SP Angel – Today’s Market View, Monday 9th November 2026

Gold rises as oil extends its fall and an Nvidia probe hits risk appetite

MiFID II exempt information – see disclaimer below

Arkle Resources (ARK LN) – Next phase of drilling at Erongo uranium target

Aterian plc* (ATN LN) – Four copper-silver targets defined over a 20km corridor in Botswana

Cornish Metals* (TIN LN) – Update on progress at South Crofty

ECR Minerals (ECR LN) – Aiming for initial gold production during November

Galantas Gold* (GAL LN) – First infill drilling results at Andacollo

Great Southern Copper (GSCU LN) – Diamond drilling at Artemisa, Chile

Mkango Magnetic Materials* (MKA LN) – Trading suspended pending an equity raise

Okopa plc (formerly Keras Resources* (OKP LN) – Okopa transitions towards copper oxide concentrate production

Tertiary Minerals* (TYM LN) – Drilling shows greater scale to silver-copper oxide mineralisation at Mushima North

Gold (US$4,099/oz) – rises as oil extends its fall and an Nvidia probe hits risk appetite

• Oil extended its biggest weekly drop since 2020, with traders weighing talks to end the US-Iran war against fresh attacks.
• A probe into Nvidia’s chief executive held back Asian shares, sending buyers into gold.
• Fed officials are still expected to raise rates in December.
• Traders now look to US inflation data on Tuesday for the next signal on rates.

China extends its buying streak to two years as prices fall

• The People’s Bank of China added 830,000oz, or ~25.8t, to its reserves in October.
• That was a 24th straight month of buying, bringing this year’s additions to ~129t.
• China was the biggest disclosed central bank buyer in the third quarter, according to the World Gold Council.

Copper (US$13,768/t) – falls as investors cut AI-linked positions

• Investor net long positions on copper in New York and London were worth >$30bn in September, when prices were at record highs.
• ~$10bn of funds flowed out of copper in October
• Buyers in China continue to pay domestic premiums which stood at >2,500 yuan ($375)/t on Friday.
• The November-December LME spread also widened sharply, pointing to tight supply outside the US.

Tin (US$46,467/t) – prices pull back with the AI sentiment despite tightening physical market

• Thursday’s selloff wiped US$3.2trn off Wall Street, on fears that the Democrats could slow the AI data centre buildout.
• But, exchange warehouses hold just <9,000t of tin, the lowest in four years.
• Premiums for spot physical tin are at $125/t but lower than the >$350/t seen in August.
• Indonesian exports fell 14% year-on-year over the first nine months, to 32,800t due to new Indonesian controls on informal tin miners.
• Yunnan Tin’s Gejiu smelter has been on a 45-day maintenance shutdown since the end of September.

Rare Earths – Europe needs €43bn to cut a $1.5trn dependence on China

• The EU estimates it needs >€43bn ($48bn) to finish the strategic projects under its Critical Raw Materials Act (Bloomberg).
• Its fund for critical minerals holds €3bn, against an IEA estimate of $1.5trn for the cost of a supply disruption.
• China mines ~60% of the world’s magnet rare earths and refines >90%.

China – Extends tariff and port fee suspensions on US goods and ships for two months

• China extended the suspension of its additional 24% tariff on US imports for a further two months.
• A 10% duty on those goods stays in place.
• Special port fees on US-linked vessels remain suspended until 10 January 2027.
• The two sides proposed a $60bn package of reciprocal tariff cuts at September’s Washington summit, which has yet to be finalised.
• China says it will watch what the US does next and adjust its tariff countermeasures accordingly.

Nvidia is down 4.5% pre market after CEO Jensen Huang admits affair with alleged Chinese spy

• The Board launched the probe as Huang released a letter apologising to his family and Nvidia employees over the incident.
• Alice Huang, an executive at Megaspeed, is reported to have had a romantic relationship with Huang.
• Huang is reported to have been allegedly recruited to spy for China’s Ministry of State Security intelligence agency.
• Nvidia says there was “no reason to believe that either national security or Nvidia secrets were compromised” but the probe would “examine all available information”.
• Megaspeed may be under investigation from the US government over concerns of smuggling Nvidia chips into China (FT).

