SP Angel – Today’s Market View, Thursday 21st May 2026

Gold recovers from recent lows as traders eye signs of progress with peace talks

MiFID II exempt information – see disclaimer below

Botswana Minerals (BMIN LN) – Identification of Botswana copper targets

Bradda Head (BHL LN) – High-priority spodumene targets identified at San Domingo, Arizona

DPM Metals (DPM CN) – High-grade mineralisation extended below Chelopech

Great Southern Copper (GSCU LN) – Geophysical survey to help identify scout drilling targets at La Colorada, Chile

IperionX (IPX AU) – SACMI press commissioned to boost titanium metal manufacturing capacity

Mkango Resources* (MKA LN) –BUY– Filing of F-4 Form for the proposed business combination on course of the MKAR Nasdaq listing

Midas Minerals (MM1 AU) – High-grade copper-silver assays returning from infill drilling programme, Namibia

Savannah Resources* (SAV LN) – BUY – 18.5p – Chairman AGM statement

Shuka Minerals (SKA LN) – First hole at Kabwe intersects mineralisation in expected position

Tungsten West (TUN LN) – Shareholder facility as Hemerdon remains on track to resume tungsten production

Gold ($4,540/oz) recovers from recent lows as traders eye signs of progress with peace talks

• Gold prices have bounced from recent lows, up nearly $100/oz from yesterday’s lows.
• The metal has been rocked by soaring US Treasury yields, with the 10 year rising over 4.6%, taking the dollar higher.
• Oil prices have weakened this morning, with Iran’s foreign ministry reporting yesterday they are ‘seriously and in good faith’ pursuing negotiations.
• Concerns over an extended period of Straits of Hormuz closure are triggering renewed inflation fears, pushing global yields higher.
• Emerging markets with currencies under pressure are seeking liquidity in reserves, with gold providing a solid back up in times of need.
• This scenario was seen with Turkey, who sold significant gold holdings to support the lira in March.

SpaceX filed a prospectus with the US securities regulator on Wednesday evening.

• The group is producing spacecraft and satellites as well as developing AI vertical.
• The Company is reported to have been previously considering a $75bn raise at $1.75tn valuation.
• Separately, OpenAI is expected to file for IPO as soon as this week.

Two oil tankers carrying Iraqi crude to China passed through the Strait on Wednesday.

• The third vessel transporting Kuwaiti oil to South Korea was also seen going into the strait before its transponder was switched off.
• Ships were seen passing through the northern side of the strait suggesting they may have agreed a deal with Iran.
• Brent pulled back on the news of a potential reopening of the strait, albeit, only marginal compared to pre war traffic numbers.

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

Currencies

US$1.1601/eur vs 1.1597/eur previous. Yen 159.02/$ vs 158.97/$. SAr 16.546/$ vs 16.654/$. $1.342/gbp vs $1.340/gbp. 0.711/aud vs 0.711/aud. CNY 6.803/$ vs 6.806/$.

Dollar Index 99.35 vs   99.37 previous.

Economics

EU

• Preliminary Manufacturing PMI (May / Apr / Est): 51.4 / 52.2 / 51.8
• Preliminary Services PMI (May / Apr / Est): 46.4 / 47.6 / 47.8
• Preliminary Composite PMI (May / Apr / Est): 47.5 / 48.8 / 48.8

Germany

• Preliminary Manufacturing PMI (May / Apr / Est): 49.9 / 51.4 / 51.0
• Preliminary Services PMI (May / Apr / Est): 47.8 / 46.9 / 47.0
• Preliminary Composite PMI (May / Apr / Est): 48.6 / 48.4 / 48.5

France

• Preliminary Manufacturing PMI (May / Apr / Est): 48.9 / 52.8 / 52.1
• Preliminary Services PMI (May / Apr / Est): 42.9 / 46.5 / 46.7
• Preliminary Composite PMI (May / Apr / Est): 43.5 / 47.6 / 47.7

UK

• Preliminary Manufacturing PMI (May / Apr / Est): 53.7 / 53.7 / 53.0
• Preliminary Services PMI (May / Apr / Est): 47.9 / 52.7 / 51.7
• Preliminary Composite PMI (May / Apr / Est): 48.5 / 52.6 / 51.6

Precious metals:

Gold US$4,515/oz vs US$4,483/oz previous

Gold ETFs 98.7moz vs 98.8moz previous

Platinum US$1,930/oz vs US$1,937/oz previous

Palladium US$1,359/oz vs US$1,379/oz previous

Silver US$74.9/oz vs US$75.1/oz previous

Silver ETFs 794.8moz vs 794.6moz previous

Rhodium US$9,700/oz vs US$9,750/oz previous

Base metals:

Copper US$13,489/t vs US$13,487/t previous

Aluminium US$3,613/t vs US$3,608/t previous

Nickel US$18,640/t vs US$18,920/t previous

Zinc US$3,534/t vs US$3,540/t previous

Lead US$1,982/t vs US$1,968/t previous

Tin US$53,000/t vs US$53,400/t previous

Energy:

Oil US$106.3/bbl vs US$110.1/bbl previous

Natural Gas €49.4/MWh vs €51.7/MWh previous

Uranium Futures $84.6/lb vs $84.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$105.6/t vs US$107.4/t

Chinese steel rebar 25mm US$489.5/t vs US$489.0/t

HCC FOB Australia US$239.0/t vs US$239.0/t

Thermal coal swap Australia FOB US$137.5/t vs US$139.6/t

Other:  

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

NdPr Rare Earth Oxide (China) US$101,430/t vs US$104,555/t

Lithium carbonate 99% (China) US$25,946/t vs US$25,937/t

China Spodumene Li2O 6%min CIF US$2,630/t vs US$2,630/t

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

China Tungsten APT 88.5% FOB US$1,693/mtu vs US$1,693/mtu

China Tantalum Concentrate 30% CIF US$213/lb vs US$213/mtu

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

Europe Vanadium Pentoxide 98% US$6.0/lb vs US$6.0/lb

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

China Ilmenite Concentrate TiO2 US$242/t vs US$242/t

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

China Rutile Concentrate 95% TiO2 US$1,154/t vs US$1,154/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$3,725.0/kg vs US$3,725.0/kg

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

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

EV & Battery new:

Company news:

Botswana Minerals (BMIN LN) 0.25p, Mkt Cap £4.0m – Identification of Botswana copper targets

1. Botswana Minerals reports that, aided by AI analysis, it has identified 36 anomalous copper exploration targets within two of its eight licences in Botswana.
2. Field work is expected to start within 3 months, and the company intends to use similar methods to assess the other six of its licences.
3. The targets identified so far lie “within six exploration ‘corridors’ … within an under-explored geological corridor linking Namibia’s Damara Belt with the Central African Copperbelt of Zambia and the DRC … [described as] … two of Africa’s most important copper regions“.

• The company aims to “Refine and rank the 36 target areas identified to date … [and] … Plan field programmes across the highest-priority corridors”.

1. Chairman, John Teeling, explained that the company’s “analysis uses data from copper mines around the world to identify areas with similar geological characteristics, with the next step to rank these anomalies to better focus future fieldwork and any subsequent drilling decisions”.

Bradda Head (BHL LN) 3p, Mkt Cap £12m – High-priority spodumene targets identified at San Domingo, Arizona

• US-focused lithium explorer Bradda Head provides an update from their ongoing technical studies at San Domingo, Arizona.
• The Company is undertaking a comprehensive programme to boost their understanding of the geology, mineralogy and metallurgy at the San Domingo pegmatite project.
• The programme is intended to support better targeting for future exploration programmes.
• The Company has contracted SRK to complete a Pegmatite Evaluation from Geochemical study.
• SRK’s PEG survey integrates mineralogical and geochemical data to classify pegmatite types to evaluate the prospectivity for spodumene.
• The PEG results have identified several high-priority pegmatite targets at Dragon, Midnight Owl and Ruby Soho.
• The survey supports the delineation of higher priority spodumene-bearing pegmatite targets, with Dragon and Midnight Owl noted as the highest priority targets for drilling.

Conclusion: Bradda Head is undertaking various technical studies to optimise future exploration programmes at their San Domingo spodumene project. The PEG analysis has identified two high-priority targets for future drilling which coincide will with historic drilling, mapping and geochemical results. The focus is on resource growth at San Domingo and we see Bradda Head as well positioned to achieve this with their methodical approach to derisking exploration.

DPM Metals (DPM CN) C$44.5, Mkt Cap C$9.9bn – High-grade mineralisation extended below Chelopech

• DPM report high-grade intercepts from their Wedge Zone Deep prospect at Chelopech.
• The WZD prospect lies 250m below existing mine infrastructure.
• The current drilling programme is intended to extend the limits of the prospect identified last year.
• 11,800m have been drilled to date over 17 holes to target the high-sulphidation gold-copper-silver mineralisation.
• Assays reported yesterday included highlights of:
  • EX_WZD_165_03: 58m at 15.3g/t AuEq from 449m
  • EX_WZD_165_05: 47m at 5.45g/t AuEq from 456m
  • EX_WZD_165_05A: 81m at 8g/t AuEq from 551m
• The Company states the results confirm and extend high-grade mineralisation, extending the zone over 170m length, 130m width and 300m vertical extent.
• DPM states the target remains open along strike and down-dip.
• Management is aiming to deliver a maiden MRE for the prospect by year end, with further drilling planned.

