SP Angel – Today’s Market View, Monday 26th October 2026

Copper firms as tight Chinese supply counters weak risk appetite

MiFID II exempt information – see disclaimer below

Cobra Resources (COBR LN) – Initial MRE for Wudinna rare-earths project

First Class Metals (FCM LN) – Assays from Roy extension at the Sunbeam prospect in Ontario, Canada

Great Southern Copper (GSCU LN) – Next phase of drilling starts at Cerro Negro

Greatland Resources (GGP LN) – Productive start to FY 2027 at Telfer and development starts at Havieron

Li-FT Power (LIFT CN) – First assays from 2026 drill programme ahead of MRE/PEA due early 2027

Orosur Mining* (OMI LN) – Q1 report highlights exploration success in Colombia and Argentina

Pensana (PRE LN) – Longonjo development update

Rome Resources* (RMR LN) – 2.6km tin-bearing breccia identified in the Mount Pleasant Caldera

Turaco Gold (TCG AU) – Afema drilling results point to further growth in the 4.65moz MRE, resource update due 4QCY26

Copper ($14,323/t) firms as tight Chinese supply counters weak risk appetite

• A selloff in AI-related stocks has pushed investors towards risk-off trade across global markets.
• Equities appear moribund as investors waited for earnings from the largest tech companies.
• Chinese supply remains tight on falling domestic output with copper still flowing to the US ahead of tariffs.
• The Yangshan premium for imported copper averaged $178/t on Mond, up $10/t on the day (SMM).

Strike starts at Highland Valley Copper, with operations at reduced capacity

• Workers began a strike on Saturday at Teck’s Highland Valley Copper mine in British Columbia.
• Operations are continuing at reduced capacity, with the production impact depending on how long the strike lasts.
• The action followed the expiry of a 72-hour notice after contract talks failed to produce a new agreement.
• The union represents around 1,200 workers and is seeking higher wages and better pensions.

Gold ($4,015/oz) holds above $4,000 as ETF buyers’ step back before the Fed meeting

• The price slipped early on Monday before recovering back above $4,000/oz.
• Oil fell back after reaching near six-month highs late last week, though attacks on Saudi Arabia keep supply in focus.
• Saudi Arabia said two terminals at its main airport reopened on Sunday, with Iran-aligned Houthis vowing to keep striking it.
• Traders price about a 9% chance of a Fed rise this week, with December still at 80%.
• However, holdings in gold-backed ETFs fell more than 10t on Friday, ending weekly gains that ran from mid-July.
• Recent ETF buying is said to be in firm, longer-term hands.

Currencies

US$1.1202/eur vs 1.1200/eur previous. Yen 156.87/$ vs 157.08/$. SAr 16.589/$ vs 16.540/$. $1.337/gbp vs $1.338/gbp. 0.704/aud vs 0.702/aud. CNY 6.670/$ vs 6.671/$.

Dollar Index 101.81 vs 101.79 previous.

US dollar gains further strength

Economics

Brent dropped as reports of mediation efforts raised hopes of de-escalation

• Brent at ~$110 as Qatari mediators are reported to have travelled to Tehran on Sunday ahead of a planned meeting later today.
• The Houthis said they struck pumping stations on Saudi Arabia’s East-West crude pipeline and Riyadh airport over the weekend.
• Brent continues to trade close to a five months’ high.

Brazil – Lula wins a fourth presidential term in a run off round on Sunday beating Flavio Bolsonaro 51.79% to 48.21%

• Bolsonaro has refused to concede and is seeking to have the election annulled.
• Bolsonaro cited a last-minute Supreme Court ruling, by Justice Zanin, Lula’s former lawyer, that extended voting hours
• The result defied final polls showing Bolsonaro slightly ahead having secured a victory in the first round.
• The real was down ~10% on the news with Brazilian iShares MSCI ETF down ~30%.

Serbia – Former president Aleksandar Vucic conceded defeat in the national general elections on Sunday

• Vucic, the ruling party leader targeting PM role, said opposition Student List secured 140 of 250 seats in the national parliament.
• Vucic blamed results on foreign interference from “various European countries and the American deep state, the one that opposes President Trump”.
• Acting president Ana Brnabic must convene the new parliament and set a date for presidential elections, which must be held by December.

