--- title: "SP Angel – Today’s Market View, Thursday 23rd July 2026" publisher: "Share Talk" author: "sharetalk" published: "2026-07-23T10:30:52+00:00" modified: "2026-07-23T10:30:52+00:00" date: 2026-07-23 canonical: "https://www.share-talk.com/sp-angel-todays-market-view-thursday-23rd-july-2026/" category: "SP Angel" categories: ["SP Angel", "Technology", "Technology, Media & Telecoms"] tags: ["base metals", "battery", "china", "company news", "COPPER", "currencies", "Dow Jones Industrials", "ENERGY", "FRANCE", "GERMANY", "Gold", "gold prices", "HK Hang Seng", "Nikkei 225", "Rio Tinto", "Russia", "Shanghai Composite", "silver", "SP Angel", "Ukraine"] image: "https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/06/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1" format: "news" language: "en-GB" --- # SP Angel – Today’s Market View, Thursday 23rd July 2026 **Published:** July 23, 2026 **Author:** sharetalk **Categories:** SP Angel, Technology, Technology, Media & Telecoms **Tags:** base metals, battery, china, company news, COPPER, currencies, Dow Jones Industrials, ENERGY, FRANCE, GERMANY, Gold, gold prices, HK Hang Seng, Nikkei 225, Rio Tinto, Russia, Shanghai Composite, silver, SP Angel, Ukraine **Featured image:** ![](https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/06/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1) --- **China’s combined battery production surges 53.3% in H1, with energy storage and exports outpacing EV demand** **MiFID II exempt information – see disclaimer below** **Anglo Asian Mining* (AAZ LN) – NED appointment** **Caledonia Mining (CMCL LN) – Discovery of shallow gold mineralisation at the Blanket mine, Zimbabwe** **Empire Metals* (EEE LN) – New project delivery and approvals hires to accelerate Pitfield** **Oriole Resources (ORR LN) – MRE for Mbe project, Cameroon** **PMET Resources (PMET CN) – Cree Nation Chisasibi non binding LOI** **Turaco Gold (TCG AU) – Deep drilling points to extension of higher grade mineralisation below the reserve pit at Woulo Woulo** **Viridis Mining and Minerals (VMM AU) – Demo plant recoveries exceed expectations** **Lithium – China’s combined battery production surges 53.3% in H1, with energy storage and exports outpacing EV demand** - China’s combined production of power and energy storage batteries reached 1,068.9GWh in January-June, up 53.3% yoy, according to CABIA data released on 16ᵗʰ July, far outpacing the 12.0% yoy growth in domestic power battery installations, which totalled 335.6GWh. - Combined battery sales rose 48.6% yoy to 979.4GWh in H1, with energy storage sales up 83.4% to 318.1GWh, now accounting for 32.5% of total battery sales, against 36.2% growth to 661.3GWh for power batteries. - Combined battery exports rose 42.5% yoy to 181.3GWh, 18.5% of total sales, split between 122.7GWh of power batteries (+50.3%) and 58.6GWh of energy storage batteries (+28.5%). Chinese automakers exported 5.10m vehicles in H1, up 65.3% yoy, with NEV exports more than doubling to 2.35m units (+120%), 46% of total vehicle exports. LFP chemistry strengthened its dominance in domestic installations, reaching 81.0% share (272.0GWh, +11.5% yoy), against 18.9% share for NCM (63.4GWh, +14.2%). - In June alone, LFP installations rose 9.2% mom while NCM installations fell 5.5% mom. **Chinese group invests $300m in Zimbabwe’s state lithium miner** - State miner Mutapa Energy Resources has raised $300m from a group including Chinese companies. - Mutapa has mined 2Mt of ore at Sandawana and is building a plant to process 3Mt a year. - Zimbabwe supplied 10% of the world’s mined lithium last year (USGS). - The country has halted lithium concentrate exports to force processing at home. **Chile – Congress approve most of President’s new “National Reconstruction and Economic Development Bill” designed to inspire economic growth** - The new Chilean President is