SP Angel -Today’s Market View, Monday 5th January 2026

Copper prices jump on the LME today despite stronger US dollar

MiFID II exempt information – see disclaimer below

Happy new year!

Aterian plc* (ATN LN) – Trading profits from Rwanda to support exploration

Great Western Mining (GWMO LN) – Channel sampling of a tungsten prospect in Nevada

New Frontier Minerals* (NFM LN) – Big One copper project steps forward as the QNR completes initial regulatory review

Power Metal Resources* (POW LN) – Earning of an initial 20% of Saudi Arabian exploration project

Premier African Minerals (PREM LN) – Extended timetable for Zulu offtake agreement

Copper prices jump to US$12,847/t on the LME today despite stronger US dollar

• Copper prices jumped 2.7% on the LME since Friday morning as investors look for further economic support in China and ongoing growth.
• Japan’s positive December manufacturing PMI probably helped.
• Prospects for some erosion of the US dollar as China’s PBoC moves to strengthen the yuan.
• Rising sales of EVs vs diesel vehicles is expected to raise demand for copper, silver and a host of other metals.
• Potential for a structural shortage of physical copper in Asia and Europe with so much copper sitting in the US pending potential additional tariffs

Gold ($4,437/oz) and silver ($77/oz) prices rally on arrest and abduction of Venezuela president

• Fed President Paulson hinted at further interest-rate cuts later this year
• The dollar index rose to 98.67 vs 98.37 on Friday as is typical during a significant geopolitical event with investors moving to defence stocks and safe-haven assets
• The PBoC is asking domestic Chinese banks to report on their exposure to Venezuela after the US abduction.
• China and Russia have significant involvement in Venezuela. This will be mainly oil related but may extend into other sectors.
• China is seen as having given significant support to Venezuela with substantial development finance lending.
• Iranian demonstrations may turn into a greater geopolitical with reports of protestors being shot at with life fire rounds.
• Chinese loans into Iran may also be of concern if the Iranian regime also falls as it did when troops under the Shah of Iran shot protestors in 1979.
• Drug lords in Mexico may be checking their strong rooms following the Venezuelan raid.

Battery EVs to outnumber diesel cars on road by 2030 in UK

• Battery EVs are on track to overtake diesel cars on UK roads by 2030, according to analysis from New Automotive.
• Diesel cars on UK roads fell to 9.9m in June 2025, down 21% from their peak of 12.4m.
• Sales of diesel cars also took a hit in 2025, with fewer than 100,000 sales in the first 11 months.
• Sales of diesel vans have, however, continued to rise, to a record 4.4m.
• Battery EVs accounted for 4% of cars on the road in the UK in 2025, compared with 32% diesel and 58% petrol. Hybrid cars accounted for 6%.
• According to New Automotive, many diesel vehicles are reaching end of life in the next few years, and the scrapping of diesel vehicles is set to heavily outweigh new sales.

Currencies

US$1.1688/eur vs 1.1726/eur previous. Yen 156.99/$ vs 156.85/$. SAr 16.484/$ vs 16.526/$. $1.3459/gbp vs $1.3428/gbp. 0.668/aud vs 0.669/aud. CNY 6.979/$ vs 6.994/$

Dollar Index 98.67 vs 98.37 previous

• 2026 is the year for a stronger Chinese yuan. The CCP and PBoC are looking to allow the yuan to slowly strengthen following strong export trade data towards the end of last year.
• China also claims to be opening up for imports and plans to stimulate greater domestic consumption.
• Much of this will be orientated towards made-in-China goods, particularly EVs
• Anti-involution strategies are being designed to enable greater profit growth in key sectors with the idea that higher margins should feed through into higher wages to help support property and consumption
• China recognises the benefits of managing a slow and steady appreciation of the yuan, eg traders should be able to benefit and rely on its consistent appreciation and the PBoC is treading very carefully with its trading range.

Economics

China – Private December PMI services falls to 52.0 from from 52.1

• The move highlights some slowing of growth through the second half
• The survey shows some improvement in business confidence despite slowing employment and uncertain external demand.

Japan – Potential for further interest rate hikes according to BoJ governor

• The BoJ sees wages and prices as “highly likely to rise together moderately” according to a speech by Governor Kazuo Ueda in a speech.
• Governor Ueda reckons adjusting the degree of monetary support would help place the economy on a path toward sustained growth.
• Japan’s PMI manufacturing rose to 50.0 in December from 48.7 in November highlighting new momentum in the economy.

UK – Unemployment forecast to rise in zombie firm apocalypse as struggling companies go to the wall

• The Resolution Foundation is forecasting unemployment to rise as struggling companies fail at an increasing rate.
• Rising costs for employment, energy, finance and business rates are all contributing to failures.
• The Resolution Foundation, sees indications that 2026 could be remembered as a “turning point year” by future economists and demographers.

Precious metals:

Gold US$4,423/oz vs US$4,389/oz previous 

Gold ETFs 98.9moz vs 98.9moz previous 

Platinum US$2,223/oz vs US$2,150/oz previous 

Palladium US$1,711/oz vs US$1,703/oz previous 

Silver US$75.3/oz vs US$74.0/oz previous 

Rhodium US$8,350/oz vs US$8,350/oz previous 

Base metals:   

Copper US$12,847/t vs US$12,512/t previous 

Aluminium US$3,057/t vs US$3,007/t previous 

Nickel US$16,797t vs US$16.856/t previous 

Zinc US$3,171/t vs US$3,134/t previous 

Lead US$2,012/t vs US$2,009/t previous 

Tin US$40,556/t vs US$41,929/t previous

Energy:           

Oil US$60.3/bbl vs US$60.6/bbl previous 

Natural Gas €29.0/MWh vs €28.5/MWh previous

Uranium Futures $81.4/lb vs $81.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$104.4/t vs US$104.7/t

Chinese steel rebar 25mm US$460.8/t vs US$460.2/t

HCC FOB Australia US$211.5/t vs US$212.0/t

Thermal coal swap Australia FOB US$105.5/t vs US$105.5/t

Other:  

Cobalt LME 3m US$52,790/t vs US$52,790/t

NdPr Rare Earth Oxide (China) US$84,619/t vs US$83,944/t

Lithium carbonate 99% (China) US$16,510/t vs US$14,583/t

China Spodumene Li2O 6%min CIF US$1,375/t vs US$1,240/t

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

China Tungsten APT 88.5% FOB US$978/mtu vs US$958/mtu

China Tantalum Concentrate 30% CIF US$101/lb vs US$99/mtu

China Graphite Flake -194 FOB US$410/t vs US$400/t

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

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$260/t vs US$260/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,120/t vs US$1,117/t

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

Brazil Potash CFR Granular Spot US$360.0/t vs US$360.0/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Company News:

Aterian plc* (ATN LN) 23.6p, Mkt Cap £3.8m – Trading profits from Rwanda to support exploration

(Rwanda: Aterian holds an effective 100% stake in the Musasa Mining Licenses plus a 70% interest in Kinunga Mining Limited which holds the HCK licence alongside HCK Mining Company Limited which has a 30% interest.) (Botswana: Aterian also holds a 90% in Atlantis Metals which holds its licenses in Botswana). (Morocco: Aterian holds 100% on all licenses held in Morocco)

• Aterian report the further growth of its Rwandan mineral trading operations with a ~US$145,000 gross profit recorded in Q4.
• Growth in trading was below management’s target levels due to seasonal  / holiday volume drop-off with volumes expected to return to normal
• Profits should increase in Q1 on new volume growth with margins expected to remain in line with Q4.
• Aterian recently reported the winning of a new Prospecting Licence within the KCB ‘Kalahari Copper Belt’ in Botswana which lie close to ground held by Sandfire Resources.
• Aterian is working with Lithosquare which will using Machine Learning (AI) over the ground for further insight and ideas on the underlying geology.
• There is substantial information on the KCB for the AI routines to learn from offering potential for new discoveries to be targeted in further exploratio.

Conclusion: Funds from trading in Rwanda will be used to support exploration and gives management an important presence in the region.

*SP Angel acts as Broker to Aterian Plc

Great Western Mining (GWMO LN) 1.4p, Mkt Cap £2.4m – Channel sampling of a tungsten prospect in Nevada

• Great Western Mining reports the completion of “a machine-cut channel sampling programme over existing trenches at the Pine Crow-Defender … [tungsten] … prospect” in Mineral County, Nevada.
• The channel sampling follows soil sampling reported in October, and the company says that it “considers that these trench samples have strong potential to confirm zones of broad and consistent tungsten mineralisation”.
• Executive Chairman, Brian Hall, said that the channel sampling “will greatly add to our understanding of the tungsten potential there, which we expect will confirm zones of tungsten mineralisation”.
• Assay results from the channel sampling are expected “during January and could be used in the design of an early drill programme”.

New Frontier Minerals* (NFM LN) 0.85p, Mkt Cap £15m – Big One copper project steps forward as the QNR completes initial regulatory review

• New Frontier Minerals report their application for a mining lease on the Big One copper deposit has moved to technical assessment following completion of the initial regulatory review at the QNR ‘Queensland Natural Resources and Mines Department’.
• Big One Copper has a JORC mineral resource of 2.1mt @ 1.1% Cu plus an additional 7,000t @ 1.3% Cu of surface Indicated stockpiles.
• Ore from the deposit can be hauled to Austral Resources’ Mt Kelly process plant subject to approvals and economics.

• • “Sulphuric acid leach test-work has delivered indicative copper recoveries of up to 99%, confirming suitability for conventional acid leach processing”

• Given the current low oil price combined with higher copper prices we would be surprised if this was not an economic proposition.
• We would expect further drilling around the deposit to extend the known mineralisation given precious drill results:

• • BH 303RC: 40m @ 1.64% Cu from surface inc: 11m @ 4.40% Cu from 24m, 5m @ 7.34% Cu from 28m & 1m @ 16.65% Cu from 29m
  • BH 301RC: 44m @ 1.19% Cu from surface inc: 14m @ 3.55% Cu from 27m, 3m @ 10.88% Cu from 37m & 1m @ 12.6% Cu from 37m
  • BH BO017: 34m @ 1.51% Cu from surface inc: 21m @ 2.25% Cu from surface, 12m @ 3.44% Cu from 3m, 6m @ 4.79% Cu from 3m and 1m @ 9.4% Cu from 9m

• New Frontier have a MoU with Austral Resources Ltd for evaluating toll treatment of the ore at Austral’s Mt Kelly copper process plant
• Harts Range (REEs): Drilling of the 46-hole (~2,500m) RC campaign is testing a series of priority targets, 140km north-east of Alice Springs, Australia.
• Drill chippings are being assayed by ALS in Adelaide with further results due shortly.
• Further work on the 25kg bulk sample is being done by Metallium at their facility in Texas, USA using FJH ‘Flash Joule Heating’ technology.
• The Metallium Ltd’s FJH trial shows 20x TREO upgrade in total REOs to 35 % from 1.7 % in a single step flash

Conclusion: We expect further results from drilling at the Harts Range rare earth prospect to hopefully extend the scale of the prospect.

*SP Angel acts as broker to New Frontier Minerals

Power Metal Resources* (POW LN) 14.5p, Mkt cap £17m – Earning of an initial 20% of Saudi Arabian exploration project

• Power Metal Resources reports that, following expenditure of its initial US$350,000 of qualifying exploration funding, it has now earned a 20% interest in the Balthaga exploration project in Saudi Arabia.
• CEO, Sean Wade, said that Power Metal Resources has “the right to earn a further 10% interest through US$150,000 of expenditure within the next six months”.
• The project area, which is located between Jeddah and Riyadh covers 13 contiguous exploration licences (1,290km²) “prospective for rare-metal granite related mineralisation, particularly tin (“Sn”), tungsten (“W”), lithium (“Li”), beryllium (“Be”), molybdenum (“Mo”), niobium (“Nb”) and tantalum (“Ta”) and rare earth elements (“REE”)”.
• Initial work has identified “12 revised target areas” which are expected to be followed up with initial “ground verification, prospecting and rock sampling of the target areas … [as well as] … soil sampling … Trenching … drilling and sampling”.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Premier African Minerals (PREM LN) 0.04p, Mkt Cap £3.3m – Extended timetable for Zulu offtake agreement

• Premier African Minerals reports that it has agreed an extension to the ‘long stop date’ of its offtake agreement for production from its Zulu lithium & tantalum project in Zimbabwe.with Canamax Technologies.
• The new date is extended “from 31 December 2025 to the earlier of 30 June 2026 or the date on which a reputable buyer acceptable to Canmax executes a binding agreement to settle and/or manage Canmax’s Prepayment Amount plus interest on terms to be agreed by Canmax”.
• Today’s announcement confirms that the “conditions for the Long Stop Adjustment remain consistent with those announced on 1 April 2025, except for the following new and amended conditions:

• • The requirement for Premier to procure a non-binding expression of interest from a reputable buyer acceptable to Canmax within 30 days of the signing of the addendum (unless otherwise extended by Canmax) has been removed”; and
  • “The current office bearers of both Premier and Zulu Lithium Private Limited shall not resign, be removed, or otherwise cease to hold office until the end of the Long Stop Adjustment without the prior written consent of Canmax”; and
  • “Premier will maintain the security package previously announced on 24 December 2024 in full force and effect and will furnish any additional documentation reasonably required to preserve its validity”.

• The company’s AIM Rule 26 disclosure confirms that Canamax holds ~10.2bn shares (~13.4%) of Premier African Minerals.
• In a separate announcement today, the company announces the immediate resignation of non-executive director, Wolfgang Hampel, for “personal reasons”.
• Chairman, Godfrey Manhambara, thanked Mr. Hampel for “his dedication and stewardship … since joining the group in 2013”.
• He credited Mr. Hampel’s “key role in the development of both the RHA Tungsten and Zulu Lithium Projects and the continued advancement of the Company’s broader portfolio” and wished him well for the future.

Conclusion: Premier African Minerals has secured an extension of up to six months to secure an offtake agreement for the Zulu lithium project in Zimbabwe.

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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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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