SP Angel – Today’s Market View, Thursday 30th July 2026

Zijin and Allied Gold scrap $3.9bn takeover after Chinese regulators withhold approval

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Whittaker steps down from 80 Mile to focus on new copper discover at Cliff Minerals Ltd.

Amaroq Ltd (AMRQ LN) – Update on Nalunaq resource estimate and publication of Competent Persons Report

Allied Gold (AAUC CN) – Zijin deal replaced with a US$295m investment; preliminary 2Q26 results with FY26 guidance reiterated

Anglo American (AAL LN) – Increased interim dividend as copper and iron ore strength drive 35% increase in EBITDA

Endeavour (EDV LN) – Record FCF in 1H26 on higher gold price with FY26 guidance reiterated

Gemfields Group (GEM LN) – Ruby and emerald operational update

PLS (PLS AU) – FY26 in line with guidance with FY27 expected to deliver 1.0-1.1Mt SC as Ngungaju restarts

Resolute Mining (RSG LN) – On track to meet lower end of 2026 production guidance

Sovereign Metals* (SVML LN) – Quarterly report highlights critical mineral advances and Rio Tinto withdrawal despite outstanding DFS results

URU Metals* (URU LN) – Consultants appointed to build 3D geological model ahead of drilling at Zeb nickel project in South Africa

Gold (US$4,045/oz) – Zijin and Allied Gold scrap $3.9bn takeover after Chinese regulators withhold approval

• Zijin Gold has terminated its C$5.5bn ($3.9bn) takeover of Canada’s Allied Gold due to regulator disapproval.
• Zijin Gold has instead bought a 9.2% stake for around $295m at C$32.55 per share, against C$44 in the original deal.
• Zijin rose as much as 6.8% in Hong Kong. Allied fell as much as 19% in Toronto.
• Beijing has tightened oversight of overseas metals deals, urging miners to share ownership rather than buy outright.

Copper – Kazakhstan approves $1.6bn copper smelter at Balkhash

• Kazakhstan has approved a KZT750bn (around $1.6bn) smelter at Balkhash, to be commissioned in 2030.
• Capacity is set at 300kt of cathode copper a year, lifting national output 50% to over 800ktpa.

Nickel ($17,140/t) – Tsingshan halts some nickel MHP export loadings from Indonesia

• The world’s largest nickel producer Tsingshan has suspended MHP (nickel for battery) export loadings from Indonesia.
• The halt is a precaution while executives seek clarity on new inspection rules.
• Customs have stepped up checks for rare earths and radioactive elements, requesting extra laboratory testing.
• Several shipments have been delayed this month. Nickel pig iron exports are disrupted but not halted.
• Signals from Jakarta are mixed, as an official video says rare earth content is not yet restricted.

Currencies

US$1.1443/eur vs 1.1396/eur previous. Yen 163.62/$ vs 163.54/$. SAr 16.657/$ vs 16.688/$. $1.334/gbp vs $1.330/gbp. 0.696/aud vs 0.696/aud.

CNY 6.758/$ vs 6.769/$. Dollar Index 100.97 vs 101.34 previous.

Economics

US – Long term bond yields hit a 19y high as investors on the back of higher inflation risks.

• 30y yields climbed 14bp hitting 5.2% yesterday.
• Shorter term rates traded lower as the FOMC ruled to keep rates level at the meeting yesterday.
• The Fed maintained a wait and see approach leaving rates at 3.50-3.75%.
• Expectations are for the Fed to raise once this year (around October meeting) followed by another one early next year.

Eurozone – The economy grew more than forecast in 2Q26 as Germany, France, Italy and Spain all recorded growth.

• GDP (%qoq, 2Q / 1Q / Est): 0.4 / 0.0 (revised from -0.2) / 0.2
• GDP (%yoy, 2Q / 1Q / Est): 1.0 / 0.5 (revised from 0.3) / 0.7

UK – The BOE to announce rates later today with forecasts for no change at 3.75%.