Great Southern Copper (GSCU LN) 2.58p, Mkt Cap £20m – Geophysical survey to help identify scout drilling targets at La Colorada, Chile

• Great Southern Copper has started a geophysical survey to investigate the western part of its 33km² La Colorada lithocap target in its Especularita project area in the coastal metallogenic belt, Chile.
• Today’s announcement describes La Colorada as “the cornerstone of the Company’s flagship Especularita project … within a northwest-southeast trending structural lineament that links the project with notable large-scale porphyry Cu-Au mines and projects, including Los Pelambres, Altar and El Pachon”.
• The survey will use audio-frequency magneto-telluric methods to help identify “first-pass scout drilling” sites with the geophysical results expected to be available “within 4-6 weeks”.
• CEO, Sam Garrett, explained that “The AMT geophysics survey is designed to allow us to see through the lithocap blanket that masks potential porphyry copper deposits at depth”.
• The geophysics “in conjunction with ongoing soil geochemistry and spectral rock studies, the survey will help refine and prioritise targets for first-pass scout drilling across the lithocap, which we expect to commence early in the second half of this year”.
• Describing progress on other exploration targets in the Especularita project area, Mr. Garrett said that “scout RC drilling is continuing at the Artemisa North target, while preparation work is advancing at both the Viuda and Cerro Negro prospects”.

Conclusion: Geophysics at La Colorada is expected to produce results within 4-6 weeks and help identify scout drilling targets for potential porphyry copper mineralisation.

IperionX (IPX AU) A$4.9, Mkt Cap A$1.7bn – SACMI press commissioned to boost titanium metal manufacturing capacity

• Titanium metal developer IperionX reports on commissioning progress for its SACMI powder metallurgy press.
• The Company has commissioned a 300t six-axis SACMI powder metallurgy press at its manufacturing campus in Virginia.
• The press supports the production of a wider range of titanium components using its powder metallurgy technologies.
• The press uses feedstock from IperionX’s US-sourced feedstock processed through their patented HAMR process.
• IperionX is aiming to develop a processing pathway to bypass titanium sponge, ingot melting, billet production metal routes currently incumbent by using their powder metallurgy process.
• The press is expected to support the production of a wider variety of components to feed into the defence, aerospace and industrial sectors.

Mkango Resources* (MKA LN) 48p, Mkt Cap £174m – Filing of F-4 Form for the proposed business combination on course of the MKAR Nasdaq listing

BUY

• The Company reports the filing of the Form F-4 with the US SEC for the business combination between Mkango Rare Earths Ltd (MKAR) and Crown PropTech Acquisitions.
• The proposed business combination initially announced July 2025 will spin out Songwe Hill Mine (Malawi) and Pulawy Separation Plant (Poland) projects into a separate vehicle to be listed on the US Nasdaq market (ticker MKAR).
• Magnet recycling part of the business to remain with Mkango Resources.
• Mkango Resources is expected to hold just under 80% in MKAR post business combination and Nasdaq listing.
• The stake is valued at ~$400m based on the business combination price per share of $10.0/sh.
• Business combination deadline is March 11 2027 (unless extended) with completion targeted later this year.
• Details of the transaction are provided on the SEC website:

https://www.sec.gov/ix?doc=/Archives/edgar/data/0002052373/000121390026059667/ea0271516-05.htm

*SP Angel acts as nomad and broker to Mkango Resources

Midas Minerals (MM1 AU) A$0.98, Mkt Cap A$235m – High-grade copper-silver assays returning from infill drilling programme, Namibia

• Namibian copper-silver explorer Midas reports assay results from their T-13 deposit.
• The Company has conducted six infill holes at T-13, which hosts an MRE of 10.5mt at 1.6% Cu, 21g/t Ag for 211kt CuEq.
• Highlight infill holes include:
  • 46m at 4% CuEq from 193m
  • 42m at 3.7% CuEq from 239m
  • 27m at 1.46% CuEq from 287m
• Additionally, Midas reports assays from two holes previously partially reported, returning:
  • 51m at 7.8% CuEq from 193m
  • 39m at 4% CuEq from 205m
• Management believes they have identified another high-grade zone to 600m west of the Main Zone, supporting potential MRE growth.
• Midas currently has five rigs at Otavi, with two diamond rigs at T-13, one RC and one diamond at Deblin and one RC at Spaatzu, with another due to arrive imminently.

