SP Angel – Today’s Market View, Thursday 4th June 2026

Copper prices fall as drones hit Kuwait airport

MiFID II exempt information – see disclaimer below

DPM Metals (DPM CN) – Discovery of high grade porphyry mineralisation with a 713m at 2.52g/t AuEq hit at the BSP target

Guardian Metal Resources (GMET LN) – Additional zone of tungsten mineralisation identified at Pilot Mountain, Nevada

Hamak Strategy* (HAMA LN) – Drilling results from Akoko, Ghana

Mkango Resources* (MKA LN) – BUY – HyProMag USA takes occupation of Texas hub ahead of project execution phase

Jubilee Metals Group (JLP LN) – Roan concentrator in Zambia resumes following annual maintenance and improvements to the fine concentrate circuit

Koryx Copper (KRY CN) – Haib copper project process work

PMET Resources (PMET CN) – Non binding LOI with Societe Generale for project funding

Switch Metals (SWT LN) – Drilling planned at Issia, Cote d’Ivoire

Tertiary Minerals* (TYM LN) – Ongoing field work and new drilling to be funded from £1m cash raised

Viridis Mining and Minerals (VMM AU) – First major project delivery contract

Copper ($13,748/t) – prices fall as drones hit Kuwait airport

• IRGC drones struck Kuwait airport killing one and injuring 63.
• Copper prices pulled back on this and on the potential for higher US interest rates for longer.
• LME cancellations continue to drain warehouses of physical copper with the LME seeing a further 2,575 drawdown reducing overall stock to 379,975t

Lebanon – US brokered ceasefire framework for Israel and Lebanon and Hezbollah disarmament

• Israel and Lebanon have agreed to implement a ceasefire contingent on a complete stop of Hezbollah fire and the evacuation of all Hezbollah operatives from the South Litani Sector.
• Both sides have agreed to advance pilot zones in which the Lebanese Armed Forces will take exclusive control of territory and exclude all non-state actors, eg Hezbollah.
• Unclear if Hezbollah had accepted the terms of the deal.
• Earlier, Iran demanded that Israel stops strikes on Hezbollah in Lebanon as part of any agreement with the US.

Coal mine gas explosion in China: https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports

Guardian Metal Resources – Tungsten & Pilot Mountain mine : https://invest.investorshub.com/innovationreport/

Currencies

US$1.1607/eur vs 1.1611/eur previous. Yen 159.90/$ vs 159.72/$. SAr 16.335/$ vs 16.303/$. $1.342/gbp vs $1.345/gbp. 0.714/aud vs 0.716/aud

CNY 6.776/$ vs 6.774/$. Dollar Index 99.44 vs 99.34 previous

Economics

US – Equity futures are dragged lower by a disappointing outlook delivered by Broadcom yesterday.

• The Company was trading 12% down in after hours as quarterly forecast for AI semiconductor revenue fell short of expectations.
• Reserved outlook raised doubts if the latest rally in tech stock gone too far.
• S&P and Nasdaq futures are down 0.3% and 0.8% this morning.

Japan – The central bank to consider a 25bp hike to 1% this month with a potential another increase later this year.

• Bloomberg citing people familiar with discussions writes central bankers are concerned with persistent upside risks to inflation.
• The decision to raise rates is nearly fully priced in now.
• The yen is up slightly on the day trading at 159.9, versus a low of nearly 160.1 hit yesterday.

Precious metals:

Gold US$4,466/oz vs US$4,452/oz previous

Gold ETFs 98.3moz vs 98.3moz previous

Platinum US$1,881/oz vs US$1,920/oz previous

Palladium US$1,312/oz vs US$1,356/oz previous

Silver US$73.1/oz vs US$74.1/oz previous

Silver ETFs 788.4moz vs 791.2moz previous

Rhodium US$8,250/oz vs US$8,400/oz previous

Base metals:   

Copper US$13,748/t vs US$13,899/t previous

Aluminium US$3,687/t vs US$3,729/t previous

Nickel US$18,605/t vs US$19,080/t previous

Zinc US$3,572/t vs US$3,633/t previous

Lead US$2,009/t vs US$2,035/t previous

Tin US$55,600/t vs US$57,525/t previous 

Energy:

Oil US$96.8/bbl vs US$98.0/bbl previous

• Crude oil prices edged lower after Israel and Lebanon agreed to implement a ceasefire, though this remains contingent on a complete halt to Hezbollah attacks, though mixed messaging continues to come out of the US and Iran.
• The EIA estimated a w/w US inventory draw of 8mb to crude and 8mb to the SPR, offset by builds of 3.4mb to gasoline and 1.5mb to distillate stocks, with refinery utilisation up 0.2% w/w to 94.7% on 13.7mb/d of domestic production.
• European energy prices were flat as EU natural gas storage levels increased by 2.2% w/w to 41% full (vs 55.2% 5-Yr average), with aggregate inventory at 464TWh and only the Netherlands below 30% full (vs 46.6% 5-year average).

Natural Gas €49.0/MWh vs €49.3/MWh previous

Uranium Futures $85.9/lb vs $85.9/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$101.7/t vs US$103.7/t

Chinese steel rebar 25mm US$491.1/t vs US$491.7/t

HCC FOB Australia US$245.0/t vs US$243.5/t

Thermal coal swap Australia FOB US$147.8/t vs US$137.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$103,310/t vs US$103,418/t

Lithium carbonate 99% (China) US$24,130/t vs US$24,876/t

China Spodumene Li2O 6%min CIF US$2,550/t vs US$2,570/t

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

China Tungsten APT 88.5% FOB US$1,705/mtu vs US$1,705/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$233/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

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

Europe Ferro-Vanadium 80% US$27.5/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$240/t vs US$240/t

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

China Rutile Concentrate 95% TiO2 US$1,159/t vs US$1,159/t

Spot CO2 Emissions EUA Price US$65.1/t vs US$65.1/t

Brazil Potash CFR Granular Spot US$405.0/t vs US$405.0/t

Germanium China 99.99% US$4,025.0/kg vs US$4,025.0/kg

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

Europe Molybdenum Oxide 57% US$31.0/lb vs US$31.0/lb 

Company news:

DPM Metals (DPM CN) C$47, Mkt Cap C$11bn – Discovery of high grade porphyry mineralisation with a 713m at 2.52g/t AuEq hit at the BSP target

• The Company announced a major new discovery of higher grade gold/copper porphyry mineralisation at the Breven South Porphyry target adjacent to Chelopech Mine, Bulgaria.
• EX_BRESPO_03 discovery hole assays include
  • 713m at 2.52g/t AuEq (1.31g/t Au, 1.16% Cu) from 1,172m downhole including
    • 398m at 3.00g/t AuEq (1.48g/t Au, 1.45% Cu) from 1,487 downhole (hole ongoing)
• Other assay results include
  • EX_BRES_555_02: 95 metres grading 0.93 g/t AuEq, comprising of 0.43 g/t Au and 0.48% Cu from 1,250 metres downhole.
  • EX_BRES_555_02A: 37 metres grading 1.19 g/t AuEq, comprising of 0.53 g/t Au and 0.63% Cu from 1,357 metres downhole (hole ongoing).
• The BSP target is located ~1km from existing Mineral Reserves and the Chelopech mine concession.
• A large phyllic alteration envelope exceeding 1,000×1,500m indicated a substantial hydrothermal system with a potential to further grow the BSP target.
• Given the significance of the discovery the Company mobilised fiver drilling rigs targeting up to 15,000m through the end of 2026.
• The discovery marks fourth exploration success in the Western Tethyan Belt since 2023 following discoveries of Coka Rakita, Dumitru Potok and the Wedge Zone.

Guardian Metal Resources (GMET LN) 252.5p, Mkt Cap £511m – Additional zone of tungsten mineralisation identified at Pilot Mountain, Nevada