Australia – Import prices rise as closure of Strait of Hormuz drives oil and acid prices higher

• Import prices jumped 5.7% qoq in Q2 well ahead of expectations (ABS).
  • Import price rises were driven by a record 47.1% rise in petroleum and related products
  • Fertilisers rose 25.1%, probably due to shortages of sulphur supply from Saudi Arabia
  • Plastics in primary form jumped 26.3% due to the disruption of crude and Naphtha from the Middle East conflict.
  • Non-monetary Gold       fell -9.1%
• Export prices also rose 1.1% qoq and 3.9% yoy

o    Coal prices rose 5.4% qoq as power stations moved to replace LNG gas supplies

o    Petroleum products export prices rose 22.7% qoq

o    Crude fertilisers rose and 20.9% qoq

• • Coal, Coke & Briquettes 5.4% qoq
  • Non-monetary Gold -8.8% qoq

• The level of these import price rises is quite staggering and will lead to greater than anticipated supply chain inflation further down the line

Lebanon – IDF finds Hezbollah weapons stash in security zone

• The stash includes Kalashnikovs, RPGs, explosives, grenades, magazines and other military equipment.
• Hezbollah launched an explosive drone overnight toward the IDF in the Ali al-Taher Ridge area inside the Security Zone in violation of the ceasefire.

Iran – US continued heavy strikes on Iran overnight sending the US dollar and oil higher

• Trump says the US are responding to surprise attack on American bases with five missiles shot down over Jordan.
• The US has hit Qeshm Island in the Strait of Hormuz.
• Iran allowed a Qatari tanker to pass through the Strait [assomg through a route set out by Iran.
• US fatalities to date are reported to be 600 from the Iranian conflict.
• We suspect the ‘ceasefire’ was simply an opportunity for both sides to reload before their next round of kinetic action.
• Trump says he was briefed on a reported drone attack against oil tankers off Egypt.
• Saudi Arabia, Oman, Kuwait and Qatar now appear to be more visibly involved in the conflict, possibly due to Iranian missiles fired into their territories.
• A senior US official reckons “Iran currently possesses approximately 1,500 ballistic missiles”.
• “U.S. military preparations suggest planning for a large-scale operation against Iran rather than a limited, one-off response” (i24NEWS).
• The US is now striking Iranian-aligned forces in Iraq.
• “Iran and Israel are the only two countries that have a biblical relationship. We will find the best place for a nice Israeli Embassy in Tehran once the regime falls” (Reza Pahlavi).
• IRGC reported to be spending $60-70m on shoulder fired  missile systems.
• Inflation in Iran hits 87.9% yoy.

Yemen – Houthis considering imposing fees on ships passing through the Red Sea via the Bab-el-Mandeb Strait (Reuters).

• The Houthis denied the report and said they had no plans to impose such fees.
• Saudi Arabia is expected to announce a new international coalition to counter the Houthis in the Red Sea.
• Saidi Arabia is seeking assistance from approximately 50 countries, but the US has not committed to deploying troops (Al-Monitor).

Egypt – A US-owned and operated LNG floating storage facility, flying the Marshall Islands flag, was struck by at least one UAV off Damietta, Egypt

• “A Greek LNG carrier, flying the flag of Bermuda, has been targeted by at least one drone attack at Damietta Port” (Ambrey, a maritime security firm).
• Egyptian security officials told Al Hadath that no drone attack occurred at Damietta Port. They said the incident was caused by an engine-room fire aboard a decommissioned vessel.

