SP Angel – Today’s Market View, Thursday 14th May 2026

Gold holds firm as wider metals spectrum slides following hot inflation data

MiFID II exempt information – see disclaimer below

Ariana Resources (AAU LN) – Latest resource drilling from Dokwe identifies resource expansion potential

Enegex Ltd* (ENX AU) – Progress accelerating across gold prospects in Cote d’Ivoire

Equinox Gold (EQX US) – Nil premium merger with Orla Mining

GreenX Metals (GRX LN) – Tungsten and antimony mineralisation identified at Eleonore North in the east of Greenland

Meridian Mining (MNO LN) – Drilling results from Santa Helena Central, higher grade gold identified at Alamo

NGEx Minerals  (NGEX CN) – High-grade quartz veins continue to be intersected at Lunahuasi

Shuka Minerals (SKA LN) – Drilling underway at Kabwe, Zambia

IG TV Gold report: https://youtu.be/PliTL-z0n54?si=HvvFdldYY7oHK7s7

Gold ($4,695/oz) holds firm as wider metals spectrum slides following hot inflation data

• Gold prices continue to shrug off hotter than expected US inflation data, with PPI coming above expectations yesterday.
• This is a promising trend for gold, which has traditionally fallen as US Treasury yields rise.
• The 10 year yield has rebounded to near 12-month highs as investors sell down US government bonds over concerns of a hawkish pivot.
• The dollar is failing to rally despite the higher yields, supporting precious metal prices.
• Peace talks continue to falter, with crude prices suggesting an extended period of disruption in the gulf.
• PGMs have weakened slightly whilst copper has also pulled back after a strong rally to near record highs.

Copper – Construction projects stall as material costs soar

• Building projects across Asia are being delayed on shortages of oil-related products (FT)
• Oil-based EPS/XPS foam insulation, PVC piping, oil-based paints, varnishes, sealants, and wood preservatives are among the products that
  • These include Expanded Polystyrene (EPS), Extruded Polystyrene (XPS), Rigid Polyurethane (PUR/PIR) boards, and PVC pipes/fittings.
• Developers are also concerned over the availability of finance and demand given current geopolitical uncertainty.
• European and Turkish PVC prices have risen between 8-18% to early March with one report suggesting PVC prices have risen 70%
• One Australian supplier of plumbing equipment warned in March the price of high-density polyethylene pipes in civil infrastructure would jump by 36% and the price of PVC pipes used for residential plumbing would rise by 28.5% (FT).
• PVC-U piping is often used where greater flexibility and pressure resistance is required as with WRAS, DVGW, HVAC fittings. These fittings enable the fitting of complex systems quickly without the need for copper pipe bending.

Conclusion: the developing shortage of Naptha which goes into nylon and PVC will likely cause builders to switch back to copper piping for housing and office projects.

Unfortunately, any stalling of construction projects will likely have a negative impact on the market for raw materials

Currencies

US$1.1711/eur vs 1.1717/eur previous. Yen 157.92/$ vs 157.69/$. SAr 16.401/$ vs 16.442/$. $1.352/gbp vs $1.353/gbp. 0.726/aud vs         0.724/aud. CNY 6.787/$ vs 6.791/$.

Dollar Index 98.50 vs 98.42 previous.

Economics

US – Trump met with Xi earlier today with the US President saying that ties with China will be “better than ever”

• Trump was accompanied by representatives of major US businesses aiming to promote more trade between the US and China.
• The US president.
• Both sides are reportedly agreed that Iran can never have a nuclear weapon.
• Although China highlighted that the US must “exercise extra caution in handling the Taiwan question”.
• Factory gate inflation came in a higher than expected in April following hotter than forecast CPI print the previous day
• The headline number was 6.0%yoy, marking the strongest reading since 2022.
• Fed monitored PCE measure is out later this month (28 May).
• Energy costs are reported to have climbed 7.8%yoy.
• PPI (%mom, Apr / Mar / Est): 1.4 / 0.7 (revised from 0.5) / 0.5
• PPI (%yoy, Apr / Mar / Est): 6.0 / 4.3 (revised from 4.0) / 4.8

UK – 1Q26 GDP climbed 0.6%qoq, in line with estimates, helped by consumer spending and business investment

• The risk is the momentum is likely to disappear amid the fallout in the Middle East.
• Soaring energy costs, higher interest rates, and political uncertainty are likely to dent the sentiment in 2Q26.

