SP Angel – Today’s Market View, Thursday 24th September 2026

Copper slips for a second day as traders weigh Fed talk against Chilean supply risk

MiFID II exempt information – see disclaimer below

80 Mile plc* (80M LN) – Jameson Joint Venture Amendments

Cobra Resources (COBR LN) – Drilling results from Manna Hill

Cornish Metals* (TIN LN) – Interim results focus on financing and operational progress to restart tin production at South Crofty

Ivanhoe Electric (IE US) – Updated Santa Cruz Copper Project PFS

Lindian Resources (LIN AU) – Kangankunde maiden production targeted by YE26 and Mines Minister site visit

Oriole Resources (ORR LN) – Drilling at Wapouzé identifies a potential source of cement raw material feed

Rainbow Rare Earths* (RBW LN) –MoU with Neo Performance Materials with PFS due 4Q26 and DFS 1H27

Talisman Metals (TLM LN) – Additional exploration licences in Morocco

WIA Gold (WIA AU) – Low-cost expansion to 7mtpa option at Kokoseb

Copper ($14,634/t) – Copper slips for a second day as traders weigh Fed talk against Chilean supply risk

• Copper fell 0.4% to $14,600/t, down about 1% this week as Fed officials keep a hawkish tone.
• The spot premium over front-month Shanghai futures jumped to CNY1,375/t on Tuesday, the highest since 2021, before easing to CNY1,315/t (Shanghai Metal Market).
• Chinese stocks remain low as fabricators buy ahead of the holidays starting Friday.
• China’s refined copper imports fell 11% mom to 250,173t in August, the lowest since February.

Fatality at Escondida halts copper mine

• Escondida produced 1.26mt in FY 2026. Guiding to 1.0-1.1mt in 2027.
• BHP gave no timeline for a restart, and Chilean mines can normally only restart once inspectors confirm conditions are safe.
• The mine is owned BHP 57.5%, Rio Tinto 30% and Mitsubishi 10% and JECO 2 Ltd  2.5%

Argentina – US EXIM Bank to fund US$7bn of Argentine mineral and energy projects over next two years

• Total Capex spend in Argentina is projected to be >$40bn from 13 major projects.
• Seven projects have been approved for ~$8bn.
• Josemaria (copper-gold) – Lundin Mining $7.1bn for Stage 1,
• Taca Taca (copper) – FQM is $3.5bn,
• El Pachon (copper) – Glencore is $13bn,
• Minera San Jorge (Copper-gold) –Zonda Metals $0.6bn
• Los Azules (copper) – McEwen Copper $3.17bn
• Javier Milei’s reforms and RIGI tax and FOREX stability program which now runs to 2027 has approved 10 mining projects for $25.5bn capex.

Gold ($4,286/oz) – Gold falls as strong US data lifts rate rise bets

• Gold fell 1.7% on Wednesday and is down more than 3% this month.
• US business activity grew at its fastest pace in more than five years, on stronger orders and hiring.
• Treasury yields hit their highest in almost two decades, with the five-year above 5% for the first time since 2007.
• Fed Governor Michael Barr says further rate rises are likely needed to get inflation back to 2%.
• Oil eased as the US said large volumes are still passing through the Strait of Hormuz, after Iran’s President told the UN his country will not allow free navigation there while sanctions remain.

Lithium – Guangzhou Futures Exchange plans lithium hydroxide futures contract by year-end

• The Guangzhou Futures Exchange is preparing physically settled lithium hydroxide contracts, possibly this year (Bloomberg).
• The exchange listed lithium carbonate contracts in 2023, which are now well traded but also among the most volatile commodities traded in China.
• Lithium carbonate suits a wider range of batteries, while hydroxide goes into higher-nickel ones.
• China became a net importer of hydroxide earlier this year.
• Ganfeng, Tianqi, Chengxin, Jinzhou Yongshan and Sichuan Yahua have applied to be delivery depots.

