{"id":140472,"title":"SP Angel – Today’s Market View, Thursday 10th September 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-09-10T10:44:52+00:00","modified":"2026-09-10T10:44:52+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-10th-september-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-10th-september-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-thursday-10th-september-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"tags":["base metals","battery","china","company news","COPPER","currencies","Dow Jones Industrials","ENERGY","FRANCE","GERMANY","Gold","gold prices","HK Hang Seng","Nikkei 225","Rio Tinto","Russia","Shanghai Composite","silver","SP Angel","Ukraine"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/08/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Copper price sets a third straight record but where is China’s NFSRA (SRB)?**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Ariana Resources (AAU LN) – Metallurgical drilling ****advances at Dokwe, Zimbabwe**\n\n**Bannerman Energy (BMN AU) – A$124m equity raise to fully fund Etango Uranium Project construction**\n\n**Galantas Gold* (GAL LN) – BUY, Target 89p – Galantas sell last remnants of Omagh gold project in Ireland to Ocean Partners**\n\n**Pan African Resources (PAF LN) – Substantial 141-151% increase in earnings from South African gold mines**\n\n**Sun Peak Metals (PEAK CN) – Maiden Halahila drilling hits shallow polymetallic sulphide in nine of 13 holes**\n\n**West African Resources (WAF AU) – First full 6m at Sanbrado and Kaika deliver A$487m FCF**\n\n**Copper ($14,824/t) – Copper price sets a third straight record but where is China’s NFSRA (SRB)?**\n\n- Copper prices reached an intraday high of $14,858.5/t and closed at $14,767.5/t, a third record in a row.\n\n- The squeeze on nearby metal has eased while prices keep making new highs.\n\n- Premiums on copper for immediate delivery are now $45/t lower than for deliveries a month from now, against a $150/t premium weeks ago.\n\n- Trump has proposed a 15% copper tariff from 2027, though the US Department of Commerce has yet to pass its findings onto the White House.\n\n- US premiums on copper remain elevated in expectation for new tariffs with Comex stocks up 53% this year causing Shanghai stocks to fall 57% to 63,000t.\n\n- Congo supplied a record 53,290t of US imports in July, against under 32,000t in all of 2024.\n\n- No Congolese brand is Comex-deliverable, so it goes to US rod and tube mills at a $550-800/t discount to LME.\n\n- China’s SRB is now operating under the NFSRA ‘National Food and Strategic Reserves Administration’.\n\n- While NFSRA activities are discrete the market is normally aware of any meaningful intervention.\n\n**Nickel ($16,875/t) – World’s largest nickel mine restarts after four months shutdown**\n\n- PT Weda Bay Nickel in Indonesia has resumed mining after receiving government approval.\n\n- The mine sits inside an industrial park on Halmahera, where its ore is smelted on site.\n\n- Tsingshan owns 51.3%, France’s Eramet 37.8% and state-owned Antam 10%.\n\n- The government cut the 2026 quota to 12mwmt of ore, from 42mwmt produced in 2025.\n\n- The mine reached that limit by late May and had to stop.\n\n- Smelters in the park need over 100mwmt a year, far more than the mine can dig.\n\n- Eramet cannot yet say how much it will produce or sell this year.\n\n**Rare Earth – Brazilian miners want a price floor to match the Pentagon’s**\n\n- Brazil’s Congress approved a R$7bn critical minerals policy on 2 September, due to become law within weeks.\n\n- It offers R$2bn of state loan guarantees and R$5bn of tax credits between 2030 and 2034.\n\n- Brazil holds the world’s second-largest rare earth reserves after China.\n\n- Miners say the package still misses the one thing that matters, a guaranteed price for what they produce.