Savannah Resources* (SAV LN) 7.2p, ,Mkt Cap £186m – Chairman AGM statement

BUY – 18.5p

• The Company released a Chairman’s AGM statement highlighting major milestones achieved and near term catalysts.
• Among recent highlights:
  • Securing an up to €110m non-reimbursable and non dilutive Portuguese grant
  • Progress on DFS and RECAPE application work
  • Community relations management
  • Ongoing project funding and commercial discussions regarding potential offtakes (currently only 25% of production under binding offtakes with AMG (16% shareholder) and up to 50% conditional on presenting full project financing solution).
• Major near to medium term catalysts:
  • DFS completion July 2026
  • RECAPE application submission 4Q26
  • Construction 2027
  • Maiden production 2028
• Project funding discussions and commercial negotiations are expected to be supported by strong lithium price environment (>$2,500/SC6 currently vs ~$600/SC6 June last year) amid strong demand outlook for EVs and BESS and reports of production interruptions (China, Zimbabwe).

*SP Angel acts as Nomad and Broker to Savannah Resources

Shuka Minerals (SKA LN) 3p, Mkt Cap £3.6m – First hole at Kabwe intersects mineralisation in expected position

• Shuka Minerals reports that its first drill-hole investigating the No.2 orebody at the former Anglo American Kabwe zinc mine in central Zambia, intersected the mineralisation “as anticipated”.
• The “main intersection of the orebody … was 20.7 metres (from 206.8m to 227.5m) at an average grade of 18.02% zinc, including 7m (from 210.5-217.5m) with values between 25-65% zinc”.
• At this stage, assay grades are preliminary from “a calibrated XRF machine and will be verified in due course with JORC/NI 43 101 laboratory analysis and testing”.
• Explaining that “the results are well beyond our expectations … [CEO, Richard Lloyd said that the drilling] … hit the target spot on” where expected … at a depth of approximately 220-230 metres”.
• “The Company has commenced a deeper hole to intersect the orebody at c.300-320m below surface”.
• A 2023, NI43-101 compliant report estimated 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 company has previously announced its aspiration “to increase the existing resource by 50%”.

Tungsten West (TUN LN) 40p, Mkt Cap £482m – Shareholder facility as Hemerdon remains on track to resume tungsten production

1. Tungsten West reports that a “substantial shareholder”, Geoffrey Coffey, has provided a US$25m bridging loan facility as it moves towards a resumption of production at the Hemerdon tungsten mine in Devon.
2. The 366-day facility attracts interest at “approximately 8% per annum, increasing by 1% per quarter”.
3. Today’s announcement confirms that “Final stage due diligence of the larger debt package of up to US$85.0 million (the “Facility”) is complete, and definitive documentation for the Facility is being finalised with the lender, which will be partially utilised to repay any funds provided under the Short-Term Loan Facility”.
4. CEO, Jeff Court, thanked the shareholder for support and said that “we look forward to concluding our remaining debt financing package, which will allow us to maintain our rapid development pace and deliver tungsten and tin concentrate into the market from Q3 2026”.
5. Tungsten West, has also confirmed that it “remains on track to deliver the restart of the Project within budget on the previously announced timelines” with “commissioning … expected in Q1 2027 … [allowing] … the Company to ramp up to nameplate capacity of 500t per hour over the course of 2027”.
6. Today’s announcement confirms that the “Fines gravity circuit refurbishment is well progressed, and commissioning is expected in Q3 2026 … [and that the] … Coarse gravity circuit refurbishment is progressing well, with commissioning expected in Q4 2026”.
7. Recruitment of additional staff for the operational phase is well advanced “with over 120 new personnel expected to have been onboarded by the end of June 2026”.
8. Commenting on the current strength of the market for tungsten concentrates, “the Company has commenced a project to materially increase the production capacity of the operation, including significant additional capacity in the new build programme currently underway”.
9. Hemerdon hosts one of the world’s largest tungsten resources with ‘Measured, Indicated & Inferred’ resources of ~327mt at an average grade of 0.12% tungsten trioxide and 0.03% tin providing the resource base to support a potential production increase.

Conclusion: Tungsten West has secured short term bridging financial support from a shareholder as it moves to the resumption of production at Hemerdon and full plant commissioning from Q1 2027 and looks at expanding production capacity further.

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

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No.2 in Base Metals: CY 2024

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

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

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

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

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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