--- title: "SP Angel – Today’s Market View, Monday 14th September 2026" publisher: "Share Talk" author: "sharetalk" published: "2026-09-14T10:22:17+00:00" modified: "2026-09-14T10:22:17+00:00" date: 2026-09-14 canonical: "https://www.share-talk.com/sp-angel-todays-market-view-monday-14th-september-2026/" 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"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1" format: "news" language: "en-GB" --- # SP Angel – Today’s Market View, Monday 14th September 2026 **Published:** September 14, 2026 **Author:** sharetalk **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/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1) --- **Copper eases as hot US inflation lifts rate rise bets** **MiFID II exempt information – see disclaimer below** **Cornish Metals* (TIN LN) – Appointment of Juan Kemp as managing director of South Crofty tin mine** **Keras Resources* (KRS LN)– Change of direction with acquisition and restructuring** **Landore Resources* (LND LN) – Independent review starts on the Lamaune gold target, Ontario, Canada** **Minerals 260 (MI6 AU) SUSPENDED – Additional A$200m investment from Franco-Nevada** **Strategic Minerals* (SML LN) – High-grade tungsten and copper in assays from drilling at Redmoor** **Tertiary Minerals* (TYM LN) – Swedish critical minerals push revives interest in Storuman fluorspar** **Copper ($14,169/t) – Copper eases as hot US inflation lifts rate rise bets** - US inflation came in higher than expected on Friday, and traders now expect the Fed to raise rates this week. - Higher rates lift the dollar, which makes metals more expensive for buyers outside the US. - Copper had reached a record last week on bets the US would tariff refined metal, which pulled shipments into America. - The premium for spot copper over three-month metal is now just $4.50/t, so that tightness is easing. - Investment funds and Chinese manufacturers bought on Friday after Thursday’s 3.6% fall, holding the price near $14,200/t. **Arson at Panguna as Bougainville pushes on with the restart** - Attackers burned haul trucks and machinery at the Lloyds Metals camp at Panguna, in Papua New Guinea. - President Ishmael Toroama says the attack will not stop the plan to reopen the mine (bne IntelliNews). - Police have been sent to secure the site and a criminal investigation has begun. - Panguna holds an estimated 5.3mt of copper and 19.3moz of gold. - Rio Tinto ran it until 1989, when protests over land rights grew into a civil war that killed around 20,000 people. - Lloyds Metals won the job of running feasibility work earlier this year, beating China’s CMOC. - Rebuilding the mine would cost $5-6bn and take seven to eight years. **Nickel ($16,440/t) – EU weighs whether to block MMG’s purchase of Anglo’s Brazilian nickel** - MMG wants Brussels to approve its $500m purchase of Anglo American’s Brazilian nickel business. - MMG is controlled by China Minmetals, a Chinese state company, and agreed the deal in February 2025. - Europe’s stainless steel makers run on ferronickel, and Brazil and Indonesia make most of the world’s supply. - China produces no ferronickel at all, so buying the Brazilian plants would give it a feedstock it cannot make at home. - The European Commission is asking whether MMG would then ship that output to China rather than to European steel mills. - A formal warning is expected next week. - Brazil’s competition authority has opened its own investigation after a complaint from CoreX Holding. **Gold ($4,316/oz) – Gold falls as oil-driven inflation firms the case for a Fed rise** - Traders now price an 86% chance of a rate rise this week, up from 67% before Friday’s data. - US consumer prices rose faster in August, with core inflation up the most in four months. - Oil gained more than 2% Monday after Houthi strikes on Saudi Arabia and Iranian attacks on Gulf shipping. - A Saudi pipeline is closed and an Iran-Gulf meeting was postponed. - Higher oil feeds through to inflation, which is what keeps the pressure on the Fed. - Two ECB policymakers said they could raise rates again if energy costs push up euro zone inflation. | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **+0.98%** | **at** | **52,573** | | **Nikkei 225** | | **-0.81%** | **at** | **63,493** | | **HK Hang Seng** | | **+0.38%** | **at** | **24,899** | | **Shanghai Composite** | | **-0.07%** | **at** | **3,885** | | **US 10 Year Yield (bp change)** | | **-0.6** | **at** | **4.96** | **Currencies** **US$1.1554/eur vs 1.1608/eur previous. Yen 154.38/$ vs 154.18/$. SAr 16.193/$ vs 16.172/$. $1.350/gbp vs $1.352/gbp. 0.714/aud vs 0.717/aud. CNY 6.708/$ vs 6.710/$.