SP Angel Morning View -Today’s Market View, Wednesday 29th October 2025

Copper clears record highs as China-US trade talks lift base metals spectrum

MiFID II exempt information – see disclaimer below

Artemis Resources (ARV LN) – Initial drilling results from the Titan gold prospect, WA

Cobra Resources (COBR LN) – Permeability testing underway at the Boland REE project, South Australia

Ecora (ECOR LN) – Kestrel and Voisey’s Bay contributions support deleveraging

Elevra Lithium (ELV AU) – Quarterlies highlight Sayona/Piedmont merger completion, FY26 guidance reiterated

First Quantum (FM TO) – Guidance on track as Cobre Panama power plant restart due 4Q25

Glencore* (GLEN LN) – Copper guidance retained on higher Q4 feed grades

Guardian Metal Resources (GMET LN) – Annual results focus on the Nevada tungsten projects

Lindian Resources (LIN AU) – Kangankunde is not subject to executive order the government confirms

Lynas Rare Earths (LYC AU) – HRE separation facility in Malaysia

MetalsX (MLX AU) – Cash bolstered to support acquisition strategy

Petra Diamonds (PDL LN) – Q1 results show improving prices aided by change in product mix of sales

Copper ($11,100/t) clears record highs as China-US trade talks lift base metals spectrum

• Copper has now climbed 18% over the past six months, pushing past record highs on tight supply and improving demand dynamics.
• The move comes amid a wider rally in base metals, with zinc and aluminium both pushing past 12-month highs.
• China-US trade talks are encouraging metal demand sentiment, whilst a general risk on sentiment is boosting appetite.
• The dollar remains weak, with the index down 5% over the past year as the market adjusts to Trump 2.0.
• Reuters reports that Chinese smelters are refraining from setting 4Q25 TCRC fee guidance, for the third quarter in a row, as concentrate supply remains constrained.
• Anglo warned on guidance yesterday, adding to further concerns over copper supply going forward, following the suspension of Grasberg operations and downgrades from Kamoa Kakula and El Teniente.

IG TV Commodity Corner: 

ii TV – Macro trends, indicators, small caps.

• Precious metals, gold and copper : https://vimeo.com/fiveminutepitchtv/review/1125894076/5ccc1f796b

• FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1

Economics

US – Fed rate cut later today is fully priced in with markets to watch out for signals on policy outlook.

• Markets are expecting two 25bp cuts before year end.

President Trump said he may lower tariffs on Chinese goods imposed over the fentanyl crisis and speak with China’s Xi Jinping over Nvidia’s Balckwell AI chip shipments.

• Trump said he may allow China access to latest Nvidia chips as part of a trade deal.
• The meeting between two leaders is scheduled for Thursday.

Currencies

US$1.1633/eur vs 1.1661/eur previous. Yen 152.25/$ vs 151.96/$. SAr 17.117/$ vs 17.279/$. $1.322/gbp vs $1.333/gbp. 0.661/aud vs         0.655/aud. CNY 7.099/$ vs 7.101/$.

Dollar Index 98.93 vs 98.69 previous.

Precious metals:         

Gold US$4,011/oz vs US$3,913/oz previous

Gold ETFs 97.6moz vs 97.7moz previous

Platinum US$1,610/oz vs US$1,544/oz previous

Palladium US$1,416/oz vs US$1,361/oz previous

Silver US$48.2/oz vs US$45.8/oz previous

Rhodium US$8,000/oz vs US$8,050/oz previous

Base metals:   

Copper US$11,122/t vs US$10,886/t previous

Aluminium US$2,913/t vs US$2,851/t previous

Nickel US$15,360/t vs US$15,170/t previous

Zinc US$3,086/t vs US$3,016/t previous

Lead US$2,027/t vs US$2,016/t previous

Tin US$36,465/t vs US$35,850/t previous

Energy:           

Oil US$64.2/bbl vs US$64.5/bbl previous

Natural Gas €31.6/MWh vs €31.2/MWh previous

Uranium Futures $78.9/lb vs $77.7/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$105.9/t vs US$105.7/t

Chinese steel rebar 25mm US$443.7/t vs US$443.6/t

HCC FOB Australia US$193.5/t vs US$193.5/t

Thermal coal swap Australia FOB US$109.1/t vs US$108.5/t

Other:  