US critical minerals stockpile

• Glencore to receive $500m from US EXIM for critical minerals stockpile
• We wonder why the US DLA ‘Defence Logistics Stockpile’ is not being used for this

Currencies

US$1.1390/eur vs 1.1425/eur previous. Yen 158.23/$ vs 157.84/$. SAr 16.358/$ vs 16.244/$. $1.324/gbp vs $1.331/gbp. 0.704/aud vs 0.709/aud. CNY 6.712/$ vs 6.707/$.

Dollar Index 101.08 vs 100.75 previous.

Economics

UN picks six countries for help moving up the critical minerals’ value chain

• The UN has selected Indonesia, Zambia, Guinea, Zimbabwe, Madagascar, and Nigeria for support in getting more value from their critical minerals (Bloomberg).
• UN agencies will work together to help them build processing industries.

US – Sovereign bond yields jumped on Wednesday as UN related Iran/US negotiations failed to deliver with Brent rising to over $100 and latest US PMI came in stronger than expected.

• 10y interest rates rose nearly 20bp currently seating over 5.1%.
• The 2y rate tracking monetary policy expectations hit 4.9%, the highest level since 2024.
• Tehran said it was prepared to negotiate with Washington but said it would not accept Trump’s “bullying”.
• A weak $70bn US 5y auction held yesterday also added to the weak sentiment.
• The auction is reported to had to rely heavily on underwriters.
• US Flash PMIs:
  • Manufacturing PMI (Sep / Aug / Est): 57.0 / 53.9 / 53.7
  • Services PMI (Sep / Aug / Est): 58.7 / 56.5 / 55.8
  • Composite PMI (Sep / Aug / Est): 58.4 / 56.0 / 55.3

Barr signals further Fed tightening needed to return inflation to target

• Fed Governor Michael Barr said that further policy adjustments are likely needed to bring inflation to 2%, adding that risks to achieving the target have increased while describing the economy as strong and the labour market solid.
• Markets are now fully price in another rate hike before year end with three over the next 12 months.
• Median dot plot released last week pointed to one further hike this year with none for 2027; eight officials argued for a 0.5pp increase by end-2027.

Hassett criticises non-Trump-appointed Fed officials over hawkish commentary

• NEC Director Kevin Hassett said that recent annualised core inflation of 2% does not justify hiking, and characterised Chairman Kevin Warsh as managing an unusually partisan Fed.
• Hassett named Powell and Barr as governors who have remained on the board beyond their leadership terms contrary to precedent, arguing significant work remains to restore Fed independence.

Japan – The yen continued to depreciate to over 158 rising risks of another intervention.

• Finance Minister Satsuki Katayama said the principles behind the joint intervention with the US were “still intact” implying government readiness to act if required.

Germany – Business sentiment gauges beat estimates for September.

• • Ifo Business Climate (Sep / Aug / Est): 89.9 / 88.8 / 89.0
  • Ifo Current Assessment (Sep / Aug / Est): 89.5 / 88.5 / 89.0
  • Ifo Expectations (Sep / Aug / Est): 90.4 / 89.1 / 89.3

Colombia – Attack on Cerrejón coal railway in Colombia after sixth attack this year (Mining.com)

• Glencore was forced to halt the Cerrejón coal rail line again after explosives derailed an empty coal train.

UK – Why is Waitrose suddenly selling Christmas food stuff

• Admittedly the Stollen is dated 31^st December but all the same it’s a bit early to be buying for Christmas.
• Maybe a Christmas pud is not just for Christmas

Precious metals:

Gold US$4,286/oz vs US$4,321/oz previous

Gold ETFs 100.5moz vs 100.4moz previous

Platinum US$1,765/oz vs US$1,796/oz previous

Palladium US$1,283/oz vs US$1,286/oz previous

Silver US$64.3/oz vs US$65.5/oz previous

Silver ETFs 804.0moz vs 804.9moz previous

Rhodium US$9,300/oz vs US$9,200/oz previous

Base metals:

Copper US$14,634/t vs US$14,707/t previous

Aluminium US$3,254/t vs US$3,240/t previous

Nickel US$16,545/t vs US$16,535/t previous

Zinc US$3,918/t vs US$3,874/t previous

Lead US$1,919/t vs US$1,922/t previous

Tin US$54,175/t vs US$54,285/t previous

Energy:

Oil US$103.3/bbl vs US$99.4/bbl previous

• Crude oil prices moved higher following provocative statements from both the US and Iran, as Energy Secretary Chris Wright said the Trump administration was working with refiners on a voluntary reduction in US diesel exports.
• The EIA estimated a 3mb build to commercial US crude offset by a 0.4mb draw to the SPR, as well as draws of 1.7mb to gasoline and 0.4mb to distillate stocks, with refinery utilisation down 2.8% w/w to 94% on 13.9mb/d of domestic supply.
• European energy prices rose in line with oil prices as EU natural gas storage levels increased by 1.6% w/w to 70.2% full (vs 85.9% 5-Yr average), with aggregate inventory at 795TWh and all countries now above 55% full.

Natural Gas €74.0/MWh vs €73.1/MWh previous

Uranium Futures $89.6/lb vs $89.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$96.0/t vs US$96.0/t

Chinese steel rebar 25mm US$478.1/t vs US$478.1/t

HCC FOB Australia US$277.5/t vs US$277.0/t

Thermal coal swap Australia FOB US$143.0/t vs US$142.8/t

Other:

Cobalt LME 3m US$39,640/t vs US$39,640/t

NdPr Rare Earth Oxide (China) US$109,577/t vs US$109,738/t

Lithium Carbonate 99% (China) US$19,144/t vs US$19,458/t

China Spodumene Li2O 6%min CIF US$1,900/t vs US$1,920/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,875/mtu vs US$1,875/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,925/mtu vs US$2,925/mtu

China Tantalum Concentrate 30% CIF US$243/lb vs US$243/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$26.1/kg vs US$26.1/kg

China Ilmenite Concentrate TiO2 US$183/t vs US$183/t

US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t

China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,170/t

Brazil Potash CFR Granular Spot US$365.0/t vs US$365.0/t

Germanium China 99.99% US$4,275.0/kg vs US$4,275.0/kg

China Gallium 99.99% US$450.0/kg vs US$450.0/kg

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

EV & Battery news:

De-CATLification describes Chinese EV makers diversifying their battery sourcing away from the industry leader, CATL (China Daily).

Geely unveils ultrafast EV charging as Chinese carmakers push to reduce reliance on CATL

• Geely has unveiled an ultrafast charging system it says can take a battery from 10-70% in 4 minutes 30 seconds and 10-97% in 8 minutes 40 seconds, faster than the roughly 5-minute speeds offered by CATL and BYD, positioning it as a direct challenge to the two dominant Chinese battery makers.
  • BYD said in June it would spend nearly €2bn ($2.30bn) in Europe to roll its 5-minute “flash-charging” tech out across all mainstream models.
• Geely’s launch is part of a broader trend dubbed “De-CATLification” by Chinese media, with Geely, state-owned Changan and SAIC ramping up in-house battery R&D, while Xiaomi and Xpeng diversify supply toward rival maker CALB, and Li Auto increases investment in smaller battery maker Sunwoda.
• Rystad battery analyst Chen Shan said “CATL’s position is extremely difficult to dislodge,” with the company holding about 38% of global LFP battery manufacturing capacity, against roughly 7% each for EVE Energy, CALB, and Gotion, while BYD mainly supplies its own vehicles.
• Chinese domestic petrol-car sales fell almost a third to 5.95m in the first 8 months of the year, against a smaller 10% decline to 7.22m for EVs (including PHEVs), while exports over the same period reached 7.15m vehicles, already surpassing last year’s full-year record of 7.1m.
• CATL’s Hong Kong-listed shares have fallen about 35% since peaking in early June, though remain up more than 90% since its May 2025 listing.

Tesla makes its first Cybercab with locally produced nickel cathode

• Elon Musk says the first Cybercab has been built using nickel cathode made at Gigafactory Texas, which he calls the first cathode plant in the Americas.
• US tariffs on non-American content in vehicles have pushed carmakers to move supply chains onshore.
• Tesla is also building a $4.3bn battery plant in Michigan with LG Energy.

