{"id":139039,"title":"SP Angel – Today’s Market View, Friday 31st July 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-07-31T10:42:04+00:00","modified":"2026-07-31T10:42:04+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-31st-july-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-31st-july-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-friday-31st-july-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"tags":["base metals","battery","china","company news","COPPER","currencies","Dow Jones Industrials","ENERGY","FRANCE","GERMANY","Gold","gold prices","HK Hang Seng","Nikkei 225","Rio Tinto","Russia","Shanghai Composite","silver","SP Angel","Ukraine"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/06/1753282805972-1.webp?fit=750%2C406&ssl=1","format":"news","language":"en-GB","content":"**Capstone reduces acid use at its Mantoverde copper mine in Chile**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Atlantic Lithium* (ALL LN) – Quarterly shows strong cash position potential ahead of prospective takeover by Zhejiang Huayou Cobalt Co.**\n\n**Aura Energy* (AURA LN) – Tiris flowsheet finalised with FS due September followed by funding and FID**\n\n**Ferro-Alloy Resources (FAR LN) – £5.7m equity raise, new CEO and operational update**\n\n**GreenX Metals (GRX LN) – Quarterly report highlights good progress at Tannenberg copper mine in Germany**\n\n**Meteoric Resources (MEI AU) – Caldeira DFS results**\n\n**New Frontier Minerals* (NFM LN) – Quarterly report indicates way forward for exploration around the Mt Storm copper mine and on Harts Range rare earth prospect**\n\n**Sun Peak Metals (PEAK CN) – Saudi Arabia initial maiden drilling programme completed with first results due August**\n\n**Sylvania Platinum (SLP LN) – Q4 operations report shows record FY26 PGM production**\n\n**Zanaga Iron Ore (ZIOC LN) – Development bank issues letter of intent for up to $500m Zanaga financing**\n\n**Copper ($13,809/t) – Capstone reduces acid use at its Mantoverde copper mine in Chile**\n\n- Capstone Copper is leaching less ore at its Mantoverde mine in Chile. (Bloomberg)\n\n- Planned acid consumption falls by around 200kt this year, prioritising higher-margin sulphide production.\n\n- No spot acid purchases are needed for the rest of 2026, with H2 volumes covered under contract.\n\n- Acid prices have surged on Middle East disruption and Chile’s shrinking smelter output.\n\n- The board also approved the $45m Pyrite Augmentation project in July.\n\n- The project recovers pyrite from tailings and feeds it to the heap leach, where it generates acid.\n\n- That cuts acid use by around 20% from early 2028, adding around 3.5ktpa of cathode.\n\n**Freeport pushes for early Grasberg licence extension beyond 2041**\n\n- Freeport Indonesia has applied to extend its Grasberg licence beyond its 2041 expiry. (CNN Indonesia)\n\n- The energy ministry is still evaluating the application.\n\n- President Director Tony Wenas says new underground mines take 15-20 years to build.\n\n- Early certainty lets Freeport develop new deposits before production declines after 2041.\n\n- A February MoU already agreed extension for the life of the resource, with parent FCX holding 48.76% to 2041 and around 37% from 2042.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+1.19%** | **at** | **52,208** |\n| **Nikkei 225** |  | **+4.03%** | **at** | **64,362** |\n| **HK Hang Seng** |  | **-0.07%** | **at** | **25,842** |\n| **Shanghai Composite** |  | **+0.77%** | **at** | **3,834** |\n| **US 10 Year Yield (bp change)** |  | **-2.8** | **at** | **4.65** |\n\n**Currencies**\n\n**US$1.1517/eur vs 1.1443/eur previous. Yen 160.36/$ vs 163.62/$. SAr 16.490/$ vs 16.657/$. $1.346/gbp vs $1.334/gbp. 0.703/aud vs         0.696/aud. CNY 6.747/$ vs 6.758/$.**\n\n**Dollar Index 100.14 vs 100.97 previous.**\n\n**Economics**\n\n**US enforcing blockade of Iranian ports.**\n\n- CENTCOM forces have redirected 24 commercial vessels, disabled two and boarded two to ensure compliance.