SP Angel -Today’s Market View, Friday 2nd January 2026

Copper strong amid wider base metals rally as miners enjoy positive start to 2026

MiFID II exempt information – see disclaimer below

Galantas Gold* (GAL LN) – Transformational acquisition of Indiana copper-gold project in Chile

Northern Star (NST AU) – Shares hit on guidance downgrade

Zijin Mining (2899 HK) – New Chairman to continue aggressive expansion programme

Copper ($12,500/t) strong amid wider base metals rally as miners enjoy positive start to 2026

• Copper prices on the LME continue to hold around $12,500/t, having risen 42% over the past year.
• There is a rally underway in base metals, with zinc, aluminium, tin and nickel all testing recent highs on renewed growth prospects this year and sustained dollar weakness.
• However, copper has outperformed the other major base metals significantly, driven by supply shocks in Indonesia, DRC and Latam.
• Sustained tariff concerns in the US are also pulling metal into COMEX warehouses.
• However, we note that these tariffs persisted through the summer, whilst LME prices were relatively rangebound.
• We suspect the recent copper rally is more reflective of supply/demand fundamentals rather than speculative capital betting on improved global growth in 2026.

Gold ($4,389/oz) follows silver higher again amid sustained holiday volatility

• Precious metals continue to whipsaw in low-liquidity holiday trading.
• Silver is up 4.6% this morning, with both platinum and palladium up 5.5% and 3% respectively.
• Gold is edging higher, with spot prices nearing $4,400/oz this morning before settling $10 lower.
• The dollar index has edged higher, but its sustained weakness is likely providing a tailwind to precious metal prices.
• We would expect a return to more normalised trading next week once larger funds return to the market and liquidity rises.
• Gold is stabilising well following its most recent sell-off from record highs of $4,550/oz.
• The metal fell 4.5% subsequently but has regained some ground.
• We expect 2026 to be an active year for M&A in the gold sector as cash-rich producers look to expand their production profiles and majors look to take advantage of high prices by selling off tier two assets at premium prices.

Currencies

US$1.1726/eur vs 1.1732/eur previous. Yen 156.85/$ vs 156.60/$. SAr 16.526/$ vs 16.601/$. $1.3459/gbp vs $1.3436/gbp. 0.669/aud vs 0.668/aud. CNY 6.994/$ vs 6.998/$.

Dollar Index 98.37 vs 98.39 previous.

Precious metals:         

Gold US$4,389/oz vs US$4,326/oz previous 

Gold ETFs 98.9moz vs 98.9moz previous 

Platinum US$2,150/oz vs US$2,037/oz previous 

Palladium US$1,703/oz vs US$1,601/oz previous 

Silver US$74.0/oz vs US$72.0/oz previous 

Rhodium US$8,350/oz vs US$8,350/oz previous 

Base metals:   

Copper US$12,512/t vs US$12,416/t previous 

Aluminium US$3,007/t vs US$2,983/t previous 

Nickel US$16,856/t vs US$16,623/t previous 

Zinc US$3,134/t vs US$3,106/t previous 

Lead US$2,009/t vs US$2,020/t previous 

Tin US$41,929/t vs US$40,713/t previous

Energy:           

Oil US$60.6/bbl vs US$61.2/bbl previous 

Natural Gas €28.5/MWh vs €27.9/MWh previous

Uranium Futures $81.4/lb vs $81.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$104.4/t vs US$104.7/t

Chinese steel rebar 25mm US$460.8/t vs US$460.2/t

HCC FOB Australia US$211.5/t vs US$212.0/t

Thermal coal swap Australia FOB US$105.5/t vs US$105.5/t

Other:  

Cobalt LME 3m US$52,790/t vs US$52,790/t

NdPr Rare Earth Oxide (China) US$84,619/t vs US$83,944/t

Lithium carbonate 99% (China) US$16,510/t vs US$14,583/t

China Spodumene Li2O 6%min CIF US$1,375/t vs US$1,240/t

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

China Tungsten APT 88.5% FOB US$978/mtu vs US$958/mtu

China Tantalum Concentrate 30% CIF US$101/lb vs US$99/mtu

China Graphite Flake -194 FOB US$410/t vs US$400/t

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$260/t vs US$260/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,120/t vs US$1,117/t

