SP Angel – Today’s Market View, Thursday 20th August 2026

Gold jumps through the US$4,500 as US Treasury to expand bond buying programme

MiFID II exempt information – see disclaimer below

CleanTech Lithium (CTL LN) – Amendment to Laguna Verde sale and purchase agreement

Cornish Metals* (TIN LN) – Second tranche of shareholder credit facility drawn

Fulcrum Metals (FMET LN) – Funded geophysical exploration at Saskatchewan uranium project

Lindian Resources (LIN AU) – Kangankunde project construction update

Resolute Mining (RSG LN) – Stronger H1 financial performance driven by continued gold price strength

Rome Resources (RMR LN) – Resource modelling identifies additional mineralised targets at Kalayi

Talisman Metals (TLM LN) – £0.5m placing to fund exploration in Morocco

Viking Mines (VKA AU) – Assays confirm ore sorting delivers high grade products at Linka

Viridis Mining & Minerals (VMM AU) – Colossus DFS delivers 25y LOM and post tax NPV8 US$1.2bn; up to US$120 equity secured with debt term sheets due 2H26

Gold ($4,488/oz) – Gold rises after the US Treasury doubles bond buybacks

• Gold rose 3.2% Thursday to $4,488/oz vs $4,349/oz Wednesday, with an intraday high of $4,525.79/oz.
• The Treasury will at least double its buying back of 10 to 30-year government bonds.
• 30y yields fell 10bp to 5.18% and the dollar hit a three-month low, both supporting gold (Kitco).
• July Fed minutes showed several policymakers ready to raise rates, with traders pricing a 32.7% chance of a September increase.

Copper ($13,992/t) – Copper rises on weaker US$ and news of more production disruptions.

• Copper rose 0.8% Thursday to $13,992/t vs $13,887/t Wednesday.
• MMG halted Las Bambas (Peru) after two workers died and three were injured on Tuesday, with a staged restart expected from Friday at the earliest.
• Las Bambas produced 410,834t last year, ~2% of world mined supply.
• China’s CMOC, which mines copper in the DRC, produced a record >200kt in 2Q26, with record net income of Rmb8.4bn.

Lithium – POSCO signs supply and recycling deal with China’s Ningbo Ronbay

• POSCO has signed a framework agreement with Ningbo Ronbay covering the battery supply chain.
• It covers lithium from POSCO’s Australian ore operations, Argentine brine projects and used batteries.
• Battery-grade lithium hydroxide from POSCO’s Korean plant should be certified by 4Q26, before supply begins.

Uranium – BHP plays down NexGen interest as copper takes priority

• Reuters reported on Monday that BHP had shown interest in NexGen, which is seeking $1bn for its Canadian uranium project.
• BHP CEO Brandon Craig said copper is the focus for investment, and declined to address the report.
• He would not rule out M&A, but said BHP is comfortable with copper, iron ore, steelmaking coal and potash.
• BHP already supplies ~5% of world uranium as a by-product from Olympic Dam.

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$1.1682/eur vs 1.1593/eur previous. Yen 158.41/$ vs 159.26/$. SAr 16.109/$ vs 16.235/$. $1.361/gbp vs $1.355/gbp. 0.712/aud vs 0.707/aud. CNY 6.724/$ vs 6.740/$.

Dollar Index 98.78 vs 99.47 previous.

Economics

US – Gold jumps with the US$ index selling off on the news the Treasury to “at least double” purchases of long dated government bonds.

• The more aggressive buyback programme to be focused on 10-20 years and 20-30 years debt.
• The pace of purchases to increase from US$2bn to “at least” US$4bn.
• The programme to start September 9.
• The news was widely interpreted as indicating the level of borrowing costs the US administration feels uncomfortable at and decides to step in.
• The announcement also comes just weeks after the Treasury laid out its guidance indicating the unease among officials over the rise in interest rates.
• 10y and 30y yields were down 6-10bp on the announcement but are gradually giving up their respective gains this morning.
• Yields are seen trading at 4.7% and 5.2% this morning.

China – Evergrande founder Hui Ka Yan was sentenced to life in prison, nearly five years after the Chinese property developer collapsed.