Precious metals:

Gold US$4,045/oz vs US$4,046/oz previous

Gold ETFs 96.7moz vs 96.7moz previous

Platinum US$1,598/oz vs US$1,606/oz previous

Palladium US$1,259/oz vs US$1,267/oz previous

Silver US$57.5/oz vs US$58.1/oz previous

Silver ETFs 787.0moz vs 787.1moz previous

Rhodium US$8,250/oz vs US$8,250/oz previous

Base metals:

Copper US$13,691/t vs US$13,668/t previous

Aluminium US$3,184/t vs US$3,162/t previous

Nickel US$17,140/t vs US$17,155/t previous

Zinc US$3,591/t vs US$3,590/t previous

Lead US$1,904/t vs US$1,905/t previous

Tin US$54,170/t vs US$54,165/t previous

Energy:

Oil US$92.7/bbl vs US$87.2/bbl previous

• Energy prices moved higher after the US and Iran exchanged further military strikes across the Middle East, with marine vessel traffic now restricted in both the Strait of Hormuz and the Red Sea.
• The EIA estimated w/w US inventory draws of 7.2mb to crude and 3.8mb draw to the SPR, offset by a 1.1mb build to distillate stocks, with gasoline unchanged and refinery utilisation up 1.1% w/w to 97.2% on 13.8mb/d of domestic supply.
• European energy prices remain elevated as EU natural gas storage levels increased by 1.8% w/w to 56.2% full (vs 72.2% 5-Yr average), with aggregate inventory at 635TWh and Germany still below 50% full.

Natural Gas €59.2/MWh vs €58.7/MWh previous

Uranium Futures $86.5/lb vs $86.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$95.6/t vs US$97.9/t

Chinese steel rebar 25mm US$467.8/t vs US$467.3/t

HCC FOB Australia US$226.5/t vs US$227.7/t

Thermal coal swap Australia FOB US$134.0/t vs US$130.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$110,975/t vs US$111,533/t

Lithium Carbonate 99% (China) US$20,493/t vs US$20,460/t

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

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

Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu

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

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

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

Europe Ferro-Vanadium 80% US$26.8/kg vs US$26.8/kg

China Ilmenite Concentrate TiO2 US$208/t vs US$208/t

US Titanium Dioxide TiO2 >98% US$2,789/t vs US$2,789/t

China Rutile Concentrate 95% TiO2 US$1,162/t vs US$1,160/t

Brazil Potash CFR Granular Spot US$395.0/t vs US$395.0/t

Germanium China 99.99% US$4,095.0/kg vs US$4,095.0/kg

China Gallium 99.99% US$430.0/kg vs US$430.0/kg

Europe Molybdenum Oxide 57% US$32.0/lb vs US$32.0/lb

EV & Battery news:

Chinese battery makers battling over Middle East battery storage projects

• BYD and Sungrow Power Supply have won almost 19GWh in energy-storage orders for Masdar’s Round-The-Clock (RTC) solar project in Abu Dhabi, a deal that in January 2025 was expected to be granted to CATL, which had struck a $6bn partnership with Masdar.
• BYD is supplying 11.275GWh, announced early this month, while Sungrow secured a 7.5GWh order in May, together accounting for nearly all of RTC’s planned storage capacity.
• RTC pairs a 5.2GW solar photovoltaic plant with 19GWh of battery storage, and was unveiled last year as the world’s first large-scale combined solar and battery storage facility, supporting the UAE’s Energy Strategy 2050 and Net Zero by 2050 goals.
• Automotive Foresight managing director Yale Zhang said competition in energy storage is intensifying as major battery suppliers look to it as a new growth engine amid fierce competition in EV batteries, with cost a key factor given even affluent Middle East markets are budget-conscious.
• Zhang notes energy-storage systems demand lower energy density than EV batteries but higher safety within cost constraints.

Company news:

80 Mile Plc* (80M LN) – 0.70p, Mkt cap £37m – Whittaker steps down from 80 Mile to focus on new copper discover at Cliff Minerals Ltd.

