SP Angel – Today’s Market View, Monday 22nd June 2026

Gold rebounds despite stronger dollar as US-Iran negotiations continue

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Drill programme expanded to 9,000m at Disko as rigs and exploration teams mobilise to site

Alamos Gold (AGI CN) – Shares hit on seismic activity at Young Davidson, guidance lowered

Anglo Asian Mining (AAZ LN) – Xarxar and Garadag FS consultants appointed and ~90,000m drilling programme planned for 2026/27

Conroy Gold and Natural Resources (CGNR LN) – Drilling results from Clontibret

Empire Metals* (EEE LN) – Encouraging high-grade assays from Thomas as MRE upgrade on track for 3Q26

Hamak Strategy* (HAMA LN) – Additional shallow gold intersections from drilling at Akoko, Ghana

Lindian Resources (LIN AU)– Kangankunde commissioning reiterated for 4Q26

Lotus Resources* (LOT AU) SUSPENDED – Stock suspended following further setbacks for the restart of the Kayelekera uranium mine in Malawi

Mila Resources (MILA LN) – Geophysics to progress exploration at Monal, Queensland

WA1 Resources (WA1 AU) – Further metallurgical test results from the Luni niobium project

Gold ($4,205/oz) rebounds despite stronger dollar as US-Iran negotiations continue

• Gold rebounded 1% this morning, having hit recent lows of $4,126/oz on Friday.
• The metal continues to be impacted by ongoing peace negotiations between the US and Iran.
• Signs of peace talk breakdowns are triggering a sell-off in gold, with reports of easing tensions then supporting prices.
• Gold has held lower levels c.$4,200/oz despite a rally in the dollar following the first Warsh Fed meeting.
• The new Fed chair expressed a continued focus on controlling inflation, lifting the dollar alongside short-duration US Treasury yields.
• The dollar index is holding over 100, rallying c.2.4% ytd.
• A sliding dollar through 2025, which saw the index fall over 13%, provided a supportive tailwind to gold and other precious metal prices.
• Silver continues to bounce between $64-70/oz, while PGMs are struggling to resume their rally.
• We continue to believe a concrete peace deal between US and Iran will be the key to resuming gold’s bull run, with a return to $5,000/oz reasonable in such a scenario.
• Elsewhere, Guinea is reportedly cracking down on raw gold exports, encouraging local processing of the metal.

Copper ($13,714/t) holds higher levels as speculative positioning jumps

• Copper prices have continued to firm over $13,500/t, sitting just off record highs touched in May.
• The metal has been supported by a combination of supply shocks and bullish investor positioning looking to gain alternative exposure to the AI trade.
• The prospect of US tariffs on refined copper continues to hang over the metal, supporting elevated premiums on US metal and pushing supply into COMEX warehouses.
• Reuters reports collective net long positioning on the CME have hit their highest level since 2021.
• Copper short positions have held at historically low levels since 2025 summer.
• Reuters also highlights a jump in retail trading activity on CME’s micro copper contract, with volumes up 83% yoy since the start of the year, with 3mt traded Jan-May.
• Increasing speculative inflows into copper raise the potential for a squeeze given deficit expectations this year following production hits from Grasberg, Kamoa Kakula and El Teniente.

Kenya secured a preliminary deal with the US for the Mrima Hill REE/Nb Deposit in the Kwale County

• The agreement requires domestic processing.
• “We have agreed that the minerals will be processed in Kenya,” Kenya’s President William Ruto commented on meetings with G7 leaders.
• “We’ve agreed with them on what is mutually beneficial between Kenya and the United States, and President Trump and the American administration are happy with it.”
• Mrima Hill is a hard rock deposit located ~70km from the port of Mombasa, next to a sealed highway and close to geothermal power grids.

• • REE mineral resource is estimated at ~159mt at 3.85% TREO including a higher-grade zone of ~27mt at 7.04% TREO.
  • Nb mineral resource is estimated at ~142mt at 0.71% Nb2O5 including a higher-grade zone of 23mt at 1.41% Nb2O5.

• Project development was held up in the past due to a legal dispute leading to the government revoking the permit of previous holder, Cortec Mining.
• The project is found in a forest that tis sacred as a burial and ritual site to the Digo community in the area.
• The government launched a tender process inviting expressions of interest for the project in April this year.