• The news marks a major change of fortunes for Hui Ka Yan who was China’s richest person in 2017, FT writes.
• He pleaded guilty in Paril to charges ranging from embezzlement of assets to bribery.
• Evergrande was fined ~US$580m in 2024 for overstating revenues by almost US$80bn in 2019 and 2020.
• The Company was delisted from HK exchange last summer and the Hong Kong entity is in the process being liquidated.
• Auditors PwC were fined HK$1.3bn (~US$170m) following an investigation in April on top of Rmb441m (~US$65m) fine paid to Chinese authorities.
• Separately, Evergrande’s liquidators Alvarez & Marsal are pursuing PwC for more than US$8bn for audit negligence.

Japan – The yen strengthened to ~158 from just under 160 yesterday on reports of further government interventions.

Precious metals:

Gold US$4,488/oz vs US$4,349/oz previous

Gold ETFs 97.5moz vs 97.7moz previous

Platinum US$1,799/oz vs US$1,715/oz previous

Palladium US$1,326/oz vs US$1,289/oz previous

Silver US$66.8/oz vs US$63.1/oz previous

Silver ETFs 799.0moz vs 796.0moz previous

Rhodium US$8,800/oz vs US$8,800/oz previous

Base metals:

Copper US$13,992/t vs US$13,887/t previous

Aluminium US$3,197/t vs US$3,216/t previous

Nickel US$16,980/t vs US$16,790/t previous

Zinc US$3,696/t vs US$3,675/t previous

Lead US$1,883/t vs US$1,881/t previous

Tin US$55,650/t vs US$54,745/t previous

Energy:

Oil US$92.4/bbl vs US$91.7/bbl previous

Natural Gas €63.7/MWh vs €63.2/MWh previous

Uranium Futures $88.5/lb vs $88.2/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$95.8/t vs US$96.2/t

Chinese steel rebar 25mm US$462.9/t vs US$462.3/t

HCC FOB Australia US$226.8/t vs US$225.5/t

Thermal coal swap Australia FOB US$134.8/t vs US$134.3/t

Other:

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

NdPr Rare Earth Oxide (China) US$106,924/t vs US$106,830/t

Lithium Carbonate 99% (China) US$21,489/t vs US$21,292/t

China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t

Ferro-Manganese European Mn78% min US$1,040/t vs US$1,040/t

Tungsten APT (China) 88.5% FOB US$1,795/mtu vs US$1,795/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu

China Tantalum Concentrate 30% CIF US$225/lb vs US$225/mtu

China Graphite Flake -194 FOB US$390/t vs US$390/t

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.3/kg vs US$25.3/kg

China Ilmenite Concentrate TiO2 US$204/t vs US$204/t

US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t

China Rutile Concentrate 95% TiO2 US$1,167/t vs US$1,165/t

Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t

Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/kg

China Gallium 99.99% US$440.0/kg vs US$440.0/kg

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

EV & Battery news:

Company news:

CleanTech Lithium (CTL LN) 6.5p, Mkt Cap £24m – Amendment to Laguna Verde sale and purchase agreement

• CleanTech Lithium has settled with the Laguna Verde vendors, amending the April 2024 purchase agreement over 23 mining concessions.
• The cash price falls 60% to $14m from $35m.
• $2.5m has been paid, and of the $11.5m still owed, $9.0m only falls due once lithium is sold at Laguna Verde.
• Remaining payments:
  • $1.0m on receipt of >$10m from a strategic partner
  • $1.5m at the start of construction
  • $4.5m 60 days after cumulative sales of 10,000t LCE, or lithium carbonate equivalent
  • $4.5m 60 days after cumulative sales of 35,000t LCE
• The $1.25m paid on signing came from funds already ring-fenced for this purpose.
• The vendors also take 6,600,000 new shares in three equal tranches, each locked in for six months.
• The first tranche accounts for just ~0.6% of enlarged voting rights and should be admitted around 24 August.
• Missed milestones can transfer up to 49% of the Chilean project company (ASL) to the vendors, with CleanTech able to buy those shares back by settling the missed payment.
• The vendors must drop all legal claims and criminal allegations within five days.
• Focus now moves to finding a strategic partner, the CEOL lithium operating permit and the environmental study.