** **Dollar Index 99.43 vs 99.06 previous.** **Economics** **US – CPI data released last Friday confirmed inflation continued at elevated 3.4% through August, in line with expectations.** - That follows rather strong producer price inflation reported the day before. - Strong inflation print led markets to increasingly expect a hike from the Fed later this week. - Odds of a rate increase gone up to 90% from ~60% pre PPI and CPI data. - There is >60% chance the Fed would hike twice this year. - CPI MoM (Aug / Jul / Est): 0.4% / 0.1% / 0.4% - Core CPI MoM (Aug / Jul / Est): 0.3% / 0.2% / 0.2% - CPI YoY (Aug / Jul / Est): 3.4% / 3.4% / 3.4% - Core CPI YoY (Aug / Jul / Est): 2.4% / 2.5% / 2.4% **Brent up at over US$107 as Gulf states postpone talks with Iran over Hormuz.** - A drone hit on Saudi’s east-west oil pipeline was confirmed last week leading Riyadh to shut it. - The pipeline was become a crucial export route for Saudi oil. - Arab foreign ministers (Saudi Arabia, UAE, Kuwait, Qatar, Oman and Bahrain) were set to meet their Iranian counterparts in Oman. - The meeting was postponed with Oman’s foreign minister saying it was in “the interests of consensus”. - Houthi rebels are reported to have captured more strategic islands in the southern Red Sea. - That follows the news last week of Houthis taking control the port city of Mokha and the island Mayun within the Bab el-Mandeb Strait from Saudi-backed Yemeni government forces. **More central bank announcements due this week including the BOE on Thursday (rate increase chance only at 25%) and the BOJ on Friday (a 25bp increase priced in).** **Anthropic Dario Amodei called on the AI industry to slow down the pace of development amid growing security concerns.** - Among proposals, Amodei offered to provide independent evaluators ongoing access to its systems to “verify adherence to our safety measures, report on incidents, and assess models’ alignment during training”. - The initiative was supported by OpenAI and SpaceX. **Anthropic picked Nasdaq for its IPO potentially valuing it at US$2tn or more with the Company expecting to report a second consecutive positive adjusted operating profit quarter.** - The news led to a selling off in AI related stocks with South Korea Kospi index down 3.3% today. **OpenAI CEO Sam Altman said the Company postponing IPO to 2027 as the Company focuses on addressing safety-related concerns around the tech.** **Precious**** ****metals****:** **Gold US$4,316/oz vs US$4,350/oz previous** **Gold ETFs 100.0moz vs 99.9moz previous** **Platinum US$1,788/oz vs US$1,806/oz previous** **Palladium US$1,293/oz vs US$1,302/oz previous** **Silver US$63.6/oz vs US$64.0/oz previous** **Silver ETFs 803.0moz vs 803.2moz previous** **Rhodium US$9,725/oz vs US$9,825/oz previous** **Base**** metals:** **Copper US$14,169/t vs US$14,283/t previous** **Aluminium US$3,261/t vs US$3,285/t previous** **Nickel US$16,440/t vs US$16,600/t previous** **Zinc US$3,852/t vs US$3,897/t previous** **Lead US$1,873/t vs US$1,900/t previous** **Tin US$52,700/t vs US$53,650/t previous** **Energy****:** **Oil US$107.4/bbl vs US$105.1/bbl previous** - Crude oil prices jumped over the weekend following news that the** **Saudi Arabia had suspended operations on an East-West pipeline that bypasses the Strait of Hormuz to facilitate Red Sea exports as a precaution after drone attacks. - The US Baker Hughes rig count rose by 3 to 591 units last week (+52 or +10% y/y), with oil rigs up 1 to 450 units (+34 y/y) and gas rigs up 2 to 132 units (+14 y/y), as the Williston Basin grew by 5 w/w to 32 units (+3 y/y). - The IEA’s September OMR forecast that global oil demand will contract by 2.5mb/d y/y in 2026 (-0.9mb/d m/m), before growing by 2.6mb/d in 2027. Global oil supply is now projected to decline 5.7mb/d (-1.4mb/d m/m) to average 100.7mb/d in 2026, as more than 10mb/d of Gulf output remains shut-in and c.500mb drawn from global inventories. **Natural Gas €83.8/MWh vs €79.5/MWh