SP Angel – Today’s Market View, Monday 27th July 2026

Tin continues to climb as inventory levels fall and Indonesia tightens export controls

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – New funding to support G&A and peripheral unfunded project

Apollo Minerals (AON AU) – Confirmation of the Couflens exploration permit

Anglesey Mining (AYM LN) – James McFarlane confirmed as Principal Geologist at Parys Mountain

Beowulf Mining* (BEM LN) – CEO interview: financing to close by mid-August, updated Kallak scoping study within two months*

Mkango Resources* (MKA LN) – BUY – Magnet finishing line to come 1H27 with integrated operations pushed to 2Q28

Makenita Resources (KENY CSE) – Extension of Sisson West tungsten project, New Brunswick

Red Rock Resources (RRR LN) – DRC housing factory contract signed, releasing first payment

Tertiary Minerals* (TYM LN) – NED appointment

Talga Group (TLG AU) – Non binding LOI with Hanwa

Tin ($54,430/t) continues to climb as inventory levels fall and Indonesia tightens export controls

• LME tin stocks fell a further 375t, or 5.3%, this morning to 6,710t.
• SHFE stocks fell 2.62% or 147t last week to 5,456t.
• Supply issues in Myanmar and Indonesia are having a major impact on the availability of fresh metal.
• Myanmar appears to be struggling to ramp up production at Man Maw.
• Indonesia has restricted production from informal mining sites and shut down many small operations.
• Indonesia is delaying exports due to checks for rare earths, which it prioritises for domestic use, and radioactive elements including uranium.
• We expect monazite to be restricted due to its REE content and natural radioactive signature.
• Indonesia has proposed doubling the top tin royalty band to 20%, though implementation was postponed in May after industry pushback.
• The US Dollar Index slipped a little to 101.19.
• We expect tin prices to continue higher from here.

PT Timah set to gain from Indonesia’s illegal mining crackdown

• Bahana Sekuritas started coverage of PT Timah (TINS IJ) with a buy rating and a Rp4,400 target price (Dow Jones).
• The broker says tighter enforcement could redirect ore from illegal collectors back into the Company’s supply chain.

Copper ($13,708/t) continues to gain as US pauses strikes on Iran following two weeks of kinetic activity

• A pause in fighting has helped to lift critical metals prices partly driven by some weakness in the US dollar.
• The US is working to erode Iran’s ability to track vessels in the Strait of Hormuz, to manufacture ballistic missiles and drones and to detect incoming aircraft.
• We expect the US to continue to attack targets in Iran till the IRGC withdraws from attacking shipping and other targets around the Gulf.
• This may require regime change as the Ayatollah seems unlikely to want to stop waging war against the US and its allies.
• Shanghai exchange copper stocks fell to their lowest since February 2024, with import premiums spiking this month.
• Traders continue to await Trump’s decision on copper import tariffs, four weeks after the Commerce Department’s update was due.

Gold – Newmont eyes 5Moz boost from Lihir as free cash flow hits record

• Newmont (NEM US) expects a new barrier at its Lihir mine in Papua New Guinea to unlock over 5Moz of gold from 2028.
• The barrier blocks seawater from the pit, extending Lihir’s life beyond 2040 at a cost of $500-550m.
• Q2 production was 1.3Moz of gold, with record free cash flow of $2.2bn and full-year guidance reaffirmed.
• Cadia in Australia resumed production in mid-June, and Red Chris in Canada won regulatory approvals.

Currencies

US$1.1408/eur vs 1.1399/eur previous. Yen 163.38/$ vs 163.68/$. SAr 16.678/$ vs 16.777/$. $1.335/gbp vs $1.334/gbp. 0.701/aud vs 0.699/aud.

CNY 6.767/$ vs 6.775/$. Dollar Index 101.19 vs 101.32 previous.

Economics

US – Both US and Iran pause strikes over the weekend to allow more time for diplomacy.

• Brent down >5% trading at $87.
• President Trump advisers reportedly said that US strikes’ efficiency is dropping and there are worries over depleting the US arsenal.
• The decision follows 13 nights of intense US airstrikes on Iran.
• Reuters cited the Iranian official saying that Tehran’s position” remains ‘attack ​for attack’: if the attacks stop, Iran will also halt its operations… That message has already been conveyed to the United ⁠States.”

FOMC meeting due this week with a policy decision expected later on Wednesday.

• Expectations are for rates to remain unchanged at 3.50-3.75%.