cutting taxis and a raft of regulation to boost investment and speed up economic activity. - The bill aims to raise mineral output and unblock a backlog of $18bn projects with a 25-year tax stability agreement for large-scale mining investments. - The proposed reform bill is working its way through Congress but is largely approved according to press reports. - The new Law for National Reconstruction and Economic and Social Development modifies 36 laws and 15 decrees and passes to a joint congressional committee to resolve the one rejected proposal. - Once finally approved, corporate taxes will fall to 25.5% in 2027, 24% in 2028, and 23% in 2029 from 27% today - There is a with a 10-year tax stability regime for new investment of ⁠>$50m and 20 years for projects >$350m. - The Finance Minister says the proposals are said to have cross-party support which goes beyond the ruling coalition but opposition leaders are appealing the legality of certain provisions. - The Reform Bill includes a reconstruction plan for the Valparaiso, Nuble, and Biobio regions following wildfires in January. - Permitting Reform: aims to reduce permitting times by 30% to 70% and reduce the progressive escalation of exploitation concession fees for active exploration. - Companies which stand to benefit alongside, Codelco, the state mining company, are: Antofagasta – Copper - RioTinto – copper, Escondida (30%) + lithium assets - BHP – Copper, Escondida (57.5%), Spence, Cerro Colorado. - Lundin Mining – copper, Caserones (75%), Candelaria (80%), Vicuña projects (50%) - Albemarle – lithium - SQM – lithium - Galantas Gold* – Andacollo Gold, Indiana gold-copper mine. See: [SP Angel research note](https://spangel.email.streetcontxt.net/platform/al?a=13683214&ad=4637950829&h=ch_KixB&sig=8d2jYolEdkl5ZseLlRAyjyn78ks&v=2&url=https://spangel.worldflowconnect.net/document/open/d5d96d80-8e11-48e7-9cfd-2e05726bf21a/Galantas%2520Gold%2520Initiation%252021.07.pdf) - Marimaca Copper Corp.- copper - Culpeo Minerals – Lana Corina project, Fortuna project **Conclusion: **The new bill, when finally passed, should release substantial new investment in Chile and turbocharge the economy. We expect a raft of new copper and lithium projects to come on stream and for significant new exploration as permitting speeds up and administrative costs fall. **Copper – Chile seeks new copper buyers with $100bn investment plan** - Chile is targeting $100bn of copper investment over the next decade to widen its buyer base beyond China (Bloomberg). - Foreign minister Pérez Mackenna said the market is highly concentrated, with China taking more than half of Chilean shipments. - Chile wants to move from exporting concentrate to refined copper, requiring new smelters. - The push follows this week’s US development bank talks on funding Chilean smelter revivals. **NovaGold takes full ownership of Donlin in $4.2bn all-share deal** - Gold developer NovaGold (NG US) is buying out hedge-fund billionaire John Paulson’s 40% of the Donlin gold project in Alaska. - The all-share deal creates a new NYSE-listed US company worth $4.2bn, with closing due in 4Q26. - Existing holders take 65% and Paulson 35%, giving him 40% of the economics with voting capped at 19.99%. - Donlin holds 40Moz of resources at over twice the industry average grade. - Planned output of 1.3Moz a year in its first decade makes it the largest gold development in the US. **Panama weighs state-owned miner to reopen Cobre Panama** - Panama is considering a state mining company to partner First Quantum on reopening Cobre Panama (Reuters). - One proposal gives First Quantum 60-65% and operational control, with Panama holding 35-40%. - A state entity would work around the 2023 law banning new mining concessions. - The mine was shut in 2023, cutting over 1% of global copper supply and 4.5% of Panama’s GDP. - First Quantum has suspended its $20bn arbitration against Panama. **Tin – Indonesia’s PT Timah leads foreign buying on the Jakarta exchange** - State tin miner PT Timah (TINS IJ) Rp3,720, Mkt Cap Rp27.7tn (US$1.7bn) drew the largest foreign net buying activity on the IDX at Rp55.5bn. - Foreign inflows point to confidence in tin prices, with LME tin near $54,000/t. **Alphabet dips ~3.5% post quarterly results as the Company reported the first negative FCF since going pubic amid increase spending on AI.