending.

• The bill will extend individual income tax cuts and increase deduction and standard deduction and child tax credit.
• It will also cut taxes on tips and overtime pay.
• The legislation would increase military and border security spending while cutting hundreds of billions of dollars from Medicaid and clean energy tax credits.
• Should the bill fail to get passed, the tax cuts delivered in 2017 would expire at the end of the year.

IMF called on the US to cut its fiscal deficit and address its “ever-increasing” debt burden as President Trump is planning a series of tax cuts.

• “The US fiscal deficits are too large and they need to be brought down,” Gita Gopinath, the IMF first deputy managing director told FT his week.

UK – Inflation comes ahead of expectations with both headline and basic CPIs picking up in April.

• Headline CPI and basic Cpi came in at 3.5%yoy and 3.8%, up from 2.6% and 3.4% in thee previous month.

Israel/Iran – Israel is preparing a strike on Iranian nuclear facilities, CNN cites multiple US officials familiar with the matter.

• There are also concerns that Iran may retaliate by blocking oil tanker flows through the Strait of Hormuz used by Saudi, Kuwait, Iraq and the UAE for crude oil and fuel exports.

Ukraine/Russia – Secretary of State Marco Rubio warned that the US would impose fresh sanctions on Russia if there is no progress on a peace deal with Ukraine.

• Harder rhetoric follows a two hour phone conversation between Putin and Trump that failed to yield a breakthrough in setting clear timelines to a ceasefire deal, let alone a potential peace agreement.
• The Congress are looking at imposing a 500% tariff on imports from countries that buy Russian oil and gas, among other provisions.

Currencies

1.133/eur vs US$1.121/eur previous, 143.79/$ vs Yen 145.80/$, SAr 17.943/$ vs SAr 18.080/$, $1.342/gbp vs US$1.328/gbp, 0.645/aud vs US$0.642/aud,

CNY 7.201/$ vs CNY 7.210/$, Dollar Index 99.68 vs 101.04.

Precious metals:

Gold US$3,311/oz vs US$3,222/oz previous

Gold ETFs 88.7moz vs 88.7moz previous

Platinum US$1,053/oz vs US$1,009/oz previous

Palladium US$1,011/oz vs US$979/oz previous

Silver US$33.4/oz vs US$32.4/oz previous

Rhodium US$5,425/oz vs US$5,500/oz previous

Base metals:

Copper US$9,595/t vs US$9,461/t previous

Aluminium US$2,491/t vs US$2,437/t previous

Nickel US$15,598/t vs US$15,373/t previous

Zinc US$2,732/t vs US$2,673/t previous

Lead US$1,994/t vs US$1,972/t previous

Tin US$33,038t vs US$32,833/t previous

Energy:

Oil US$66.1/bbl vs US$65.1/bbl previous

• Crude oil prices edged higher on hawkish Iranian comments that outweighed API estimates for an unexpected 2.5mb/d w/w build (-1.9mb/d exp) to US crude and draws of 3.2mb to gasoline and 1.4mb to distillate stocks.
• European energy prices climbed higher following Norwegian maintenance shutdowns as France’s nuclear generation fell 4% w/w to 63% of the country’s 61.4GW maximum capacity.
• The EU has imposed sanctions on three vessels managed by a Japanese shipping company, which enabled transshipments of LNG cargoes from Russia’s Yamal LNG plant near the Murmansk port for transport to Asia.

Natural Gas €37.1/MWh vs €35.6/MWh previous

Uranium Futures $71.3/lb vs $71.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$99.5/t vs US$100.8/t

Chinese steel rebar 25mm US$469.5/t vs US$469.5/t

HCC FOB Australia US$189.5/t vs US$190.0/t

Thermal coal swap Australia FOB US$103.0/t vs US$102.5/t

Other:  