Cobalt LME 3m US$48,570/t vs US$48,570/t

NdPr Rare Earth Oxide (China) US$71,630/t vs US$71,827/t

Lithium carbonate 99% (China) US$11,128/t vs US$11,056/t

China Spodumene Li2O 6%min CIF US$930/t vs US$910/t

Ferro-Manganese European Mn78% min US$1,015/t vs US$1,015/t

China Tungsten APT 88.5% FOB US$648/mtu vs US$643/mtu

China Tantalum Concentrate 30% CIF US$93/lb vs US$93/mtu

China Graphite Flake -194 FOB US$395/t vs US$395/t

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

Europe Ferro-Vanadium 80% US$23.9/kg vs US$23.9/kg

China Ilmenite Concentrate TiO2 US$274/t vs US$274/t

US Titanium Dioxide TiO2 >98% US$2,961/t vs US$2,961/t

China Rutile Concentrate 95% TiO2 US$1,106/t vs US$1,106/t

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

Brazil Potash CFR Granular Spot US$350.0/t vs US$350.0/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

China to double EV charging capacity by 2027

• China has plans to double national EV charging capacity to 28m facilities by end-2027, providing 300GW total capacity for its approx. 80m EVs.
• The National Development and Reform Commission (NDRC) said the goal is to fix uneven network distribution and poor residential access.
• The plan includes 1.6m new DC fast chargers, 100,000 of which will be high-power models above 800V.
• Older charging points, over eight years of use, will be upgraded or replaced to improve reliability.
• The expansion supports Beijing’s broader 2025–27 plan to boost domestic consumption via auto-sector demand.
• NEVs made up 57.8% of China’s passenger car sales in September, highlighting the need for rapid infrastructure growth.

US EV sales plummet after $7,500 federal incentive rollback

• US EV sales have fallen 43% in October following the expiration of the $7,500 federal tax credit at the end of September
• The US saw record sales in the months up to the end of the subsidy and national EV inventory dropped nearly 50% from June as dealers cleared stock before the policy change.
• Average EV prices fell to $44,000 from $49,000 in Q2, reflecting deep discounts from dealers.
• ICE vehicle sales rose 18% mom, while hybrid demand remained flat.
• Analysts expect the loss of incentives to slow EV adoption through mid-2026 unless new state-level rebates are introduced.

Company news

80 Mile Plc* (80M LN) – 0.82p, Mkt cap £36m – Independent report estimates potential for 4.2bnb (Pmean) of prospective oil potential at Jameson Land Basin, Greenland

(80 Mile retains a 30% interest in the Jameson Land Basin. Pelican Acquisition Corp’s merger with Greenland Exploration appears to value 80 Mile’s interest in Jameson at ~US$92m)

• 80 Mile’s partners on the Jameson Land Basin oil prospect report the results of a third-party resource evaluation that estimates 4.2bnb (Pmean) prospective oil resource.
• US based oil field specialists, Sproule ERCE give a range of P10, Pmean and P90 estimates of gross un-risked recoverable prospective oil resources across the upper levels of the Jameson Basin.
• See the March GL press resource evaluation: https://www.sec.gov/Archives/edgar/data/2037431/000182912625008407/pelicanacq_ex99-1.htm
• Pelican Acquisition Corp is a SPAC and is in the process of acquiring Greenland Exploration Limited and March GL Company in a deal expected to close after domesticating to Texas and forming a new holding company called Greenland Energy Company.
• The merger is expected to close after Pelican domesticates from the Cayman Islands to Texas.
• The independent report also highlights further upside potential the known target areas both across the broader licence and at depth and particularly within the Permian base layer.
• 80 Mile’s attributable share of the prospect indicates some 1.26bnb (Pmean) based on its 30% interest post earn-in completion
• The licenses include some 58 prospects and leads indicating Jameson to one of the more highly prospective undrilled basins.
• Drilling should start in H2 next year and is fully funded with March GL funding 100% of the costs associated with up to two exploration wells to a minimum depth of 3,500m designed to delineate the hydrocarbon potential of the Jameson Basin.
• March GL earns a 70% working interest, with 80 Mile retaining 30% through White Flame Energy A/S. 80 Mile retains 100% ownership till the two wells have been drilled.