Coal — thermal prices fall sharply on weak India demand, while China’s coking coal also slips

• Thermal coal prices fell 9.31% over the week to $131.5/t on Friday, on negative sentiment from India, the world’s second-largest user.
• India’s thermal coal imports dropped to a four-year low of 65mt in January-May, down 12% on the year, as it lifts its own output and renewables.
• India is targeting at least a 30% cut in thermal coal for power this year, due to a substantial 22% rise in renewable generation in the first five months.
• Coking coal prices also slipped 1.93% on Monday in China to ~$187/t, as mines reopen after a deadly Shanxi accident and May imports jumped 51%.

Aluminium — Prices fade as smelters find ways around closure of Strait of Hormuz

• Aluminium smelters in the Gulf kept risky shipping runs through the Strait of Hormuz to restock alumina, the refined ore used to make aluminium.
• The market has made up for the shortfall through the sale of non-official physical stocks at premium prices.
• Much of this will be non-LME brands stored in lower-cost, out of the way warehouses.
• Most of the world’s aluminium is trades as non-LME brands via OTC contracts directly between producers and consumers
• Before the war, Chinese smelters were already nearing a government production cap of 45mt which may end a long era of oversupply.

Tungsten — Vietnam’s Masan plans expansion to attract non-China buyers

• Masan High-Tech Materials will expand its Nui Phao mine, possibly adding 115mt of tungsten-bearing ore and another 20-30 years of mine life (Bloomberg).
• Nui Phao is one of the largest tungsten sources outside China, and Vietnam is the world’s second-biggest producer behind China.
• Nui Phao’s metallurgy is very complex, including fluorite and bismuth
• Masan is trying to attract Japanese, Australian, European, and US investors, and plans to move its listing to the Ho Chi Minh exchange by early 2027.

Currencies

US$1.1446/eur vs 1.4460/eur previous. Yen 161.74/$ vs 161.34/$. SAr 16.444/$ vs 16.490/$. $1.320/gbp vs $1.319/gbp. 0.700/aud vs 0.701/aud. CNY 6.778/$ vs 6.769/$.

Dollar Index 100.95 vs 100.91 previous.

Economics

UK – Starmer announced a resignation with Andy Burnham likely to be picked as a new leader of the Labour party

• Over the weekend, cabinet ministers told Starmer to set a timetable for his departure, FT writes.
• More than 200 of Labour’s 403 MPs are believed to be backing the move.
• New leader and PM is expected to be selected before Parliament returns in September.
• The currency is off slightly at 1.32 (-0.3%) with yields little changed (2Y 4.25%, -2bp).

Australia— India leads a record run in South Australia’s copper exports

• South Australia’s copper exports hit a record A$5.2bn, about US$3.4bn, in the year to April, made up of refined products and ores and concentrates.
• India was the top buyer at A$1.32bn (about US$860m), ahead of Malaysia, China, Thailand, and Taiwan.
• Southeast Asia took more than 40% of the total, about A$2.27bn (US$1.5bn), as a fast-growing demand hub.
• This is driven by India’s electrification and EV push, which is making it a major new source of copper demand.

Iran – High level talks aimed at agreeing terms of a lasting peace between the US and Iran were held in Switzerland over the weekend

• Negotiations were reported to have been “conducted in a positive and constructive atmosphere” and had made “encouraging progress”, according to Qatar and Pakistan, talks’ mediators.
• Discussions are believed to be focused on free flow of ships through the Strait, Iran’ nuclear programme as well as Israel/Hezbollah fighting in Lebanon.
• The US and Iran signed an MOU last week to extend an April 8 ceasefire by 60 days.
• Brent is off this morning on signs of progress in negotiations ($79/bbl, -1.0%).

“Due to the crimes of the Zionist regime in Lebanon and the US’s violation of commitments to establish a ceasefire, the Strait of Hormuz is closed to all vessels.”

• “It is emphasized that the Strait of Hormuz is closed and vessels should not approach the Strait of Hormuz; otherwise, their security will be at risk.” (IRGC Navy statement)
• US officials say they see no evidence that Iran has actually implemented a blockade, but it’s the fear of drone strikes that holds back the shipping.
• US officials further noted that Iran does not control the strait unilaterally and that a record 16mbbls passed through it the other day.

MoU:

• First phase: de-escalation and reopening the Strait of Hormuz
• Second phase: 60-day window for technical negotiations over nuclear program.