Cobalt LME 3m US$33,251/t vs US$33,700/t

NdPr Rare Earth Oxide (China) US$60,086/t vs US$60,207/t

Lithium carbonate 99% (China) US$8,601/t vs US$8,768/t

China Spodumene Li2O 6%min CIF US$655/t vs US$685/t

Ferro-Manganese European Mn78% min US$995/t vs US$1,113/t

China Tungsten APT 88.5% FOB US$397/mtu vs US$388/mtu

China Graphite Flake -194 FOB US$425/t vs US$430/t

Europe Vanadium Pentoxide 98% US$5.2/lb vs US$5.2/lb

Europe Ferro-Vanadium 80% US$24.4/kg vs US$24.4/kg

China Ilmenite Concentrate TiO2 US$287/t vs US$287/t

Global Rutile Spot Concentrate 95% TiO2 US$1,465/t vs US$1,513/t

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

Brazil Potash CFR Granular Spot US$365/t vs US$357.5/t

Germanium China 99.99% US$2,825.0/kg vs US$2,825.0/kg

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

Battery News

US Senate set to vote on California 2035 EV plan

• The US Senate is set to vote to bar California’s landmark plan to end the sale of ICE vehicles by 2035, a plan that has been adopted by 11 other states.
• The US House approved legislation earlier this month to repeal a waiver granted by the US Environmental Protection Agency under former President Joe Biden in December, allowing California to mandate at least 80% electric vehicles by 2035.

BYD and Tesla, top EV manufacturers in Q1

• BYD and Tesla were the world’s two largest battery electric vehicle producers in Q1’25, according to market research firm TrendForce.
• Including BEVs, PHEVs, and fuel cell vehicles, global sales of new energy-vehicles (NEVs) in Q1 were 4.02m vehicles, up 39% yoy.
• BYD held a 15.4% share of these global EV sales, whilst Tesla had a 12.6% share.

Company News

Adriatic Metals (ADT LN) 224p, Mkt Cap £771m – Talks with Dundee as silver M&A heats up

• Adriatic responded to comments from Sky News yesterday regarding a potential takeover from Dundee Precious Metals.
• The Company confirmed they are in discussions with Dundee regarding a possible offer for Adriatic.
• Adriatic has now agreed to provide Dundee with ‘limited due diligence information.’
• Dundee will have to make a formal offer by 17^th June 2025 under UK takeover rules or withdraw.
• Adriatic is ramping up the Vares polymetallic mine, producing 1.4moz AgEq in 1Q25.

Conclusion: We are noticing increased M&A appetite for silver assets in production, with MAG Silver, Gatos and SilverCrest all acquired this year. Dundee expects to produce 240kozpa Au and c.14kt Cu this year, sliding to 160koz and 11kt Cu in 2027. They have a strong foothold in the Balkans, currently operating the Chelopech and Ada Tepe mines in Bulgaria.

Bezant Resources (BZT LN) 0.02p, Mkt cap £3.9m – Disposal of Argentine project

• Bezant Resources reports that it has now completed its sale of the Eureka project in Argentina to Ajax Resources.
• In April, the company announced that it had agreed to sell the project for a “cash consideration of U$170,000 payable at completion … [and said that the disposal of the project ] … will enable the Company to focus on its Southern African projects in particular the exploration and development of its flagship Hope and Gorob project in Namibia”.
• The Hope & Gorob project hosts an ‘Indicated’ resource of 10mt @ 1.89% Cu & 0.31g/t Au and Bezant Resources is currently evaluating the use of ore-sorting and pre-concentration technology to enhance the economic returns of development.

Central Asia Metals (CAML LN) 160p, Mkt Cap £284m – New World Resources acquisition for A$185m

• The Company agreed to acquire ASX listed New World Resources in an all cash A$185m deal paying A$0.0.5/share.
• New World Resources holds a 100% interest in the PFS stage Antler Polymetallic Project in Arizona, US.
• Antler is a higher grade VMS copper project with exiting mineral resources/reserves:

• • Resources: 14.2mt at 3.8% CuEq (1.8% Cu and 4.3% Zn) in total Resource including 12.5mt at 4.0% CuEq (1.9% Cu and 4.6% Zn) in M&I category.
  • Reserves: 11mt at 1.6% Cu and 3.7% Zn.

• The offer price represents a 79% premium to the closing last closing price and a 96% premium to a 30d VWAP.
• The acquisition is to be funded from Company’s cash reserves (US$68m as of Dec/24 and US$10m in undrawn overdraft credit facilities) as well as a US$120m credit facility from a syndicate of leading international lenders (BML, ING, Societe Generale).
• $120m loan terms include 4.15%+3m SOFR, 5y term and equal quarterly repayment schedule post 6m grace period.
• Project PFS 2024 highlights include:

• • 1.2mtpa underground operation with just over 12y LOM;
  • Average annual payable production at ~30kt CuEq including 16kt Cu, 35ktpa Zn, 4kt Pb, 0.5moz Ag and 6koz Au;
  • US$298m development capital cost;
  • AISC of $2.18/lb CuEq (co-product basis) and $0.51/lb Cu (by-product basis);
  • Post tax NPV7 and IRR estimated at $498mand 30% using $4.20/lb Cu and $1.23/lb Zn.
  • Copper and zinc account for ~90% of revenues with lead, silver and gold making up the balance.