Conclusion: Pelican Acquisition Corp’s merger with Greenland Exploration should help to further 80 Mile’s exposure to the oil & gas sector. We hope the drilling next year will prove the presence of oil and gas in the Jameson Land Basin and will provide results to start to convert the Sproule ERCE estimates into first contingent resources, then with further derisking towards eventual commercial reserves.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Artemis Resources (ARV LN) 0.42p, Mkt Cap £14m – Initial drilling results from the Titan gold prospect, WA

• Artemis Resources, which started a 1,600m programme of reverse-circulation (RC) drilling at its Titan gold prospect near Karratha, WA in September reports that the first hole has intersected mineralisation in a shear zone.
• Hole 25ARRC-006 intersected gold in “vein quartz within a 20m mineralised interval” averaging ~3.5g/t and including a 5m wide section averaging 13.1g/t gold from a depth of 132m downhole as well as “other elevated gold assays between 0.1g/t Au up to 0.78g/t gold”.
• We see from a detailed breakdown of the individual assay results between 131-151m depth that the highest grades lie within a 3m section from 133-136m depth with individual metre long assays of 11.55g/t, 33.2g/t and 17.8g/t and with individual assays below this depth ranging between 0.05g/t to 0.78g/t.
• The northeast trending shear zone lies beneath “transported sediments and is parallel to the Regal Thrust, which outcrops as a prominent chert ridge 300 metres to the south” and is reported to have been undrilled prior to this current work.
• “Assay results … [are] … awaited from a second RC hole, 25ARRC024, drilled 50m east of 25ARRC006 which intersected several intervals of vein quartz starting from 28m depth”.
• The Titan prospect is described as “a large, structurally complex area along the northern side of the Regal Thrust which outcrops as a regional chert ridge offset by NW-trending cross cutting faults”.
• The sediment cover is reported to limit the effectiveness of surface geochemical exploration and Executive Director, Jozsef Patarica said that given the encouragement from the initial RC holes “Iwe have arranged for diamond drilling to begin in late November to define the true widths and orientation” of the mineralisation.

Cobra Resources (COBR LN) 4.15p, Mkt Cap £37m – Permeability testing underway at the Boland REE project, South Australia

• Cobra Resources has confirmed that field permeability testing of its Boland ionic clay hosted rare earths project in South Australia is now underway.
• The tests, aimed at establishing the operating parameters for in-situ recovery (ISR) of the rare-earth minerals are expected to take 7-14 days and will include:
  • “Hydrological tests to evaluate aquifer discharge rates”; and
  • “Tracer permeability testing aimed to demonstrate orebody permeability and connectivity”
• The company says that it is aiming to “emulate permeability achieved in recent bench scale ISR studies that achieved 66% Heavy Rare Earth (“HREO”) recoveries in 17 days, with very low acid consumption at pH 3” under field conditions which we expect should provide valuable data for future engineering design and economic assessments.
• Today’s announcement explains that the rare earth mineralisation at Boland is hosted in organic matter “within the Pidinga Formation, a highly permeable paleo-sediment confined by impermeable clays. This unique environment enables controlled ISR, the lowest cost and most sustainable form of mining”.
• Managing Director, Rupert Verco, described the start of the field testing as “a very important step in advancing the Boland Project, with this testing aiming to demonstrate the lowest cost and most sustainable method of mining”.
• He said that “Should these tests be successful, it will be another significant milestone achieved in Cobra’s strategy to be a resilient, low-cost, environmentally sustainable and ethical producer of heavy rare earth metals, Dysprosium and Terbium”.
• The announcement also confirms that the Native Title Mining Agreement with the Barngarla People “for the New Tenements, where we have demonstrated high grades and massive scale potential” has been formally assigned to Cobra Resources from the previous owner.

Conclusion: The start of field scale testing at the Boland project will generate important insights into how the laboratory scale results can be reproduced for an operating scale ISR project.

