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

Gold retreats as dollar holds steady as tensions escalate in Middle East

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Drilling starts at Disko nickel-copper-PGE project in Greenland

Cobra Resources (COBR LN) – Encouraging diamond drilling results prompt exercise of Manna Hill option

First Development Resources (FDR LN) – Initial Lander West drilling underway

Hastings (HAS AU) – Yangibana FS updated as Wyloo launches sale process

New Frontier Minerals* (NFM LN) – High-grade copper assays up to 6.88% copper at its Mt Storm Copper Prospect

PMET Resources (PMET CN) – Positive initial results from caesium metallurgical testing

ReElement Technologies withdraws from an $80m Pentagon loan (Reuters)

Sky Metals (SKY AU) – Updated MRE for Tallebung tin-tungsten-silver project

Toubani Resources (TRE AU) –SUSPENDED – Gold stream with largest shareholder supports CAPEX requirements

Gold ($4,075/oz) retreats as dollar holds steady as tensions escalate in Middle East

• Gold prices are down 1% today to $4,075/oz.
• The metal has been trading rangebound between $4,000-4,200/oz over the past month.
• Steady pressure to the downside has been maintained by a stronger US dollar.
• Additionally, limited clarity on the future direction of the US-Iran war is reducing confidence in bullion purchase.
• Iran stated this morning that the MoU for peace is in ‘crisis phase’, and strikes on commercial shipping vessels have been reported over the weekend.
• Fed Chair Warsh is due to testify this week, which may give further insight into his plans for controlling inflation.
• Warsh’s more hawkish initial tone triggered a rally in the dollar, which was subsequently capped by weaker-than-expected NFP numbers.

Base metals fall on stronger US dollar as investors see higher-risk to global growth from ongoing conflict in Strait of Hormuz

• New consumer buying seen for copper over next few months to October

Nickel – Indonesia will not raise nickel quotas this year, to hold up global prices

• Indonesia will not raise its 2026 nickel ore quota, according to its ministry of mining’s director.
• Only smelters that lack ore will get a small extra amount.
• The quota is 250-270mt, well below last year, and miners have until 31 July to ask for changes.
• The aim is to stop too much nickel reaching the market, and prices have risen since Indonesia promised to control output in December.
• This ends talk of a big mid-year rise, so nickel supply stays tight.

Uranium – NTPC (NTPC NSE) INR345. Mkt cap INR3.3tn ($35bn) – India’s biggest power firm looks for uranium mines abroad

• NTPC, India’s state-owned, is hiring advisers to find uranium mines in Canada, Australia, Kazakhstan and South Africa, with offers due 16 July.
• It needs uranium, to run 30 GW of nuclear plants it plans to build.
• That is part of India’s plan to make eleven times more nuclear power by 2047.
• India’s own uranium mines are too small, so it must buy abroad, adding to deals with Australia, Russia and Canada.
• Just five countries produce almost 70% of the world’s uranium, so more buyers should lift prices.

DRC – Congo shuts Glencore’s copper mine offices in a tax fight

• Congo’s tax office locked the offices of Kamoto Copper (70% Glencore, 30% DRC) in Kolwezi.
• The tax office claims Kamoto owes billions of dollars in unpaid tax and closed the office after talks with the company broke down.
• Glencore denies the claim and says it is still talking to the authorities.
• Production continues with no copper or cobalt supply lost as yet.
• Kamoto produced ~190,000t of copper last year is looking to raise production to 300,000t.

Rare Earth – China’s rare earth threat may backfire as Japan builds supply elsewhere, according to Bloomberg opinion

• China has almost stopped selling Japan four rare metals, tungsten, yttrium, dysprosium and terbium, following further disagreement over Taiwan.
• Japan buys from Lynas and is also funding a French-Malaysian project that may produce 20% of the world’s heavy rare earths along with a Solvay plant in France.
• Supply from outside China has grown from almost zero 15 years ago to nearly a third of world output.

Currencies

US$1.1407/eur vs1.1439/eur previous. Yen 162.18/$ vs161.73/$. SAr 16.399/$ vs16.287 GBP $1.338/gbp vs $1.343/gbp. AUD A$0.693/aud vs 0.695/aud.

CNY 6.783/$ vs6.781/$. Dollar Index 101.07 vs100.80 previous

• Dollar index is +0.12% higher to 101.07 as rate hike expectations increase to combat renewed inflationary pressures.
• Sterling fell 0.2% to $1.338 against the dollar in expectation of Andy Burnham as the new PM and new borrowing to fund a new round of spending.

