SP Angel – Today’s Market View, Thursday 11th June 2026

Gold holds YTD lows as enthusiasm wanes on sustained Iran conflict

MiFID II exempt information – see disclaimer below

Amaroq (AMRQ LN) – Phase 2 flotation circuit commissioned at the Nalunaq Gold Mine

Aurum Resources (AUE AU) – Boundiali PFS outlines 139kozpa operation

Bezant Resources (BZT LN) – Offtake agreement for the Hope & Gorob project, Namibia

Caledonia Mining (CMCL LN) – Motapa exploration provides potential for mine life extension at Bilboes

Empire Metals* (EEE LN) – Flowsheet update as continuous pilot testing set to support feasibility study, alumina by-product potential identified

Meteoric Resources (MEI AU) – Pilot plant recoveries reach up to 80% for MREO at the Caldeira Rare Earth Project

Panther Metals (PALM LN) – Drilling in Ontario

Premier African Minerals (PREM LN) – Additional £0.8m fundraising

Rockfire Resources (ROCK LN) – Molaoi project may be able to use some of the historic underground mining infrastructure

Shuka Minerals (SKA LN) – Completion of 3rd drillhole at Kabwe

Strategic Minerals* (SML LN) – Proposed NED appointment

Gold ($4,089/oz) holds YTD lows as enthusiasm wanes on sustained conflict

• Gold prices fell hard again yesterday, hitting recent lows of $4,023/oz.
• The metal is now down c.9% over the past week in spot prices, with silver down 25%.
• Gold has been hit by a stronger dollar and elevated US Treasury yields as inflation concerns mount.
• An escalation in tensions in the Middle East has removed recent peace talk optimism, weighing on gold’s positive momentum in May.
• $4,000/oz is likely a new level for gold, after it broke through its 200 day moving average and shaved off $700/oz over the past month.
• A continued unwinding of speculative positions built at the beginning of the year has rocked gold prices.
• 2025’s rally was supported by consistent central bank buying, led by China, which then encouraged speculative inflows as traders looked to capitalise on strong positive momentum.
• Gold will likely see an extended period of volatility as traders pull out of bullish bets until a resolution to the Iran conflict is agreed.
• However, the longer-term trend remains bullish, as BRIC countries continue to diversify their foreign reserve base and elevated fiscal deficits persist.

Tin ($51,890/t) Holds Near Record Highs

• Tin supply is expected to grow by ~3% this year according to Coface for Trade depending on Indonesian, Myanmar and Chinese mine output
• Demand is growing about 3.5% according to the same group
• Rules that ban lead in solder such as the EU’s RoHS Restriction of Hazardous Substances directive which restricts specific hazardous materials in the manufacture of various types of electrical and electronic equipment will serve to drive new demand for tin and tin-based alloys.
• Rising China PPI data pointed to stronger demand for computing power and higher electronics prices, real-world support for the tin demand story (NBS, 10 June).
• Rising tin stocks are likely driven by higher tin prices drawing metal into official warehouses ahead of its sale into the market.
• Tin stocks have risen on the LME to 8,920t from 8,450t over the past month. SHFE tin stocks rose last week by +4,064t to 12,358t.

The US and Iran exchanged strikes on Thursday threatening a two month ceasefire.

• Iran top join military command announced a total closure of the Strait of Hormuz, including tankers and commercial ships.
• In response, the US announced a total naval blockade to prevent any ships from transiting through the Strait.
• VIX, a risk sentiment gauge, is back at over 20.
• Brent prices nevertheless are trading at ~$92 implying market doubts over the “closed” status of the Strait.

Asia Oil War Fallout Hits Indonesian Pumps and Mines

• Pertamina (Indonesia’s state owned oil and gas company operating most domestic petrol stations) hiked non subsidised fuel prices Wednesday, tracking Brent crude near $93/bbl amid the fragile Iran Israel ceasefire. Pertamax petrol rose 32 percent to Rp16,250 per litre, and Pertamax Green to Rp17,000 per litre. Subsidised fuels remain unchanged, shifting inflation risks directly to middle class drivers.
• Mining operations face immediate impacts. Industrial diesel (HSD B40, the mandatory 40 percent biodiesel blend for mines) reached roughly Rp26,200 per litre in eastern Indonesia, escalating transport and power costs across the Sulawesi Maluku nickel belt.

