SP Angel – Today’s Market View, Monday 10th August 2026

Copper market tightens as US and China compete for metal

MiFID II exempt information – see disclaimer below

Aterian (ATN LN) – AI exploration program starts in Botswana*

Caledonia Mining (CMCL LN) – Improving grades at the Blanket mine keep full year production guidance on track

Evion Group NL (EVG AU) – Evion Group accepted into US Department of Defense Cornerstone Consortium

Galantas Gold* (GAL LN) – BUY, 89p Expansion of the planned drilling programme at the Indiana project, Chile

Harena Rare Earths* (HREE LN) – BUY, 9.4p– $4.5m DFC funding featured in White House critical minerals package*

Jubilee Metals Group (JLP LN) – Two binding offers received for Large Waste Project in Zambia

Tertiary Minerals* (TYM LN) – Completion of Phase 4 drilling at Mushima North, Zambia

Xtract Resources (XTR LN) – Progress at the Amghas antimony project, Morocco

Copper ($14,128/t) – Market tightens as US and China compete for metal

US Commerce Department made no big announcement on copper on Friday

• Copper traded up to $14,136 with consumer buying seen for August to Nov and Friday’s weak US jobs data reducing expectations for rate hikes.
• The DRC copper concentrate export ban helped prices higher tightening spreads
• LME warehouse stocks are down more than 40% since May, with 4,000-6,000t leaving almost daily.
• LME copper stocks are now down to 218,300t.
• With 128,325mt of cancelled warrants there is just 89,975t of stock currently available in LME warehouses.
• A further 2,925t of LME warrants were cancelled suggesting the market may be vulnerable to a physical supply squeeze.
• Much of the metal is going to China, where smelters cut output on costly ore and a scrap shortage.
• If Trump taxes refined copper, traders expect a sharp price jump.

Freeport Indonesia to restart Manyar smelter in September (CNN Indonesia)

• The $3.7bn smelter in East Java restarts in September, reaching full output by end 2027.
• The plant can process 1.7mt of concentrate (semi-processed ore) a year.
• It has been shut since December 2025, after the Grasberg landslide cut off its ore feed.
• The restart adds refined copper to an already tight market.

Gold ($4,351/oz) holds near seven-week high ahead of US inflation data (Reuters)

• Gold held steady in early Monday trade after gaining more than 7% last week.
• US inflation data (CPI and PPI) this week is the next test for rates.
• Iran says a Hormuz deal with Oman is near, but wants compensation and an end to sanctions first.
• Vietnam tightens checks on gold companies 
• Inspectors found violations at major gold firms, including state trader SJC, worth around $3.6m in wrong tax declarations. (Bloomberg)
• Police will examine seven individuals who sold around $80m of gold whose source could not be explained.
• The checks are part of reforms to reduce the central bank’s monopoly and set up a national gold exchange.

Rare Earths – Trump announces $3bn of critical minerals projects to counter China

• The package includes a $1.4bn defense loan to Sila Nanotechnologies, a battery materials maker.
• Niron Magnetics, which makes magnets without rare earths, gets $150m.
• Over $1bn is lined up for Ivanhoe Electric’s Santa Cruz copper project in Arizona.
• Smaller deals reach Madagascar, where the DFC, the US government’s overseas investment arm, is backing London-listed Harena Rare Earths*.
• The US has now pledged over $10bn to build rare earth supply outside China.

US lends Sunrise Energy Metals $400m for Australian scandium project 

• Sunrise received a conditional $400m US Defense Department loan for its Syerston project in New South Wales. (FT)
• The loan gives the US first claim on the mine’s output.
• Scandium strengthens aluminium for aerospace and cars.
• Production starts from late 2028, with Sunrise, backed by Robert Friedland, worth A$3.2bn and preparing a US listing.

Australia tightens grip on Chinese investors in Northern Minerals 

• Two China-linked investors in Northern Minerals now need government approval to sell their shares. (Bloomberg)
• The heavy rare earths developer has been at the centre of a standoff since 2024.
• Six Chinese investors were ordered in May to sell out but refused, and some holdings were frozen in July.
• The US is spending on new supply while Australia limits Chinese ownership of it.

