SP Angel – Today’s Market View, Monday 13th April 2026

REE – China Northern Rare Earth Group raises Q2 prices by 45%

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN) – Initial testing shows potential benefits of ore-sorting at Brandberg West

Canyon Resources (CAY AU) – CEO resignation as first bauxite shipment scheduled for 3Q26

Emerita Resources Corp. (EMO CN) – Execs accused of allegedly diverting lithium licenses into new company

First Development Resources (FDR LN) – Resumption of geophysical exploration at the Selta project NT, Australia

Great Southern Copper (GSCU LN) – Additional land holding at La Colorada, Chile

Midas Minerals (MM1 AU) – Boosting geological understanding at Spaatzu

Oriole Resources (ORR LN) – 1.2moz MRE delivered at Mbe

Odyssey Marine Exploration (OMEX US) – $1bn merger to form deep-sea nodule developer in Cook Islands and US regulated waters

Zinc of Ireland (ZMI AU) – Acquisition of hydrometallurgical recycling expertise

REE – China Northern Rare Earth Group raises Q2 prices by 45%

• China Northern Rare Earth Group has raised REE concentrate prices for Q2 RBM 38,804/t for 50% REO content.
• This price will rise by RMB 776.08/t ($108/t) for each 1% in grade
• The REO concentrate price is based on a standing concentrate formula with Inner Mongolia Baotou Steel Union Co. and links to REE oxide prices in the preceding quarter.
• REO concentrate prices have more than doubled over the past 12 months
• Part of the price rise is due to the high cost of sulphuric acid which is lifting mineral extraction and processing costs.
• REE mining and processing uses ~2t of acid per 1t of REE ore with a solid / liquid ratio of 100 g/l for >90% REE recovery through the process.
  • Acid Baking Method gains higher recovery rates at 97-100% but uses 2t of acid per 1t of concentrate imput.
  • Leaching is less acid intensive but with lower recovery rates.
  • In-situ leaching naturally uses much more acid with recoveries difficult to accurately determine
• Acid costs have more than doubled in China to ~RMB 2,100/t (~US$307/t) from <RMB1,000 in January 2026 albeit with regional variations.
• We suspect some in-situ leaching operations might be forced to close or convert to less acid consumptive recovery at these acid prices .
• China is now looking at blocking exports of sulphuric acid from May.

Gold ($4,718/oz) edges lower as Trump moves to blockade the Straits of Hormuz following negotiation breakdown

• Gold fell sharply in early trading last night, down 2.5% to $4,633/oz before rebounding sharply.
• The metal has subsequently edged lower, but is holding the key $4,700/oz level.
• Gold volatility is easing, with the recent correlation to risk assets like the Nasdaq easing.
• The dollar has failed to break out higher, with the index struggling to rise above 100, easing downward pressure on gold.
• US Treasuries are selling off again on higher oil prices, with the 10 year yield climbing back t0 4.33%.
• We see the war-induced sell-off as healthy for gold’s longer-term prospects, with more speculative positioning reduced following the >$1,000/oz sell-off from recent highs.
• Gold should benefit from sustained tensions between the US and China, reduced security reliance from Gulf states on the US and concerns over a rebound in inflation on higher energy/food costs due to supply disruptions from the Gulf.

Lithium prices hold higher ground as WoodMac sees deficits from 2028

• Chinese lithium prices are holding key levels, with spodumene over $2,000/t and lithium carbonate over $22,000/t.
• EV sales have strengthened this year, as Chinese models continue to boost sales in Europe and Australia.
• Chinese EV sales have fallen 25%yoy in 1Q26, however, following reduced tax incentives.
• Wood Mackenzie notes deficits are expected from 2028 ‘under ambitious climate scenarios.’ (West Australian)
• Focus is currently on Zimbabwe, who is currently introducing a quota system for lithium concentrate exports having banned all exports earlier this year.
• BESS demand continues to outperform expectations, offsetting slower EV sales growth.
• Chinese lithium refineries are actively sourcing feedstock, whilst traders’ lithium inventories are declining. (Mysteel)
• Mysteel reports China Lithium Carbonate marketable inventories fell 9%wow to Friday.