Rare Earths: US to explore Magnet Supply Chain alternatives

• A new US bill introduced June 10 supports both rare earth and alternative magnets. If alternative magnets scale up, they pose a long term threat to the demand for NdPr (neodymium praseodymium, the key rare earth pair in magnets).
• USA Rare Earth shipped the first commercial US made NdFeB (neodymium iron boron) magnets. Backed by $277m from the US CHIPS Act, capacity will double by 2027. This is a critical step to build a Western supply chain and break Chinese market dominance.

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$1.1554/eur vs 1.1557/eur previous. Yen 160.51/$ vs 160.36/$. SAr 16.521/$ vs 16.514/$. $1.339/gbp vs $1.339/gbp. 0.701/aud vs         0.702/aud. CNY 6.776/$ vs 6.775/$.

Dollar Index 99.94 vs 99.90 previous.

Economics

US – Inflation hit the highest rate in more than three years in May with more than half the increase attributed to higher energy costs.

• Core measure also climbed on course to hit 3%.
• Market estimates for the next rate hike were little changed with one increase expected before year end.
• More rate sensitive 2y US Treasury yields were also little changed at ~4.1%.
• CPI (%mom, May / Apr / Est): 0.5 / 0.6 / 0.5
• CPI (%yoy, May / Apr / Est): 4.2 / 3.8 / 4.2
• Core CPI (%yoy, May / Apr / Est): 2.9 / 2.8 / 2.9

ECB – The central bank is expected to announce the first hike later for the first time since 2023.

• Headline CPI has been rising since the start of the conflict in the Middle East reaching 3.2% in May.
• That was the highest since 2H23.
• Core has also been trading higher (2.5%).
• A total of up to three hikes through the end of the year is currently priced in the market.

Italy – Some 3,500 government employees are set to join protests over new limits on working from home.

• Limits are set to cap the number of days staff can work remotely at a maximum of 52 per year, half the previous limit.

Precious metals:

Gold US$4,109/oz vs US$4,198/oz previous

Gold ETFs 97.8moz vs 98.0moz previous

Platinum US$1,683/oz vs US$1,678/oz previous

Palladium US$1,254/oz vs US$1,218/oz previous

Silver US$64.5/oz vs US$64.5/oz previous

Silver ETFs 788.0moz vs 788.7moz previous

Rhodium US$8,000/oz vs US$8,000/oz previous

Base metals:   

Copper US$13,441/t vs US$13,545/t previous

Aluminium US$3,484/t vs US$3,510/t previous

Nickel US$17,635/t vs US$17,885/t previous

Zinc US$3,451/t vs US$3,527/t previous

Lead US$1,965/t vs US$1,970/t previous

Tin US$51,890/t vs US$51,805/t previous

Energy:

Oil US$93.3/bbl vs US$91.4/bbl previous

• Crude oil prices edged higher as new strikes were exchanged between the US and Iran, which said it would completely close the Strait of Hormuz to all maritime traffic.
• The EIA estimated a w/w US inventory draw of 7.2mb to crude, 7.9mb to the SPR and 1.5mb to distillates, offset by a 0.2mb build to gasoline stocks, with refinery utilisation up 0.6% w/w to 95.3% on 13.8mb/d of domestic production.
• European energy prices remain elevated as EU natural gas storage levels increased by 2.1% w/w to 43.1% full (vs 57.4% 5-Yr average), with aggregate inventory at 488TWh and Germany now above 35% full (vs 56.6% 5-year average).

Natural Gas €50.3/MWh vs €48.9/MWh previous

Uranium Futures $84.9/lb vs $84.9/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$101.1/t vs US$102.4/t

Chinese steel rebar 25mm US$487.2/t vs US$488.2/t

HCC FOB Australia US$246.0/t vs US$246.0/t

Thermal coal swap Australia FOB US$148.3/t vs US$147.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$102,419/t vs US$102,586/t

Lithium carbonate 99% (China) US$23,243/t vs US$23,248/t

China Spodumene Li2O 6%min CIF US$2,400/t vs US$2,450/t

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

China Tungsten APT 88.5% FOB US$1,715/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$5.9/lb vs US$6.0/lb

Europe Ferro-Vanadium 80% US$27.2/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$235/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$1,158/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:

Company news:

Amaroq (AMRQ LN) 86p, Mkt Cap £432m – Phase 2 flotation circuit commissioned at the Nalunaq Gold Mine

• The Company reports commissioning completion of the flotation recovery circuit at the Nalunaq Gold Mine, Greenland.
• That completes Phase 2 expansion with the plant is operating at design specifications.
• First gold concentrate produced and bagged.
• The flotation plant is expected to raise gold recoveries to 90-95% from current 50-70% seen in the gravity only circuit (61% 1Q26).
• FY26 production guidance reiterated at 25-35koz.
• 1H26 production expected at 7-10koz.

Aurum Resources (AUE AU) A$0.56, Mkt Cap A$228m – Boundiali PFS outlines 139kozpa operation

• Cote d’Ivoire gold explorer Aurum reports PFS results for the Boundiali Gold Project.
• The PFS is based off a maiden ore reserve of 42.1mt at 0.9g/t Au for 1.21moz.
• The study outlines am 11 year mine life, with a LOM mining inventory of 66.2mt at 0.82g/t Au over five pits.
• The mining inventory includes 23% indicated ore throughput.
• LOM strip ratio guided at 6.86 and recovery rates at 86.7%.
• A 6mtpa plant using conventional CIL processing with be supplied with a blend of ores from the five deposits.
• Pre-production CAPEX guided at $342m with total sustaining CAPEX of $79m.
• Average annual gold production over LOM expected at 139koz, and 185kozpa over the first five years.
• AISC expected at $2,049/oz using consensus gold prices of $4,076/oz.
• Post-tax NPV5 reported at $1.5bn and IRR of 119% using $4,076/oz.
• At $2,900/oz, NPV5 falls to $553m and IRR at 44.1%.
• FID has been guided in 4Q26, with the progression towards DFS now underway.
• First gold targeted for 1H28.
• Company expects to deliver a DFS mine plan and ore reserve for 3Q26.

Bezant Resources (BZT LN) 0.13p, Mkt cap £27m – Offtake agreement for the Hope & Gorob project, Namibia

• Bezant Resources reports the completion of formal documents for a “US$7 million secured prepayment facility and offtake agreements with Hartree Metals” for its Hope & Gorob project in Namibia.
• The facility will “support construction of the Hope and Gorob mine site and commissioning activities at the NLZM Processing Plant in Namibia”.
• Under “the offtake agreement … [Hartree Metals] … will purchase 100% of the copper concentrates produced for the life of the operation from Hope & Gorb Copper Project at market terms”.
• The project is expected to start production in “Q3 2026, with monthly shipments scaling progressively as operations ramp up”.
• Last year, the company indicated that the project is expected to produce around 7,000tpa of copper equivalent in concentrate.
• Welcoming the agreement, Executive Chairman, Colin Bird, said that the company believes the agreements start “what we hope is a significant long lasting relationship within the Bezant Namibian asset base”.
• He confirmed that the project is “on time and on budget towards a third quarter 2026 concentrate production”.

Caledonia Mining (CMCL LN) 1,430p, Mkt Cap £276m – Motapa exploration provides potential for mine life extension at Bilboes