previous** **Uranium Futures $90.0/lb vs $90.1/lb previous** **Bulk****:** **Iron Ore 62% Fe Spot (Singapore) US$95.7/t vs US$96.6/t** **Chinese steel rebar 25mm US$474.0/t vs US$472.6/t** **HCC FOB Australia US$268.0/t vs US$278.0/t** **Thermal coal swap Australia FOB US$147.5/t vs US$150.3/t** **Other****:** **Cobalt LME 3m US$41,850/t vs US$42,380/t** **NdPr Rare Earth Oxide (China) US$108,979/t vs US$108,940/t** **Lithium Carbonate 99% (China) US$20,052/t vs US$20,491/t** **China Spodumene Li2O 6%min CIF US$1,920/t vs US$2,045/t** **Ferro-Manganese European Mn78% min US$1,055/t vs US$1,055/t** **Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu** **Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu** **China Tantalum Concentrate 30% CIF US$238/lb vs US$237/mtu** **China Graphite Flake -194 FOB US$390/t vs US$390/t** **Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb** **Europe Ferro-Vanadium 80% US$24.6/kg vs US$24.6/kg** **China Ilmenite Concentrate TiO2 US$186/t vs US$186/t** **US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t** **China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,170/t** **Brazil Potash CFR Granular Spot US$365.0/t vs US$375.0/t** **Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg** **China Gallium 99.99% US$440.0/kg vs US$440.0/kg** **Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb** **EV & Battery news****:** **Trump says he’d allow Chinese automakers to build cars in the US, ahead of Xi Jinping meeting** - President Trump said on Friday he would *“be okay”* with Chinese automakers opening plants to build cars in the US, provided they hire American workers, despite opposition from US lawmakers and carmakers. - A Biden-era regulation, which Trump has previously supported, currently bans Chinese automakers from selling or building passenger vehicles in the US, alongside tariffs exceeding 100% on Chinese EVs. - Trump’s comment comes two weeks ahead of a planned meeting with Chinese President Xi Jinping in Washington, who is expected to bring a large business delegation. - Last week, the Alliance for Automotive Innovation, representing GM, Ford, Toyota, Volkswagen, Hyundai, Honda, and Stellantis among others, urged Congress to pass legislation permanently barring Chinese vehicles from the US market by the end of December. **BYD confirms solid-state battery debut next year, though mass production remains years away** - BYD executive vice president Stella Li told Carwow.es in Valencia that BYD will have a vehicle using solid-state battery technology next year, setting a near-term demonstration target without confirming a retail launch or mass-production timeline. - BYD’s battery unit FinDreams is developing inorganic sulfide solid-electrolyte prototype cells targeting energy density approaching 400Wh/kg, though cell-level figures don’t guarantee equivalent pack performance. - FinDreams has outlined small-batch trials of around 1,000 vehicles by 2027, with large-scale commercial production targeted around 2030, with early applications likely focused on higher-end platforms like Yangwang and Denza, where costs are easier to absorb. - BYD joins a wider industry race with Toyota is targeting a 2027-2028 solid-state BEV launch via its Idemitsu Kosan partnership, while Samsung SDI targets mass production in 2027. - BYD chief scientist Lian Yubo has said liquid lithium-ion and all-solid-state batteries could coexist for 15-20 years, pointing to a gradual transition rather than a rapid replacement. **Company news****:** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | -0.5% | -3.7% | **Freeport-McMoRan** | -0.2% | -2.1% | | **Rio Tinto** | -0.1% | -5.2% | **Vale** | -0.3% | -0.5% | | **Glencore** | -1.6% | -1.3% | **Newmont Mining** | 0.5% | -2.8% | | **Anglo American** | -1.2% | -5.9% | **Fortescue** | -0.8% | -7.0% | | **Antofagasta** | -2.1% | -4.8% | **Teck Resources** | 0.8% | -3.5% | **Cornish Metals* (TIN LN) 102.5p, Mkt cap £128m – Appointment of Juan Kemp as managing director of South Crofty tin mine** - Cornish Metals report the appointment of Juan Kemp as managing director of the South Crofty tin mine redevelopment in Cornwall. - Juan Kemp is metallurgist with extensive underground mining experience from working with AngloGold, DeBeers and Petra Diamonds. - Kemp was a joint chief