SP Angel – Today’s Market View, Friday 24th July 2026

China gold imports rise to 173t in June

MiFID II exempt information – see disclaimer below

Antofagasta (ANTO LN) – Los Pelambres operations restart

Beowulf Mining* (BEM LN) – BUY, Target 27p – CLICK FOR LINK – Update Note – New presentation highlights route to Kallak PFS

CleanTech Lithium (CTL LN) – Testwork delivers lithium carbonate from Laguna Verde DLE eluate with DFS work ongoing

Galantas Gold* (GAL LN) – BUY, Target 89p CLICK HERE – Acceleration of payments for Andacollo gold mine in Chile

Kendrick Resources (KEN LN) – New Drill results at Teufelskuppe rare earth project in Namibia

Lotus Resources (LOT AU) SUSPENDED – ~A$138m refinancing to fund Kayelekera ramp up

Meteoric Resources (MEI AU) – Caldeira rare earth project DFS coming soon

Gold – China imports rise to 173t in June

• Chinese gold imports rose for a third month in June to around 173t, the highest since March 2024.
• Cheaper prices and a stronger yuan kept buyers coming, according to customs data.
• Banks were also using up import quotas before a new licensing regime started on 1 June.
• Chinese gold ETFs have also bought ~28t of net inflows this year (Shanghai Gold Exchange).

Copper – Freeport output falls 18% yoy, Grasberg still at half rates

• Freeport’s copper production fell 18% to 357kt in the second quarter, with gold down 39%.
• Grasberg made 93kt against 163kt last year, still recovering from the September mud rush.
• Revenue fell 7% to $7.03bn as lost volume outweighed the higher price.
• Net income rose to $984m from $772m, with copper realised at $13,600/t against $10,010/t.
• Adjusted EPS of $0.74 came above the $0.59 consensus, but the shares fell almost 3% to $63.36 (LSEG).
• Grasberg runs at half capacity, reaching 65% later this year and near full rates by end-2027.
• Guidance holds at 1.41mt copper and 650koz gold, with capex of $4.3bn.

Equinor joins Cobre to test in-situ copper recovery at Ngami, Botswana

• Cobre has signed a collaboration with Equinor on its simple ‘in-situ’ copper recovery at its wholly owned Ngami project.
• Equinor will test how well the leach solution performs under flow conditions, with well field commissioning underway.
• Drilling has restarted at Okavango with Sinomine, and seismic targets are ready on the BHP earn-in ground (bne IntelliNews).

Pantheon Electric looks at deals to feed data centre copper demand

• North American copper conductor maker Pantheon plans to acquire more copper targets as AI data centre and grid orders lift revenue towards $2bn.
• Revenue is expected to approach $2bn this year, up around 35% on the combined result last year.
• Pantheon now buys most of its copper from US producers such as Rio Tinto and Freeport (Bloomberg).

Aluminium – Trump halved tariffs on primary aluminium tariffs last week to 25% for producers that submit approved plans to build, expand, or refurbish smelting plants in the US.

Currencies

US$1.1399/eur vs1.1426/eur previous. Yen 163.68/$ vs163.11/$. SAr 16.777/$ vs16.404/$. $1.334/gbp vs$1.338/gbp. 0.699/aud vs0.701/aud.

CNY 6.775/$ vs6.771/$. Dollar Index 101.32 vs101.00 previous.

Economics

US – The administration announced new duties of at least 10% targeting 60 countries after the Supreme Court ruled against earlier this year

• After the court struck duties down, Washington imposed a global 10% tariff that were temporary in nature and due to expire today (July 24).
• The new measure is based on Section 301 of the Trade Act 1974 allowing the White House to announce new levies.
• The administration accused the 60 counties on failing to “impose and effectively enforce a prohibition on the importation of goods produced with forced labour”.

• Canada: Trump has imposed a 50% tariff placed on goods not already under them on Sunday as the US abandoned the USMCA trade deal.
• Mexico: US discussions are ongoing with Mexico, though Mexico is so intertwined with the US on car parts that Trump may struggle to impose broad tariffs.
• Brazil is next on the agenda, though Brazil has partly replaced the US with China from a trade perspective, though they trade very different goods with the two nations.
• Its iron ore, beef and other foodstuffs trade is with China while its more about Aircraft, machinery and industrial equipment with the US.
• The Brazilian central banks electronic payments system PIX may be an issue with the US due to its rising markets share with US credit card companies.

