SP Angel – Today’s Market View, Thursday 27th August 2026

Gold pulls back on hotter inflation with Warsh speech at Jackson Hole in focus

MiFID II exempt information – see disclaimer below

Empire Metals* (EEE LN) – Interim results highlight 8.16bnt Pitfield MRE with flowsheet derisking ongoing

Galantas Gold* (GAL LN) – H1 results highlight progress of the Chilean development projects

Greatland Resources (GGP LN) – FY26 results show a sharp rise in Telfer’s gold output

GreenRoc Strategic Materials (GROC LN) – Interim results: Phase III drilling under way at Amitsoq as anode pilot plant starts

Guardian Metal Resources (GMET LN) – Pilot Mountain Technical Report

KEFI Gold and Copper* (KEFI LN) – Tulu Kapi underground mine updated PEA

Rome Resource (RMR LN) – Early-stage exploration in New Brunswick, Canada

Gold ($4,600/oz) – Traders raise the odds of a US rate rise next month

• Markets price a 40% chance of a rate rise next month, up from 36%.
• Gold ETFs added >28t last week, the biggest inflow since January.
• Mine supply hit a record in 1H26, even with less from Newmont, Agnico Eagle and Barrick (WGC).
• Fed chairman Kevin Warsh speaks at Jackson Hole Friday.

Copper ($14,215/t) – Mota-Engil to run the DRC’s copper export railway

• In DRC, Portugal’s Mota-Engil looks set to win a 30-year deal to run the Congolese section of the Lobito railway.
• The line is about 1,000km long and runs through the mining centres of Kolwezi, Tenke and Lubumbashi.
• Mota-Engil already helps run the Angolan section, which reaches the port of Lobito.
• The US development bank signed a letter of interest for up to $1bn.
• China is paying $1.4bn to rebuild the other central African line from Zambia to Dar es Salaam.

Uranium – Two Namibian mines move ahead while Australia’s Honeymoon shrinks

• Deep Yellow cleared two conditions at Tumas in Namibia, water supply and the local ownership its licence requires.
• Tumas would make up to 3.6mlbs a year for 30 years, costing $474m to build, with a decision due 4Q26.
• Paladin finished building up Langer Heinrich in Namibia, lifting output ~60% yoy to 4.82mlbs.
• It sold at $70.0/lb against costs of $43.3/lb, and guides to 5.1-5.6mlbs next year.
• Boss Energy cut the resource at Honeymoon in South Australia by 42%, to 20.8mlbs.
• The cut follows 86,670m of new drilling and flow modelling, with the cut-off grade lowered from 250ppm to 100ppm.
• Its new study expects 13.8mlbs over nine years, 26% less than the 2021 plan.

Cobalt – Uranium found in DRC cargoes may slow the restart of exports

• Some DRC cobalt hydroxide exports carry raised uranium content (Bloomberg Intelligence).
• Chinese trade data show DRC shipments starting to normalise after earlier delays.
• Tighter checks could disrupt exports again and slow feed into China.

Nvidia shares are up 7% in early trading as markets welcomed strong revenues forecasts.

• The Company expects to grow revenue by ~70% in FY28.
• That compares to a 45% median estimate.
• Price increases should see gross margins coming in at 72-73% during the period.
• CEO Jensen Huang reiterated strong demand in place and only accelerating.

Currencies

US$1.1652/eur vs 1.1670/eur previous. Yen 159.34/$ vs 159.02/$. SAr 15.953/$ vs 15.929/$. $1.359/gbp vs $1.364/gbp. 0.718/aud vs 0.718/aud. CNY 6.721/$ vs 6.721/$.

Dollar Index 99.14 vs 98.96 previous.

Economics

US – Inflation data came in hotter than expected in July with PCE Index, the Fed’s preferred measure of inflation, rising to 3.7%.

• Data raised expectations of a hike in September to 40% with a move fully priced in by December.
• PCE (%mom, Jul / Jun / Est): 0.2 / -0.1 / 0.1
• PCE (%yoy, Jul / Jun / Est): 3.7 / 3.7 / 3.6
• Core PCE (%mom, Jul / Jun / Est): 0.2 / 0.1 / 0.2
• Core PCE (%yoy, Jul / Jun / Est): 3.3 / 3.3 / 3.3

China – Industrial profits growth slowed for a third month hitting the weakest pace this year.

