SP Angel – Today’s Market View, Monday 15th June 2026

Gold leads precious metals higher in wake of US-Iran peace breakthrough

MiFID II exempt information – see disclaimer below

Beowulf Mining* (BEM LN) – Recapitalisation now binding following Bacchus Capital Strategic Investment

Bradda Head (BHL LN) – Positive surface sampling results from Whistlejacket spodumene project

Hamak Strategy* (HAMA LN) – Recent drilling at Akoko, Ghana extends known mineralisation eastward

Metals Exploration (MTL LN) – Promising new exploration project in the Philippines

Rome Resource (RMR LN) – Small scale mining at Kalayi to progress full scale mining licence

Triple Flag Precious Metals (TFPM US) – US$440m stream on Ravenswood Gold Mine

URU Metals (URU LN) – Analysis of data highlights Target 1 for next drill campaign on the Zeb Nickel Project

WIA Gold* (WIA AU) – Underground picture comes together at Kokoseb

Gold ($4,340/oz) leads precious metals higher in wake of US-Iran peace breakthrough

• Gold has rebounded c.$300/oz from recent lows, up 2.8% this morning to $4,340/oz.
• The metal had sold off aggressively on a combination of a US-Iran peace talk breakdown and stronger-than-expected NFP numbers.
• Gold weakened from late April highs of $4,850/oz to ytd lows of $4,050/oz.
• Suggestions from both parties that a peace agreement has been reached over the weekend reversed this downward trend.
• Gold is strengthening while US Treasury yields and the dollar are sliding.
• Lower crude prices are also lifting the metal higher, as inflation expectations cool.
• We see the signing of a concrete peace deal as the key catalyst for gold to continue its march higher and would not be surprised if $5,000/oz was traded again before year end.
• Key thematics remain in tact for gold’s bull run, with elevated fiscal deficits and a sustained trend of BRIC countries diversifying their foreign reserves away from US Treasuries.

Tin US$52,493/t – SHFE sees -19% outflow of tin with Indonesia expected to cut quotas again

• Tin stocks fell -19% (-2,287t) on the SHFE to 10,071t last week
• AETI, Indonesia’s tin exporters association, expects the 2026 tin RKAB quota to come in at ~50,000t, down from ~53,000t in 2025.
• AETI has only signed approvals for ten companies so far

Copper ($13,787/t) – prices rise on new optimism following SpaceX IPO and deal with IRan

• Copper stocks jumped +11% (+18,735t) on the SHFE to 188,247t last week
• LME copper stocks fell -6,175 over the past week to 361,600t.
• Traders and other entities dumped substantial metal stocks into the SHFE last week.
• A rise in kinetic activity around the Strait of Hormuz created caution.
• The success of the SpaceX IPO lifted markets and optimism

Nickel ($17,967/t) – prices rise as Indonesia tightens DRI nickel production ; power is the new swing factor

• Nickel prices have reversed their fall as the market reacts to new Indonesian quotas.
• Nickel stocks are rising in China with the global surplus moving east as Indonesian production slows.
• SHFE nickel stocks rose +7.6% (+6,704) to 94,375 t
• Indonesia would prefer to direct power to higher-margin industries in preference to NPI ‘Nickel Pig Iron smelters following restrictions to ore mining quotas.
• A developing shortfall of ~300–700 GWh/m at the Weda Bay park means that power supply and pricing will disadvantage near break-even NPI plants.
• Ecopro, a major South Korean cathode manufacturer, just raised $90m (KRW120bn)) for the expansion of nickel smelting in Indonesia at PT Green Eco Nickel.
• Ecopro is looking to source more nickel from outside China and strengthen its cathode precursor supply chain.

Currencies

US$1.1606/eur vs 1.1565/eur previous. Yen 160.10/$ vs 160.35/$. SAr 16.170/$ vs 16.337/$. $1.343/gbp vs $1.340/gbp. 0.707/aud vs 0.703/aud. CNY 6.757/$ vs 6.774/$.

Dollar Index 99.53 vs 99.82 previous.

Economics

US – A deal to reopen the Strait of Hormuz and extend a ceasefire between the US and Iran sent crude down and equity futures higher.

• The MOU is expected to be signed this Friday with 60d to negotiate a permanent deal.
• “With the opening of the Strait upon the signing of the Deal on Friday, for purposes of mine removal, oil will flow on both ends again for the Region, and the World!” Trump wrote.
• Iran insisted that the war to end on all fronts “including in Lebanon”.
• Mines to be cleared over the next 30 days and no toll to be charged during the period
• The US would lift the naval blockade.
• The MOU will act as a framework to then discuss the Iran’s nuclear programme.
• Sanctions relief including unfreezing of Tehran’s assets held overseas will be phased and contingent on the progress of nuclear talks.