Cornish Metals* (TIN LN) 106.5p, Mkt cap £134m – Second tranche of shareholder credit facility drawn

• Cornish Metals confirms that it has now drawn the 2^nd tranche of its ~£52m credit facility with major shareholders, the National Wealth Fund, which holds ~28.45% of Cornish Metals, and Vision Blue Resources (~29.08%), which was announced in May.
• The tranche “comprises £13.9 million from the National Wealth Fund and US$9.1 million (approximately £6.7 million) from Vision Blue”.
• As Cornish Metals progresses the restart of tin production at its South Crofty mine in Cornwall, the funds “will be applied to continue underground development, construction of surface facilities and infrastructure”.
• CEO, Don Turvey, said that “Drawing the second tranche keeps South Crofty moving at pace while we finalise the longer-term funding package on terms that are favourable for investors”.
• He explained the importance of “Maintaining momentum on-site … as we continue to advance South Crofty towards a restart of tin production … [and said that the exercising of their discretion to release the 2nd tranche of the facility] … reflects the continued backing of our two largest shareholders”.

Conclusion: Credit support from the main shareholders is allowing work at South Crofty to be maintained at pace as Cornish Metals works to restart tin production at the historic mine.

*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

Fulcrum Metals (FMET LN) 7.75p, Mkt Cap £12m – Funded geophysical exploration at Saskatchewan uranium project

• Fulcrum Metals reports that exploration has started on its Saskatchewan uranium projects, which are currently under option to Terra North Resources.
• Terra North Resources’ exploration will include“a high-resolution airborne radiometric and magnetic survey over the Charlot-Neely Lake uranium project … located approximately 20 kilometres north of Uranium City along the northwestern margin of Saskatchewan’s Athabasca Basin”.
• “Expenditure incurred on the programme will qualify towards Terra North’s minimum cumulative C$3.25 million exploration expenditure commitment under its option agreement with Fulcrum”.
• CEO, Ryan Mee, described the start of the airborne geophysical work as “an important milestone for Fulcrum’s Saskatchewan uranium portfolio … [and said that] … Charlot-Neely is a highly prospective project within one of the world’s premier uranium jurisdictions, with a compelling combination of historic radiometric anomalies, structural features and very limited modern systematic exploration”.
• He said that the survey, which is funded by Terra North “is designed to significantly improve the geological understanding of the Project and provide the technical foundation to refine and prioritise targets for subsequent exploration

Lindian Resources (LIN AU) A$0.76, Mkt Cap A$1.4bn – Kangankunde project construction update

• The Company updates on the construction progress at the Kangankunde Rare Earths Project, Malawi, and midstream processing facility in Kazakhstan
• Maiden production remains on schedule for 4Q26.
• Front end commissioning targeted for late October 2026.
• Ore mining underway with plant stockpiles ahead of commissioning.
• SAG mill civils advancing and power infrastructure being installed.
• Phase 1 of the 33kV powerline now complete.#
• Borehole works ongoing to support plant water requirements with a target for completion by the end of October.
• TSF construction continues.
• Operating team being mobilised at the MREC Facility in Kazakhstan with the team expected to grow to 75 people for midstream processing.

Resolute Mining (RSG LN) 65.8p, Mkt Cap £1,406m – Stronger H1 financial performance driven by continued gold price strength

