{"id":140840,"title":"SP Angel – Today’s Market View, Monday 21st September 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-09-21T10:23:18+00:00","modified":"2026-09-21T10:23:18+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-21st-september-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-21st-september-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-21st-september-2026.json","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"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/11/sp-angel-header-750x406-1.png?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Copper extends gains as Chinese buying and tight supply outweigh Fed rate worries**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Anglo Asian Mining* (AAZ LN) – Record copper output and copper/gold prices deliver ~$64m FCF, 6USc interim dividend announced**\n\n**Alpha Exploration (ALEX CN) – Eritrean drilling results**\n\n**CleanTech Lithium (CTL LN) – Interims highlight CEOL terms, maiden reserve and licence cost cut at Laguna Verde, Chile**\n\n**Great Southern Copper (GSCU LN) – Preliminary Mostaza metallurgical test results**\n\n**Guardian Metal Resources (GMET LN) – Drilling shows tungsten mineralisation beyond previously mined area at Tempiute, Nevada**\n\n**Kazatomprom (KAP LI) – Sulphuric Acid Supplies from Russia**\n\n**Mkango Resources* (MKA LN) – BUY – Name change to Mkango Magnetic Materials**\n\n**Resolute Mining (RSG LN) – Operational issues at Syama prompt production guidance downgrade**\n\n**Savannah Resources* (SAV LN) – Intention to undertake an equity capital raise for ongoing project development**\n\n**Serabi Gold (SRB LN) – Near mine exploration drilling results in Brazil**\n\n**Tertiary Minerals* (TYM LN) – Capital Access Window from 21/09/2026 7:30am, pending an announcement**\n\n**Copper ($14,637/t) – Copper extends gains as Chinese buying and tight supply outweigh Fed rate worries**\n\n- Copper rose for the 11th week in 12 last week and hit its highest since 10 September on Monday.\n\n- Chinese buyers are paying up for metal. The Yangshan import premium closed last week at $124/t (Reuters).\n\n- Several Chinese refineries are due to shut for maintenance in October and November, which limits any jump in supply.\n\n- Congestion at Shanghai port makes it hard to say how quickly imports will arrive.\n\n- Oil fell to a one-week low. The Iran war has held copper back, because of fears it will slow the world economy.\n\n- Strong demand and tight supply have kept copper rising, even though the Fed has warned more rate rises may come.\n\n**Rare Earths – China’s magnet exports to the US fall 21% before the Trump-Xi meeting**\n\n- China’s rare earth magnet exports to the US fell 21% mom to 512t in August (Chinese customs).\n\n- Shipments average about 504t a month this year, still below 621t in 2024 before the controls.\n\n- Exports of dysprosium, terbium, and yttrium, all under controls, are also down on previous years.\n\n- Trump and Xi meet in Washington on Thursday, with critical minerals likely to come up.\n\n- China controls rare earth exports through licences and plans to offer more of them to win something from the US on Thursday (Bloomberg).\n\n- The current US-China deal, in which China promised to issue licences more freely, runs out in November.\n\n**Gold ($4,352/oz) – Gold eases as Fed speakers warn inflation has spread beyond oil**\n\n- Minneapolis Fed President Neel Kashkari said on Sunday inflation is still too high and has spread well beyond the oil shock from the Iran war.\n\n- Chicago Fed’s Goolsbee speaks today and New York Fed’s Williams tomorrow, after last week’s unanimous rate rise.\n\n- Brent fell for a fourth day but stayed above $100/bbl.\n\n- US Central Command says oil and LNG traffic through Hormuz over the past two weeks is the highest in six months.\n\n- Trump says he would probably be open to meeting Iran’s President Pezeshkian at the UN in New York.\n\n**Tin ($53,805/t) – Queensland’s Mount Garnet to supply a US refiner**\n\n- Huntore’s Mount Garnet is a polymetallic mine about 100km south-west of Cairns, in Queensland, Australia.\n\n- It has signed a long-term deal to sell up to 100% of its tin to US refiner Nathan Trotter.