Argentina – Congress approves Milei’s revised mining bill enabling mining under ice in the Andes

• The Argentine congress has approved a bill which should allow mining in ecologically sensitive areas including frozen parts of the Andes.
• The ‘glacier bill’ was previously approved by the senate in February and highlights Argentina’s new openness to mining after many years of environmental and state opposition.
• The bill was passed with 137 votes in favour, 111 against and 3 abstentions despite substantial demonstrations by environmentalists and Greenpeace against the bill.

ii Mining Insight videos from Cape Town:

• Mining Insights: global trends in critical metals
• Rare earth metals: what investors should know
• Critical minerals: China and Trump
• Outlook for gold and silver price

IG TV commodities: https://youtu.be/oE6-k3hQDsM?si=sXBMY_UOZpvMP8EA

IG TV Oil&Gas: https://www.youtube.com/watch?v=FlMVGvbgE9o

Currencies

US$1.1699/eur vs 1.1686/eur previous. Yen 159.64/$ vs 159.28/$. SAr 16.523/$ vs 16.436/$. $1.343/gbp vs $1.343/gbp. 0.706/aud vs 0.706/aud

CNY 6.834/$ vs 6.832/$. Dollar Index 98.96 vs 98.93 previous

Economics

US – President Trump launched a naval blockade of the Strait of Hormuz following failed negotiations with Iran over the weekend.

• “Effective immediately, the United States Navy, the Finest in the World, will begin the process of BLOCKADING any and all Ship trying to enter, or leave, the Strait of Hormuz,” Trump wrote on True Social.
• The US Navy will also “interdict” any vessel that paid a toll to Iran to pass through the Strait.
• “No one who pays an illegal toll will have safe passage on the high seas”.
• The blockade will not apply to ships transiting the Strait of Hormuz to and from non-Iranian ports.
• US and Iran could not reach a deal following 21 hours of discussions over the weekend.
• Sticking points are reported to have been the management of the Strait of Hormuz (ie Iran allowing free travel of vessels through the Strait) and Iran’s nuclear programme.
• We expect the US to resume battering the IRGC and other Iranian forces to reduce the risk of travelling through the Strait of Hormuz.
• VIX over 22 (+2.4%) with equity futures down (S&P -0.6%, Nasdaq -0.7%). Brent climbed back to over $100/bbl (+8.0%) on the news.

CPI data released last Friday showed inflation climbing to 3.3% in March, the highest level in around two years on the back of higher energy prices.

• CPI (%mom, Mar/Feb/Est): 0.9 / 0.3 / 0.9
• CPI (%yoy, Mar/Feb/Est): 3.3 / 2.4 / 3.4
• Core CPI (%mom, Mar/Feb/Est): 0.2 / 0.2 / 0.3
• Core CPI (%mom, Mar/Feb/Est): 2.6 / 2.5 / 2.7

Israel wants to resume war on Iran is waiting for Trump’s decision according to a senior security officer

• A second round of talks between Washington and Tehran may take place within days (WSJ).
• Iran rejected US demands to halt funding for Hezbollah, the Houthis, and Hamas (Reuters).
• The IDF is preparing for Iranian attacks to resume
• Washington’s red lines for Iran include:  
  • ending all uranium enrichment and retrieving highly enriched uranium,
  • dismantling major nuclear enrichment facilities
  • accepting a broader peace, security, and de-escalation framework that includes regional allies,
  • ending funding for Hamas, Hezbollah, and the Houthis,
  • fully opening the Strait of Hormuz without tolls.