India – Wholesale prices are up 8.30%yoy in April, over 5.5% forecast and up from 3.9% in March

• The pickup reflects an increase in oil prices and the nation’s heavy reliance on imported energy.

Iran – Magnitude 4.3 earthquake recorded on Tuesday

• Tremors felt in an area close to the Mosha fault which is one of Iran’s most active seismic areas.
• Nine small earthquakes struck Tehran on Tuesday evening with experts fearing accumulated tectonic pressure could trigger a much larger earthquake.
• While no damage has been reported we suspect seismic activity could serve to further destabilise already damaged buildings in the city.

Saudi Arabia launches multiple air strikes Iran

• Saudi Arabia carried out the attacks after Iran hit its energy facilities and other civilian infrastructure in Saudi.
• Riyadh has told Tehran it is not joining the broader US-Israeli assault but that does not mean it will not act further in retaliation over the closure of the Strait of Hormuz.
• The Iranian regime is working to destabilise the Sunni religion Kingdoms in the region is looking to stimulate popular uprisings within its neighbours.
• The closure of the Strait of Hormuz will create substantial financial stress within the region leading to potential unrest within Saudi, the UAE, Kuwait and Oman.
• While the US is most vocal in looking for regime change in Iran, most other Arab states are also keen to support this course action.
• Iran was quick to attack the UAE, Saudi, Oman and Kuwait and while Saudi publically seeks de-escalation we suspect it is also keen to see a weakening of the IRGC and possible regime change.
• Saudi continues to sell around 7mbbls/d of oil via its pipeline.

Precious metals:

Gold US$4,706/oz vs US$4,705/oz previous

Gold ETFs 98.8moz vs 98.7moz previous

Platinum US$2,132/oz vs US$2,127/oz previous

Palladium US$1,501/oz vs US$1,501/oz previous

Silver US$87.3/oz vs US$86.6/oz previous

Silver ETFs 794.1moz vs 793.5moz previous

Rhodium US$9,975/oz vs US$9,975/oz previous

Base metals:   

Copper US$13,948/t vs US$14,130/t previous

Aluminium US$3,644/t vs US$3,608/t previous

Nickel US$18,870/t vs US$19,150/t previous

Zinc US$3,570/t vs US$3,557/t previous

Lead US$2,007/t vs US$2,009/t previous

Tin US$55,115/t vs US$55,735/t previous

Energy:

Oil US$105.9/bbl vs US$106.4/bbl previous

• Crude oil prices edged lower as the EIA estimated w/w US inventory draws of 4.3mb to crude and 4.1mb to gasoline, offset by a 0.2mb build to distillate stocks, with refinery utilisation rising 1.6% to 91.7% on 13.7mb/d of domestic output.
• European energy prices were broadly unchanged as EU natural gas storage levels to increase by 1.4% w/w to 35.7% full (vs 48.4% 5-Yr average), with aggregate inventory at 404TWh and Germany at 28.1% full (vs 48.2% 5-year average).
• The IEA’s May OMR forecasts global oil demand to contract by 0.4mb/d y/y to 104mb/d in 2026, 1.3mb/d less than its pre-war forecast, while global oil supply is projected to decline by 3.9mb/d on average to 102.2mb/d in 2026. The IEA estimates cumulative supply losses from Gulf producers already exceed 1bnb with more than 14mb/d of oil now shut in.
• The EIA published its first quarterly Global Energy Security Dataset, which provides data on global strategic petroleum reserves and energy flows through key chokepoints that offers insight into supply chains amid the ongoing Strait of Hormuz disruptions. The report estimates ~2.7bnb of strategic oil inventories stored at key countries at end-March.
• The UK Government plans to introduce the Energy Independence Bill, which officially stops the issuance of new licences for oil and gas exploration in the UK North Sea to instead focus on managing existing fields through Transitional Energy Certificates (TECs), which allow for tiebacks to extend the lifetime of existing oil and gas developments.
• The UK Government also announced plans to leave the Energy Charter Treaty (ECT) after the failure of efforts to align it with net zero, which will take effect after one year, removing protections for new investments after this period

Natural Gas €46.9/MWh vs €46.5/MWh previous

Uranium Futures $85.8/lb vs $86.2/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$110.5/t vs US$111.0/t

Chinese steel rebar 25mm US$487.2/t vs US$485.7/t

HCC FOB Australia US$238.0/t vs US$238.5/t

Thermal coal swap Australia FOB US$133.8/t vs US$135.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$111,609/t vs US$111,540/t