• FS and permitting are currently underway.
• CAML Board unanimously approved the transaction while the NWC Board is unanimously recommending the deal with New World shareholders to vote on the transaction in August.
• The transaction is expected to close September.

Conclusion: The Company is planning to add to its portfolio of base metals assets in Kazakhstan and Macedonia acquiring Arizona based PFS stage development Antler Project. Antler is expected to add ~30ktpa CuEq in annual production, more than doubling current run rates, with the team paying just 0.2x P/NPV for the project based on PFS numbers. The team expects to secure federal permits over the next 12 months with state approvals planned throughout 2025.

Great Southern Copper (GSCU LN) 2.85p, Mkt Cap £22m – Completion of scout drilling at Viuda Negra prospect, Chile

• Great Southern Copper reports the completion of its scout drilling programme at the Viuda Negra prospect within its Especularita project in northern Chile.
• The programme comprised four drillholes (553m) targeting “outcropping Maricunga-style vein alteration with gold grades in rock chip and channel samples up to 4.2g/t Au and 145g/t Ag” and the company confirms that all holes “intersected the target alteration system comprising broad zones of quartz-magnetite banded veining and breccia hosted in feldspar porphyry”.
• CEO, Sam Garrett, expressed satisfaction with the results of the drilling at Viuda Negra where “Drill holes VNE25-DD001 to DD003 targeted the outcropping alteration zone over 250m of strike, whereas hole DD004 was drilled below and to the southeast of hole DD002 to test depth continuity of the alteration intersected in that hole”.
• The company also reports that reconnaissance mapping and sampling at the Brechia Amarilla prospect “located at the northwestern margin of the Especularita Project … has identified outcropping intrusive-related copper-gold mineralisation associated with an ovoid-shaped (400x400m) granodiorite body intruding into propylitic altered (epidote-chlorite) dioritic host rock”.
• Seventeen reconnaissance samples recovered from Brechia Amarilla included thirteen samples which were “highly anomalous in copper (>500ppm Cu) ranging to a peak assay grade of 1.8% Cu. Two samples (11.8%) assayed grades over 1% Cu. Six samples (35.3%) were highly anomalous in gold (>0.1g/t Au) with a peak assay grade of 2.12g/t Au … [and] … Detailed prospect-scale mapping and sampling is continuing”.

Ivanhoe Mines (IVN CN) C$13, Mkt Cap C$18bn – Seismic activity interrupts underground mining at Kakula

• Ivanhoe announced yesterday they have suspended operations at Kakula within the Kamoa-Kakula copper complex in the DRC.
• Seismic activity was experienced in the eastern section of the mine, with operations suspended Sunday.
• Geotechnical specialists have been mobilised for a ‘thorough inspection.’
• Phase 1 and 2 concentrators are operating at a reduced capacity, with ore surface stockpiles standing at 3.8mt at a blended 3.2% Cu.
• Kamoa continues unaffected, as do Phase 3 concentrator operations.

Mila Resources (MILA LN) 0.33p, Mkt Cap £1.8m – Drilling confirms historic assay results

• Mila Resources, who hold the Yarrol Gold Project in Queensland, report assay results from their maiden programme.
• The Company is drilling a 10 hole programme at a target generated from historical data and geophysical studies.
• Highlights include:

• • MYARC0197

• • • 11m at 2.9g/t Au from 11m (including 1m at 16.5g/t Au from 11m)
    • 1m at 39g/t Au from 32m
    • 17m at 5.46g/t Au from 42m (inc. 1m at 9.3g/t Au from 42m and 8m at 9.76g/t Au from 51m (inc. 1m at 47g/t Au)

• • MYARC0195 :

• • • 2m at 1g/t Au from 100m
    • 1m at 5.2g/t Au from 117m
    • 2m at 6.4g/t Au from 124m

• The holes were intended to confirm historical drill intercepts from historical data and test depth and strike extensions of the historic resource.
• The holes will also be used to boost the Company’s geological structural model of the historical mineralisation.
• Company believes the historic non-JORC resource covers 10% of the strike potential.

