{"id":139881,"title":"SP Angel – Today’s Market View, Monday 24th August 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-08-24T11:06:39+00:00","modified":"2026-08-24T11:06:39+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-24th-august-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-24th-august-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-monday-24th-august-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/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Strong momentum in gold prices continues with ETF inflows gaining pace**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Apollo Minerals (AON AU) – New “Veronique-Upper” zone extends drill target at Salau**\n\n**Cora Gold (CORA LN) – Sanankoro permitting update**\n\n**Empire Metals* (EEE LN) – New investor presentation following upgraded Pitfield MRE**\n\n**Kazera Global (KZG LN) – Inferred resource estimate from the 2A mineral sands project, South Africa**\n\n**New Frontier Minerals* (NFM LN) – Eldorado ranked priority target at NWQ copper project**\n\n**Phoenix Copper* (PXC LN) – Empire mine open-pit MRE and PFS update**\n\n**PLS (PLS AU) – Earnings and FCF jump on stronger spodumene prices with ~A$160m in final dividends announced**\n\n**Sigma Lithium (SGML US) – Operations resume following an agreement with regulators**\n\n**Tertiary Minerals* (TYM LN) – Latest drilling at the A1 target, Mushima North, Zambia continues to confirm the exploration model**\n\n**Gold ($4,640/oz) – Strong momentum in gold prices continues with ETF inflows gaining pace**\n\n- Gold rose 1.7% Monday to $4,640/oz vs $4,563/oz Friday.\n\n- The metal gained >5% last week after the Treasury said it would buy back more long-dated bonds, pulling yields and the dollar lower.\n\n- Gold ETFs added >28t last week, the most since January.\n\n- Thailand plans a small tax on gold trades and imports to trace laundered money.\n\n**Copper ($14,201/t) – Copper holds near record close**\n\n- Copper rose 0.4% Monday to $14,201/t vs $14,138/t Friday, up 14% YTD.\n\n- Orders to take metal out of LME warehouses jumped 51,400t Monday, the most since May.\n\n- Metal keeps flowing to the US on tariff bets, keeping US futures above the LME.\n\n- Chinese buyers are cautious, with import premiums easing and exchange stocks rising last week.\n\n- Zijin says its share of Kamoa-Kakula (DRC) output may fall up to 57kt this year, after Ivanhoe cut 2026 guidance to 290-330kt.\n\n**Zinc ($3,839/t) – Zinc rises to four-year high on tight LME stocks**\n\n- Zinc rose 1.2% Monday to $3,839/t vs $3,794/t Friday, its highest since June 2022, up 22% YTD.\n\n- LME stocks fell 25% in two months to 93,125t, while Shanghai stocks are up >100% YTD (Bloomberg).\n\n- Smelters TCs at -$110/t vs $100/t in November last year implying concentrate market tightness.\n\n- Buyers paid $132/t more for immediate zinc than for three-month delivery Friday.\n\n**Silver ($69.0/oz) – Endeavour to restart Terronera silver mine**\n\n- Endeavour Silver says the blockade at its Terronera mine (Mexico) has been removed, with operations resuming Monday.\n\n**Lithium – Prices rise ahead of Chinese demand pick-up**\n\n- Lithium carbonate rose above Rmb160,000/t on the Guangzhou exchange Monday, up 7% in three days.\n\n- Chinese demand usually picks up from September, and battery-chain stocks are running low.\n\n- Zijin sees *“room for prices to rise further in the short term”* as new supply is delayed.\n\n- Australia’s largest producer PLS posted A$526m FY26 profit vs a loss in FY25, moving closer a decision on doubling Pilgangoora to 2mtpa (FS due December quarter)\n\n**Tin ($55,895/t) – Tin eases as Indonesian exports rise**\n\n- Tin fell 0.4% Monday to $55,895/t vs $56,140/t Friday.\n\n- Indonesia exported 4.56kt of refined tin in July, with China taking 2,483t, up 53.1% mom.