** - The Company also increased its projected 2026 capex to $195-205bn, up from $180-190bn. - “We expect that free cash flow will remain under pressure driven by our investments in technical infrastructure, which enable us to capitalise on the AI opportunity and continue to drive attractive returns,” CFO Anat Ashkenazi said. - Four hyperscalers (Google, Meta, Microsoft and Amazon) are on course to spend more than $725bn in capex in 2026. - The Company raised ~$100bn in debt and in June attracted ~$85bn in its first equity sale in more than two decades. - Spending covers growing amount of backlogs that hit $514bn as of quarter end, up on $460bn before. - Overall, the Group reported $120bn in revenues (+24%yoy) beating $117bn expected. - Cloud unit reported 82%yoy increase to $25bn with the core search advertising climbing 17% to $63bn. | | | | | | | --- | --- | --- | --- | --- | | **Dow Jones Industrials** | | **-0.01%** | **at** | **52,219** | | **Nikkei 225** | | **+0.46%** | **at** | **66,423** | | **HK Hang Seng** | | **+1.26%** | **at** | **25,207** | | **Shanghai Composite** | | **+0.29%** | **at** | **3,878** | | **US 10 Year Yield (bp change)** | | **+0.6** | **at** | **4.66** | **Currencies** **US$1.1426/eur vs1.1412/eur previous. Yen 163.11/$ vs163.09/$. SAr 16.404/$ vs16.479/$. $1.338/gbp vs$1.338/gbp. 0.701/aud vs0.700/aud.** **CNY 6.771/$ vs6.774/$. Dollar Index 101.00 vs101.13 previous.** **Economics** **Brent on course to hit $100 after the news of a Houthis attack on two Saudi tankers.** - The Yemeni group said it used missiles and drones to target the ships Encelia and Layla. - The Houthis warned Saudis this week they are imposing a maritime blockade. - Attacks risk unravelling a four year ceasefire with the kingdom threatening the flow of oil through the Bab al-Mandab Strait. **Canada – Key mineral exports to the US exempt despite Trump 50% tariff threat** - Potash and other items covered by prior Section 232 levies like autos and metals. **Saudi – Nuclear agreement with the US causes concern in Israel** - US cooperation with Saudi was formerly seen as dependent on the normalisation of relations with Israel - Yesterday’s civil nuclear agreement between Saudi and the US potentially undermines Israel’s negotiating position with Saudi - Saudi, is looking to replace fossil fuels with nuclear power to feed rising air-conditioning and AI datacentre demands. - Building AI datacentres in colder countries, like Iceland, Norway and Greenland where there is plentiful hydro and geothermal power might make more sense. **Precious**** ****metals****:** **Gold US$4,117/oz vsUS$4,114/oz previous** **Gold ETFs 96.4moz vs96.4moz previous** **Platinum US$1,642/oz vsUS$1,654/oz previous** **Palladium US$1,291/oz vsUS$1,304/oz previous** **Silver US$59.4/oz vsUS$59.2/oz previous** **Silver ETFs 786.5moz vs786.9moz previous** **Rhodium US$8,200/oz vsUS$8,200/oz previous** **Base**** metals:** **Copper US$13,809/t vsUS$13,829/t previous** **Aluminium US$3,198/t vsUS$3,168/t previous** **Nickel US$17,335/t vsUS$17,155/t previous** **Zinc US$3,612/t vsUS$3,564/t previous** **Lead US$1,904/t vsUS$1,867/t previous** **Tin US$54,010/t vsUS$54,025/t previous** **Energy****:** **Oil US$96.7/bbl vsUS$93.0/bbl previous** - Crude oil prices maintained their upwards trajectory on escalating tensions as the US launched further military strikes on Iran and Houthi forces struck two Saudi oil tankers