SP Angel Morning View -Today’s Market View, Wednesday 24th September 2025

Gold hits $3,791/oz as ETF buying follows central banks and Powell notes weaker labour market and China seeks to corner gold trade

MiFID II exempt information – see disclaimer below

Artemis Resources (ARV LN) – Drilling at Titan project, WA

Beowulf Mining* (BEM LN) – BUY, 182p NAV– Stegra green steel agrees deal for Microsoft for steel supply

Fireweed Metals  (FWZ CN) – Macpass step-out drilling extends zone of high-grade massive sulphide mineralisation

Galantas Gold* (GAL LN) – Debt conversion with Ocean Partners completed

GreenRoc Strategic Materials Plc (GROC LN) – Commissioner for Energy to visit Amitsoq graphite mine in the South of Greenland

Hudbay Minerals (HBM CN) – Constancia mill shut down amid social unrest in Peru

Lithium Americas (LAC US) – Trump administration proposes to take a 10% equity stake

Lynas Rare Earths (LYC AU) – Equity raise upscaled to A$182m from A$75m on strong demand

Metals Exploration (MTL LN) – Production returns to normal at Runruno

Newmont Mining  (NEM US) – First pour achieved at Ahafo North, Ghana

Oscillate PLC (MUSH LN) – Duékoué Project in Ivory Coast confirms historical molybdenum-copper anomalies

Savannah Resources* (SAV LN) – BUY, Target price under review – Interims highlight MRE update, EC “Strategic Project” designation and permitting progress

Tertiary Minerals* (TYM LN) – Extending mineralisation at Mushima North

United States Antimony Corporation (UAMY USN) – Contract to help rebuild US DLA stockpiles of antimony

Vox Royalty (HBM CN) – Acquisition of Deterra’s gold royalties for $57.5m

Yandal Resources (YRL AU) – Arrakis discovery extended by 400m

Gold – hits $3,791/oz as ETF buying follows central banks and Powell notes weaker labour market and China seeks to corner gold trade

• Gold ETF holdings rose to 96.2moz from 95.8moz yesterday.
• Central banks are said to be buying gold to support the value of their currencies as they move closer to replacing the US dollar as their functional currency.

• Gold prices have since pulled back slightly from yesterday’s record highs but look likely to surge higher again.
• Dollar index has held lower ground but remains marginally off recent lows below 97.
• US Treasury yields edged lower yesterday as Powell reiterated concerns over the US labour market.
• Meanwhile, Bloomberg reports China is aiming to establish itself as a major bullion trading hub and is currently courting central banks to deposit their gold in Shanghai.
• Bullion held on in Chinese warehouses ‘count toward the foreign country’s reserves.’
• The theme marks a continuation of China’s efforts to move away from their reliance on the dollar in global financial transactions.
• Goldman suggest that gold could hit $5000/oz if 1% of privately held US Treasuries shifted to gold.

Iron ore holds higher ground as Vale sees limited supply growth from Australia

• Iron ore benchmarks have risen to $106/t, up 15% from June lows.
• The move was supported by China’s anti-involution campaign, which is looking to crack down on inefficient supply.
• China’s state iron ore buyer has also cracked down on BHP’s sales over a pricing dispute.
• Analysts are calling for a reversal, seeing Simandou coming online as a major bear-case for iron ore going forward.
• However, Vale expects Simandou’s contributions to be offset by mine depletions, lack of supply growth from Australia and demand growth in ex-China markets.
• Simandou supply is expected to peak at 120mtpa, with Rio expected to ramp up Simandou South from 10mt in 2026 to 60mtpa in 2031.
• Simandou AISC estimated by Platts at $55-60/t. Platts expects 270mtpa of production to be under pressure at $87/t 62% Fe.
• First shipment from Simandou due November 2025.
• Volumes from Australia’s Port Hedland to China fell in August for the second straight month, down 5%yoy.