Lebanon – Hezbollah rejects offer of talks with Israel

• “We reject Lebanon going to direct negotiations with the enemy and consider it a major sin. We don’t want anyone to negotiate on behalf of Lebanon”.
• According to Ibrahim Al-Moussawi, a member of Hezbollah’s Loyalty to The Resistance Bloc and Lebanese MP.

China – Daily secondary property sales in Shanghai climbed to the highest level in five years. (SCMP)

• 1,632 deals closed on Saturday, up from 1,585 on March 28 and 1,472 on March 14.
• “March and April are typically seasonally strong months, supported by pent-up demand after the Spring Festival and by parents purchasing homes in school catchment areas,” Fitch Ratings commented on the data.
• Month to date saes were 9,037, more than 2,000 higher than last year.

Asian LNG imports hit the lowest level in six years when the Covid pandemic hit. (Bloomberg)

• The 30-day moving average of net shipments to the region dropped below 600kt over the weekend.
• Shipments to China down 30%yoy and India off 20%.
• Japan are cutting production at its gas fired plants while South Korea lifted limits on its coal plants to cut LNG consumption.

Hungary – Victor Orban conceded defeat in parliamentary elections on Sunday night following a landslide victory for the opposition Tisza.

• Tisza led by Peter Magyar was on course to secure 138 of 199 seats.
• Orban’s Fidesz was projected to win just 55 seats, down from 133 in 2022.
• Turnout hit 78%, the highest level in any general election since the fall of communism in 1990s.
• Magyar promised to repair relations with the EU and approve financial support for Ukraine.
• The forint climbed 2.1% on election results.

The electorate effectively voted for a closer alliance with the EU and the removal of Orban’s veto against EU funding for the Ukraine

Uganda – Uganda military chief issues ultimatum to Turkey demanding $1bn and the “most beautiful woman in the country” as a wife

• If Turkey does not comply then the army chief proposes the closure of the Turkish embassy according to Channel 15 Hebrew.
• The army chief has stated that 100,000 Ugandan soldiers are ready to fight against Iran if Israel is threatened.

India – India and UAE meet to discuss regional developments

• The two nations also discussed strategic relations.
• It is possible that a mutual consensus might form between affected countries which depend on the Strait of Hormuz to pressure the current Iranian regime.

Precious metals:         

Gold US$4,734/oz vs US$4,755/oz previous

Gold ETFs 98.7moz vs 98.6moz previous

Platinum US$2,052/oz vs US$2,065/oz previous

Palladium US$1,536/oz vs US$1,558/oz previous

Silver US$74.6/oz vs US$75.6/oz previous

Silver ETFs 800.5moz vs 801.0moz previous

Rhodium US$10,100/oz vs US$10,200/oz previous

Base metals:   

Copper US$12,895/t vs US$12,760/t previous

Aluminium US$3,553/t vs US$3,468/t previous

Nickel US$17,530/t vs US$17,135/t previous

Zinc US$3,335/t vs US$3,322/t previous

Lead US$1,918/t vs US$1,926/t previous

Tin US$47,405/t vs US$47,800/t previous

Energy:

Oil US$101.7/bbl vs US$97.6/bbl previous

• Crude oil prices rebounded back above $100/bbl after President Donald Trump announced a US blockade of the Strait of Hormuz following the collapse of weekend peace negotiations with Iran.
• The US Baker Hughes rig count fell 3 to 545 units last week (-38 or -7% y/y), as oil rigs were flat at 411 units (-61 y/y) and gas rigs down 3 to 127 units (+22 y/y), with the Cana Woodford Formation losing 3 rigs w/w to 21 units (+3 y/y).