Lithium carbonate 99% (China) US$27,626/t vs US$28,051/t

China Spodumene Li2O 6%min CIF US$2,840/t vs US$2,890/t

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

China Tungsten APT 88.5% FOB US$1,973/mtu vs US$2,023/mtu

China Tantalum Concentrate 30% CIF US$198/lb vs US$198/mtu

China Graphite Flake -194 FOB US$420/t vs US$420/t

Europe Vanadium Pentoxide 98% US$5.9/lb vs US$5.9/lb

Europe Ferro-Vanadium 80% US$28.4/kg vs US$28.4/kg

China Ilmenite Concentrate TiO2 US$247/t vs US$251/t

US Titanium Dioxide TiO2 >98% US$2,809/t vs US$2,799/t

China Rutile Concentrate 95% TiO2 US$1,157/t vs US$1,156/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$3,625.0/kg vs US$3,525.0/kg

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

Europe Molybdenum Oxide 57% US$30.5/lb vs US$30.0/lb

EV & Battery new:

Global EV sales top 1.6m in April, 5.6m year to date

• Global sales of EVs reached 1.6m in April according to latest data from Benchmark Mineral Intelligence.
• April sales were up 6% yoy, but down 9% from March, following a surge in sales.
• YTD sales have totalled 5.6m, slightly down from 2025.
• China remains the largest market with sales reaching 2.8m YTD, but has seen sales slump 17% yoy.
• Europe’s EV market continues to grow steadily, with record sales in March and strong growth in April, with sales up 27% yoy in the region.
• The growth in sales is thanks to a renewal in various government subsidies as well as sales being driven by fuel shortages caused by the closure of the Strait of Hormuz.
• Chinese EVs are also increasing their presence in Europe – in 2025, 19% of EVs in Europe were Chinese-made; this has risen to 22% in 2026 and is increasing on a monthly basis.
• Chinese OEMs are looking to increase production in Europe as well as continuing to export significant volumes of EVs amid the hyper-competitive domestic market in China.

Company news:

Ariana Resources (AAU LN) 1.88p, Mkt Cap £50m – Latest resource drilling from Dokwe identifies resource expansion potential

• Reporting assay results from its reverse circulation (RC) drilling at Dokwe, Ariana Resources has confirmed that gold mineralisation has been confirmed over at least 150m beyond the current resource and remains open along strike.
• The 26-hole, 4,000m programme is now completed and will feed into a revision to the current mineral resource estimate (MRE) during H2 2026.
• The current MRE for the Dokwe North and Dokwe Central deposits, at a 0.3g/t gold cut-off, totals a ‘Measured, Indicated & Inferred’ estimate of ~45mt at an average grade of 0.98g/t hosting 1.4moz of gold.
• Among results highlighted in today’s announcement are
  • 22m at an average grade of 1.49g/t gold from a depth of 111m in hole DRC29 at Dokwe North; and
  • 8m at an average grade of 1.20g/t gold from a depth of 65m in hole DRC31 also at Dokwe North; and
  • 1m at an average grade of 3.77g/t gold from a depth of 101m in hole DRC30 also at Dokwe North; and
  • 2m at an average grade of 4.67g/t gold from a depth of 174m in hole DRC17 at Dokwe Central; and
  • 4m averaging 1.56g/t gold from a depth of 52m in hole DRC18 at Dokwe Central; and
  • 1m at an average grade of 3.65g/t gold from a depth of 107m in hole DRC15 also at Dokwe Central.
• Initial drilling at Sinkwe, which is located around 750m east of Dokwe Central, “continues to demonstrate potential for shallow gold mineralisation in this area”.
• The company explains that diamond drilling will be necessary “to test the continuity and extent of the mineralisation at all three prospect areas”.
• Managing Director, Dr. Kerim Sener, explained that Ariana Resources is “now focused on the diamond drilling of the Dokwe Project for the purposes of sourcing suitable material for the feasibility study testwork programme and the geotechnical drilling of Dokwe Central”.
• He said that as well as progressing the feasibility study “this work will also allow for Dokwe Central to be included in our future reserves when a JORC resource review is undertaken later this year”.
• Commenting on the potential for resource expansion, he said that “We have successfully confirmed the presence of a significant extension to gold mineralisation to the immediate NE of Dokwe North at a depth of roughly 100m from surface … [in a favourable geological unit which extends] … further to the NE … [which bodes] … well for future resource development”.
• Commenting on progress at Dokwe Central, he said that the drilling has “confirmed an extension to the SW of the mineralised zone at depth and along a NW-oriented fault which offsets the mineralisation on the western side by up to 100m to the south … [suggesting] … potential to extend within the currently planned pit shell and will become the subject of future drill confirmation”.
• Previous announcements have indicated that a pre-feasibility study fro Dokwe is expected during the current quarter and a more comprehensive Definitive Feasibility Study in Q1 2027.

