Gold, silver, copper hit new record with platinum at highest since 2008 as rally picks up into year end
MiFID II exempt information – see disclaimer below
Atlantic Lithium* (ALL LN) – Revised Ewoyaa Mining Lease ratification
Beowulf Mining* (BEM LN) – £500k convertible note
Galantas Gold* (GAL LN) – RDL acquisition update
Goldstone Resources* (GRL LN) – Board changes
Strategic Minerals* (SML LN) – Leigh Creek Copper Mine sale update
Gold and silver at record highs on rising geopolitical risks and expectations for further rate cuts.
- Gold and silver trading at $4,410 (+1.6%) and $69.1/oz (+2.9%), respectively.
- That brings YTD gains to 68% and 140%.
- PGMs complex is also gaining momentum.
- Platinum at $2,068/oz (+4.8%) with YTD +128%.
- That is the highest since late 2000s.
- Palladium at $1,775/oz (+3.6%) and YTD +94%.
- Highest since early 2023.
Copper prices hit record highs approaching $12,000/t mark.
- YTD copper is up nearly 40% making it the strongest annual run since 2009.
- The metal benefited from disrupted supply and strong demand outlook around its use in the AI infrastructure.
Antofagasta and a Chinese smelter are reported to have agreed 0$ TC/RC charges for 2026, a record low.
- This compares with $21.25/t and 2.125c/lb for 2025.
- A sign of abundant smelting capacity but also a result of tight copper concentrate markets.
IG TV Commodity Corner:
ii TV – Macro trends, indicators, small caps.
- FTSE 100 stocks, small-cap and lithium: https://vimeo.com/fiveminutepitchtv/review/1125892775/a44f96f5a1
| Dow Jones Industrials | +0.38% | at | 48,135 | |
| Nikkei 225 | +1.81% | at | 50,402 | |
| HK Hang Seng | +0.43% | at | 25,802 | |
| Shanghai Composite | +0.69% | at | 3,917 | |
| US 10 Year Yield (bp change) | +1.4 | at | 4.16 |
Economics
Currencies
US$1.1735/eur vs 1.1709/eur previous. Yen 157.47/$ vs v156.87/$. SAr 16.712/$ vs 16.768/$. $1.342/gbp vs $1.337/gbp. 0.664/aud vs 0.661/aud. CNY 7.038/$ vs 7.041/$.
Dollar Index 98.54 vs 98.66 previous.
Precious metals:
Gold US$4,409/oz vs US$4,328/oz previous
Gold ETFs 98.4moz vs 98.3moz previous
Platinum US$2,061/oz vs US$1,939/oz previous
Palladium US$1,763/oz vs US$1,701/oz previous
Silver US$68.7/oz vs US$65.9/oz previous
Rhodium US$8,050/oz vs US$8,050/oz previous
Base metals:
Copper US$11,920/t vs US$11,794/t previous
Aluminium US$2,956/t vs US$2,928/t previous
Nickel US$15,040/t vs US$14,785/t previous
Zinc US$3,082/t vs US$3,058/t previous
Lead US$1,977/t vs US$1,973/t previous
Tin US$42,810/t vs US$43,420/t previous
Energy:
Oil US$61.0/bbl vs US$59.6/bbl previous
- The US Baker Hughes rig count fell 6 to 542 units last week (-47 or 8% y/y), with oil rigs down 8 to 406 units (-77 y/y) and gas rigs flat at 127 units (+25 y/y), with 3 rigs departing both the Haynesville (42 units) and the Permian (246 units) formations.
Natural Gas €27.7/MWh vs €28.0/MWh previous
Uranium Futures $81.3/lb vs $79.2/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$104.7/t vs US$104.7/t
Chinese steel rebar 25mm US$460.2/t vs US$459.4/t
HCC FOB Australia US$212.0/t vs US$212.3/t
Thermal coal swap Australia FOB US$105.5/t vs US$106.0/t
Other:
Cobalt LME 3m US$52,790/t vs US$52,790/t
NdPr Rare Earth Oxide (China) US$81,557/t vs US$81,662/t
Lithium carbonate 99% (China) US$14,280/t vs US$13,918/t
China Spodumene Li2O 6%min CIF US$1,210/t vs US$1,180/t
Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t
China Tungsten APT 88.5% FOB US$938/mtu vs US$913/mtu
China Tantalum Concentrate 30% CIF US$98/lb vs US$98/mtu
China Graphite Flake -194 FOB US$400/t vs US$400/t
Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb
Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg
China Ilmenite Concentrate TiO2 US$259/t vs US$259/t
US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t
China Rutile Concentrate 95% TiO2 US$1,115/t vs US$1,115/t
Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t
Brazil Potash CFR Granular Spot US$360.0/t vs US$357.5/t
Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg
China Gallium 99.99% US$390.0/kg vs US$395.0/kg
EV & battery news
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | 1.6% | 1.8% | Freeport-McMoRan | 2.6% | 3.7% |
| Rio Tinto | 1.0% | 3.3% | Vale | -0.4% | 0.2% |
| Glencore | 2.1% | 4.4% | Newmont Mining | 2.0% | 3.2% |
| Anglo American | 1.6% | 4.1% | Fortescue | 1.7% | -2.1% |
| Antofagasta | 1.0% | 4.4% | Teck Resources | -1.2% | 3.7% |
Company news
Atlantic Lithium* (ALL LN) 10.1p, Mkt Cap £77m – Revised Ewoyaa Mining Lease ratification update
- The Company submitted a revised Mining Lease to the Parliament of Ghana for a review by the Select Committee and potential ratification.