(80 Mile retains a 49% free carry on Disko with USFM earning into 51%, )

• Troy Whittaker is stepping down from the 80 Mile plc board to focus on his existing role with White Cliff Minerals Ltd.
• White Cliff Minerals Ltd (WCN.ASX) reported on a new copper discovery in Northern Canada earlier this week at Danvers 1 within its Rae copper project in Nunavut, Canada.
• A wide, high-grade copper-silver intercept from the first diamond drill hole at Danvers 1
  • 50.9m @ 2.81% copper and 7.66g/t silver from from 39.7m
    • Inc. 4.3m @ 10.93% copper and 15.6 g/t silver from 45 meters and 6.8m @ 3.93% copper and 11.6 g/t silver
    • 4.75m @ 7.12% copper and 28.6 g/t silver from 64.25m from 55.5m.
• White Cliff has preciously drilled ~4,000m of RC drilling over eight holes at Danvers.
  • 52m @ 1.16% copper and 3.43g/t inc. 7.6m @ 3% copper and 9.5 g/t silver from 18.28m,
  • 58m @ 3.08% copper and 13.3 g/t silver from 52m, inc. 18m at 5.21% copper and 22.33 g/t silver from 69m,
  • 90m @ 4% copper and 7.5 g/t silver from surface,
  • 175m @ 2.5% copper and 8.66 g/t silver from 7.6m

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

Amaroq Ltd (AMRQ LN) 103p, Mkt Cap £480m – Update on Nalunaq resource estimate and publication of Competent Persons Report

• Amaroq Ltd has updated the resource estimate for its 100%-owned Nalunaq mine in Greenland.
• Resource details:
  • Total resources rose 4.1% to 504koz at an average grade of 30.35g/t Au.
  • Indicated resources, the higher-confidence category, rose 10.6% to 174koz at 33.20g/t.
  • Inferred resources stand at 329koz at 29.03g/t.
  • The standout MB HG2 zone holds around 174koz at 87.89g/t, the priority for further drilling.
• The update draws on 6,467m of new drilling from 41 holes, plus 284 underground samples.
• The numbers hold up under tougher assumptions. Bara consultant estimates doubling the cut-off grade only trims gold by around 12%.
• An Exploration Target of 400kt-2.2Mt at 10-30g/t Au shows where the deposit could grow.
• Recent high-grade drill hits came after the cut-off date, so that upside is not counted yet.
• The estimate feeds studies toward a maiden Mineral Reserve.
• It accompanies a Competent Persons Report for the planned move to the London main market, opening the stock to more investors.

Allied Gold (AAUC CN) C$24, Mkt Cap C$3.0bn – Zijin deal replaced with a US$295m investment; preliminary 2Q26 results with FY26 guidance reiterated

• The agreement for a potential sale to Zijin Gold has been terminated.
• Zijin Gold will subscribe for US$295m (C$417m) worth of stock (12.8m at C$32.55).
• Following the subscription, Zijin will hold ~9.2% in the Company.
• Proceeds to be used for operational optimisations, the completion and ramp up of Kurmuk (Ethiopia), the pashed expansion of Sadiola, production increases at the CDI Complex, and other exploration efforts.
• Termination of the agreement is reported to relate to broader external factors applicable to cross-border transactions of this scale.
• Zijiin launched an all cash C$44/sh offer in January 2026 which has been delayed by regulatory approvals in China.
• The original deal deadline 29 May was moved to 29 July before the transaction was called off.
• The Company also released 2Q26 operational results.
• Production 97.4koz, in line with guidance and operating plans.
• FY26 guidance reiterated 385-425koz (1H26: 193koz)
• Production is expected to be 2H26 weighed at Sadiola.
• Kurmuk remains on budget and schedule, although, 2H26 contribution forecast to be provided once operations commence in 3Q26.
• Kurmuk was previously guided to contribute 100-150koz this year, ramping up to 240-270koz 2027 and ~300koz 2028.
• Final 2Q26 results to be released 5 August.

Anglo American (AAL LN) 3,608p, Mkt Cap £42bn – Increased interim dividend as copper and iron ore strength drive 35% increase in EBITDA