\n\n- The mine is expected to produce up to 3,000t of tin a year.\n\n- Nathan Trotter received a $19m US Defense Department grant in late 2024 to build tin processing in the US.\n\n- Huntore’s chairman hopes this is the first of further deals for Mount Garnet.\n\n**Lithium – CATL restarts the permit process at its Jianxiawo mine**\n\n- CATL’s Jianxiawo mine in Yichun, Jiangxi, one of the world’s largest lithium mica mines, has restarted its environmental approval process (Mysteel).\n\n- The earlier approval notice was withdrawn over questions about the operator’s public disclosure website.\n\n- On 18 September Yichun Times New Energy Mining, the company running the project, published its environmental report for public comment.\n\n- Whether this mine restarts has long been one of the biggest questions for lithium supply.\n\n**Chinese regulators are slowing down approvals for humanoid robot companies IPOs amid increased scrutiny over valuations and revenue quality**\n\n- The focus is on revenue from local-government-backed data-collection centres and JVs, where local governments provide 80–90% of initial funding (Reuters)\n\n- Some estimates suggest that stripping this revenue out could cut some valuations by 60–70%.\n\n- The announcement comes on the back of Unitree Robotics’ volatile Shanghai debut.\n\n- The stock jumped fivefold on its debut in Shanghai a month ago but has since fallen 55% from its peak.\n\n- At least six firms are preparing to list, including Deep Robotics, X Square Robot and AGIBOT.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **-0.18%** | **at** | **51,683** |\n| **Nikkei 225** |  | **+1.38%** | **at** | **65,019** |\n| **HK Hang Seng** |  | **+0.97%** | **at** | **24,990** |\n| **Shanghai Composite** |  | **+0.97%** | **at** | **3,950** |\n| **US 10 Year Yield (bp change)** |  | **-3.1** | **at** | **4.97** |\n\n**Currencies**\n\n**US$1.1476/eur vs 1.1479/eur previous. Yen 157.23/$ vs 157.32/$. SAr 16.234/$ vs 16.250/$. $1.338/gbp vs $1.337/gbp. 0.713/aud vs 0.713/aud. CNY 6.696/$ vs 6.699/$.**\n\n**Dollar Index 100.35 vs 100.29 previous.**\n\n**Economics**\n\n**President Xi will be having a state visit to the US this week with a potential trade truce extension in focus.**\n\n- Treasury Secretary Scott Bessent and Chinese VP He Lifeng held preparatory talks in New York on Sunday.\n\n- Beijing is expected to discuss US military support for Taiwan.\n\n- Trump has called a pending US$14bn Taiwan arms package a “negotiating chip”, which could be traded for Boeing, agricultural or fentanyl commitments ahead of the November midterms.\n\n**Brent prices are off this morning on US reports of increased oil shipments through the Strait of Hormuz.**\n\n- Admiral Brad Cooper, head of US Central Command, said that the volume of crude, cargo and LNG in the past two weeks was higher than at any point in the past six months (Reuters)\n\n- Shipes are reported to be escorted through the strait with their transponders off, making it hard to verify admiral’s comments.\n\n- Shipping data shows only 12 commodity vessels passing through the strait over the weekend, down from 35 the previous weekend.\n\n**Some hopes over a potential diplomatic resolution also helped the sentiment as President Trump said he would be open to meeting Iranian President Masoud Pezeshkian in New York this week at the UN General Assembly.**\n\n**Separately, Yemen’s Houthi attacked the Saudi capital Riyadh using missiles and drones on Saturday.**\n\n- The Houthi did not specify what were the targets but said that they also hit an Aramco facility in the Red Sea city of Yanbu, a key Saudi oil export hub.\n\n**China – **China holds key LPR loan rate restricting prospects for general easing of monetary policy\n\n- China held its key 1-year LPR lending rate at 3% for a 16th straight month in September.\n\n- The 5-year LPR used for mortgages was also held at 3.5%, indicating little support for the housing market.\n\n- The move marks a continuation on China’s austerity at home while the government pushes export growth and foreign policy agenda.\n\n**Japan – The yen is at 157.2 following a sharp depreciation last week that increased expectations for a potential new intervention.