Company news:

80 Mile plc* (80M LN) 1.10p, Mkt Cap £62m – Jameson Joint Venture Amendments

(80 Mile holds a 30% free carry on the Jameson Land Basin exploration project with GLND earning into 70% through $60m expenditure)

• 80 Mile plc report a series of amendments to the jv agreement with Greenland Energy Company
• Going forward, Greenland Energy will be solely responsible for obtaining, maintaining, renewing, complying with and, where necessary, amending all drilling permits, access rights, environmental and social permits and licences, consents, approvals, authorisations and other permissions required under applicable law or by a governmental, regulatory or other competent authority in connection with the Jameson Project.
  • The longstop date for the drilling of the first exploration well at the Jameson to be extended from 31 December 2026 to 31 December 2028.
  • The longstop date for the drilling of the second exploration well at the Jameson to be extended from 31 December 2027 to 31 December 2028.
  • Greenland Energy will pay 80 Mile £500,000 in cash on signing the extension agreement.
• The JV Agreement otherwise remains in full force and effect, with no other material changes to its terms.
  • “The Company believes the timing of this amendment and the jv as a whole is particularly significant given the trilateral security and defence agreement announced on 22^nd  September 2026 between Greenland, Denmark and the US. “
  • “The agreement is widely viewed as enhancing regional stability and providing greater certainty for long-term investment in Greenland.”
  • “The company believes the strengthened strategic partnership is likely to contribute positively to the operating environment by improving confidence among international investors considering the long-duration investment required to develop mineral and energy projects while supporting increased government-to-government cooperation.”
  • “The trilateral agreement is expected to encourage additional direct investment into strategic projects and reinforce Greenland’s role as a reliable jurisdiction for responsible resource development.”
  • “Permitting decisions remain the responsibility of the Greenlandic authorities and will continue to be subject to applicable environmental, community consultation and regulatory requirements. “
• The Company maintains a strong and constructive relationship with the Greenlandic authorities.
•  Indicative terms for an all-share offer for the acquisition of 80 Mile by Greenland Energy (GLND N)).
• Terms:
  • 0.01108 new Greenland Energy shares for each 80 Mile share
  • The Transaction values 80 Mile at ~1.1p/s (£61.48m) based on a Greenland Energy price of $1.37/s.
  • The offer represents a 42.86% premium to the 80 Mile price on 3 September.
• Shareholders should note there is no guarantee that any firm offer under the Code will be made for 80 Mile.
  • Greenland Energy has rights to earn up to a 70% working interest in approximately 2.1m acres across the Jameson Land Basin from 80 Mile plc by funding the first two exploration wells.
  • Independent engineering work has identified gross, un-risked prospective recoverable resources of approximately 13 billion barrels of oil across the basin.
  • Greenland Energy hheld US$ 37.4m in cash and cash equivalents as at end-June
• Ferrandina biodiesel facility (Italy):
  • Hydrogen Valley (100% owned) recently secured Italian National Sustainability Certification Scheme (INS) and International Sustainability and Carbon Certification (ISCC) accreditation.

*SP Angel acts as nomad, Rule 3 adviser and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Cobra Resources (COBR LN) 4.15p, Mkt Cap £44m – Drilling results from Manna Hill

• Cobra Resources reports drilling results from 2 of the 4 holes drilled at its Manna Hill copper project in South Australia where it recently completed 4 diamond drillholes totalling 1,465m.
• The drilling tested the upper part of a potential mineralised porphyry beneath the shallow copper/gold skarn already identified at the Blue Rose prospect.
• Results from holes MHDD-001 and 003 are pending with results from MHDD-002 and 004 reported today including:
  • 23m at an average grade of 0.63% copper and 0.09g/t gold from a depth of 186m in hole MHDD-002;
  • 36m grading 0.39% copper and 0.05g/t gold from 232m depth in hole MHDD-004
• The announcement also reports molybdenum grades of 0.08% over 16.9m from 335.5m depth in hole MHDD-004 and describes molybdenum as “a primary pathfinder for porphyry vectoring”.
• It also explains that the “mineralised intervals extend beyond 300m downhole in both holes and remain open”.
• “Up to 6,000m of follow-up RC drilling (52 holes) is now underway across four prospects” including Blue Rose, Anabamba Hill and Netley Hill.
• Managing Director, Rupert Verco, explained that the results “add to the scale potential of Blue Rose, extending the depth of mineralisation beyond 300m”.
• He said that the planned follow up reverse-circulation (RC) drilling is “is expected to continue over the next six weeks … [and will represent] … the next step in defining the scale … [of the Manna Hill prospect] … targeting both shallow skarn and recognised porphyry systems”.