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

Brazil Potash CFR Granular Spot US$360.0/t vs US$360.0/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Company News:

Galantas Gold* (GAL LN) 6.6p, Mkt Cap £8.7m – Transformational acquisition of Indiana copper-gold project in Chile

• Galantas has completed the acquisition of RDL Mining in an all-stock deal.
• Additionally, Galantas has raised C$14.9m via the placing of 186,250,000 units at C$0.08/share each.
• Each unit includes a Galantas warrant exercisable at C$0.12 over 36 months.
• The placing included subscriptions from Ocean Partners, who will hold 10.7% on completion, and Eric Sprott who will hold 13.1%.
• Further reflecting Ocean Partners commitment to the development of the asset, the two parties have agreed a commercial offtake agreement for a copper-gold concentrate from the project.
• The acquisition of RDL secures the Indiana Project in the Atacama Region of Chile.
• Lawrence Rawlston will join the Galantas board of directors from RDL and Robert Sedgemore will join the Company as Senior Vice President of Operations.
• Galantas today reports an updated MRE for Indiana:

• • 4.93mt at 2.24g/t Au and 1.31% Cu for 356koz Au and 65kt Cu (inferred category)

• Galantas has now begun mine design and PEA workstreams, with MRE definition and geotechnical drilling underway to support the underground mine design.
• Company is also looking to include halo mineralisation into the PEA mine model, currently excluded from the MRE.

Conclusion: This is a transformational deal for Galantas who have now secured an undeveloped copper-gold asset in a tier one mining jurisdiction in Chile. Focus now will be on delivering a mine model and PEA for the vein-hosted mineralised system, where over 350koz Au and 65kt Cu have already been delineated in inferred MRE. Galantas is now well capitalised following the C$14.9m equity raise, enabling the imminent commencement of key workstreams to further advance and derisk the Indiana Project towards production.

*SP Angel acts as Broker to Galantas Gold

Northern Star (NST AU) A$24.4, Mkt Cap A$35m – Shares hit on guidance downgrade

• Australian gold major Northern Star provided an operational update.
• The Company reports December quarter gold sales hit by operational disruptions, resulting in 1HFY26 gold sales of 729koz.
• As a result, Northern Star has reduced guidance to 1,600-1,700koz from 1,700-1,850koz for FY26.
• Lower sales are expected to result in increased costs, with updated guidance due on 22^nd January.
• Sales from KCGM were affected by reduced throughput following a primary crusher failure, hitting production for four yeeks.
• Weaker performance was also reported at Jundee and Thunderbox, reducing Yandal production to 91koz.
• Pogo production of 53koz hit by lower mined grades due to underground dilution.
• Shares down 8.5% overnight.

Zijin Mining (2899 HK) HK$34.5, Mkt Cap HK$902bn – New Chairman to continue aggressive expansion programme

• Zijin Mining’s new chairman Zou Laichang released a statement yesterday highlighting growth plans.
• The Company has been an aggressive acquiror of assets over the past three years, including:

• • Zangge Mining
  • Rosebel Gold Mine in Suriname
  • La Arena Copper-Gold mine in Peru
  • Akyem Gold Mine in Ghana
  • Raygorodok Gold Mine in Kazakhstan
  • Kharmagtai Copper-Gold mine in Mongolia
  • Shapinggou Molybdenum Mine in China

• Company reports it no ranks 5^th in gold, 5^th in copper, 6^th in zinc and 7^th in lithium for global resource bases..
• Looking forward, Zijin plans to focus on their three key commodities: copper, gold and lithium.
• Management aims to expand production bases, with particular focus on expanding their lithium portfolio.
• M&A will focus on ‘high-impact, ultra-large mines or mid-tier mining companies,’ with plans to support ‘controlled and part-owned listed companies with specialised expertise.’
• Zijin expects double-digit growth in gold and copper production in 2026, and four times lithium production vs 2025.

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

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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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