Conclusion: Recent drilling at Dokwe is identifying resource expansion opportunities at the North, Central and Sinkwe deposits.

Enegex Ltd* (ENX AU) A$0.23, Mkt Cap A$69m – Progress accelerating across gold prospects in Cote d’Ivoire

• Enegex, a Cote d’Ivoire greenfield gold explorer, provides an update from its Gogo Project.
• The Company has moved an RC rig to site and is set to begin a 3,000-3,500m programme.
• The programme will test three targets over the 5km Bonoubana trend at the Gogo Project.
• Additionally, Enegex reports AC results from the 660m, 19-hole programme completed at the AW1 Prospect (Tougbe).
• Highlight results from the shallow programme included:
  • TOWAC0115: 4m at 6.2g/t Au from 8m
  • TOWAC0116: 12m at 1.68g/t Au from 28m
  • TOWAC0119: 14m at 0.90g/t Au from 16m
  • TOWAC0120: 26m at 0.54g/t Au from 8m
• Management will now return to the Tougbe with an RC rig, testing gold targets at AW1 and Kalama Bave at depth.
• Enegex also reports AC drilling results from the Kalama Bave Prospect in Cote d’Ivoire.
• 441m of AC drilling was completed to test the limits of drill coverage, with highlights including:
  • TOWAC0106: 4m at 6.10 g/t Au from 32m, ending in mineralisation
  • TOWAC0099: 4m at 1.05 g/t Au from 4m

*SP Angel analyst(s) hold shares in Enegex

Equinox Gold (EQX US) $14.5, Mkt Cap $11.4bn – Nil premium merger with Orla Mining

• Equinox Gold has agreed a merger with Orla.
• Orla shareholders will receive 1 Equinox share and $0.0001 in cash for each share held.
• The pro-forma entity will see Equinox shareholders owning 67% of the new Company.
• The transaction is expected to close 3Q26.
• The NewCo will hold $790m in cash, $597m in debt and $388m in convertible notes.
• Pro-forma production guidance for 2026 stands at 1.04-1.16moz at AISC of $1,701-1,836/oz.
• Equinox guides to longer term production profile of 1.9mozpa via the commissioning of:
  • Valentine Phase 2 (48kozpa, 2.7moz PP)
  • South Railroad (130kozpa, 1.5moz PP)
  • Castle Mountain (220kozpa, 4.1moz PP)
  • Los Filos (280kozpa, 5.4moz PP)
  • Camino Rojo underground.(215kozpa, 3.8moz M&I)
• Equinox holds 19moz in reserves at 0.84g/t Au, 19moz in M&I resources at 0.9g/t Au and 11.1moz inferred at 0.97g/t Au.
• Orla holds 3.7moz reserves at 1.08g/t Au, 6moz in M&I at 1.77g/t Au and 2moz at 0.92g/t Au inferred.
• Regarding rationale, the Company notes the opportunity for a ‘significant re-rate potential based on peers’ valuations,’ with the merger expected to bring greater scale.
• The merged entity will become the second largest Canadian gold producer with three cornerstone Canadian assets:
  • Greenstone (320kozpa, 5.3moz PP)
  • Musselwhite (235kozpa, 1.5moz PP)
  • Valentine (223kozpa, 2.7moz PP)
• Cornerstone shareholders will include Pierre Lassonde, Prem Watsa and Ross Beaty.