Economics

China – China sets up a new state-backed firm to keep its grip on mines abroad

• China set up a new state-backed firm, Guangyan International Investment, per Bloomberg.
• It sits under the state planning body, and will put money into deals and advise Chinese miners on risk, rules and market conditions.
• Beijing wants all these deals to pass through one place, so it can watch and guide them.
• Chinese firms have spent over $100bn buying foreign mines in the past 20 years.
• They built Indonesia’s nickel industry, and took big stakes in copper and cobalt in Congo.
• But deals are getting harder, as the US, EU and Japan build their own supply.
• Mining countries are also demanding more. Congo now limits cobalt exports, and Zimbabwe told miners to process lithium at home.

Q2 earnings are kicking off this week with estimates for S&P 500 earnings to climb 24%yoy.

• Growth to be driven predominantly by the tech sector.

SK Hynix, a South Korean memory chip manufacturer, climbed 13% in the first day of trading on Nasdaq last Friday.

• The stock is trading 9% lower in pre market this morning having given up most of its gains trading at $152 vs $149 IPO price.

Uk – UK’s 10-year gilt yields rose 4bp to 4.91% as bond market prepares for fresh round of borrowing under Andy Burnham

• Burnam plans to combine the annual fiscal statement with a departmental spending review in preparation for the next general election (FT)
• Reports suggest Burnham may revive the help to buy scheme for homebuyers lifting housebuilding stocks

England to play Argentina in semi-final on Wednesday following hard fought victory against Norway on Saturday night

• Both sides suffered in the stifling heat in Maimi.

Iran/US continued to trade attacks during the weekend after President Trump declared that the ceasefire was over last week.

• The transit through the Strait of Hormuz slowed further as Tehran aims to establish a lasting control over it.
• Iran is trying to agree a joint mechanism with Oman for a fee based transit system.
• Six nations in the region reported being targeted by Iranian missiles including Qatar, Oman, the UAE, Jordan, Bahrain and Kuwait.
• Brent climbed >4% to over $79 on Monday dragging risk assets lower.

Iran – US launched a third round of strikes against Iran to degrade Iranian military capacity after the IRGC attacked a container ship transiting the Strait of Hormuz.

• Around 140 Iranian military targets were struck overnight bring the total to 300 targets over three nights.
• The problem is that drones can be launched at vessels in the Strait of Hormuz from hundreds of miles away.
• Iran responded with a wave of ballistic missiles at US military facilities in Jordan, Qatar, Kuwait, and Bahrain.
• US CENTCOM says the Strait of Hormuz remains open to international shipping.
• Explosions were reported near Bandar Abbas, Qeshm Island, and the Mosan region.
• Iran is also threatening its, former friend, Oman.

Qatar blocks Volkswagen-Rafael defense partnership:

• The Qatar Investment Authority, a major Volkswagen shareholder, blocked a proposed agreement between Volkswagen and Israeli defense company Rafael to manufacture Iron Dome components at a factory in Germany (BILD).

Precious metals:

Gold US$4,059/oz vsUS$4,113/oz previous

Gold ETFs 96.6moz vs96.4moz previous

Platinum US$1,621/oz vsUS$1,633/oz previous

Palladium US$1,260/oz vsUS$1,277/oz previous

Silver US$58.2/oz vsUS$60.1/oz previous

Silver ETFs 781.9moz vs783.0moz previous

Rhodium US$8,150/oz vsUS$8,200/oz previous

Base metals:

Copper US$13,389/t vs US$13,526/t previous

Aluminium US$3,133/t vsUS$3,184/t previous

Nickel US$16,545/t vsUS$16,610/t previous

Zinc US$3,568/t vsUS$3,624/t previous

Lead US$1,875/t vsUS$1,894/t previous

Tin US$53,130/t vsUS$53,585/t previous

Energy:

Oil US$78.9/bbl vsUS$76.1/bbl previous

• Crude oil prices climbed higher following a weekend of military exchanges between the US and Iran, as Tehran declared that the Strait of Hormuz would be closed “until further notice”, which was rejected by the US Central Command.

• The US Baker Hughes rig count rose 1 to 581 units last week (+44 or +8% y/y), with oil rigs flat at 445 units (+21 y/y), gas rigs flat at 126 units (+18 y/y) and miscellaneous rigs up to 10 units (+5 y/y), as the Eagle Ford gained 3 to 47 rigs (+6 y/y).
• The IEA’s July OMR estimated that global oil supply increased 4.1mb/d last month, still 9.4mb/d below pre-war levels, with total supply now projected to decline 3.7mb/d to average 102.6mb/d in 2026 before rebounding by 7.5mb/d in 2027. Global oil demand is forecast to contract by 1mb/d y/y in 2026, before growing by 2mb/d to 105.2mb/d in 2027.