Nuclear negotiations

• Iran never said it would develop a nuclear bomb, but the world thinks it was definitely doing this
• The nation might stop uranium enrichment in Iran but there are others who might supply fissile material to Iran ready for a bomb.
• For anyone living in Israel this is a real threat knowing that Iran might launch a nuclear strike at any moment against the nation that is committed to its extinction.
• We expect Israel to make pre-emptive strikes anytime Iran gets close to having a nuclear device.

US and Iranian delegations arrived in Switzerland for talks mediated by Pakistan and Qatar yesterday

• The primary agenda item after the opening session is implementation of the initial clause concerning “ending the war,” with specific focus on the Lebanese theatre.
• Iran’s president confirmed that Tehran will not accept zero uranium enrichment according to a source close to the Iranian negotiating team.
• “The Strait of Hormuz will not be reopened unless Israel withdraws from Lebanon and sanctions on Iranian oil are lifted.” (Tasnim)
• IRGC-affiliated Fars News reported that the Strait of Hormuz remains closed and that the IRGC Navy will not issue vessel transit permits until further notice
• “the strait will remain closed unless Israel halts attacks in Lebanon, Lebanon’s territorial integrity is guaranteed, and the US fulfils commitments on Iranian oil exports and frozen assets.

Iranian internal correspondence shows the Supreme Leader Mojtaba Khamenei’s dissatisfaction with the Iran-US MoU according to Iran International

• A report from Mahmoud Nabavian, a member of the Islamic Consultative Assembly of Iran:

• • Khamenei’s March 12 directives required negotiations to prioritize ending regional conflict and securing financial compensation over nuclear issues, which he said should be removed from the agenda “forever” or result in a “victory” through full enrichment recognition.
  • The correspondence also reportedly described the Strait of Hormuz as a key leverage point, mandated exclusive Iranian control while rejecting cooperation even with Oman, and authorized selective vessel tolling to compel U.S. debt repayment.
  • After Nabavian’s disclosure, state media reportedly halted the broadcast, authorities initiated disciplinary action and vowed legal proceedings, calling the remarks a “legal violation.”
    Conservative media figures accused Nabavian of selectively presenting classified material, further exposing divisions between hardline factions and President Pezeshkian’s administration.

• Opinion: Iran needs to export oil through the US blockade but we believe will only allow a minimum of traffic through the Strait of Hormuz.

• • Eg just enough to persuade the US ease the blockade on Iranian oil exports.

Lebanon- Lebanese military sources said there is no “absolute rejection” of the pilot-zone concept if it ensures a complete cessation of Israeli attacks across all Lebanese territory

• The Lebanese military delegation is demanding urgent US clarifications regarding the zones’ geographic boundaries, legal status and management mechanisms before final negotiation stages.
• Lebanese military officials expressed concern that Israel intends to impose “indirect partnership in security decision-making,” which they view as an infringement on Lebanese sovereignty.
• The Lebanese army is maintaining categorical opposition to any framework that gives Israel influence over its operations.
• It is insisting on existing ceasefire coordination mechanisms and avoiding any form of direct security contact with Israeli forces.

Precious metals:

Gold US$4,195/oz vs US$4,158/oz previous

Gold ETFs 97.4moz vs 97.1moz previous

Platinum US$1,676/oz vs US$1,682/oz previous

Palladium US$1,275/oz vs US$1,278/oz previous

Silver US$66.4/oz vs 64.9/oz previous

Silver ETFs 783.2moz vs 785.6moz previous

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

Base metals:   

Copper US$13,721/t vs US$13,606/t previous

Aluminium US$3,410/t vs US$3,403/t previous

Nickel US$17,770/t vs US$17,813/t previous

Zinc US$3,575/t vs US$3,622/t previous

Lead US$1,956/t vs US$1,972/t previous

Tin US$54,865/t vs US$55,161/t previous

Energy:

Oil US$79.4/bbl vs US$80.2/bbl previous

IG interview: Oil, LNG and helium – what the Middle East conflict means for energy markets (link)

• Following a week away, we note that crude oil prices have fallen below $80/bbl on the reopening of the Strait of Hormuz after the start of peace talks between the US and Iran, with both countries targeting a final agreement within 60 days.
• The US Baker Hughes rig count rose 1 to 563 units last week (+9 y/y), as oil rigs were flat at 433 units (-5 y/y) and gas rigs rose 1 to 122 units (+11 y/y), with Canada adding 6 units to 186 rigs (+47 y/y).
• The IEA’s June OMR forecasts global oil demand to contract by 1.1mb/d y/y to 103.3mb/d in 2026, 2mb/d less than its pre-war forecast, before growing 2mb/d to 105.3mb/d in 2027. However, global oil supply is projected to decline by 3.9mb/d to average 102.4mb/d in 2026 before rebounding by 8mb/d to 110.3mb/d in 2027.
• Var Energi has paid $110m for Pandion Energy, owned by PE-player Kerogen Capital and the management team, which secures an asset portfolio with long-term production growth and exploration potential in the Gjøa and Åsgard areas.