Chicago Fed activity index -0.02 in June vs -0.19 in May

Weekly jobless claims 187k vs 209k last week

Brent continue to trade around the $100 mark with President Trump saying he was “considering a massive attack” on Iran

• “Bigger than ever before… I am close to making a decision.. We are all set for it”, Trump told Axios yesterday.
• More US military personnel and equipment being accumulated in the region according to separate reports.

Trump threatens to use frozen Iranian assets to pay for damage to ships and cargo in and around the Gulf.

• “Please let this statement serve to represent, until further notice, that from this point forth, any and all damages done to Ships, Cargo, or anything related thereto, will be paid for by Iranian Money that the United States has in its possession, and controls,” Trump wrote on Truth social.
• “Seizing another nation’s assets to pay for unrelated future claims is an incendiary precedent,” Iran’s foreign minister reposnded.

Japan – Core CPI picks up to 1.6% in June, but underlying inflation remains contained

• Japan Preliminary Manufacturing PMI (Jul / Jun / Est): 54.7 / 54.8 / NA – as AI Demand Boosts Manufacturing.
• Japan Preliminary Services PMI (Jul / Jun / Est): 51.9 / 52.2 / NA
• Japan Preliminary Composite PMI (Jul / Jun / Est): 53.1 / 52.8 / NA

South Korea – Flash Q2 GDP 0.6% (Q1 1.8%), yoy 3.7% (3.8%)

Eurozone – Preliminary PMIs come in better than expected in July partly reflecting optimism over the US/Iran temporary ceasefire that was since called off

• Eurozone Preliminary Manufacturing PMI (Jul / Jun / Est): 52.0 / 51.4 / 51.5
• Eurozone Preliminary Services PMI (Jul / Jun / Est): 51.6 / 49.4 / 49.8
• Eurozone Preliminary Composite PMI (Jul / Jun / Est): 51.9 / 50.0 / 50.2
• Jul flash consumer confidence index -15.6 (-17.6)

• ECB left interest rates unchanged at 2.4%.

Germany – GfK Consumer Climate slips to -29.6 on high savings and cautious income outlook

• Germany Preliminary Manufacturing PMI (Jul / Jun / Est): 52.2 / 50.3 / 50.5
• Germany Preliminary Services PMI (Jul / Jun / Est): 49.6 / 48.6 / 49.0
• Germany Preliminary Composite PMI (Jul / Jun / Est): 51.2 / 49.5 / 49.7

France

• France Preliminary Manufacturing PMI (Jul / Jun / Est): 50.0 / 51.2 / 51.0
• France Preliminary Services PMI (Jul / Jun / Est): 49.8 / 46.8 / 47.5
• France Preliminary Composite PMI (Jul / Jun / Est): 49.6 / 47.2 / 47.8

Iraq – US embassy advises nationals to leave Iraq

• The advice suggests either Iran is looking for American hostages or Iraq has become a more dangerous place for US nationals.
• Neither scenario is good.
• The longer the US / Iran war continues, the greater the risk the Middle East explodes in an uprising of Shia Muslim against their Sunni neighbours.
• Iraq is also predominately Shia at ~60-65% of the population vs Iran at ~90-95%.

Iran – CENTCOM claims commercial vessels continue to use the strait of Hormuz with US military support.

• They say US forces have helped >900 ships transit the strait since early May
• IRGC Aerospace Force Commander Majid Mousavi said Iran will target electricity infrastructure in US regional allies if Iranian bridges or power plants are attacked.
• IRGC bases targeted by B-52 bombers.
• US used a B-1 long-range bomber on Tuesday to strike IRGC sites in Iran, Axios reported. It was the first US B-1 mission since fighting with Iran resumed 12 days ago, although CENTCOM did not disclose the mission in its statement about Tuesday’s strikes.
• Special-operations forces deployed from US bases during the past week, according to flight-tracking data and U.S. officials cited by The Wall Street Journal. Fighter squadrons have been positioned across the Middle East, while bombers at bases in the U.S. and U.K. are on high alert to increase operations.