\n\n**Japan – The yen gained more than 3% translating into a sharp fall for the US$ index on another government intervention**\n\n- That was the first one in three months and came ahead of the BOJ policy decision.\n\n- The yen hit a four decade low pre intervention on fiscal worries and rising inflation outlook.\n\n- The currency hit just below 158 having previously traded at around 163-164 and is currently around 160.\n\n- The government spent a record 11.7tn yen (US$73bn) between late April and early May on FX interventions.\n\n- Most gains in the yen at the time were given back in around a month time with the currency hitting multi decade lows in July.\n\n**The BOJ held rates level at 1.0% while offering a hawkish outlook warning that underlying inflation may exceed its target.**\n\n- Monetary authorities said that future policy discussions would focus on upside price risks, suggesting the chance of a rate hike as soon as September.\n\n**Japanese firms keep investing in China despite tensions**\n\n- Around 59% of Japanese firms in China plan to raise investment, unchanged from last year. (Bloomberg)\n\n- China has restricted some firms’ access to key mineral exports since November.\n\n- Japanese FDI into China fell over 30% in the first five months of 2026.\n\n- 49% of firms reported falling profits, up from 40% in late 2025.\n\n**Eurozone – Inflation climbed to 2.9% in July raising expectations for another rate hike in September**\n\n- The headline number was in line with Reuters estimates and up on 2.8% recorded in June.\n\n- The increase is attributed to higher fuel and natural gas prices.\n\n- The ECB left rates unchanged at 2.25% last week following a quarter point increase in June.\n\n**UK – The BOE kept rates at 3.75%, in line with estimates**\n\n- The final count came in at 6-3 vs 7-3 split expected.\n\n- Catherine Mann joined Megan Greene and Chief Economist Huw Pilll voting for a rise to 4%.\n\n- “Holding Bank Rate is appropriate as global conditions look to be more uncertain and inflationary, while domestic conditions are on balance more ​benign as regards the prospects for inflation,” Bailey said.\n\n**Israel – Potential Iranian successor offers friendship and cooperation to Israel**\n\n- “Iran and Israel are the only two countries that have a biblical relationship. We will find the best place for a nice Israeli Embassy in Tehran once the regime falls” (Reza Pahlavi)\n\n**Lebanon – Hezbollah launched an explosive drone overnight toward an IDF engineering vehicle in the Ali al-Taher Ridge area inside the Security Zone.**\n\n- The attack constitutes a violation of the ceasefire agreement in Lebanon.\n\n- The IDF is expected to respond, but is not expected to target Beirut’s southern suburbs (Channel 14).\n\n**Iran – Trump likely to order an expansion of US military operations against Iran**\n\n- Iran currently possesses about 1,500 ballistic missiles according to a US military official.\n\n- US targets across Iran overnight. The Islamic Revolutionary Guard Corps said three of its members were killed today in a U.S. missile strike in Zanjan.\n\n- An IRGC air-defense base and a Revolutionary Guard command center in Ahvaz were also targeted.\n\n- In an unconfirmed message addressed to the Jordanian people, the IRGC claimed: “As our contribution to helping you liberate the Islamic lands in Jordan from the humiliation of American occupation, we have targeted the Al-Azraq Air Base in Jordan, completely destroying 3 US F-35 aircraft”.\n\n**Saudi Defense Ministry announced formation of an international coalition to counter the Houthis threats to block the Red Sea.**\n\n- 14 countries have confirmed their participation in the maritime coalition, while others are in the process of completing their national approval procedures to join,”(Saudi ministry).\n\n- Bahrain, Djibouti, Egypt, Jordan, Kuwait, Maldives, Pakistan, Qatar, Somalia, Sudan, Turkey and Yemen’s recognized Presidential Leadership Council will all join.\n\n- Saudi Arabia is preparing a major military offensive against the Houthis by sea and possibly by land in central Yemen (Guardian).