SP Angel Morning View -Today’s Market View, Wednesday 27th August 2025

Gold rises on Fed independence threat, miners jump

MiFID II exempt information – see disclaimer below

Aterian plc* (ATN LN) – Targets structural controls for future drilling on licenses within the Kalahari Copper Belt

C3 Metals (CCCM CN) – CEO interview highlights assays due imminently from three exploration programmes

Critical Mineral Resources (CMR LN) – Drilling to start shortly in Morocco as project footprint is expanded

ECR Minerals (ECR LN) – Completion of alluvial gold drilling at Blue Mountain, Queensland

Eurasia Mining (EUA LN) – NKT license agreement extended by two years

Hochschild Mining (HOC LN) – Interims highlight strong commodity price environment and Mara Rosa guidance downgrade

Rio Tinto (RIO LN) – Simplification of the business structure

Thor Explorations (THX LN) – Guitry assay results as maiden MRE target retained

Zijin Mining (2899 HK) – High gold and copper prices compliment strong operational performance

Gold ($3,385/oz) rises on Fed independence threat, miners jump

• Gold prices pushed higher again this morning, climbing past recent highs.
• The move has been triggered by a combination of a dovish tilt from J Powell at Jackson Hole and Trump’s attach on Fed governor Cook.
• There is increasing concern over Trump’s respect for the independence of the Federal Reserve, pushing to sack Lisa Cook.
• Cook is set to fight the move.
• Data showed China’s net gold imports via Hong Kong rose 127% in July vs June.
• China has been a major driver of gold’s rally over the past two years, with both the Central Bank and retail boosting holdings markedly.
• China’s PBoC added gold to its reserves for the ninth consecutive month in July.
• Global gold demand reportedly rose 3%yoy in July.(World Gold Council).
• The miners are benefiting from the sustained period of higher prices, with the Van Eck Gold Miners Index up 2.2% yesterday.
• The index is now up 74%ytd, with the junior index up 73%.
• AngloGold Ashanti has led performance for the majors up 127%, Kinross up 105%, Newmont 88% ytd, Agnico Eagle 70%, Barrick up 68% whilst Australian major Northern Star is up 23%.
• Elsewhere, Lundin Gold has risen 164% ytd on strong operating margins from Fruta del Norte.

US looking to add copper, potash, lead, rhenium and silicon to critical minerals list

• Changing methodology and recognition of the economic consequences of mineral shortages are leading to changes to the US critical minerals list
• Copper and silicon have been recommended for addition for economic reasons according to the USGS.
• Lead and rhenium are also recommended for inclusion while Tellurium and arsenic are recommended for removal.
• The review covers 84 minerals, 402 industries and >1,200 modelled scenarios offering a more comprehensive framework for policymakers.
• The expanded list also recognises the importance of the economic impact of restricted mineral supply on the US economy.

Copper – Demand from AI datacentres forecast to push copper prices higher with substantial new demand

• BlooombergNEF see copper prices rising to $13,500/t by 2028.
• Servers which take up to 1-10kw per rack will jump to 30-80kw per rack will require larger busbars, cables and air cooling.
• BloombergNEF see demand rising to 35mtpa driven by AI datacentres, manufacturing and energy transition, eg EVs and related infrastructure.
• Supply is at ~27.5mt but will only grow to 29mt leaving a potential 6mtpa copper shortfall which has severe implications for construction as well as AI and energy transition.
• Supply growth is also seen as fragile with long lead times to get mines started of around 10-15 years according to BloombergNEF.
• They recommend datacentre operators should collaborate with copper miners and producers to ensure supply.
• We recommend investment in exploration for new copper projects with very substantial returns to be earned on the discovery and delineation of new copper resources.
• Junior investment ideas:
  • Anglo Asian Mining*
  • Aterian*
  • BE Metals⁺
  • Phoenix Copper*
  • SolGold
  • Tertiary Minerals*
• Larger copper miners:
  • Antofagasta
  • Amerigo
  • First Quantum Minerals
  • Glencore⁺
  • Ivanhoe Mines
  • Lundin Mining

*SP Angel acts as nomad and or broker to these companies. ⁺ SP Angel analysts holds shares in BE Metals and Glencore

