SP Angel -Today’s Market View, Friday 27th February 2026

Copper rises on strengthening LME trade lifting nearby futures as gold steadies whilse US Treasury yields slide on cool inflation

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Greenland Energy Company expected to start trading on NASDAQ on 18 March

Beowulf Mining* (BEM LN) – FY25 results and update on funding solutions

MetalsX (MLX AU) – Strong cash position from higher tin prices

MP Materials (MP US) – FY25 highlight first production of magnets at Independence with $51m booked under the US floor price guarantee

Lindian Resources (LIN AU) SUSPENDED – Trading halt pending material acquisition announcement

Serval Resources* (Oscillate PLC) (SRVL LN) – Geophysical programme gets underway in Botswana

Shuka Minerals Plc (SKA LN) – Super high-grade assays from Kabwe Mine lead, zinc mine in Zambia

Zimplats (ZIM AU) – Results show increased cash build on higher PGM prices

Copper rises to US$13,493/t on strengthening LME trade lifting nearby futures as gold steadies whilse US Treasury yields slide on cool inflation

• Copper prices have jumped overnight, touching $13,500/t.
• Copper has seen healthy momentum following the return of trading in China after the Lunar New Year.
• SHFE inventories rose to 391,529t following a huge 119,054t inflow
• Reuters report the Yangshan premium also jumped above $50/t, marking local enthusiasm for copper vs $33 before the Lunar New Year holiday.
• We suspect the SRB are moving copper into the visible spectrum in an effort to suppress prices and possibly take advantage of current prices
• We are sure the SRB is not adverse to booking a profit but also reckon gambling with China’s copper stockpile could be a life-shortening experience if it goes wrong.
  Gold has held its higher ground, firming around the $5,175/oz mark.
• The US dollar is also steady, holding around the 97.5 mark on the index after touching lows near 96.
• US Treasury yields have fallen again following recent US inflation data, with the 10 year sliding below 4% for the first time since October.

IG TV – Indaba interview: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

Commodity Markets Weekly: https://youtu.be/OEvjlwDdmQ8?si=Ej5UcV91750ErDPk

VOX video:  The most extraordinary week in commodities I’ve ever witnessed

New commodities cycle: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1811/eur vs 1.1803/eur previous. Yen 156.11/$ vs 156.09/$. SAr 15.894/$ vs 15.876/$. $1.349/gbp vs $1.353/gbp. 0.712/aud vs 0.711/aud. CNY 6.858/$ vs 6.840/$

Dollar Index 97.69 vs 97.68 previous

Economics

Private Credit – Market Financial Solutions insolvency amid accusations of fraud and double-pledging of >2.7bn of mortgage-related  assets.

• Experts fear poor underwriting in credit markets with the potential for further scandals to emerge

US/China – The US said it will maintain tariffs on China at a range of 35-50%.

• China threatened to take “all necessary measures” if the US imposes new restrictions.
• Two sides are set to discuss an extension of the tariffs’ truce at the Trump/X meeting on March 31.

Iran – US and Iran representatives agree to hold further talks early next week as talks in Geneva yesterday failed to result in an agreement.

• Different recollections of the event followed.
• Axios citing sources close to Kushner and Witkoff said that the US was disappointed with discussions.
• Officials from Iran and mediator Oman were more upbeat.
• Iran is reportedly rejecting suggestions it end its nuclear programme and export all stocks of enriched uranium into another country of dilute them.
• Brent is up 1.6% trading close to $72/bbl this morning.

Japan – Headline and core CPI measures pick up in February.

• Energy prices dropped 9.2%yoy on the back of the government’s 3m subsidy programme to lower power and gas bills that came into effect in January.
• Tokyo CPI (%yoy, Feb / Jan / Est): 1.6 / 1.5 / 1.4
• Tokyo CPI ex Fresh Food (%yoy, Feb / Jan / Est): 1.8 / 2.0 / 1.7
• Tokyo CPI ex Fresh Food and Energy (%yoy, Feb / Jan / Est): 2.5 / 2.4 / 2.3

Lynas CEO is hoping to reach an agreement with the Pentagon on REOs supply before she steps down at the end of June.