• Growth was uneven with electronics and raw materials producers accounting for >9pp and >7pp in YTD growth (17.6%).
• On the contrary, profits at ferrous metals smelters, furniture manufacturers and automakers slumped.
• Industrial Profits (%yoy, Jul / Jun / Est): 11.2/ 15.1 / NA

Japan – The central bank is expected to move faster than previously expected in tightening the monetary policy and to raise rates in September, latest Reuters poll showed.

• The August 17-24 survey showed 57% of economists expected ⁠the BOJ to raise interest rates next month.
• That compares to just 5% forecasting the move in a July poll.
• The central bank raised rates to 1% in June.

Germany

• GfK Consumer Confidence (Sep / Aug / Est): -26.6 / -29.4 (from -29.6) / -29.5

Russia/Ukraine – Russia is expected to step up attacks on Ukraine after concluding that discussions for a peace deal reached a dead end.

Bloomberg citing people close to the Kremlin reports Kremlin is weighing an intensification of powerful conventional ballistic missile attacks on Kyiv.

Precious metals:

Gold US$4,600/oz vs US$4,634/oz previous

Gold ETFs 98.9moz vs 98.9moz previous

Platinum US$1,831/oz vs US$1,867/oz previous

Palladium US$1,329/oz vs US$1,340/oz previous

Silver US$68.6/oz vs US$68.8/oz previous

Silver ETFs 801.2moz vs 801.9moz previous

Rhodium US$8,775/oz vs US$8,800/oz previous

Base metals:

Copper US$14,215/t vs US$14,340/t previous

Aluminium US$3,209/t vs US$3,224/t previous

Nickel US$16,870/t vs US$16,955/t previous

Zinc US$3,851/t vs US$3,895/t previous

Lead US$1,902/t vs US$1,902/t previous

Tin US$54,765/t vs US$55,640/t previous

Energy:

Oil US$86.5/bbl vs US$86.5/bbl previous

• Crude oil prices edged higher on continued disruption to global energy flows as the EIA estimated a 0.1mb w/w crude build to commercial US inventories offset by draws of 3.7mb to the SPR, 2.5mb to gasoline and 2.2mb to distillate stocks, with refinery utilisation up 0.2% w/w to 97.4% on 13.8mb/d of domestic supply.
• European energy prices edged higher as EU natural gas storage levels increased by 1.9% w/w to 63.5% full (vs 80.8% 5-Yr average), with aggregate inventory at 718TWh and German inventories now above 50% full (vs 79.3% avg.).

Natural Gas €65.5/MWh vs €64.3/MWh previous

Uranium Futures $90.5/lb vs $90.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.9/t vs US$98.1/t

Chinese steel rebar 25mm US$463.1/t vs US$462.9/t

HCC FOB Australia US$238.5/t vs US$236.5/t

Thermal coal swap Australia FOB US$137.8/t vs US$138.3/t

Other:

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

NdPr Rare Earth Oxide (China) US$108,993/t vs US$108,024/t

Lithium Carbonate 99% (China) US$22,245/t vs US$22,245/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$1,835/mtu vs US$1,835/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,075/mtu vs US$3,075/mtu

China Tantalum Concentrate 30% CIF US$228/lb vs US$228/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$25.1/kg vs US$25.1/kg

China Ilmenite Concentrate TiO2 US$203/t vs US$203/t

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

China Rutile Concentrate 95% TiO2 US$1,168/t vs US$1,168/t

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

Germanium China 99.99% US$4,225.0/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:

India pays 13-23% more than China for battery cells

• LFP cells landed in India cost $62-67/kWh in July, vs ~$54.5/kWh in China (JMK Research and IEEFA).
• Freight, duties and other import costs add $7-12/kWh.
• Chinese 314Ah cell prices fell 1.4% mom as lithium carbonate fell 10.7% mom.
• India commissioned ~8,236MWh of storage in April-July, but still makes few cells at home.
• The last 10GWh of the 50GWh incentive scheme has been tendered for grid storage only.