Mining Matters with Alastair Ford and John Meyer

• https://www.voxmarkets.com/articles/mining-matters-gold-trump-and-datacentres-450d4b5
• Youtube: https://www.youtube.com/watch?v=LBdhmapWrg4

Currencies

US$1.1144/eur vs 1.1185/eur previous. Yen 158.23/$ vs 158.06/$. SAr 16.546/$ vs 16.499/$. $1.335/gbp vs $1.340/gbp. 0.686/aud vs 0.688/aud. CNY 6.673/$ vs 6.670/$.

Dollar Index 102.24 vs 101.87 previous.

Economics

Brent off slightly trading at ~$97/bbl after President Trump said on Sunday that he was unlikely to order fresh strikes on Iran as long as diplomacy continues.

• “It depends on whether or not they sign a very strong agreement… The answer is, highly unlikely ‌it’s going to be necessary,£ Trump told CNN over the weekend.

Secretary of State Marco Rubio criticised the latest Tehran response calling Iran’s conditions “outrageous and ridiculous”.

• “I have no progress to report… There are several countries that continue to engage with Iran and put forward various ideas, but I would not say that we are on the verge of a breakthrough,” Rubio commented on progress of talks.

US – Robust labour data released on Friday strengthens the Fed rate December hike case

• Payrolls were more than double consensus in October, with an 84k upward revision to the prior two months.
• Markets are pricing in ~80% chance of a 25bp rate increase at the meeting in December.
• The economy added 165k, up on revised 75k in September.
• Unemployment rate reduced by 0.1pp to 4.1%.

China – PPI – Producer price inflation growth hit four-and-a-half-year high while CPI cools on weak demand

• PPI is the fastest since June 2022, driven by Middle East war energy costs feeding into coal, oil and gas, chemicals and other energy-intensive sectors.
• PPI came in at 5.7%yoy in October, up on 5.0% the previous month.
• Higher producer prices are yet to pass through to consumers.

• CPI slowed to 0.7% yoy from 0.9% yoy as Chinese consumption remained anaemic
• Core CPI, excluding food and energy, softened to 0.8% yoy from 1.0% yoy

• We are aware of initiatives by the CCP to stimulate consumption in specific areas and the CPI figure might have been lower without these.
• We suspect the authorities are preparing to stimulate consumption further including measures to turnaround the collapsing property market.

Iran – Trump reported to be looking at kinetic action in Iran but says he is highly unlikely to order strikes if talks progress

• CENTCOM disabled a cargo vessel off Iran after the ship ‘repeatedly ignored warnings and attempted to breach the naval blockade against Iran’.
• Iran claims a US drone hit the Khor Mor gasfield in the Kurdish region of northern Iraq cutting power in the region. (Aljazeera)
• Trump says the Iron Gate operation to blockade Iranian land routes is in ‘full force and effect‘ he will soon decide whether to resume all-out war in Iran.
• Options include renewed military action, continued economic pressure or pursuing a diplomatic agreement.
• Senior American officials identified today as potentially favorable for military operations due to the new moon in the Middle East (Fox News)
• JD Vance is holding near-daily talks with Pakistani and Qatar with a view to returning to direct negotiations with Iran.
• Qatar is mediating a proposal whereby The US would lift its naval blockade, release Iranian funds and allow the Strait of Hormuz to reopen in exchange for renewed nuclear inspections and negotiations (Axios).
• Scott Bessent has asked China to influence Iran to help end the war.
• Iraq has restricted its airspace issuing a NOTAM notice due to military activity till 11^th November. The US sees groups using Iraqi territory to launch attacks.
• Oil exports appear to continue through the Strait of Hormuz albeit at lower levels using smaller tankers adding to the cost of oil transport.