• Anglo American reports a 54% decline in attributable losses for the six months to 30^th June with a loss of US$858m (2025 – loss of US$ 1,879m).
• The loss includes “the impact of a reduction in the carrying value of the Steelmaking Coal business to reflect the agreed sale terms”.
• “ Higher earnings were partially offset by the ongoing challenging rough diamond trading conditions at De Beers alongside lower sales volumes at Copper Chile, Copper Peru and Kumba, unfavourable foreign exchange movements and unit costs at Kumba and Minas-Rio”.
• Underlying EBITDA increased by 35% to US$4.00bn (2025 – US$2.96bn) and “Net debt decreased to $8.2 billion” (30^th June 2025 – US$10.8bn).
• Reconciliation in today’s announcement of the influences on the increased EBITDA identifies commodity price increases as the biggest factor generating an additional US$1.2bn.
• Copper operations contributed US$2,936m (~73%) of EBITDA (2025 US$1,756m – ~59%) with iron ore operations adding a further US$1,169m (29%).
• Manganese production contributed an additional US$98m of EBITDA (2025 US$11m depletion) partially offsetting negative flows from corporate overheads, crop nutrients and De Beers which reduced the US$189m outflow in H1 2025 to US$113m.
• The results underpin a 229% rise in the interim dividend to US$0.23/ share (2025 – US$0.07/share).
• CEO, Duncan Wanblad, said that the results reflect “unlocking the full potential of Anglo American … while we prepare to complete our merger with Teck to create a global metals and minerals champion”.
• Describing these preparations, he noted the “sale of our Steelmaking Coal business to Dhilmar for up to US$3.875 billion in cash” and the continuing work to address “the European Commission’s anti-trust approval process for the sale of our Nickel business … [and] … the sale process for De Beers alongside streamlining opportunities to improve its cost performance and reduce capital expenditure to minimise the impact from challenging diamond markets”.
• Mr. Wanblad confirmed progress towards completing the merger with Teck “within our original September 2026 to March 2027 window, with anti-trust approval from China the final outstanding regulatory milestone”.

Conclusion: Strong H1 performance from copper and iron ore as Anglo American works to deliver the merger with Teck

Endeavour (EDV LN) 3,542p, Mkt Cap £8.5m – Record FCF in 1H26 on higher gold price with FY26 guidance reiterated

• The Company released quarterly update for its West Africa based gold operations.
• 1H26 highlights include:
  • Production 564koz
  • Sales 557koz
  • AISC US$1,871
  • Realised gold price US$4,579/oz
  • Record Adj EBITDA US$1,611m (+38%yoy)
  • Record FCF US$761m (+48%yoy)
• Net cash US$254m as of quarter end.
• FY26 guidance reiterated at 1,090-1,265koz at US$1,600-1,800/oz AISC (@ US$3,000/oz gold price)
• Production to be weighed towards 4Q26.
• Q3 is guided lower on wet-season throughput and phased waste stripping; Q4 recovers as higher grades come through at Houndé, Ity, Mana and Sabodala-Massawa.
• Assafou (CDI) FID expected by YE26
• Sabodala-Massawa UG expansion on track for launch in 2H26 with first ore targeted by YE26.
• Significant resource updates at the Vindaloo Deeps and Kawsara discoveries expected in 2H26.
• Growth projects to see Group production reaching 1.5moz by 2030.

Gemfields Group (GEM LN) 2.75p, Mkt Cap £47m – Ruby and emerald operational update

• Gemfields reports that its 75%-owned Montepuez ruby mine generated “auction revenues of USD 102.9 million for the first half of the year (2025 H1: USD 60 million)”.
• The company says that it “continued to experience weak premium grade ruby recovery, at 0.025 carats per tonne in the six-months to 30 June 2026 … [and it] … continues to focus mining activities on areas believed to contain higher-grade material, with the aim of improving grade outcomes”.
• The second ruby processing plant “made a meaningful contribution to production volumes in H1 and is expected to be signed off as fully commissioned later this year”.
• Emerald production from Kagem in Zambia “maintained healthy premium emerald production during the first half, while higher fuel prices, exchange rate pressures and increased mining activity impacted operating costs”.