Conclusion: Results from two diamond drillholes at Manna Hill show mineralised porphyry beneath the shallow skarn at Manna Hill. Results from a further two holes are awaited as a 6,000m programme of follow up RC drilling is underway over the next six weeks.

Cornish Metals* (TIN LN) 103.5p, Mkt cap £130m – Interim results focus on financing and operational progress to restart tin production at South Crofty

• Cornish Metals reports an after-tax loss of £5.5m for the six months to 30^th June 2026 (2025 – £3.5m loss) and a closing cash balance of ~£12.0m.

• Over the half year “Net cash used in investing activities of £23.3 million (six months ended 30 June 2025: £9.8 million) … [which reflected] … continued investment in mine dewatering, shaft refurbishment, surface infrastructure and project engineering”.

• CEO, Don Turvey, explained that activities were predominantly focussed on “agreeing the debt portion of the project financing package for South Crofty … [and on] … increasing the pace of activity on site”.
• Mr. Turvey highlighted the “oversubscribed US$210 million senior secured bond” placed in May with the proceeds remaining in escrow pending the satisfaction of “conditions precedent … the most significant of which is an equity raise of at least US$161 million”.
• He also confirmed the continuing financial support of Cornish Metals’ principal shareholders, the UK National Wealth Fund and Vision Blue Resources who have “agreed debt facilities of up to approximately £52 million”.
• Cornish Metals confirms that its “near-term priority remains to complete the project financing package for South Crofty, which is well advanced”.
• Commenting on operational progress at South Crofty, Mr. Turvey said that the “most significant underground milestone of the period was mine dewatering through the fully commissioned mid-shaft pump station, a level that has not been reached in more than 28 years”.
• “Dewatering remains on track towards the 400-level, approximately 730 metres below surface, in the first half of 2027”.
• As the dewatering progresses “Shaft refurbishment resumed below the mid-shaft pump station … [with] … refurbishment … also scheduled to be completed in the first half of 2027”.
• Work on the 25 Level of the Tuckingmill Decline continues “to establish the sub-surface skip discharge and rock-handling facilities for the NCK … [New Cooks Kitchen] … shaft hoisting system … [while also providing] … the training environment for miners recruited locally, and new starter training”.
• Secondary mine access and ventilation is being established via refurbishment work at the Roskear Shaft located “approximately 850 metres west of the main site”.
• On surface, preparatory work for the process plant construction continued with plant construction “expected to commence in the first quarter of 2027”.
• “Initial orders were placed during the period for long-lead items, and procurement of the main process equipment is expected to increase through 2026, with most key equipment planned to be ordered within the next twelve months”.
• Around 2,400m of planned surface exploration drilling started at Roskear West to “test the western extension of the Roskear lodes … [and] … to seek to extend the Inferred Mineral Resource in that area”.
• The second hole of the programme is underway following the intersection of multiple mineralised structures, including some previously undetected zones, in the first hole of the programme, SDD26-001A.
• The announcement also reconfirms the previously announced agreement of a 25-year Dundance mineral lease which “lie within the South Crofty project area and form part of the historic mine footprint” and follow other agreements with the Pendarves and Vyvyan estates which consolidates “mineral rights across South Crofty, reducing title-related risk and strengthening long-term development and operational certainty”.
• Operational objectives for the 2^nd half of 2026 include the installation of the New Cooks Kitchen winders and completion of engineering ahead of the start of process plant construction in Q1 2027.