First FOMC meeting with Kevin Warsh as chairman due this week with the rate announcement Wednesday.

• No change is expected with markets to carefully watch comments on rates outlook.
• One hike is currently expected before year end.

China – Structural transformation helped by anti-involution driving inflation higher

• China’s May CPI was steady at 1.2% yoy in May but the PPI jumped to 3.9% on the cost of chemicals, chemical fibers, synthetic rubber and plastics and other petrochemical products which rose by as much as 2% and the added cost of AI.
• Chemical companies have ramped up prices on the closure of the Strait of Hormuz and are clearing stocks at higher levels in the hope of restocking at lower oil feedstock prices.
• The destocking is of concern and may cause further tightness in feedstock markets as chemical producers wait for the conflict with Iran to end and for an opening of the Strait of Hormuz.
• It is our view that disappointment may appear all round.
• The rise in chemical and other feedstocks is translating fast into inflation the core CPI which rose 0.3% to 1.7% with some impact from higher gold, silver and PGM prices.
• The cost of tech hardware for rolling out AI is also seen driving inflation by 0.6% yoy
• Non-ferrous metal smelting and pressing added 1.1% yoy

Capital flows

• Beijing’s new outbound investment rules are tightening the ability of Chinese companies to invest overseas (Caixain).
• China’s State Council issued the country’s first comprehensive administrative regulation governing outbound investment on 1st June effective from 1st July.
• The new regulations ban outbound investment from being used to export or deploy goods, technologies, services or data banned by the state, closing loopholes that allowed restricted assets to move offshore through technical personnel, cross-border guidance or overseas support services.
• The framework also strengthens national security reviews for overseas investments and introduces countermeasures against discriminatory actions by foreign governments.
• The overhaul reflects Beijing’s effort to better balance Chinese outbound investment of >$3tn while tightening control over technology transfer.
• The regulations also give Beijing broader oversight and control
• The new rules also demand better compliance on regulations for IPOs and offshore developments.
• Chinese companies are moving up the value chain fast with enhanced processes and technology and Beijing sees the rules as important to prevent technology being transferred out of China.

Japan – The BOJ is expected to announce a 25bp raise in rates to 1.0% this week (June 16).

• That would be the first hike since December and marking the highest level since 1995.
• Governor Kazuo Ueda was hospitalised for treatment of hepatic cyst infection recently and will not cast his vote.
• Deputy Governor Shinichi Uchida will hold the post meeting press conference.

China – May economic data is out tomorrow with estimates for a soft consumer spending headline number.

• Retail sales are expected to have contracted 0.2%yoy, the first fall since the nation reopened post Covid in late 2022.
• Weak domestic demand may see revisions to GDP growth for this year targeted for 4.5-5.0%.

Russia/Ukraine – Russia launched 73 missiles and more than 600 long range drones in a raid mostly targeted at Kyiv.

• At least four people died in the attack and 28 injured.
• That was the third major night time attack on Kyiv in the past month.

Precious metals:

Gold US$4,326/oz vs US$4,175/oz previous

Gold ETFs 97.8moz vs 97.6moz previous

Platinum US$1,779/oz vs US$1,714/oz previous

Palladium US$1,343/oz vs US$1,288/oz previous

Silver US$70.4/oz vs US$66.1/oz previous

Silver ETFs 788.0moz vs 787.5moz previous

Rhodium US$8,000/oz vs US$8,000/oz previous

Base metals:   

Copper US$13,787/t vs US$13,655/t previous

Aluminium US$3,458/t vs US$3,531/t previous

Nickel US$17,967/t vs US$17,760/t previous

Zinc US$3,595/t vs US$3,527/t previous

Lead US$1,976/t vs US$1,951/t previous

Tin US$52,493/t vs US$53,450/t previous

Energy:

Oil US$83.4/bbl vs US$93.3/bbl previous

Natural Gas €44.5/MWh vs €50.3/MWh previous

Uranium Futures $84.8/lb vs $84.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$101.4/t vs US$101.1/t

Chinese steel rebar 25mm US$487.4/t vs US$487.2/t

HCC FOB Australia US$245.0/t vs US$246.0/t

Thermal coal swap Australia FOB US$149.0/t vs US$148.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$102,240/t vs US$102,419/t

Lithium carbonate 99% (China) US$23,730/t vs US$23,243/t

China Spodumene Li2O 6%min CIF US$2,400/t vs US$2,400/t

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

China Tungsten APT 88.5% FOB US$1,765/mtu vs US$1,715/mtu

China Tantalum Concentrate 30% CIF US$228/lb vs US$228/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.9/lb