GreenX Metals (GRX LN) 46p, Mkt Cap £149m – Tungsten and antimony mineralisation identified at Eleonore North in the east of Greenland

• GreenX have identified a number of new tungsten and antimony targets at the Margeries Prospects in East Greenland.
• The walk-up targets have been identified through the reprocessing of historical airborne hyperspectral data flow in in 2000 which shows multiple zones of hydrothermal alteration.
• North Margeries: shows a 2km-long prospective anomaly with tungsten and antimony seen next to a major fault structure
  • Historic non-JORC estimate shows 32,000t at 1% Wolframite and 83,000t of 4.6% Sb (Antimony)
• South Margeries: additional anomalies surround the historical estimate including antimony.
  • Historic non-JORC estimate shows 58,000t of 3,2% Sb (Antimony)
• Noa Pluton: An antimony, gold, tungsten prospect is to be evaluated by a RIRGS specialist with fieldwork likely involve mapping and sampling to identify future drill targets.
• Field work (2026): The GreenX team plan to start testing the new targets with weeks and to collect bulk samples at North and South Margeries for tungsten and antimony metallurgical sighter test work.
• Field mapping and sampling will be done to confirm drill ready targets at both North and South Margeries and Noa Pluton.

Meridian Mining (MNO LN) 114.5p, Mkt Cap £530m – Drilling results from Santa Helena Central, higher grade gold identified at Alamo

• Meridian Mining reports assay results from its Alamo prospect at Santa Helena.
• Alamo lies southeast of Cabacal and 1km from the Santa Helena infrastructure area.
• Drilling has targeted a 1.6km IP anomaly.
• Assay results from Alamo include:
  • CD-852: 3.5m at 2.4g/t Au, 0.5% Cu, 9.5g/t Ag and 0.7% Zn from 109m
• Management notes structural hosted gold mineralisation open in all directions at Alamo,
• CEO Gilbert Clark comments that the discovery gold-dominant intersections at Alamo boosts the potential for a second operational hub at Santa Helena.
• Meridian has also been conducting infill drilling at Santa Helena Central, which returned:
  • CD-853: 14.8m @ 1.5g/t Au, 1.6% Cu, 41.9g/t Ag & 5.8% Zn from 29.7m
  • CD-854: 21.2m @ 1.5g/t Au, 1.2% Cu, 45.7g/t Ag & 6.0% Zn from 71.6m
  • CD-849: 11.7m @ 2.2g/t Au, 1.8% Cu, 50.3g/t Ag & 3.9% Zn from 46.4m
• Drilling at Santa Helena Central has targeted unmined zones of historical workings to support comparison with historical grade control.
• Meridian expects to include these results in a future resource upgrade for Santa Helena Central.

NGEx Minerals  (NGEX CN) C$30, Mkt Cap C$6.5bn – High-grade quartz veins continue to be intersected at Lunahuasi

• NGEx Minerals reports additional assay results from Lunahuasi in Argentina.
• The Company announced assay results from 5 holes at its Phase 4 drill programme.
• Highlights include:
  • DPDH070: 17.3m at 208g/t Au from 335m (inc 2m at 1,740g/t Au and 8.3m at 10.8g/t Au), 2.6m at 14.5% CuEq from 424m and 2.1m at 11.3% CuEq from 560m
  • DPDH063: 4.88m at 60.1g/t Au from 832m (inc. 1.38m at 160g/t Au)
• The high-grade results above are reported to be 660m apart, with management emphasising the ‘widespread nature of the ultra high-grade gold component.’
• Other results include DPDH062: 1380m at 0.89% CuEq from 224m, which intersected the Saturn zone down dip, with the hole ending in mineralisation.
• Hole DPDH063 also intersected Saturn 60m south and 200m above DPDH062, with 129m at 4.06% CuEq from 560m.
• NGEx has completed Phase 4 drilling, with 27,318m drilled over 32 holes.
• Assay results are pending for the remaining 12 holes.
• Management has built on their working thesis that Lunahuasi hosts several high-grade gold quartz veins throughout the deposit, with assay results reported yesterday noted at the edge of previous drilling patterns.
• The deposit remains open in all directions.

Shuka Minerals (SKA LN) 2.8p, Mkt Cap £3.6m – Drilling underway at Kabwe, Zambia

• Shuka Minerals confirms the start of a Phase 1 drilling programme on the No.2 orebody at the former Anglo American Kabwe zinc mine in central Zambia.
• A 2023, NI43-101 compliant report estimates that “the No.2 ore body has 3.1 million tonnes of ore remaining at grades of 11.4% zinc and 1.7% lead plus silver and vanadium oxide” and the new drilling aims to advance SHUKA Minerals’ aspiration “to increase the existing resource by 50%”.
• According to a presentation on the company’s website, the mine operated throughout most of the 20^th century prior to closure in 1994 “due to low metal prices”.
• Today’s announcement explains that the No. 2 orebody remains “open at depth … [with the new drilling] … planned to intersect the ore body below the current workings at a depth of approximately 220 to 230 metres”.

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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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