in the Red Sea, which opened a new front in the conflict. - The EIA estimated w/w US inventory builds of 2mb to crude, 0.8mb to gasoline and 1.4mb build to distillate stocks, offset by a 5.1mb draw to the SPR, with refinery utilisation down 0.1% w/w to 96.1% on 13.86mb/d of domestic supply. - European energy prices rose above $20/mmBtu as EU natural gas storage levels increased by 1.6% w/w to 54.4% full (vs 70.1% 5-Yr average), with aggregate inventory at 615TWh and concern mounting that the EU will fail to refill storage inventories to a target of 90% by the end of November. **Natural Gas €63.7/MWh vs€60.7/MWh previous** **Uranium Futures $85.8/lb vs$85.7/lb previous** **Bulk****:** **Iron Ore 62% Fe Spot (Singapore) US$98.4/t vsUS$97.3/t** **Chinese steel rebar 25mm US$468.4/t vsUS$468.4/t** **HCC FOB Australia US$226.0/t vsUS$229.5/t** **Thermal coal swap Australia FOB US$135.5/t vsUS$134.3/t** **Other****:** **Cobalt LME 3m US$56,290/t vsUS$56,290/t** **NdPr Rare Earth Oxide (China) US$112,106/t vsUS$112,041/t** **Lithium Carbonate 99% (China) US$20,457/t vsUS$20,740/t** **China Spodumene Li2O 6%min CIF US$2,185/t vsUS$2,215/t** **Ferro-Manganese European Mn78% min US$1,035/t vsUS$1,035/t** **Tungsten APT (China) 88.5% FOB US$1,745/mtu vsUS$1,745/mtu** **Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vsUS$3,025/mtu** **China Tantalum Concentrate 30% CIF US$225/lb vsUS$225/mtu** **China Graphite Flake -194 FOB US$390/t vsUS$390/t** **Europe Vanadium Pentoxide 98% US$5.5/lb vsUS$5.5/lb** **Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg** **China Ilmenite Concentrate TiO2 US$208/t vsUS$207/t** **US Titanium Dioxide TiO2 >98% US$2,789/t vsUS$2,789/t** **China Rutile Concentrate 95% TiO2 US$1,159/t vsUS$1,159/t** **Brazil Potash CFR Granular Spot US$397.5/t vsUS$397.5/t** **Germanium China 99.99% US$4,095.0/kg vsUS$4,095.0/kg** **China Gallium 99.99% US$430.0/kg vsUS$430.0/kg** **Europe Molybdenum Oxide 57% US$32.0/lb vsUS$32.0/lb** **EV & Battery news****:** **Geely to build vehicles at idle Ford factory in Spain** - Geely Auto has agreed to take over part of Ford’s Almussafes plant near Valencia, Bloomberg reported on Thursday, building vehicles on an idle assembly line at a facility currently running at less than a quarter of its 450,000-unit annual capacity. - Spanish Prime Minister Pedro Sanchez is set to announce the deal at the plant today, following months of talks between the two automakers first reported in February. - Geely will take over the plant’s Body 3 assembly line and plans to build a new NEV model based on its GEA platform there, potentially a localised European version of the EX2 (Xingyuan in China), offered in hybrid, plug-in hybrid, and BEV variants. - Building locally would let Geely sidestep EU tariffs on China-made EVs, cut shipping costs, and signal long-term commitment to dealers and customers, echoing Chery’s revival of a former Nissan plant in Barcelona and Stellantis/CATL’s €4.1bn battery plant under construction in Zaragoza. - Geely’s exports hit a record 102,874 units in June, up 157.11% yoy and topping 100,000 in a single month for the first time, even as domestic China sales fell 29.64% yoy to 137,925 units **Company news****:** | | | | | | | | --- | --- | --- | --- | --- | --- | | | **Overnight Change** | **Weekly Change** | | **Overnight Change** | **Weekly Change** | | **BHP** | 1.5% | 2.5% | **Freeport-McMoRan** | 3.9% | 6.6% | | **Rio Tinto** | 0.5% | -1.3% | **Vale** | 4.2% | 1.2% | | **Glencore** | 1.9% | 4.0% | **Newmont Mining** | 3.5% | 0.6% | | **Anglo American** | 1.5% | -0.5% | **Fortescue** | 1.0% | -0.6% | | **Antofagasta** | 3.5% | 1.4% | **Teck Resources** | 0.6% | -1.0% | **Anglo Asian Mining* (AAZ LN) 402p, Mkt Cap £459m – NED appointment** - Cameron Pforr joins the Board as NED. - Cameron brings cybersecurity and technological expertise to the Board. - Cameron currently works as CEO and CFO of Mtron Industries focused on design and manufacturing of high performance components for the aerospace and defence. - He also adds considerable public markets, investment and advisory experience having previously worked at Bain & Co, Mustang Capital Partners, and Deutsche Bank Alex Brown. **SP Angel acts as nomad to Anglo Asian Mining.