Markets rise on increasing potential for Fed rate cut and AI prospects overriding concerns over lower growth

• Defense equities gained following Trump comments at the UN on Ukraine retaking all of its lost territory.
• A Chinese ship docked at Sebastopol sparking concerns over its cargo. Sebastopol in the Crimea is a sanctioned port.
• Ukraine has protested directly to Beijing warning of potential sanctions against China.
• Reports suggest the Panamanian-flagged container ship has been seen in Crimea at least three times in recent months.

Tungsten – APT prices hold high levels as China squeezes mine quotas

• Tungsten APT prices are holding steady at new high levels of around $593/mtu for 88.5%min FOB China due to restrictions in concentrate supply.
• China set the first tungsten mining quotas at 58,000t (WO₃ content) 6.45% lower yoy.
• We understand demand remains soft to steady with no substantial new surge in demand for tungsten concentrate
• Some players are said to be hogging large stocks exacerbating an already tight situation in the concentrate market.

Economics

OECD upgrades 2025 global growth forecasts despite impact of Trump Tariffs ahead

• The OECD now expects growth to slow slightly to 3.2% in 2025 from 3.3% last year vs its previous slowing of 2.9% forecast in June.
• The OECD have held their forecast steady at 2.9%.
• OECD US GDP est revised higher to 1.8% in 2025 from 1.6% previously forecast
• The OECD cite the AI investment boom, fiscal support and Fed rate cuts as offsetting the Tariff impact, lower net immigration and federal job cuts.
• OECD forecast China GDP at 4.9% this year from 4.7% previously and 4.4% in 2026, again an upward revision from 4.3%.
• The OECD also forecast the UK to see the highest inflation in the G7 at 3.5% consumer price inflation up from 2.5% last year.
• The organisation sees UK GDP growth of 1.4% in 2025 vs 1.1% in 2024

Shipping – Report suggests ~90% of the world’s 3,700 major ports are exposed to damaging climate hazards

• The report by according to TT Club and the engineering consultancy Haskoning suggests billions of dollars in infrastructure and global trade at immediate risk.
• Threats are sea-level rise, extreme weather events, and shifting regulations.
• Historic examples include the shutdown of Gulf Coast ports during Hurricane Katrina and the $12bn in maritime damages from Japan’s 2011 tsunami.

Currencies

US$1.1789/eur vs 1.1797/eur previous.  Yen 148.09/$ vs 147.74/$. SAr 17.239/$ vs 17.355/$. $1.348/gbp vs $1.351/gbp. 0.662/aud vs 0.659/aud. CNY 7.120/$ vs 7.115/$.

Dollar Index 97.47 vs   97.44 previous.

Precious metals:

Gold US$3,769/oz vs US$3,714/oz previous

Gold ETFs 96.2moz vs 95.8moz previous

Platinum US$1,483/oz vs US$1,418/oz previous

Palladium US$1,225/oz vs US$1,162/oz previous

Silver US$44.2/oz vs US$43.6/oz previous

Rhodium US$7,125/oz vs US$7,025/oz previous

Base metals:   

Copper US$9,969/t vs US$9,985/t previous

Aluminium US$2,636/t vs US$2,670/t previous

Nickel US$15,310/t vs US$15,230/t previous

Zinc US$2,879/t vs US$2,920/t previous

Lead US$2,000/t vs US$2,000/t previous

Tin US$34,275/t vs US$34,285/t previous

Energy:           

Oil US$67.7/bbl vs US$67.2/bbl previous

• Crude oil prices edged higher after the API estimated a w/w draw of 3.8mb to crude (-1.65mb expected), as well as a 1mb draw to gasoline and 0.5mb build to distillate stocks.
• European energy prices are stable with France’s nuclear generation flat w/w at 73% of the country’s 61.4GW maximum capacity and cumulative 8M25 output running 2.3% ahead of last year.