Precious metals:

Gold US$4,099/oz vs US$4,073/oz previous

Gold ETFs 100.9moz vs 100.9moz previous

Platinum US$1,539/oz vs US$1,536/oz previous

Palladium US$1,024/oz vs US$1,033/oz previous

Silver US$51.9/oz vs US$52.2/oz previous

Silver ETFs 815.8moz vs 815.8moz previous

Rhodium US$9,200/oz vs US$9,125/oz previous

Base metals:   

Copper US$13,768/t vs US$13,739/t previous

Aluminium US$3,063/t vs US$3,051/t previous

Nickel US$16,353/t vs US$16,320/t previous

Zinc US$3,711/t vs US$3,749/t previous

Lead US$1,886/t vs US$1,886/t previous

Tin US$46,467/t vs US$45,850/t previous

Energy:           

Oil US$96.6/bbl vs US$97.5/bbl previous

• Crude oil prices edged lower after President Trump commented it was “highly unlikely” that the US would launch more strikes on Iran if progress continued to be made on its nuclear programme and reopening of the Strait of Hormuz.
• The US Baker Hughes rig count was up 1 to 604 units last week (+56 or +10% y/y), with oil rigs up 1 to 463 units (+49 y/y) and gas rigs up 1 to 131 units (+3 y/y), as the number of miscellaneous rigs fell by 1 to 10 units (+4 y/y).

Natural Gas €87.3/MWh vs €87.7/MWh previous

Uranium Futures $91.8/lb vs $91.8/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$92.4/t vs US$93.1/t

Chinese steel rebar 25mm US$479.9/t vs US$480.1/t

HCC FOB Australia US$259.0/t vs US$260.0/t

Thermal coal swap Australia FOB US$140.8/t vs US$143.3/t

Other:  

Cobalt LME 3m US$33,525/t vs US$33,525/t

NdPr Rare Earth Oxide (China) US$106,691/t vs US$106,743/t

Lithium Carbonate 99% (China) US$13,561/t vs US$13,568/t

China Spodumene Li2O 6%min CIF US$1,240/t vs US$1,240/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$239/lb vs US$239/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$25.4/kg vs US$25.4/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$1,176/t vs US$1,177/t

Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t

Germanium China 99.99% US$4,605.0/kg vs US$4,605.0/kg

China Gallium 99.99% US$460.0/kg vs US$460.0/kg

Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb

EV & Battery news:

Company news:

Arkle Resources (ARK LN) 0.525p, Mkt Cap £8.6m – Next phase of drilling at Erongo uranium target

• Arkle Resources reports the arrival on-site of a drilling rig to start the second phase of drilling (~1,700m) at its Onyofi uranium prospect in the Erongo region, Namibia.
• The first phase of drilling encountered uranium mineralisation in eight of the nine holes drilled and the new work aims to test the continuity of mineralisation “at depth, at closer spacing and laterally beyond the current footprint … as the first step towards a maiden Mineral Resource Estimate in 2027”.
• The earlier work identified a promising target over an area of 1.4km x 600m and to a depth of “almost 200 metres downhole and remains open at depth”.
• “In parallel, the mapping, sampling and trenching programme underway since late September is continuing and is scheduled to run through November, working systematically through further targets across the licence package”.

Aterian plc* (ATN LN) 21.2p, Mkt Cap £4.3m – Four copper-silver targets defined over a 20km corridor in Botswana

(Aterian holds PL199 through Atlantis Metals, its 90%-owned Botswana subsidiary)

• The company reports four priority copper-silver target areas at PL199 in Botswana’s Kalahari Copper Belt.
• The work programme is fully funded through Aterian’s AI joint venture with Lithosquare, which holds 15% of the JV.
• The targets run along a ~20km corridor on the margins of a regional Ngwako Pan Formation anticline.
• Survey work:
  • Drone magnetic data, regional gravity information, and 3D magnetic vector inversion modelling.
  • Modelling across eight geophysical sections identified the fold targets.
  • The targets sit in rocks interpreted as D’Kar Formation, at modelled depths to their tops of ~10-200m.
• Priority areas:
  • Target I: south-eastern, on the Ngwako Pan-D’Kar contact at the licence’s northern end.
  • Target II: southern, on fold structures and faulted magnetic blocks.
  • Target III: north-western corridor with parasitic anticlines in D’Kar.
  • Target IV: central south-eastern corridor on faults, folds and the main anticline margin.
• Kalahari Copper Belt setting:
  • Several major sediment-hosted copper-silver deposits in the belt sit in reduced D’Kar sediments near the underlying Ngwako Pan contact.
  • Folding and faulting can also trap mineralisation in favourable D’Kar horizons above that contact.
• Next steps:
  • Deep-penetrating IP and resistivity surveys are planned to refine the targets for drilling.
  • The surveys look for chargeable responses that may mark disseminated sulphides.
  • The fold targets will be tested at depths of ~100-200m.
• Aterian caution the structures are geophysical targets, not confirmed by drilling, and mineralisation has yet to be established.
• Nearby and regional deposits are not necessarily a guide to mineralisation at PL199.