\n\n- The Pentagon guarantees MP Materials $110/kg for its NdPr, while Chinese NdPr has traded as low as $61/kg this year.\n\n- Tax credits cut the cost of building a plant, but they do not protect the revenue once it runs.\n\n- Without a floor, a Brazilian project competes against that Chinese price on its own.\n\n**Indonesia – Jakarta plans its own commodity exchange for January 2027**\n\n- Indonesia’s minerals and strategic commodity exchange launches on 1 January 2027 (Reuters).\n\n- It is part of President Prabowo’s push to expand state control over the country’s resources.\n\n- Regulator Sarjito says the aim is to be a price influencer and a reference, not a price taker.\n\n- He gave no timeline and could not say which commodities will trade.\n\n- Indonesia is the biggest exporter of thermal coal, palm oil and nickel, and a major seller of tin and copper.\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **-0.77%** | **at** | **52,381** |\n| **Nikkei 225** |  | **+0.20%** | **at** | **65,271** |\n| **HK Hang Seng** |  | **-1.23%** | **at** | **24,965** |\n| **Shanghai Composite** |  | **-0.43%** | **at** | **3,934** |\n| **US 10 Year Yield (bp change)** |  | **-1.0** | **at** | **4.83** |\n\n**Currencies**\n\n**US$1.1638/eur vs 1.1644/eur previous. Yen 153.51/$ vs 153.19/$. SAr 16.041/$ vs 15.992/$. $1.355/gbp vs $1.357/gbp. 0.721/aud vs 0.724/aud. CNY 6.706/$ vs 6.707/$.**\n\n**Dollar Index 98.77 vs 98.68 previous.**\n\n**Economics**\n\n**US – Yields continued to climb higher despite Treasury stepping up the rate of bond purchases.**\n\n- 10y are trading at over 4.85% this morning, marking a three-year high and up 5bp on the previous day.\n\n- 30y are over 5.3%.\n\n- Scott Bessent said that the US Treasury will buy back $6bn of longer dated bonds, three times the $2bn sizes planned just two weeks ago.\n\n**US producer price inflation numbers are out later today with consumer prices gauge out Friday.**\n\n- This is the last set of major economic data ahead of the Fed meeting next week.\n\n- Markets are currently assigning a >60% chance of a hike with 2-3 increases over the next 12 months.\n\n- PPPI exp 0.4%mom / 5.3%yoy (Jul: 0.0%mom / 4.7%yoy)\n\n- CPI exp 0.4%mom / 3.4%yoy (Jul: 0.1%mom / 3.4%yoy)\n\n**President Trump offered $5,000 to every adult US citizen if the Republican Party wins both Chambers of Congress.**\n\n- Any proposed “Trump Dividend” is likely to be voted down by lawmakers as similar previous calls as that would imply a cash payment programme worth over $1tn.\n\n**Eurozone – The ECB is expected to raise rates for the second time sine the Iran sent energy prices higher.**\n\n- The deposit rate is forecast to increase by 25bp to 2.5% this afternoon.\n\n- Markets are pricing in another hike before year.\n\n**Precious**** ****metals****:**\n\n**Gold US$4,414/oz vs US$4,406/oz previous**\n\n**Gold ETFs 99.9moz vs 99.4moz previous**\n\n**Platinum US$1,879/oz vs US$1,856/oz previous**\n\n**Palladium US$1,353/oz vs US$1,359/oz previous**\n\n**Silver US$67.4/oz vs US$66.8/oz previous**\n\n**Silver ETFs 802.6moz vs 800.5moz previous**\n\n**Rhodium US$9,675/oz vs US$9,575/oz previous**\n\n**Base**** metals:**\n\n**Copper US$14,824/t vs US$14,712/t previous**\n\n**Aluminium US$3,342/t vs US$3,347/t previous**\n\n**Nickel US$16,875/t vs US$16,855/t previous**\n\n**Zinc US$4,015/t vs US$4,046/t previous**\n\n**Lead US$1,912/t vs US$1,919/t previous**\n\n**Tin US$55,720/t vs US$54,950/t previous**\n\n**Energy****:**\n\n**Oil US$100.7/bbl vs US$99.6/bbl previous**\n\n- Crude oil prices edged higher after President Donald Trump acknowledged that oil prices would remain elevated until after the November midterm elections due to the ongoing hostilities between the US and Iran.