EU auto groups say emission targets no longer feasible

• Heads of European auto manufacturers and suppliers have warned the EU’s planned 100% CO2 cut for cars by 2035 is no longer feasible given current economic and tech constraints.
• Key obstacles cited are the near-total reliance on Asia for batteries, patchy charging infrastructure, rising production costs, and the recently introduced US tariffs.
• EVs currently make up only ~15% of new car sales and ~9% of van sales in the EU, falling way short of the needed market share.
• Auto leaders have urged a more flexible approach incorporating hybrids, efficient ICEs, hydrogen, synthetic fuels and a review of emission rules for trucks and buses
• European Commission President Ursula von der Leyen is set to meet industry executives on 12th September to discuss the future of the industry and Europe’s decarbonisation strategy.

IGTV – The Future of Mining: Gold, Copper, Rare Earths & M&A:  https://youtu.be/-G59iOq6x2c?si=z4fVkyHNP9isbOTB

The News Forum – The Buck Stops Here: https://www.thenewsforum.ca/series/thebuckstopshere

Economics

US – 50% tariffs on India came into force as the White House puts pressure on New Delhi to agree a trade deal.

• New tariff doubles the rate from 25 previously.

Core capital goods orders that exclude aircraft and military equipment used as a proxy for business investment climbed more than projected in July.

• That suggest companies may be moving forward on investment plans as uncertainty over trade and tax policy gradually reduces.
• Durable Goods Orders (%mom, Jul/Jun/Est): -2.8/-9.4/-3.8
• Capital Goods Orders ex Air and Military (%mom, Jul/Jun/Est): 1.1/-0.6(revised from -0.8)/0.2

China – Industrial profits drop slows down in July amid government efforts to cut overcapacity.

• Industrial profits fell 1.5%, down from -4.3% in June and the least since they started falling in May.

Germany – Consumer sentiment remained low weakening further in August.

• “Growing fears of job loss are causing many consumers to remain cautious, especially when it comes to major purchases,” the report read.
• GfK Consumer Confidence (Aug/Jul/Est): -23.6/-21.7(revised from -21.5)/-21.5

France – CAC 40 equity index recovers some of its losses related to the no confidence vote scheduled for September 8.

• The cabinet is facing a push back against €44bn of spending cuts and tax increases
• Borrowing costs have been rising amid prospects of a political crisis and inability to address problems with wide budget deficits.
• 10y borrowing costs climbed to over 3.5% earlier approaching the post-Eurozone crisis high set in March.
• PM Francois Bayrou approval ratings are at record lows for any PM during Macron’s presidency.

Currencies

US$1.1611/eur vs 1.1613/eur previous. Yen 147.82/$ vs 147.71/$. SAr 17.708/$ vs 17.672/$. $1.346/gbp vs $1.344/gbp. 0.648/aud vs         0.648/aud. CNY 7.161/$ vs 7.162/$.

Dollar Index 98.43 vs 98.53 previous.   

Precious metals:         

Gold US$3,375/oz vs US$3,370/oz previous

Gold ETFs 92.4moz vs 92.4moz previous

Platinum US$1,344/oz vs US$1,339/oz previous

Palladium US$1,093/oz vs US$1,094/oz previous

Silver US$38.4/oz vs US$38.6/oz previous

Rhodium US$7,375/oz vs US$7,375/oz previous

Base metals:   

Copper US$9,818/t vs US$9,793/t previous

Aluminium US$2,630/t vs US$2,613/t previous

Nickel US$15,270/t vs US$15,075/t previous

Zinc US$2,801/t vs US$2,797/t previous

Lead US$1,989/t vs US$2,005/t previous

Tin US$34,275/t vs US$33,745/t previous

Energy:

Oil US$67.1/bbl vs US$68.3/bbl previous

• Crude oil prices moved lower as the API estimated a w/w draw of 1.0mb to crude (-1.7mb exp), as well as draws of 2.1mb to gasoline and 1.5mb to distillate stocks.
• Nigeria’s state oil firm NNPC declared that nearly all pipeline theft has been eliminated after coordinated efforts by the country’s defence and intelligence agencies to improve security, especially in the Niger Delta.

