SP Angel – Today’s Market View, Monday 29th June 2026

Gold stabilises lower as dollar rally fades and tensions remain elevated in the Middle East

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – 2026 Online Money Awards AIM Market Company of the Year

Andrada Mining (ATM LN) – Uis mine delivers record quarterly tin production

Asante Gold (ASE CN) – Operational update outlines cost saving initiatives

Ferrexpo plc (FXPO LN) – AGM statement highlights potential for equity fundraise of US$100m

Forrestania Resources (FRS AU) – A$300m acquisition of Edna May processing hub

Fulcrum Metals (FMET LN) – Proposed NSR finance for the Teck Hughes tailings project, Ontario

Greatland Resources (GGP LN) – 150% rise in Telfer’s ore reserve lifts Greatland Gold’s reserve base to 5moz

New Frontier Minerals* (NFM LN)– New field work program at Harts Range to focus on potential for Rare Earths, Tungsten and Niobium

Savannah Resources* (SAV LN) – BUY – Temporary land access reconfirmed allowing works to resume immediately

Toubani Resources (TRE AU) – Investment into Avanti Gold boosts DRC gold exposure

Xtract Resources (XTR LN) – 2025 results describe progress in Morocco and Zambia

Gold ($4,055/oz) stabilises lower as dollar rally fades and tensions remain elevated in the Middle East

• Gold prices failed to capitalise on Friday’s rally, rising from recent lows of $3,975/oz to $4.100/oz.
• The move was supported by a reversal in the dollar’s recent rally, which was triggered by a more hawkish FOMC meeting.
• Gold bounced off $4,100/oz and has subsequently fallen 1% this morning.
• US Treasuries have rallied, with the 10 year yield holding below 4.4%, supporting gold.
• However, tensions escalated marginally between the US and Iran over the weekend, before statements suggested the two would meet again this week and halt strikes.

Copper ($13,355/t) rebounds from recent lows as Chinese smelters boost pyrite purchases on sulphur shortages

• Copper struggled last week amid a wider metals sell-off on the dollar’s post-Fed rally.
• LME copper prices hit recent lows of $13,100/t before rebounding on Friday.
• Copper prices are up 35% over the past 12 months but have faded from record highs of $14,500/t.
• Reuters has reported that Chinese smelters are boosting purchases of unroasted pyrite to the highest level since 2014.
• The increase reflects shortages of sulphuric acid and subsequent price increases, with pyrite offering an alternative source of supply and revenue stream for smelters.
• Smelters are boosting by-product revenues amid low TCRCs.

Nickel ($16,639/t) – Indonesia to decide on 2026 mining quotas following July review

• The Indonesian government says it has not yet set its 2026 nickel ore quota and will review the situation in July.
• The news pushes back potential for an upward revision to the quotas where speculation reports potential for a jump to 360mt or ore mined.
• APNI, The Indonesian Nickel Miners Association backs the caution, saying cuts to ~250-270mt helped nickel prices recover to $17,000 to $19,000/t.
• The government aims to feed the smelters without flooding the market and crashing the price.

Phillipines – Analyst from Transisi Bersih, are warning the Philippines may be selling its nickel too cheaply

• As Indonesia tightens its own ore supply, Chinese smelters in Indonesia are buying more nickel laterite ores from the Philippines.
• Local analysts are urging production limits and export taxes with ore exports seen as draining reserves before the Philippines builds its own smelters.

Tin ($51,390/t) – Shanghai leads prices higher

• The SHFE tin contract rose 1.94% this morning leading LME prices higher as buyers restocked following last weeks correction
• Consumers are watching the US-Iran talks in Doha on 30 June to assess its impact on shipping through the Straight of Hormuz

Currencies

US$1.1408/eur vs 1.1376/eur previous. Yen 161.81/$ vs 161.68/$. SAr 16.402/$ vs 16.501/$. $1.322/gbp vs $1.320/gbp. 0.690/aud vs         0.689/aud. CNY 6.792/$ vs 6.804/$.

Dollar Index 101.21 vs 101.39 previous.

Economics

US and Iran agree to pause hostilities and renew talks helping oil prices pull back after climbing over $75 during the weekend.

• A return to diplomacy follows several days of strikes and counterstrikes following an Iranian attack on a cargo vessel in the Strait of Hormuz on Thursday.
• “Technical talks are slated to continue on all areas of the MOU. Both sides will stand down for now and vessels can move freely,” US official said.

Israel hit Iran backed armed Hezbollah militants in Lebanon on Sunday.

• The hit destroyed underground infrastructure used by the group.

Russia would import more fuel and accelerate repairs at oil facilities damaged by Ukrainian drone strikes.

• A potential ban on diesel exports is being considered as well, Vladimir Putin said at the press conference.
• Russian authorities admitted to the existence of “temporary deficit” in the market.

Precious metals:

Gold US$4,062/oz vs US$4,029/oz previous

Gold ETFs 96.7moz vs 97.1moz previous

Platinum US$1,610/oz vs US$1,610/oz previous

Palladium US$1,225/oz vs US$1,204/oz previous

Silver US$58.4/oz vs US$58.0/oz previous

Silver ETFs 784.5moz vs 782.7moz previous

Rhodium US$7,750/oz vs US$7,750/oz previous

Base metals:   

Copper US$13,405/t vs US$13,160/t previous

Aluminium US$3,188/t vs US$3,155/t previous

Nickel US$16,715/t vs US$16,735/t previous

Zinc US$3,520/t vs US$3,415/t previous

Lead US$1,909/t vs US$1,910/t previous

Tin US$51,390/t vs US$50,355/t previous

Energy:

Oil US$72.4/bbl vs US$73.7/bbl previous

• Crude oil prices edged higher in early trading after a series of tit-for-tat attacks over the weekend between the US and Iran that threatened vessel traffic in the Strait of Hormuz, with an agreement now in place to end these strikes.
• The US Baker Hughes rig count rose 10 to 573 units last week (+26 y/y), as oil rigs were up 7 to 440 units (+8 y/y) and gas rigs rose 3 to 125 units (+16 y/y), with Texas adding 7 units to 268 rigs (+10 y/y). A more robust pricing and demand outlook has driven the rig count up 5% y/y, after falling by 7% in 2025, 5% in 2024, and 20% in 2023 due to lower prices.

Natural Gas €41.4/MWh vs €40.5/MWh previous

Uranium Futures $85.2/lb vs $85.6/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.8/t vs US$99.1/t

Chinese steel rebar 25mm US$478.0/t vs US$478.1/t

HCC FOB Australia US$243.3/t vs US$243.3/t

Thermal coal swap Australia FOB US$128.5/t vs US$128.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$107,113/t vs US$109,501/t

Lithium carbonate 99% (China) US$20,981/t vs US$21,386/t

China Spodumene Li2O 6%min CIF US$2,295/t vs US$2,325/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vs US$1,705/mtu

China Tantalum Concentrate 30% CIF US$226/lb vs US$228/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

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

China Ilmenite Concentrate TiO2 US$225/t vs US$224/t

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

China Rutile Concentrate 95% TiO2 US$1,156/t vs US$1,154/t

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

Brazil Potash CFR Granular Spot US$400.0/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:

China – Battery material prices jump sharply

• Battery-grade lithium carbonate rose to a~$24,750/t yoy from ~$8,800/t
• Battery makers are now raising prices and buying into mines directly to lock in supply.

Company news:

80 Mile Plc* (80M LN) – 0.90p, Mkt cap £48m – 2026 Online Money Awards AIM Market Company of the Year

• 80 Mile plc reports the award of AIM Market Company of the Year at the 2026 Online Money Awards, organised by Holiston Media and The Armchair Trader.
• The award demonstrates the company’s popularity amongst investors and the trading community with >10,000 private investors and traders reported to have voted.
• 80 Mile has three significant projects and are preparing to:

• • Drill 9,000m on the Disko property in West Greenland, looking for district-scale nickel, copper and PGMs starting in a few days.
  • Drill two 3,500m oil & gas exploration wells on Jameson Island in Greenland in the second half in jv with NASDAQ listed Greenland Energy Company which has raised $88m for the project to date.
  • Start production of Sustainable Aviation Fuel and other Biofuels at the Greenswitch biofuels plant, Ferrandina plant in Italy.

Conclusion: The 80 Mile team’s ability to discover, finance and advance new ideas in metals, oil & gas and biofuels is effectively recognised in this award.

If any one of the three key projects hits meaningful results then 80 Mile might well be up for the award again next year.

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

Andrada Mining (ATM LN) 3.8p, Mkt Cap £82m – Uis mine delivers record quarterly tin production

• Andrada Mining reports record quarterly tin production at its Uis mine in Namibia of 286t in 473t of concentrate over the Q1 3 months ending 31^st May 2026 (Q1 FY2026 – 238t).
• The production comes from the processing of 270kt of ore at an average grade of 0.146% tin (Q1 2026 – 255kt at an average grade of 0.136% tin).
• Recovery rates improved to 73% from the previous Q1 rate of 69%.
• Elsewhere in Namibia, the company confirms the completion of 16,500m of drilling in 143 holes at its Lithium Ridge project with “associated tin and tantalum mineralisation” in addition to the primary objective of lithium mineralisation.
• Andrada Mining says that the “Scale and continuity of the mineralised system … [at Lithium Ridge continues] … to increase”.
• The company also confirms the start of an “extensive drilling and metallurgical programme” at the Brandberg West project and that “Ore sorting … [is] … likely to achieve over 90% mass reduction with grade uplifts of up to 7x tin, 6x tungsten and 4x copper”.
• Andrada Mining also welcomes the financial support of  “SQM, ACAM and the European Investment Bank” in development of its “growing cash-generating tin operation … [at Uis] … a rapidly advancing lithium discovery … [at Lithium Ridge ] … with consistently strong results and an emerging tungsten development project” at Brandberg West.

Conclusion: The Uis mine has achieved record quarterly tin production over the 3 months to 31^st May 2026 while also progressing exploration at Lithium Ridge and at the Brandberg West project.

Asante Gold (ASE CN) C$0.7, Mkt Cap C$623m –Operational update outlines cost saving initiatives

• Ghanaian gold producer Asante provides an update on its strategic review initiated in 1Q26.
• Management’s current focus is on reducing costs and stabilising production.
• On cost management, Asante has removed third-party equipment hire, renegotiated contractor arrangements and reviewed procurement practices.
• A review of capital projects has outlined $50m of CAPEX deferrals or cancellations, with further reductions expected in a July update.
• Company notes its ‘banking syndicate remains supportive’ and the parties are in ‘continuous constructive dialogue.’
• Operationally, Asante notes Chirano has delivered production in line with expectations through Q2.
• At Bibiani, the Company has identified 5koz of gold accumulated within the circuit and expects to recover this in 4Q26.
• Management is also considering a phased underground development strategy, beginning a single decline in 4Q26 vs the previously planned three portals.
• This is intended to support a more capital efficient development programme and provide an opportunity to better refine the geological model.

Ferrexpo plc (FXPO LN) 28.6, Mkt cap £171m – AGM statement highlights potential for equity fundraise of US$100m

• Ferroexpo’s AGM statement highlights the ongoing operation of one of four pellet lines in Ukraine
• The ongoing operation of its iron ore pellet line and exports to European and Middle East customers is impressive given the ongoing conflict with Russia.

• • “Based on current production rates, current and forecast energy prices over the next quarter, and taking into account the optimised sales mix, the Group now forecasts that it has sufficient net accessible cash less funds blocked at Mbaer bank beyond the previously stated end of August 2026.”

• Funding Options
• Ferroexpo continues to “actively advance the workstreams to be in a position to launch an equity fundraise of at least US$100m.”
• The Group will provide a further update in its Q2 production update on 15 July 2026.

Forrestania Resources (FRS AU) A$0.42, Mkt Cap A$569m – A$300m acquisition of Edna May processing hub

• Australian gold developer Forrestania has agreed to acquire Ramelius’ Edna May Gold Hub for A$300m.
• Forrestania will pay A$200m in cash and A$100m in Forrestania shares.
• The Company is conducting a A$300m placement due for completion on 1^st July.
• The Edna May Mill holds a 2.9mtpa CIL capacity with potential to expand to 3.2mtpa.
• The asset is intended to compliment the Lake Johnston hub currently under construction and due for completion 4Q26.
• Edna May also holds 945koz in JORC MRE.
• Forrestania sees potential for a dual mill strategy with capacity of 6mtpa from 1H27.
• The Company is targeting a restart of Edna May in 1H27 using Foresstania’s nearby MRE before a longer-term plan to process Edna May ore.

Fulcrum Metals (FMET LN) 8.38p, Mkt Cap £12m – Proposed NSR finance for the Teck Hughes tailings project, Ontario

• Fulcrum Metals reports that it has reached a non-binding US$20m royalty financing agreement with Chancery Royalty for its Teck Hughes tailings project near Kirkland Lake, Ontario.
• The company says that the “Proposed 5% NSR over Teck-Hughes gold production provides a potential non-dilutive route to production funding … [and that it] … would retain the right to repurchase 2% of the royalty for US$10 million”.
• “Subject to execution of definitive agreements, Chancery Royalty would also be granted a right of first refusal over future royalties on additional mine waste reprocessing projects controlled by Fulcrum within the Kirkland Lake district for a period of two years”.
• Today’s announcement also discloses a “£200,000 subscription for new ordinary shares in Fulcrum by Chancery at 8.5p per share … [representing] … 1.50% of the enlarged share capital”.
• CEO, Ryan Mee, welcomed Chancery Royalty “as a shareholder and a potential long-term funding partner … [and described them as a] … growth-oriented royalty company”.
• Mr. Mee described its “conceptual production profile of approximately 12,000 ounces of gold per annum” at the Teck Hughes Project which is expected to use “cyanide-free technology across the Timmins and Kirkland Lake mining districts”.
• He said that “As we evaluate potential sites for pilot plant deployment, we believe the combination of our platform approach and growing relationship with Chancery could provide a strong foundation to unlock a wider pipeline of mine waste opportunities”.

Greatland Resources (GGP LN) 633.5p, Mkt Cap £4,345m – 150% rise in Telfer’s ore reserve lifts Greatland Gold’s reserve base to 5moz

• Greatland Resources reports that a 150% increase in the ore reserve estimate (ORE) of its Telfer mine in WA to 1.8moz combined with the 3.3moz reserve of the nearby Havieron project lifts its overall reserve inventory to 5moz.
• ‘Probable’ reserves of 116.8mt grading 0.46g/t gold and 0.06% copper at Telfer and stockpiled material designated ‘Proved’ (1.9mt at an average 0.69g/t gold and 0.13% copper) are dominated by the reserves at the operating West Dome Open Pit which hosts 90.6mt at an average grade of 0.46g/t gold and 0.05% copper contribute 1.4moz of Telfer’s contained gold.
• The operating Main Dome underground mine contributes an additional 200koz of gold and 11kt of copper in a ‘Probable’ reserve of 3.6mt at an average grade of 1.33g/t gold and 0.31% copper.
• Telfer’s reserves are reported “based on a variable break-even calculation using net smelter return (NSR), medium-term metal prices of A$4,000/oz Au and A$6.00/lb Cu and current site cost and operating conditions specific to each ore source”.
• Reserves at Havieron remain unchanged at the December 2025 ‘Probable’ 38.5mt at an average grade of 2.63g/t gold and 0.33% copper.
• Havieron’s reserves are “based on a variable break-even calculation using net smelter return (NSR), long-term metal prices of A$2,500/oz Au and A$4.60/lb Cu, average metallurgical recoveries of 86.6% gold and 84.4% copper, reported within mining shapes based on a sub-level open stoping mining method with cemented paste fill and above a break-even cut-off grade of A$82/t NSR processed”.
• Today’s announcement includes a graph showing an increase in the gold content of the company’s ore reserves from a total 3.1moz at December 2024 to the current 5.0moz as a result of an additional 1.3moz contained in  open pit reserves at Telfer (partially offset by 400,000oz of depletion from mine production) , 200,000oz of gold contained in the underground reserves at Telfer and a further 900,000oz in the Havieron reserves.
• Today’s announcement explains that “Significant Mineral Resources have not been considered for this ORE, with some areas of open pit first requiring further drilling to convert to Indicated categorisation”.
• These include:

• • ‘Indicated & Inferred’ resources of 3.5moz of gold and 103kt of copper hosted within 244mt at an average grade of 0.45g/t gold and 0.04% copper at the West Dome Open Pit; and
  • 2.6moz of gold and 201kt of copper hosted in ‘Indicated & Inferred’ resources of 53.9mt at average grades of 1.53g/t gold and 0.37% copper in the Main Dome Underground (MDU), West Dome Underground (WDU) and the Vertical Stockwork Corridor (VSC) areas.

• The announcement also highlights “Potential to convert 42% more gold from Inferred Resources that is treated as waste within the ORE … [open] … pit shell … [and the] … Potential to convert 8% more gold from Inferred Resources contained within underground mining shapes but treated as unmineralised waste dilution in the underground ORE”.
• The increased reserve estimate for Telfer reflects the underlying mineral resource estimate of 417mt at an average grade of 0.59g/t gold and 0.09% copper containing 7.9moz of gold and 369kt of copper.
• The Telfer Resources comprise:

• • 2.7mt of ‘Measured’ resources at an average grade of 0.66g/t gold and 0.11% copper; and
  • 182mt of ‘Indicated’ resources at an average grade of 0.67g/t gold and 0.12% copper; and
  • 233mt of ‘Inferred’ resources at an average grade of 0.53g/t gold and 0.06% copper; and

• Managing Director, Shaun Day, explained that the “substantial uplift in reserves at Telfer only reflects drilling from just our first 12 months of ownership, with ongoing high cadence drilling planned to support future resource and reserve upgrades”.
• He also said that “We see strong potential to bring on additional high-grade underground mining areas and yield significant growth in future reserve updates via ongoing studies at the West Dome Underground and Main Dome Underground VSC”.
• He said that “Our drilling success to date clearly demonstrates the scale of Telfer’s mineral system which underpins the opportunity to continue fully utilising our low cost and large-scale processing infrastructure well into the future”.

Conclusion: The reserve increase at Telfer builds on the increased ore resources announced in March and the fruits of the company’s commitment to a major 240,000m resource conversion and expansion drilling programme currently continuing.

New Frontier Minerals* (NFM LN) 38p, Mkt cap £6.52m – New field work program at Harts Range to focus on potential for Rare Earths, Tungsten and Niobium

• NFM reports on the return of its geological field teams to the Harts Range Heavy Rare Earths and Niobium Project~140 km north-east of Alice Springs, Australia
• The team have a further 40 priority targets to test on the property as defined by surface sampling and geophysics.
• Initial activities will focus on the Kings Cross Prospect which shows a prominent magnetic anomaly of ~150-200m.
• Work at Kings Cross will include detailed geological mapping, rock-chip sampling and ground-truthing to refine the geological model and assess the source of the magnetic anomaly.
• Litchfield Minerals recently reframed the broader Harts Range as an emerging ‘district-scale’ Copper-Nickel-PGE system.
• BHP-Xplor which funds juniors with exciting prospects and discoveries have backed research by Litchfield on Harts Range as offering significant discovery potential.
• See Litchfield Minerals presentation on Oonagalabi and Paradise Well at: https://litchfieldminerals.com.au/latest-presentation/:

• • Oonagalabi shows oil geochemistry along 1km of strike at +0.4% Cu, +0.4% Zn in central zone.
  • Paradise Well also shows Monazite bearing rocks with up to 40% monazite

• The area also remains highly prospective for Heavy Rare Earths, Niobium and Tungsten mineralisation.
• NFM have tested six out of 46 targets to date collecting data which may help with future discoveries.

Conclusion: NFM have analysed and reassessed the potential of the Harts Range prospects and are regrouping the exploration team for the 2026 field program.

We look forward to further news on their field work.

*SP Angel acts as broker to New Frontier Minerals

Savannah Resources* (SAV LN) 6.3p, Mkt Cap £162m – Temporary land access reconfirmed allowing works to resume immediately

BUY

• The Portugues State lifts the suspensions on the temporary land easement and allows fieldwork to restart immediately at the Barroso Lithium Project, Portugal.
• The decision comes on the back of Covas do Barroso Baldios, a communal land representative, challenging the land easement order issued in early May and filing a “precautionary measure” against the Portuguese Ministry for the Environment & Energy.
• The State highlighted national and European significance status of the project and potential, noting that suspension would cause “serious and difficult-to-remedy harm to the public interest.”
• The State also cited Savannah’s conduct under the first easement in 2025 as having been carried out in strict compliance with the approved work programme, with no significant damage attributable to the works.
• The company will now resume the field programme and complete the work as planned.
• DFS work remains on target for the release in July.

Conclusion: The State reaffirmed the temporary land easement order implying an ongoing support for the Barroso Lithium Project. This is the second time a local challenge has been ruled in the project’s favour, following a similar dispute in early 2025 resolved within two weeks. Importantly, the State explicitly noted that the Company acted in strict compliance with the previous land easement order, adding to Savannah’s track record as a responsible developer in the region.

*SP Angel acts as Nomad and Broker to Savannah Resources

Toubani Resources (TRE AU) A$0.37, Mkt Cap A$279m – Investment into Avanti Gold boosts DRC gold exposure

• Toubani Resources, Malian gold developer, has acquired a 19.9% stake in Avanti Gold.
• Toubani will acquire the stake via a share swap arrangement with certain shareholders of Avanti.
• Avanti shareholders will receive 72.9m new shares in Toubani in return for 44.5m Avanti shares.
• An additional 36.45m Toubani options will be offered at $0.6/share with a three year exercise price.
• Avanti holds a 73.5% interest in the Missi Gold Project in the DC, which holds an Inferred MRE of 41mt at 2.37g/t Au for 3.1moz.
• Toubani management note the investment reflects an opportunity to ‘gain exposure to one of the few premier gold development assets in Africa.’
• Focus remains on delivering Kobada to production in 2027.
• Avanti is currently undertaking a 42,000m drill programme at Missi.

Xtract Resources (XTR LN) 1.15p, Mkt Cap £15m – 2025 results describe progress in Morocco and Zambia

• Xtract Resources reports a 2025 loss of £2.04m (2024 loss £0.86m) and a closing cash balance of £2.29m.
• The company highlights operational progress with the Moroccan Amghas / Ighoud antimony project where “Exploration and mine clearing at Amghas … [has] … identified high-grade antimony mineralisation (including up to 15-40% Sb) amenable to preliminary gravity-processing whilst a larger flotation plant is developed”.
• The exploration has “identified several high-priority zones, including vein systems that extend beyond the immediate historic workings, and in some places extend between other known historical workings, spanning several km of strike”.
• Executive Chairman, Colin Bird, confirmed that since the end of the financial year Xtract Resources “elected to build a gravity separation plant at mine site and produce a antimony concentrate between 15-20%. A mining licence was received in June 2026 and the Company has applied for a mineral processing licence and on receipt, intend to build a full flotation facility to produce high grade antimony concentrates”.
• In Zambia, drilling “at the historic Silverking Cu-Ag deposit … was successful in identifying significant extensions to the high-grade copper-silver mineralisation”.
• The drilling at Silverking intersected “Consistent intervals of high-grade copper mineralisation… over downhole widths of up to 25m, whilst the surface expression of mineralisation tripled to over 260m”.
• Mr. Bird reported that “we have decided to develop a ramp to the 140m below surface level … [at Silverking] … leaving a crown pillar between the open pit and the underground mine. The underground mine will target the exceptionally high sulphide mineralisation, towards the expiration of the open pit mine life, thus continuing continuity of operations”.
• Also in Zambia, the company has decided to “relinquish the Chilibwe and Western Foreland licences … enabling the Company to concentrate on higher-priority assets” although initial scout drilling and exploration of the Western Foreland licence “identified the presence of prospective basin architecture that hosts mineralisation elsewhere in the region”.

Conclusion: Moving towards production of antimony concentrates in Morocco and focussing on the Silverking mine in Zambia in preference to wider regional exploration.

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

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

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

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

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

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

Sales

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

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

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

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

Prince Frederick House

35-39 Maddox Street

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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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SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA 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

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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