**\n\n- The BOJ hiked rates to 1.25% last week, although, few dissenting voices among policymakers saw the currency selling off.\n\n- The yen was down 2% last week.\n\n**Germany – AfD won the Mecklenburg-Western Pomerania state election on Sunday, and Merz’s CDU posted its worst result since 1949**\n\n- It is AfD’s second state win this month after Saxony-Anhalt.\n\n- Projections show AfD 38.3%, SPD 35.4% and Merz’s CDU 4.9%, below the 5% threshold.\n\n- “It’s a disaster,” Merz said after exit polls were published.\n\n**Russia/Ukraine – Ukraine launched the largest drone attack yet on Moscow on Saturday night, setting the Moscow Refinery ablaze**\n\n- Moscow air defences downed 450 drones with Russia’s defence ministry claiming a total of 1,110 recorded nationwide.\n\n- Flights were suspended in all three Moscow airports.\n\n**Precious** **metals****:**\n\n**Gold US$4,352/oz vs US$4,395/oz previous**\n\n**Gold ETFs 100.4moz vs 100.4moz previous**\n\n**Platinum US$1,799/oz vs US$1,818/oz previous**\n\n**Palladium US$1,308/oz vs US$1,329/oz previous**\n\n**Silver US$66.0/oz vs US$67.0/oz previous**\n\n**Silver ETFs 799.0moz vs 800.1moz previous**\n\n**Rhodium US$9,000/oz vs US$9,150/oz previous**\n\n**Base**** metals:**\n\n**Copper US$14,637/t vs US$14,537/t previous**\n\n**Aluminium US$3,270/t vs US$3,294/t previous**\n\n**Nickel US$16,205/t vs US$16,260/t previous**\n\n**Zinc US$3,938/t vs US$3,902/t previous**\n\n**Lead US$1,925/t vs US$1,914/t previous**\n\n**Tin US$53,805/t vs US$53,670/t previous**\n\n**Energy****:**\n\n**Oil US$101.7/bbl vs US$102.4/bbl previous**\n\n- Energy prices edged lower following reports of higher w/w trade flows through the Strait of Hormuz and on hopes for a reconciliation between the US and Iran on the sidelines of the United Nations General Assembly in New York this week.\n\n- The US Baker Hughes rig count rose by 4 to 595 units last week (+53 or +10% y/y), with oil rigs up 2 to 452 units (+34 y/y) and gas rigs up 2 to 134 units (+16 y/y), as the Williston Basin grew by a further 3 rigs w/w to 35 units (+6 y/y).\n\n**Natural Gas €77.4/MWh vs €77.2/MWh previous**\n\n**Uranium Futures $89.8/lb vs $89.9/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$97.2/t vs US$97.2/t**\n\n**Chinese steel rebar 25mm US$478.5/t vs US$477.2/t**\n\n**HCC FOB Australia US$275.0/t vs US$275.0/t**\n\n**Thermal coal swap Australia FOB US$143.0/t vs US$145.2/t**\n\n**Other****:  **\n\n**Cobalt LME 3m US$39,680/t vs US$39,780/t**\n\n**NdPr Rare Earth Oxide (China) US$108,873/t vs US$108,830/t**\n\n**Lithium Carbonate 99% (China) US$19,340/t vs US$19,034/t**\n\n**China Spodumene Li2O 6%min CIF US$1,920/t vs US$1,900/t**\n\n**Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu**\n\n**China Tantalum Concentrate 30% CIF US$242/lb vs US$241/mtu**\n\n**China Graphite Flake -194 FOB US$410/t vs US$405/t**\n\n**Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb**\n\n**Europe Ferro-Vanadium 80% US$25.8/kg vs US$25.8/kg**\n\n**China Ilmenite Concentrate TiO2 US$183/t vs US$186/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,172/t vs US$1,172/t**\n\n**Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t**\n\n**Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg**\n\n**China Gallium 99.99% US$450.0/kg vs US$450.0/kg**\n\n**Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb**\n\n**EV & Battery news****:**\n\n**US auto industry urges Trump to keep Chinese automakers out of the market, days ahead of Xi meeting**\n\n- Six groups representing General Motors, Toyota, Volkswagen, Ford, Hyundai, Stellantis, Tesla, and others sent a letter to Trump on Friday urging him to *“maintain policies that keep the door firmly shut to Chinese automakers seeking to sell, import or manufacture vehicles inside the U.S.,”* ahead of his meeting with Xi Jinping the following week.\n\n- The letter follows Trump telling Fox News last week he’d be okay with Chinese car companies building cars in the US.\n\n- The auto groups argue such investment wouldn’t create new American jobs but would shift them from manufacturers with existing US investments toward Chinese state-linked companies.