• Guardian Metal Resources reports that condemnation drilling, intended to ensure that mine infrastructure development as part of the continuing pre-feasibility study at its Pilot Mountain tungsten project in Nevada does not unintentionally sterilise mineralisation, has identified a previously unknown zone of tungsten skarn mineralisation.
• The new ‘Tremor Zone’ was initially intersected in drillhole PMR26-077and “intersected five distinct zones of tungsten-rich skarn mineralisation” including:
  • A 3.08m intersection at an average grade of 0.24% tungsten trioxide from 83.83m depth; and
  • A 13.68m wide interval at an average grade of 0.31% from 102.11m depth; and
  • 4.56m at an average grade of 0.16% from 118.87m; and
  • 1.52m at an average grade of 0.24% from 143.26m; and
  • 4.56m grading 0.24% from 152.4m depth
• Additional holes, PMR-078, 079, 088, 096 and 097 “also intersected visually identified tungsten-bearing skarn over approximate widths of 12m, 28m, 66m, 14m and 38m respectively”.
• The Tremor Zone which “is obscured by alluvial cover and therefore does not directly outcrop at surface … has been delineated over approximately 400 metres of strike length” so far but “remains open in multiple directions”.
• Currently, the reported mineral resource of the Desert Scheelite zone at Pilot Mountain is an ‘Indicated’ resource of ~8.7mt at an average grade of ~0.21% tungsten trioxide plus an ‘Inferred’ resource of ~1.8mt at an average grade of ~0. 17%.
• At this stage, mineralisation in the Tremor Zone “will not be incorporated into the upcoming PFS … [but Guardian Metals] … has retained flexibility within its infrastructure planning to allow for its potential inclusion in future studies, subject to further drilling and technical evaluation”.
• CEO, Oliver Friesen, described the discovery of the additional mineralisation as “a very exciting result … [which] … highlights the untapped exploration potential that we believe exists at Pilot Mountain”.
• He said that the discovery supports the company’s view that Pilot Mountain “remains largely underexplored… [and also confirmed that] …. we continue to drill and define this new zone, while also advancing testing across the Project’s other priority exploration targets, all in parallel with our ongoing PFS workstreams”.
• We consider that the condemnation drilling has served its purpose in identifying the additional resource potential of the Tremor Zone sufficiently early in the project evaluation to ensure that it remains available for possible inclusion in a future mine development plan.

Conclusion: The identification of previously unknown tungsten mineralisation beneath alluvial deposits at Pilot Mountain adds additional resource expansion potential although at this stage the new Tremor Zone will not form part of the current PFS study.

Hamak Strategy* (HAMA LN) 0.73p, Mkt Cap £3.5m – Drilling results from Akoko, Ghana

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana, has released results from a further seven (405m) reverse-circulation (RC) drill holes.
• The drilling so-far has “been focussed on the Akoko North area, combining resource confirmation as well as condemnation drilling, with a total of 33 holes for 1,947 metres drilled to date”.
• The highlighted results are:

1. • A 28m wide intersection in oxide ore averaging 2.12g/t gold from a depth of 3m in hole 2026-051 and including 10m averaging 4.41g/t gold from a depth of 14m; and
   • A 14m wide intersection in oxide ore averaging 1.57g/t gold from a depth of 16m in hole 2026-021 and including 3.15g/t over 3m from 19m and 2.34g/t over 4m from 26m depth.

• The company says that the “Results continue to confirm geological model of near surface, oxide gold horizons”.
• We note that a sulphide intersection of 2m grading 0.81g/t gold is reported from a depth of 62m in hole 2026-051 is also included in the detailed tabulation of results in today’s announcement and that a previous release reported a 12m wide intersection of sulphide mineralisation at an average grade of 15.44g/t from 42m in hole ANDD17-004 which “may potentially be a primary and deeper source for the oxide gold mineralisation at Akoko”.
• CEO, Karl Smithson, said that the latest results “validate the geological model of near-surface oxide gold mineralization in the northern area of the Akoko licence”.
• Seven of the planned 40 holes at Akoko North “remain to be drilled in Akoko North before the drill rig is mobilised to commence drilling in the Akoko South licence where 36 RC holes for 1,940m are planned, depending on accessibility due to increasing heavy rainfall in the region”.

Conclusion: Recent drilling data, from the Akoko gold project in Ghana is continuing to demonstrate oxide gold mineralisation at Akoko North.  When the 7 final holes in the northern area are completed, drilling is expected to switch to the Akoko South area, subject to weather related access considerations.