\n\n- Korea took 450t, up 57.7% mom.\n\n- The Jakarta Futures Exchange says it has gradually replaced the Kuala Lumpur Tin Market as a price reference.\n\n- Icomex, Indonesia’s planned minerals and commodities exchange, is due from 1 January 2027.\n\n**Rare Earths – US rare earth stocks rise on sulfuric acid shortage**\n\n- Shares in US rare earth producers rose Friday as sulfuric acid supplies tightened (24/7 Wall St).\n\n- USA Rare Earth rose 8%, Critical Metals 10% and MP Materials 5%.\n\n- Sulfuric acid is used to leach rare earth, lithium and copper bearing ores.\n\n- Sulfur prices are up >50% since the war began, with ~70 ships still stuck in the Gulf.\n\n- China halted sulfuric acid exports from 1 May after cutting its Jan-Apr quota to 700kt vs 1.3mt yoy.\n\n**US – Battery and tungsten scrap exports restricted**\n\n- Some lithium battery scrap, including black mass, and tungsten scrap must be sold to US buyers from late August for one year (FT).\n\n- US plants could shred ~175kt of batteries in 2023, but only ~35.5kt of capacity could recover the metals.\n\n- Tungsten has not been mined in the US since 2015, with recycling the only domestic supply (USGS).\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **+0.98%** | **at** | **53,277** |\n| **Nikkei 225** |  | **-0.74%** | **at** | **65,528** |\n| **HK Hang Seng** |  | **-1.95%** | **at** | **25,503** |\n| **Shanghai Composite** |  | **-0.59%** | **at** | **3,882** |\n| **US 10 Year Yield (bp change)** |  | **-2.6** | **at** | **4.71** |\n\n**Currencies**\n\n**US$1.1668/eur vs 1.1696/eur previous. Yen 159.13/$ vs 158.82/$. SAr 16.006/$ vs 16.056/$. $1.364/gbp vs $1.365/gbp. 0.717/aud vs 0.715/aud. CNY 6.724/$ vs 6.722/$.**\n\n**Dollar Index 98.96 vs 98.73 previous.**\n\n**Economics**\n\n**US – August business surveys point to faster growth, led by services**\n\n- Business activity is growing at its fastest this year, with firms reporting stronger new orders (S&P Global).\n\n- Services are driving the pick-up, while factory activity slowed slightly.\n\n- Economists also lifted 3Q GDP forecasts to 2.5% vs 2.0%, while cutting payroll growth to 50k/month vs 70k (Bloomberg).\n\n- Composite PMI (Aug P / Jul / Est): 56.0 / 54.5 / 54.0\n\n- Services PMI (Aug P / Jul / Est): 56.8 / 54.6 / 54.0\n\n- Manufacturing PMI (Aug P / Jul / Est): 53.2 / 53.9 / 53.9\n\n**Precious**** ****metals****:**\n\n**Gold US$4,640/oz vs US$4,563/oz previous**\n\n**Gold ETFs 98.3moz vs 98.1moz previous**\n\n**Platinum US$1,890/oz vs US$1,875/oz previous**\n\n**Palladium US$1,344/oz vs US$1,357/oz previous**\n\n**Silver US$69.0/oz vs US$69.0/oz previous**\n\n**Silver ETFs 797.7moz vs 797.0moz previous**\n\n**Rhodium US$8,800/oz vs US$8,800/oz previous**\n\n**Base**** metals:**\n\n**Copper US$14,201/t vs US$14,138/t previous**\n\n**Aluminium US$3,242/t vs US$3,217/t previous**\n\n**Nickel US$16,925/t vs US$16,930/t previous**\n\n**Zinc US$3,839/t vs US$3,794/t previous**\n\n**Lead US$1,900/t vs US$1,904/t previous**\n\n**Tin US$55,895/t vs US$56,140/t previous**\n\n**Energy****:**\n\n**Oil US$93.1/bbl vs US$93.4/bbl previous**\n\n**Natural Gas €65.8/MWh vs €65.9/MWh previous**\n\n**Uranium Futures $89.4/lb vs $88.8/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$97.4/t vs US$95.9/t**\n\n**Chinese steel rebar 25mm US$462.4/t vs US$462.9/t**\n\n**HCC FOB Australia US$233.0/t vs US$229.0/t**\n\n**Thermal coal swap Australia FOB US$137.5/t vs US$135.8/t**\n\n**Other****:**\n\n**Cobalt LME 3m US$56,290/t vs US$56,290/t**\n\n**NdPr Rare Earth Oxide (China) US$108,055/t vs US$106,901/t**\n\n**Lithium Carbonate 99% (China) US$22,236/t vs US$21,797/t**\n\n**China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t**\n\n**Ferro-Manganese European Mn78% min US$1,040/t vs US$1,040/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu**\n\n**China