\n\n- The API estimated US inventory w/w draws of 0.3mb to crude oil, 1.2mb to the SPR and 1.9mb to gasoline stocks, offset by a 2mb w/w build to distillate stocks on 13.86mb of domestic crude output.\n\n- The EIA’s September STEO report made minor revisions to its 2024-27 estimates but maintained forecasts for a ~2mb/d deficit against global demand of 102.6mb/d in 2026, before rebounding to a 4.9mb/d inventory build in 2027.\n\n**Natural Gas €79.2/MWh vs €78.5/MWh previous**\n\n**Uranium Futures $90.1/lb vs $89.8/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$98.5/t vs US$100.2/t**\n\n**Chinese steel rebar 25mm US$472.0/t vs US$471.0/t**\n\n**HCC FOB Australia US$276.0/t vs US$276.0/t**\n\n**Thermal coal swap Australia FOB US$153.0/t vs US$152.3/t**\n\n**Other****:**\n\n**Cobalt LME 3m US$42,940/t vs US$43,690/t**\n\n**NdPr Rare Earth Oxide (China) US$108,848/t vs US$109,059/t**\n\n**Lithium Carbonate 99% (China) US$20,950/t vs US$21,394/t**\n\n**China Spodumene Li2O 6%min CIF US$2,115/t vs US$2,120/t**\n\n**Ferro-Manganese European Mn78% min US$1,065/t vs US$1,070/t**\n\n**Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu**\n\n**Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu**\n\n**China Tantalum Concentrate 30% CIF US$235/lb vs US$235/mtu**\n\n**China Graphite Flake -194 FOB US$390/t vs US$390/t**\n\n**Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb**\n\n**Europe Ferro-Vanadium 80% US$24.8/kg vs US$24.8/kg**\n\n**China Ilmenite Concentrate TiO2 US$187/t vs US$187/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,170/t**\n\n**Brazil Potash CFR Granular Spot US$375.0/t vs US$375.0/t**\n\n**Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg**\n\n**China Gallium 99.99% US$440.0/kg vs US$440.0/kg**\n\n**Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb**\n\n**EV & Battery news****:**\n\n**China’s NEV sales rise 17.8% in August, penetration hits record 60.6% as exports keep offsetting domestic weakness**\n\n- China’s NEV sales (including exports) totalled 1.643m in August, up 17.8% yoy, with penetration reaching a record 60.6% of total vehicle sales, up from 60.4% in July and 48.8% a year earlier, according to CAAM.\n\n- BEVs led growth, up 27.8% yoy to 1.161m, a new high for the year, while PHEV sales fell 0.9% yoy to 482,000, returning to decline after two months of growth.\n\n- NEV exports rose about 130% yoy to 526,000 in August, accounting for 52.1% of total vehicle exports for a third straight month, while domestic NEV sales fell 4.6% yoy to 1.118m, though up 10.9% mom.\n\n- Cumulative NEV exports over the first 8 months reached 3.435m, up 124.3% yoy, while domestic NEV sales over the same period fell 10.8% yoy to 7.215m.\n\n- China’s total vehicle sales fell 5.1% yoy to 2.712m in August, with domestic sales down 24.2% yoy to 1.701m, the fifth straight month of over-20% decline, as domestic sales of conventional fuel-powered vehicles collapsed 45.7% to 584,000.\n\n- China exported 1.01m vehicles in August, up 65.3% yoy and above 1m for a third consecutive month, though down 3.2% mom; over the first 8 months, exports totalled 7.153m, up 66.7% yoy, even as total vehicle sales fell 3.8% ytd to 20.315m.\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -1.8% | -0.5% | **Freeport-McMoRan** | -0.5% | 5.2% |\n| **Rio Tinto** | -2.7% | -1.5% | **Vale** | -0.8% | 2.1% |\n| **Glencore** | 0.3% | 3.5% | **Newmont Mining** | 1.3% | 5.0% |\n| **Anglo American** | 0.0% | 0.0% | **Fortescue** | -2.4% | 1.4% |\n| **Antofagasta** | 0.4% | 2.0% | **Teck Resources** | -2.3% | 5.3% |\n\n**Ariana Resources (AAU LN) 1.56p, Mkt Cap £42m – Metallurgical drilling ****advances at Dokwe, Zimbabwe**\n\n- Ariana reports all 2026 drill assays from its 100%-owned Dokwe gold project in Zimbabwe.\n\n- The 1.6moz project sits on the critical path to the Feasibility Study.