\n\n- The White House responded that it is working with American automakers to revive US auto industry dominance while safeguarding national and economic security.\n\n- A Biden-era 2025 regulation currently effectively bars Chinese automakers from selling or building passenger vehicles in the US over driver-data security concerns, on top of tariffs exceeding 100% on Chinese EVs, with Congress considering legislation to toughen the ban further.\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -0.4% | 0.3% | **Freeport-McMoRan** | 1.0% | 0.7% |\n| **Rio Tinto** | -0.8% | -1.2% | **Vale** | -1.8% | -6.7% |\n| **Glencore** | 0.0% | -5.8% | **Newmont Mining** | -0.8% | -2.7% |\n| **Anglo American** | 2.3% | 4.0% | **Fortescue** | -0.1% | 1.1% |\n| **Antofagasta** | 2.3% | 4.3% | **Teck Resources** | 0.5% | -1.4% |\n\n**Anglo Asian Mining* (AAZ LN) 406p, Mkt Cap £465m – Record copper output and copper/gold prices deliver ~$64m FCF, 6USc interim dividend announced**\n\n- The Company released interim results for its copper/gold operations in Azerbaijan.\n\n- 1H26 financial highlights include:\n\nRevenue US$141.2m (1H25: US$40.9m) reflecting first full six months of operation at Gilar and Demirli.\n\n- Copper production 8.8kt (1H25: 1.2kt); gold production 12.3koz (1H25: 12.1koz)\n\n- Average copper price US$13,139/t (1H25: US$9,445/t); average realised gold price US$4,664/oz (1H25: US$3,077/oz)\n\n- Copper accounted for 74% of group revenues.\n\n- AISC – US$1,244/oz gold and US$5,158/t copper ex Demirli lease (US$5,808/t incl Demirli lease)\n\n- Operating profit US$71.1m (1H25: US$8.8m)\n\n- PBT US$68.5m (1H25: US$7.1m)\n\n- PAT US$46.1m (1H25: US$4.7m)\n\n- Operating cash flow US$78.5m (1H25: US$11.4m); capex was US$14.3m (1H25: US$8.7m), giving FCF of ~US$64m (1H25: US$2.8m).\n\n- Net cash US$57.7m (Dec25: US$2.6m), after US$15.4m of debt repayments. This excludes US$33.5m of lease liabilities, mostly the Demirli property lease.\n\nThe Board approved an interim dividend of US$0.06 reflecting strong FCF generation (5 November ex dividend, 6 November record date, 26 November payment)\nThe Company will provide a formal capital allocation policy in due course.\nFY26 guidance:\n\n- 20-25kt copper (unchanged)\n\n- 26-30koz gold (reduced from 28-33koz) on variable gold mineralogy and lower recoveries at Gilar.\n\n- Copper AISC guidance US$6,000–7,000/t (reduced from US$6,800–7,800/t, ex-Demirli lease)\n\n- Gold AISC unchanged at US$1,500-1,800/oz\n\n- PSA share, effectively a royalty rate, expected to remain at 12.75% at Demirli and increase to 18% at Gedabek by the end of 2026.\n\nWorley consultants engaged to prepare the feasibility studies at Xarxar (exp 2H27) and Garadag (1H28).\nTwo greenfield copper projects represent next leg of organic copper production growth plans.\nAt Xarxar, the Company built a heap leach test pad as well as a research and development laboratory.\nThe plan is to process ~10,000t of ore available from the exploration tunnel construction and test biological heap leaching.\nAt Garadag, a tunnel for the underground in-situ leaching programme is also under construction.\n90,000m of core drilling is planned of the remainder of 2026 and 2027 including:\n\n- 35,000m of FS related drilling;\n\n- 55,000m exploration drilling focused on extensions at Xarxar/Garadag, follow up drilling at Gedabek, extensions to the Demirli and Demirli south, upper levels and down dip extensions at Gilar.\n\n**Conclusion:** Full six months of operations at Demirli and Gilar lifts production with record copper contribution that supported with high copper/gold prices deliver ~US$64m in FCF. Group production is expected to further grow in 2H with Demirli reaching nameplate 4Q26 maintaining strong FCF generation momentum.\n\n**SP Angel acts as nomad to Anglo Asian Mining.*\n\n**Alpha Exploration (ALEX CN) C$0.46, Mkt Cap C$50m – Eritrean drilling results**\n\n- Alpha Exploration reports initial drilling assay results from its Aburna gold project in Eritrea where it has completed ~2,100m of core and reverse circulation drilling  at the EER and SW targets *“demonstrating the potential to expand the Hill 52 prospect gold mineralization”*.