Natural Gas €42.8/MWh vs €40.5/MWh previous

Uranium Futures $86.0/lb vs $85.6/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.5/t vs US$99.4/t

Chinese steel rebar 25mm US$482.8/t vs US$484.9/t

HCC FOB Australia US$243.0/t vs US$244.0/t

Thermal coal swap Australia FOB US$130.9/t vs US$135.5/t

Other:

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

NdPr Rare Earth Oxide (China) US$106,006/t vs US$106,827/t

Lithium carbonate 99% (China) US$23,385/t vs US$23,731/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$1,755/mtu vs US$1,765/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$5.8/lb

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

China Ilmenite Concentrate TiO2 US$225/t vs US$225/t

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

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

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

Brazil Potash CFR Granular Spot US$402.5/t vs US$402.5/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:

Electric Vehicles — global sales are on track for another record, but growth slows in China and the US

• BNEF expects over 23m passenger EVs sold globally this year, up 11% on 2025, with electric cars now about 27% of all new sales.
• China still leads, making up 63% of global EV sales last year, while emerging markets grow fast, with EVs near half of new cars in Singapore, 39% in Vietnam, and 27% in Thailand.
• BNEF still lowered its outlook for a second year, as China’s market matures and the US ends federal support, with US sales set to fall 19% this year.
• The rollout stays huge, needing about $2.2tn a year on vehicles by 2035 plus $524bn for charging, which supports long-run demand for battery metals.

Company news:

 80 Mile Plc* (80M LN) – 0.87p, Mkt cap £46m – Drill programme expanded to 9,000m at Disko as rigs and exploration teams mobilise to site

• 80 Mile PLC reports the start of rig and site mobilisation to the Disko-Nuussuaq nickel-copper-cobalt-PGE project in West Greenland for the drill season.

• • Drilling expanded to 9,000m from 5,000m using two diamond core drill rigs starting in the first week of July.
  • The exploration team has been selected
  • Drill rigs and operational support staff scheduled to arrive prior to end of the month
  • Drilling will start on high-priority zones at Qullissat, on Disko Island.
  • Rigs will then move to the Nuussuaq Peninsula.

• USFM has committed US$7.5m for the 2026 field season. (80 Mile is managing and retains a 49% free carry)
• USFM Corporation is spending US$30m for 51% over 3 years. The budget allows for the expansion of the drill program.
• Geology: The team are looking for a world-class tier-1 magmatic Ni-Cu-Co-PGE deposit similar to that at Norilsk in Russia.

• • The geological setup and ore-forming processes look similar and the presence of a large and high-grade boulder on the license is a tantalising sign.
  • The project overlies the Cretaceous-Tertiary Nuussuaq Basin, which sits on top of Precambrian (Archaean) basement gneisses with thick sequences of deltaic sandstones, shales, and organic-rich coals.
  • The basin is capped by thick sequences of flood basalts, of up to 1.5km, which were formed during the opening of the North Atlantic Ocean.
  • Rising magma interacted with the surrounding crust and organic-rich black shales to cause sulphur-saturation causing the formation of dense Magmatic Massive Sulphides trap nickel, copper, PGMs and other metals.
  • The metal-rich sulphides can pool in structural traps which can be seen in gravity and magnetic anomalies over several kilometres.
  • The presence of so much carbon in the shales created reducing conditions resulting in the precipitation native iron and graphite-bearing basalts, andesites, and dacites.

Jameson Land Basin in East Greenland (Oil & gas)

• 80 Mile via White Flame Energy are also preparing to drill at the Jameson Land Basin in East Greenland in the second half.
• Greenland Energy, 80 Miles’ jv partner, recently raised $70m to support exploration in Greenland, including procurement of long-lead items and field operations including:

• • A five-year drilling agreement for Rig #12, equipped for Arctic conditions for this year’s drilling.
  • Agreement with Halliburton for integrated consulting, logistics, well and drilling services.
  • Collaboration with IPT Well Solutions and other service providers to support our drilling and completion activities.