executive for Petra Diamonds till recently and will lead the operational delivery of South Crofty. - Mr Kemp has spent >30 years running process plants and was General Manager of DeBeers’ Cullinan Diamond Mine from 2011, Chief Technical Officer from 2019 and Operations Executive from 2024. - He was then appointed as a joint ceo of Petra Diamonds till he stepped down in May. **Conclusion**: Kemp’s metallurgical plant expertise will be helpful to the planning, construction and fine tuning of the pre-sorting and running of the South Crofty process plant. Proper coordination of the plant with the delivery of ore from the underground mine will help optimise the performance of the business. **SP Angel acts as Nomad. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals* **Keras Resources* (KRS LN) 1.85p, Mkt cap £2.3m – Change of direction with acquisition and restructuring** *(Keras holds 100% of the Diamond Creek phosphate mine in Utah, USA)* *(*The Nayéga manganese mine in Togo is 100% owned by Société Togolaise de Manganèse or the Government of Togo) - Keras Resources report the acquisition of a 51% stake in Cornerstone Mining for its exploration and development assets in Namibia. - Keras is also acquiring an option to raise this to 70%. - The acquisition comes with a strategic partnership with local ‘Mining Claim‘ owners in the Kunene region of north-western Namibia. - The Diamond Creek phosphate assets in Utah are being divested. - Keras is also raising £1.8m to be supported by new and existing investors. - Keras will also change its name to Okopa plc to better reflect the move to developing assets in Namibia. - The above items will be subject to a vote at the forthcoming AGM. - **Cornerstone** holds a series of licenses in Namibia, some of which remain subject to ministerial approval, near the town of Opuwo, Namibia. - Cornerstone’s EPLs have seen extensive exploration with 1,974m of diamond drilling though the assays and interpretation of these drill results are not yet available. A ~15,000t bulk sample defining the potential for a copper oxide development on EPL 4305 has confirmed prospectivity. - *“This activity is estimated by the Board to be c.US$4million.”* - As part of the deal Keras will explore and develop ground in partnership with Swatech, a private company backed by a small consortium of local entrepreneurs which has been prospecting and exploration in the region for a number of years. - Cornerstone has agreements with local Mining Claim holders to jointly develop projects, providing capital and expertise to target early small-scale oxide revenues while generating geological data, employment and local supply opportunities. - Keras to provide a development loan-facility to Cornerstone of up to US$2.0m for approved project expenditure over a 24months. - *“The aggregate consideration payable to Swatech for the 51% interest in Cornerstone is up to £1,184,000 which will be satisfied through US$1,000,000 payable in cash and £333,000 through the allotment of new Ordinary Shares in the following manner:* - *a payment of US$500,000 that was paid in cash on signature of the agreement with Swatech;* - *a payment of US$500,000 to be paid in cash on completion of the Investment;* - *£259,000 through the allotment of 14,000,000 new Ordinary Shares on completion of the Investment;* - *£74,000 through the allotment of 4,000,000 Ordinary Shares on the completion of the transfer of EPL 10499 to Cornerstone;* - *The allotment and issue of up to 46,000,000 Ordinary Shares to be issued on the Cornerstone EPLs meeting certain defined production and Mineral Resource milestones (further details set out below).* - *In addition, Keras has been granted an option, exercisable entirely at the discretion of Keras, to acquire a further 19% of Cornerstone from Swatech for US$1.0 million.* - *Swatech to retain a 5% gross revenue royalty over qualifying revenues generated by the Cornerstone EPLs, capped at US$5.0 million in aggregate.”