• Yesterday, Caledonia Mining reported drilling and exploration results from its Motapa project in Zimbabwe.
• Motapa is located adjacent to and southeast of the company’s Bilboes 1.75m oz gold development project in Matabeleland around 110km north of Bulawayo.
• Exploration started in “2023 with geological mapping, geophysical surveys, trenching, and historical data collation” with subsequent trenching, diamond and reverse-circulation drilling during 2024 and 2025.
• Today’s announcement confirms that the 2025 drilling confirmed the “Continuity of mineralisation along a strike length of approximately 6km … [intersecting] … Multiple mineralised shear zones across Motapa North, Central and South … [with] … Both oxide and sulphide mineralisation, supporting near-term and longer-term development potential”.
• Among the results from Motapa North highlighted in today’s announcement are:
  • A 19.00m interval (estimated 17.75m true width) averaging 8.08g/t gold from a depth of 58.00m in hole JPRC-52; and
  • 6.38m (estimated 6.08m true width) averaging 13.95g/t gold from a depth of 45.00m in hole JDD-11; and
  • 12.00m (estimated 10.64m true width) averaging 7.12g/t gold from a depth of 184.00m in hole JPRC-63; and
  • 14.00m (estimated 13.39m true width) averaging 4.31g/t gold from a depth of 42.00m in hole PLV5RC-4; and
  • 17.00m (estimated 11.53m true width) averaging 3.25g/t gold from a depth of 108.00m in hole JPRC-51; and
  • 13.00m (estimated 11.83m true width) averaging 3.72g/t gold from a depth of 67.00m in hole PLV1RC-10; and
  • 6.00m (estimated 5.33m true width) averaging 6.89g/t gold from a depth of 53.00m in hole PLV1RC-15.
• In addition, results from drilling at Motapa Central include:
  • 7.00m (estimated 6.47m true width) averaging 2.39g/t gold from a depth of 4.00m in hole MPZRC-79; and
  • 3.00m (estimated 2.80m true width) averaging 4.79g/t gold from a depth of 35.00m in hole MPZRC-64; and
  • 2.00m (estimated 1.85m true width) averaging 5.25g/t gold from a depth of 12.00m in hole MPZRC-117.
• CEO, Mark Learmonth, described the results as “promising … [and said that they] … demonstrate the potential to significantly enhance the long-term value of our Bilboes project”.
• Confirming that the immediate priority “remains the development of Bilboes, targeting first gold in Q4 2028 … [he said that] … Motapa represents a compelling opportunity to extend mine life and increase future production across a combined mining complex”.
• Caledonia Mining expects to “publish a maiden mineral resource estimate for portions of Motapa in Q3 2026”.

Conclusion: Exploration results from Motapa open up the possibility for mine life extension at the adjacent Bilboes development project

*SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe

Empire Metals* (EEE LN) 33p, Mkt Cap £260m – Flowsheet update as continuous pilot testing set to support feasibility study, alumina by-product potential identified

• Empire Metals has provided an update from their comprehensive metallurgical testing and flowsheet development programme at Pitfield.
• Management has been working alongside several metallurgical laboratories to develop an optimised flowsheet for the large-scale Pitfield titanium project.
• Empire has now completed bench-scale metallurgical testing, supporting an integrated flowsheet to deliver a high-grade TiO2 product over 99% TiO2.
• Management states the flowsheet combines a variety of ‘industry-standard unit processes’ suitable to Pitfield’s anatase ore type.
• The flowsheet outlines an initial stage of whole-of-ore flotation to deliver a TiO2 concentrate grading 34%, with 90% gangue rejection.
• Testing has revealed an opportunity to reject a coarse size fraction at the comminution stage, upgrading titanium content of ore to flotation.
• The concentrate is then fed through an acid bake-water leach process, with atmospheric pressure pre-leaching removing the bulk of aluminium and iron.
• Leach recoveries are recorded up to 98% in current testwork.
• Importantly, management states hydrometallurgical recoveries report lower overall acid consumption, smaller iron residue streams and lower required leach temperatures than the conventional sulphate process route.
• Testing is continuing on various hydrometallurgical alterations to the flowsheet, including a light acid pre-leach ahead of primary titanium extraction.
• Acid recycling will be utilised to reduce sulphuric acid requirements, with the recovered TiO2 then calcinated before product finishing.
• Empire is undertaking additional studies, alongside pigment industry specialists, to progress the pigment finishing stage of the flowsheet, aimed at limiting colour-forming deleterious elements
• Empire notes potential by-product opportunities from a high-grade alumina (98.7% Al2O3) stream produced from the pre-leach solution.
• The alumina by-product potential stems from the conversion of recovered kaolin in flotation concentrate, which can be leached  to aluminium sulphate and separated from the titanium stream in the pre-leaching stage.
• Management suggests higher-grade alumina feedstock over 99% Al₂O₃  (vs Pitfield’s 98.7%) fetch >
• Going forward, Empire is conducting further testwork to develop a high-quality rutile pigment post calcination, to further optimise the 99.25% TiO2 product for the high-value pigment market.
• Additionally, Empire is advancing testwork to feed the Pitfield TiO2 product into the titanium metal industry.
• The Company has commissioned a study with Murdoch University to explore the production of titanium metal from titanium dioxide via molten salt electrolysis.
• This will support a bypassing of the traditional Kroll process, which is higher cost and more energy intensive.
• Empire expects to demonstrate a proof of concept for titanium metal production from Pitfield feedstock by year end.
• Empire is set to begin continuous metallurgical piloting in 3Q26 to support feasibility study workstreams.
• Detailed engineering studies are due for completion by year-end 2026, supported by continuous pilot testing.
• Additionally, an updated an expanded MRE is due for completion in 3Q26.