Europe Ferro-Vanadium 80% US$27.2/kg vs US$27.2/kg

China Ilmenite Concentrate TiO2 US$233/t vs US$235/t

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

China Rutile Concentrate 95% TiO2 US$1,161/t vs US$1,158/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

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

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

Europe Molybdenum Oxide 57% US$31.0/lb vs US$31.0/lb

EV & Battery news:

Company news:

Beowulf Mining* (BEM LN) 8p, Mkt Cap £5.5m – Recapitalisation now binding following Bacchus Capital Strategic Investment

• Beowulf announces a follow up to its 5^th June recapitalisation announcement from strategic investor Bacchus Capital.
• The Company announces the Investment Agreement with Bacchus Capital for a £3.7m strategic investment is now binding.
• The investment forms part of a wider proposed financing of £4.3m.
• The Strategic Investment will be conducted at 3p/share and will be supported by an expected £355k investment from existing shareholders and £225k from Management.
• Beowulf will issue 124m new shares to Bacchus Capital, who will hold 58.6% of the Company on completion of the deal.
• The funds will support the progression of the high-grade Kallak Iron Ore concentrate project in Sweden through to PFS, including:
  • An updated Scoping Study utilising technical progress over the past three years
  • Infill drilling to upgrade Inferred resources to the Indicated category for an updated MRE
  • Exploration drilling over the southern mineralised extensions of the Exploration Licence
  • Additional technical and environmental workstreams for completion of the PFS and filing of the Environmental Permit application.
• Funds will also be used to advance the Grafintec GAMP project, including:
  • Progressing the EIA for the Graphite Anode Materials Plant in Kotka
  • GAMP pilot testing metallurgical work
  • Drilling the Rääpysjärvi project as a source of potential feedstock for the GAMP operation.
• Bacchus will appoint Peter Bacchus as Chairman, alongside two NEDs and an advisory board.

Conclusion: The Bacchus Capital Strategic Investment in Beowulf marks a watershed moment for the Company, who have struggled in difficult market conditions to advance their two flagship assets. Confirmation of the now binding investment is encouraging and marks a new chapter in the Beowulf story. We see Kallak as a key source of high-grade, low impurity iron ore concentrate to feed the European and Middle Eastern EAF steelmaking sector, a rapidly growing market with limited quality mine development projects. The Completion of the Kallak PFS will be a key catalyst as the Company advances towards FID.

*SP Angel acts as Nomad and Broker to Beowulf Mining

Bradda Head (BHL LN) 3p, Mkt Cap £12m – Positive surface sampling results from Whistlejacket spodumene project

• North American lithium explorer Bradda Head provides an update on their Whistlejacket project in Arizona.
• The Company has received new surface sampling assay results from the project.
• Samples were taken from pegmatites over the northeastern portion of the claim block.
• The initial samples returned 18 values over 0.59% Li2O, with 12 samples grading over 1% Li2O, with values up to 3% Li2O.
• Management notes the results confirm widespread lithium mineralisation across the spodumene-bearing pegmatites.
• The Company is continuing the surface sampling programme, with 290 chip samples planned to be collected.
• Additionally, Bradda Head reports the completion of the first technical committee meeting with Rio Tinto, with Rio supporting exploration and drill programme planning at the Whistlejacket project.

Hamak Strategy* (HAMA LN) 0.8p, Mkt Cap £3.3m – Recent drilling at Akoko, Ghana extends known mineralisation eastward

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana, confirms that it has now completed 23 reverse- circulation (RC) drillholes on the project for a total of 2,280m.
• Drilling of the planned programme of 36 holes (1,940m) is continuing.
• Today’s announcement says that the latest assay results confirm “near surface, high-grade oxide gold intercepts from Akoko North” including a 23m wide interval averaging 3.42g/t gold from a depth of 15m in hole 2026-043.
• This intersection includes higher grade sections of a single metre grading 24.01g/t at 20m depth and 2m grading 6.30g/t at 33m depth.
• CEO, Karl Smithson, said that the recent results are “very encouraging” and the results of hole 2026-43 show that “gold mineralization continues eastward beyond the previously known mineralised area”.
• He said that “Drilling of the Akoko North prospect is now complete and the rig is being mobilised to Akoko South”.

Conclusion: Recent drilling data, from the Akoko gold project in Ghana has extended the known oxide gold mineralisation at Akoko North further east.  Drilling is now switching to the Akoko South area.