• Resolute Mining reports H1 2026 post-tax profit of US$162.6m (H1 2025 –US$71.0m), and H1 EBITDA of US$323.9m (H1 2025- US$228.8m).
• The financial results reflect production of a total of 104,795oz of gold at an all-in-sustaining cost of US$2,327/oz (H1 2025 – 151,460oz at US$1,688/oz).
• Resolute Mining confirms that “production guidance … [is] … on track to be around the lower end of the 250 – 275 koz guidance range. Group AISC of $2,000 – 2,200/oz is maintained, however it is subject to change with elevated gold prices and higher fuel costs”.
• CEO, Chris Eger, commented that “Resolute has delivered a strong first half of 2026, generating significant operating cash flow and ending the period with a net cash position of $317.4 million … underpinned by continued strength in the gold price, disciplined cost management and the resilience of both Syama and Mako”.
• The Syama mine contributed 73,683oz of production at an all-in-sustaining cost of US$2,399/oz (H1 2025 – 89,263oz at US$1,972/oz) with Mako producing a further 31,112oz at US$1,605/oz (H1 2025 – 62,201oz at US$1,104/oz).
• The company highlights the development approval for its Doropo project in Cote d’Ivoire where “Construction activities ramped up with early works, site infrastructure and procurement packages advancing in line with plan”.
• During the six months, Doropo received US$41m of capital expenditure and the project “remains on track and on budget with first gold targeted in H2 2028”.
• Resolute Mining also highlights the expansion of the ‘Inferred’ mineral resource at its ABC project, also in Cote d’Ivoire, to 133 Mt at an average grade of 0.71 g/t Au hosting 3m oz of gold.
• The upgraded resource reflects “more than 31,000 m of drilling completed in 2026” increasing the 2021 ‘Inferred’ 2.2moz resource estimate of 72mt at an average grade of 0.93g/t gold in the Kona South and Kona Central deposits.
• Additional “infill drilling, technical studies, permitting and environmental workstreams … [at a cost of US$15-25m are underway] … with the objective of advancing the project through feasibility studies and mining application work by the end of 2027”.
• In Senegal, exploration is focussed on “the Tomboronkoto and Bantaco projects that have the potential to extend the life of the Mako Mine”.
• Tomboronkoto and Bantaco currently report a mineral resource of “over 800 koz of gold, with possibilities of expansion based on ongoing exploration … [with the Tomboronkoto] … orebody remaining open along strike to the west and at depth”.

Conclusion: Production guidance for 2026 is being maintained in the range 250,000 – 275,000 oz as Resolute Mining benefits from strong gold prices to increase H1 EBITDA & after-tax profit. Development of the Doropo project in Cote d’Ivoire is expected to deliver initial gold production in H2 2028.

Rome Resources (RMR LN) 0.28p, Mkt Cap £24m – Resource modelling identifies additional mineralised targets at Kalayi

• Rome Resources reports the identification of two additional tin target zones at its Kalayi project in the eastern DRC.
• Independent resource modelling by the MSA Group as part of its mineral resources update “has identified two new mineralised zones, MINZ8 and MINZ9” southeast of the current resource area.
• Today’s announcement explains that “these zones will not be incorporated into the forthcoming MRE … [as they need] … further drilling to establish continuity … [but that they illustrate] … the potential resource growth beyond areas currently drilled to resource density”.
• The need for additional drilling at MINZ8 and MINZ9 is highlighted by their being “currently supported by a single drill intersection in borehole KBDD033 … [which, as] … previously reported … included a 19.5m intercept (downhole width) averaging 0.52% plus additional shallower intercepts”.
• CEO, Paul Barrett, said that the “identification of MINZ8 and MINZ9, alongside identification of a significant undrilled continuation of the high-grade trend to the southeast, gives us clear targets for the next phase of drilling and further resource growth at Kalayi”.
• Mr. Barrett confirmed that the forthcoming updated MRE “remains an important near-term milestone and … [said that the] … new targets demonstrates the significant potential beyond the areas sufficiently drilled for inclusion in the current MRE”.
• In October 2025, Rome Resources reported an initial mineral resource estimate for Kalayi of 0.33m inferred tonnes at an average grade of 1.36% tin and an inferred resource of 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at the nearby Mont Agoma deposit.

Conclusion: Resource modelling for the forthcoming mineral resource update has identified additional resource potential, still to be drilled, southeast of the current Kalayi resource. Their recent discovery will mean they will not form part of the new MRE but they could offer resource expansion potential for the future

Talisman Metals (TLM LN) 7p, Mkt Cap £3.9m – £0.5m placing to fund exploration in Morocco

• Talisman Metals has raised £501,800 by placing ~7.2m shares at a price of 7p/share to new and existing shareholders.
• The funds “will be used to fund exploration and development work on the Tirzzit Copper Project … [and] … the Fougnar Copper Project in Morocco … [as well as for] … general corporate and working capital purposes”.
• We estimate that the new shares represent around 10% of the enlarged company.
• CEO, Timothy McCutcheon, said that as “we progress to the start of drilling later this summer, management chose to top-up the Company’s treasury to give more flexibility on the use of capital for field work”.
• He said that the “fundraise will enable further expansion of the exploration at Tirzzit and Fougnar during the current year”.
• The company has previously announced plans for 3,000m of reverse circulation drilling at its Tirzzit project where it has identified sediment-hosted stratiform copper/silver mineralisation and fieldwork has established similar mineralisation at Fougnar.