Company news:

Empire Metals* (EEE LN) 44p, Mkt Cap £330m – Interim results highlight 8.16bnt Pitfield MRE with flowsheet derisking ongoing

• Empire Metals reports 1H26 interim results.
• Financials:
  • Loss £1.88m (1H25: £1.70m)
  • Admin £2.2m (1H25: £1.7m) as the team steps up resource, engineering and metallurgical related work at Pitfield.
  • Cash £12.4m (1H25:: £6.3m) following a £8m raise in May.
• Drilling:
  • Largest campaign to date finished in April, 712 holes for 34,844m
  • Best holes 51m at 8.79% and 48m at 7.90% TiO2 from surface
  • Within the high-grade core 120 holes averaged above 6% TiO2 over their full length
• Resource:
  • 8.16bnt at 4.3% TiO2 for 349mt contained
  • Maiden Measured Resource of 374mt at 5.8% TiO2, plus 3.585bnt Indicated at 4.3%
  • Near-surface weathered zone 4.39bnt at 4.4% TiO2 for 194.5mt contained
  • High-grade core at Thomas runs 5km by up to 1.25km and 47m thick from surface
• Processing:
  • Integrated flowsheet completed in June 2026 on conventional steps
  • Flotation rejects >90% of gangue with extraction up to 98%
  • Products targeted: 99%+ TiO2 pigment, titanium metal feedstock and alumina at 98.7% Al2O3
• Eclipse Mining Lease 75% interest sold for A$750,000 in June.
• Pilot testing, engineering studies and a further MRE upgrade due by mid-2027.

Conclusion: 1H26 delivered on a number of milestones including a completion of a record drilling programme, MRE upgrade with confirming a maiden Measured category and the world’s largest titanium resource. In parallel, the team continued to work on an integrated flowsheet using conventional steps. Focus now turns to pilot testing and the engineering studies.

*SP Angel acts as Nomad and Broker to Empire Metals

Galantas Gold* (GAL LN) 34p, Mkt Cap £270m – H1 results highlight progress of the Chilean development projects

Initiation Note – BUY – 89p CLICK HERE

• Galantas Gold reports a Q2 operating loss of ~C$4.7m bringing H1 results for the six months to 30^th June loss to ~C$70m (H1 2025 – C$1.9m loss) and a 30^th June cash balance of C$108.9m.
• The company highlights the May 2026 C$100m private placement and the acquisition, in June, of the in-pit 1.5moz ‘Indicated’ gold resource at Andacollo in Chile which also hosts an additional 4.5moz resource.
• The company is working towards a Preliminary Economic Assessment (PEA) for the restart of production and expects to complete the study during Q4 and has previously indicated that production, ultimately at the rate of ~130koz pa, could restart start during H1 2027.
• Galantas Gold has already secured a 20ktpd 3-stage crushing plant, started to recruit an operating team, placed orders for “key project work packages” and progressed “environmental, permitting and regulatory activities”.
• Galantas Gold cautions that it has yet to take a formal decision on restarting production at Andacollo which is “subject to, among other things, completion of further technical, operational and financial review, completion of installation, rehabilitation and commissioning activities, receipt of any remaining approvals required at the relevant time”.
• The “Company is designing … [an infill drilling plan] … in support of the mine plan, testing of high-grade structures to enhance overall grade of the MRE, and evaluating the extent of copper mineralization possibly related to the adjacent Teck’s Carmen del Andacollo porphyry copper deposit”.
• Galantas Gold is also working on development plans for the Indiana project in the Atacama Region, Chile where it recently expanded an initially planned 5,000m infill drilling programme to 12,500m as it tests “high-grade gold mineralization at structural intersections and down-dip extensions of the Bondadosa and Flor de Espino gold veins that could potentially expand the resource base”.

Conclusion: H1 results describe progress towards a formal production decision at Andacollo, Chile and the expansion of its infill drilling programme at the Indiana gold project

*SP Angel act as Broker to Galantas Gold

Greatland Resources (GGP LN) 699p, Mkt Cap £4.7bn – FY26 results show a sharp rise in Telfer’s gold output