• The Company producing separated REOs from its facilities in Malaysia recently build a new production line the delivered the first DyTb last year.
• Lynas is expanding its HREOs production prioritizing Samarium, key for magnets in defence technologies, such as F-35 fighter jets.

UK – Green party wins by-election in Labour stronghold of Gorton and Denton on platform of radical platform of eco-populism.

• In reality the by-election result is a protest vote against Labour and its policies.
• Gorton and Denton has large Muslim and white working-class populations which have historically voted for Labour
• Revelations over Lord Mandelson and Epstein have not helped.
• The next test for Labour comes in the May elections for English councils and devolved administrations when we expect many councils to swing from Labour to the Green Party and Reform.

Precious metals:

Gold US$5,178/oz vs US$5,177/oz previous

Gold ETFs 100.8moz vs 100.8moz previous

Platinum US$2,382/oz vs US$2,300/oz previous

Palladium US$1,860/oz vs US$1,799/oz previous

Silver US$89.5/oz vs US$87.0/oz previous

Silver ETFs 833.9moz vs 833.9moz previous

Rhodium US$12,250/oz vs US$12,250/oz previous

Base metals:

Copper US$13,493/t vs US$13,247/t previous

Aluminium US$3,158/t vs US$3,142/t previous

Nickel US$17,859/t vs US$17,835/t previous

Zinc US$3,378/t vs US$3,353/t previous

Lead US$1,990/t vs US$1,988/t previous

Tin US$53,688/t vs US$52,750/t previous

Energy:

Oil US$71.5/bbl vs US$71.1/bbl previous

• Crude oil prices rose back above $70/bbl going into the weekend on short covering ahead of a potential US military strike on Iran, with an OPEC+ meeting also scheduled for this Sunday to discuss April quotas.
• European energy prices also moved higher as EU natural gas storage levels fell 2.2% w/w to 30.3% full (vs 46.9% 5-Yr average), with aggregate inventory at 347TWh and German storage levels falling to 20.5% full (vs 47.8% 5-Yr average).
• US Henry Hub prices edged higher after the EIA reported a 52bcf w/w storage draw to 2,018bcf (-50bcf exp), with US inventories now 8% above last year’s level and just below the five-year average as LNG export vessel capacity rose 5bcf w/w to 135bcf.

Natural Gas €31.7/MWh vs €30.9/MWh previous

Uranium Futures $87.8/lb vs $88.6/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$98.8/t vs US$98.8/t

Chinese steel rebar 25mm US$468.6/t vs US$466.9/t

HCC FOB Australia US$246.0/t vs US$245.0/t

Thermal coal swap Australia FOB US$117.3/t vs US$117.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$129,386/t vs US$128,873/t

Lithium carbonate 99% (China) US$21,418/t vs US$20,751/t

China Spodumene Li2O 6%min CIF US$1,905/t vs US$1,900/t

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

China Tungsten APT 88.5% FOB US$1,698/mtu vs US$1,648/mtu

China Tantalum Concentrate 30% CIF US$161/lb vs US$151/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.5/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$27.8/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$264/t vs US$263/t

US Titanium Dioxide TiO2 >98% US$2,959/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,148/t vs US$1,143/t

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

Brazil Potash CFR Granular Spot US$372.5/t vs US$372.5/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:

80 Mile Plc* (80M LN) – 1.1p, Mkt cap £55m – Greenland Energy Company expected to start trading on NASDAQ on 18 March

(80 Mile holds 100% of Hydrogen Valley which owns the Ferrandina biofuels plant in Italy and White Flame Energy in Greenland)