Tantalum Concentrate 30% CIF US$227/lb vs US$225/mtu**\n\n**China Graphite Flake -194 FOB US$390/t vs US$390/t**\n\n**Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb**\n\n**Europe Ferro-Vanadium 80% US$25.3/kg vs US$25.3/kg**\n\n**China Ilmenite Concentrate TiO2 US$203/t vs US$203/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,168/t vs US$1,168/t**\n\n**Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t**\n\n**Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/kg**\n\n**China Gallium 99.99% US$440.0/kg vs US$440.0/kg**\n\n**Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb**\n\n**EV & Battery news****:**\n\n**Company news****:**\n\n**Apollo Minerals (AON AU) A$0.07, Mkt Cap A$79m – New “Veronique-Upper” zone extends drill target at Salau**\n\n- The Company released results of the ongoing historical data review at the 100% owned Couflens Tungsten-Gold Project in France.\n\n- The review identified a newly defined Veronique-Upper Zone, located along strike from the previously reported high-grade Veronique Zone.\n\n- Veronique-Upper shows intercepts of up to 4.3m at 1.3% WO3, plus multiple unsampled historical holes with logged mineralisation still to be assayed.\n\n- Veronique was previously reported at 20m at 1.4% WO3 with 2.5% WO3 mined in final year of operation at Salau.\n\n- Salau was historically mined at a ~0.7% WO3 COG implying a mineral resource expansion potential using current higher prices and more efficient mining.\n\n- Combined, Veronique and Veronique-Upper now define the Phase 1 drilling target area – mineralised trends reported over >400m along strike and 600m down dip.\n\n- Additional historical reports have been sourced and digitised from the BRGM (Bureau of Geological and Mining Research) archives in Orléans to support ongoing validation.\n\n**Cora Gold (CORA LN) 9.5p, Mkt Cap £65m – Sanankoro permitting update**\n\n- The Company updates on the permitting process at the Sanankoro Gold Project in southern Mali.\n\n- The team secured the first interim renewal of the Sanankoro II exploration permit (84sqkm).\n\n- The Company is in the process of renewing the Bokoro II and Kodiou exploration permits as well.\n\n- Once completed, the team plans to apply for a proposed 100sqkm mining permit at Sanankoro that would include areas at Sanankoro II, Bokoro II and Kodiou.\n\n- Mali lifted the moratorium on exploration and mining permits in March 2025, following its implementation in November 2022.\n\n- The current regime allows for renewal of exploration and mining permits, applications for transition from exploration to mining phase and applications for the transfer of mining permits.\n\n- Issuance of new permits or applications for the transfer of exploration permits remain suspended under the current administration.\n\n**Empire Metals* (EEE LN) 46.85p, Mkt Cap £355m – New investor presentation following upgraded Pitfield MRE**\n\n- Empire has published a new investor presentation following the 19 August MRE upgrade at Pitfield.\n\n- The deck also covers the flowsheet announced 11 June, plus outlook and upcoming milestones.\n\n- Pitfield stands at 8.16bnt at 4.3% TiO2 for 349mt contained, the world’s largest titanium resource.\n\n- The weathered cap holds 4.39bnt at 4.4% TiO2 and hosts ~85% of M&I resources.\n\n- **Market commentary:**\n\nThe flowsheet is branded ‘The Empire Process’, a low-cost alternative to typical ilmenite routes\n\n- The Company sees a ~500ktpa merchant supply gap for beneficiated TiO2\n\n- Pigment pricing supported at >$3,700/t (TiPMC Consulting)\n\n- Titanium sponge demand growing at ~6.5% pa\n\nWork now moves to pilot-scale flotation and leach testwork, engineering and economic studies, and environmental approvals required for FID.