*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy

Mkango Resources* (MKA LN) 43p, Mkt Cap £172m – HyProMag USA takes occupation of Texas hub ahead of project execution phase

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), announced the start of the lease on 125,000sqft Dallas-Fort Worth facility, US.
• The facility to serve as a central hub for rare earth magnet recycling and manufacturing.
• The site benefits from excellent access to transportation, logistics and critical infrastructure.
• With the lease in place, the team will start installing communications infrastructure, security systems and other foundational requirements to support project execution activities.
• Parallel workstreams include detailed engineering, procurement of long-lead equipment, and feedstock and offtake partnership development.
• At full capacity, the facility is expected to run at ~1,550tpa NdFeB (incl ~941tpa sintered NdFeB and ~611tpa other NdFeB co products).

*SP Angel acts as nomad and broker to Mkango Resources

Jubilee Metals Group (JLP LN) 2.8p, Mkt cap £90m – Roan concentrator in Zambia resumes following annual maintenance and improvements to the fine concentrate circuit

• Jubilee Metals confirms that it has resumed the ramp up of production at its Roan copper concentrator in Zambia and is “operating at full capacity targeting 30 000tpm of ROM” following completion of the plant’s annual scheduled maintenance.
• The commissioning of the “New fine copper concentrate dewatering facility … provides increased operational flexibility … [by providing the] … ability to process both newly generated fine concentrate material together with the historical stockpile” feedstock and speeding “the drying and processing of fine copper concentrate material”.
• CEO, Leon Coetzer, said that the company expects “June 2026 performance to provide a clearer indication of sustainable operating capacity and recovery efficiencies with the addition of the fines concentrate from Roan now being processed at Sable”.
• He explained that “Roan plays a key role in the Company’s integrated copper production strategy, processing third-party run-of-mine copper ore (ROM) into copper concentrates for further refining at the Sable refinery, while also producing high-grade copper sulphide concentrate for direct sale into the market”.
• Today’s announcement outlines the significance of the fine concentrate at the Roan Concentrator saying that it “accounts for approximately 25.5% of the contained copper within the total ROM feed to Roan”.
• The announcement also explains that during June Jubilee Metals will consider further throughput expansion opportunities from “the inclusion of the front-end DMS … [dense-media separation] … circuit”.
• “The Company expects to provide a further update on copper production guidance once steady-state operational performance has been demonstrated consistently across the integrated Roan and Sable processing circuits”.

Conclusion: The Roan copper concentrator is operating at full capacity following it annual maintenance shutdown.  The sustainable throughput rate is expected to be established during June enabling the company to update its copper production guidance.

Koryx Copper (KRY CN) C$3.38, Mkt cap C$450m – Haib copper project process work

• Koryx Copper report progress on the optimisation of the process flow sheet for the Haib copper project in Namibia with the PFS due by the year-end.
• The work is now expected to lead to significant production and operating cost benefits.
• Management are also working upgrading the mineral resource and on the optimisation of the Haib mine plan
• The application of a new CPF ‘coarse particle flotation circuit to reject up to 25% of low-value waste rock is also a significant advance.
• The impact of the CPF is to raise the ore grade throughput through the rest of the process circuit reducing operating costs and creating further benefits.
• This early sorting of waste from the ore should enable better throughput, grade, production and could simplify the overall process flow sheet with previous with sulphide heap leach material now expected to be treated in the main plant.
• Management see this as giving “the best overall metallurgical performance”
• Power: 200MVA power supply via Namibian grid and hybrid solar photo-voltaic with battery storage.
• Water supply from Orange River combined with off-site storage dam for 20Mm³/year.
• Environmental and permitting work is progressing, with 13 specialist studies completed and environmental approval targeted for H1 2027.

Conclusion: Koryx is making rapid and innovative progress. The project could be ready for project financing and construction next year.

PMET Resources (PMET CN) C$7.5, Mkt Cap C$1.4bn – Non binding LOI with Societe Generale for project funding

• The Company received a non binding LOI from Societe Generale for a potential project fund for the Phase 1 at the Shaakichiuwaanaan Project, Canada (QC).
• The lender expressed interest in participating as a Mandated Lead Arranger for potential debt financing package.
• The agreement allows to facilitate further due diligence including technical, environmental and commercial aspects.
• Project updated FS remains on target for 4Q26.