Precious metals:

Gold US$4,051/oz vsUS$4,117/oz previous

Gold ETFs 96.6moz vs96.4moz previous

Platinum US$1,598/oz vsUS$1,642/oz previous

Palladium US$1,248/oz vsUS$1,291/oz previous

Silver US$58.3/oz vsUS$59.4/oz previous

Silver ETFs 787.6moz vs786.5moz previous

Rhodium US$8,200/oz vsUS$8,200/oz previous

Base metals:

Copper US$13,663/t vsUS$13,809/t previous

Aluminium US$3,170/t vsUS$3,198/t previous

Nickel US$17,450/t vsUS$17,335/t previous

Zinc US$3,588/t vsUS$3,612/t previous

Lead US$1,891/t vsUS$1,904/t previous

Tin US$53,680/t vsUS$54,010/t previous

Energy:

Oil US$98.9/bbl vsUS$96.7/bbl previous

• Crude oil prices have pulled back from their $100/bbl close last night in early trading even as both Iran and the US ruled out near term talks.
• US Henry Hub natural gas prices edged lower after the EIA reported a 32bcf w/w storage build to 3,056bcf, with US inventories down 1% y/y and 6% above the five-year average, as LNG export capacity fell 5bcf w/w to 126bcf.

Natural Gas €61.0/MWh vs€63.7/MWh previous

Uranium Futures $86.1/lb vs$85.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.2/t vsUS$98.4/t

Chinese steel rebar 25mm US$467.8/t vsUS$468.4/t

HCC FOB Australia US$227.0/t vsUS$226.0/t

Thermal coal swap Australia FOB US$134.5/t vsUS$135.5/t

Other:

Cobalt LME 3m US$56,290/t vsUS$56,290/t

NdPr Rare Earth Oxide (China) US$111,526/t vsUS$112,106/t

Lithium Carbonate 99% (China) US$20,150/t vsUS$20,457/t

China Spodumene Li2O 6%min CIF US$2,185/t vsUS$2,185/t

Ferro-Manganese European Mn78% min US$1,035/t vsUS$1,035/t

Tungsten APT (China) 88.5% FOB US$1,745/mtu vsUS$1,745/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vsUS$3,025/mtu

China Tantalum Concentrate 30% CIF US$225/lb vsUS$225/mtu

China Graphite Flake -194 FOB US$390/t vsUS$390/t

Europe Vanadium Pentoxide 98% US$5.4/lb vsUS$5.5/lb

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$207/t vsUS$208/t

US Titanium Dioxide TiO2 >98% US$2,789/t vsUS$2,789/t

China Rutile Concentrate 95% TiO2 US$1,159/t vsUS$1,159/t

Brazil Potash CFR Granular Spot US$397.5/t vsUS$397.5/t

Germanium China 99.99% US$4,095.0/kg vsUS$4,095.0/kg

China Gallium 99.99% US$430.0/kg vsUS$430.0/kg

Europe Molybdenum Oxide 57% US$32.0/lb vsUS$32.0/lb

EV & Battery news:

Company news:

Antofagasta (ANTO LN) 3,630p, Mkt Cap £36bn – Los Pelambres operations restart

• The Company resumes operations at Los Pelambres, Chile.
• Operations were temporarily suspended on the back of intense precipitation and intermittent power outages that started on 18 July.
• Bad weather saw a number of operations in Chile announcing temporary suspension.
• Production guidance remains unchanged.

Beowulf Mining* (BEM LN) 6.27p, Mkt Cap £8.7m – Update Note – New presentation highlights route to Kallak PFS

BUY: Target price 27p

CLICK FOR LINK

• Beowulf Mining report the publication of a new presentation on the company’s new £4.3m, 3p/s investment from Bacchus Capital and affiliates and Kallak Pre-Feasibility Study.
• All resolutions at the AGM were passed including the re-election of directors, the authorisation for directors to allot shares in the company and a special resolution to disapply pre-emption rights generally.
• The financing is due to close three days after the receipt of Swedish FDI approval which is due on 13^th August.
• The new funding gives Beowulf working capital till end 2027
• Beowulf see demand for high-grade iron ore growing as the industry targets a 60% decrease in CO2 emissions by 2050.
• The supply of low carbon feedstock such as Direct Reduced Iron accounts for just 5% of feedstock into the steel industry but is essential for the reduction of CO2 emissions.
• Kallak is close to European steel production, has a low strip ratio and can be mined from surface.
• Simple magnetic separation upgrades the Kallak iron ore to 69% Fe with final beneficiation upgrading to DRI ‘Direct Reduced Iron’.
• Kallak concentrates should be high iron content and particularly low in impurities at >70% Fe and <2.5% SiO2 & Al2O3.
• We see Kallak as offering a post-tax NPV10 of $338m