Conclusion: Cornish Metals describes operational and financing progress as it works towards the resumption of tin production at South Crofty. Surface exploration drilling of the 2^nd hole at Roskear West continues to investigate extension to known and recently identified mineralisation.

*SP Angel acts as Nomad and Broker. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Ivanhoe Electric (IE US) US$10, Mkt Cap US$1.7bn – Updated Santa Cruz Copper Project PFS

• The Company released a PFS for the 100% owned Santa Cruz Copper Project in Arizona, US.
• The study is a review of the 2025 PFS reflecting higher production and increases to capex/opex.
• The study envisages an underground mine using heap leaching of oxide and supergene (chalcocite) mineralisation for production of refined copper cathodes.
• 2026 PFS highlights:
  • 24y LOM
  • Mineral inventory 140mt at 1.08% Cu
  • ~15ktpd / ~5.6mtpa over LOM (20ktpd / ~7.3mtpa first 15y)
  • ~58ktpa Cu production (~75ktpa first 15y)
  • 92.3% met recoveries
  • Development capital $1.4bn (up from $1.2bn PFS 2025)
  • Sustaining capex $1.5bn
  • C1 cash costs $1.47/lb (up on $1.32/lb)
  • AISC cash costs $2.28/lb (up on $2.02/lb) reflecting consumables, power and labour inflation, higher paste backfill binder, and higher sustaining mine development
  • After tax NPV8 and IRR $1.5bn and 19% using base case $4.75/lb copper price.
  • After tax NPV8 and IRR $3.5bn and 30% using sport ~$6.8/lb price.
  • Mineral reserves 140mt 1.08% for 1.5mt copper.
  • Mineral resources (ex Reserves)
  • Measured and Indicated 183mt 0.79% Cu 1.4mt Cu
  • Inferred 422mt 0.79% Cu 3.3mt Cu
• The project benefits from good access to infrastructure including nearby rail, state and US interstate highways, power, and a natural gas pipeline.
• All city, county and state permits are held for surface construction, box cut and decline development.
• Early works have started, box cut is due October 2026, TBM (Tunnel Boring Machine) decline summer 2027 and first cathode 2029.
• The Company secured a Preliminary Project Letter from US EXIM for potential debt funding of up to $1.1bn in August.

Lindian Resources (LIN AU) A$0.6, Mkt Cap A$1.1bn – Kangankunde maiden production targeted by YE26 and Mines Minister site visit

• The Company released a construction update for t Stage 1 Kangankunde monazite project in Malawi.
• Approximately 125kt of ore now sits on the ROM pad, ahead of plant commissioning.
• 14 production blasts completed at the pit on an owner-operator basis.
• Process plant construction is running 24 hours across two shifts, with the focus moving from bulk works to mechanical installation, piping, electrical and instrumentation
• TSF bulk earthworks are complete, with toe dam lining and piping outstanding.
• The 33kV overhead line is in place, with transformer installation and site grid connection planned for October 2026
• Practical Completion is guided to December 2026, with first ore introduction and maiden monazite concentrate production targeted by YE26.
• The Company hosted Mines Minister Thoko Tembo and senior government representatives at site yesterday.

Oriole Resources (ORR LN) 0.31p, Mkt Cap £15m – Drilling at Wapouzé identifies a potential source of cement raw material feed

• Oriole Resources reports that its 21-hole, 1,054m initial diamond drilling programme at its Wapouzé limestone project in Cameroon has encountered marble rock units “within every hole of the Programme”.
• The drilling “targeted three main zones in the northeast of the licence, over an approximate 1.2km cumulative strike length of outcropping metamorphosed limestone (or “marble”), and up to a 47.50m vertical depth from surface”.
• The drilling results will be used “to prepare a maiden JORC Mineral Resource Estimate (“MRE”) and/or Exploration Target that is scheduled for publication in early Q4-2026”.
• Most of the intersections returned “high-quality carbonate material” with over % calcium oxide grades and low magnesium oxide grades of less than 2%.