*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy

Metals Exploration (MTL LN) 13.65p, Mkt Cap £379m – Promising new exploration project in the Philippines

• Metals Exploration reports that it has secured exploration rights over an advanced copper/gold porphyry target in northern Luzon, Philippines.
• The 440 hectare Batong Buhay target is described as “one of the best, advanced porphyry copper-gold targets in the Philippines … [with] … the potential to be fast tracked to development once exploration and engineering is completed”.
• Following discovery in 1934 the project’s Dickson porphyry was mined between 1979 and 1984 while the nearby Maalinao North porphyry “is tabular in shape and open at depth with approximate dimensions of 800m by 250m … [and the area between them] … has never been drill tested”.
• Metals Exploration aims to use modern exploration techniques, including geochemical and geochemical methods never previously deployed, to assess the project prior to selecting drill targets by H2 2026.
• The company comments that previous exploration includes 21 surface exploration drillholes and a historical “non-JORC compliant resource at Dickson of 86.9 Million Tonnes at 0.60% Cu and 0.25 g/t Au (0.83% CuEq) … [including] … a high-grade core with a diameter of 220m and average assays of 1.43% Cu and 1.33 g/t Au (2.67% CuEq) (non-JORC compliant), enveloped by an outer shell averaging 0.5% Cu”.
• As the long-term operator of the Runruno mine, Metals Exploration has deep operating experience in the Philippines which should benefit future exploration and the potential development of the project.
• The company is also exploring adjacent to its La India mine development in Nicaragua where it is targeting initial gold production in December and where it acquired an additional four exploration concessions in April.

Conclusion: Metals Exploration has acquired a promising copper/gold porphyry target in Luzon as it moves towards production at its La India project late this year.

Rome Resource (RMR LN) 0.35p, Mkt Cap £26m – Small scale mining at Kalayi to progress full scale mining licence

• In a move to progress the ultimate objective of full-scale mining at Rome Resources’ Kalayi tin project in the DRC the company reports the start of “a small-scale tin mining programme”.
• Small scale mining aims to “to support the conversion of the current PEPM into a full mining licence. Based on ongoing discussions to date, conversion is expected to be required in order to facilitate the proposed acquisition of a further 27.5% interest in Kalayi” taking ownership to ~79%.
• Today’s announcement describes the tin mineralisation at Kalayi as hosted in “steeply dipping cassiterite-bearing quartz veins with strong surface expression”.
• “The small-scale mining programme targets the shallow tin-bearing material in the vicinity of previous trenching in the northern part of the deposit, with operations involving driving a short mining adit into the mineralised zone along strike”.
• Installation of a “small washing plant” will produce “60-80% tin concentrate” for sale and “Operations are anticipated to generate modest revenues … [although] … income generated is incidental to the programme’s primary regulatory and geological objectives”.
• These wider technical objectives include providing “valuable material for further metallurgical testing and improve the Company’s understanding of the detailed configuration and continuity of the tin-bearing vein system, information that cannot be fully obtained from drill core alone”.
• CEO, Paul Barrett, confirmed Rome Resources’ belief in the Kayali asset based on “exploration work completed to date, and what we are now seeing in the mineralised zone”.
• Mr. Barrett said that assay results from “the recent drilling programme … [are expected] … very shortly … [and will contribute to] … the updated Mineral Resource Estimate for Kalayi as soon as possible thereafter”.
• In October 2025, Rome Resources reported an initial mineral resource estimate for Kalayi of 0.33m inferred tonnes at an average grade of 1.36% tin and an inferred resource of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at the nearby Mont Agoma deposit.

Conclusion: The start of small-scale mining at Kalayi is seen as a move to advance the full mining permit and gain additional technical information.

Triple Flag Precious Metals (TFPM US) US$29, Mkt Cap US$6bn – US$440m stream on Ravenswood Gold Mine