• 80 Mile PLC confirms that Greenland Energy Company is expected to start trading on NASDAQ on or around 18 March under GLND subject to shareholder approval at the forthcoming GM.
• Greenland Energy Company GLND will combine Greenland Exploration Limited and March GL Company.
• The combined entity will earn up to a 70% working interest in Jameson by funding 100% of the costs associated with up to two exploration wells, each to a minimum depth of approximately 3,500 metres.
• 80 Mile will retain a 30% interest in Jameson through its wholly owned subsidiary, White Flame Energy A/S.
• Jameson holds exploration licenses for O&G which have been subject to significant exploration expenditure by major oil companies.
• Management have previously reported results of a third-party resource evaluation report that estimates 2U prospective oil resources at 4.2bnb (Pmean).
• Drilling: Management expect drilling to start 2H26, with mobilisation of a 3,500m-capable rig scheduled and shipping and logistics already agreed.
• A recent CPR identified 58 prospects and leads on the licence, with further potential upside highlighted outside these already identified target areas, across the broader licence and at depth.
• https://www.sec.gov/Archives/edgar/data/2037431/000182912625008407/pelicanacq_ex99-1.htm
• The report highlights the multiple, stacked, large and high-quality structural reservoirs and stratigraphic traps, as well as the significant exploration upside across the basin. Sproule’s findings confirm Jameson’s scale and geological quality, ranking it amongst the world’s most significant untested hydrocarbon provinces.
• For further details please see https://www.80mile.com/regulatory-news

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

Beowulf Mining* (BEM LN) 9p, Mkt Cap £5.4m – FY25 results and update on funding solutions

• Beowulf reports financial statements to year ended 31^st December 2025.
• The Company reports a loss of £1.75m over the period vs £1.8m in 2024.
• £330k in cash was held on 31^st December 2025.
• Beowulf reports that it is advancing its funding solutions, with HoT signed for the sale of Vardar and is aiming to conclude the transaction in the coming months.
• Management is also aiming to secure a €5m equity raise at the Grafintec-level subsidiary, with a number of parties reviewing the data room.
• Grafintec is currently challenging the unsuccessful application for a €7m loan from Business Finland, after it failed one of the eligibility criteria, with Business Finland recommending Beowulf reapply following resolution of the eligibility criteria.
• Management is also exploring alternative, non-dilutive capital sources, with Beowulf needing to secure additional financing and working capital by early April 2026.
• On an asset level, Kallak workstreams have advanced, with further capital required to deliver the PFS and submit the Environmental Permit application.
• The GAMP PFS highlights a potential high-margin, long-life asset, with next steps including pilot testing.

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

MetalsX (MLX AU) A$1.43, Mkt Cap A$1.3bn – Strong cash position from higher tin prices

• Australian tin producer MetalsX reports annual results.
• The Company reports revenues of A$285m, up 30%yoy on higher tin prices.
• Net profit reported at A$105m, up 2.2%yoy.
• Cash position increased 33% to A$234m.
• Company processed 668.4kt ore over the year at a feed grade of 2.01% Sn.
• Recoveries reported at 79.9% for total tin production of 10.7kt.
• MetalsX holds a 29.9% interest in First Tin Plc and now holds a 15.91% interest in Elementos Ltd.

MP Materials (MP US) US$60, Mkt Cap $11bn – FY25 highlight first production of magnets at Independence with $51m booked under the US floor price guarantee

• The Company released 4Q25 and FY25 results for its integrated RE mining/processing/magnet manufacturing operations in the US.
• Consolidated FY25 results include
  • Revenue $224m (+10%)
  • Adj EBITDA $11m (FY24: -$50m) helped by $51m in price protection agreement proceeds, a deal agreed with the US government over the $110/kg NdPr floor prices in July25.
  • The mechanism came into effect in October 2025.
  • PAT -$86m (FY24: -$65m)
  • Closing cash $1.2bn (FY24: $284m) following $1.2bn in equity raise proceeds.
• Materials Segment (production of concentrates and separated oxides):
  • Con production 5.7kt TREO (FY24: 45kt)
  • Sales 8.9kt (FY24: 33kt)
  • Separated NdPr production 2.6kt (FY24: 1.3kt)
  • Sales 2.0kt (FY24: 1.1kt)
  • Con realised price$4.7/kg TREO (FY24: $4.4/kg)
  • NdPr realised price $58/kg (FY24: $51/kg)
  • Revenue $160m (FY24: $204m) reflecting a drop in concentrate sales as more material is processed inhouse
  • Adj EBITDA $17m (FY24: -$14m)
• Magnetics Segment (production of RE metal, alloy and magnets)
  • Revenue $67m (FY24: -) with initial magnetic precursor deliveries starting during 1Q25.
  • Adj EBITDA $26m (FY24: -$12m)
  • In Q425, the Company produced first magnets at its commercial scale equipment at Independence in Fort Worth, Texas.
  • Post reporting period the Company was awarded $200m incentive package for the new 10x permanent magnets production facility to be built in Northlake, Texas.