Ecora (ECOR LN) 97p, Mkt Cap £242m – Kestrel and Voisey’s Bay contributions support deleveraging

• Ecora generated $25m in portfolio contributions from 3Q25, up 112%qoq.
• Net debt reduced to $104m from $125m on the sale of the Dugbe royalty.
• The base metals portfolio generated contributions of $9.9m on increased contribution from Voisey’s bay to $6m as cobalt production increased.
• Cobalt guidance attributable to Ecora increased to 434-448t from 365-390t.
• Mimbula portfolio contribution of $1.1m, up from $0.5m prior quarter on increased attributable production.
• Mantos Blancos contribution up $0.6mqoq to $2.6m.
• Santo Domingo FID due 2H26 following an investment from Orion at project level.
• Speciality and uranium portfolio contributions saw $1.9m in contributions.
• Rainbow’s Phalaborwa project development ongoing, with test results suggesting potential for a pure mixed rare earth production and focus on cerium depletion.
• Kestrel contributed $12.5m as mining returned to Ecora’s royalty area, contribution up 207%qoq.

Conclusion: Higher royalty revenue generated as Kestrel coal mining contributions ramped up as mining returned to Ecora’s area. Voisey’s Bay contributions also increased on higher cobalt output, with FY25 guidance upgraded. Focus on deleveraging currently, with post-period net debt reduced to $87m.

Elevra Lithium (ELV AU) A$3.8, Mkt A$625m – Quarterlies highlight Sayona/Piedmont merger completion, FY26 guidance reiterated

• Production lower on lower plant utilisation and recoveries compared to record 4QFY25 levels.
• Recoveries affected by lower feed grades and increased use of the WHIMS (wet high magnetic separators) on higher iron content in feed material.
• Sales held off for the December quarter to be delivered into higher forward sales prices.
• Treated 342kt (Jun25: 357kt)
• Production 52kt SC5.2 (Jun25: 59kt SC5.2)
• Recoveries 69% (Jun25: 73%)
• Sales 26kt (Jun25: 67kt)
• Average realised price US$784/dmt FOB (Jun25: US$682/dmt)
• Operating costs US$818/dmt FOB (Jun25: US$791/dmt)
• Capex amounted to A$13m during the quarter within guidance and primarily related to upgrade of the TSF along with other NAL projects.
• Sayona and Piedmont previously announced merger completed.
• Concurrent with the merger, Elevra completed a A$69m equity raise to RCF.
• NAL expansion FID targeted for 2H27 and first production 2029 (+55% capacity, from 200ktpa to 315ktpa, ~30% reduction in unit costs to ~US$562/dmt, US$270m capex).
• Closing cash A$148.8m (Jun25: A$72.3m) reflecting equity raise proceeds (A$69m) and cash from Piedmont (A$52m).
• FY26 guidance reiterated at 195-210kt and unit operating costs A$1,175-1,275/t (US$780-850/t).

First Quantum (FM TO) C$31, Mkt Cap C$26bn – Guidance on track as Cobre Panama power plant restart due 4Q25

• First Quantum reports 3Q25 results, seeing a net loss of $48m.
• EBITDA reported at $435m, up $35m qoq.
• Copper production over the period of 105kt, up 15%qoq on higher Sentinel and Kansanshi production but lower vs same period last year (116kt).
• C1 costs at $1.95/lb Cu, whilst AISC also lower at $3/lb.
• Gold production for the quarter at 36koz, down from 37koz prior quarter.
• Nickel production at 5.8kt over the quarter vs 4kt prior quarter.
• Copper production guidance narrowed from 380-440kt to 390-410kt.
• Gold production guidance narrowed to 140-150koz from 135-155koz.
• Nickel production guidance narrowed to 18-23kt from 15-25kt.
• Copper C1 cost guided at $1.95-2.10/lb from 1.85-2.10/lb.
• CAPEX for the year reduced from $1.3-1.45bn to $1.15-1.25bn on expected timings of spend.
• Kansanshi S3 Expansion completed in August.
• Cobre Panama expects power plant restart in 4Q25, with focus on ‘reaching a constructive resolution for the mine.’