Lithium – CATL’s Jianxiawo mine stays shut pending environmental approval (Reuters)

• The Chinese battery giant’s flagship mine remains closed, despite talk of a quick restart.
• Shut since August 2025, the mine now needs a new environmental report after its ore was reclassified.
• Lithium futures in Guangzhou rose 1.36%, as the delay keeps supply off the market.

Uranium – DRC investigates how 5,000t of uranium left the DRC in cobalt exports

• The DRC government is investigating estimates on the export fo uranium within cobalt  (Mining.com)
• University of Wisconsin-Madison and Princeton University research estimates 2,000-5,000t of natural uranium were exported from the DRC in cobalt-hydroxide shipments between 2000 and 2024,
• The DRC reported no official uranium production at this time.
• The group also estimated another 1,000-4,000t of uranium may have been discarded in mine tailings.
• The hidden export of natural uranium is of significant concern due to radioactive safety and illegal uranium mining issues with mine workers and others in the supply chain exposed
• The DRC government is challenging parts of the study with officials saying national and international laboratories are involved in testing, alongside the DRC nuclear safety and nuclear energy agencies.
• The DRC now plans to install radiation detectors to check trucks leaving the country.

Currencies

US$1.1554/eur vs 1.1545/eur previous. Yen 158.45/$ vs 157.82/$. SAr 16.171/$ vs 16.338/$. $1.350/gbp vs $1.346/gbp. 0.707/aud vs 0.704/aud. CNY 6.746/$ vs 6.750/$.

Dollar Index 99.70 vs 99.76 previous.

Economics

China – Inflation softens to 0.5% in July on lower prices

• CPI softened to 0.5% yoy from 1.0%
• Food prices fell -1.5% yoy
• Non-food inflation held at 0.9%.
• Goods prices rose 0.2% yoy
• Services rose 0.7% yoy

Japan – BoJ policy changing to counter inflation

• The BoJ July 30–31 meeting indicates a move in policy towards containing inflation rather than raising inflation toward 2%.
• Recent gains in the yen should support the containment of inflation and potentially slow future interest rate rises.

Eurozone  – Sentix Confidence improves in August to 0.9 from -3.1

• Current Situation improved to -8.0 from -14.8
• Expectations rose to 10.3 from 9.3
• Sentix Inflation Barometer worsened to -29.25 from -13.75 as investors worry about the impact of rising prices and future ECB rate rises.

US payroll data

July PMIs for services / nonmanufacturing and composite indices show positive momentum

Iran – The Iranian president threatened to resign if his country does not sign an agreement, claiming that the country’s economic situation is catastrophic.

• Shipping industry sources told Reuters that the proposed Iran-Oman Strait of Hormuz transit plan is largely unworkable.
• Iran is seeking to charge transit fees equal to 5–7% of a cargo’s value.
• Payment of the fees could violate US sanctions and invalidate war-risk insurance coverage, exposing shipowners to significant legal and financial risks.

Israel – working towards land corridor to bypass Iranian threat to the Strait of Hormuz and Houthis’ threat in the Bab el-Mandeb Strait

• The idea is to establish a land corridor connecting Saudi Arabia, the UAE, Bahrain, and Kuwait to the Mediterranean and onward to Europe
• The route may pass through Israel, though Turkey and Egypt are keen for the route to pass through their territories.

• IDF is preparing to potentially resume independent strikes against Iran without US support.
• The news follows a CNN report the US Joint Chiefs of Staff told senior Trump administration officials that further military escalation could backfire and that victory through airstrikes alone was unlikely.

Precious metals:

Gold US$4,351/oz vs US$4,254/oz previous

Gold ETFs 96.9moz vs 96.8moz previous

Platinum US$1,751/oz vs US$1,750/oz previous

Palladium US$1,371/oz vs US$1,372/oz previous

Silver US$64.1/oz vs US$61.6/oz previous

Silver ETFs 792.1moz vs 787.6moz previous

Rhodium US$8,650/oz vs US$8,525/oz previous

Base metals:

Copper US$14,128/t vs US$14,060/t previous

Aluminium US$3,323/t vs US$3,235/t previous

Nickel US$16,990/t vs US$16,605/t previous

Zinc US$3,716/t vs US$3,729/t previous

Lead US$1,901/t vs US$1,882/t previous

Tin US$55,765/t vs US$56,045/t previous

Energy:

Oil US$84.0/bbl vs US$79.8/bbl previous

• Crude oil prices moved higher following further attacks in the Middle East over the weekend, compounded by negative sentiment after Israel’s rejection of the US-negotiated peace deal in Gaza.
• The US Baker Hughes rig count was flat at 588 units last week (+49 or +9% y/y), with oil rigs up 3 to 454 units (+43 y/y) and gas rigs down 3 to 124 units (+1 y/y), as the Permian Basin added 3 rigs w/w to 263 units (+7 y/y).

Natural Gas €57.5/MWh vs €53.5/MWh previous

Uranium Futures $86.7/lb vs $86.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$94.9/t vs US$96.3/t

Chinese steel rebar 25mm US$465.1/t vs US$466.0/t

HCC FOB Australia US$215.5/t vs US$215.0/t

Thermal coal swap Australia FOB US$129.8/t vs US$130.3/t

Other:

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

NdPr Rare Earth Oxide (China) US$109,107/t vs US$109,490/t

Lithium Carbonate 99% (China) US$20,235/t vs US$20,224/t

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

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

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

Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu

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

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

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

Europe Ferro-Vanadium 80% US$25.7/kg vs US$26.4/kg

China Ilmenite Concentrate TiO2 US$208/t vs US$208/t

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

China Rutile Concentrate 95% TiO2 US$1,164/t vs US$1,163/t

Brazil Potash CFR Granular Spot US$392.5/t vs US$395.0/t

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

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

Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.0/lb

EV & Battery news:

Ford unveils affordable EV pickup “Fathom,” priced from $28,350

• Ford has unveiled the name and price of its new midsize electric pickup, Fathom, starting at $28,350 for a standard-range battery (excluding a $1,595 destination fee, bringing the total to $29,945), positioning it as one of the cheapest EVs on the US market.
• Fathom is the first vehicle built on Ford’s new Universal Electric Vehicle (UEV) platform, which cuts total parts count by 20% versus a typical Ford programme, using a new “assembly tree” manufacturing process at its Louisville plant where three separate lines for the front, rear, and structural battery/seating run simultaneously rather than on one long conveyor.
• The truck follows Ford’s $19.5bn EV writedown last year, which saw it cancel several planned models including its larger Lightning pickup, and was developed by a specialised California team led by former Tesla executive Alan Clarke, aimed at competing with Tesla and BYD on cost.
• Preorders open in early 2027, with customer deliveries beginning that autumn, and Ford projects Fathom will offer more passenger volume than a Toyota RAV4, alongside bidirectional power, BlueCruise hands-free driving, and a large touchscreen.

CATL’s eVTOL aviation battery passes world-first thermal safety test, clearing path to mass production

• CATL said its aviation battery system for passenger eVTOLs (Electric Vertical Takeoff and Landing) passed a verification test showing no thermal runaway propagation when two adjacent cells were triggered simultaneously, a world first for prismatic cells at 350Wh/kg energy density.
  • Cells were triggered at different locations within the pack, including the middle and corners, with no propagation occurring in either case, a more demanding test than the industry standard of triggering a single cell.
• Production, inspection, and testing of the cells and battery system were witnessed by representatives of the Civil Aviation Administration of China (CAAC), laying groundwork for the technology to meet civil aviation safety standards.
• CATL said the battery is ready for mass production and will first be used in passenger eVTOLs from Autoflight, an eVTOL maker it has backed as a strategic investor since August 2024.
• The announcement extends CATL’s push beyond EVs into electric aviation and vessels, and comes as the company posted 242.7GWh of global EV battery installations in H1 2026, up 25.3% yoy, for a 39.9% market share, according to SNE Research.