* - **Diamond Creek proposed disposal** - Keras is selling Keras US, including Falcon Isle and 50% of Phosul Utah LLC for ~£1.66m. US$1.0m in cash and the cancellation of ~£923,409 of convertible loan notes. Keras will retain an uncapped US$10 per long ton royalty over qualifying future Diamond Creek phosphate production which should realise ~£50,000/month. - **Fundraise: **Keras plans to raise £1.7m at 2p/s through the issue of 85,000,000 new Ordinary Shares in two tranches with the second tranche of 40m shares subject to AGM approval. **Conclusion: **The opportunity to develop new copper and gold production in Namibia looks promising and well timed with a developing deficit in the copper market and ongoing high margins for gold miners. **SP Angel acts as nomad and broker to Keras* **Landore Resources* (LND LN) 2.1p, Mkt Cap £8m – Independent review starts on the Lamaune gold target, Ontario, Canada** (Landore holds 100% of the Junior Lake Property including the BAM deposit, Lamaune prospect, Toronto Lake prospect and Willett Lake prospect) - Landore reports on two pieces of technical work this quarter, a review of its Nevada portfolio and an independent review of Lamaune. - **Nevada:** - The Company’s own team has reviewed its Nevada exploration assets and the historic geological data attached to them - The portfolio covers eight properties prospective for gold, plus the Spruce Mountain silver project - Nevada hosts several major gold mines, including along the Carlin Trend - The work assessed the claim package, verified historic datasets and looked for future programmes - Management says the assets keep exploration merit alongside Junior Lake - **Lamaune:** - Landore has appointed APEX Geoscience, an independent Canadian consultancy, to review the Lamaune gold data - The appointment follows the compilation and validation of 8,919 assays from 107 holes, covering ~11,220m of drilling - The data holds a peak assay of 118.7g/t Au, five holes above 20g/t, and 101 samples above 1g/t averaging 4.90g/t - Landore says the high-grade samples sit in coherent clusters rather than as isolated hits - Lamaune lies 8.5km west-northwest of BAM, which holds 622,000oz Indicated and 33,700oz Inferred, and has had little follow-up - APEX will evaluate the data, refine the geology and recommend exploration and resource work - CEO Alexander Shaw says Nevada may offer value through exploration, partnerships, joint ventures or other corporate options. - He also added that *“the appointment of APEX to independently review the Lamaune dataset represents an important step in evaluating the broader gold potential of Junior Lake beyond the BAM Gold Deposit.”* **SP Angel as Nomad and Broker to Landore* **Minerals 260 (MI6 AU) SUSPENDED – Additional A$200m investment from Franco-Nevada** - The Company agreed a A$200m funding package with Franco-Nevada for development of the Bullabulling Gold Project, Australia (WA). - Franco-Nevada (FNV) would pay A$170m to increase its royalty by 1.45% to 3.90% (to go down to 2.75% on production of 6moz). - FNV also reiterated its intention to invest A$30m in an equity raising. - That brings total FNV into the Company to A$420m including an initial investment of A$220m in February 2026. - FNV would also contribute up to A$100k pa for three years to support local community. - Trading in shares remains suspended pending equity raising announcement. **Strategic Minerals* (SML LN) 5p, Mkt Cap £140m – High-grade tungsten and copper in assays from drilling at Redmoor** - Strategic Minerals report a significant number of high-grade intersections in drill assays from the historic Redmoor mine in Cornwall, UK. - The results better define the sub-vertical orientation of the veins at Redmoor showing their continuity and close proximity of the mineralised structures. - This will make for better and easier mine planning in future years. See Figures 1,2 and 3 in the statement. - The presence of high-grade copper is a bonus within the assays enhancing the future value of the mineral deposit. - Multiple high-grade intersections in three drill holes below: - **Highlights from drill hole CRD042** - 2.98 m @ 2.21% WO3, 0.04% Sn,  & 1.95% Cu (2.56% WO3. Eq*1) from 322.72 m depth - Containing 1.03 m @ 5.90% WO3, 0.05% Sn, & 3.68% Cu (6.54% WO3. Eq*1) from 324.67 m - 1.63 m @ 3.38% WO3, 0.03% Sn,  & 0.54% Cu (3.48% WO3. Eq*1) from 331.40 m - 0.65 m @ 0.10% WO3, 0.05% Sn,  & 6.79% Cu (1.22% WO3. Eq*1) from 333.03 m - 4.50 m @ 1.01% WO3, 0.07% Sn,  & 1.82% Cu (1.37% WO3. Eq*1) from 346.25 m - 0.60 m @ 1.11% WO3, 0.41% Sn,  & 3.53% Cu (1.91% WO3. Eq*1) from 388.10 m - **Highlights from drill hole