\n\n- The metallurgical holes were drilled to collect samples rather than to extend the resource.\n\n- Dokwe North:\n\n24m @ 4.71g/t Au from 172m in DPD141, incl 2m @ 46.95g/t\n\n- 68m @ 2.03g/t Au from 160m in DPD142\n\n- 7m @ 9.75g/t Au from 47m in DPD144\n\n- 41m @ 1.51g/t Au from 190m in DPD148\n\nDokwe Central:\n\n- 98m @ 2.85g/t Au from 91m in DPD150, incl 1m @ 93.72g/t\n\n- 59m @ 1.52g/t Au from 53m in DPD152\n\n- The holes confirm high to moderate grades across a wide, near-vertically plunging zone\n\nThe programme began on 7 May and ran 2,822m across 15 holes.\nEight tonnes of samples have gone to Xinhai in Yantai, China, for feasibility-level testwork.\nExploration drilling:\n\n- Four holes for 1,005m on the eastern flank of Dokwe North\n\n- Selected intersections include:\n\n8m @ 1.45g/t Au from 96m in DPD154\n\n- 10m @ 1.02g/t Au from 282m in DPD154\n\n- 2m @ 17.31g/t Au from 174m in DPD155\n\nAriana plans wider drilling around the resource, to convert reserves and complete sterilisation testing where infrastructure would sit.\nThe Company is funded for the DFS technical work through 1Q27.\nManaging Director Kerim Sener commented: *“The results collectively reinforce the typically extensive widths of mineralisation encountered at Dokwe North.”*\n\n**Conclusion:** The company continues to derisk the project with metallurgical samples collected as part of the ongoing FS related work.\n\n**Bannerman Energy (BMN AU) A$4.3, Mkt Cap A$880m – A$124m equity raise to fully fund Etango Uranium Project construction**\n\n- The Company raised A$124m to fully fund construction of the fully permitted Etango Uranium Project in Namibia.\n\n- The placing was fully underwritten and completed at A$4.00.\n\n- Separately, the Company announced a rights issue for up to A$10m.\n\n- Etango Project FID is expected 4Q26.\n\n- The Company signed an agreement with CNNC in February 2026 whereby a Chinese partner to invest ~US$295m into the JV and reimburse up to US$27m for historical costs in return for a 45% interest in JV (JV owns 95% in the Etango Project).\n\n- CNNC offtake for 60% of production in place.\n\n- CNNC also owns a ~69% interest in Rossing and 25% in Langer Heinrich in Namibia.\n\n- FS 2024 estimated ~US$350m development capex for a 3.7mlbs pa operation.\n\n**Galantas Gold* (GAL LN) 31.5p, Mkt Cap £266m – Galantas sell last remnants of Omagh gold project in Ireland to Ocean Partners**\n\n**Initiation Note – BUY – 89p **[CLICK HERE](https://spangel.email.streetcontxt.net/platform/al?a=13981313&ad=4851941266&h=ch_KixB&sig=Od4kmSfCUQXi35ouVS1iKZRf1Tz&v=2&url=https://spangel.worldflowconnect.net/document/open/d5d96d80-8e11-48e7-9cfd-2e05726bf21a/Galantas%2520Gold%2520Initiation%252021.07.pdf)\n\n- Galantas Gold reports the sale of its remaining 20% interest in the Omagh gold project in Ireland to Ocean Partners UK Limited.\n\n- The sale ensures Galantas’ focus on its Andacollo gold mine and Indiana project in Chile.\n\n- The remnant stake was held in an associate company with a carrying value of $4.1m at end-June.  Galantas’ share of the loss on the interest is ~US$72,457.\n\n- Ocean Partners, a UK-based commodity trading group, which holds ~13.5% of Galantas stock is reported to have paid US$5.0m to Cavanacaw which was also carrying ~US$3.26m of debt.\n\n- Galantas has now sold its entire equity interest in the Omagh Project and will no longer have a right to convert the disposed 20% equity interest in Flintridge into a 3.00% net smelter return royalty.\n\n- Brent Omland a director of Galantas Gold and also ceo of Ocean Partners  was excluded from the Galantas’ consideration of the transaction.