\n\n**Conclusion:** Today’s presentation is the first chance for investors to see Pitfield as a whole since the MRE upgrade, and the story has moved on from growing the resource to derisking the flowsheet. A ~500ktpa supply gap for beneficiated TiO2 and pigment prices above $3,700/t point to a ready market for the 99%+ TiO2 product. Going forward, focus moves to the pilot testwork and the engineering studies due around year end.\n\n**SP Angel acts as Nomad and Broker to Empire Metals*\n\n**Kazera Global (KZG LN) 1.63p, Mkt Cap £18m – Inferred resource estimate from the 2A mineral sands project, South Africa**\n\n- Kazera Global reports that an independent technical report on the 2A heavy mineral sands  project in Alexander Bay, Northern Cape, South Africa shows an ‘Inferred’ JORC compliant resource of ~6.65mt of mineral sand at an average grade of ~20% total heavy minerals (THM).\n\n- The study was prepared by Creo Geo Consulting.\n\n- Within the resource, which covers around 43 hectares or ~ 1.4% of the overall concession area, today’s announcement breaks out individual components of ~650kt of contained garnet, 590kt of ilmenite, 26kt of zircon and 20kt of rutile.\n\n- The study rests on 30 samples taken from the surf zone including 18 samples in the southern section and 12 in the northern section taken from pits ranging “from 4.5 metres to 8.9 metres” deep.\n\n- The full licence area of over 3,000 hectares extends “for around 30 kilometres along the coast between Port Nolloth and Alexander Bay, within the diamond mining concession boundaries of Alexkor SOC Limited … [and] … occupies the nearshore surf-zone and mid-water areas adjacent to Alexkor’s land-based diamond mining areas”.\n\n- Interim CEO, Richard Jennings, described the reports as “*an important step in demonstrating the scale and commercial potential of our flagship South African asset and the future revenue opportunity**”.*\n\n- Today’s announcement says that the technical report “states that further exploration is warranted and that there is significant scope to expand the current resource footprint … [although] … specialised exploration and sampling techniques will be required for the deeper-water areas of 2A”.\n\n- It also says that subject to “Granting of the 2A Mining Right remains the key next regulatory milestone … the Technical Report will provide the technical basis for the next phase of exploration, mine planning, metallurgical optimisation and commercial development of the Project”.\n\n**New Frontier Minerals* (NFM LN) 0.38p, Mkt Cap £6.5m – Eldorado ranked priority target at NWQ copper project**\n\n- New Frontier reports on results of a prospectivity review across its NWQ copper project in the Mt Isa district, Queensland.\n\n- The review ranked >20 prospects over the 977km² package on strength of evidence and its reliability.\n\n- The review ranked Eldorado second as a high priority target behind the flagship Big One deposit.\n\n- **Eldorado Prospect:**\n\nThree zones of copper and gold anomalism along a 5km NE-trending structural corridor\n\n- Soils up to 310ppm Cu over 500m x 200m\n\n- Rock chips up to 5,400ppm Cu over 320m x 600m, ~450m NE of the historic Epsilon workings\n\n- 1,140 historical soil samples collected across three grids by CRA, Pacminex and MIM\n\n- The corridor follows the Dorman Fault, where True North Copper has found copper sulphides using IP surveys\n\n**Big One Deposit:**\n\n- Inferred resource of 2.1mt at 1.1% Cu for ~22kt contained copper, including indicated stockpiles\n\n- The mining lease application is progressing through Queensland government approvals\n\n- Further detailed mapping planned at Big One and Mt Storm\n\nGerrard Hall, Chairman, commented: *“Eldorado has emerged as a compelling priority target, supported by a substantial copper geochemical footprint and a favourable structural setting.”