Conclusion: This is an important update from Empire, who are progressing the large-scale Pitfield titanium project in Western Australia. We have long considered a derisked flowsheet the key catalyst for the Empire story. Today’s announcement supports this, with the completion of bench-scale testwork outlining a finalised flowsheet including whole-of-ore flotation to deliver a 34% TiO2 concentrate, followed by acid leaching and finally calcination. Continuous pilot-scale testing will be the next major catalyst for Empire, which should provide more insight into expected global TiO2 recoveries (previously guided at 65-75%), acid consumption rates and TiO2 product grades. A new finding from today’s announcement is the potential for a high-grade alumina by-product, which could fetch prices ranging from $400-700/t. Ultimately, the key comment from management today regards Pitfield’s cost competitiveness vs conventional ilmenite sulphate routes. We see Pitfield as potentially offering a long-life supply of high-grade TiO2 feedstock to anchor western pigment manufacturing with added upside in the titanium metal industry to counter China’s growing dominance in the downstream titanium sector.

*SP Angel acts as Nomad and Broker to Empire Metals

Meteoric Resources (MEI AU) A$0.16, Mkt Cap A$450m – Pilot plant recoveries reach up to 80% for MREO at the Caldeira Rare Earth Project

• The Company updates on metallurgical results from the pilot plant at the Caldeira Rare Earth Project, Brazil.
• The plant was commissioned in late 2025 and results include five months of operations.
• Light MREO (NdPr) and heavy MREO (DyTB) into MREC recoveries averaged 71%.
• That was in line with May 2025 PFS and piloting completed by ANSTO.
• TREO recoveries averaged 61%, materially above the PFS estimate.
• MREO and TREO recoveries hit 80% and 74% over the last month on the back of ongoing process optimisation, flowsheet improvements and ore quality.
• Ore has been source from the Capao do Mel starter pit testing deposit variability on the process plant performance.
• >40t of CDM ore was processed with the plant running at design 600kg pd rate with production averaging design 2kg pd MREC.
• 200kg of MREC produced to date with product samples shipped to existing and potential offtake partners for product qualification (US, Europe, Asia) as well as Magbras (Brazil) and used in studies for local oxide separation.
• MREC impurities are reported at <2% and is not classified as radioactive material with U and Th below legislated 10Bq/g levels.
• Operating costs track in line with budget.

Panther Metals (PALM LN) 147.5p, Mkt Cap £13m – Drilling in Ontario

• Panther Metals confirms the completion of its first drillhole at its Awkward Conduit nickel/copper/PGM prospect in Ontario.
• The hole reached a vertical depth of 401m and “drill core is currently being processed ahead of samples being submitted for laboratory analysis”.
• Drilling has now moved to “a series of planned diamond drill holes at the Wishbone VMS Prospect” where the first hole “is a planned 300m deep inclined hole designed to test the VMS mineralisation strike extension approximately 500m to the north of previous wide VMS intersections”.

Premier African Minerals (PREM LN) 0.02p, Mkt Cap £8.1m – Additional £0.8m fundraising

• Premier African Minerals reports that it has raised a further ~£0.8m via a subscription for an additional ~4,000m shares at a price of 0.02p/share.
• The new funds will “support ongoing activities at Zulu following the successful production of first spodumene concentrate from the newly commissioned flotation plant and general working capital requirements”.
• We estimate that the additional shares represent ~9% of the enlarged company.
• So far this year, Premier African Minerals has previously raised £1m in May plus £1m in April, £1.25m in two blocks during March and £1m in January as it works to complete the Zulu flotation plant.
• The funding announced today at 0.02p/share has commanded a higher price that the £1m announced in May at a price of 0.0185p /share.
• Managing Director, Graham Hill, explained that the latest “funding provides important working capital to support ongoing operational requirements at Zulu and the continued optimisation of the modified existing plant and the newly commissioned flotation plant”.
• He confirmed that the “Board remains firmly focused on advancing Zulu towards sustained production, improving concentrate quality and recovery, and delivering long-term value from what we believe is a significant lithium asset”.