- New lease includes changes following a consultation with the Minister of Lands and Natural Resources.
- Revised terms include a sliding scale royalty linked to lithium prices including:
- 5.0% for SC prices <=$1,500/t
- 7.0% between $1,501-2,000/t
- 10% between $2,501-3,000/t
- 12.0% for >$3,000/t
- Other fiscal terms of the Mining Lease granted in October 2023 remain unchanged.
- That compares to a 10% flat royalty rate applied in October 2023.
- The Government of Ghana is entitled to a 13% free carry in the project.
- It is expected that the Select Committee will review the Mining Lease in the New Year before providing a recommendation to Parliament.
- Atlantic is up 30% this morning.
*SP Angel acts as Nomad to Atlantic Lithium
Beowulf Mining* (BEM LN) 9.4p, Mkt Cap £6m – £500k convertible note
- The Company agrees a £500k unsecured convertible loan note with Alumni Capital.
- Proceeds to be used for short term working capital as the team is looking to close the sale of Vardar and raise capital for Grafintec.
- Convertibles bear 10% and are due in 12m, Alumni has an option to convert at its discretion (post written notice) at a 10% discount.
- An early repayment premium is 10%.
- Alumni will also get 4.3m warrants (3y, 0.1155 exercise price, subject to repricing and anti dilution in the event of an issue of equity below the exercise price).
*SP Angel acts as Nomad and Broker to Beowulf Mining, An SP Angel analyst recently visited Kallak
Galantas Gold* (GAL LN) 3.9p, Mkt Cap £5m – RDL acquisition update
- The Company updates on the progress of the RDL Mining acquisition holding an option to buy a 100% interest in Indiana Gold Copper Project, Chile.
- The team is working to meet remaining closing conditions to complete the transaction and the ongoing equity raise.
- Both are expected to be completed before YE.
- The Company is preparing the New Technical Report on the Project and is planning to file its on SEDAR+ upon completion of the transaction.
- The Company is to update historical estimate (not currently NI 43-101 compliant) that was prepared in 2013 for new exploration completed since then (1,500m exploitation/exploration drifts, 960m of drilling).
- Historical estimate included 14.5mt at 0.97g/t and 0.58% in Inferred including higher grade vein hosted mineralisation 4.5mt at 2.33g/t and 1.22% Cu.
*SP Angel acts as Broker to Galantas Gold
Goldstone Resources* (GRL LN) 0.5p, Mkt Cap £56m – Board changes
- The Company appointed two independent NEDs to the Board with immediate effect.
- Richard Kofi Amegashie brings 30 years of international commercial and strategic leadership across energy, finance, pharma and development finance.
- Kofi previously worked with Chevron, Shell, Coca-Cola, IFC, World Bank and is currently a lecturer in Strategic and International Business Management at Coventry Business School.
- Michael Jones is a mining engineer having previously held various mine management roles over 13 years including at Gencor, De Beers, Debswana and as Consulting Mining Engineer for Iscor.
- Former Global Co-Head of Mining Investment Banking at Canaccord, Head of BD and IR at African Minerals and an Executive at Timis Mining.
*SP Angel acts as Broker to Goldstone Resources
Strategic Minerals* (SML LN) 1.39p, Mkt Cap £33m – Leigh Creek Copper Mine sale update
- The Company updates on the sale of the Leigh Creek Copper Mine in South Australia.
- The team reports a minor variation to the terms of the deal agreed with Cuprum Metals.
- Cuprum Metals will pay A$150k, a first instalment, by no later than 24 December 2025.
- Following the first instalment, Cuprum will agree to acquire LCCM making a payment of A$1.75m, a second instalment, on the earlier of
- Completion of the Definitive Agreement, or
- 31 May 2026
- The option to acquire LCCM will lapse if the second instalment is not made by 31 May 2026.
- All other conditions of the deal announced April 2025 remain unchanged.
- The team plans to use proceeds on ongoing exploration activities at the Redmoor Project in Cornwall.
*SP Angel acts as Nomad and broker to Strategic Minerals
LSE Group Starmine awards for 2025 / 2024 commodity forecasting:
No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025
No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024
No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024
Analysts
John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490
Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484
Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474
Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476
Sales
Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472
Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534
Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535
Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471
George Krokos – george.krokos@spangel.co.uk – 0203 470 0486
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 |
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