Lindian Resources (LIN AU) SUSPENDED – Trading halt pending material acquisition announcement

• The Company requested a trading halt pending an announcement of a material acquisition.
• Suspension to be lifted before 3 March.

Serval Resources* (Oscillate PLC) (SRVL LN) 0.7p, Mkt Cap £3m –Geophysical programme gets underway in Botswana

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• Copper explorer Serval has begun its 2026 exploration programme in the Kalahari Copper Belt.
• The Company is conducting a ground magnetic geophysical survey over the PL061 licence to identify the position of the Ngwako Pan and D’Kar Formation contact.
• The zone is considered the primary controlled target for economic sediment-hosted copper-silver mineralisation in the region.
• Both PL082, where a geophysical programme was conducted in 4Q25, and PL061, lie along strike from Cobre’s Ngami project.
• The programme at PL061 will cover a total of 62-line kilometres and will be completed in mid-March 2026, with results due 3Q26.

*SP Angel acts as Broker to Serval

Shuka Minerals Plc (SKA LN) 3.28p, Mkt cap £4.2m – Super high-grade assays from Kabwe Mine lead, zinc mine in Zambia

• Shuka Minerals reports assay results from sampling at the historic Kabwe Zinc Mine in Zambia.
• The results shows had previously exceeded the upper detection limits of the initial testing and have been re-analysed by ALS Johannesburg before issuance.
  • “Eight lead samples exceeding the detection limit (>1% Pb) were re-analysed at ALS (Johannesburg) using four-acid ICP-AES.
  • Two zinc samples exceeding the detection limit (>30% Zn) were re-analysed at ALS (Vancouver) using titration methods.”

• The results are said to “compare favourably with historical mining averages and confirm the presence of substantial high-grade material at surface.”
• Shuka also has an operating coal mine in Tanzania.
• Kabwe: Shuka recently completed the acquisition of Leopard Exploration and Mining Limited’s which holds a 33.3sqkm large-scale mining license  including the Kabwe Mine and runs for anther 14 years.
• Legal action: A class action lawsuit remains between 140,000 Zambian women and children and Anglo American South Africa
• The plaintiffs allege Anglo American South Africa failed to prevent environmental damage and lead poisoning from the Kabwe mine between 1925–1974.
• The Johannesburg High Court dismissed the class action certification in December 2023 but granted the plaintiffs permission to appeal.
• The appeal was heard by the Supreme Court of Appeal in Bloemfontein on 3–4 November 2025.
• Anglo American denies responsibility, arguing it was an investor rather than the owner/operator during that period, and that responsibility lies with the Zambian state-owned company (ZCCM) that took over in 1974.
• Cleanup: We believe Jubilee Metals made good progress in the cleanup of the Kabwe mine site during its tenure.
• Province and district officials suspended operations at four Chinese processing companies in Kabwe activities saying their activities violated environmental regulations.
• Union Star Industry, a Chinese-owned mining and processing company and offtaker of zinc tailings from Enviro Processing Limited (aka. Jubilee Metals) continues to operate.
• Kabwe was ranked as one of the world’s highest-grade zinc and lead mines and ran for 88 years till its closure in 1994.

Conclusion:  We see substantial potential in the reopening of the Kabwe lead / zinc mine. We also see the reopening of the mine as beneficial to the local community and to the future cleanup of tailings and waste from historic mining at Kabwe.

*The analyst has previously visited the Kabwe Mine site in Zambia.

Zimplats (ZIM AU) A$21, Mkt Cap A$2.3bn – Results show increased cash build on higher PGM prices

• Zimplats reports revenue up 83% to $642m over 2025.
• Net profit reported at $144m, with EPS reported at 134c.
• Company notes mined volumes improved 8%yoy on additional trackless mobile machinery and productivity enhancements, boosting tonnage to 4.2mt.
• Milled head grade fell to 3.3g/t 6E from 3.38g/t.
• 6E metal increased 13% in the half year on stronger concentrator output.
• The Company produced 606koz 6E over the year to 30^th June and 317koz 6E over the half year to December 2025.
• Net cash from operating activities reported at $172m, with closing cash in December of $146m.

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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