Panther Metals (PALM LN) 38p , Mkt Cap £2.1m – Plans for an airborne geophysical survey at the Wishbone prospect, Ontario

• Panther Metals reports that it expects to start an airborne magnetic survey to help define VMS (volcanogenic massive-sulphide) drilling targets in its Wishbone prospect in Ontario within the next week.
• CEO, Darren Hazelwood, said that the planned “drone survey is the final component needed to complete our drill planning data set and will play a key role in refining our drill hole orientations”.
• Previous drilling on the property in 2021 and 2022 included “27.3 metres of massive sulphide and 51 m of sulphide-dominated mineralisation, indicating a robust mineral system. Further drilling in late 2022 reinforced the potential, with intersections such as 3.6 m @ 3.9% zinc, including 2 m @ 6.8% zinc and 4.3 g/t silver”.
• The Wishbone prospect, as well as the Survey prospect lie within the company’s 291km² prospecting area in the Obonga Greenstone Belt which Panther Metals describes as “an emerging VMS camp”.

Conclusion: Geophysical surveying to help refine drill targeting at the company’s Wishbone prospect in Ontario is expected to start within the next week. We await the results with interest.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £11.9m – Departure of CEO

• Yesterday afternoon, Premier African Minerals announced that founder and CEO, George Roach have “agreed to mutually terminate his consultancy agreement as both the Chief Executive Officer (“CEO”) and a director of the Company … with his final day of service being the 31 August 2025”.
• Commenting on the status of the development of the Zulu lithium and tantalum project in Zimbabwe, Mr. Roach said that the company “has an opportunity to remedy the last remaining element of the plant not yet fully commissioned and demonstrate definitively the potential … [of] … the Zulu Lithium and Tantalum Project … to be a world class producer of Spodumene concentrate”.
• He confirmed that “In July 2023 I indicated to the Board and our shareholders that it was time for me to step down and that a new CEO be appointed. With our prepayment and offtake partner support in both the lifting of the long stop date and future funding it is as good a time as any to proceed with this change”.
• Thanking Mr. Roach for his long service and contribution to Premier African Minerals the Chairman, Godfrey Manhambara, acknowledged that “without his passion, drive and devotion Premier wouldn’t have been able to build two mines under his management and guidance”.
• Yesterday’s announcement confirms that a search is underway to find “a replacement CEO or non-board managing director”.

Sunrise Resources (SRES LN) 0.01p Mkt Cap £0.8m – Interim results focus on progress at the Pioche sepiolite project, Nevada

• In its interim report for the six months to 31^st March 2025, Sunrise Resources confirms continuing work on its Pioche sepiolite specialty clay project in Nevada.
• Auger drilling of 20 hole in 2023 and a further 10 holes in 2024 has “demonstrated continuity of sepiolite beds … [but the] … drill spacing is too wide (average c.300m) for effective correlation of specific sepiolite grades”.
• The company confirms that the “Outer limits of … [the] … sepiolite deposit … [are] … not yet defined”.
• Early results from testing to establish appropriate processing to produce “commercial sepiolite production in the US” are reported to “compare very favourably with commercially available sepiolite in the US … [and] … confirm the commercial potential of Pioche sepiolite across a range of applications including critical saltwater applications in the valuable oil and gas drilling market”.
• The company’s financial results show a six-month loss of ~£148k (2024 loss ~£67k) and a closing cash balance of ~£92k.
• Commenting on the performance Executive Chairman, Patrick Cheetham, confirmed that in addition to the work at Pioche which is being driven by the Spanish sepiolite producer, Tolsa, the “mine-permitted CS Pozzolan-Perlite Project in Nevada remains a cornerstone of our strategy and our objective remains to position this project – and our earlier stage Hazen Pozzolan Project – to unlock their inherent value and meet the growing demand for natural pozzolan”.
• Mr. Cheetham confirmed that Sunrise Resources is actively progressing attempts to crystallise the value of its “portfolio of non-core industrial mineral, gold, silver and base metals projects”.