*\nThe Company now plans ground geophysics at Eldorado to refine drill-ready targets.\n\n**Conclusion:** The review gives the team a clear order of work across a large ground package. Eldorado now stands out as the next target after Big One, helped by True North Copper having already found copper sulphides on the same structure next door. Going forward, focus moves to the ground geophysics and the first drill targets at Eldorado.\n\n**SP Angel acts as broker to New Frontier Minerals*\n\n**Phoenix Copper* (PXC LN) 0.61p, Mkt Cap £4.9m – Empire mine open-pit MRE and PFS update**\n\n(Phoenix holds 80% of the Empire mining property in Idaho)\n\n- Phoenix Copper reports the appointment of Hardrock Consulting to update the mineral resources and reserves estimate (MRE) for its planned open-pit mine in Idaho.\n\n- The work, which will also include an updated pre-feasibility study, will be undertaken by Hardrock Consulting’s metallurgist, Deepak Molhatra, in conjunction with Valley Science and Engineering and is expected to be completed “by the end of the year”.\n\n- The company explains that the new reserves estimate will update the 2024 estimates and “will factor in the uplift in metal prices, providing up-to-date economics for the Empire project”.\n\n- CEO, Ryan McDermott, explained that “*Hardrock, Dr. Deepak Molhatra, and Valley all have a longstanding relationship with the Company and hold an in-depth knowledge of the Empire project, which allow them to seamlessly progress with their work**”.*\n\n**Conclusion**: Updates to the MRE and PFS for the Empire open-pit mine project should clarify the project’s current economic potential in the context of an improved commodity price environment since the previous, 2024 work.\n\n**SP Angel acts as Nomad to Phoenix Copper*\n\n**PLS (PLS AU) A$5.5, Mkt Cap A$16bn – Earnings and FCF jump on stronger spodumene prices with ~A$160m in final dividends announced**\n\n- The Company released FY26 financial results for its lithium operations in Australia, WA.\n\n- Results highlights include:\n\nProduction 880kt SC (FY25: 755kt SC)\n\n- Sales 892kt SC5.3 (FY25: 760kt SC5.2)\n\n- Realised Price A$2,164/SC or US$1,708/SC6E (FY25: A$1,034/SC or US$769/SC6E)\n\n- TCC CIF A$739/SC or ~US$570/SC6E (FY25: A$735/SC)\n\n- Revenue A$1.9bn (FY25: A$0.8bn)\n\n- Stronger revenues are driven by a 121%yoy increase in realised prices and a 17% growth involumes.\n\n- Operating Profit A$840m (FY25: -A$144m)\n\n- Adj EBITDA A$1,137m (FY25: A$97m)\n\n- PAT A$526m (FY25: -A$196m)\n\n- CFO A$1,357m (FY25: A$192m)\n\n- Capex A$328m (FY25: A$569m)\n\nClosing cash balance A$2,290m (FY25: A$974m) including proceeds from the inaugural US$600m bond with total liquidity available A$2,790m.\n5 cents final dividend (~A$161m) announced reflecting strong FCF generation and representing ~22% payout of FY26 adjusted FCF (2 September ex-dividend date)\nFY27 guidance reiterated at\n\n- Production 1,030-1,100/SC\n\n- Unit operating costs FOB (~C1 FOB) A$575-625/SC (FY26: A$569/SC)\n\n- Capex A$620-685m\n\nP2000 FS (expansion to 2,000ktpa) FS due December quarter; Colina study activities continued including drilling, test work and flowsheet development with outcomes also due December quarter.\n\n**Sigma Lithium (SGML US) US$12, Mkt Cap US$1.4bn – Operations resume following an agreement with regulators**\n\n- The Company resumed mining and processing operations at the Grota do Cirilo Lithium Mine in Brazil.\n\n- The announcement released last Friday reports the team signed a TAC Agreement with the State of Minas Gerais.\n\n- Operations were suspended in July as authorities reviewed environmental technical documentation provided by he Company.\n\n- The team estimates that the execution of the adjustment of environmental procedures under the TAC Agreement with amount to ~US$1m.