Conclusion: Four defined target areas over a 20km corridor give Aterian a bigger pipeline in Botswana. IP and resistivity surveys come next, with any drilling to follow.

*SP Angel acts as Broker to Aterian Plc

Cornish Metals* (TIN LN) 62.5p, Mkt cap £78m – Update on progress at South Crofty

• Under the terms of its senior secured bond, which was issued in May, Cornish Metals has issued a progress report on the work to resume tin production at the South Crofty tin mine in Cornwall.
• Cornish Metals confirms a 30^th September cash balance of £11.6m “excluding the cash held in escrow following the placement of the US$210 million senior secured bond”.
• The company confirms that today’s announcement “is not intended to introduce new material information” but it highlights the continuing dewatering of the New Cooks Kitchen (NCK) Shaft, which will serve as the principal mine access, with the water level reaching 400m below surface by mid-October and “the 400-level (approximately 730 metres below surface) targeted to be reached in H1 2027 as previously guided”.
• Installation for the service winder for the NCK shaft is underway and the production winder is on site.
• In late September the new workshop and stores facility at the Bartles Foundry site opened providing support infrastructure for the continuing underground refurbishment and for the surface facilities including the excavations and civil engineering work for the process plant
• Training of miners at the 25 level has continued across the Conveyor Drive and Bunker Drive as Cornish Metals delivers the skills for the next generation of miners whose forebears brought mining talent to many of the world’s famous mining districts.
• The announcement also reiterates the results of the previously reported exploratory drilling at Roskear West which have highlighted the resource expansion potential in the near-mine area with the identification of previously unrecognised tin mineralisation towards the west of the current MRE as well as additional tungsten and copper-bearing structures which “do not form part of the current MRE or production guidance, which remain based on tin”.
• Cornish Metals also comments on the previously announced, post-period end, “fundraising of £135 million (gross) at 60 pence per share, including a subscription by Glencore for US$15 million alongside a six-year offtake agreement for 100% of the tin concentrate produced at South Crofty”.
• The company explains that its “Near-term activity is focused on completing the fundraising and satisfying the conditions for release of the bond proceeds, alongside continued development work on surface and underground at South Crofty”.

Conclusion: Surface and underground work is continuing at South Crofty with the compnay’s priority on delivering the progress to ensure the conditions for release of the proceeds of its bond issue are achieved.

*SP Angel acts as Nomad. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

ECR Minerals (ECR LN) 0.1275p, Mkt Cap £5.3m – Aiming for initial gold production during November

• ECR Minerals has issued a progress report on its gold development and exploration activities in Queensland.
• The priority project at Maddens Flat is expected to deliver its “first gold from main production ore … during November” initially from development ore with underground mine development continuing.
• “Maddens has a history of high-grade underground production, with historical records reporting past production of more than 5,560 ounces of gold at an average grade of approximately 25.0 g/t Au”.
• Commenting on the expected production at Maddens Flat, “the Board believes that the next level being accessed by the current decline has the potential to generate approximately 2,500 ounces of gold on a 100% project basis, gross to the Maddens joint venture. ECR holds a 50% interest in the Maddens Flat Group of Mines”.
• At the Brothers project, also in Queensland and located southeast of Maddens Flat, work is progressing towards bulk sampling following the “recent recovery of multiple coarse gold nuggets, including a 12.3g nugget in a creek feeding the mining area”.
• ECR Minerals proposes to test the Salt Bush prospect with trenching and channel sampling and is “targeting the definition of a JORC Code initial inferred mineral resource estimate at Salt Bush in the first quarter of 2027”.
• Other projects include Lolworth where planning for the next phase of exploration, including “further drilling” is underway and at Blue Mountain where the “mining lease application for Blue Mountain continues to progress through the Queensland approvals process”.
• Chairman, Nick Tulloch, confirmed that as “development at Maddens … [continues] …to advance, we remain confident that ECR can achieve a production milestone before the end of the year”.