\n\n- Galantas first entered into a binding term sheet for a joint venture with Ocean Partners to develop the Omagh gold project in Northern Ireland in 9 June 2025\n\n- Ocean Partners offered £10.3m for an effective 80% interest in the Omah gold project at the time offering to invest £2.2m into exploration, a restart plan and G&A.\n\n- Ocean Partners had the option to invest a further £3.7m for exploration and commissioning a development program.\n\n- Galantas were free carried on the initial £2.2m investment and had the option to invest pro-rata on future investments.\n\n- Galantas recorded a C$2.9m charge on the divestment of the 80% interest in the Omagh Project.\n\n- In September 2025, the Galantas exchanged ~US$14m in outstanding loans due to Ocean Partners for a 80% interest in Omagh, reducing its debt at the time to C$3m.\n\n- **Andacollo (Chile) **Galantas is working on a PEA for the restart of the Andacollo gold mine in Chile at a production rate of ~130,000ozpa. PEA study results are due in Q4.\n\n- There is good reason to believe Galantas will find copper underneath the existing gold mine at Andacollo and for the operation to develop into a substantially larger scale.\n\n- **Indiana (Chile): **The team is working on a 5,000m infill drill programme in to test high-grade gold mineralization at structural intersections and down-dip extensions in veins to expand the gold and copper resource base.\n\n- Galantas held C$108.9m (£58m) of cash at end-June.\n\n**Conclusion**: The sale of the Omagh allows Galantas management to focus on the development of new gold and future copper production in Chile.\n\n**SP Angel act as Broker to Galantas Gold*\n\n**Pan African Resources (PAF LN) 130, Mkt Cap £3.1bn – Substantial 141-151% increase in earnings from South African gold mines**\n\n- Pan African Resources management expect earnings to rise by 141-151% yoy to a range of US$17.24–17.96c/s for the year to end-June. Vs EPS of US$7.16c/s yoy.\n\n- The headline EPS is expected to rise by 195-205% to a range of US$17.35- 17.94c/s vs headline EPS of US$5.89c/s yoy.\n\n- The massive rise in earnings is due to a:\n\n54.8% increase in the average US dollar gold price received to US$4,235/oz vs US$2,735/oz yoy.\n\n- **38.3% increase in gold sold to 272,373oz vs 196,926oz yoy.**\n\n**AISC costs are expected to be ~US$1,870/oz** in FY2026 (at an exchange rate of US$/ZAR:17.00).\nAISC costs are expected to rise to US$2,075-2,175/oz in FY2027.\nAISC costs were US$1,600/oz in FY2025 and US$1,354/oz in FY2024.\nA share-based payment liability of ~US$40m results from the rise in the company shares over the year.\n**Group gold production of ~ to 272,373oz in FY2026 expected to rise to 280,000-302,000oz for the year end-June 2027**, largely attributable to increased production from Tennant Mines.\nGold sold in was 196,926oz FY2025 and 186,039 in FY2024\nThe group forecasts relatively stable gold production from its Barnerton and Evander gold mines along with the Barberton, MTR and Elikhulu Tailings retreatment plants in South Africa.\nNew gold production will be added from the newly acquired Tennant Mines (34,000oz) in Australia for 2026 rising to 48-52,000oz in 2027.\n**Costs:**\nThe group is adding some 77MW of solar capacity over the next 24 months at Evander, MTR, NOA Energy in South Africa and a further 8MW of solar at Tennant in Australia.\nRenewable energy penetration is expected to rise to ~60% to offset higher power costs.\nNet debt was US$46.2m at end December. Long term outstanding debt of US$49.7m.\nProjected cash of US$220m at end-June.\n\n**Conclusion: ** Pan African Resources is reaping the rewards of solid management and a strong increases in gold production at Evander Mines and at its MTR ‘Mogale Tailings Retreatment’ plant at the former Mintails Mining site.\n\n**Sun Peak Metals (PEAK CN) C$0.4, Mkt Cap C$69m – Maiden Halahila drilling hits shallow polymetallic sulphide in nine of 13 holes**\n\n- The Company reported assay from its maiden 13-hole 2,552m diamond programme at the 100% owned Halahila VMS Project in Saudi Arabia.