Viking Mines (VKA AU) A$0.01, Mkt Cap A$20m – Assays confirm ore sorting delivers high grade products at Linka

• Viking Mines reports assays from ore sorting testwork at its Linka tungsten project in Nevada, run by TOMRA using X-ray scanning to separate rock by grade.
• Two ~20kg samples of weather material.
• Work highlights:
  • Conquest Pit: 1.91% WO3, 3.1x beneficiation the 0.61% feed, holding 27.3% of the tungsten in 8.8% of the mass
  • Linka Stockpile: 1.83% WO3, 4.1x the 0.45% feed
  • The rejected waste graded ~0.2% WO3 in both samples
• Sorted products combined with unsorted fines:
  • Conquest Pit: 1.2-1.7x feed and 62.1-93.0% tungsten recovery
  • Linka Stockpile: 1.3-1.4x feed and 40.3-85.9% tungsten recovery
• Ore sorting could raise the grade of mine feed and upgrade existing surface stockpiles into plant feed.
• Next steps:
  • Gravity and flotation testwork on the sorted products at Base Met Labs
  • A TOMRA equipment quote for the 300ktpa plant cost model being built by Mineral Technologies
• First drilling at Linka started in June 2026.
• Viking can buy the BLK Group claims across five Nevada projects for US$2.9m over seven years, with BLK keeping a 2% royalty.

Viridis Mining & Minerals (VMM AU) A$4.4, Mkt Cap A$548m – Colossus DFS delivers 25y LOM and post tax NPV8 US$1.2bn; up to US$120 equity secured with debt term sheets due 2H26

• The Company released a DFS for the flagship Colossus Rare Earths Project, Brazil.
  • 25y LOM
  • Mining Inventory 200mt 3,061ppm TREO (774ppm MREO)
  • Mining of ionic clay mineralisation to utilise low cost open pit free digging with no drilling and blasting required.
  • Contract mining
  • Strip ratio 0.52x
  • 5Mtpa throughput
  • Recoveries 64-66% TREO (76-78% MREO)
  • Annual production 4,446tpa TREO (2,967tpa MREO)
  • MREC payability 75%
  • Demo plant delivered recoveries above ANSTO levels assumed in the DFS
  • Development capex US$449m
  • C1 and AISC (net of DyTb credits) US$15.3/kg NdPr and US$26.7/kg NdPr
  • After-tax NPV8 and IRR US$1,196m and 36% (flat US$129/kg NdPr price assumption)
  • 2.7y payback
• Maiden reserves
  • 200mt 2,894pp TREO (715ppm MREO)
• Production target (25y LOM) uses only ~26% of the current MRE limited to two project areas with a potential to further expand the mining inventory.
• Project funding planned 70%/30% debt/equity implying a ~US$135m equity share.
• Separately, the Company announced today it secured up to US$120m in strategic equity funding.
  • US$75m from One Investment Management (OneIM) with US$12bn AUM (Tranche 1 A$61m to be raised at A$3.79 / Tranche 2 A$45m subject to FIRB and shareholder approval at A$3.70-4.50)
  • US$40m from a group of strategic investors with the majority Brazil based (A$3.79/sh)
  • US$5m from accelerated ORE Investments and Regia Capita Tranche 2 strategic investment previously planned for November 2026 (A$3.38/sh)
  • A further US$20m remains available under the existing investment arrangement with ORE/Regia
• With US$14m in cash, up to US$120m new investment and US$20m remaining outstanding, the Company has access to ~US$154m of identified equity funding sources more than covering the required 30% target.
• Near term milestones:
  • Lender term sheets expected September 2026 following completion of Independent Technical due diligence by appointed Independent Engineer (targeted August 2026)
  • Installation license 4Q26
  • FID 2H26
  • Construction start 202
  • Maiden production 2028

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Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Sales

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Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

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Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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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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