Natural Gas €32.2/MWh vs €32.4/MWh previous

Uranium Futures $81.0/lb vs $77.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$106.3/t vs US$105.8/t

Chinese steel rebar 25mm US$450.9/t vs US$451.5/t

HCC FOB Australia US$188.3/t vs US$187.0/t

Thermal coal swap Australia FOB US$105.3/t vs US$107.5/t

Other:  

Cobalt LME 3m US$34,550/t vs US$34,550/t

NdPr Rare Earth Oxide (China) US$82,379/t vs US$81,646/t

Lithium carbonate 99% (China) US$10,085/t vs US$10,090/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$588/mtu

China Tantalum Concentrate 30% CIF US$92/lb vs US$92/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$23.7/kg vs US$23.7/kg

China Ilmenite Concentrate TiO2 US$270/t vs US$271/t

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

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

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

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

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

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

EV & battery news

Company news

Artemis Resources (ARV LN) 0.38p, Mkt Cap £13m – Drilling at Titan project, WA

• Artemis Resources has started a 1,600m programme of reverse-circulation (RC) drilling at its Titan gold prospect near Karratha, WA.
• The drilling will test “widely spaced outcrops of ferruginous and brecciated chert with high grade surface gold” located during sampling in 2024 as well as “two undrilled gravity anomalies … associated with major structures”.
• Additionally, the programme will investigate strike extensions of gold intersected “in all three holes drilled at Titan East during March Quarter 2025”.
• Today’s announcement also confirms plans for diamond drilling to “test potential extensions to the Carlow Resource, initially along a 600 meter zone east of the Resource”.
• Carlow currently hosts an ‘Inferred’ mineral resource of ~8.7mt at an average grade of 1.3g/t gold, 0.73% copper and 0.09% cobalt announced in October 2022.
• Managing Director, Julian Hanna, welcomed the new drilling campaign and said that “In addition to testing three specific targets, this initial RC program should also provide valuable geological and geochemical data over the wider area which is largely obscured by transported cover and is undrilled”.

Conclusion: Drilling at the Titan prospect will test surface outcrop and gravity targets as well as following up potential strike extensions of gold intersected in drilling undertaken during the March quarter.

Beowulf Mining* (BEM LN) 10p, Mkt Cap £6m – Stegra green steel agrees deal for Microsoft for steel supply

BUY – 182p NAV

• Stegra, who are building an EAF and Hydrogen electrolyser in Boden, Sweden, have signed a supply agreement.
• Steel from Stegra will be used by Microsoft’s datacentre equipment suppliers.
• Microsoft will receive environmental attribute certificates for its green steel purchases.

Conclusion: We remind readers that Beowulf Mining’s* Kallak project will produce high-grade iron ore concentrate suitable for use at Stegra and expected to be accessible via rail to the steel mill. There are limited sources of high-grade, low impurity concentrate globally, leaving Beowulf well positioned to take advantage of the growing roll-out of EAF steelmaking capacity globally.

*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak

Fireweed Metals  (FWZ CN) C$2.9, Mkt Cap C$600m – Macpass step-out drilling extends zone of high-grade massive sulphide mineralisation

• Zinc/Tungsten explorer in the Yukon, Fireweed, reports drilling results from its Macpass Project.
• The company reports results from hole TS25-001D1, a 115m step-out down-dip at Tom South.
  • 30m at 33% ZnEq (18.2% Zn, 13.9% Pb, 161g/t Ag) from 892m
• Management note that Tom South has turned into ‘one of the most prospective areas at Macpass for high-grade step-outs in massive sulphide mineralisation.’
• Today’s intersection is believed to show the mineralised zone thickens and remains open down-dip.
• Tom is believed to add ‘substantial high-grade resource growth,’ at Macpass.
• Further drilling is planned to define the extent of the high-grade zone.
• Tom West drilling included TS25-002D1, which twinned a previous hole with poor recoveries. Highlights include:
  • 83m true width of laminated sulphide mineralisation at 5.74% ZnEq, inc. 5.55% Zn, 0.21% Pb and 1.6g/t Ag.
• Fireweed’s summer programme at Mactung covered 11,300m of drilling at Mactung.
• Drilling at Mactung focused on infill, geotechnical and hydrogeological holes to support a Feasibility Study.