Precious metals:

Gold US$4,015/oz vs US$4,019/oz previous

Gold ETFs 101.1moz vs 101.5moz previous

Platinum US$1,553/oz vs US$1,566/oz previous

Palladium US$1,047/oz vs US$1,058/oz previous

Silver US$53.9/oz vs US$54.0/oz previous

Silver ETFs 805.9moz vs 805.2moz previous

Rhodium US$9,150/oz vs US$9,150/oz previous     

Base metals:   

Copper US$14,323/t vs US$14,187/t previous

Aluminium US$3,044/t vs US$3,016/t previous

Nickel US$15,848/t vs US$15,920/t previous

Zinc US$3,744/t vs US$3,695/t previous

Lead US$1,908/t vs US$1,905/t previous

Tin US$50,517/t vs US$50,590/t previous

Energy:           

Oil US$110/bbl vs US$114.0/bbl previous

Natural Gas €93.6/MWh vs €93.5/MWh previous

Uranium Futures $90.0/lb vs $90.2/lb previous     

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$90.4/t vs US$90.8/t

Chinese steel rebar 25mm US$481.9/t vs US$481.8/t

HCC FOB Australia US$266.0/t vs US$266.0/t

Thermal coal swap Australia FOB US$155.0/t vs US$154.0/t   

Other:  

Cobalt LME 3m US$34,620/t vs US$34,620/t

NdPr Rare Earth Oxide (China) US$108,471/t vs US$109,870/t

Lithium Carbonate 99% (China) US$14,243/t vs US$14,240/t

China Spodumene Li2O 6%min CIF US$1,485/t vs US$1,485/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,775/mtu

China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.9/kg vs US$25.9/kg

China Ilmenite Concentrate TiO2 US$176/t vs US$176/t

US Titanium Dioxide TiO2 >98% US$2,917/t vs US$2,917/t

China Rutile Concentrate 95% TiO2 US$1,177/t vs US$1,177/t

Brazil Potash CFR Granular Spot US$355.0/t vs US$355.0/t

Germanium China 99.99% US$4,375.0/kg vs US$4,375.0/kg

China Gallium 99.99% US$450.0/kg vs US$450.0/kg

Europe Molybdenum Oxide 57% US$33.0/lb vs US$33.0/lb

EV & Battery news:

Company news:

Cobra Resources (COBR LN) 3.2p, Mkt Cap £35m – Initial MRE for Wudinna rare-earths project

• Cobra Resources reports an initial Mineral Resources Estimate (MRE) for its Wudinna Rare Earths project in South Australia.
• Using a 200ppm TREO (total rare earth oxide) cut-off, the JORC compliant estimate totals 150mt at an average grade of 470ppm TREO including 101ppm of Neodymium/Praseodymium (NdPr).
• Forty percent of the resource is classified as ‘Indicated’  comprising 42mt at a grad of 575ppm TREO hosted by the Garford Formation and a further 18mt at 564ppm in the Pidinga Formation.
• The balance is currently classed as ‘Inferred’ with ~37mt at 472ppm in the Garford Formation and ~54mt at a grade of 354ppm in the Pidinga Formation.
• The announcement confirms that “61% of the Pidinga Formation ore tonnes and 57% of the Pidinga formation TREO metal tonnes are evaluated as ISR … [in-situ recovery] … recoverable … [and that] … Further work is required to demonstrate permeability and recovery via ISR methods to constitute additional Pidinga material as ISR recoverable”.
• Describing the initial MRE as “an important milestone in the development of the Wudinna Rare Earth Project … [Managing Director, Rupert Verco, said that it will] …  will underpin the Scoping Study … [to] … establish a pathway to bottom-quartile production costs by optimising recovery, producing a higher-value product and reducing downstream separation costs”.
• Today’s announcement also confirms that Cobra Resources believes it has significant potential to increase the size of the MRE through additional drilling.

Conclusion: The initial MRE for Wudinna provides a platform for the Scoping Study for potential in-situ recovery of rare earth minerals from palaeochannel-hosted ionic clay deposits which are “recoverable under mildly acidic conditions”.