* **Caledonia Mining (CMCL LN) 1,425p, Mkt Cap £274m – Discovery of shallow gold mineralisation at the Blanket mine, Zimbabwe** - Caledonia Mining reports that surface drilling at its Blanket gold mine in Zimbabwe has intersected previously unknown shallow oxide and sulphide gold mineralisation. - *“The exploration results suggest the mineralisation may represent a new orebody that has not previously been exploited by the underground mine … [and that additional] … drilling is planned to assess the continuity and extent of the mineralised system at depth”.* - Today’s announcement highlights: A 23m wide intersection of oxide mineralisation at an average grade of 2.61g/t gold from surface in hole KPT0EX-2553; and - A 6m wide intersection, also of oxide mineralisation, at an average grade of 1.97g/t gold from 14m depth in hole KPT0EX-2561; and - A 15m wide intersection of oxide mineralisation at an average grade of 1.69g/t gold from surface in hole KPT0EX-2545; and - A 4m wide intersection of transitional mineralisation at an average grade of 2.08g/t gold from 15m depth also in hole KPT0EX-2545; and - A 20m wide intersection, also of transitional mineralisation, at an average grade of 1.22g/t gold from 19m depth in hole KPT0EX-2567; and - A 12m wide intersection of transitional mineralisation at an average grade of 1.20g/t gold from 23m depth in hole KPT0EX-25124; and - A 16m wide intersection of sulphide mineralisation at an average grade of 6.04g/t gold from 29m depth in hole KPT0EX-2510; and - A 7m wide intersection, also of sulphide mineralisation, at an average grade of 5.96g/t gold from 13m depth in hole KPT0EX-2542; and - A 5m wide intersection of sulphide mineralisation at an average grade of 3.96g/t gold from 40m depth in hole KPT0EX-2576. The company explains that the results and those from recent underground drilling at the mine will be incorporated into a revised mineral resources estimate in August. Caledonia Mining notes that *“near-surface oxide mineralisation is particularly significant because it may be amenable to conventional heap leach processing, potentially offering a lower-cost route to extracting gold compared to underground mining. Metallurgical test work is underway to assess this opportunity”*. CEO, Mark Learmonth, described the identification of near-surface mineralisation at the mine as *“*a*n exciting development at Blanket* *… *[which]* … further demonstrates the significant exploration potential that exists within the mining area”.* He confirmed that “*We are well advanced in our work to incorporate the results of this surface exploration programme into a revised resource statement expected to be published in August 2026, which will reflect the results of surface and underground exploration at Blanket alongside* *the exploration programme at Motapa”.* Metallurgical test work is underway on the oxide mineralisation to assess its suitability for *“conventional heap leaching and the preliminary results are encouraging**”.* Successful tests would lead to *“a trial heap leach operation on an initial sample of 10,000 tonnes of material during the second half of 2026”.