\n\n- The Company also agreed to pay up to US$540k for certain fines, related to environmental matters from 2013 to 2022\n\n- A TAC Agreement is a standardized form of agreement (Terms of Adjustment of Procedures) between regulators and companies that is used to resolve different corporate/environmental matters.\n\n- Guidance reiterated:\n\n240kt SC within 12m\n\n- 330kt SC in FY27\n\n**Tertiary Minerals* (TYM LN) 0.08p, Mkt Cap £5.2m – Latest drilling at the A1 target, Mushima North, Zambia continues to confirm the exploration model**\n\n- Tertiary Minerals reports that its latest drilling campaign at its A1 target at the Mushima North silver/copper/zinc project in Zambia continues “to support the previously reported near surface Exploration Target of 15-30 million tonnes at 40-60 g/t silver”.\n\n- Relying on preliminary results from portable X-Ray Fluorescence (pXRF) analysis from “the last remaining portable X-Ray Fluorescence (“pXRF”) results of drill samples from the Phase 4 drill programme”, the company reports a 7m wide interval of copper mineralisation from a depth of 48m in hole 26TMNRC-080 within a wider, 68m interval frm 13m depth .\n\n- Today’s announcement also reports 5m of copper mineralisation from 66m depth in hole within a broader 66m wide mineralised interval from 14m depth26TMNRC-078.\n\n- The company explains that “pXRF is less reliable for silver … [and confirms that] … All selected drill samples have now been submitted to the certified laboratory and results are expected over the coming weeks”.\n\n- The Phase 4 drilling comprises 3,639m of reverse circulation drilling in 39 holes “collared along a series of east-west drill lines spaced approximately 100m apart (north-south) and 50m apart along the east-west lines and drilled to vertical depths of up to 128m”.\n\n- Depth penetration of the drilling has limited by “the maximum depth capability of the drill rig under the drilling conditions, in particular the higher-than-expected water table and resultant wet samples”.\n\n- The results will “allow the updating of the Company’s geological model as new data became available and to enable the programme to be more dynamic”.\n\n- Managing Director, Richard Belcher, said that the Phase 4 drilling continues “t*o support our current exploration model and the overall extent of the mineralisation as well as the presence of the higher-grade silver and copper mineralisation previously reported at the Discovery Zone**”.*\n\n- He explained that “*With the recent discovery of additional copper mineralisation at the Western Zone some 900m west of the Discovery Zone, then there is potential to expand the mineralisation footprint in the immediately surrounding area outside of our current Exploration Target at the Discovery Zone**”.*\n\n- Mr. Belcher said that “*We now eagerly await the certified laboratory results at this very exciting time for the Company as we continue to advance this recent discovery towards our stated goal for this year which is to report a maiden Mineral Resource Estimate**”.*\n\n**Conclusion**: The latest drilling at Mushima North continues to intersect polymetallic mineralisation, primarily copper & silver, as Tertiary Minerals works to delivering an initial MRE later this year.\n\n**SP Angel acts as Nomad and Broker to Tertiary Minerals*\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | 3.0% | 7.9% | **Freeport-McMoRan** | 7.6% | 15.3% |\n| **Rio Tinto** | 1.2% | 5.4% | **Vale** | 2.5% | 7.0% |\n| **Glencore** | 0.3% | 8.1% | **Newmont Mining** | 3.1% | 11.7% |\n| **Anglo American** | 1.3% | 4.8% | **Fortescue** | 1.0% | 1.0% |\n| **Antofagasta** | 1.5% | 9.6% | **Teck Resources** | 4.2% | 8.1% |\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\n**Prince** 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"}