Company news:

Aterian (ATN LN) 26.04p, Mkt Cap £5.1m – AI exploration program starts in Botswana*

• Critical minerals explorer Aterian has started a drone magnetic survey over its copper licences in Botswana’s Kalahari Copper Belt.
• Survey:
  • The survey covers its two highest-priority licences.
  • Drone magnetics show much finer detail than regional surveys, helping find structures hidden under the Kalahari sand.
  • Results feed into partner Lithosquare’s AI platform to rank drill targets.
• The program follows the Agdz East results in Morocco last week, where large fault zones that could carry copper were identified.
• Soil sampling at a third licence found nothing significant and work there is on hold.
• Executive Chairman Charles Bray notes “We are now applying the same disciplined, technology-led process in one of the world’s premier emerging copper districts.

*SP Angel acts as Joint Broker to Aterian

Caledonia Mining (CMCL LN) 1,640p, Mkt Cap £312m – Improving grades at the Blanket mine keep full year production guidance on track

• Caledonia Mining reports a 41% rise in after-tax profits of US$48.9m for the six months to 30^th June (H1 2025 – US$34.8m).
• The financial results reflect sales of 31,594oz of gold at an average price of US$4,502/oz generating revenue of US$142m (H1 2025 – 39,875oz of gold sales at an average US$3,045/oz for revenue of US$121.5m).
• On-mine costs of gold sales increased by 47% to US$1,704/oz and by 51$ to US$2,715/oz on an all-in-sustaining cost basis (AISC).
• The company currently confirms its 2026 production guidance range of 72-76,500oz and has increased its full year on-mine cost guidance range to US$1,600-1,800/oz (previously US$1,500-1,700/oz) and explains that the increased cost guidance “recognizes inter alia the inclusion in on-mine operating costs of dividends payable to Blanket employees which arise from the 10% shareholding in Blanket that is owned by an employee trust”.
• Even though Caledonia Mining is currently maintaining 2026 production guidance, looking further ahead, “Management anticipates that gold production at Blanket in 2027 will exceed the previous guidance of 72,000-76,500 ounces due increased run-of-mine production arising from the introduction of the 7-day shift and the potential for oxide mining at the K-pits”.
• “Management is finalising a resource estimate for the K-pits and is assessing the timing of any increased production, the required capital expenditure to achieve higher production and the resultant effect on on-mine and all-in sustaining costs”.
• AISC cost guidance is updated to US$2,500-2,700/oz (previously US$2,100-2,300/oz) including “the impact of higher royalty expenses and US$4 million to prepare for possible oxide mining and processing operations at Blanket”.
• Commenting on the results, CEO, Mark Learmonth, welcomed the 18% increase in quarterly gold output and commented that “grades improved steadily throughout the period as access to higher-grade mining areas increased, and … [he confirmed that] … this positive trend will continue into the third quarter”.
• He acknowledged the “successful introduction of our seven-day working week in June … [as an] … important milestone … expected to increase production from September 2026, when we intend to start to process an additional 200 tonnes per day”.
• Mr. Learmonth recognised the positive impact of a “robust gold price environment” for revenue.
• He confirmed drilling at Motapa has now “confirmed mineralisation across approximately six kilometres of strike and support our intention to publish a maiden mineral resource estimate later this year”.

• Commenting on costs, Mr. Learmonth commented that “On mine and all-in sustaining costs per ounce remained high in the six months to 30 June but … [said that they] … include substantial costs which do not reflect core operating activities … [and confirmed that] … Management is confident that continued vigilance in controlling operating cost per tonne, coupled with the improved mine grade, means that Caledonia’s full year guidance”.

Conclusion: Improving grades and rising gold production keep Caledonia Mining’s full year guidance on track and 2027 guidance is expected to exceed the previously issued 72,000-76,500oz range.

Evion Group NL (EVG AU) A$0.028, Mkt Cap A$22.8m – Evion Group accepted into US Department of Defense Cornerstone Consortium