Natural Gas €50.7/MWh vs€49.1/MWh previous

Uranium Futures $85.7/lb vs$85.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.5/t vsUS$99.3/t

Chinese steel rebar 25mm US$470.8/t vsUS$472.1/t

HCC FOB Australia US$237.0/t vsUS$237.5/t

Thermal coal swap Australia FOB US$128.8/t vsUS$131.3/t

Other:

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

NdPr Rare Earth Oxide (China) US$113,146/t vsUS$112,669/t

Lithium Carbonate 99% (China) US$21,745/t vsUS$22,195/t

China Spodumene Li2O 6%min CIF US$2,245/t vsUS$2,245/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vsUS$1,705/mtu

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

China Graphite Flake -194 FOB US$400/t vsUS$400/t

Europe Vanadium Pentoxide 98% US$5.7/lb vsUS$5.7/lb

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$213/t vsUS$218/t

US Titanium Dioxide TiO2 >98% US$2,809/t vsUS$2,809/t

China Rutile Concentrate 95% TiO2 US$1,157/t vsUS$1,158/t

Spot CO2 Emissions EUA Price US$56,290.0/t vsUS$65.1/t

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

Germanium China 99.99% US$4,075.0/kg vsUS$4,075.0/kg

China Gallium 99.99% US$410.0/kg vs US$410.0/kg

Europe Molybdenum Oxide 57% US$31.5/lb vsUS$31.5/lb

EV & Battery news:

China’s Hainan province reiterates 2030 gasoline-car sales ban

• China’s Hainan province has reaffirmed plans to ban gasoline-car sales by 2030, keeping it on track to become the first Chinese market to fully phase out ICE vehicle sales.
• Under Hainan’s newly released 15th five-year plan, NEVs will account for 100% of new and replacement vehicles in both the private-use and public-service/commercial sectors by 2030.
• The province is targeting an NEV fleet share of 45% by 2030, up from 23.75% in 2025, well above China’s national target of 30% NEV fleet share by 2030.
• Hainan is also promoting fuel-cell vehicles in heavy trucks, cold-chain logistics, and public transport, alongside plans for hydrogen supply networks, deep-sea energy platforms, and green shipping corridors using biodiesel, ammonia, and methanol.
• The province says renewable energy is already its largest power source, and it currently ranks first among Chinese provinces for NEV market penetration.

Volkswagen China deliveries drop 26% to lowest level since 2010

• Volkswagen Group’s deliveries in China fell to their lowest level in 16 years in H1 2026, as domestic EV brands continued to draw buyers away from petrol cars in a slowing market.
• The German carmaker delivered 971,000 units in China between January and June, down 26.1% yoy, the lowest H1 volume since 2010, when it sold 950,300 units.
• “The situation in China remains challenging, where we were unable to escape a significant total market decline of around 20 per cent,” said Marco Schubert, a member of Volkswagen’s extended executive committee for sales.
• Growth of 8% in South America and 3% in western Europe only partially offset the China decline, with Volkswagen’s global deliveries down 6% yoy to 4.13m units.
• Overall passenger car sales in China fell 20.2% yoy to 8.7m units in H1, according to the China Passenger Car Association.

Company news:

80 Mile Plc* (80M LN) – 0.81p, Mkt cap £43m – Drilling starts at Disko nickel-copper-PGE project in Greenland

(80 Mile retains a 49% free carry on Disko with USFM earning into 51%)

• 80 Mile PLC have started drilling at their Disko-Nuussuaq nickel-copper-cobalt-PGE project in Greenland.
• The rigs are securely affixed with pressure testing for safety in case of drilling into high-pressure gas pockets.
• Drilling is now underway towards the top of each target with a maximum depth of 1,000m subject to ongoing rig-site assessment and geological review.
• “Fresh samples taken from outcrops confirmed characteristics indicative of large-scale Ni-Cu-Co-PGE sulphide segregation and coarse grained inter-locking crystals of metal sulphides.”
• The observations indicate significant accumulation / precipitation times required for formation of large-scale MMS deposits has occurred.