Natural Gas €33.3/MWh vs €33.6/MWh previous

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

Bulk:   

Iron Ore 62% Fe Spot (cfr Dalian) US$111.3/t vs US$111.7/t

Chinese steel rebar 25mm US$460.4/t vs US$463.9/t

HCC FOB Australia US$187.5/t vs US$188.0/t

Thermal coal swap Australia FOB US$109.8/t vs US$109.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$84,485/t vs US$87,272/t

Lithium carbonate 99% (China) US$11,074/t vs US$10,933/t

China Spodumene Li2O 6%min CIF US$940/t vs US$940/t

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

China Tungsten APT 88.5% FOB US$503/mtu vs US$503/mtu

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

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$23.6/kg vs US$23.6/kg

China Ilmenite Concentrate TiO2 US$269/t vs US$269/t

China Rutile Concentrate 95% TiO2 US$1,096/t vs US$1,096/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$3,025.0/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

Aterian plc* (ATN LN) 37.5p, Mkt Cap £4.8m – Aterian targeting structural controls for future drilling on licenses within the Kalahari Copper Belt

(Rio Tinto jv has the option to invest US$7.5m in two stages to earn up to 75% in the HCK lithium and tantalum hard rock prospect in Rwanda)

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian update on their 90% owned Atlantis Metals’ licenses in the KCB ‘Kalahari Copper Belt’ which hosts world-class copper-silver deposits in Botswana.
• The KCB is estimated to be ~1,000 km long and up to 250 km wide, hosting copper-silver mineralisation in stratabound and metasedimentary rocks, which have been folded, faulted, and metamorphosed.
• Deposits are typically stratabound, disseminated, and structurally controlled and vary between 1.5 to 4 km in strike length and ~5 to 40m thick.
• Aterian are targeting copper mineralisation towards the base of the D’Kar Formation, near the contact with the underlying red beds of the Ngwako Pan.
• The idea is to locate where the migration of hydrocarbons and / or sulphur-bearing fluids has deposited copper and other minerals in significant deposits as it hits the overlying D’Kar Formation.
• Aterian’s KCB portfolio has 10 Prospecting Licenses covering a very substantial 2,298.34 sq km
• Two licences lie southwest of Sandfire’s Motheo copper production hub.
• The lower D’Kar / Ngwako formational contact hosts some major sediment-hosted copper-silver deposits including:
  • Sandfire’s Motheo T3, A1 and A4 copper deposits – combined mineral resource of 64.1 Mt @ 1.0 % Cu and 13.8 g/t Ag).
  • MMG / China Minmetal’s (Cupric Canyon) Ghanzi West, Khoemacau copper mine 450 Mt @ 1.4 % Cu and 18 g/t Ag)
    • Inc. MMG’s Banana Zone at 150 Mt @ 0.93 % Cu and 12 g/t Ag – Indicated + Inferred mineral resource.
    • The Chalcocite Zone within the Banana Zone has a MRE of 32.7mt at 0.64% Cu and 6 g/t Ag.
  • Kavango Resources also hold the Ghanzi West copper-Silver project
• Licence PL 199/2025:
  • 50 km north of Motheo at the north-eastern end of a dome-like structure, similar in terms of magnetic signature to MMG’s Banana Zone
  • The license overlies an interpreted plunging antiformal axis with a coincident historical copper-in-soil anomaly covering 4 sq km.
  • The lower D’Kar Formation is in contact with the underlying sediments of the Ngwako Pan Formation along 14 km of strike
  • Soil samples >18 ppm Cu from a geochemical survey conducted by Discovery Metals in 2010 were found in the main target area.
• Licence PL 197/2025:
  • PL is close to and includes MMG’s Ghanzi mines and projects and covers ~194 sqkm
  • The D’Kar/Ngwako formational contact has strike of 10.5 km, with a copper-in-soil anomaly on its western border.
  • The underlying geology consists of units from the Ngwako Pan Formation, underlain by the D’Kar Formation in the western corner of the licence.
  • Magnetics show a tight Z-fold, offering potential for mineralisation concentration in the fold hinge zone, as well as in the hanging-wall/footwall contact.
  • The proximity to an inferred basin margin further enhances the prospectivity of PL197/2025.
• License PL198/2025:
  • Magnetic imaging indicates the Ngwako Pan Formation probably underlies the license and the closest contact with D’Kar formation may be just 1 km south.
• Fieldwork:
• A recent review of information on the geology of the area includes recommendations for initial fieldwork including detailed magnetics, IP/Resistivity, electromagnetics  and detailed ground gravity surveys.