PLS (PLS AU) A$4.2, Mkt Cap A$13bn – FY26 in line with guidance with FY27 expected to deliver 1.0-1.1Mt SC as Ngungaju restarts

• The Company released JunQ26 and FY26 update for its Pilgangoora lithium operation in Australia (WA).
• JunQ26 highlights include:
  • Production 214kt SC
  • Sales 250kt SC (~5.2)
  • Realised price US$2,415/SC6
  • Unit operating cost A$616/SC FOB (US$437/SC FOB)
• Record sales and stronger prices drove a 31%qoq increase in revenues (A$743m).
• Unit operating costs higher (+18%qoq) on higher diesel prices and Ngungaju plant restart costs.
• Metallurgical recoveries improved marginally averaging 76.8%.
• Ngungaju plat restart commenced 1 July and is progressing on schedule with the facility to reach capacity within four months.
• P2000 FS (exp DecQ26) and Colina FS (exp DecQ27) are progressing with ~A$175m pre-FID capex approved for the P2000 Project in June.
• All operational/financial metrics came within the FY26 guidance.
• Closing cash balance increased 57% to A$2,290m including proceeds from the inaugural US$600m bond.
• Quarterly cash flow from operations less mine development and sustaining capex A$499m (FY26: A$1,144m).
• Net cash A$1,344m.
• FY27 guidance:
  • Production 1,030-1,100kt (FY26: 880kt)
  • Unit operating costs A$575-625/SC FOB (FY26: A$569/SC)
  • Capex A$620-685m with growth capex including only A$175m and P2000 FID / Colina pre-FID related spend subject to Board approval.

Resolute Mining (RSG LN) 52.8p, Mkt Cap £1,129m – On track to meet lower end of 2026 production guidance

• Resolute Mining reports the production of 45,192 oz of gold during the 3 months to 30^th June bringing H1 output to 104,795oz at a cost (on an all-in-sustaining cost basis) of US$2,327/oz (H1 2025 – 151,460oz at US$1,688/oz).
• “Group production guidance on track to be around the lower end of the 250 – 275 koz guidance range. Group AISC of $2,000 – 2,200/oz is maintained, however is subject to change with elevated gold prices and higher fuel costs”.
• The Syama mine in Mali produced a total of 29,881oz of gold during the quarter at an AISC of US$2,654/oz with sulphide operations contributing 23,460oz bring H1 output to 60,142oz and the oxide operations delivering the balance of 6,421oz for the quarter (H1 – 13,541oz).
• Syama is expected to achieve “the lower end of full-year production guidance” of 159-210,000oz of gold production with costs between US$1,950-2,150/oz.
• The Mako mine in Senegal contributed a further 15,311oz at US$1,538/oz bringing H1 output to 31,112oz at an AISC of US$1,605/oz.
• “Mako remains on track for full-year production guidance of 55 – 65 koz”
• The company confirms that the Doropo project in Cote d’Ivoire remains on track and on budget.
• Resolute Mining also highlights the increased mineral resource of 133mt at an average grade of 0.71g/t containing 3moz at its ABC project also in Cote d’Ivoire where additional drilling is expected “to progress feasibility studies and mining application by the end of 2027”.
• CEO, Chris Eger, said that “Resolute enters the second half of the year with clear priorities: progressing Doropo construction, safely increasing production at Syama, progressing the Mako Life Extension Project, advancing ABC through its next phase of studies and drilling, and maintaining discipline across costs, capital and balance sheet management”.

Conclusion: Resolute Mining is on track to achieve the lower end of the 250-275koz 2026 production and US$2,000-2,200/oz cost guidance and to deliver the Doropo mine development in Ivory Coast. Additional resource and feasibility drilling at the ABC project is expected to progress mining licence application by the end of 2027.