* **Conclusion**: The discovery of near surface gold mineralisation at the Blanket mine offers a potential to develop heap leach gold production – a new MRE for Blanket, including the near surface potential, is expected in August. **SP Angel mining analysts have visited Caledonia’s mining operations in Zimbabwe* **Empire Metals* (EEE LN) 40.75p, Mkt Cap £309m – New project delivery and approvals hires to accelerate Pitfield** - Empire Metals has strengthened its team as they make progress towards the future development of the Pitfield titanium project in Western Australia. - Appointments: - Chris Dodds as General Manager (Project Delivery), a geoscientist known for building project teams and delivery frameworks. Dodds has extensive experience leading multidisciplinary teams through feasibility, engineering, construction, commissioning, operations, and business improvement initiatives. - He has held senior leadership roles with Alcoa, Wood, Iluka Resources, UGL, and SIMPEC, delivering complex mining and infrastructure projects. Emma Neale as Senior Advisor (Approvals), managing the permitting pathway across all levels of government. - Ms. Neale has held senior environmental advisory and consulting roles with Azure Minerals, the Department of Biodiversity, Conservation and Attractions, GHD and Greenland Minerals - Emma’s experience spans projects from the Pilbara and Goldfields to Greenland, where she has played a key role in the development of environmental and social impact assessments for major mining developments. The hires are aimed at moving Pitfield rapidly through the feasibility phases towards commercial development. Pitfield hosts a resource of 2.2bnt at 5.1% TiO2, one of the largest titanium discoveries globally, covering only 20% of the known mineralised area. Test work has produced a high-purity product at 99.25% TiO2, suitable for titanium sponge or pigment feedstock. **SP Angel acts as Nomad and broker to Empire Metals* **Oriole Resources (ORR LN) 0.38p, Mkt Cap £17.4m – MRE for Mbe project, Cameroon** - Oriole Resources has issued an updated mineral resources estimate (MRE) for its Mbe project, including the MB01S and the neighbouring MB01N deposit, in Cameroon, showing a total 1.66moz of gold at an average grade of 1.02g/t. - Resources are reported at 0.4g/t cut-off grade. - The MB01N deposit hosts an ‘Inferred’ resource of 10.5mt at an average grade of 1.05g/t (360,000oz) of which 50% is attributable to the company. - MB01S contains an ‘Inferred’ resource of 40.1mt at an average grade of 1.01g/t (1.3moz) eith 50% attributable. - CEO, Martin Rosser, said that the resources at MB01S reflected *“a relatively modest amount of drilling, 2,476.80m in 10 holes, and the deposit is still open in all directions**”.* - He said that Oriole Resources is “*looking forward to undertaking further* *exploration* *and evaluation at Mbe and enhancing our conceptual thinking on potential mine development”.* **Conclusion**: An ‘Inferred’ MRE for MB01S adds 1.3moz to the 0.36moz at MB01N bringing the total for the Mbe project to 1.66moz **PMET Resources (PMET CN) C$4.5, Mkt Cap C$830m – Cree Nation Chisasibi non binding LOI** - The Company updates on the permitting process at the 100% owned Shaakichiuwaanaan Lithium Project, Canada (Quebec). - The Company signed a non binding LOI with the Cree Nation Chisasibi providing a structured framework for further engagement and assessment of the lithium project. - The LOI establishes time-limited, subject-matter focused working groups for future engagement including training, employment, skills development, local economic development, environment, transportation among other matters. - The FS stage project is located in the Eeyou Itschee James Bay region in Quebec hosting - 84Mt 1.26% 2.6Mt LCE in reserves - 141Mt 1.38% 4.8Mt LCE total resources - DMS only OP/UG 5.1Mtpa operation with a staged expansion (~US$1.1bn post ~US$350m in tax credits) to run at ~800ktpa SC5.5 (~740ktpa SC6) at ~US$597/SC5.5 AISC over ~20y. - The Company is updating FS to include tantalum credits with FID targeted by December 2027. **Turaco Gold (TCG AU) A$0.6, Mkt Cap A$640m – Deep drilling points to extension of higher grade mineralisation below the reserve pit at Woulo Woulo** - The Company updates