CRD043** - 3.75 m @ 1.06% WO3, 0.02% Sn,  & 1.05% Cu (1.29% WO3. Eq*1) from 281.75 m - Containing 1.42 m @ 2.63% WO3, 0.01% Sn, & 0.16% Cu (2.66% WO3. Eq*1) from 284.08 m - 1.45 m @ 2.77% WO3, 0.05% Sn,  & 0.77% Cu (2.93% WO3. Eq*1) from 318.30 m - 3.30 m @ 2.24% WO3, 0.08% Sn,  & 0.90% Cu (2.44% WO3. Eq*1) from 348.70 m - Containing 1.00 m @ 6.00% WO3, 0.22% Sn, & 1.54% Cu (6.39% WO3. Eq*1) from 351.00 m - 1.00 m @ 1.82% WO3, 0.11% Sn,  & 2.37% Cu (2.33% WO3. Eq*1) from 382.50 m - 0.94 m @ 2.07% WO3, 0.01% Sn,  & 1.07% Cu (2.27% WO3. Eq*1) from 451.00 m - **Highlights from drill hole CRD044_D1** - 1.00 m @ 5.14% WO3, 0.00% Sn,  & 0.06% Cu (5.15% WO3. Eq*1) from 280.00 m - 1.55 m @ 1.66% WO3, 0.05% Sn,  & 0.48% Cu (1.77% WO3. Eq*1) from 343.55 m - 1.17 m @ 3.24% WO3, 0.09% Sn,  & 0.95% Cu (3.47% WO3. Eq*1) from 351.49 m - 2.30 m @ 3.90% WO3, 0.03% Sn,  & 0.80% Cu (4.06% WO3. Eq*1) from 376.80 m - Containing 1.02 m @ 6.16% WO3, 0.03% Sn, & 0.91% Cu (6.34% WO3. Eq*1) from 378.08 m - 1.38 m @ 1.24% WO3, 0.02% Sn, & 0.73% Cu (1.38% WO3. Eq*1) from 419.00 m - See RNS for WO3 equivalent calculation. - **Aplitic zones: **Strong copper and tin mineralisation is also seen in a series of flat lying structures within a zone below the currently modelled Redmoor Sheeted Vein System. - Further work will need to be done to see if it might be possible to include these zones into future mineral resource calculations for mining in future years. - **Assay results from aplitic zone:** - 2.91 m @ 0.51% Sn, 0.01% WO3, & 0.18% Cu (0.26% WO3. Eq*1) from 454.00 m - with 1.00 m @ 1.10% Sn, 0.00% WO3,  & 0.37% Cu (0.55% WO3. Eq*1) from 455.91 m - The identification of silver and copper alongside high-grade tungsten adds significant value to the mineralisation. **Conclusion:** The infill drill results show potential for mining higher tungsten grade at Redmoor. Collating results from drillhole CRD043 shows 12.00 m @ 0.79% WO3 along side tin, copper and silver. **SP Angel acts as Nomad and broker to Strategic Minerals* **Tertiary Minerals* (TYM LN) 0.07p, Mkt Cap £4m – Swedish critical minerals push revives interest in Storuman fluorspar** - The Company provides an update on its 100%-owned Storuman Fluorspar Project, Sweden, considering the latest Swedish government’s mineral strategy - New strategy designates fluorspar as a critical mineral of national security interest with the company reporting increased enquiries on the project as a result. - Currently no decision or timeframe has been received on the mining permit appeal. - The 25-year permit granted in February 2016 was overturned in 2017 and has been under appeal since, with the latest appeal lodged in March 2025. - Storuman is the most advanced fluorspar project in Scandinavia with 2011 JORC MRE at 25.0mt at 10.28% CaF2 (Indicated) and 2.7mt at 9.57% CaF2 (Inferred). - 2010 scoping study highlights include: - 1.0mtpa plant, ~103ktpa acid-grade concentrate over an 18-year life at 81.9% recovery - Capex US$46m - NPV8 US$33m, IRR 24.1%, payback <3yrs - TYM notes both the resource and the price/cost assumptions would need re-basing to current levels. - Management flags recent successful Swedish permit appeals (including Norra Kärr Rare Earths Project) as a supportive precedent. - Current exploration focus remains silver and copper in Zambia. **SP Angel acts as Nomad and Broker to Tertiary Minerals* **SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026** **No.1 for Precious Metals: ****Q1 2026** **No.1 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](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534** **Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535** **Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471** Prince Frederick House 35-39 Maddox Street London, W1S 2PP *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.** | | | | --- | --- | | Sources of commodity prices |   | | Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) | | Gold ETFs, Steel | Bloomberg | | Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME | | Oil Brent | ICE | | Natural Gas, Uranium, Iron Ore | NYMEX | | Thermal Coal | Bloomberg OTC Composite | | Coking Coal | SSY | | RRE | Steelhome | - | | | | --- | --- | | Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. 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