*SP Angel acts as Nomad and Broker to Beowulf Mining

CleanTech Lithium (CTL LN) 6p, Mkt Cap £21m – Testwork delivers lithium carbonate from Laguna Verde DLE eluate with DFS work ongoing

• The Company reports production of lithium carbonate from the Laguna Verde DLE eluate.
• Eluate was processed by Empower EIT at its facility in Dallas, Texas, under the existing partnership announced in April.
• Empower processed ~55,000L of eluate producing 330kg of lithium carbonate (99.68%-99.91% Li2CO3)
• A further approximately 250kg of lithium carbonate remains held in recycle fluids from pre-treatment and carbonation.
• Nanofiltration using DuPont FilmTec LiNE-XD membranes delivered the calcium and magnesium reduction.
• Ion exchange achieved approximately 97% boron removal under optimised continuous conditions, with residual boron concentrated in thermal evaporation and stripped in a final polishing step. The team will assess boron as a potential by-product.
• Boron is identified as the primary contaminant requiring removal post-DLE.
• Key workstreams underway include:
• A pilot programme for the DLE process identified in the PFS (March 2026) with Xian Lanshen New Material Company at the demo plant in Santiago, Chile. A 20m3 feed brine is being processed testing DLE parameters as well as membrane and purification process steps. The final stage (carbonation) would test produced carbonate to Chinese battery grade standards at an external lab;
• Adsorbent benchmarking in France against North American and European alternatives to commence in coming weeks;
• Spen brine reinjection options to be studied by Zelandez testing basin dynamics, permitting screens and capex/opex.

Galantas Gold* (GAL LN) 21p, Mkt Cap £174m – Acceleration of payments for Andacollo gold mine in Chile

Initiation Note 21/07/26 – BUY – 89p

CLICK HERE

Andacollo: heap leach gold restart with pathway to 130kozpa

• Galantas Gold report the acceleration of payments for the Andacollo gold project in Chile.
• $5m of the $14m due end-December 2009 was paid today with the remaining $9m is payable on 25 April 2027.
  • “Galantas is a guarantor and joint and several co-debtor of the obligation to pay the remaining cash payments.”
• The amendment changes the agreement with Luis Catril and all other former shareholders in the Andacollo asset.
• The total cash consideration payable under the agreement is US$31m with $22m still payable following the payment of US$9.0m and the issuance of 91m shares to Luis Catril.
• Remaining payments:
  • US$3.0m by end December 2026
  • US$9.0m by 25 April 25 2027
  • US$4.0m by end-December 2027
  • US$6.0m by end December 2028
• Luis Catril has acknowledged full payment of the variable amount of 91,313,890 shares of Galantas releasing Galantas and its affiliates from any potential disputes relating to the agreement.
• Luis Catril holds or exercises control or direction over >10% of Galantas Gold
• Galantas aims to bring the Andacollo mine back into production in 1Q27.
• We estimate capex may be ~$80m for a 20,000tpd throughput and 65,000ozpa gold production rising to 130,000ozpa in 2030.
• Andacollo has a recent resource of 6.01moz gold grading 0.42g/t with 1.47moz at 0.45g/t indicated and 4.54moz inferred.
• The team recently acquired a 20,000tpd crushing plant for $4.2m
• Exploration: we see significant copper exploration potential at Andacollo with drilling to start imminently following up on previous assays showing of 37m at 1.83% from 37m depth.
• Andacollo lies adjacent to Teck’s Carmen de Andacollo mine, which produces 45,000tpa of copper.

Conclusion:  The acceleration of cash payments and to the vendors feels like a positive step as the company moves rapidly towards restarting the Andacollo mine.