Conclusion:

The Kalahari Copper Belt is highly prospective for new copper-silver discoveries following substantial success over the past 20 years in the discovery of Motheo, Khoemacau and Boseto mines and related copper discoveries.

Geologists can now see the structural controls relating to the deposition of copper mineralisation in the KCB area giving better direction to their drill targeting.

*SP Angel acts as Broker to Aterian Plc

C3 Metals (CCCM CN) C$0.93, Mkt Cap C$96m – CEO interview highlights assays due imminently from three exploration programmes

• Super Block, Jamaica
  • JV with Geophysix drilling programme now 25% complete
  • Results due 3Q25
• Bellas Gate, Jamaica
  • JV with Freeport McMoran with 14 porphyry systems identified.
  • Results due late 3Q25, early 4Q25
• Khaleesi Project, Peru
  • Positive geochemical mapping boosted target priority.
  • Drill permits secured and programme underway imminently.
  • Results due mid to late 4Q25.

Conclusion: This is a busy period for C3 Metals who have worked hard to derisk and delineate high-priority drill targets across their copper and gold exploration portfolio in Jamaica and Peru. We look forward to upcoming assay results with interest.

Critical Mineral Resources (CMR LN) 4.45p, Mkt Cap £5.8m – Drilling to start shortly in Morocco as project footprint is expanded

• Critical Mineral Resources, which is earning a 60% interest in the Agadir Melloul copper project in Morocco reports that it has extended its land holding with the acquisition of a further three permits and the securing of exclusive rights over a further 6 permits giving it a “dominant position in the Agadir Melloul district”.
• “The Agadir Melloul Project is located 240km east of Agadir and within the Agadir-Ida-Ou-Tanane Prefecture” and benefits from sealed-road access and grid power.
• The company is exploring sedimentary copper potential of the district where it has an initial ‘Exploration Target’ of “150,000 to 200,000 tonnes of contained copper at a 1.2% copper equivalent grade”.
• Today’s announcement confirms the expectation that the land holding could “exceed 150km², of which >100km² contains sedimentary rocks and the target Adoudounian unit”.
• Following trench results, including “copper and silver grades of 27m at 2.9% and 25 g/t; 12m at 1.9% and 61g/t; 10m at 1.5% and 12 g/t; 7m at 3.1% and 45 g/t; and 5m at 2.2% and 32 g/t … over a 1.5km strike length” the company has prepared “fifty drill pads” with diamond drilling expected to start “very shortly”.
• The company explains that “Agadir Melloul is a geological analogue of the 130 million tonne Tizert Project, 55km to the west. The main shared geological characteristics are:
  • Sediment hosted copper and silver systems
  • Mineralisation found at and near the contact between the Precambrian basement and Infracambrian (c.550mya) sedimentary rocks
  • Mineralisation, dominated by chalcopyrite, chalcocite, bornite and malachite, predominantly found in limestone, dolomite and conglomerate sediments”.
• CEO, Charlie Long, described the expansion of the land position and the preparations for drilling as “game changing … [turning the company from an] … explorer to … [a] … project developer”.
• He said that “together with our strategic investor, we believe the existing sampling data, derived mostly from trenching, underpins the initial mine project of a 750 to 1,000 tonnes per day flotation plant … [with] … potential for a much larger discovery”.
• Under the terms of its definitive joint venture agreement with Coppernicus Mining the company will double its current 10% interest in the project by funding “the purchase of targeted Additional Permits”
• Thereafter;
  • “completion of a feasibility study, an EIA and a construction decision” will take ownership to 30%; and
  • Funding of construction lifts ownership to 50%; and
  • Ownership “will increase by a final 10% after making an optional payment of US$1,200,000, … taking CMR’s interest in the SPV to 60%”.
• Explaining the likely news schedule, Mr. Long explained that “Once drilling commences during the next week or two, assay results will be quick to follow”.

Conclusion: The company is expanding its exploration land-holding in Morocco and expects to move to drilling at Agadir Melloul within the next two weeks.