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

Cobra Resources (COBR LN) 4.25p, Mkt Cap £45m – Encouraging diamond drilling results prompt exercise of Manna Hill option

• Cobra Resources reports that results from its latest 4-hole programme of diamond drilling at the Manna Hill copper project in South Australia have shown sufficient geological encouragement to prompt the company to formally exercise its option to acquire the project.
• The diamond drilling “was designed to test for extensions of the shallow, high-grade copper-gold mineralisation recently discovered at the Blue Rose prospect … while also evaluating the potential for a deeper intrusive-related porphyry copper system”.
• Managing Director, Rupert Verco, said “Whilst we wait for laboratory results, geological observations to date provide encouraging indicators of an extensive and fertile porphyry system … [with] … observed sulphide mineralisation to a depth of 300m within a high-grade portion of the existing footprint”.
• He commented that “Intersecting a bornite-rich zone associated with a porphyry intrusive sequence is a positive indicator of a potentially higher-grade porphyry system”.
• Pending receipt of assays which are expected in August, among the positive characteristics observed in the drilling and illustrated by drill-core photographs included in today’s announcement are:
  • The presence of “large alteration zones with a potassic alteration zone … [in hole MHDD-001] … from 265m to 320m containing zones of significant pyrite and pyrrhotite and minor chalcopyrite, supporting proximity to a large porphyry body”; and
  • “Multiple zones of chalcopyrite have been observed downhole from 169m to 209m … [in hole MDDD-002] … which is broadly consistent with sulphide quantities observed in RC … [reverse-circulation] … drilling”; and
  • The intersection of “a large fault-bound anhydrite breccia zone … [from] … 190m to 220m … [in hole MHDD-003 which is] … interpreted as a key structural pathway linking the parent porphyry to the Blue Rose skarn”; and
  • “Multiple mineralised intervals … [in hole MHDD-004 which] … extend the depth of known skarn mineralisation”.
• Mr. Verco commented that “Diamond drilling provides a greater understanding of the structural and geological control … [than the results of RC drilling and said that the] … geological observations to date provide encouraging indicators of an extensive and fertile porphyry system”.

Conclusion: Assay results from the recent diamond drilling at Manna Hill are expected in August but the drilling has provided sufficient encouragement to prompt the company to exercise its option over the project.

First Development Resources (FDR LN) 2.65p, Mkt Cap £3.7m – Initial Lander West drilling underway

• First Development Resources confirms the start of its initial Phase I RC (reverse circulation) drilling campaign at its Lander West property in the Northern Territory, Australia.
• The ~3,000m programme aims to “test multiple high-priority gold targets generated through the Company’s systematic exploration programme, including geological mapping, geochemistry, airborne magnetics, Gradient Array Induced Polarisation (“GAIP”) geophysics and target generation”.
• Today’s announcement explains that the drilling “will be completed in stages, allowing geological observations from the initial holes to inform subsequent targeting”.
• CEO, Tristan Pottas, described the start of the drilling at Lander West as “an important milestone… [which marks] … the culmination of many months of systematic exploration, technical evaluation, planning and permitting”.

Hastings (HAS AU) A$0.29, Mkt Cap A$66m – Yangibana FS updated as Wyloo launches sale process

• The Company released updated FS for the Yangibana Rare Earths and Niobium Project in Australia (WA).
• Project economic highlights include (100% basis):
  • 2P Reserves 20.9mt at 0.90% TREO
  • LOM 19y
  • Open pit and flotation plant operation for production of monazite concentrate
  • WO 9.9
  • Metallurgical recoveries 86%
  • Peak Annual Concentrate Production 37ktpa rare earths concentrate ~27% TREO (~32ktpa average)
  • Development capex A$333m (excludes ~A$160m in sunk capital)
  • A$25.6/kg TREO
  • Payability 60%
  • NdPr price assumption US$110/kg
  • Pre Tax NPV8 and IRR A$649m and 34%
  • No post tax numbers were provided.
• The concentrate is expected to be classified as Class 7 NORM (Naturally Occurring Radioactive Material) product.
• Construction permits secured.
• Development timeline includes 2y post award of the process plant EPC contract.
• The focus now turns to securing project funding ahead of FID.
• The Company owns a 40% interest in the Project with Wyloo holding the remaining 60%.
• Wyloo launched a sale process for its 60% interest in the Project.