\n\n- The Aburna project is part of the company’s 514 km² Kerkasha Project where Alpha Exploration is also *“exploring the large target footprint Anagulu Copper-Gold Porphyry Project some 7 kilometres (“km”) south of Aburna, with these projects being two of three significant discoveries made by the Alpha team on the Kerkasha licence”*.\n\n- Among the results highlighted today are:\n\n-\n\nA 31m wide intersection at an average grade of 1.12g/t gold from a depth of 75m in hole ABD-029; and\n\n- 6m averaging 2.81g/t gold from 67m depth in hole ABR202; and\n\n- 13m at an average grade of 0.79g/t from 45m depth in hole ABR208; and\n\n- 6m averaging 0.53gt from 85m in hole ABR197; and\n\n- 4m at an average grade of 0.92g/t gold from 92m in hole ABR198\n\nWelcoming the results, CEO, John Wilton, confirmed that *“Alpha expects to release further batches of results in the coming weeks and months as they are received from the laboratory”.*\n\n**CleanTech Lithium (CTL LN) 7.0p, Mkt Cap £26m – Interims highlight CEOL terms, maiden reserve and licence cost cut at Laguna Verde, Chile**\n\n- The Company released interim results for the six months to 30 June 2026.\n\n- Terms of a 40y CEOL for Laguna Verde were agreed with Chile’s Ministry of Mining in March, one of the only non-state companies to achieve this.\n\n- The decree awaits final review by the Comptroller General’s Office, later than the 2Q first expected.\n\n- **PFS completed in March:**\n\nMaiden Probable Reserve 378kt LCE\n\n- 15ktpa / 25y LOM / $748m capex incl c.20% contingency / $5,768/t opex\n\n- Pre-tax NPV8 $1.37bn / IRR 24.2%\n\n- Post-tax NPV8 $959m / IRR 21.2% / 4y payback\n\nPotential strategic partners have moved through confidentiality, data room and initial due diligence.\nLicence consideration for 23 concessions cut to $14.0m from $35.0m, settling historic vendor claims.\n$2.5m is paid, and $9.0m of the remaining $11.5m is due only on lithium sales milestones, plus 6.6m shares paid in three equal parts, each released at a project milestone.\nASX dual listing targeted for 4Q26, and Todd Ross and Leo Koot joined the board as Non-Executive Directors.\nSince the end of June, five test runs of the DLE process have produced about 330kg of lithium carbonate, with the last run reaching 99.91% purity.\nDFS and EIA work is being prepared, including adsorbent and spent-brine reinjection testing.\n**Interim financials (£) to end June:**\n\n- Cash £2.4m vs £0.1m yoy\n\n- A further c.£3.0m gross received days after period end, completing a £5.3m raise\n\n- £1.01m received through advance recovery of Chilean VAT\n\n- Admin costs £1.5m vs £1.9m yoy\n\n- Loss £3.0m vs £1.9m yoy, including £1.05m of non-cash finance costs and a £0.5m FX loss\n\n- All convertible loan notes and accrued premium converted to equity\n\nChile’s new government plans to cut corporate tax from 27% to 23% over coming years and to speed up environmental permitting.\n\n**Conclusion:** A strong half for CTL, with agreed CEOL terms, a completed PFS and a cheaper licence deal moving Laguna Verde into development. Test runs producing 99.91% pure lithium carbonate also show the DLE process works. Next come CEOL ratification and a strategic partner.\n\n**Great Southern Copper (GSCU LN) 1.93p, Mkt Cap £15m – Preliminary Mostaza metallurgical test results**\n\n- Great Southern Copper reports preliminary metallurgical test results from its Mostaza copper/silver project in its Cerro Negro area in Chile.\n\n- Tests on two samples containing the copper mineral chalcocite (Cu2S) and grading 5.09% copper and 279g/t silver *“achieved high recoveries exceeding 90% for copper (“Cu”) and 85% for silver (“Ag”) resulting in a final … *[flotation]* … concentrate with grades averaging 27% Cu and 1,414 g/t Ag**”*.\n\n- *“**Further test-work is now planned for drill-core samples across a broader range of Cu-Ag grades … **as part of the Phase IV drilling programme which we anticipate to commence within the next month*”.\n\n- CEO, Sam Garrett, said that the tests show “*that a conventional flotation recovery process could be highly effective in concentrating the prospective ore into a copper-silver concentrate product”.