*SP Angel act as Broker to Galantas Gold

Kendrick Resources (KEN LN) 5.56p, Mkt Cap £23.4m – New Drill results at Teufelskuppe rare earth project in Namibia

• Kendrick reports new drill results from holes TKDD007 to TKDD010 at its Teufelskuppe project in Namibia.
• Drill highlights:
  • TKDD010: 2.50% LREO over 26m from 70m, and 3.15% over 15m from 101m.
    • Including. also hit 3.5% over 4m from 14.5m, 3.45% over 5m from 32.25m and 2.65% over 7.25m from 44.75m.
  • TKDD009: 3.25% LREO over 17m from 27.75m, including 3.54% over 1.75m and 4.04% over 9.5m from 35.25m.
    • redrill: 2.39% over 15.25m from 29.75m, including 3.31% over 2m and 3.05% over 3.75m.
  • TKDD007: 1.52% LREO over 32.75m from surface.
  • TKDD008: 1.60% over 1.75m from 3.0m, and 2.02% over 1.5m from 10.25m.
• Light Rare Earth Oxides ‘LREO’ grades are running at 2.5-3.5%.
• We note the results are from portable XRF analysis with laboratory assays to follow.
• Neodymium and praseodymium, the key magnet metals, make up around 25% of the total rare earth content.
• Chairman Colin Bird said drilling continues with three rigs to reach a maiden resource estimate ‘in the shortest possible timeframe’.
• The Company is also advancing JORC certification of its provisional 14mt surface estimate.

Warning: XRF results are not considered to be reliable assays with certain regulators requiring explicit warnings that field readings are not formal laboratory assays.

However, XRF readings do give geologists rapid indication on mineral composition in the field and are a useful tool for guiding exploration and drill programs.

Lotus Resources (LOT AU) SUSPENDED – ~A$138m refinancing to fund Kayelekera ramp up

• The Company announced a funding package covering ramp up at the Kayelekera Uranium Mine, Malawi.
• The strategic funding includes:
  • A$60m fully underwritten equity raise at A$0.22 (~67% discount to the last close);
  • A$35m senior unsecured convertible note with Heights Capital Management (subject to final conditions incl shareholder approval) with key terms including initial 15% conversion premium to A$0.22 (conversion resets quarterly toa minimum floor of 50% of the offer price) / noteholder may convert at any time / no coupon / 5y terms / 12 equal quarterly repayments starting six months post issue / 66.3m A$085 5y warrants to be issued;
  • A$43m inventory backed prepayment facility and marketing agreement with Mercuria Energy.
• Proceeds to be used to fund ram up capex and working capital as well as cover the cash settlement of near term offtake obligations and other general costs.
  • TSF lift, grid connection and ore sorter (A$52m);
  • Sustaining and other capex (A$14m);
  • Offtake contracts cash settlement (A$10m);
  • Working capital and other (A$49m).
• Company estimates A$125m in cash (with Mercuria facility offering additional flexibility) post raise.
• ~2.4Mlbs pa steady state production rate targeted late CY26.
• Kayelekera hosts ~51Mlbs U3O8 in resource and historically produced ~11Mlbs over a five year period (2009-2014) before going in care and maintenance on low uranium prices.

Meteoric Resources (MEI AU) A$0.18, Mkt Cap A$523m – Caldeira rare earth project DFS coming soon

• Meteoric reports its June quarterly report with the Caldeira DFS in Brazil due in the near term.
• Updated resource and reserve:
  • Caldeira rare earth project reserve rose 42% to 146mt in the June quarter.
  • The global resource now totals 1.6bnt at 2,317ppm TREO.
  • Measured resources rose 246% to 128mt at 2,815ppm after infill drilling on 50m spacing.
  • Ore reserve grew 42% to 146mt at 3,546ppm TREO, containing 517,000t of rare earth oxides.
  • Reserves support a 6mtpa operation with a mine life of more than 20 years.
  • Reserves grade 608ppm neodymium and 219ppm praseodymium oxide, with magnet rare earths totalling 126,000t contained.
• Pilot plant:
  • Magnet rare earth recoveries reached 80% in May, with TREO recoveries well above the PFS estimate.
  • More than 200kg of mixed rare earth carbonate has gone to offtake partners for product qualification.
  • The product is not classified as radioactive, with uranium and thorium well below legislated levels.
• Corporate:
  • Meteoric raised A$40m at $0.17 in April and held A$37.8m of cash at quarter end.
  • A tenement deal with landowner Togni secured the main mining areas, granting Togni an offtake option for up to 30% of production.
• The environmental licence is on track for state consideration early in the December quarter, positioning the Company for a FID after that.
• CEO Stuart Gale said Caldeira remains ‘one of the largest and highest-grade clay-hosted rare earth deposits globally’.

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

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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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