• The Company agreed a t US$440m stream on the Raveswood Gold Mine in Australia (QLD).
• Ravenswood is an operating open pit gold mine jointly owned by a 50/50 JV between EMR, a resources PE fund, and GEAR, an APAc-focused resources company and part of the Indonesian conglomerate (Sinar Mas Group).
• Since acquiring Ravenswood from Resolute in 2020, EMR/GEAR invested over A$830m in operations (plant, tailings capacity, mining fleet, pit development and infrastructure upgrades).
• Annual production expected to ramp up to over 200koz by 2028, up from 134koz in 2025.
• Open pit gold operation include a 8.6mtpa milling capacity and a conventional CIL circuit (90% gold recoveries).
• Ravenswood is one of the 10 largest gold mines in Australia by reserves.
  • 2P 147mt at 0.61g/t for 2.8moz
  • M&I 205mt at 0.55g/t for 3.6moz (incl 2P)
  • Inferred 66mt at 0.49g/t for 1.0moz
• The stream covers all existing mining and exploration licenses at the Ravenswood Mine over >1,800km2 prospective ground.
• The stream to commence in 3Q26.
• Ravenswood stream lifted medium term production target to 150-160koz by 2030, up from 140-150koz.
• Stream terms:
  • 5.50% of payable gold until 194.2koz delivered;
  • Step down to 3.75% for gold deliveries between 194.2koz and 253koz;
  • Step down to 2.50% for gold deliveries post 253koz;
  • 10% of spot gold price paid until 194.2koz delivered;
  • 20% for all ounces post 194.2koz
• Buydowns are included in case of a change of control with payments subject to floors/ceilings and linked to gold prices including:
  • 25% buydown option in case of a transaction within 48 months;
  • 15% discretionary buydown option once 67koz is delivered (exercisable over a 30d period).
• Stream proceeds to be used to repay debt.

URU Metals (URU LN) 5.43p, Mkt Cap £5.3m – Analysis of data highlights Target 1 for next drill campaign on the Zeb Nickel Project

• URU Metals has published a set of graphics on its website to help investors better understand the regional setting, geological context and recent ground geophysics work at the Zeb Nickel Project in South Africa.
• The images are clearer on the company website at: https://urumetals.com/index.php/projects/
• The graphics bring together the regional satellite setting, interpreted geology and recent ground gravity and frequency-domain electromagnetic survey work over Targets 1 and 2.
• The first image shows the regional setting of the Zeb Nickel Project in the Northern Limb of the Bushveld Complex, in relation to the Valterra Platinum Mogalakwena Mining Complex and Ivanplats / Ivanhoe’s Platreef Project.
• This places Zeb within one of the most important PGM-nickel-copper districts globally, with significant existing mining infrastructure and a long history of geological understanding.
• The second image shows the interpreted regional geology, including the Platreef / reef outcrop position and the broader interpreted magmatic conduit or feeder-system context.
• The image highlights the scale of the interpreted feeder system and the geological framework within which URU is targeting higher-grade nickel-copper-PGE sulphide mineralisation.
• Detailed ground geophysics have highlighted the priority areas which are integrated into the Company’s 3D geological model for drill targeting.
• The third image shows the detailed ground geophysics over Targets 1 and 2, including the ground electromagnetic survey results, and places these targets in relation to the interpreted magmatic conduit system.
• The combined interpretation of the ground electromagnetic and gravity data has helped rank the targets, with Target 1 now considered the priority follow-up target for drilling. Target 2 remains geologically interesting but is currently ranked as a secondary follow-up area behind Target 1.
• Further work is being undertaken to integrate the ground geophysics into the Company’s 3D geological model before finalising the drill plan.

Conclusion: URU is methodically working through geophysical data collected to identify the best locations for drilling. URU is building a detailed geological model on its licenses following on from a huge amount of data from the nearby mines and >100 years of geological knowledge in the area.

*SP Angel acts as Nomad and broker to URM Metals Limited

WIA Gold* (WIA AU) A$0.49, Mkt Cap A$832m – Underground picture comes together at Kokoseb

• WIA Gold, who are developing the 3moz Kokoseb gold project in Namibia, report assay results from their ongoing drill programme.
• Today the Company reports results from 29 diamond holes and 10 RC holes.
• Diamond drilling has identified a new high-grade target in the Central Zone, with assay highlights including:
  • KDD137: 9m at 2.24g/t Au from 801m
  • KDD147: 9m at 10.64g/t Au from 811m (inc. 4m at 22.76g/t Au)
• Drilling also supported the continuity of the Central and Southern Zones’ high-grade plunging shoot, with highlights including:
  • KDD139: 10.8m at 5.43g/t Au from 322m
  • KDD143: 15m at 2.18g/t Au from 414m
  • KDD152: 12m at 1.86g/t Au from 555m
  • KDD162: 8.7m at 2.66g/t Au from 648m
  • KDD148: 5m at 5.51g/t Au from 666m
  • KDD156: 9m at 2.59g/t Au from 575m
  • KRC580: 19m at 1.52g/t Au from 281m
• Wia notes mineralisation has been extended to 580m below the Scoping Study pit shell with both high-grade shoots remaining open at depth.
• Management states an updated MRE is currently underway and is set to incorporate all reported drill data.
• The Kokoseb DFS remains on completion for 3Q26.
• Six diamond rigs are currently on site targeting high-grade underground zones for MRE definition.

*SP Angel analyst(s) holds shares in WIA

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Analysts

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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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