• Reporting on results for its first full year of ownership of the Telfer mine in WA, Greatland Resources reports after-tax profit of A$862m and EBITDA of A$1.3bn and a 30^th June cash balance of A$1.3bn.
• The financial results reflect production of 328,987oz of gold and 14,594t of copper, at an average cost of $2,179/oz gold produced on an all-in-sustaining costs basis.
• Gold production resulted from the processing of ~19.2mt of ore at an average grade 0.58g/t gold at an average recovery rate of 88.0%.
• A 75% increase in the volume of ore treated and improved recovery rates offset slightly lower feed grade to deliver a 66% rise in production from 198,319oz to 326,859oz.
• Managing Director, Shaun Day, said that “Our first full financial year of Telfer under our ownership delivered exceptional operating results, driven by significant productivity improvements in our open pit and underground mines, and an excellent performance in our processing operations”.
• Greatland Resources confirms its previously issued FY2027 production and cost guidance of 260-300koz of output at all-in-sustaining costs in the range A$2,900-3,330/oz.
• “FY27 growth capital spending is guided to be $315 – $335 million at Telfer and $365 – $435 million at Havieron, with expenditure of $70 – $80 million across resource development and exploration”.
• Today’s announcement confirms that initial gold production from Havieron is expected “during FY29”.
• The December 2025 Feasibility Study pre-production capital expenditure of A$1.1bn at Havieron generating 4.1moz of gold production and 153kt of copper over an 11 year mine life.
• Using a gold price of A$4,500/oz (currently ~A$6,400/oz) the Study describes the investment in Havieron generating an after-tax NPV_5% of ~A$2.9bn and IRR of 22.5%.
• “After the financial year ended 30 June 2026 Greatland received all necessary secondary approvals for the Havieron project, which permit the commencement of surface disturbance and development activities”.
• Mr. Day summarised progress at Havieron saying that “our Feasibility Study … confirmed the pathway to a world-class Australian gold-copper mine leveraging existing Telfer infrastructure, and subsequently made our final investment decision for the project”.
• He confirmed that Greatland Resources “will commence the construction phase for Havieron” in FY27.

Conclusion: The first full year of its stewardship of the Telfer mine has delivered a 66% increase in the mine’s gold output as the company also moves into construction at the nearby Havieron project over the next year.

GreenRoc Strategic Materials (GROC LN) 3p, Mkt Cap £9m – Interim results: Phase III drilling under way at Amitsoq as anode pilot plant starts

• GreenRoc reports 1H results to 31 May.
• The Company is developing the Amitsoq graphite project in Greenland.
• Financials:
  • Loss £711k (May 2025: £432k)
  • Cash £647k at period end
  • £1.63m drawn from the EIFO facility in the period, €3.9m in total
• Project:
  • Greenland granted a 30-year exploitation licence in December 2025
  • A DKK10.4m grant funds a purification route testing hydrofluoric acid free route
  • An 18t bulk sample collected last autumn feeds the pilot plant and the coming study
• Pilot plant:
  • Commissioned and milling ~100kg batches of bought-in concentrate
  • Early product measured 14.8 microns against a 15.0 target
  • Tap density 0.85g/cm3 against a 0.9 target
• Phase III drilling started in late July, with the first three holes intersecting graphite mineralisation up to 21.3m thick.

Guardian Metal Resources (GMET LN) 195.5p, Mkt Cap £389m – Pilot Mountain Technical Report

• Guardian Metal Resources, which issued the results of its pre-feasibility study (PFS) for the Pilot Mountain Tungsten Project in Nevada in June has now published the supporting Technical Report Summary on its website at  https://guardianmetalresources.com/project/pilot-mountain-project/.
• As reported in June, the study envisages an open-pit mining operation over an initial 8-year mine-life delivering a total of “15,916 tonnes of recovered WO₃, with significant opportunity to extend through ongoing exploration at the Tremor Zone, Gunmetal, Hope, plus other unnamed target areas across the Project”.
• Using a base price of “US$197,300 per tonne of WO₃, representing a ~35% discount to the mid-price for APT … as of 12 June 2026”  the study concludes that initial capital expenditure of US$288.7m, plus an additional US$33.9m of sustaining capital, is expected to generate an after-tax NPV_8% of US$660m and IRR of 59.6%.
• Subject to regulatory approvals, the “PFS estimates first production in late 2028”.
• The initial operation will develop the Desert Scheelite and Garnet deposits which are 2km apart and jointly host a combined ‘Probable’ ore reserve of 11.8mt at an average grade of 0.171% tungsten trioxide (WO₃), 9.28g/t silver and 0.28% zinc at an average waste:ore stripping ratio of 12.6:1.
• A 4,000tpd “processing plant using flotation recovery methods to produce a tungsten concentrate” is expected to deliver production at an average operating cost, net of by-product credits, of US$54,622/t or US$58,151 on an all-in-sustaining cost (AISC) basis.