Glencore* (GLEN LN) 370p, Mkt Cap £44bn – Copper guidance retained on higher Q4 feed grades

• Glencore reports production data for the September quarter.
• Company produced 584kt Cu, (-17% from 705kt 2024).
• Copper guidance narrowed to 850-875kt for 2025, from 850-890kt.
• Copper production supported by grade uplift at KCC, with copper grades in Q4 guided at 3.63% vs 2.21% September quarter.
• Mutanda grades also rising, with Q4 guided at 2.34% Cu vs 1.4% Cu in September quarter.
• Collahuasi production hit by water restrictions, set to ease following commissioning of new desalination plant. Grades expected to improve to 1.02% Cu from 0.91% in Q3.
• Antamina improvement guided, with grades seen at 0.92% Cu from 0.81% in Q3.
• Antapaccay grades also seen improving from 0.35% Q3 to 0.52%.
• Zinc production at 709kt (+8% vs 644kt 2024)
• Zinc guidance narrowed to 950-975kt from 940-980kt.
• Higher zinc production reflects increased grades from Antamina and McArthur River.
• Nickel production at 52kt (-16% vs 62kt 2024)
• Gold production at 448koz and silver production at 14.8koz (-17% and +8% respectively)
• Ferrochrome production at 436kt (-51% vs 2024)
• Lower ferrochrome production reflects the impact of the suspension of Bosheok and Wonderkop smelters over the summer, as management waits for a ‘sustained recovery in ferrochrome conversion margins.’
• Steelmaking coal production at 25mt, up 123%yoy.
• Energy coal production up 1% to 73.5mt.
• Energy coal guidance at 92-97mt from 90-96mt.
• Glencore sold the Pasar smelter and refinery in September and ceased mine operations at Mount Isa in July 2025.
• Marketing EBIT guided at the mid-point of the $2.3-3.5bn long term guidance range.

Conclusion: Shares up 5% as market satisfied with Glencore’s copper guidance, which had been a major concern over the summer. Higher grades in the DRC and Peru in the fourth quarter leave the Company on track for 850-875kt FY25. Steelmaking and energy coal production tracking towards the higher end of full year guidance.

*An SP Angel analyst holds shares in Glencore

Guardian Metal Resources (GMET LN) 112p, Mkt Cap £193m – Annual results focus on the Nevada tungsten projects

• Guardian Metal Resources reports a loss of $2.7m for the year to 30^th June 2025 (2024 – $1.4m loss) and a current cash balance of $14.7m following a $21m fund raising on 23^rd July.
• The company highlights progress during the year at its Nevada tungsten projects at Pilot Mountain and Tempiute.
• At Pilot Mountain, which is thought to be the United States’ largest tungsten deposit, mineral resource and geotechnical drilling “were advanced to support pit design and mine planning” as part of the continuing pre-feasibility level work alongside “baseline studies … across environmental and technical disciplines to underpin key permitting next steps”.
• At Tempiute, which is located “less than 250 miles… southeast of … Pilot Mountain” and was acquired during the year, a drilling programme was started in “late summer 2025”.
• Last week, the company reported that it had completed 2,185m of diamond drilling in fifteen holes at Tempiute.
• The company says that the “combination of historical production, existing infrastructure, and new exploration potential establishes Tempiute as a highly complementary asset to Pilot Mountain, further strengthening Guardian Metal’s ability to deliver scale within a Nevada-based tungsten production hub”.
• Guardian Metal Resources plans to “advance Pilot Mountain and Tempiute through the next stage of technical and economic studies … [to] … deliver on its ambition of becoming America’s next tungsten producer”.
• The company describes the “strategic importance of tungsten” following China’s export restrictions implemented in February, which have tightened global supply constraints and pushed up prices from around US$350/mtu (metric tonne unit) to current levels around US$600/mtu.

Conclusion: Guardian Metals is advancing its Nevada tungsten projects with pre-feasibility and permitting work at Pilot Mountain and drilling underway at Tempiute.

Lindian Resources (LIN AU) A$0.32, Mkt Cap A$518m – Kangankunde is not subject to executive order the government confirms

• The Company reported that the Malawian government confirmed the Kangankunde REE Project is not subject to raw minerals export ban.
• The Mines and Minerals Regulatory Authority (MMRA) informed Lindian that Kangankunde monazite concentrate will not be considered “raw minerals”.
• Earlier President Mutharika issued an executive order banning the export of raw, unprocessed minerals.
• The Company is therefore allowed to carry with mining and processing activities.
• The stock is up 5% this morning.