China – Industrial profits growth slowed but continued at a robust pace driven helped by strong exports as domestic demand remains sluggish.

• Earnings climbed 15.1% in June from 21.1% in May.
• 1H26 growth averaged 18.7%yoy.

Chinese government intervention to support equity markets following rout in AI and semiconductor sectors

• The STAR 50 Index of semiconductor manufacturers collapsed 17% last week as investors reduced leveraged positions.
• The move continued till President Xi Jinping’s speech at the World Artificial Intelligence Conference in Shanghai.
• China is working hard to compete and possibly undermine US advances in this area and to possibly reduce the future earnings capacity of US AI service providers.

Indonesia – Bank Indonesia governor resigns, pressuring Asia’s worst-performing currency

• Governor Perry Warjiyo has resigned for ‘personal reasons’, with Deputy Destry Damayanti as acting governor (Bloomberg Intelligence).
• The rupiah has fallen nearly 7% against the dollar this year, Asia’s worst performer.
• The exit may keep markets worried about central bank independence under President Prabowo.

Precious metals:

Gold US$4,103/oz vs US$4,051/oz previous

Gold ETFs 96.7moz vs 96.6moz previous

Platinum US$1,642/oz vs US$1,598/oz previous

Palladium US$1,287/oz vs US$1,248/oz previous

Silver US$59.7/oz vs US$58.3/oz previous

Silver ETFs 788.5moz vs 787.6moz previous

Rhodium US$8,250/oz vs US$8,200/oz previous           

Base metals:

Copper US$13,708/t vs US$13,663/t previous

Aluminium US$3,163/t vs US$3,170/t previous

Nickel US$17,390/t vs US$17,450/t previous

Zinc US$3,622/t vs US$3,588/t previous

Lead US$1,894/t vs US$1,891/t previous

Tin US$54,430/t vs US$53,680/t previous

Energy:

Oil US$90.3/bbl vs US$98.9/bbl previous

• Crude oil prices fell back towards $90/bbl after the US and Iran halted strikes against each other over the weekend amidst international efforts to restart peace talks that could lead to a reopening of the Strait of Hormuz.
• The US Baker Hughes rig count fell 1 to 587 units last week (+45 or +8% y/y), with oil rigs down 2 to 450 units (+35 y/y) and gas rigs up 1 to 127 units (+5 y/y), as Texas lost 2 units to 272 rigs (+23 y/y).
• Blackstone, Brookfield and KKR will pay Kuwait Petroleum Corporation (KPC) $7.85bn to acquire a 49% interest in KPC’s crude oil pipeline network, which follows similar pipeline fundraisings in Saudi Arabia, Abu Dhabi and Bahrain to attract foreign capital to their infrastructure assets to free up funding for domestic investment plans.

Natural Gas €58.5/MWh vs €61.0/MWh previous

Uranium Futures $86.2/lb vs $86.1/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.6/t vs US$98.2/t

Chinese steel rebar 25mm US$467.9/t vs US$467.8/t

HCC FOB Australia US$229.0/t vs US$227.0/t

Thermal coal swap Australia FOB US$135.3/t vs US$134.50

Other:

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

NdPr Rare Earth Oxide (China) US$111,945/t vs US$111,526/t

Lithium Carbonate 99% (China) US$20,172/t vs US$20,150/t

China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t

Ferro-Manganese European Mn78% min US$1,035/t vs US$1,035/t

Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu

China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu

China Graphite Flake -194 FOB US$390/t vs US$390/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$26.8/kg vs US$27.0/kg

China Ilmenite Concentrate TiO2 US$208/t vs US$207/t

US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t

China Rutile Concentrate 95% TiO2 US$1,160/t vs US$1,159/t

Brazil Potash CFR Granular Spot US$395.0/t vs US$397.5/t

Germanium China 99.99% US$4,095.0/kg vs US$4,095.0/kg

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Europe Molybdenum Oxide 57% US$32.0/lb vs US$32.0/lb

EV & Battery news:

CATL, the largest lithium batteries manufacturer, reported a 55%yoy and a 42% growth in revenues and earnings in 1H26.

• Booming demand for ESS and robust EV battery sales drove earnings.
• ESS revenue was up 88%yoy accounting for 19% of total.
• Battery manufacturing capacity utilisation hit a high of 85% with 498GWh produced and an additional 764GWh under construction expected to be commissioned over next two years.
• The Company launched a CNY 20-40bn buyback programme (US$3-6bn).
• The stock climbed >5% in China following the earnings release.