First Class Metals (FCM LN) 2.8p, Mkt Cap £12m – Assays from Roy extension at the Sunbeam prospect in Ontario, Canada

• First Class Metals report further assays on the Roy extension at the Sunbeam prospect in Ontario, Canada.
• The structure has been geochemically confirmed over ~300m.
  • “Follow-up sampling returned eight grab samples exceeding 5g/t gold, including a peak of 17.3g/t, with further visible gold identified near the original discovery.”
• The news ‘Roy trend’ of ~1,100m remains open along strike in both directions.
• The team have organised for the clearing of ground along the Roy extension for washing, geological mapping and systematic channel sampling.
  • “Of 21 outcrop samples collected over >100m along the trend, 17 returned at least 0.5g/t gold, including eight exceeding 5g/t”
  • Located broadly between two soil lines anomalous in both gold and lead, these results demonstrate that gold mineralisation extends well beyond the original visible gold discovery and highlight the substantial exploration potential of this emerging zone, see inset Figure 4.”
• Drilling advance exploration of the Pettigrew trend which appears to run parallel to the Roy lineament at end- October.
  • “Chris Copper consulting geologist to FCM stated “This is epic. Pretty rare to see grabs of this type over 300m. Seriously a company maker. Last time I saw visible gold like this was a long time ago.”
• Conclusion: Marc Sale is a highly experienced geologist who is making significant progress with grab sample results at Sunbeam. We look forward to seeing further assays after the ground clearance along the Roy extension and to news on the extent of visible mineralisation.

Great Southern Copper (GSCU LN) 1.87p, Mkt Cap £17m – Next phase of drilling starts at Cerro Negro

• Great Southern Copper reports the start of its fourth phase of diamond drilling at the Cerro Negro prospect in Chile.
• The new programme is expected to amount to ~5,000m of infill drilling on the high-grade mineralisation around the old Mostaza mine and to test the potential of depth extension of the mineralisation up to 70m below the existing coverage.
• It will also include the “First-ever drilling at Monolith” where “Extensive surface Cu-Ag mineralisation … [has been] … identified in channel sampling” over an area of “approximately 700m by 400m … located approximately 400m southeast of the Mostaza Mine”.
• CEO, Sam Garrett, said that “The drilling programme has three aims – to infill and extend the known high-grade copper-silver mineralisation at Mostaza; explore for and add new copper-silver lodes along the Mostaza Fault Zone trending south of the Mostaza deposit, and; discover potential new copper-silver lodes at Monolith”.
• Mr. Garrett said that “With multiple targets to test and an increasing understanding of the detailed Cerro Negro mineralised system, we are aiming to build the foundations for the projects potential maiden resource estimate.”

Conclusion: The next phase of drilling has started at Cerro Negro as the company seks to extend the known mineralisation laterally and at depth and works towards an initial MRE.

Greatland Resources (GGP LN) 487p, Mkt Cap £3.3bn – Productive start to FY 2027 at Telfer and development starts at Havieron

• Greatland Resources reports that its Telfer mine in WA produced 70,131oz of gold at an all-in-sustaining cost of A$2,925/oz during the 3 months to 30^th September and keeping production on track to meet the company’s FY 2027 guidance range of 260-300koz at A$2,900-3,330/oz.
• Managing Director, Shaun Day, confirmed that the company “completed the quarter with a closing cash balance of $1,314 million and no drawn debt”.
• The company says that the quarter exceeded its expectations for both output and costs “due to strong processing throughput” and confirms its previous guidance that “production is anticipated to be modestly second half weighted due to open pit scheduling, and the successfully completed major planned 15-day process plant maintenance shut in the September quarter”.
• Open-pit mine production delivered “the seventh consecutive quarter-on-quarter increase” in the total volume of material mined at 7.9mt of which 4mt was ore at an average grade of 0.45g/t gold and 0.04% copper.
• The increased open-pit mining productivity is attributed to “a combination of higher trucking availability from new and rebuilt haul trucks matched with consistent digger productivity, and ongoing focus to improve bench turnover and open up larger, more productive work fronts in Stage 7”.
• Underground mining operations delivered ~380kt of ore at an average grade of 1.33g/t gold and 0.32% copper mainly from the “A-reef and the Eastern Stockwork Corridor … areas of the Main Dome Underground” areas.
• The company reports that the underground mine achieved “Record development metres … for the seventh consecutive quarter and totalled 2,021m, with 674m growth capital development including ongoing extension opportunities at West Dome Underground (WDU) and ESC”.
• Telfer processed more ore than planned during the quarter treating a total of ~4.9mt of ore at an average grade of 0.5g/t gold and 0.07% copper and achieving recovery rates of 85.1% for gold and 82.5% for copper.
• Greatland Resources also reports expenditure of ~A$97m during the quarter on ‘growth and drilling’ projects including A$45m at the Havieron project, A$37m at Telfer and the balance on ‘Exploration & resource development’, including 51km of “resource growth drilling”.
• The company reports that, “following the receipt of all secondary approvals required to commence construction” it started project development at Havieron during September.
• Mr. Day said that Greatland Resources is “particularly pleased to have commenced the construction stage of our world-class Havieron project, while continuing to make good progress at Telfer’s high-grade West Dome Underground”.
• He also described the planned investments in FY 2027 as laying “the foundations for a period of sustained production growth towards a higher-quality, longer-life gold-copper production centre at an integrated Telfer-Haverion”.