ECR Minerals (ECR LN) 0.24, Mkt Cap £5.2m – Completion of alluvial gold drilling at Blue Mountain, Queensland

• ECR Minerals has now completed its alluvial gold drilling campaign at the Blue Mountain project in Queensland and the rig is in transit to the Lolworth gold/rare-earths project in North Queensland.
• The company reports that drilling confirmed visible gold “at the Lower Patterson, Windmill and Upper Kariboe Creek prospects” and that it identified “Coarse, heavy-textured gold identified for the first time at the Upper Kariboe Creek”.
• Future work includes “Trial wash testing of selected samples from the three prospects … to provide valuable data on potential recovery rates and average grades”.
• The company explains that Blue Mountain is an area of historic alluvial gold production in northern Queensland and that “the Board considers that the … Project offers strong near-term production potential together with significant longer-term exploration upside”.
• When drilling starts at Lolworth next week the first target will be the “Uncle Terry prospect, where previous rock chip sampling and mapping confirmed galena, sulphides and high-grade gold assays, including grades of up to 75.6 g/t Au. Drilling will test quartz blow outcrops and shear zones that remain open along strike”.
• Drill testing of the Uncle Terry prospect “will represent the first systematic drill testing at the Lolworth Project and is expected to provide valuable insights into the scale and continuity of mineralisation across the wider project area”.

Conclusion: Drilling at the Blue Mountain alluvial gold project is now complete with initial assay results expected in September.

Eurasia Mining (EUA LN) 4.5p, Mkt Cap £121m – NKT license agreement extended by two years

• The Company extended license agreement for the NKT Ni Cu PGM Project, Russia.
• The license was extended by two years to 20 August 2027.
• The asset remains under strategic review as part of a broader drive to exit Russia.
• The brownfield project hosts 107mt at 0.28% Ni, 0.13% Cu and 0.53g/t PdPtAu in Inferred category.

Hochschild Mining (HOC LN) 262p, Mkt Cap £1.6bn – Interims highlight strong commodity price environment and Mara Rosa guidance downgrade

• The Company released interim results this morning.
• 1H25 production 162koz (1H24: 153koz).
• AISC $1,914/oz (1H24: $1,432/oz) on production issues at Mara Rosa, net inflation and lower grades in Argentina.
• Revenues US$520m, +33%yoy helped by higher gold and silver prices as well as stronger gold production partially compensated by lower silver output.
• Hedges cost $41.5m in 1H25.
• Adjusted EBITDA $225m, +27%.
• PAT $97m, +89%, and PAT (ex exceptional items) $66m, +4%.
• Net debt $202m (December 2024: $216m) including $110m closing cash balance.
• Interim dividend of 1.0USc declared (~0.6% DY on 262p).
• Guidance revised lower
  • Mara Rosa production 35-45koz from 94-104koz;
  • Processing plant restarted following a four week suspension and ramping up with mechanical filter repairs and operations improvements being tested.
  • New Brazil country manager appointed.
  • Inmaculada and San Jose production guidance unchanged;
  • Production 291-319koz GE from 350-378koz;
  • AISC US$1,980-2,080/oz from $1,587-1,687/oz.
  • Higher unit costs reflect production downgrade at Mara Rosa as well as inflationary pressures in Argentina, and the impact of higher commodity prices on royalties.
• Stock is off 14% this morning.

Rio Tinto (RIO LN) – 4,619p, Mkt cap £57bn – Simplification of the business structure

1. Rio Tinto has announced a restructuring to “simplify and streamline the organisation”.
2. The new structure will rest on “three world-class businesses”:

• • Iron Ore – headed by Matthew Holcz as Chief Executive Iron Ore. “The unified portfolio will integrate Rio Tinto’s Western Australian Iron Ore operations with the Iron Ore Company of Canada and the Simandou project in Guinea upon its completion”; and
  • Aluminium & Lithium – “under the leadership of Jérôme Pécresse” which will “consist of three businesses: Atlantic Operations Aluminium, Pacific Operations Aluminium and Lithium”; and
  • Copper – “led by Katie Jackson… [will focus] … on the successful ramp up of Oyu Tolgoi, the stabilising of Kennecott and advancing future options, including the Resolution project in the USA and partnerships such as Nuevo Cobre in Chile”.