*\n\n**Guardian Metal Resources (GMET LN) 168p, Mkt Cap £322m – Drilling shows tungsten mineralisation beyond previously mined area at Tempiute, Nevada**\n\n- Guardian Metal Resources has issued results from its recently completed Phase 1 drilling at the Tempiute tungsten project in Nevada and initial results from its continuing Phase 2 drilling on the project.\n\n- Twenty of the 41 diamond drillholes holes drilled during Phase 1 *“intersected strong tungsten mineralization *… [and showed] … *tungsten-skarn mineralization … across multiple areas outside the historically mined zones at Tempiute”*.\n\n- Among the Phase 1 results highlighted in today’s announcement are:\n\nA 10.2m wide intersection at an average grade of 0.13% tungsten trioxide (WO3) from a depth of 132.2m in hole TP25-014A; and\n\n- An 11.4m wide intersection at an average grade of 0.17% WO3 from a depth of 94.5m in hole TP25-015; and\n\n- An 8.8m wide intersection at an average grade of 0.35% WO3 from a depth of 183.6m in hole TP25-020A; and\n\n- A 32.4m wide interval at an average grade of 0.26% WO3 from 293.7m depth in hole TP25-021; and\n\n- An 18.5m wide interval at an average grade of 0.18% WO3 from 24.5m depth in hole TP25-028; and\n\n- A 14m wide interval at an average grade of 0.35% WO3 from 59.5m depth in hole TP25-031.\n\nThe company explains that it has now completed 28 of the planned 46 Phase 2 drilling programme with *“results from the first four holes* … [showing] … *strong tungsten grades over favorable widths … *[and]* … with assays pending for a further 24 holes**”*.\nResults of the Phase 2 drilling include\n\n- A 20.2m wide interval at an average grade of 0.21% WO3 from 210.0m depth in hole TP25-042; and\n\n- A 23.9m wide intersection at an average grade of 0.22% WO3 from 175.1m depth in hole TP25-044; and\n\n- A 5.2m wide interval at an average grade of 0.28% WO3 from 253.4m depth in hole TP25-045; and\n\n- A 27.9m wide intersection at an average grade of 0.27% WO3 from 68.6m depth in hole TP25-046; which also hit a second 92.0m wide mineralised intersection at an average grade of 0.34% WO3 from 102.5m depth.\n\nThe announcement explains that the Phase 2 drilling focusses on the *“South Thumb and Schofield Zones* … [which] … are *centered on the historical underground production workings last operated by Union Carbide Corporation (“UCC”) before the Tempiute Mine closed in the 1980s**”*.\nGuardian Metal Resources has also *“engaged an underground mining contractor to rehabilitate strategically located historical workings and drill stations** … to support improved drilling access to the South Thumb and Schofield zones”*.\nThe company is also *“assessing the permitting requirements for mining a near-surface mineralized lode located on patented mining claims, with a view to identifying the shortest path to extracting new tungsten feed material from Tempiute**”*.\nCEO, Oliver Friesen, summarised progress saying that the drilling is showing *“broad and high-grade tungsten mineralization around a mine that historically produced tungsten for many years**”.*\nHe said that the 92m wide intersection in hole TP25-046 *“is particularly encouraging and reinforces our confidence in advancing the South Thumb and Schofield areas toward a planned initial Mineral Resource estimate”.*\n\n**Conclusion**: Recent drilling at Tempiute shows tungsten mineralisation extending beyond the previously mined areas as the company works towards mineral resource definition.\n\n**Kazatomprom (KAP LI) US$67.8, Mkt cap £12.6bn – Sulphuric Acid Supplies from Russia**\n\n- The National Atomic Company Kazatomprom JSC sees no material impact on its 2026 uranium production despite a new approvals procedure for acid exports from Russia.\n\n- Kazatomprom management state:\n\n*“In response to numerous inquiries from the investment community Kazatomprom provides an update on the temporary measures regulating sulphuric acid exports from the Russian Federation recently announced by the Government of the Russian Federation under Resolution No. 1158 dated 12 September 2026, which amends the Resolution No. 311 of 9 March 2022.*\n\n- *Based on the information currently available, these measures do not prohibit sulphuric acid exports. Rather, they introduce a revised approval procedure for export volumes, which is expected to remain in effect until 31 December 2026.”