Hydrogen Valley integrated biorefinery (Ferrandina, Italy)

• Greenswitch biofuels plant nearing technical completion following £16m of expenditure over the past 18 months.
• Operating teams in advanced commercial discussions regarding restart.
• Capacity of 199ktpa permitted and could produce >10% of Italy’s import needs in biodiesel with Italy prioritising domestic producers over importers.

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

Alamos Gold (AGI CN) C$42, Mkt Cap C$17.6bn – Shares hit on seismic activity at Young Davidson, guidance lowered

• Canadian gold producer Alamos reported an operational update last week on its Young-Davidson and Island Gold operations.
• At Young-Davidson, Alamost notes operations have been impacted by two seismic events, with access limited to two higher-grade stopes.
• This has limited access to ore due to be mined over the quarter.
• Young-Davidson will operate at 5,000tpd for the remainder of the year, vs the 8,000tpd design capacity.
• Management intends to implement several ground support measures to support higher mining rates from 2027.
• Storm damage also caused three days of unplanned downtime.
• 2Q26 guidance has been lowered to 130-135koz, with costs expected to be higher.
• Young-Davidson was previously expected to contribute 155-175koz at AISC of $1,730-1,830/oz in 2026.
• Consolidated production for 2026 is expected to be below the low end of 2026 guidance.
• Island Gold operations are improving and on track to achieve full year guidance.
• Island Gold underground mining rates have increased to 1,500tpd and set to hit 2,000tpd from the end of 2026.
• Magino mill throughput reported averaging 9,800tpd in June and expected to average 10,000tpd by 3Q26 following the replacement of conveyor belts and the ball and SAG mill liners in May.
• Remaining gold hedges due to expire in 2026 have been eliminated at a cost of $92.3m, with 50k ounces due to mature in 1H27 with management looking to retire these prior to maturity.
• Shares down 18% in Friday’s trading.

Anglo Asian Mining (AAZ LN) 389p, Mkt Cap £443m – Xarxar and Garadag FS consultants appointed and ~90,000m drilling programme planned for 2026/27

• The Company updates on a progress at Xarxar and Garadag copper projects as ell as planned drilling programme over 2026/27.
• The team appointed Worley Europe to complete feasibility studies for Xarxar and Garadag.
• FS will look at using a heap leaching and SX-EW processing flowsheet.
• FS are expected to be completed mid-2027 (Xarxar) and 1H28 (Garadag).
• Two greenfield projects are located in the same name Contract Areas next to Gedabek CA in the west of Azerbaijan.
• Xarxar JORC MRE stands at ~25mt at 0.48% Cu for ~120kt Cu (~90% M&I, ~70% sulphide mineralisation).
• Garadag JORC MRE is for ~285mt at 0.31% Cu for ~900kt (~35% M&I, all enriched and primary).
• The Company is planning a 90,000m core drilling programme for 2026/27.
• That involves ~55,000m of exploration and 35,000m o FS related drilling.
• Exploration drilling will focus on extensions at Xarxar/Garadag/surrounding areas, follow up drilling at Gedabek CA including underground drilling at Gilar (upper levels and at depth extensions) and Demirl/Demirli South targets.
• FS related drilling to include infill/geotechnical/hydrogeological/metallurgical programmes (Xarxar ~10,000m / Garadag ~25,000m).

Conclusion: The Company appoints Worley to complete FS for Xarxar (mid-2027) and Garadag (1H28) as the team de-risks the next leg of its organic growth strategy. Additionally, the Company steps up investment in exploration with a view to expand its mineral inventory.

Conroy Gold and Natural Resources (CGNR LN) 10p, Mkt Cap £7.5m – Drilling results from Clontibret

• Conroy Gold reports that results from its step-out drillhole, CGC25-005 at Clontibret in Co Monaghan increases confidence in the continuity of mineralisation between the Eastern Zone at Clontibret and the Corcaskea area located to the north.
• CGC25-005, which terminated at 426.6m depth, “intersected nine gold zones/lodes” with highlighted results including:

• • A 4.8m interval at an average grade of 1.3g/t gold from a depth of 35.2m: and
  • A single metre grading 2.7g/t from 214.5m depth.