Rainbow Rare Earths* (RBW LN) 22.7p, mkt Cap £160m –MoU with Neo Performance Materials with PFS due 4Q26 and DFS 1H27

(Mosaic hold 51% of the Uberaba REE project with Rainbow holding 49%. At Phalaborwa Rainbow hold 70% with 30% to be held by Bosveld Phosphates)

• Rainbow report the signing of an MoU with Neo Performance Materials for Technical Support and Offtake for Phalaborwa.
• PFS, DFS: The agreement with Neo should enable the preparation of an updated PFS in Q4 incorporating the initial SX test work, ahead of the DFS in H1 2027.
• The release of the PFS should enable management to start financing and permitting work for Phalaborwa and to work up a more realistic timeline.
• The MoU is for technical support and design input for Rainbow’s final SX ‘Solvent Extraction’ separation circuit.
• Rainbow will provide offtake rights to Neo on commercial terms covering 40% of NdPr and 65% of SEG+ production from Phalaborwa in return for the use of Neo’s SX technology.
• Test work using Rainbow’s high-grade REE solution is underway at Neo’s facilities in Estonia.
• Neo will assist with running a confirmatory integrated pilot-scale SX plant in Johannesburg to support the DFS.
• The PFS should comply with SEC Regulation S-K 1300 to help with a potential US listing.

Conclusion:  Incorporating the Neo Performance Material’s SX technology solves the final piece of the process flowsheet for the production of NdPr >99% oxide.

Neo get a very valuable offtake in return so we ask:

• Why aren’t Rainbow running their own SX process?
• What is the cost of running the Neo SX
• Will Neo support some of the capex cost for the SX plant or are they simply providing the technology and technical support
• Will the Neo process be used on the Uberaba process in Brazil

*The SP Angel analyst has visited the Rainbow pilot process plant in Johannesburg

Talisman Metals (TLM LN) 8p, Mkt Cap £5.7m – Additional exploration licences in Morocco

• Talisman Metals reports that Morocco’s Ministry of Energy & Mines has granted the company 3 additional exploration licences adjacent to its existing Tirzzit stratiform, sediment hosted, copper project .
• The new licences total ~47km² add to the existing 16.5km² Tirzzit licence.
• “The proposed exploration programme for the initial four-year licence term across the three newly granted permits will focus on the systematic evaluation and prioritisation of sediment-hosted copper-silver targets”.
• Initial work will include detailed geological mapping and rock chip sampling to help identify “gossanous or hydrothermally altered outcrop”.
• The company also expects to undertake stream sediment geochemical sampling “to identify mineralised catchments and vector potential source areas … [followed by] … investigation of priority target areas using ground electromagnetic (EM) and induced polarisation (IP) surveys to delineate conductive and chargeable horizons at depths ranging from surface to approximately 400 metres deep”.
• CEO, Tim McCutcheon, described the increased licence area as providing “more opportunities to uncover mineralisation and expand westwards on mapped mineralised zones”.

Conclusion:  Additional exploration licences expand the Tirzzit project and provide opportunities for early stage exploration of potential sediment hosted stratiform copper targets in Morocco.

WIA Gold (WIA AU) A$0.46, Mkt Cap A$791m – Low-cost expansion to 7mtpa option at Kokoseb

• The Company release an engineering review exploring process plant bottlenecks considering an expansion to 7.0mtpa from current 5.25mtpa base case.
• SENET (DRA Global) identified the grinding circuit as the binding constraint.
• Capital efficient expansion is manageable through an increasing milling capacity from 12MW to 15MW on both the SAG and ball circuits.
• Remaining provisions are sizing and layout allowances – larger pre-leach and tailings thickeners, greater cyclone distributor capacity, space for leach/CIP expansion, and conveyor, pump, filtration and utility allowances.
• Extra capacity cost is estimated at modest US$9.3m, just ~2% of $475m development capex.
• Importantly, extra capacity does not require a change in DFS mine schedule with the study generating sufficient ore and stockpiles to support a plant expansion.
• Water and power supply infrastructure are being reviewed to ensure those are adequately sized to support a potential expansion.
• SENET has been instructed to include expansion provisions into the FEED studies.

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Analysts

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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

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.

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

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

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

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

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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