Natural Gas €47.3/MWh vs €45.4/MWh previous

Uranium Futures $85.4/lb vs $85.4/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$104.7/t vs US$103.3/t

Chinese steel rebar 25mm US$470.8/t vs US$471.1/t

HCC FOB Australia US$229.8/t vs US$232.0/t

Thermal coal swap Australia FOB US$129.5/t vs US$133.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$110,851/t vs US$110,880/t

Lithium carbonate 99% (China) US$22,390/t vs US$21,956/t

China Spodumene Li2O 6%min CIF US$2,080/t vs US$2,080/t

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

China Tungsten APT 88.5% FOB US$2,443/mtu vs US$2,443/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$238/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$28.8/kg vs US$28.8/kg

China Ilmenite Concentrate TiO2 US$252/t vs US$252/t

US Titanium Dioxide TiO2 >98% US$2,759/t vs US$2,759/t

China Rutile Concentrate 95% TiO2 US$1,149/t vs US$1,149/t

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

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

Germanium China 99.99% US$3,075.0/kg vs US$3,075.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

EV & battery news

Nio CEO urges battery and chip standardisation to cut supply chain waste

• William Li, CEO od Nio, has called for the industry to standardise its battery cell specifications and semiconductor varieties to curb capital waste in the supply chain.
• The rapid product iteration speed of smart EVs in China has disrupted the traditional supply and demand balance, he said.
• Li added that ‘hundreds of millions of yuan are wasted on a single model’ as by the time manufacturers have ramped up production consumer demand has cooled.
• Li suggests that core components, that account for over 50% of vehicle costs, should be standardised so there is greater flexibility for manufacturers.
• By standardising batteries to around 4-5 models, regardless of manufacturer, and by simplifying the number of semiconductor chips, Li estimates over 100 billion yuan ($14.6bn) could be saved annually.

Company News:

Andrada Mining (ATM LN) 3.45p, Mkt cap £68m – Initial testing shows potential benefits of ore-sorting at Brandberg West

• Andrada Mining reports results of ore-sorting tests from 9 samples. Each of around 30kg, taken from its Brandberg West property in Namibia.
• The samples “were derived from previously blasted or waste material and, represent the diverse mineralisation styles” at Brandberg West.
• The samples averaged 0.15% tin, 0.14% tungsten (presumably tungsten trioxide but possibly metallic tungsten) and 0.30% copper
• The testing “forms part of a multi-phased assessment programme at BW, that includes evaluating the tailings and waste material from the historical mine, and an exploration drilling programme”.
• All samples showed “significant grade increases from the feed to the concentrate” with tungsten grades improved from 0.24% to 1.45% (presumably tungsten trioxide) in sample A5; copper grades increased from 0.73% to 2.81% in sample A7 and tin grades enhanced from 0.31% to 2.09% in sample A8.
• Today’s announcement also highlights “High metal recoveries of tungsten and tin: tungsten recoveries up to 91% and tin recoveries of up to 94%” and the success in “the ability to effectively identify and separate multiple target elements simultaneously, confirming the potential to produce a high-value polymetallic concentrate”.
• The 90% mass reduction achieved in the testing points to the potential for “possible lower capex and accelerated route to production … [via] … lower transportation and milling costs”.
• Welcoming the results CEO, Anthony Viljoen, said that the “grades achieved in this testwork on the historically mined waste dumps are significantly higher than the global average for tungsten deposits with corresponding high recovery rates”.
• Mr. Viljoen said the results reinforce “our confidence as we advance toward larger-scale test batches and firmly positions tungsten as a cornerstone critical metal within Andrada’s overall portfolio”.

Conclusion: Initial ore-sorting tests at Brandberg West show potential benefits of ore-sorting.

Canyon Resources (CAY AU) A$0.13, Mkt Cap A$273m – CEO resignation as first bauxite shipment scheduled for 3Q26

• Canyon Resources, developer of the Minim Martap bauxite project in Cameroon, provides a corporate update.
• CEO Peter Secker has resigned and will remain in his role to oversee the transition to production.
• Additionally, Scott Peghan has resigned from his NED role to focus on his executive positions.
• Canyon also provides a development update for Minim Martap, with the surface miner mobilised to site and set to begin trial mining operations this month.
• The Company retains guidance for firs production mid 2Q26.
• Locomotives shipped from China are due to arrive in late 2Q26.
• Full-scale bauxite shipments are due 4Q26.
• The Alumina Refinery feasibility study is due to be completed by 3Q26 to assess downstream potential in Cameroon.
• The Company reiterates it is ‘fully funded for Stage 1 capital development costs… and up to first shipment of ore from Minim Martap.’