Galantas Gold* (GAL LN) 21p, Mkt Cap £173m – First infill drilling results at Andacollo

• Galantas released a drilling update from the ongoing programme at the Andacollo Gold Project in Chile
• Results from the first hole completed in the Tres Perlas pit area include:
  • 71.7m at 0.76g/t Au from 50m, including 10m at 3.15g/t Au, which itself includes 3m at 6.68g/t Au
  • 17.1m at 0.52g/t Au from 145.5m
  • 18.0m at 0.91g/t Au from 213m, including 3m at 3.24g/t Au
  • 18.1m at 0.63g/t Au from 298m
• This was an infill hole drilled in the Inferred Resource area.
• Mineralisation is hosted in mantos within andesitic flows and volcanic breccias.
• The company interprets the higher-grade zones as primary manto mineralisation rather than later structural overprint, and suggests this points to potential lateral continuity and tonnage upside.
• Low copper reported which is beneficial for the heap leaching process.
• 15,000m of drilling with two rigs on site is currently in progress focused on infill as well as testing new exploration targets.

Conclusion: First results from the 15,000m drilling programme at the Andacollo supports potential conversion of the Inferred resource into the mine plan.

*SP Angel act as Broker to Galantas Gold

Great Southern Copper (GSCU LN) 1.725p, Mkt Cap £15m – Diamond drilling at Artemisa, Chile

• Great Southern Copper reports the start of a two-hole diamond drilling programme to follow-up reverse-circulation scout drilling which identified copper/molybdenum mineralisation at its Artemisa prospect in the Especularita project area in the coastal metallogenic belt, Chile.
• CEO, Sam Garrett, said that the programme “is designed to provide geological control to the RC drilling and will be followed by a more extensive RC drilling campaign”.
• The company highlights the results of reverse-circulation hole ART26-RC009 at Artemisa which intersected 106m at an average grade of 0.33% copper and 42ppm molybdenum from surface.
• “Diamond hole ART26-DH018 is in progress behind hole RC009 and drilling at a steeper angle to provide detailed geological information including the lithologies, alteration, and mineralisation, and their spatial and temporal relationships; critical information not available from reverse circulation drilling which is essential for planning the next stage of exploration”.
• The “second hole is planned to test the vein alteration and mineralisation mapped in an orthogonal direction to the veining and fracturing intersected in holes RC009 and DH018”.
• Mr. Garrett said that Artemisa’s significance was that it supports the possibility “that the La Colorada lithocap alteration is developed above a porphyry copper mineral system, the outer extent of the lithocap alteration has been eroded, potentially exposing the upper zones of porphyry copper systems”.
• He said that this indicates that “the southwest corner of the La Colorada lithocap is highly prospective for buried porphyry copper systems … [and that detailed] … mapping and data compilation of this area of the lithocap are now underway to guide the design of the first drilling programme of the lithocap itself, which we plan to commence within the next 3-6 months.”
• Today’s announcement explains the geological context of the “the La Colorada lithocap … [which it describes as] … a giant high-sulphidation advanced argillic alteration system that is highly prospective for concealed porphyry copper deposits as well as other porphyry-related types of mineralisation which may occur within or marginal to the lithocap environment”.
• These additional mineralisation styles “include the advanced Cerro Negro prospect, located on the eastern side of the lithocap, where in 2025 the Company discovered high-grade Cu-Ag mineralisation beneath the old Mostaza mine workings”.

Conclusion: Additional funds raised during October are swiftly being deployed to drill the promising Artemisa target and assist in understanding the wider geological context of the mineralisation of the La Colorada system.

Mkango Magnetic Materials* (MKA LN) SUSPENDED – Trading suspended pending an equity raise

• Mkango voluntarily pauses trading in shares under the AIM Capital Access Window for a proposed equity raise.
• Trading will also be halted on the TSX-V this morning pending raise.
• New funds will supplement existing cash reserves and to be directed towards development of the magnet recycling business.