Conclusion: Telfer mine production is on track to meet FY2027 production and cost guidance as development gets underway at Havieron.

Li-FT Power (LIFT CN) C$1.5, Mkt Cap C$139m – First assays from 2026 drill programme ahead of MRE/PEA due early 2027

• Li-FT Power reports results from the first five of 45 hole programme at the Adina-Galinee Lithium Poject (AGLP) in Quebec, Canada.
• Selected intersections at Galinee include:
  • ALP0002: 56m at 1.43% Li2O from 187m.
  • ALP0003: 28m at 1.64% Li2O from 257m.
  • ALP0001: 9m at 1.72% Li2O from 201m.
• The 45 hole programme includes 39 holes (~11,400m) completed during the 2026 summer programme as well as 6 previously unreleased historical holes from 2024 (~2,000m).
• The system is an east-west dyke corridor about 350m wide, extending ~2.5km under till cover and dipping shallowly south at ~35°.
• The programme aims to bring the least-defined zone, Galinee, up to the drill density of the Main and Footwall zones.
• A combined MRE and PEA covering all three zones (Galinee, Main, Footwall) is targeted for early 2027.

Orosur Mining* (OMI LN) 12.2p, Mkt Cap £93m – Q1 report highlights exploration success in Colombia and Argentina

(Minera Anzá, and Minera Monte Aguila are wholly owned subsidiaries of Orosur)

• Orosur Mining’s results for the three months to 31st August highlight exploration success in Colombia where “the discovery of new mineralized zones at APTA … substantially enhanced the prospectivity of APTA with three areas of potential requiring follow up”.
• Also in Colombia, Orosur Mining identified “a flat lying body of mineralisation roughly 100 metres to the west of Pepas” extending the mineral potential with “free digging, flat lying, surficial, high grade oxide gold mineralisation” which may offer a route to near term production.
• In September drilling of surface mineralisation at El Cedro in the southern part Anzá exploration project in Colombia “showed gold mineralisation from surface … to a depth of 267 metres, at which point drilling was prematurely terminated due to mechanical issue”. Drilling has now “recommenced with a planned hole depth of 500m”.
• In Argentina, drilling at the El Pantano prospect “identified a major epithermal gold/silver system … in the prolific Deseado Massif of Santa Cruz Province, in Southern Argentina, roughly 45km from Anglo Gold’s Cerro Vanguardia mining camp”.
• Future exploration plans for El Pantano including the investigation of “structurally controlled gold-bearing vein corridors in the west, possible feeder structures at depth, newly identified regional soil anomalies south of the principal structure, and preserved pathfinder-rich alteration zones in the east” are under consideration.
• The company confirms a 31st August cash balance of US$7.8m.

Conclusion: Q1 results highlight exploration success in the company’s Colombian and Argentinian projects

*SP Angel acts as Nomad and Broker to Orosur Mining

Pensana (PRE LN) 49p, Mkt Cap £124m – Longonjo development update

• Pensana updates on development progress at the Longonjo Rare Earth Project in Angola.
• Ozango, a Longonjo project company, is seeking $75-90m equity investment to maintain development momentum.
• The team is in discussions with Cascade and others for the investment.
• Cascade is expected to deploy a significant tranche within the next 14 days having so far invested US$15m of its US$165m overall commitment.
• The first Cascade tranche related to a 3.8% interest in the Company (~14m at 80p).
• The remaining balance was planned for a 38.2% interest in Sable Min, a majority shareholder in Ozango Minerais, the developer of the project.
• Pensana currently holds 100% in Sable Min that in turn owns a 84% stake in Ozango (or 68.4% once Angola Sovereign Wealth Fund, FSDEA, US$25m subsidiary level investment is confirmed taking its stake to ~25% with two Angolan partners holding the remaining 6%).
• Construction is 30% complete and over 60% of procurement is committed. US$90m has been spent to date since exploration.
• Debt discussions are reported well advanced regarding potential ABSA and EXIM facilities.
• Offtake discussions ongoing with Japanese partners expected to cover most or all of the initial 20ktpa MREC.
• US is reported to be focused on the Stage 2 offtakes to match buildout of downstream processing capacities to accommodate MREC feed.
• Longonjo Phase 1 operational highlights:
  • US$250m capex
  • EBITDA margins of 80% and 2y payback period
  • NPV US$2.3bn at ‘current prices’ (no details on exact price levels, discount rate used or pre/post tax status provided)
  • 20ktpa MREC containing 2.4ktpa NdPr and 73tpa DyTb
• Phase 2 planned to expand production to 40ktpa MREC (incl 4.2ktpa NdPr and 122 DyTb)
• Updated project development timeline:
  • Binding offtakes and debt approvals February 2027
  • Commissioning January 2028
  • Full capacity reached September 2028
• Stock jumped 33% this morning on the news of expected equity investment.