Emerita Resources Corp. (EMO CN) C$0.26, Mkt cap C$77m– Execs accused of allegedly diverting lithium licenses into new company

• The Ontario’s securities regulator has accused certain executives at Emerita Resources of diverting rights to the company’s lithium projects into a new company for their benefit.
• It is alleged that certain executives participated in the creation of a new company, Lithium Ionic Corp., to stake claims held by Emerita on its Falcon  project in Brazil.
• The allegation suggests that certain executvs have defrauded Emerita and its investors.
• While we very occasionally see directors enriching themselves with undeserved payments this is the first time, we have seen assets allegedly passed on with inappropriate disregard to investors.

First Development Resources (FDR LN) 2.05p, Mkt Cap £2.9m – Resumption of geophysical exploration at the Selta project NT, Australia

• First Development Resources reports that it has resumed its gradient array induced polarisation (GAIP) geophysical work at the Lander West gold target in its Selta exploration project in the Northern Territory, Australia following a temporary suspension in response to unseasonally severe rain in the area.
• Completion of the remaining 30% of the planned work is expected “within approximately 2 weeks and results intended to inform the next phase of exploration”.
• Commenting on the delays to the programme CEO, Tristan Pottas, said that they were “unavoidable … [but that] … they have provided an opportunity to refine the survey scope and focus on the most prospective zones within the target area”.
• He said that this would help to define “robust drill targets” sooner than originally envisaged and that First Development Resources looks forward to “completing the programme over the coming weeks and progressing Lander West to the next stage of exploration”.

Great Southern Copper (GSCU LN) 3.7p, Mkt Cap £25m – Additional land holding at La Colorada, Chile

• Great Southern Copper reports that it has added a further 1,000 hectares to its concessions covering the La Colorada lithocap prospect in the Especularita project area in the coastal metallogenic belt, Chile.
• The new concessions are located in the central part of the 75km² high-sulphidation lithocap considered a “highly prospective and under-explored porphyry Cu-Au target”.
• Exploration mapping, sampling and geophysics is underway to help identify “potential porphyry centres at depth”.
• CEO, Sam Garrett said that acquiring the “new concessions, totalling 1,000 hectares, significantly strengthens our already dominant position over the lithocap and, critically, secures control of the central core of the alteration system for the Company”.
• He explained that “La Colorada sits within a lineament that hosts massive porphyry copper-gold deposits, including Los Pelambres, Altar, Piuquenes and El Pachon, and yet remains relatively unexplored”.
• He also confirmed that “planning and permitting for scout RC drilling targeting the western and southern margins of the lithocap are well advanced, and we hope to commence these programmes within the month”.

Conclusion: Great Southern Copper is expanding its exploration holding in the central part of the La Colorada project area ahead of scout drilling.

Midas Minerals (MM1 AU) A$0.78, Mkt Cap A$159m – Boosting geological understanding at Spaatzu

• Namibian copper explorer Midas reports drilling results from drilling at Spaatzu.
• The Company has now drilled 8,772m at the project over 77 RC holes as they boost their understanding of the geology and orientation.
• Highlights reported today include:
  • SPRC003:13m at 1.77% Cu and 39.5g/t Ag from 72m (inc. 4m at 3.42% Cu and 81g/t Ag)
  • SPRC004: 21m at 1.18% Cu and 38g/t Ag from 27m (inc. 2m at 2.01% Cu and 66g/t Ag from 35m
• The Company also reports pXRF results from an extensional exploration hole at Spaatzu, returning:
  • SPRC062: 32m at 1.8% Cu and 11g/t Ag from 152m (inc. 12m at 2.6% Cu and 15g/t Ag)
• SPRC062 is noted to define the down plunge orientation from the Spaatzu discovery hole, MORC006 (16m at 2.55% Cu and 73g/t Ag
• Spaatzu represents a 2.5km copper soil anomaly with extensive brecciation and oblique faulting.
• Management sees Spaatzu mineralisation as widespread with higher-grade structurally controlled zones and broader stratabound mineralisation.
• Midas is currently completing resource drilling at T-13, 12km east of Spaatzu.