on the ongoing drilling programme at the 4.65moz Afema Gold Project in south-east Cote d’Ivoire. - Initial deep drilling (three holes for a total 1,533m) confirmed significant depth extensions to the mineralisation below the 1.7moz Woulo Woulo MRE. - Higher grade mineralisation intersected ~250m below previous drilling. - Selected results include: - WOUDD0244 100m @ 1.06g/t from 495m including 36m @ 1.87g/t gold from 559m including 17m @ 2.96g/t gold from 577m; and - 4m @ 6.94g/t gold from 589m. WOUDD0244 confirms the potential for a significant body of broad, higher grade gold mineralisation, beneath the current 1.7Moz MRE and Ore Reserve pit design in the recent PFS. Geological modelling indicates that the deposit geometry evolves with depth, with broad zones of higher-grade gold controlled by a plunging flexure to the interpreted dip, which is associated with increased fracturing. Further results are expected over coming weeks from ongoing step out drilling at the Adiopan, Anuiri and Begnapan deposits. Turaco expects to deliver a DFS for Afema in 2Q27 with first gold targeted for 2029. **Viridis Mining and Minerals (VMM AU) A$3.2, Mkt Cap A$404m – Demo plant recoveries exceed expectations** - The Company reports results from the MREC demo plant commissioned in late May 2026 in Brazil. - Recoveries averaged 79% MREO / 64% TREO in July (PFS: 76% / 57%). - Demonstrated recoveries point to a potential improvement on the Colossus Ionic Clay Project PFS results. - Demo plant optimisation is ongoing with results to be used for the Project DFS. - MREC qualification is progressing with a strategic offtake partner Solvay with samples shipped to La Rochelle facility in France. - DFS is targeted for August 2026. **SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026** **No.1 for Precious Metals: ****Q1 2026** **No.1 for Precious Metals: ****CY 2025** **No.1 in Precious Metals: ****Q1 2025** **No.1 in Precious Metals: ****CY 2024** **No.2 in Base Metals: ****CY 2024** **Analysts** **John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490** **Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484** **Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474** **Arthur Parish – **[Arthur.Parish@spangel.co.uk](mailto:Arthur.Parish@spangel.co.uk)** – 0203 470 0476** **Sales** **Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472** **Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** – 0203 470 0534** **Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535** **Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471** Prince Frederick House 35-39 Maddox Street London, W1S 2PP *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.** | | | | --- | --- | | Sources of commodity prices |   | | Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) | | Gold ETFs, Steel | Bloomberg | | Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME | | Oil Brent | ICE | | Natural Gas, Uranium, Iron Ore | NYMEX | | Thermal Coal | Bloomberg OTC Composite | | Coking Coal | SSY | | RRE | Steelhome | - | | | | --- | --- | | Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal | | | | **DISCLAIMER** This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients. This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose. 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. 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A full analysis is available on our website here [http://www.spangel.co.uk/legal-and-regulatory-notices.html](https://spangel.email.streetcontxt.net/platform/al?a=13683214&ad=4637950829&h=HIB4kp7&sig=Kxf0KosIhyeUeolBV4CQQrVodLy&v=2&url=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](mailto: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 --- **Original URL:** https://www.share-talk.com/sp-angel-todays-market-view-thursday-23rd-july-2026/ *Created by [WP Markdown Endpoint](https://wpmarkdownendpoint.com/)*