Switch Metals (SWT LN) 11.5p, Mkt Cap £16m – Drilling planned at Issia, Cote d’Ivoire

• Switch Metals reports that it has identified two priority targets for drilling at its Issia Project in Cote d’Ivoire.
• The Kabore spodumene bearing pegmatite target is located within a 1.3km long soil geochemical anomaly and the company plans an initial 15 hole, ~1,700m, programme of reverse circulation drilling.
• At the Zraty tantalum bearing pegmatite target, “previous trenching outlined a east-north-east trending 100 metre-long by 5 to 10 metres wide sub-outcropping pegmatite that yielded tantalum grades up to 1,230 ppm Ta₂O₅… [which] … represents one of the highest-grade hard-rock tantalum occurrences identified to date within the Issia licence”.
• An initial 800m programme of RC drilling in 8 holes is planned for Zraty which CEO, Karl Akueson, described as “one of our highest-grade tantalum-bearing pegmatite targets”.
• Mr. Akueson confirmed that “Rig mobilisation is expected shortly … [and said that] … Work on the maiden tantalum MRE itself continues in parallel, with assay interpretation and geological modelling progressing”.

Tertiary Minerals* (TYM LN) 0.055p, Mkt Cap £3.73m – Ongoing field work and new drilling to be funded from £1m cash raised

BUY: 0.26p. CLICK FOR PDF

• Tertiary Minerals report the raising of £985,000 at 0.05p to advance work in their Target A1 oxide Silver project in Zambia.
• The Placing Price represents a discount of 17% to the closing bid-price on 3 June 2026 and the number of new shares issued represent ~28% of the Tertiary’s issued ordinary share capital.
• Management are subscribing for £15,000 as part of the placing.
• Mushima North (Target A1):
• Tertiary recently delivered a JORC Exploration Target for Mushima North, showing potential for 15-30mt at 40-60g/t silver equivalent at the Target A1 project in near surface oxide mineralisation.
• Infill drilling at Mushima should deliver a JORC resource in the second half.
• Metallurgical work and other technical studies will run in parallel to the infill programme to accelerate future potential production.
• Upside: Further expansion potential exists alongside and below the existing target with good potential for copper sulphide mineralisation below the known silver target resource.
• Other targets in the wider Mushima North project which remain untested with new field work planned to test these areas.
• Last round drilling highlights (4 February) with mineralisation seen over 450m x 400m:
  • 3m at 0.37% CuEq from 48m depth
  • 97m at 1.42% CuEq from 6m
  • 5m at 0.41% CuEq from 10m,
  • 11m at 0.54% CuEq from 20m
  • 7m at 0.45% CuEq from 35m
  • 17m at 0.6% CuEq from 51m
• Mushima North is around 20-28km east of Moxico’s Kalengwa copper, gold mine in Zambia.
• Moxico Resources recently returned the historic Kalengwa copper gold mine to production at the end of 2025 with plans to ramp up production to 55,000tpa of copper in the near term.
• Kalengwa was the highest-grade copper mine in Zambia from 1968-1978 producing ~140,000t of copper and is seen as a historic copper district with multiple near-term deposits.
• Five further deposits have been identified in the Kalengwa district including Minemba which shows up to 2.29% TCu and 33.5g/t Ag ~6km from Kalengwa Main, indicating the potential in the region.
• President Hakainde Hichilema officially inaugurated the Kalengwa Project at a groundbreaking ceremony in 2024.
• KoBold Metals is working in joint venture with Tertiary on the results from some unusually deep drilling at Konkola West. Kobold and is currently reviewing the Stage 1 dataset against regional results to support future drilling.
• First Quantum recently extended its due diligence period for Mukai until August 2027.

Conclusion: Tertiary are working to better define the Mushima silver project in a highly prospective area. While this is promising on its own the potential for further extension and discovery in and around Mushima gives good upside potential.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Viridis Mining and Minerals (VMM AU) A$3.6, Mkt Cap A$460m – First major project delivery contract

• The Company signed a binding agreement with municipal power electricity distributor for turnkey delivery of power infrastructure at the Colossus Rare Earth Project, Brazil.
• The agreement covers licensing, engineering, procurement and construction of a 3.2km, 138kV high voltage transmission line from the nearby Saturino Substation.
• An initial reserved power allocation of 27MW for Stage 1 operation secured.
• Reserved grid capacity commences December 2027 on schedule for maiden production target in 1H28.
• Substation and the transmission line are designed for up to 90MVA accommodating potential capacity expansions.
• Colossus Rare Earth Project FID reiterated for 2H26.

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

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

Sales

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

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

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

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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