Galantas Gold* (GAL LN) 5p, Mkt Cap £6m – Debt conversion with Ocean Partners completed

• The Company completed debt conversion with Ocean Partners announced in June.
• Ocean Partners are exchanging outstanding debt of US$14m for a 80% interest in Flintridge Resources and Omagh Minerals, subsidiaries that collectively own the Omagh Project.
• Ocean Partners will be operators of the Omagh Gold Project.
• Ocean Partners to put in US$3m into JV toward exploration, restart planning and G&A over the next year with Galantas free carried through that tranche.
• Drilling to focus on high grade zones at the Joshua Veins and testing the northern extension of the Kearney Vein.
• Ocean Partners has an option to invest further US$5m in a second phase that Galantas will need to contribute pro rate to retain its interest in JV.
• Galantas has a 20% interest.
• Over the first year, the Company has an option to convert its 20% equity interest into a 3.00% NSR royalty (half of the royalty to be subject to buy-back by Flintridge for US$8m).
• If the Company does not exercise the option and Galantas interest is diluted below 10% in Flintridge, Company’s interest will automatically convert into a 1.5% NSR royalty that will be subject to a buy back provision for US$4m by Flintridge.
• Separately, Melquart converted ~US$1m in convertible debt (incl interest) into 17.6m new shares.

Conclusion: Debt conversion deal with Ocean Partners completed with the Company retaining 20% interest in the Omagh Gold Project. Drilling and restart planning to commence at Omagh following an injection of new capital injection. The Company has a year to decide whether to convert into a 3% NSR or start contributing towards project development pro rata.

*SP Angel acts as Broker to Galantas Gold

GreenRoc Strategic Materials Plc (GROC LN) 2.25p, Mkt Cap £6.1m – Commissioner for Energy to visit Amitsoq graphite mine in the South of Greenland

• GreenRoc report the European Union Commissioner for Energy, Dan Jørgensen, will visit their Amitsoq graphite mine this week.
• Mr Jørgensen will be joined by Malene Vahl Rasmussen, Mayor of the South Greenland Municipality, Simon Bojsen-Møller, Head of EU Representation in Nuuk, and Per Haugaard, Head of EU Representation in Denmark.
• The EU and Greenland signed a partnership agreement on the development of sustainable raw materials value chains in Greenland in February.
• The idea is that Greenland could supply a number of the 34 critical materials sought after under the EU’s Critical Raw Materials Act.
• Amitsoq Active Anode Materials PFS (11 July 2024):
  • NPV of US$621m vs $545m – post tax
  • IRR 26.5% vs 25.3%
  • Capex $340m vs $321m
  • Opex $1,872/t vs $2,211/t
  • Production 80,000tpa of concentrate – remains the same
  • Production 39,700tpa active anode material – remains the same
  • Includes: onsite production of de-ionised water and construction of a plant for the production of nitrogen.

Conclusion:  The site visit should help advance the project from an EU grant and future potential lending perspective. GreenRoc is expected to ship a bulk sample from the mine in September/ October for future pilot plant processing into AMM ‘Active Anode Material’ for Li-ion batteries as a first step towards integration into the future EU battery materials supply chain.

Hudbay Minerals (HBM CN) C$18.6, Mkt Cap C$7.4bn – Constancia mill shut down amid social unrest in Peru

• Hudbay reports that a period of social unrest has escalated, with riots in Lima and protests across the country.
• Protests have impacted Hudbay’s Constancia mine, and it has been impacted by illegal blockades.
• Hudbay has shut down the Constancia mill to ‘allow time for the authorities to address the illegal protests.’
• Hudbay does not expect the downtime to impact 2025 production guidance and will use it for preventative mill maintenance.

Lithium Americas (LAC US) US$3.1, Mkt Cap $740m – Trump administration proposes to take a 10% equity stake

• Trump administration is considering an equity investment (10% stake) in Lithium Americas. (Reuters)
• The news was released shortly after the announcement that the Energy Department is re evaluating a $2.3bn loan for the Thacker Pass Project.
• The announcement follows similar direct investments proposed by the US government in Intel and MP Materials.
• The stock closed was down 7% on the loan news but traded ~70% up post close on the potential 10% equity investment.