Oriole Resources (ORR LN) 0.32p, Mkt Cap £16m – 1.2moz MRE delivered at Mbe

• Oriole reports a maiden JORC MRE for MB01-N at its 50% owned Mbe gold project in Cameroon.
• The pit-constrained Inferred MRE holds:
  • 10.5mt at 1.05g/t Au for 360koz Au at $3,200/oz and 0.4g/t COG
  • 723m strike length, 125m width and 270m maximum vertical depth.
  • Oxides hold 800kt at 0.75g/t Au and fresh ore stands at 9.7mt at 1.07g/t Au.
• The initial 870koz Au Inferred MRE at MB01-S lies 700m southwest of MB01-N.
• Oriole’s Mbe project now holds a 1.23moz inferred MRE over the wider Mbe project.
• Management highlights that both projects remain ‘open in all directions.’
• Oriole is now undertaking a 2,500m diamond drill hole programme at MB01-S to expand the existing inferred MRE.

Conclusion: Oriole has added further ounces to its Mbe project with the delivery of a maiden inferred MRE for MB01-N. The project now holds 1.23moz of gold with c.600koz attributable to Oriole. Focus now is on expanding both resources, with a 10 hole step-out programme currently underway at MB01-S as management tests potential extensions of the system.

Odyssey Marine Exploration (OMEX US) $0.88, Mkt Cap $52m – $1bn merger to form deep-sea nodule developer in Cook Islands and US regulated waters

• Deep sea mine developer Odyssey has agreed to merge with American Ocean Minerals.
• The combined company will operate as American Ocean Minerals Corporation and trade under AOMC.
• The Company will be led by Chairman Tom Albanese and Mark Justh.
• AOMC will hold assets in the Cook Islands EEZ and US regulated international waters, including the Clarion-Clipperton Zone.
• The assets are prospective for polymetallic nodules containing nickel, cobalt, copper and manganese.
• The Cook Islands licensed areas reportedly hold 417mt of Indicated Resources and 2bnt of inferred resources.
• The US exploration licences encompass 1.4bnt of inferred resources.
• AOMC has raised $230m via secured equity commitments with $150m from a private placement and $75m pre-IPO financing at an implied pro-forma equity valuation of $1bn.

Zinc of Ireland (ZMI AU) A$0.019p, Mkt Cap A$12m – Acquisition of hydrometallurgical recycling expertise

• Last week, ASX-listed Zinc of Ireland reported the acquisition of Dutch company, Metallon Clean Extractions “which has developed two proprietary hydrometallurgical metal recovery technologies”.
• The ARGO technology is “designed to recover zinc, lead, silver and potentially critical minerals (gallium, germanium, and indium) from Zinc Leach Residue (ZLR) generated during primary zinc smelting and refining”.
• The VOLTA technology is described as a low energy/low temperature process for recycling lead acid batteries “with the potential to replace the current inefficient high-temperature process” which eliminates the production of toxic gases, reduces carbon dioxide emissions, reduces waste and improves recovery rates.
• The announcement describes how the ARGO process “has direct application to zinc smelter residue streams generated from zinc concentrates such as those expected to be produced from the Kildare Project” where the company “has initiated a … [4,000m] … drilling program across its Kildare Zinc project located 40km southwest of Dublin”
• Incoming CEO, Greg Ross, described the “acquisition of Meclex … [as] … a transformational moment for ZMI”.

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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