• Evion Group has been accepted as a member of the Cornerstone Consortium, the US Department of Defense’s only government-managed Other Transaction Agreement consortium, following execution of a Cornerstone Management Agreement.
  • Cornerstone was established in 2018 under the Office of the Secretary of Defense’s Industrial Base Analysis and Sustainment Program, and spans 18 industrial base sectors bringing together defence contractors, small businesses, private capital, and research institutions to close US manufacturing and supply chain gaps.
• Evion is a vertically integrated critical minerals company holding the high-grade Carp Fluorspar Project in Nevada, the EU-recognised Maniry Graphite Project in Madagascar, and a 50:50 stake in the Panthera Graphite Technologies processing plant in India, which has shipped expandable graphite into the US and Europe since 2025 and turned positive EBITDA in FY2026.
• Membership gives Evion visibility of and eligibility to respond to Cornerstone Initiative Requests, competitive DoD solicitations under the Materials sector, which covers fluorspar and graphite, both designated critical minerals in the US.
• The US imports 100% of its fluorspar and the vast majority of its graphite concentrate and downstream products, with Evion’s Carp project historically producing about 44,900 tonnes at roughly 69% CaF2 grade between 1958 and 1971, and recent sampling confirming grades of up to 88.15% CaF2.
• Managing Director David Round said Cornerstone is “where the U.S. Department of Defense actually does its industrial base work,” positioning Evion to respond directly when materials requirements are issued.
• The move follows Evion’s earlier appointment of former Australian Ambassador to the US Arthur Sinodinos AO as Strategic Advisor, and sits alongside an ongoing field programme at Carp aimed at drill targeting.

Galantas Gold* (GAL LN) 25p, Mkt Cap £204m – Expansion of the planned drilling programme at the Indiana project, Chile

Initiation Note 21/07/26 – BUY – 89p CLICK HERE

• Galantas Gold reports that having drilled 5,060m at its Indiana copper/gold project near Copiapo, Chile it expanding the programme to 12,500m.
• The drilling is testing “extensions of known mineralization along strike and down-dip at the Bondadosa and Flor de Espino veins”.
• “Twelve (12) exploration drill holes totalling 4,852 metres and one infill drill hole of 208 metres at the Flor de Espino vein have been completed to date … [and Galantas Gold explains that] … Very few assays have been received due to a combination of back-up in the laboratory and flooding with subsequent loss of electric power due to heavy rains in the Coquimbo region of Chile”.
• Today’s announcement confirms that “Twelve of the 13 drill holes completed to date intersected the Bondadosa or Flor de Espino veins within metres of targeted depth”.
• Work completed so far has also identified “new mineralized structures not exposed at surface, high-grade mineralization at structural intersections, and provide confirmatory grade and geotechnical information for underground mine design”.
• As well as vein-hosted mineralisation, “For the first time at Indiana, disseminated sulphide mineralization, including molybdenite, has been recognized in drill core” from hole IN26010 and the company is currently assessing its significance.
• The announcement also explains that “surface mapping and sampling has identified new targets.  The most significant of these is La Maravilla, located along the newly identified Zeus structure … [which] … was identified in trenches excavated across a newly identified prominent North-South trending structure”.
• As part of the continuing exploration, “Additional trenches along this new trend will be excavated and sampled”.
• CEO, Mario Stifano, explained that Galantas Gold’s exploration has “identified new targets in a large land package of approximately 8 km by 10 km within a major IOCG belt which we expect will merit drill testing”.

Conclusion:  The drilling campaign at Indiana has provided sufficient encouragement to prompt the company to more than double the planned scale of the programme to 12,500m

*SP Angel act as Broker to Galantas Gold

Harena Rare Earths* (HREE LN) 2.45p, Mkt Cap £16.7m – $4.5m DFC funding featured in White House critical minerals package*

BUY – 9.4p

• Harena note the reporting of its $4.8m DFC funding with the DFC in Friday’s mining event White House fact sheet.
• This is the US development finance agency’s, first mining investment in Madagascar.
• Harena joins the DFC’s rare earth portfolio alongside Serra Verde and Aclara.
• Funding:
  • Proceeds fund permitting, environmental and social work and a pilot plant at Ampasindava.
  • Harena has already started drawing the funds against the agreed budget.
  • The DFC can also be considered for larger project funding later.
• Project:
  • Ampasindava hosts a 699mt resource grading 868ppm TREO (total rare earth oxides), with around 22% magnet rare earths.
  • The January PFS points to $250m post-tax NPV10 and 30% IRR off modest $142m capex.
  • Magnet metals make up around 95% of project value, led by NdPr, Tb and Dy.
• Ivan Murphy, Chairman of Harena, “This investment by the U.S. government through the DFC is a huge endorsement of the quality of our ionic clay rare earth project.“

Conclusion: White House recognition adds to US support for Ampasindava, one of the few projects outside China that could supply magnet rare earths at scale.