Battery metals – African Development Bank backs Africa’s first battery gigafactory in Morocco

• The African Development Bank approved a €100m loan to Gotion Power Morocco for a battery plant near Rabat.
• The project is led by China’s Gotion High-Tech and will be the first integrated battery plant in Africa and the Middle East.
• Phase 1 makes 10GWh of EV battery cells a year, with plans to grow to 100GWh.

Company news:

80 Mile Plc* (80M LN) – 0.69p, Mkt cap £36m – New funding to support G&A and peripheral unfunded project

(80 Mile retains a 49% free carry on Disko with USFM earning into 51%, )

• 80 Mile plc reports the placing of around 5% of additional new shares for £1.9m at 0.67p/s.
• Proceeds are for:
  • G&A
  • Ferrandina: activities in preparation of restart of the biofuels plant in Italy
  • Finnland projects: preparation for sale
  • Dundas ilmenite (titanium): sampling programme and other work
• 80 Mile will have 5,588,657,935 shares following the placing
• Funds are in place for the drilling campaigns at Disko with USFM Corporation and at the Jameson oil and gas prospects funded by Greenland Energy Company.
• Update:
• Disko: weather is good for drilling with two rigs now working at site and contracted for up to 9,000m of drilling across a series of targets.
• The work builds on the $12m of exploration done by KoBold Metals where seven significant MMS ‘Magmatic Massive Sulphide’ targets have been identified.
  • “The 2026 exploration at Disko is budgeted at ~US$7.5m out of a US$30m fully funded campaign with USFM Corporation.”
• Jameson oil and gas: The team is working through the permitting process and is preparing logistics for a two-well drill program.

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

Apollo Minerals (AON AU) A$0.046, Mkt Cap A$68m – Confirmation of the Couflens exploration permit

• Apollo Minerals reports that the Conseil d’Etat in France, “France’s highest administrative court” has confirmed its exploration permit covering the Couflens Tungsten Project, including the former Salau mine which closed in 1986.
• The decision overturns a “prior annulment” of the permit.
• Today’s announcement also confirms that the “Directorate General for Energy and Climate … will be filing an urgent appeal with the Council of State in the coming days seeking to overturn … [an] … interim suspension order of the Administrative Court of Toulouse … which had been granted to] … a group of non-government organisations”.
• The announcement quotes the French State confirming that “Given the strategic importance of the Couflens tungsten deposit for the security and resilience of France’s supply chains, the French State is considering all available avenues of appeal, including an appeal to the Council of State”.
• Appollo Minerals confirms that it “will continue to progress its activities at Couflens”.

Anglesey Mining (AYM LN) 3.71p, Mkt Cap £2.4m – James McFarlane confirmed as Principal Geologist at Parys Mountain

• UK explorer Anglesey Mining confirms James McFarlane as Principal Geologist on a retained basis.
• Background:
  • A Chartered Geologist and Chartered Engineer with more than 20 years of international experience.
  • He has led geological programmes, resource studies and project development across base and precious metals.
• He will guide resource updates and exploration strategy at the 100%-owned Parys Mountain copper-zinc-lead-silver-gold project in Wales.
• McFarlane called Parys Mountain ‘one of the UK’s most exciting polymetallic development projects’.

Beowulf Mining* (BEM LN) 7.09p, Mkt Cap £4.6m – CEO interview: financing to close by mid-August, updated Kallak scoping study within two months*

• Beowulf Mining released an interview with CEO Ed Bowie on the £4.3m capital raise and progress at Kallak.
• Financing:
  • Shareholders have approved the £4.3m raise, including £3.7m from Bacchus Capital and affiliates.
  • The final step is Swedish foreign direct investment approval, expected by 13 August, which Bowie expects to be a formality.
  • Board and management invested in the raise, which Bowie called ‘a transformational transaction’, funding the Company to the end of 2027.
• Kallak:
  • Infill drilling has started to upgrade near-surface resources, with the fourth hole underway and drilling going ‘extremely well’.
  • An updated scoping study with new economics is due within six weeks to two months, ahead of the pre-feasibility study.
• At Grafintec in Finland, work begins on the environmental impact assessment, with pilot testing options being assessed.

*SP Angel acts as Nomad and Broker to Beowulf Mining

Mkango Resources* (MKA LN) 0.38p, Mkt Cap £146m – Magnet finishing line to come 1H27 with integrated operations pushed to 2Q28

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec) released a phased development plan update for the Ironhead facility in Dallas-Fort Worth, Texas.
• HyProMag USA is planning to commission NdFeB permanent magnet finishing equipment in 1H27.
• US operations will use up to 20t of magnet blocks sourced from HyProMag recycling facilities in the UK and Germany.
• The agreement will not affect the supply of finished magnet products to European customers.
• HPMS commissioning now targeted for 2Q28.
• Initial annual production targeted at 400tpa recycled sintered NdFeB magnets and 278tpa NdFeB co-products for total payable production 678tpa NdFeB material.
• A staged expansion to follow on course for targeted annual capacity of ~1,526tpa.
• The Company ordered several long lead equipment items for the Texas Hub including the HPMS vessels and magnet finishing equipment specified for the US market requirements controlling for equipment supply risks.
• Early commissioning of the finishing line will allow advance discussions with US customers on product specifications and advance qualification programmes.
• The move is planned to derisk downstream magnet making and build customer relationships.

Conclusion: HyProMag USA updates on development strategy planning to launch magnet finishing line in 1H27, around a year ahead of now revised 2Q28 commissioning of integrated HPMS recycling operations. The decision is designed to de-risk downstream processing part of the flowsheet advancing product qualification and developing manufacturing expertise. Finishing equipment will run on the feedstock sourced from UK and German operations.

*SP Angel acts as nomad and broker to Mkango Resources

Makenita Resources (KENY CSE) C$0.16, Mkt Cap C$5.6m – Extension of Sisson West tungsten project, New Brunswick

• Makenita Resources has added additional claims to its Sisson West tungsten project in New Brunswick taking its land position adjacent Northcliff Resources Sisson project from 9,845 acres (3,984 hectares) to 22,655 acres (9,168hectares).
• The decision to increase the land holding “along the favorable SW-NE structural trend identified in the recent Magnetic Vector Inversion interpretation” follows the identification of “a clearly defined magnetic high and drill-ready target on the original property”.

Red Rock Resources (RRR LN) 0.021p, Mkt Cap £2.0m – DRC housing factory contract signed, releasing first payment

• Explorer Red Rock announces the signature of a contract between the DRC’s Ministry of Rural Development and Koto DRC SARL.
• Deal terms:
  • Lot 1 carries a contract value of $7,158,887, with the initial payment now to be made to Koto.
  • The public tender covers a further two factories after the first Kinshasa plant.
  • The contract flows into Red Rock’s 50:50 joint venture, formed in November 2024 to build low-cost housing.
• Chairman Andrew Bell called the signature ‘a significant milestone which permits the disbursement of funds into the JV’.
• The Company said its financial position remains stretched and it expects to raise further funds by disposals or otherwise.

Tertiary Minerals* (TYM LN) 0.07p, Mkt Cap £4.7m – NED appointment

• Tertiary Minerals reports the appointment of Mr. Lorenz Werndle as a non- executive director replacing Donald McAlister who has served in the role since the company’s AIM admission over 25 years ago.
• Mr. Werndle is described as “a finance executive with experience across mining, strategy, corporate development and mergers and acquisitions, both internationally and in southern Africa”.
• He currently serves as Chief Financial Officer of Kavango Resources.
• Chairman, Patrick Cheetham, welcomed his appointment saying that he “brings many of the same skills and experience to the Board … [as his predecessor]…  and his African experience will be invaluable”.
• Mr. Cheetham said that “Donald will be very much missed for his huge industry experience and his sound advice. He has been a great sounding board for me, personally, since we listed the Company on AIM”.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Talga Group (TLG AU) A$0.32, Mkt Cap A$133m – Non binding LOI with Hanwa

• The Company signs a non binding LOI with Hanwa regarding a potential offtake and strategic partnership on the Vittangi Anode Project, Sweden.
• The agreement will see companies work towards executing two definitive agreements:
• A binding long term offtake agreement for the Talnode graphite anode products to Hanwa
• A binding investment agreement facilitating a potential project level investment in Vittangi (amount and structure subject to discussions)
• Due diligence and term sheet agreement targeted for 3Q26; execution of definitive agreement 4Q26.
• Hanwa is a major Japanese trading house active in critical materials supplying auto, battery, electronics and advance manufacturing industries worldwide.
• The stock is up 23% this morning.

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

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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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