*SP Angel acts as Nomad and Broker to Mkango Magnetic Materials

Okopa plc (formerly Keras Resources* (OKP LN) 1.82p, Mkt cap £5m – Okopa transitions towards copper oxide concentrate production

(Okopa plc hold 51% of Cornerstone Mining (pty) Ltd which holds 6,214Ha of exploration/development ground in the Kaoko Copper Belt in Namibia)

• Okopa plc report the completion of structural mapping over three exploration licenses in the north west of Namibia.
• Oxide copper:
  • Production of copper oxides from small-scale surface claims in collaboration with MC ‘Mining Claim’ partners.
  • 14 shallow drill holes and other exploration to define the oxide copper production pits by end-Q1 ’07.
  • 15,000t of sample material extracted for metallurgical tests, results due over the next few months.
  • Test work to assess upgrading of ore for sale as copper oxide concentrate by end-Q1 ‘27.
• Sulphide copper:
  • Mapping and geophysics to be used to identify and target larger sulphide copper deposits which may exist underneath or close to known oxide deposits within the Kaoko Copper Belt.
• Income:
  • Okopa receives ~£50,000 a month from its former manganese operations in Togo and should receive US$10/t on qualifying future Diamond Creek production.
• Cash: Okopa has ~£1.8m in cash with which to fund its work with Cornerstone Mining pty.
• Okopa has entered into services and beneficiation and supply agreements as set out in today’s press release.

Beneficiation and supply agreement formalises arrangements which pre-date Okopa’s involvement in Cornerstone.

• • “Any future supplies will be separately negotiated on arm’s-length, market-related terms comparable to those available from independent third-party suppliers, with no fixed margins, related-party discounts, premiums or transfer-pricing arrangements. The agreement also provides for technical and specialist services to be supplied on market-related terms where agreed. The arrangement is non-exclusive, allowing both Cornerstone and the beneficiation business to transact independently with third parties.”

Conclusion: Okopa is transitioning into a small-scale copper concentrate producer with larger-scale discovery potential.

*SP Angel acts as nomad and broker to Okapa plc.

Tertiary Minerals* (TYM LN) – 0.059p, Mkt Cap £5.2m – Drilling shows greater scale to silver-copper oxide mineralisation at Mushima North

• Tertiary minerals report drill results from the last 8 holes drilled at Mushima North, near Moxico’s Kalengwa mine in Zambia.
• Drilling shows greater scale to silver-copper oxide mineralisation closer to surface, deeper and beyond current boundaries at Mushima North
• Results show copper-silver oxides:
  • closer to surface
  • extending deeper than previously seen
  • extending beyond previously considered boundaries
• Drill results from Discovery Zone:

• 70m at 31 g/t Ag, 0.29% Cu and 0.25% Zn giving (52 g/t silver equivalent) from 10m downhole

• • inc. 6m at 84 g/t Ag, 0.32% Cu and 0.29% Zn (108 g/t Ag eq.) from 34m downhole.
  • The 26TMNRC-078 drillhole ends in mineralisation offering good potential for further depth in new drilling.

• 68m at 27 g/t Ag, 0.15% Cu and 0.52% Zn (45 g/t Ag eq.) from 17m downhole

• • Inc. 17m at 53 g/t Ag, 0.13% Cu and 0.52% Zn (70 g/t Ag equivalent) from 63m downhole.
  • The 26TMNRC-079 drillhole also ends in mineralisation.

Drill intersections from the Western Zone include:

• 24m at 0.29% Cu from 19m downhole (26TMNRC-076).

• • inc. 5m at 0.60% Cu from 32m downhole.
• Initial metallurgical results are expected imminently. These will feed into a first JORC MRE ‘Mineral Resource Estimate’.
• See company RNS for more cross-section and plan sections of Mushima North
• New drill program:
  • Tertiary is mobilising diamond drilling rigs to take over from the former reverse circulation drill program.
  • The new rigs will drill straight down those holes which ended in mineralisation and will extend the depth of the known oxide deposit

Conclusion:  Most supergene oxide deposits are underlain by primary secondary sulphide copper mineralisation though not all host economic grades according to the British Geological Survey.

We feel confident Tertiary will extend the current estimated Exploration Target of 15-30 million tonnes at 40-60 g/t silver eq and we are hopeful for some form of sulphide discovery will exist underneath the oxide mineralisation.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

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Analysts

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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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