Conclusion: Confirmation by the government that Kangankunde will not be subject to the ban is a welcome news allowing the team to progress with project development. Given final product is a simple monazite concentrate we would expect other developers in the region be subject to the same confirmations.

Lynas Rare Earths (LYC AU) A$15.3, Mkt Cap A$15.9bn – HRE separation facility in Malaysia

• The Company is establishing a new Heavy Rare Earth (HRE) separation facility in Malaysia.
• The new facility will be able to separate up to 5kt of HRE feedstock.
• Feedstock to be sourced from Lynas hard rock operations at Mt Weld as well as other sources incl ionic clay REE deposits in Malaysia.
• Project development costs estimated at A$180m.
• Capex well covered by existing cash following a >A$900m raise (at A$13.25/sh) in September.
• Construction timeline is subject to regulatory approvals.
• Development is planned in a phased approach delivering priority first with first production of Samarium from Mt Weld feedstock targeted April 2026.

MetalsX (MLX AU) A$0.84, Mkt Cap A$736m – Cash bolstered to support acquisition strategy

• MetalsX, who operate the Renison tin mine, report tin production of 2.3kt for the quarter.
• Production lower vs 2Q25 at 2.7kt.
• EBITDA reported at A$49m, with net cash flow reported at A$30m.
• Ore mined up to 191kt for the quarter, with grade falling to 1.51% Sn from 1.65% Sn prior quarter.
• Ore grade processed steady at 1.85% Sn.
• Mill recovery fell to 76% from 80.5%.
• Received tin price at A$52/t, with AISC reported at A$36k/t.
• Renison 2025 MRE updated to include Ringrose material, with 20.8mt at 1.4% Sn for 292kt for a 10 year LOM.
• Company aiming to update LOM plan and an updated ore reserve 4Q25.
• Cash position increased by A$48.6m to A$279m.
• 5,934m of exploration drilling completed over the quarter, with mineralisation identified at the southern extension of the Federal Fault, with resource development planned in 4Q25.

Petra Diamonds (PDL LN) 19p, Mkt Cap £39m – Q1 results show improving prices aided by change in product mix of sales

• In its results announcement for the three months to 30^th September, Petra Diamonds reports the production of 609,336 carats of diamonds (previous quarter – 619,374 carats and Q1 FY 2025 – 567,221 carats).
• The production includes 330,483 carats from the Cullinan mine in South Africa, 278,853 carats from the Finsch mine, also in South Africa.
• Cullinan’s production results from the processing of ~959kt of ore at an average grade of 29.9cpht (carats per hundred tonnes) to produce 286,897 carats supplemented by a further 43,586 carats produced from the processing of ~155kt of tailings.
• Cullinan generated US$36m from the sale of 278,968 carats at an average price of US$130/carat). The preceding quarter’s sales realised an average price of US$73/carat.
• Joint Interim CEOs, Vivek Gadodia and Juan Kemp, said that the “Cullinan Mine faced some productivity issues in the early part of the quarter as it transitioned from a continuous operation to its new 3-shift configuration, but this has since begun to stabilise”.
• Finsch’s production comes from the processing of ~630kt of ore at an average grade of 44.4cpht.
• Messrs. Gaodia and Kemp confirmed that “Finsch had a steady production quarter as we continue to open up new parts of the orebody”.
• Revenues from Finsch of US$15m were generated by the sale of 190,318 carats at an average price of US$81/carat compared to the previous quarter’s average US$70.carat.
• The company reports that “Average prices increased 53% over Q4 FY 2025 … [to US$110/carat compared to US$72/carat in Q4 FY 2025] … with product mix contributing 61%, partially offset by an 8% decrease in like-for-like prices across all product categories”.
• The CEOs explained that the changes in product mix have “continued to improve, especially for Cullinan Mine, as evidenced by the results of our first two tenders of FY 2026”.
• Petra Diamonds is maintaining its FY 2026 pricing assumptions that the Cullinan mine will realise between US$85-105/carat sold and Finsch will sell in the range US$75-95/carat.
• The two tender sales during the quarter, resulted in an increase in net debt to US$287m at 30^th September “(30 June 2025: US$264 million)”.

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.