• Other mineralised intervals grade up to a maximum 0.6g/t gold with widths of up to a maximum 5.0m grading 0.3g/t from 389m and other shallower intervals generally less that 1m wide.
• Clontibret “contains a currently defined JORC (2012) 517Koz gold resource @ 2.0 g/t Au (320Koz Au Indicated and 197Koz Au Inferred (2017)) which remains open in multiple directions”.
• Conroy “has identified a further seven gold targets in its license area with the Clay Lake and Creenkill gold targets being of particular interest”.
• Chairman, John Sherman, said that the “successful intersection of multiple mineralised lodes approximately 150 metres north of previous drilling, together with stronger grade and thickness values in several zones, is encouraging and provides further evidence of the scale and persistence of the gold system as we continue to evaluate the potential linkage between Clontibret resource area and Corcaskea”.

Empire Metals* (EEE LN) 38.5p, Mkt Cap £268m – Encouraging high-grade assays from Thomas as MRE upgrade on track for 3Q26

• Empire Metals has received further assays from their recently completed drilling programme at the Pitfield Titanium Project in Australia.
• The drilling programme focused on the higher-grade TiO2 mineralisation within the in-situ weathered cap to both upgrade and expand the MRE.
• At the Thomas Prospect, 178 holes were drilled, comprising 148 AC holes over 6,828m and 30 RC holes over 2,988m.
• AC drilling was completed over a 100m x 100m grid targeting the high-grade central core.
• Thomas assay highlights include:

• • 51m at 8.79% TiO2 from surface
  • 50m at 8.29% TiO2 from surface
  • 48m at 7.9% TiO2 from surface
  • 47m at 7.87% TiO2 from surface
  • 47m at 7.77% TiO2 from surface
  • 53m at 7.74% TiO2 from surface

• Assay results are expected to support a ‘signfiicant MRE upgrade’ due 3Q26 which will be used to support mine studies.
• Drilling returned mineralisation open at depth, with several holes drilled south of the current MRE into mineralisation, boosting the expansion potential.
• The high-grade core at Thomas has now been defined over a 5km x 1.2km zone, with 120 holes grading over 6% TiO2 and peaking at 8.79% TiO2.
• Higher grades are supported by fewer interbedded siltstones which have a dilutive effect on grade.
• Assay results from the Cosgrove prospect are due in late June.
• A sterilisation programme has also been completed with assays expected in July. This is expected to define the extents of mineralisation and identify areas for infrastructure.
• Timeline going forward:

• • Updated MRE: 3Q26
  • Continuous pilot testing: starting 3Q26
  • Detailed engineering studies incorporating the current flowsheet: 4Q26
  • TiO2 product finishing to explore coated rutile pigment and Ti sponge metal feedstock: 4Q26

Conclusion: Assay results from Thomas further highlight the potential of the high-grade core, with a consistent zone of mineralisation over c.50m from surface, grading up to 8.79% TiO2, now identified over a 4km x 1.25km zone. This is expected to support a significant MRE upgrade in 3Q26. The Thomas MRE currently stands at 1.8bn tonnes at 5% TiO2. Higher grades from the consistent core zone have the potential to boost cashflows from the operation in the earlier years of mining, and we look forward to the upcoming mine studies getting underway at Pitfield.

*SP Angel acts as Nomad and Broker to Empire Metals

Hamak Strategy* (HAMA LN) 0.75p, Mkt Cap £3.4m – Additional shallow gold intersections from drilling at Akoko, Ghana

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana, confirms that it has now completed 39 reverse- circulation (RC) drillholes on the project for a total of 2,310m.
• Drilling at Akoko North has been completed and work is underway on the Akoko South area located ~13km south.
• Results from Akoko North “continue to show the continuity of gold mineralization across the extensive Akoko North geochemical anomaly” with highlighted results including:

• • A 44m interval at an average grade of 1.61g/t gold from a depth of 5m in hole 2026-086 including 27m averaging 2.24g/t from 9m depth;

• CEO, Karl Smithson, described the results from Akoko North as “very encouraging … [and confirmed that they] … will be incorporated into a future independent Mineral Resource Estimate and Preliminary Economic Assessment for the Akoko gold project”.

Conclusion: Final results from the recent drilling data at the Akoko North gold project in Ghana has continued to show shallow gold mineralisation with results to be included in a future. Drilling has now switched to the Akoko South area.