\n\n**Correction – yesterday we reported 600 US military personnel had died in the Iran conflict.**\n\n- The Guardian report 600 US personnel have been **injured**. Only 20 US military personnel have died in the Iran conflict this year. We apologise for the error.\n\n- Reports suggest ~6,000 IRGC fighters have been killed this year (IDF)\n\n**Precious**** ****metals****:**\n\n**Gold US$4,077/oz vs US$4,045/oz previous**\n\n**Gold ETFs 96.7moz vs 96.7moz previous**\n\n**Platinum US$1,638/oz vs US$1,598/oz previous**\n\n**Palladium US$1,301/oz vs US$1,259/oz previous**\n\n**Silver US$58.1/oz vs US$57.5/oz previous**\n\n**Silver ETFs 787.0moz vs 787.0moz previous**\n\n**Rhodium US$8,250/oz vs US$8,250/oz previous**\n\n**Base**** metals:**\n\n**Copper US$13,809/t vs US$13,691/t previous**\n\n**Aluminium US$3,183/t vs US$3,184/t previous**\n\n**Nickel US$17,315/t vs US$17,140/t previous**\n\n**Zinc US$3,605/t vs US$3,591/t previous**\n\n**Lead US$1,887/t vs US$1,904/t previous**\n\n**Tin US$55,265/t vs US$54,170/t previous**\n\n**Energy****:**\n\n**Oil US$88.1/bbl vs US$92.7/bbl previous**\n\n- Crude oil prices fell after US President Trump announced Hamas had agreed to disarm and demilitarise Gaza, which would lead to a Palestinian technocratic government overseen by a US-led Board of Peace eventually governing Gaza.\n\n- US Henry Hub natural gas prices edged higher after the EIA reported a 28bcf w/w storage build to 3,084bcf, with US inventories down 1% y/y and 6% above the five-year average, as LNG export capacity rose 9bcf w/w to 135bcf.\n\n- BP announced that it is launching a process to market its c.100kboe/d North Sea oil and gas business unit for a potential sale, which it believes would be better positioned as part of another company.\n\n**Natural Gas €57.6/MWh vs €59.2/MWh previous**\n\n**Uranium Futures $86.5/lb vs $86.5/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$95.8/t vs US$95.6/t**\n\n**Chinese steel rebar 25mm US$468.2/t vs US$467.8/t**\n\n**HCC FOB Australia US$226.5/t vs US$226.5/t**\n\n**Thermal coal swap Australia FOB US$134.0/t vs US$134.0/t****           **\n\n**Other****:**\n\n**Cobalt LME 3m US$56,290/t vs US$56,290/t**\n\n**NdPr Rare Earth Oxide (China) US$111,165/t vs US$110,975/t**\n\n**Lithium Carbonate 99% (China) US$20,380/t vs US$20,493/t**\n\n**China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t**\n\n**Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu**\n\n**China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu**\n\n**China Graphite Flake -194 FOB US$390/t vs US$390/t**\n\n**Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb**\n\n**Europe Ferro-Vanadium 80% US$26.4/kg vs US$26.8/kg**\n\n**China Ilmenite Concentrate TiO2 US$208/t vs US$208/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,164/t vs US$1,162/t**\n\n**Brazil Potash CFR Granular Spot US$395.0/t vs US$395.0/t**\n\n**Germanium China 99.99% US$4,095.0/kg vs US$4,095.0/kg**\n\n**China Gallium 99.99% US$430.0/kg vs US$430.0/kg**\n\n**Europe Molybdenum Oxide 57% US$32.0/lb vs US$32.0/lb**\n\n**EV & Battery news****:**\n\n**Amazon’s self-driving taxi company gets the green light to charge passengers**\n\n- Amazon’s robotaxi company, Zoox, has become the first in the US allowed to charge people for rides in cars that have no steering wheel or pedals at all, after US safety regulators approved the design.\n\n- Up to 2,500 of these cars can be used each year for the next two years.\n\n- Zoox says it will start charging fares soon, beginning in Las Vegas, with more cities to follow once local rules are sorted out.\n\n- The car seats four people facing each other in two rows, can go up to 75mph, and was built from scratch as a driverless vehicle rather than a normal car with the driver’s seat removed.\n\n- Regulators say they’ll keep a close eye on the cars and can cancel the approval if serious safety problems come up.\n\n- Zoox had to recall all 105 of its cars earlier this year to fix a software issue where they might not notice heavy smoke during emergencies.