This comes at a time when virtually all the world’s production of heavy rare earths fall under Chinese export controls.

The DFC appears open to larger-scale project funding as Harena develops its Ampasindava and potentially other projects.

The US relationship strengthens the path toward FID in 2027.

*SP Angel acts as Broker for Harena

Jubilee Metals Group (JLP LN) 2.70p, Mkt cap £87m – Two binding offers received for Large Waste Project in Zambia

• Jubilee Metals reports the receipt of two binding offers for the outright acquisition of their Large Waste Project at a premium to the original acquisition price.
• Both potential buyers have expressed an interest in exploring broader strategic collaboration with Jubilee in Zambia, including the potential development of further waste assets near current Jubilee processing facilities.
• Monetising the waste project assets will help Jubilee with the implementation of on-site copper processing at the expanded Molefe Mine operation.
• The seller of the Large Waste Project to Jubilee has now agreed to take the US$5m payment in new Jubilee shares.
• The potential buyers must pay an initial deposit by 27 August to qualify for a 90-day DD following which definitive agreements need to be executed within 10 days.
• Payments are likely to be linked to instalments of up to 3 years.
• Jubilee recently resumed deliveries of high-grade ore from Molefe mine to the Sable copper refinery following the expansion of Pit 2 enabling the refinery to restart.
• Management expect to deliver 6,000t of ore in June building to 8,500t by August and 10,000tpm by October 2026.

Conclusion: The probable sale of Large Waste Project combined with the restart of the Molefe mine to the Sable copper refinery is good news for the group.

Tertiary Minerals* (TYM LN) 0.07p, Mkt Cap £4.7m – Completion of Phase 4 drilling at Mushima North, Zambia

• Tertiary Minerals confirms the completion of its Phase 4 drilling programme at Mushima North, Zambia after drilling 3,639m in 39 holes.
• Drilling focussed on the ‘A1 Target’ described as a “polymetallic, silver-copper-zinc prospect located 28km to the east of the historic Kalengwa copper-silver mine which is currently under redevelopment”.
• Preliminary results from portable X-Ray Fluorescence (pXRF) analysis of the drill core “not only support the current extent of the oxide mineralisation contained within the Exploration Target, and in places to potentially extend this, but also the presence of a higher-grade silver and copper zone within the core”.

• Managing Director, Richard Belcher, explained that Tertiary Minerals was awaiting “first certified laboratory … [assay] … results … [but that the] … on-site pXRF analysis of our drill samples has aided a more dynamic drill programme allowing us to not only get early indications on the extent and grade of mineralisation but also to efficiently explore in terms of the number of drill holes and metres we need to drill to support the planned Mineral Resource Estimate”.

Conclusion: Completion of the latest drilling at Mushima North is showing potential for a core of higher-grade copper/silver mineralisation – assay laboratory results awaited

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Xtract Resources (XTR LN) 1.25p, Mkt Cap £15.5m – Progress at the Amghas antimony project, Morocco

• Xtract Resources has issued a progress report on its Amghas antimony project in Morocco including preparatory mining work, gravity processing plant and metallurgical flotation testing.
• The company has appointed a local contractor to improve haul road access and to progress underground work including inspection and preparation of the underground infrastructure, “Removal of accessible mineralised material underground and stockpiling of ore for future processing” and “Construction of benches designed to accommodate the planned gravity processing plant”.
• The company also confirms the appointment of a contractor for construction of the civil engineering works for the gravity separation plant incorporating shaking tables to “produce an antimony-silver gravity concentrate for sale”.
• The plant will incorporate the recently acquired impact crusher and today’s announcement confirms that a “jig will be introduced into the flowsheet once a suitable unit has been fabricated and shipped to Morocco”.
• Executive Chairman, Colin Bird, said that Xtract Resources believes that it “is well positioned to advance the project towards commissioning of the gravity plant on receipt of the environmental licence, which has been applied for, to unlock value from this strategically relevant antimony asset in Morocco”.

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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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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

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