Rome Resources* (RMR LN) 0.19p, Mkt Cap £16m – 2.6km tin-bearing breccia identified in the Mount Pleasant Caldera

• Rome Resources report the identification of a 2.6km tin-bearing breccia trend identified within the Mount Pleasant caldera in southwest Canada.
• Field operations confirm multiple zones of tin, tungsten and indium mineralisation within the same intrusive igneous complex that hosts the Mount Pleasant tin, tungsten and indium mine.
• The mineral assemblage suggests Rome is working within the same mineralising system as the historic Mount Pleasant mine.
• Mount Pleasant is one of the largest known tin-tungsten occurrences in North America.
• The brecciated material contains a tin sulphide ore alongside purple fluorite which may also contain yttrium and europium and has been associated with indium in the area.
• Rome’s recent trenching returned up to 0.58% tin and 0.17% tungsten.
• All three prospects sit around the Mount Pleasant tin-tungsten-indium mine.
• Scoullar Mountain: A 2.6km tin-bearing quartz breccia has been mapped at Scoullar Mountain, inside the Mount Pleasant volcanic crater,.
• The breccia holds stannite, a tin sulphide, with purple fluorite.
• That is the same mineral combination that carries indium at Mount Pleasant, pointing to the same mineralising system.
• Victoria Lake: on the upper edge of the Mount Douglas Granite to the southeast, previous samples show up to 0.58% tin and 0.17% tungsten.
• The team have completed >370m of trenching, with 54 samples at the laboratory and a further 300m due in early November.
• At Square Lake, on the eastern margin of the same granite, outcrop sampling returned 0.8% bismuth.
• “This is a significant discovery and may be the result of the near-surface expression of a much larger mineralised granite/porphyry system at depth in the caldera, representing a high interest drill target for tin and indium exploration going forward.”
• Following the results, Rome’s partner has also secured a further parcel of claims now amounting to a total of approximately 40km2 within the caldera immediately to the east and northeast of the Mount Pleasant licence.
• Rome will exercise its options to take 100% of the working interest in the project.
• Payment is mainly 225,000,000 new shares to the option holder, Robert Murray, a little under 3% of existing capital.
• Admission is expected on or around 2 November, taking issued capital to 8,351,625,932 shares.

Conclusion: Rome has mapped a 2.6km tin-bearing breccia inside the Mount Pleasant crater and will take 100% of the working interest, with assays pending.

*SP Angel acts as Nomad and Broker to Rome Resources

Turaco Gold (TCG AU) A$0.69, Mkt Cap A$670m – Afema drilling results point to further growth in the 4.65moz MRE, resource update due 4QCY26

• Turaco released drilling results from extension and infill programme at Begnopan and Asupiri-Adiopan Deposits within the Afema Gold Project, CDI.
• Asupiri-Adiopan, results are from a new 56-hole programme (6,400m):
  • Step-outs include 6m at 18.52g/t from 66m (incl. 2m at 51.53g/t), 48m at 1.50g/t from 112m (incl. 19m at 2.53g/t) and 10m at 6.56g/t from 55m (incl. 4m at 13.43g/t)
  • Infill includes 17m at 2.60g/t from 73m, 20m at 1.92g/t from 40m and 10m at 3.29g/t from 39m.
• Begnopan, remaining results covering 44 holes of a 113 holes programme (13,000m RC/DD) released:
  • Step-outs include 23m at 3.27g/t from 109m, 21m at 2.15g/t from 32m and 8m at 5.56g/t from 82m.
  • Infill includes 7m at 6.09g/t from 17m, 13m at 3.19g/t from 47m and 23m at 1.38g/t from 55m.
• Drilling ongoing with rigs operating at Woulo Woulo and Begnopan Deposits, along with the Bergerie Prospect, with results due over the coming weeks.
• MRE update for the 4.65moz Afema Project due 4QCY26.

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

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