\n\n- Other companies, including Tesla and Google’s Waymo, are also working on driverless taxis. Tesla has built a similar car with no steering wheel, but hasn’t yet had approval to use it on the road.\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | 2.0% | 2.5% | **Freeport-McMoRan** | 5.8% | -0.1% |\n| **Rio Tinto** | 1.3% | 6.6% | **Vale** | 2.3% | 1.1% |\n| **Glencore** | 0.0% | 0.3% | **Newmont Mining** | 4.8% | 1.1% |\n| **Anglo American** | 0.0% | 0.1% | **Fortescue** | -1.9% | -0.3% |\n| **Antofagasta** | 0.0% | 2.0% | **Teck Resources** | 8.4% | 3.7% |\n\n**Atlantic Lithium* (ALL LN) 15.4p, Mkt Cap £124m – Quarterly shows strong cash position potential ahead of prospective takeover by Zhejiang Huayou Cobalt Co.**\n\n- Atlantic Lithium report Net cash used in FY Q4 of A$1.8m vs A$5.6m year-to-date\n\n- Staff costs were A$0.5m in Q4 vs A$1.9m ytd\n\n- Admin and corporate: A$1.4m vs A$3.8m ytd\n\n- Other income: A$0.1m vs A$0.3m ytd\n\n- Cash and cash equivalents: A$9.7m at the year-end enabling the company to continue for nearly three years at the current run rate.\n\n- Atlantic have signed a Scheme Implementation Deed with Zhejiang Huayou Cobalt Co. for the acquisition of the company.\n\n- The all-cash offer is for £0.188/s based on US$0.25486/s.\n\n- The Atlantic Lithium Board remain committed to voting for the scheme in the absence of a superior proposal and subject to an independent expert advice.\n\n**SP Angel acts as Nomad to Atlantic Lithium*\n\n**Aura Energy* (AURA LN) 5.5p, Mkt Cap £53m – Tiris flowsheet finalised with FS due September followed by funding and FID**\n\n- The Company released a quarterly update on progress at Tiris Uranium Project (Mauritania) and Haggan Polymetallic Project (Sweden).\n\n- Tiris processing flowsheet finalised using commercially proven technology.\n\n- Non binding MOU signed with a major international nuclear utility in June.\n\n- The agreement covers potential equity investment, long term offtake and technical cooperation, with binding terms targeted for YE.\n\n- Pilot plant is under construction and expected to be launched in October derisking the flowsheet.\n\n- Senior debt funding for ~US$150-17m under discussion with the US International Development Finance Corp.\n\n- FS expected to be completed September 2026.\n\n- Advanced draft of the FS shared with investors in July.\n\n- Tiris FID targeted YE26.\n\n- In Sweden, uranium has been removed from the list requiring special nuclear facility permitting process effective 15 July 2026 allowing mining projects to follow same permitting framework as other minerals, no longer requiring municipal consent.\n\n- Haggan Polymetallic Project has been proposed as being of national interest.\n\n- Spot uranium prices traded in a narrow range during the quarter (US$84-87lb) and currently around US$85/lb; importantly, longer term contract prices are at US$97/lb, up from US$93 at the end of 1Q26.\n\n- FCF was -A$3.2m during the quarter with spend expected to pick up in 2HCY26 on pilot plant commissioning and FS related work.\n\n- Closing cash balance ~A$16m.\n\n**SP Angel acts as Nomad and broker to Aura Energy*\n\n**Ferro-Alloy Resources (FAR LN) 3.7p, Mkt Cap £27m – £5.7m equity raise, new CEO and operational update**\n\n- The Company announced an equity raise, senior management/Board changes and an operational update.\n\n- The Company raised £5.7m at 3.4p with Vision Blue Resources subscribing for £2.2m.\n\n- The issue price implies a 25% discount to the  last close.\n\n- Peter Secker joins the Company as new CEO effective mid-October 2026, subject to final contract.\n\n- Peter is a mining engineer with over 40y experience across mine development, operations, financing and listed company management.\n\n- Recent roles included CEO at Bacanora Lithium (Sonora Lithium Project, Mexico) and Canyon Resources (Minim Martap Bauxite Project, Cameroon).\n\n- He is also on the Board of Zinnwald Lithium (NED).\n\n- Nick Bridgen (Current CEO) will become Non-Executive Chairman.