\n\n- Nine of 13 holes intersected disseminated to massive sulphide beneath a 650m-long, up to 30m-wide gossan.\n\n- Selected intersections included:\n\n16.5 meters averaging 2.23% zinc, 25.0 g/t silver, 0.43 g/t gold and 0.42% copper from 64.5m, including 12.0 meters grading 2.75% zinc, 32.92 g/t silver, 0.55 g/t gold and 0.56% copper (HAL26DD013)\n\n- 14.7 meters averaging 2.64% zinc, 15.07 g/t silver, 0.52 g/t gold and 0.24% copper from 57m, including 6.0 meters averaging 4.89% zinc, 24.42 g/t silver, 0.62 g/t gold and 0.36% copper (HAL26DD012)\n\n- 14.05 meters averaging 1.45% zinc, 10.59 g/t silver, 0.29 g/t gold and 0.19% copper from 125.8m, including 3.92 meters averaging 4.88% zinc, 37.01 g/t silver, 1.01 g/t gold and 0.65% copper (HAL26DD001)\n\nBoth holes 12 and 13 were drilled from the same collar at different inclinations.\nThe logged mineral assemblage consists primarily of pyrite, sphalerite and chalcopyrite, with subordinate galena and possible silver-bearing sulphosalt minerals.\nMineralisation is Zn-Ag dominant, contrasting with the Cu-Zn signature at Safra.\nDrilling tested 35-200m down dip over the outcropping gossan with the system remaining open along strike and at depths within a mapped VMS trend of more than 10km.\nFollow-up under consideration includes step-out drilling, down-hole EM, and testing further gossans and conductors along trend.\n\n**Conclusion:** Maiden drilling at Halahila returns disseminated to massive sulphide mineralisation in nine out of 13 completed holes. Good grades and widths returned at shallow depths in holes 12 and 13, while size and continuity remain subject to more drilling. Next steps are 3D modelling, step-out drilling, down-hole EM and testing further gossans along a 10km trend.\n\n**West African Resources (WAF AU) A$3.9, Mkt Cap A$4.3bn – First full 6m at Sanbrado and Kaika deliver A$487m FCF**\n\n- The Company released financial results for its gold mining operations in Burkina Faso.\n\n- Gold production 215koz including:\n\nSanbrado 100koz produced / 88koz sold / $1,881/oz AISC\n\n- Kiaka 127koz produced / 127koz sold / $1,721/oz AISC\n\nSales 215koz at $4,744/oz realised price (1H25: 98koz at $3,049/oz).\nAISC $1,823/oz (1H25: $1,374/oz)\nRevenue A$1,463m (1H25: A$477m)\nPAT A$437m (1H25: A$215m)\nPost tax CFO A$690m (1H25: A$160m)\nFCF A$487m (1H25: -A$89m)\nNet cash position A$488m (Dec25: A$146m net debt) with A$876m in cash.\nThe Company announced a 20c special dividend (18 Sep record date) and is planning to accelerate debt repayments over the next 12 months.\nOn next phase of growth, pre production mining well progressed at Toega and >100,000m of exploration drilling planned for 2026.\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**\n\n**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**\n\n**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**\n\n**Sales**\n\n**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**\n\n**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** ****– 0203 470 0534**\n\n**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**\n\nPrince Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*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)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.\n\nThis note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.\n\nThis note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.\n\nThis note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. 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If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA 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\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange"}