Lynas Rare Earths (LYC AU) A$16.5, Mkt Cap A$16.3bn – Equity raise upscaled to A$182m from A$75m on strong demand

• The Company upscaled its share purchase plan to ~A$182m from initial A$75m.
• The raise is done at A$13.25.
• The SPP follows a A$750m underwritten institutional raise announced in conjunction with the SPP in late August.
• The Company reported strong interest from investors with valid applications totalling ~A$182m allowing the Company to increase the initial non underwritten SPP amount.
• Proceeds to be used for Lynas’ growth strategy (Towards 2030).

Metals Exploration (MTL LN) 12.75p, Mkt Cap £366m – Production returns to normal at Runruno

• Metals Exploration confirms that it has resumed normal gold production at its Runruno mine in the Philippines, as expected, following cyanide contamination of its bio-oxidation (BIOX) processing circuit from illegal mining activity close to the operations.
• Production “recommenced at Runruno earlier this month … following an approximate six week deferral of gold production” caused by the contamination which was announced in late August.
• Metals Exploration has previously confirmed that it expects to achieve its previously announced 2025 production guidance of between 70-75,000oz of gold production from Runruno although probably “towards the lower end of the forecast range”.
• The company also takes the opportunity to reassure investors that “normal mining and gold processing operations at Runruno were not impacted by the Super-typhoon Ragasa that made landfall in the Philippines, north of the Runruno mine, on Monday 22 September 2025”.

Conclusion: Production from the Runruno mine has returned to normal following cyanide contamination from local illegal mining and operations have not been affected by the Ragasa typhoon.

Newmont Mining  (NEM US) $85, Mkt Cap $93m – First pour achieved at Ahafo North, Ghana

• Newmont reported it has announced first pour at Ahafo, expecting commercial production in 4Q25.
• Ahafo is expected to produce 275-325kozpa over a 13-year LOM.
• Reserves of 4.6moz and MI&I Resources at 2.6moz.
• It is located 30km from the Ahafo South operation.
• The 2021 technical report expected LOM open pit mining costs at $2.57/t, underground costs of $52/t, processing costs of $11.8/t and G&A of $5.15/t.
• CAPEX in 2021 was guided at $500m over LOM, subsequently updated to $950-1,050m.

Oscillate PLC (MUSH LN) 0.425p, Mkt Cap £1.8m – Duékoué Project in Ivory Coast confirms historical molybdenum-copper anomalies

• Oscillate plc report the confirmation of molybdenum-copper anomalies on the Duékoué Project in the Ivory Coast.
• The field work and geochemical data confirms the:
  • shape and overall tenor of the anomalies,
  • anomalous values of molybdenum.
  • promising values in the northern limb of the granitic intrusion with a strike of >3km
• Oscillate also has a non-binding HoT with Kalahari Copper which holds 17 licences in the Kalahari Copper Belt in Botswana.

Savannah Resources* (SAV LN) 4.3p, Mkt Cap £99m – Interims highlight MRE update, EC “Strategic Project” designation and permitting progress

BUY – Target price under review

• The Company released interim results highlighting major development milestones at the Barroso Lithium Project, Portugal.
• DFS and environmental permits application related work progressed during the period.
• DFS is expected to be completed 1H26 along with the RECAPE application.
• The EC classified Barroso as one of the first 47 European “Strategic Projects” under the Critical Raw Materials Act.
• Phase 2 drilling completed between January and July that included ~12,500m in 103 holes.
• Updated MRE released post reporting period delivering a 40% increase at little changed grades allowing the resource to hit 1mt LCE
• New MRE 39mt at 1.05% Li2O including 27mt at 1.06% in the M&I category.
• New exploration target released showing >200% increase over previous estimate and highlighting MRE growth and LOM extension potential.
• New Exploration Target 35-62mt at 0.9-1.2% Li2O.
• Bypass road EIA (16km) was revised following APA (Portugues Environmental Agency) comments and scheduled for submission in October 2025.
• Local stakeholders engagement continued regularly through multiple channels maintaining support for local groups and initiatives.
• Financially, loss £1.5m (1H24: -£1.9m)
• G&A accounted for most of the loss at £1.8m (1H24: £1.9m), little changed from the previous year.
• FCF -£5.5m (1H24: -£4.1m) reflecting accelerated DFS and permitting related work.
• Capex £3.4m (1H24: £2.4m).
• Closing cash $9.5m and no bank debt.
• Cash position was increased in July following a £4.8m equity raise taking the balance to £13.3m.