\n\n- Project funding application submitted with US government institutions regarding a potential critical minerals supply contract.\n\n- Discussions with strategic partners are advancing to integrate FeV production into the IS steel and defence supply chain.\n\n- Testwork underway for yttrium by-product circuit at the Balausa Project.\n\n- First orders secured for Carbon Black Substitute (CBS) including an initial 20t contract following successful tests by an agricultural tyre manufacturer.\n\n- Passenger car tyre formulations related work is ongoing.\n\n- New FeNi revenue stream designed, US$2m of product prepayments (vanadium and molybdenum) and a US$0.5m non dilutive government grant (production of up to 1,000t of high grade CBS sample) secured.\n\n- The Company highlights debt repayment schedule including US$3m (Tranche 1, due 7 August 2026), US$5m (Trance 3, due 11 August 2026) and US$5m (Tranche 2, due 2 October 2026).\n\n- Tranche 1 and 3 are expected to be covered by equity raise proceeds as well as US$2m product prepayments.\n\n- Tranche 2 refinancing discussions ongoing.\n\n**GreenX Metals (GRX LN) 47p, Mkt Cap £148m – Quarterly report highlights good progress at Tannenberg copper mine in Germany**\n\n- GreenX Metals reports good progress in its fourth quarter. The company has an end-June year end.\n\n- GreenX spent A$2m in the quarter marking a modest increase in quarterly spending to A$6.4m in the full financial year.\n\n- **Exploration and evaluation expenditure** was A$0.7m in Q4 vs A$1.4m for the full year.\n\n- **Staff costs** were a modest A$0.4m in Q4 and A$1.6m for the year.\n\n- **Admin and corporate costs** were A$0.16m in Q4 vs A$1.1m for the year.\n\n- **Arbritration and legal expenses** were A$0.9m in Q4 vs A$3.9m for the full year.\n\nAt end 30 June 2020 GreenX signed a litigation funding agreement for US$12.3m, now worth A$17.8m.\n\n- Management continue to pursue their arbitration case (~£252m and rising) against the Polish government with Poland recently paying A$1.6m in legal costs from latest arbitration ruling in Singapore.\n\n- Our, non-legal, view is there is a very good chance that Poland will settle and it is more of a question as to how much will they offer and when?\n\n- Legally, GreenX looks like GreenX could hold the Government of Poland to the full settlement.\n\n- Litigation funder LCM will be paid 5x $11.2m of outstanding funding plus compounding interest at 30% by the time the claim is settled.\n\n- Remaining funds from the settlement will be distributed to shareholders less around £20m to fund ongoing work at Tannenberg.\n\n**Cash and cash equivalents** are A$13m at the end of Q4 vs A$15.4m at end Q3.\n**Tannenberg copper project**:\nGreenX give a comprehensive update on the Tannenberg copper project in Germany in their quarterly, we provide a very brief summary below:\n\n- **Tannenberg JORC Exploration Target:**\n\nCopper 144 – 279mt @ 0.9% – 1.4%\n\n- Silver 144 – 279mt @ 15 – 21 g/t Ag\n\nContained metal (in-situ):\n\n- Copper: 1.3 – 3.9mt\n\n- Silver: 69 – 188moz\n\n- It is our view that Tannenberg will develop a substantial JORC copper resource on further exploration / drilling.\n\n- Tannenberg sits on Kupferschiefer mineralisation and looks similar to KGHM’s Lubin and Rudna mines.\n\n- Mineralisation at Tannenberg extends from surface to 500m.\n\n- Significant historical drill intercepts showing high copper and silver around 209-365m.\n\n- Data shows good potential for the development of the brownfield mine site.\n\n- The process plant should fit into the industrial manufacturing site next to the existing Tannenberg decline portal.\n\n- Mineralogy shows  the copper is predominantly hosted in chalcocite with additional bornite, chalcopyrite and covellite, typical of Kupferschiefer deposits.\n\n- The Tannenberg mines produced 416,500t of copper and 33.7moz of silver from ~1930s to 50’s. Recovery rates should be much better now.\n\n**The analyst recently visited the historic Tannenberg copper, silver mine in Germany*\n\n**Meteoric Resources (MEI AU) A$0.19, Mkt Cap A$532m – Caldeira DFS results**\n\n- The Company release the results of the DFS for the Caldeira Rare Earth Ionic Clay Project (Brazil).\n\n- 6.0mtpa plant producing ~25ktpa MREC, ramped over 24 months\n\n- LOM >20 years\n\n- Average production ~12.5ktpa TREO incl ~3.7kt NdPr and ~122tpa DyTb\n\n- Capacity ~7.0mtpa\n\n- Average feed grade ~3,500ppm with first 5y at ~4,400ppm\n\n- Recoveries 71% MREO\n\n- Payability 70%\n\n- Development capex US$498\n\n- AISC US$16.7/kg TREO at spot pricing / US$11.7/kg TREO at forecast pricing\n\n- Post-tax NPV8 and IRR US$847m and 24% at spot pricing (US$47/kg TREO incl US$129/kg NdPr)\n\n- Post-tax NPV8 and IRR US$2,721m and 47% at forecast pricing (US$86/kg incl US$159/kg NdPr)\n\n- The study incorporates results from pilot plant production carried out over the last seven months.\n\n- Updated Mineral Reserve 151mt 3,524ppm TREO.\n\n- Environmental permitting timeline:\n\nPreliminary License (LP) secured\n\n- Construction License (LI) due 4Q26\n\nFuture milestone:\n\n- Offtake and project funding discussions supported by FS\n\n- Preliminary studies for potential Brazil based downstream MREC separation\n\n- FID post LI and project funding\n\n**New Frontier Minerals* (NFM LN) 0.32p, Mkt Cap £6.5m – Quarterly report indicates way forward for exploration around the Mt Storm copper mine and on Harts Range rare earth prospect**\n\n- Cash on hand and liquid investments A$1.5m at end FYQ4.\n\n- Rehabilitation security bonds totalled $125,000 at end Q4.\n\n- **NWQ Copper Project **tenements expanded to ~585 km² (178 sub-blocks) within the Mt Isa copper belt.\n\n**Big One Deposit:** **JORC MRE: 2.1mt at 1.1% Cu** for 21,886t of contained copper\n\n- The resource at Big One and Big One North represent just 2 of 14 prospects as evaluated in a recent report\n\n- The **Mt Storm copper mine** historically produced ~1,100t at 6% copper.\n\n- There is no known drilling at Mt Storm. The historic mine site suggests this is a good area for further modern exploration.\n\n**JORC Exploration Target **estimates potential for 12-58mt grading 0.3-1.5% Cu for ~50,000-473,000t contained copper across the wider NWQ Copper Project.\n\n- Today’s report includes a comprehensive breakdown of the estimated resources at the various historic mines and prospects.\n\n**Strategic Alliance with Austral Resources**\n\n- “A formalised MoU between NFM and Austral sets the foundation for a strategic alliance combining NFM’s exploration expertise across the NWQ Copper Project with Austral’s advanced copper processing facilities at Mt Kelly.\n\n- The arrangement provides Austral with additional sources of high-grade copper ore feedstock, and NFM with a defined route to monetise exploration success without the capital outlay of stand-alone processing infrastructure.”\n\n**Harts Range Heavy Rare Earths Project**\nManagement plan to follow up on further geological targets to determine if there are REEs at depth..\nA prominent magnetic anomaly approximately 150-200m in diameter at ‘Kings Cross’ sounds prospective.\nBHP Xplor-backed research suggests the broader Harts Range area may host a district-scale Copper-Nickel-PGE mineral system.\n**Pomme REE-Nb Project (**Québec, **Canada)**\n\n- The team are targeting a pathway to produce higher-grade REE concentrates following characterisation and metallurgical studies.\n\n- Work will focus on conventional metallurgical testwork, followed by Metallium’s proprietary Flash Joule Heating process testwork on existing drill cores.\n\n**SP Angel acts as broker to New Frontier Minerals*\n\n**Sun Peak Metals (PEAK CN) C$0.4, Mkt Cap C$73m – Saudi Arabia initial maiden drilling programme completed with first results due August**\n\n- The Company updates on the progress of exploration drilling programme across its 100% owned portfolio within the Arabian Nubian Shield in Saudi Arabia.\n\n- Maiden diamond drilling programme completed at Safra Main and Halahila Main.\n\n- 23 holes for a total of 3,764m completed across two targets (1,242m Safra and 2,522m Halahila)\n\n- Drill holes intersected sulphide mineralisation on structures or key horizons in VMS-style host packages.\n\n- First results expected in late August 2026.\n\n- Further target delineation work ahead of drilling continued across wider portfolio.\n\n- Gravity and electromagnetics survey completed ahead of planned maiden drilling (4Q26) at Al Miyah.\n\n- Exploration work identified a large VMS-style gossan extending ~1.5knm along NE-SW trend at the Washaq Target at the recently acquired Jabal Al Asad Project.\n\n**Conclusion:** Completion of maiden drilling programme at Safra Main and Halahila Main is an important milestone with first assays due late August as the team led by Greg Davis (ex Nevsun and Sunridge) with an extensive experience in the ANS belt advances the exploration programmes focused on VMS, intrusion related and orogenic gold systems.\n\n**Sylvania Platinum (SLP LN) 76p, Mkt Cap £196m – Q4 operations report shows record FY26 PGM production**\n\n- South African PGM and chrome producer Sylvania reports its June quarter results.\n\n- **Operations:**\n\nThe dump operations declared 23,868 4E PGM ounces, up 4%qoq.\n\n- FY26 production hit a record 95,885 4E ounces, beating the top of guidance.\n\n- Another 2,904 ounces sit in work-in-progress for delivery next quarter.\n\n**Thaba JV:**\n\n- Chrome output fell 6% to 17,889t despite plant throughput rising 12%.\n\n- April rainfall flooded the pit, while reef dilution cut feed grades.\n\n- FY26 chrome of 50,317t landed at the lower end of revised guidance.\n\n- Recoveries improved from mid-June, and a new geological model feeds the reworked mine plan.\n\n**Financials:**\n\n- Net revenue fell 38%qoq to $48.5m as the basket price dropped 25% to $2,299/oz.\n\n- Chrome bucked the trend, with prices up 16% to $310/t.\n\n- EBITDA fell 65% to $16.9m, with costs up 8% on mining, diesel and power.\n\n- Cash costs improved 7% to $848/oz. AISC fell 19% to $1,278/oz.\n\n- Cash rose 6% to $67.2m after tax payments and April’s $7.0m interim dividend.\n\nFull year results come 15 September.\n\n**Zanaga Iron Ore (ZIOC LN) 3.8p, Mkt Cap £37m – Development bank issues letter of intent for up to $500m Zanaga financing**\n\n- Iron ore developer ZIOC reports financing progress at its 100%-owned Zanaga project in the Republic of Congo.\n\n- **Financing update:**\n\nPartner Red Arc Minerals has made significant progress toward up to $500m of funding.\n\n- The money would come from a large western government-backed development bank, which has issued a letter of intent.\n\n- RAM’s deadline to conclude its equity investment moves to 30 November 2026.\n\n- The LOI is an expression of interest only, with no certainty of completion.\n\nOn the ground, earthworks teams are mobilising to dig bulk ore samples.\nThe samples will fine-tune how the ore gets processed and what equipment is needed.\nThe end product is DRI-grade pellet feed.\nZanaga holds a 6.9bn tonne resource and 2.1bn tonne reserve, with all key permits in place.\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**\n\n**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**\n\n**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**\n\n**Sales**\n\n**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**\n\n**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**\n\n**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**\n\nPrince Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*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)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.\n\nThis note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.\n\nThis note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.\n\nThis note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. 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If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA 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\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange"}