*\n\nThe critical part is in the next bit:\n\n- *“Under the revised procedure, exports remain permissible subject to the relevant approvals.*\n\n- *These include individual decisions by the Prime Minister of the Russian Federation or the Deputy Prime Ministers, as well as exports under applicable international transit arrangements and intergovernmental agreements.”*\n\nKazatomprom is hopeful:\n\n- *“Kazatomprom maintains close dialogue with its sulphuric acid suppliers from Russia. Currently, they have confirmed their readiness to fulfil their existing contractual obligations for sulphuric acid deliveries to Kazatomprom in 2026. They have also advised that the documentation required to obtain the necessary export approvals is being submitted to the competent authorities. In addition, the parties are currently negotiating the terms of the sulphuric acid supply for 2027.”*\n\nSo why is Russia / Putin demonstrating their ability to shutdown much Kazak uranium production?\n\n- Was it to protect Russian domestic fertilizer and agricultural production?\n\n- Was it in response to President Tokayev, bravely and publicly telling Putin the Ukraine war should end?\n\nWill this bring Tokayev back into line, or will Russia cut off sulphuric acid to Kazatomprom and watch the uranium price rise.\nKazakhstan produces around 4.3mtpa of sulphur from its oil fields making it one of the world’s largest exporters of sulphur with most going to Morocco for fertilizer production.\nThe nation has millions more tonnes stockpiled close to the oil fields.\nKazakhstan has 2.5mtpa of sulphuric acid generation capacity including EuroChem’s (Russia) newly commissioned 0.8mtpa acid plant.\nThe big question is can the local acid plants operate at capacity and how much of this capacity is already accounted for?\nKazatomprom uses 0.68-1mtpa of sulphuric acid in its In-Situ Leaching operations.\n\n**Conclusion: **if Russia cuts Kazatomprom off from Russian sulphuric acid supplies it will simply force Kazatomprom to source stocks elsewhere.\n\nRussia knows well the weaponisation of commodities has a limited lifespan and is more likely to be sabre rattling than looking to punish Kazakhstan.\n\n**Mkango Resources* (MKA LN) 43.8p, Mkt Cap £168m – Name change to Mkango Magnetic Materials**\n\n**BUY**\n\n- The Company changes its name to Mkango Magnetic Materials Limited.\n\n- The change reflects the shift from primary raw material project developer to the downstream rare earth supply chain.\n\n- The core focus is now magnet manufacturing and recycling technologies.\n\n- The change will take effect from September 23, not change in ticker.\n\n**SP Angel acts as Nomad and Broker to Mkango Resources*\n\n**Resolute Mining (RSG LN) 63.2p, Mkt Cap £1,518m – Operational issues at Syama prompt production guidance downgrade**\n\n- Addressing the operational challenges in Mali, Resolute Mining has revised its full year production and cost guidance for its Syama gold mine.\n\n- The new guidance expects full year gold output of between 150-160,000oz at an average all-in sustaining cost of US$2,300-2,400/oz.\n\n- The new expectation is around 15% lower than the 159-210koz production guidance and ~15% higher than the US$1,950-2,150/oz cost guidance issued with the H1 production report in July.\n\n- Confirming that *“production at Mako* … [is] … *tracking to guidance** … Group, gold production is now expected to be 205 – 225 koz at an AISC of $2,250 – 2,350 /oz”*.\n\n- Explaining the challenges faced at Syama, the company comments on *“lower underground tonnage and grades due to explosive supply chain issues, and slower mobilisation of equipment required to access higher-grade ore from the A21 open pit* … [which have] … *reduced ore availability, increased reliance on lower-grade stockpiles and* … [caused] … *lower gold production and therefore higher unit costs”*.\n\n- The company says that *“the major operational issues occurred in July, with steady improvement through August and performance returning closer to budget in September* … [and that] … *management has implemented a range of corrective actions across mining and processing to stabilise operations and restore performance”*.\n\n- CEO, Chris Eger, confirmed that Resolute Mining’s *“immediate focus is on stabilising explosives supply through the construction of our emulsion plant as well as working with our mining contractor to increase fleet availability and overall equipment”.*\n\n- He also reassured that *“operational performance is increasing since July and we are starting to attain our operating budget despite the on-going challenges in Mali”.*\n\n**Conclusion**: Operational challenges in Mali have triggered a reduction in annual production guidance although the company confirms improvements since July\n\n**Savannah Resources* (SAV LN) – Suspended – Intention to undertake an equity capital raise for ongoing project development**\n\n- At the request of the Company trading on AIM for the under-mentioned securities has been temporarily suspended pursuant to a Capital Access Window from 21/09/2026 7:30am, pending an announcement.\n\n**SP Angel acts as Nomad and Broker to Savannah Resources*\n\n**Serabi Gold (SRB LN) 275p, Mkt Cap £206m – Near mine exploration drilling results in Brazil**\n\n- Serabi Gold has issued a progress report on its 2026 brownfield exploration programme around its and Coringa mines in Brazil.\n\n- The exploration aims to build Serabi Gold’s mineral resource inventory to over 1.5moz of gold with an updated mineral resource estimate expected in Q1 2027.\n\n- The current (2025) estimate includes ‘Measured and Indicated’ resources of 730.8koz hosted in ~2.5mt at an average grade of 9.1g/t gold plus an ‘Inferred’ resource of 653koz in ~2.5mt at an average grade of 8.1g/t gold.\n\n- The 2026 programme includes 32,000m of drilling *“across Palito and Coringa, with six drill rigs currently operating across the two sites”*.\n\n- Among the results from the ~21,000m of drilling completed during H1 are:\n\n- A 1.38m intersection at an average grade of 11.85g/t gold in hole 26-SR-055 at Coringa Serra South where hole 26-SR-059 also intersected 2.20m at an average grade of 5.89g/t gold; and\n\n- A 1.70m wide intersection at an average grade of 16.13g/t gold in hole 26-ME-013 at Coringa Meio; and\n\n- An intersection of 1.12m at an average grade of 6.12g/t gold in hole 26-MS-001 at Palito Massa\n\n- Geological interpretation *“of the G1-G3 corridor at Palito* … [has] … *identified new structural drill targets with drilling to follow in H2-2026**”*.\n\n- CEO, Mike Hodgson, said that the drilling results *“demonstrate the potential to delineate a larger resource at both Palito and Coringa to support production growth”.*\n\n- He said that Serabi Gold looks forward to *“continuing to unlock exploration value across our portfolio, where the 2025 brownfield exploration programme alone contributed to a significant increase in our total mineral inventory”.*\n\n**Conclusion**: As the company targets a >1.5moz resource to support its production expansion aspiration, near-mine exploration around the Palito and Coringa operations is delivering drilling results for an updated resource estimate in Q1 2027\n\n**An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil*\n\n**Tertiary Minerals* (TYM LN) – Suspended  – Capital Access Window from 21/09/2026 7:30am, pending an announcement**\n\n- At the request of the Company trading on AIM for the under-mentioned securities has been temporarily suspended pursuant to a Capital Access Window from 21/09/2026 7:30am, pending an announcement.\n\n**SP Angel acts as Nomad and Broker to Tertiary Minerals*\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**\n\n**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**\n\n**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**\n\n**Sales**\n\n**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**\n\n**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534**\n\n**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**\n\nPrince Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*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)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. 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If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange"}