Conclusion: The team has done well during the period completing resource drilling, delivering a 40% increase in MRE that now stands at ~1mt LCE with plenty of growth potential as indicated by the Exploration Target, securing “Strategic Project” designation and completing a fundraise despite challenging lithium market conditions. While permitting delays have extended the development timeline, the Company remains well-placed to advance towards financing and construction, positioning itself at the forefront of Europe’s lithium supply chain.

*SP Angel acts as Nomad and Broker to Savannah Resources

Tertiary Minerals* (TYM LN) 0.04p, Mkt Cap £1.7m – Extending mineralisation at Mushima North

• Tertiary Minerals reports assay results from Mushima North in Zambia.
• Analytical results support the previously reported continuation to the north of near-surface silver mineralisation.
• Silver mineralisation has now been extended over 350m x 300m and is open to the north and south and at depth.
• Results include:
  • Hole 25TMNAC-027: 64m at 26g/t Ag, 0.13% Cu, 0.21% Zn from 2m
  • Hole 25TMNAC-028: 44m at 39g/t Ag, 0.17% Cu, 0.37% Zn from 8m
• Company expects to report additional drill hole results in the coming weeks testing continuations of mineralisation to the north and south.
• Tertiary has also begun initial mineralogical and metallurgical testwork.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

United States Antimony Corporation (UAMY USN) $7.30, Mkt Cap $937m – Contract to help rebuild US DLA stockpiles of antimony

• Yesterday, United States Antimony, the operator of “North America’s only two antimony smelters” announced that it has been awarded a US$245m contract by the US Defence Logistics Agency to supply antimony metal to rebuild the US National Defence Stockpile.
• The announcement explains that the five-year contract “will begin upon first delivery order anticipated this week”.
• It also confirms that “USAC continues to expand its sources for procuring antimony ore feedstock from countries around the world, along with the development of its own antimony-bearing mineral acreage positions located in the states of Alaska and Montana”.
• Mining in Alaska at the company’s Mohawk project near Ester “began several weeks ago, indicates a high grade and concentration of antimony that is expected to enable highly efficient processing and contribute in the near future to the domestic supply chain of antimony and antimony products”.

Vox Royalty (HBM CN) C$5.33, Mkt Cap C$272m – Acquisition of Deterra’s gold royalties for $57.5m

• Vox has acquired a portfolio of and offtake agreements and royalties over 12 operations and eight countries.
• Vox, a streaming and royalty company, will pay Deterra $57.5m in cash and $2.5m in deferred milestones.
• The Company believes the acquisition will expand their revenue per share by >100%.
• Vox reports average margin per ounce of $63.
• Offtake Agreements:
• Equinox Gold’s Brazilian assets:
  • Fazenda, RDM and Santa Luz
  • 35% of gold production capped at 658koz (364koz delivered to Dec.2024)
• Equinox Gold’s Greenstone asset:
  • 100% of gold production capped at 58.5koz to March 2027)
• I-80’s US assets
  • Ruby Hill, Cove and Granite Creek
  • 100% of gold production to 40kozpa, to December 2028
• Allied Gold’s Bonikro asset, Ivory Coast:
  • 50% of gold production
• Aurous’ Blyvoor mine:
  • 100% of gold production to 2.7moz in South Africa
• Vox will also undertake a $55m offering at $3.7/share (closed $3.9/share on US exchange)

Yandal Resources (YRL AU) A$0.32, Mkt Cap A$99m – Arrakis discovery extended by 400m

• Australian gold explorer reports drill results from Arrakis.
• Drilling highlights include:
  • 25IWBRC0042: 50m at 1.3g/t Au from 122m
  • 25IWBRC0043: 16m at 0.7g/t Au from 140m
• Drilling was collared 400m northwest of the 25IWBRC0040:
  • 54m at 1.2g/t Au from 108m
• Yandal will conduct a 1,200m follow-up diamod drilling programme, alongside infill RC drilling on 200m spaced lines.

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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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

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange.