SP Angel – Today’s Market View, Monday 8th June 2026

Nickel prices rise despite US dollar gains as Indonesian ore restrictions disrupt RKEF production

MiFID II exempt information – see disclaimer below

American Tungsten & Antimony (AT4 AU) – Drilling results from the Antimony Canyon project, Utah

K92 Mining (KNT CN) – Arakompa prospectivity improves with high-grade veins and bulk tonnage identified

KEFI Gold and Copper* (KEFI LN) – BUY, Target 4.2p – Looking ahead to initial gold production at Tulu Kapi in 2028

Mila Resources (MILA LN) – Drilling at Yarrol to move into resource definition phase

Oriole Resources (ORR LN) – Step-out drilling at Mbe South to support MRE update

Premier African Minerals (PREM LN) – Starting to feed ore to the flotation plant at Zulu, Zimbabwe

Tertiary Minerals* (TYM LN) – MRE infill and expansion drilling programme gets underway at Mushima North

Nickel – (US$18,600/t) – prices rise despite US dollar gains as Indonesian ore restrictions disrupt RKEF production

• Eramet’s PT Weda Bay Nickel (JV with Tsingshan and state miner Antam) has halted ore production since late May after its 2026 quota was cut ~70% to 12Mt vs 42Mt produced in 2025
• Indonesia’s RKEF ‘Rotary Kiln-Electric Furnace ‘ which produces nickel for stainless steel capacity utilisation has fallen from 84% to 76%, with some Sulawesi lines running below 50%.
• HPAL is used for MHP, eg. nickel for Li-ion batteries.
• The INSG expects a 32,000t deficit in 2026 — the first deficit since 2021 — with the RKAB quota cut to 270Mwmt (from 375Mwmt in 2025)
• The reduced output and rising prices are pressuring international downstream players, particularly South Korean battery manufacturers like LG Energy Solution, Samsung SDI
• Indonesia is centralising strategic commodity exports under Danantara Sumberdaya Indonesia (DSI) control from June 1.
• This will also impact coal, ferro-alloy, and palm-oil.
• Phasing transition: All producers will have to sell all coal, ferro-nickel produced with NPI and palm oil to the DSI.
• This will void all offtake contracts and will start transitioning from 1^st June with the official start on 1^st September.
• DSI is 99%-owned by the Danantara sovereign wealth fund and was registered the day before Prabowo’s 20 May announcement; the stated aim is to combat under-invoicing, transfer pricing and proceeds diversion.
• The transition to the centralising of exports under the DSI risks creating export delays existing off-take voidance, export delays and squeezing margins for affected producers.

Gold ($4,285/oz) slumps as Middle East tensions escalate and Non-Farm Payrolls beat expectations

• Gold prices have now fallen 9% over the past month, down over 4% on Friday and another 1% today.
• Spot gold broke through its 200-day moving average, a key level watched by traders and algorithmic funds.
• This likely accelerated the sell-off on Friday, with traders rotating out of gold on signs of escalation in the Middle East.
• Explosions have bee reported in Tehran as Israel and Iran exchange blows.
• Gold has been trading in increasing lockstep with peace negotiations, rallying on improvements in negotiations and selling off as talks break down.
• It seems as though talks have broken down again, with Trump reportedly increasingly aggravated by Netanyahu.
• Emerging markets have seen some pressure to sell down gold holdings to fund budget needs amid elevated energy costs.
• Whilst the Chinese Central Bank has been adding to their holdings, there is likely sustained selling pressure from other nations.
• US Treasury yields were lifted higher again on Friday by stronger-than-expected US labour data, with the 10-year rising to 4.58% this morning.
• This in turn has lifted the dollar higher, with the dollar index rising over 100 today.
• Crude remains below $100/bbl, however the wider market sell-off in risk assets on Friday (Nasdaq down 5%), has added further fuel to the gold sell off.
• Over the longer-term, we remain bullish gold and would not be surprised to see the metal return to record highs in due course, as the petrodollar status quo breaks down and BRIC countries return to diversifying their foreign reserves.

Tin – (US$51,520/t) – prices fall as US dollar gains despite Indonesia’s new DSI government fund looking to control tin exports

• Indonesia’s newly created DSI government investment fund is looking to control tin exports.
• Indonesia’s tin smelters struggling to source feedstock as government closures restrict ore local ore supply.
• Indonesian state tin miner PT Timah has set an ambitious refined tin output target of 30,000 metric tons for 2026, marking a 68% increase from the 17,815 tons produced in 2025.
• Q1 Performance: PT Timah produced 5,630 tons of refined tin in Q1 2026, surpassing initial targets, with strong momentum continuing into Q2.
• While the DSI single-window policy is currently targeting ferroalloys (like NPI and ferronickel), new reports over the weekend indicate Indonesia is actively advancing a parallel structure specifically for tin and other metals.

Iran – Israel has struck IRGC military sites in Iran in retaliation for ballistic missiles fired into Israel

Iran fired 11 ballistic missiles into Israel today with each missile able to kill hundreds and level neighbourhoods

• Iran has warned of a full week of continuous strikes
• The IDF and IAF will likely to continue to retaliate and to strike IRGC launchers before they fire
• The IAF struck the Mahshahr petrochemical facility in Iran, presumably to cut further income to the IRGC and to hamper the fuelling of ballistic missiles and other rockets.
• The IRGC have fired at a petrochemical plant in Haifa, Israel, in retaliation.
• Israel’s Iron Dome is now reported to be 99% effective so long as the system has sufficient missiles. The conflict is now in on day 101

Israeli retaliation for ballistic missiles fired at Israel caused Asian markets to fall

Iran fired on Israel in response to Israeli aggression towards Hezbollah in Lebanon.

• Brent crude jumped to $99.8/bbl. WTI Cride rose to $94.8/bbl
• Short-end yields spiked
• VIX index has spiked over +39% higher in response.

Coal mine gas explosion in China: https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports

Guardian Metal Resources – Tungsten & Pilot Mountain mine : https://invest.investorshub.com/innovationreport/

Currencies

US$1.1526/eur vs 1.1637/eur previous. Yen 160.19/$ vs 159.94/$. SAr 16.612/$ vs 16.292/$. $1.334/gbp vs $1.345/gbp. 0.705/aud vs 0.713/aud. CNY 6.786/$ vs 6.772/$

Dollar Index 100.11 vs 99.26 previous

Economics

US – Non-Farm Payrolls see substantial and unexpected growth

• Fed less likely to cut interest rates in short term as new jobs growth helps economy
• US Dollar gained >100
• US non-farm jobs rose by 172,000 well over the 85,000 expectation partly lifted by temporary new job creation for the Football World Cup in the US.
• April payroll data also rose to 179k from 115k suggesting momentum in new job creation was stronger than previously considered.
• An average of 188,000 jobs were created in each of the past three months reversing last year’s falls due to uncertainties on US tariffs and cuts to the federal government.
  • Leisure and hospitality added 70,000 positions in May mainly driven by the US World Cup.
  • Local government added 55,000 jobs
  • Health care added 35,000.
  • Finance lost 22,000 jobs.
• Unemployment held at 4.3%
• Participation rate unch at 61.8%
• Annual wage growth fell to 3.4% yoy from 3.6% yoy with average hourly earnings rising slightly 0.3% mom from 0.2% in April

Japan – GDP Growth cut to 1.8% from 2.1%

• Q1 GDP growth has been revised lower on more cautious capital and corporate investment.
• Q on Q growth was also revised lower to 0.45% from 0.51%
• Nominal GDP growth was also revosed lower to an annualized 2.5% from 3.4% previously.
• The downgrade offset better than expected consumption and trade.
• Nikkei index fell -4.5% today

Korea – Kospi index in South Korea fell limit-down this morning

• The fall is attributed to Israeli firing on IRGC military sites in Iran following their firing of ballistic missiles at Israel.

North Korea – President Xi Jinping is in North Korea

• North Korea continues to expand its nuclear weapons and to firm up relations with Russia.
• While China also has close connections with Russia it may not be keen to allow Russia to use North Korea as leverage against China
• China does not fully trust Russia despite their ‘no-limits’ friendship and extensive trade arrangements.
• We note, Beijing has been careful not to officially recognise Russia’s territorial claims in Ukraine.

Lithium batteries – The FAA report >644 Li-ion battery incidents since 2006 in the US according to the FAA

• The insurance industry now considers Li-ion battery fires / thermal runaway on planes as its biggest risk.
• Battery heating incidents and fires are now affect around 1 to 2 flights a week.
• Most incidents are managed by cabin crew before they escalate to open flames using fire blankets and secure boxes.
• Power banks, vapes, and laptops are the main culprits with ~18% of flights diverted, returned to the gate, or emergency evacuated.

Precious metals:

Gold US$4,306/oz vs US$4,462/oz previous

Gold ETFs 98.2moz vs 98.2moz previous

Platinum US$1,765/oz vs US$1,883/oz previous

Palladium US$1,227/oz vs US$1,304/oz previous

Silver US$67.2/oz vs US$72.5/oz previous

Silver ETFs 788.6moz vs 788.3moz previous

Rhodium US$8,050/oz vs US$8,150/oz previous

Base metals:   

Copper US$13,555/t vs US$13,722/t previous

Aluminium US$3,590/t vs US$3,643/t previous

Nickel US$18,600/t vs US$18,565/t previous

Zinc US$3,519/t vs US$3,565/t previous

Lead US$1,995/t vs US$2,009/t previous

Tin US$51,520/t vs US$54,115/t previous

Energy:

Oil US$97.8/bbl vs US$94.7/bbl previous

• Crude oil prices edged higher after Iran and Israel exchanged missile strikes, which threatens to derail ongoing US negotiations with Iran and secure a reopening of the Strait of Hormuz.
• The US Baker Hughes rig count rose 1 to 563 units last week (+4 y/y), as oil rigs rose 2 to 431 units (-11 y/y) and gas rigs fell 1 to 124 units (+10 y/y), with Texas adding 4 units to 260 rigs (-4 y/y).

Natural Gas €51.0/MWh vs €49.2/MWh previous

Uranium Futures $85.5/lb vs $85.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$100.5/t vs US$101.8/t

Chinese steel rebar 25mm US$488.8/t vs US$491.0/t

HCC FOB Australia US$249.0/t vs US$246.5/t

Thermal coal swap Australia FOB US$147.0/t vs US$147.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$102,641/t vs US$103,150/t

Lithium carbonate 99% (China) US$23,505/t vs US$23,997/t

China Spodumene Li2O 6%min CIF US$2,530/t vs US$2,530/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$228/lb vs US$228/mtu

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

Europe Vanadium Pentoxide 98% US$6.0/lb vs US$6.0/lb

Europe Ferro-Vanadium 80% US$27.5/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$239/t vs US$240/t

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

China Rutile Concentrate 95% TiO2 US$1,157/t vs US$1,159/t

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

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/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:

CATL expect energy storage to be 50% of business by 2030

• The world’s biggest battery maker, expects energy storage to account for half of its global sales by 2030, up from 25% now, a company executive told Reuters.
• Five years ago, batteries for energy storage only accounted for 2% of sales.
• Battery growth is increasingly being driven by AI data centres, renewable energy, and grid storage, with energy storage becoming one of the fastest-growing segments of the global energy industry.
• China’s battery exports for storage applications are expected to grow roughly 30% in 2026, while major solar manufacturers are also expanding aggressively into battery storage.
  • The solar sector has been hit by weaker domestic installations, slowing exports and record-low prices, with executives expecting global demand to decline in 2026.
  • Leading solar manufacturers, including JinkoSolar, Solar, LONGi Green Energy and Trina Solar are all now looking to accelerate expansion into battery storage.
  • JinkoSolar plans to nearly triple its battery manufacturing capacity from 5GWh to 13-14GWh by the end of this year

Company news:

American Tungsten & Antimony (AT4 AU) A$0.056, Mkt Cap A$94m – Drilling results from the Antimony Canyon project, Utah

• American Tungsten & Antimony reports drilling results from it Little Emma prospect in the Antimony Canyon Project in Utah.
• Hole ACP26DD026 intersected 10.37m at an average grade of 3.98% antimony from 3.35m depth.
• A second, unidentified hole, intersected “returned 5.7m @ 2.80% antimony from 48.68m, including 1.95m at 8.09% antimony from 51.21m”.
• The company explains that its initial drilling campaign at the Little Emma prospect, which comprises “less than 1% of the total project footprint” comprised 30 holes (1,970m) and that “24 holes … [returned] … assay results”.
• “The project features more than 20 historic workings across a district-scale hydrothermal antimony system”.
• The company’s ‘Exploration Target’ for the Antimony Canyon Project is “6.1 to 6.9 million tonnes at grades ranging from 1.4% to 2.3% Sb”.

K92 Mining (KNT CN) C$22, Mkt Cap C$5.4bn – Arakompa prospectivity improves with high-grade veins and bulk tonnage identified

• Papua New Guinean gold producer K92 reports results from its ongoing diamond drilling programme at Arakompa.
• Arakompa lies 4.5km from the Kainantu Gold Mine.
• Drilling intersected several high-grade intersections at Arakompa’s AR1 Vein, with a near-surface high-grade zone now identified over 300m of vertical extent and 400m of strike length.
• AR1 Highlights include:
  • KARDD0076: 11.9m at 14.3g/t AuEq (inc. 1.7m at 92.43g/t AuEq)
  • KARDD0106: 10m at 15.2g/t AuEq (inc. 4m at 36.7g/t AuEq)
  • KARDD0100: 16.5m at 8.06g/t AuEq (inc. 3m at 18g/t AuEq)
  • KARDD0090: 8.6m at 6.79g/t AuEq
  • KARDD0094: 7.88m at 6.63g/t AuEq
  • KARDD0091: 4m at 13.9g/t AuEq (inc. 1.8m at 30.3g/t AuEq)
  • KARDD0078: 5.1m at 6.81g/t AuEq
• Management notes the weighted average grade and true widths for AR1 stands at 9.47g/t AuEq over 4.32m.
• Drilling also intersected several high-grade intercepts at the AR2 vein, including 4.7m at 42g/t AuEq and 6.8m at 15.2g/t AuEq.
• The Company is also outlining a high-grade bulk zone, with highlights including 49m at 1.95g/t AuEq and 140m at 1.27g/t AuEq.
• K92 is aiming to deliver a maiden MRE for Arakompa this summer and has now identified both high-grade vein zones and a bulk tonnage zone.
• Management is also targeting a potential porphyry zone to the south, and is currently working on targeting a potential high-grade potassic core.

KEFI Gold and Copper* (KEFI LN) 1.12p, Mkt Cap £157m – Looking ahead to initial gold production at Tulu Kapi in 2028

BUY – 4.2p

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• In its results for the year to 31^st December 2025 Kefi Gold & Copper reports a pre and post-tax loss of £9.7m (2024 – £1.2m profit) and announces progress with its’ Tulu Kapi Gold Project in Ethiopia as it moves “from planning to execution”.
• Commenting on the project following the securing of “more than $400 million” of funding Executive Chairman, Harry Anagnostaras-Adams, described Tulu Kapi as “a high-quality gold asset by global standards, with maiden Ore Reserves of 1.05 million ounces and Mineral Resources of 1.7 million ounces, at an average grade of 2.7g/t and metallurgical recovery of approximately 94%”.
• Finance Director, John Leach, confirmed that the $400m funding package includes $240m of secured debt as well as “Contractor supply of the mining fleet”.
• With initial production expected in 2028, Mr. Anagnostaras-Adams said that Tulu Kapi would average production “averaging approximately 166,000 ounces per annum” from open-pit mining over an initial seven years with “significant expansion potential underground … targeting overall production of around 200,000 ounces per annum”.
• Mr. Anagnostaras-Adams said that “With gold at $3000 an ounce, the NPV of Tulu Kapi alone is £1bn, valuing KEFI’s share at more than £800m. At $5,000 an ounce, the project’s NPV rises to around £2 billion, taking our share to a value of around £1.6 billion” with production at an all-in-sustaining cost “of US$1,114 to US$1,254 per ounce”.
• Today’s announcement also describes the company’s exploration progress in Saudi Arabia where it is “finalising its Definitive Feasibility Study … with a staged gold operation, similar in scale to Tulu Kapi” at the Jibal Outman project.
• Also in Saudi Arabia, Kefi’s “Hawiah Copper-Gold … [project] … ranks amongst the most significant discoveries in the region”.
• Additional exploration licences at Umm Hijlan extend “the mineralised strike of the Hawiah copper-gold system”.

Conclusion: Tulu Kapi’s transition into the implementation of development is expected to see commissioning in late 2027 and deliver initial gold production in 2028.  Kefi Gold & Copper is also finalising the DFS for its Jibal Outman project in Saudi Arabia and expanding its exploration holdings in the Kingdom.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Mila Resources (MILA LN) 1.15p, Mkt Cap £9.2m – Drilling at Yarrol to move into resource definition phase

• Reporting results from a further 9 reverse-circulation drill holes completing its initial 12-hole programme at its Yarrol Gold Project in Queensland Mila Resources, Mila Resources says that they confirm the depth continuity of the mineralisation.
• Mineralisation remains open laterally “in several directions … [and the drilling has identified] … additional targets … across the project area”.
• Among the results highlighted in today’s announcement are:
  • A 3m interval at an average grade of 2.5g/t gold from a depth of 21m in hole MYARC-0213 which also intersected 20m averaging 0.5g/t from 66m and two 5m wide intervals averaging 1.9g/t and 1g/t from depths of 94m and 152m; and
  • A single metre grading 1.89g/t at 28m depth in hole MYARC-0214 which also intersected 10m at an average grade of 0.76g/t from 37m depth and 2m at a grade of 0.76g/t gold from 51m depth; and
  • A 29m wide interval at an average grade of 0.74g/t gold from 50m depth in hole MYARC-0217; and
  • A5m wide intersection at an average grade of 0.99g/t gold from 42m depth in hole MYARC-0219; and
  • A9m wide intersection at an average grade of 0.68g/t gold from 31m depth in hole MYARC-0221.
• The drilling shows a “Broad lower grade halo … [which] … shows potential to define significant tonnage in the system… [and which] … remains open along strike and at depth, with additional high-grade targets and parallel mineralised structures yet to be tested, supporting potential for further growth”.
• In addition to the drilling, exploration plans include “Induced Polarisation (IP) geophysical studies to … generate and better define drill gold-copper porphyry targets”.
• Executive Chairman, Mark Stephenson, described the “completion of this RC drilling programme at Yarrol … [as] … an important milestone in the project’s progression towards an initial Mineral Resource … [and confirmed that] … we are now moving decisively into the resource definition phase with confidence”.

Conclusion: Following completion of an initial 12-hole RC drilling programme at Yarrol, Mila Resources plans to progress to resource drilling.

Oriole Resources (ORR LN) 0.34p, Mkt Cap £16.5m – Step-out drilling at Mbe South to support MRE update

• Cameroonian gold explorer Oriole reports additional assay results from its Mbe South gold deposit.
• The Company has now completed a step-out diamond drilling programme at MB01-S over 2,477m and 10 holes.
• The results will be used to support an updated JORC MRE for MB01-S in 3Q26.
• Two holes reported today returned:
  • MBDD044: 27m at 1.69g/t Au from 96m depth
  • MBDD043: 27.6m at 0.58g/t Au from 53m depth.
• Management notes hole MBDD044 supports an along strike extension of hole MBDD024, 180m south-southeast, which returned 29.8m at 0.79g/t Au.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £9.0m – Starting to feed ore to the flotation plant at Zulu, Zimbabwe

• Premier African Minerals has started to feed ore to the newly installed flotation plant at its Zulu lithium project in Zimbabwe.
• The company declines to comment on the “recovery characteristics or overall plant performance” at this early stage but says that “Initial observations are positive and the flotation plant is operating as expected”.
• Feeding ore into the flotation plant follows the commissioning of the crushing plant in late May.
• The company has previously targeted completion of the plant in Q2 2026.

Tertiary Minerals* (TYM LN) 0.052p, Mkt Cap £2.81m – MRE infill and expansion drilling programme gets underway at Mushima North

• Zambian explorer Tertiary provides an update on its planned and fully funded workstreams at its Mushima North Project.
• The Company is aiming to deliver a maiden JORC MRE for Mushima North’s Target A1, which hosts an Exploration Target of 15-30mt at 40-60g/t AgEq.
• Mushima North hosts a near surface oxide zone over 500m x 300m to c.75m depth, remaining open to the northwest, southwest and at depth.
• Tertiary has planned a 4,000m RC programme, due to start in the next two weeks.
• The drilling will target oxide mineralisation extensions at A1, conduct infill drilling and begin testing western prospects at A1 and A2.
• Infill drilling at the oxide zone will aim to confirm the continuity of mineralisation to support a MRE, while extension drilling to the northwest and southwest at depth is aimed to increase mineralised tonnage.
• The programme is expected to take 6-12 weeks, with first results due in 6-8 weeks from the first batch of assays.
• Underlying sulphide mineralisation is yet to be tested, with strong pathfinder elements identified.

Conclusion: This is an exciting period for Tertiary following their £1m equity raise. The Company is now fully funded to deliver a maiden JORC MRE at Mushima North’s Target A1. This will be a major derisking milestone for Tertiary, and will be supported by metallurgical testwork and initial scoping study workstreams. The project holds potential to be a low-cost bulk-tonnage mining operation, and the upcoming RC programme will be key to advancing the asset.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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