New Frontier Minerals* (NFM LN) 0.39p, Mkt Cap £6.5m – High-grade copper assays up to 6.88% copper at its Mt Storm Copper Prospect

• New Frontier Minerals reports high-grade assays of up to 6.88% copper at its Mt Storm Copper Prospect (NWQ Copper Project) in Queensland.
• Assays of eight rock chip and grab samples confirmed high-grade copper mineralisation at surface, with pit and dump samples returning up to 6.88% Cu.
• Copper values for pit and dump samples range from 0.49% to 6.88% Cu
• The team will return to Mt Storm within weeks to complete detailed geological mapping to support any future drill programme.
• Small-scale mining in the early 1990s produced 700t of ore grading 7% Cu and 400 t at 4.5% Cu.
• Pit sampling returned up to 10.4% Cu across a 0.6 m interval on the western cherty malachite vein.
• Historic pits are aligned along a malachite vein system striking between 30° and 70° with steep dips to the southwest.
• The workings lie on the southern edge of a steeply dipping porphyritic syenite dyke seen >750 m of strike.
• Copper-cobalt-gold mineralisation is interpreted to be structurally controlled along the dyke contact; there is currently no drilling to test down-dip extensions.
• Mt Storm is just 8km from the company’s Big One deposit in the Mount Isa inlier, north-west Queensland
• Metallurgy: Leach analysis confirmed high recoveries for the sulphuric acid-soluble copper component, supporting potential for conventional acid-leach processing

Conclusion:  Management will focus on establishing the extent of the mineralisation of its future tonnage potential.

High-grades are a great start on any exploration program.

*SP Angel acts as broker to New Frontier Minerals

PMET Resources (PMET CN) –C$5.2 Mkt Cap C$963m – Positive initial results from caesium metallurgical testing

• PMET, who are developing the Shaakichiuwaanaan lithium project in Quebec, report metallurgical results.
• The Company is working to monetise the high-grade caesium mineralisation intercepted in drilling.
• The Company has conducted metallurgical testwork and notes that leaching of pollucite concentrate returned 97% recoveries.
• Positive results on impurity removal were also recorded from bench-scale testwork.
• Additionally, PMET has identified an additional by-product stream with potential to recover rubidium.
• Management will now build on the progress, aiming to produce gram quantities of Cs-sulphate, Cs-carbonate and Cs-formate.
• Work alongside Koch is also advancing, with preliminary results suggest the Pregnant Leaching Solution yield ‘very selective high loading factors of caesium recovery using Koch’s proprietary flow sheet.’

ReElement Technologies withdraws from an $80m Pentagon loan

• The Company struggled to pass the federal government’s due diligence process for the conditional loan offer, Reuters reports.
• The Company is developing a proprietary separation/purification technology for the midstream REE processing.
• Chomatography is meant to replace hydrometallurgical or solvent extraction in the separation and purification step.
• The Company raised US$200m in new equity with Transition Equity Partners; Mitsubish Materials from Japan also invested, although, the amount was not disclosed.
• The loan was part of a larger package for $700m announced last November by the US Department of Defense’s Office of Strategic Capital.
• It included a $620m loan for Vulcan Elements, a startup developing magnet manufacturing facilities that would use ReElement product.

Sky Metals (SKY AU) –A$0.26 Mkt Cap A$253m – Updated MRE for Tallebung tin-tungsten-silver project

• Sky Metals have updated the Tallebung MRE as it advances towards PFS.
• The new MRE stands at:
  • 32.7mt at 0.16% SnEq for 36.8ky tin, 1.14m mtu tungsten trioxide and 9.94moz Ag.
• The Company highlights the potential for the near-surface MRE as a low-strip, low CAPEX development opportunity.
• The PFS will incorporate ore sorting and conventional gravity processing.
• The MRE reportedly remains open in all directions, with additional drilling planned to grow the resource.
• The Company expects to deliver the PFS for Tallebung later in July,

Toubani Resources (TRE AU) –SUSPENDED – Gold stream with largest shareholder supports CAPEX requirements

• Malian gold developer Toubani announces a completed financing package for the Kobada Gold Mine.
• The Company has now agreed a $160m gold stream package with Eagle Eye.
• The stream provides Eagle Eye with 11% of gold produced at Kobada at 20% of the prevailing spot price until 1.25x the value of the amount drawn is credited.
• Toubani holds a 75% buyback right of the Gold Stream up to two years post commissioning.
• Toubani has also secured $48m in equity financing, with Eagle Eye cornerstoning the raise.
• The equity raise will be conducted at A$0.3/share, a 15% discount to the 10-day VWAP.
• The Company has also agreed a senior secured facility for $40m from a syndicate led by AFG Bank.
• The $208m funding package is expected to cover the remaining development CAPEX of $188m, alongside working capital and general corporate costs.
• First production remains on track for 3Q27

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Analysts

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

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

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

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

Sales

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

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

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

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

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

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

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