Sovereign Metals* (SVML LN) 26.3p, Mkt cap £185m – Quarterly report highlights critical mineral advances and Rio Tinto withdrawal despite outstanding DFS results

(Sovereign currently holds 100% of the Kasiya project. Malawi has 10% free carry right. Rio Tinto holds 18.5% of Sovereign Metals)

• Sovereign Metals reports on financial details and progress through the last quarter.
• Net cash used was A$4m reducing total available funding to A$25m from A$29m in the previous quarter.
• Exploration and evaluation cost A$3.1m vs A$26.4m for the 12-months year-to-date.
• Staff costs were stable at A$404,000 vs A$1.65m ytd.
• Admin and corporate costs rose to A$510,000 vs A$1.56m ytd..
• Highlights: .
• Sovereign Metals was notified by Rio Tinto that they would not exercise their rights to become operator of the Kasiya rutile, graphite and monazite project in Malawi.
• The news came despite extensive funding, collaboration, time and technical input by Rio Tinto over the past few years.
• Rio’s lapsed agreement now allows Sovereign to advance unencumbered with new and existing offtakers and miners with respect to the development of the Kasiya project.
• This may include US and Japanese offtakers and the US government which has shown interest in the Kasya project in recent years.
• REEs:
• Simple processing of monazite to give strategic critical mineral product stream:
• Sovereign reported on its DyTb and Yttrium oxide ratios in the TREO ‘Total Rare Earth Oxide’. These are ~7x higher than at the world’s five largest rare earth producers.
  • DyTb 2.5% and Yttrium 11.8% within TREO basket vs. 0.4% DyTb and 1.7% Yttrium across the five largest REE miners
  • Up to 3.1% DyTb and 17.2% Yttrium seen in near-surface (0-6m)
  • 20.9% NdPr average
• An independent report shows potential pricing of US$16,000-19,000/t for the Kasiya monazite in the West due to its DyTb and Yttrium content.
• This indicates a particularly high-value monazite concentrate product with DyTb and Yttrium subject to Chinese export controls.
• The elements are particularly critical for radar, laser and other defence systems EV magnets and aerospace thermal barrier coatings.
• DFS Highlights:
  • 12mtpa for Stage 1 rising to 24mtpa in Stage 2 producing 22ktpa rutile and 275ktpa graphite
  • Capex (Stage 1): $727m and $1,239 for the Life of Mine. Sustaining capex:  $431m
  • Operating costs: $450/t
  • Revenue: $727m and $16,210m for total LoM
  • EBITDA: $476m
  • NPV@8: $2.2bn
  • IRR: 23%

Assumptions:

• • Rutile pricing: US$1,670/t vs US$1,490/t for 95% grade rutile (FOB Nacala)
  • Graphite pricing: US$1,288/t vs US$1,290/t (FOB Nacala)
  • REE: Monazite – no revenue is currently included for the Monazite stream

Conclusion:  Sovereign Metals is now free to finance and develop the giant Kasiya rutile, graphite and REE project.

We expect the team to sign offtake agreements with Asian and US processors of rutile, graphite and monazite rare earths.

Offtake and pre-pay financing are important elements in the development of a full financing package.

*SP Angel acts as Nomad and broker to Sovereign Metals

URU Metals* (URU LN) 4.3p, Mkt Cap £4.2m – Consultants appointed to build 3D geological model ahead of drilling at Zeb nickel project in South Africa

• URU Metals has appointed Caracle Creek and Atticus Geoscience at its Zeb Nickel Project in Limpopo, South Africa.
• The consultants will rebuild a 3D model of the Zeb nickel project in Leapfrog, the industry-standard modelling package.
• The model brings all data into one picture:
  • New ground gravity and electromagnetic surveys over Targets 1 and 2.
  • Surface mapping and historical drill results.
  • Airborne magnetic, gravity and electromagnetic data flown over the project.
• Purpose of the model:
  • Zeb hosts two mineralised bodies, Uitloop I and II, likely once linked by a magma channel.
  • These channels matter because heavy nickel sulphides settle where the channel thickens or bends.
  • Those trap sites are what the drill bit wants to find.
  • Targets backed by several datasets rise up the list, while false signals get screened out.
  • The output sets each hole’s position, angle, depth and drilling order.
• Drilling is the expensive part, and the model puts that money into the best-supported targets first.
• Exploration Manager Richard Montjoie says the team can now ‘design the upcoming drill holes against defined geological positions rather than stand-alone anomalies.’

*SP Angel acts as Nomad and Broker to URU Metals

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 – 0203 470 0490

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

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

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

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

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

---