Sovereign Metals* (SVML LN) 31.8p, Mkt Cap £204m – Power supply agreement for power from new World Bank approved hydropower project

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 18.5% of Sovereign Metals)

• Sovereign Metals report the signing of a power supply agreement with ESCOM, the Electricity Supply Corporation of Malawi for the Kasiya Rutile-Graphite project.
• The MOU is for 60MW hydropower for Stage 1 production. Stage 2 production will draw 60MW of power for steady state production in around year 6.
• The World Bank recently approved a US$350m grant to support the Mpatamanga Hydropower Storage Project which should come on-line by 2030.
• The new hydropower station is being co-developed by the Government of Malawi and the IFC along with EDF, British International Investment, Norfund and TotalEnergies.
• The MOU provides for:

• • Sovereign to build a new 132kV power line, and a
  • Power Supply Agreement, for the provision of bulk power supply from Malawi’s national grid.

• Malawi grid capacity is currently 351MW, with approximately 98% coming from hydropower.
• Stage 1 operating power demand at Kasiya’s is estimated to be 30MW but demand will rise on the startup
• Stage 2 power demand rises to 60MW for steady-state production in Year 6 of operation under the current plan.
• Once complete, the US$1.5bn hydropower station on the on the Shire River will deliver an additional 358MW of power generation capacity.
• The power station is a game changer for the people of Malawi in a nation which has been relatively short of power capacity.
• The World Bank is also working on the rehabilitation of the Kapichira power station, the Mozambique-Malawi Regional Interconnector Project, and the recently approved Accelerating Sustainable and Clean Energy
• Access Transformation in Malawi project aiming to improve last-mile electricity connections for the Malawian population.

Conclusion: The Kasiya project is a relatively small power consumer due to the simplicity of the mineral processing which is mainly spirals (pumps) plus magnetic separators with virtually no crushing.

Malawi has sufficient grid capacity for the Kasiya project and we would expect the team to connect to the grid before the project starts in 2030 and possibly before the hydropower project is complete.

The team will likely fix their power tariff within normal working parameters based on Industrial high-voltage 3 phase bulk power supply prices of ~USD5c to ~USD14c/kWh.

Sovereign will likely install some standard back-up gen sets to protect from grid outages

 *SP Angel act as Nomad and broker to Sovereign Metals. An SP Angel analyst has visited the Kasiya mine site. We highly recommend the Malawi coffee beans sold in Lilongwe airport

URU Metals* (URU LN) 4.67p, Mkt cap £2.5m – Zebediela project shows stratigraphic correlation in mineralised units with Ivanplats’ Platreef Project and massive sulphide geophysical Targets

• URU Metals has identified a suite of high-priority drill targets at its Zebediela Nickel Project, supported by recent geophysical modelling conducted by GeoFocus Geophysical Solutions. These results confirm the presence of a vertically stacked, conduit-style magmatic sulphide system with strong geological similarities to two major South African nickel-PGM deposits: Ivanhoe Mines’ Platreef and the Uitkomst Complex (Nkomati-style mineralisation).

Zone 2 – Flatreef-Style Potential

• Geological similarities with Ivanhoe’s Flatreef deposit at the Platreef Project, located immediately adjacent to and down-dip from Zebediela.
• Hosted within pyroxenite and ultramafic sills, with assays including up to 2 g/t 3PGE+Au, 0.4% Ni, and 0.2% Cu.
• Flat-lying, laterally continuous mineralisation with broad intersections and sulphide styles (disseminated to semi-massive) echoing Flatreef.
• Stratigraphic correlations between Zeb’s Z028 borehole and Ivanplats’ Turfspruit succession support a shared magmatic origin within the northern Bushveld Complex.
• While both systems host pyrrhotite, pentlandite, and chalcopyrite, Zebediela shows a higher proportion of low-temperature PGM minerals (e.g. tellurides), suggesting a unique thermal evolution.

Zone 3 – Uitkomst/Nkomati Analogue

• Multiple dense gravity and magnetic anomalies identified adjacent to and beneath the Uitloop I and II intrusions.
• New data confirm the presence of a feeder-style conduit system — similar to the sulphide architecture seen at the Uitkomst Complex.
• Untested offshoot targets up to 1km from known intrusions may represent additional feeder zones or apophyses, enhancing the district-scale potential.
• Gravity anomalies at depths of 100–800m indicate potential for high-grade massive sulphide targets at depth.

Next Steps

• Integration of full 3D gravity and magnetic models into Zeb Nickel’s geological database is underway.
• Final drill target prioritisation is focusing on zones where gravity and magnetic signatures overlap — particularly in Zone 2.

Conclusion

• The Zebediela 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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SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return