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

Lindian Resources (LIN AU) A$0.88, Mkt Cap A$1.6bn – Kangankunde commissioning reiterated for 4Q26

• The Company updates on construction progress at the Kangankunde Rare Earths Project in Malawi.
• The project remains on target for maiden production 4Q26.
• Front end commissioning expected in October 2026 and practical completion mid-November 2026.
• On mining, haul road completed, explosives are permitted and on site, and production drill rig operational.
• Ore inventories at 27kt on ROM pad.
• Process plant civil and structural works progressing ahead of schedule.
• TSF is 50% complete.
• Power infrastructure development ongoing with the 27km power corridor completed.
• Stage 2 (expansion from 20ktpa to +100ktpa) FS led by DRA is targeted for December 2026.

Lotus Resources* (LOT AU) SUSPENDED – Stock suspended following further setbacks for the restart of the Kayelekera uranium mine in Malawi

• Lotus reports delays to acid deliveries and damage to the acid generation plant during hot commissioning.
• A lack of acid at the Kayelekera uranium mine are preventing uranium extraction pushing back the commissioning of the yellowcake extraction plant where uranium is dissolved out of crushed ore.
• Investors will be keen to understand the extent of the damage to the acid generation plant and how fast this can be fixed.
• Also, how long will it now take for acid to be delivered to the mine site.
• Tankers can take 7-12 days to truck acid through Malawi to the Kayelekera mine including border clearance.
• The closure of the Strait of Hormuz cut around 50% of the world’s sulphur supplies causing China and Zambia to ban exports of sulphuric acid to protect domestic industry.
• Zambia banned the export of sulphuric acid into the DRC, though this has recently been reopened. Turkey also restricted sulphuric acid exports.
• The price of sulphuric acid more than doubled through the crisis which rumbles on.

* The SP Angel analyst has formerly visited the Kayelekera uranium mine in Malawi

Mila Resources (MILA LN) 1.18p, Mkt Cap £8.7m – Geophysics to progress exploration at Monal, Queensland

• Mila Resources reports that it has started a geophysical induced polarisation (IP) survey at its Monal copper/gold prospect in Queensland.
• The IP survey aims to “confirm the presence of geophysical signatures typically associated with porphyry-style mineralisation” following preliminary “geological mapping, grab sampling and infill and extension of historic soil geochemistry surveys”.
• The programme will focus on the identification of drill targets at the Child target in the eastern part of the Monal project area before investigating the “broader Monal West target corridor, at the Rough Gully, Jazza and Basilica prospects”.
• Describing the initial IP work as “another important step for the Company as we develop another strand of our project in Queensland … [Executive Chairman, Mark Stephenson said it] … will provide a critical layer of information that will allow us to refine our geological model and prioritise the most prospective targets for drilling”.
• He explained that “Our objective is not simply to generate drill targets, but to build a pipeline of targets with sufficient scale and supporting evidence to justify focused and efficient drill programmes”.
• Mr. Stephenson said that “We have naturally focused our efforts at Yarrol to date; however, Monal has the prospect of becoming another standalone project for the Company as we de-risk the exploration phase”.

Conclusion: An IP geophysical study is the latest phase of a systematic exploration programme to investigate the porphyry potential of the Monal project in Queensland.

WA1 Resources (WA1 AU) A$12.5, Mkt Cap A$929m – Further metallurgical test results from the Luni niobium project

• Australian niobium developer WA1 reports metallurgical test results from its Luni Project in Western Australia.
• The current flowsheet includes crushing and grinding, desliming phosphate flotation to produce and phosphate concentrate, followed by niobium flotation to produce a niobium flowsheet.
• The Company has completed detailed beneficiation testwork over four composites.
• Weighted average results from the four zones resulted in a 44% Nb2O5 concentrate at 54% recoveries.
• Highlight results came from Composite A, which reported a concentrate grade of 46% Nb2O5 at 67% recoveries.
• Further testwork is being completed on beneficiation, refining and end-product testing, with current focus on beneficiation optimisation on composites B, C and D.
• Composite A zone will be targeted for early years of mining.
• Company notes that opportunities for further optimisation of the beneficiation stage have been identified.
• WA1 is aiming to finalise key PFS workstreams with the PFS due for 4Q26.

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Analysts

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

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

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

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

Sales

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

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

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

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

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

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

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