Conclusion: The Technical Report underlying the Pilot Mountain PFS is now available and we look forward to the opportunity to gain improved insight into the details of the project.

KEFI Gold and Copper* (KEFI LN) 1.2p, Mkt Cap £168m – Tulu Kapi underground mine updated PEA

BUY – 4.2p

• The Company launched detailed planning for the Tulu Kapi Underground Mine to complement open pit operations that are currently in construction.
• Updated Tulu Kapi Underground Mine PEA highlights include:
  • Mining inventory ~2.4mt 3.3g/t ~250koz (compared to March 2025 assumptions 1.5mt 4.2g/t ~200koz)
  • Larger tonnage and in-situ gold at a lower grade account for a reduction in the cut-off grade and higher gold price assumptions (1.45g/t COG, $2,350/oz)
  • The mine plan for a steady c.500ktpa steady state stoping run rate
  • Underground ore to be blended with open pit feed using a 20% increase in plant throughput above ~2.0mtpa nameplate (associated capital costs are factored in)
  • ~94% gold recoveries
  • US$8.1m development capital with a maximum cash drawdown during construction and ramp up ~$10.5m
  • Underground estimated to contribute ~237koz in production on top of ~985koz estimated from open pit for a total of ~1.2moz over 7-8y LOM.
  • Combined open pit and underground AISC estimated at ~US$1,100-1,300/oz at assumed $3,000-5,000/oz reflecting higher government royalties in Ethiopia (7%).
  • Post-tax NPV5 ~US$274m and IRR 220%, 9 months payback, $2,350/oz gold price
• Underground development is expected to be funded by open pit FCFs.
• Latest Tulu Kapi underground MRE (2015) stands at 1.2mt 5.7g/t 219koz (1.1mt in M&I)
• Drilling from underground also planned to test extensions to high grade mineralisation that has not been delineated yet.
• Proposed underground development timeline:
  • Engineering studies completion 4Q27
  • Decline development to start post open pit commissioning mid-2028
  • Infill and step out drilling from underground and updated MRE 2029
  • First stope and ramp-up to steady state 2029
• On open pit construction progress, development works are now in month six with the focus on community resettlement and mobilisation for construction.
• Activities are expected to accelerate with the start of dry season.

Conclusion: Updated Tulu Kapi Underground Mine PEA results reiterate attractive economics of a bolt on underground operation to blend higher grade feed with Tulu Kapi open pit currently in construction. New PEA includes larger tonnage and contained ounces as cut off grades are adjusted following a strong run in gold prices. Capital light and funded with open pit FCF, Tulu Kapi underground development presents a straightforward value accretive proposition (included in the Company’s and ours target Tulu Kapi NPV combined open pit/underground development plan). Future works to focus on engineering studies and drilling to de-risk the existing mineral inventory as well as testing potential extensions.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

Rome Resource (RMR LN) 0.3p, Mkt Cap £22m – Early-stage exploration in New Brunswick, Canada

• Rome Resources has issued a progress report on its New Brunswick exploration where it is investigating the tin/tungsten potential around the Mount Douglas granite and the Mount Pleasant deposit.
• During May 2026, “a campaign of reconnaissance exploration was initiated, involving field mapping and sampling, in order to identify areas with greisen mineralisation potential, concentrating on both historical records and discovery of new areas of interest”.
• Samples taken from the Victoria Lake area southeast of Mount Pleasant “returned an assay of 0.6% Sn and 0.2% W … [with mineralisation] … identified along a 300m wide zone and trenching of the area is due to commence in early September”.
• In the Square Lake area, east of Mount Pleasant and northeast of Victoria Lake, a “mixture of historical mineral occurrences and new discoveries have been identified and sampled.  Initial assays include a strong showing of bismuth at 0.8% from outcrop”.
• CEO, Paul Barrett, described the initial exploration as “highly encouraging… [and said that] … we look forward to the trenching operations and the subsequent assay reporting, ultimately leading to a drill campaign in 2027”.

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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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