Rockfire Resources (ROCK LN) 0.13p, Mkt Cap £11m – Molaoi project may be able to use some of the historic underground mining infrastructure

• Rockfire Resources, which, earlier this week released assay results from resource drilling at its Malaoi zinc project in Greece, reports that a site visit by its consulting mining engineers has inspected the “the historical portal at Molaoi to determine its suitability for reuse for future mining”.
• The inspection confirmed that there is no “visible deterioration of the existing support system … [with the] … steel support sets visible from the entrance … [remaining] … undeformed, with no evidence of structural failure or rockfall-related damage”.
• The consulting engineers have recommended additional work including further surface and underground inspections, geotechnical work, redesign of the ventilation system and environmental assessments.
• The announcement confirmed that 3.0×3.5m mine decline, developed in 1991, remains open but that “most of the crosscuts to the orebody and the ore strike drives are now backfilled”.
• CEO, David Price, described the outcome of the inspection as “very exciting news for Rockfire … [as it concluded that] … the infrastructure remains in good condition and that there is a high likelihood that the underground development from the early 1990’s may well be able to be rehabilitated for future use”.
• He explained that “If the underground infrastructure is indeed able to be reused, this has the potential to save up to 700 meters of underground development costs, including drilling, blasting, bogging, hauling and storage of waste. This may provide Rockfire with savings of up to €5 million in underground development costs”

Conclusion: Inspection of some of the historic underground mining infrastructure at Malaoi indicates that it may be suitable for use in the future development of the project providing a potential saving of up to €5m in development costs. Additional confirmatory studies are expected.

Shuka Minerals (SKA LN) 2.65p, Mkt Cap £3.5m – Completion of 3^rd drillhole at Kabwe

• Yesterday, Shuka Minerals reported the completion of its third drillhole at the former Anglo American Kabwe zinc mine in central Zambia.
• Portable XRF (pXRF) results from hole KBD-003 “returned 29.58% zinc over 19.0m from 221.10m to 240.10m (down hole), based on an arithmetic average of 62 individual portable XRF readings at 3 readings per metre of whole core”.
• The reported pXRF assays “will be verified in due course with JORC/NI 43 101 laboratory analysis and testing”.
• Commenting on the geological setting, the announcement confirms that “Mineralisation … [in the No.2 orebody] … is typically associated with a weakly brecciated to semi-massive haematitic ironstone mixed with mostly zinc silicate (probably willemite) and lesser zinc carbonate minerals. The footwall comprises moderately jointed and fractured massive dolomite with hematite stringers and fracture-coatings that are believed to be the main hosts to zinc mineralisation”.
• CEO, Richard Lloyd, said that the drilling so far has shown “more and more about the orebody … [and that future] … drill holes will look to prove the ore body extending laterally and at depth”.

Conclusion: Drilling at Kabwe continues to intersect the targeted No. 2 orebody at Kabwe with future holes aiming to extend the known lateral and depth continuity of mineralisation beneath the historic mine workings.

Strategic Minerals* (SML LN) 4.3p, Mkt Cap £121m – Proposed NED appointment

• Strategic Minerals has proposed the appointment of an independent non-executive director, Mr. Luke Rogers.
• Mr. Rogers is described as having “extensive international experience in mining and operations, having worked in the industry for over 15 years as a mining executive and engineer with a particular focus on critical and strategic minerals” in jurisdictions including “Africa, Europe and South America”.
• Supplementing his technical credentials, Mr. Rogers offers a strong Cornish connection via his “role as an elected Cornwall Councillor representing St Ives East, Lelant and Carbis Bay”.
• Commenting on the proposed appointment Executive Chairman, Charles Manners, said that “Luke’s … mine development and operating experience combined with his strong links in Cornwall will be invaluable to our efforts as we continue to accelerate Redmoor, and work towards establishing a new domestic source of tungsten, tin and copper in the UK”.

Conclusion: Strategic Minerals’ proposed NED appointment brings technical mining experience and powerful local connections as the company advances its flagship project at Redmoor in Cornwall.

*SP Angel acts as Nomad and broker to Strategic 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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This 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. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

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.

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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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