1. Today’s announcement confirms that “Rio Tinto’s Borates and Iron & Titanium businesses will move to the Chief Commercial Officer’s portfolio for strategic review”.
2. In addition to the three business heads, Rio Tinto’s Executive Committee, headed by Chief Executive, Simon Trott, will include the Chief Commercial Officer, Bold Bataar; the Chief People Officer, Georgie Bezette; the Chief Financial Officer, Peter Cunningham; the Chief Technical Officer, Mark Davies; and the Chief Legal, Governance and Corporate Affairs Officer, Isabelle Deschamps.
3. Mr. Trott explained that the new structure “will enable us to deliver new standards of operational excellence and value creation … [and] … a more disciplined approach to operational performance and capital investment”.

Thor Explorations (THX LN) 55p, Mkt Cap £360m – Guitry assay results as maiden MRE target retained

• Thor reports exploration results from its Guitry Gold Project, Cote d’Ivoire.
• Thor acquired Guitry from Endeavour for $100k and a 2% NSR.
• Thor has been drilling 3,000m RC to boost understanding of mineralisation and gold-bearing systems.
• Previous drilling targeted near-surface supergene horizon gold mineralisation, whereas Thor’s programme has targeted parallel mineralised lodes.
• Current drilling aimed at targeting a steep north-dipping zone of greywacke rocks under a laterite-capped hill.
• Company reports highlight results:
  • GURC25-212: 7m at 5.3g/t Au from 155m
  • GURC25-232: 8m at 14.5g/t Au from 114m
  • GURC25-234: 4m at 10.7g/t Au from 81m
• Thor has now identified a primary zone of 400m x 300m with several high grade gold intercepts, with grade increasing at depth in the fresh bedrock.
• Company now intends to conduct both infill and step-out drilling to upgrade and extend the resource.
• 10km of strike yet to be systematically sampled.
• Additional drilling will be conducted to define the mineralisaiton of the Central Zone, with assays pending.

Conclusion: Nigerian gold producer Thor is looking for growth options, currently drilling in Senegal, Cote d’Ivoire and Nigeria. Guitry is a recently acquired asset and Thor has a stated aim to deliver a maiden MRE of 500-1,000koz Au. Management has deepened drilling with success and notes mineralisation remains open at depth.

Zijin Mining (2899 HK) HK$25, Mkt Cap HK$654bn – High gold and copper prices compliment strong operational performance

• Chinese diversified miner Zijin reports operating income of RMB168bn, up 12%yoy for the half year.
• PBT reported at RMB34.5bn, up 60%yoy.
• Net profit reported at RMB23bn, up 54%yoy.
• Gross profit margin of mine-produced products up 3% to 60%.
• Net operating cash flows up 41% to RMB29bn.
• Cash position of RMB35.7bn.
• Copper:
  • Production over the period up 9% to 570kt.
  • Major contributions from Kamoa-Kakula (109kt), Julong (93kt), Serbia (88kt), Kolwezi (55kt and Duobaoshan (57kt)
• Gold
  • production up 16% to 1.4moz.
  • Major contributions from Norton, Buritica, Longnan and Rosebel
• LCE production at 7.3kt.
• Copper reserves up 1.3mt and resources up 2mt supported by results from the Zijinshan mining area.
• Gold resources up 2.8moz and reserves up 1.1moz, supported by exploration in Serbia, Australia, Suriname and Colombia and the acquisition of Akyem and Raygorodok in Kazakhstan.
• Lithium resources up 834kt LCE and reserves up 358kt, following the acquisition of Zangge mining.
• Zijin notes ‘continually rising US dollar debts had weakened its credit, resulting in global central banks increasing their gold holdings and surging safe-haven demand.’
• On copper, the major producer reported domestic demand growing 10% over the half year, whilst TC charges fell on supply shortages.
• Lithium prices weak on oversupply expectations.
• Company focus on ‘improving quality, reducing costs, boosting efficiency.’
• Development Projects:
  • Julong in Tibet advancing to Phase 2
  • Lower Zone development at Cukaru Peki in Serbia.
  • Building Tongshan Copper Mine in Heilongjiang
  • Upgrading Aurora gold mine in Guyana.
  • Started construction of Zhunuo Copper Mine in Tibet.

Conclusion: Shares hit record highs overnight on strong results, led by both high operating margins and improving copper and gold price environments. The Company is progressing several large-scale CAPEX programmes across Tibet, Siberia, China and Guyana.

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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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

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.

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