SP Angel -Today’s Market View, Thursday 5th February 2026

Gold slides as precious metal profit taking continues on dollar rebound

MiFID II exempt information – see disclaimer below

Alamos Gold (AGI CN) – IGD Expansion Study results to boost production to 500kozpa

Anglo American (AAL LN) – Copper guidance downgraded

Cornish Metals* (TIN LN) – US EXIM expresses interest in providing financial support to South Crofty

Kodal Minerals* (KOD LN) – BUY – Bougouni on course to 10ktpm SC target with a second 20kt SC shipment being loaded at the Port of San Pedro, CDI

Mkango Resources* (MKA LN) – BUY – HyProMag USA recycling facilities development update

Resolute Mining (RSG LN) – Doropo mining permit received, FID due soon and first gold 1H28

Rome Resource (RMR LN) – Drilling at Bisie North, DRC

Strategic Minerals* (SML LN) – Latest results from 2025 drilling campaign at Redmoor

Talon Metals (TLO CN) – 41% CuEq intercepted at Tamarack project, Minnesota

Tungsten West (TUN LN) – £43m fundraising to accelerate resumption of tungsten production at Hemerdon

Gold ($4,869/oz) slides as precious metal profit taking continues on dollar rebound

• Gold prices fell below $5,000/oz overnight, down 2% this morning.
• Silver prices saw further extreme volatility, down 8% this morning having touched $74/oz.
• Silver is being hammered lower by short selling with Chinese trader, Bian Ximing reported to have a $300m short position.
• The dollar index has continued its steady rebound following Warsh’s Fed Chair nomination from Trump.
• This has caused a wave of profit taking in precious metals which rallied hard into concerns of a more dovish, less independent nomination from the White House.
• Reports of major short positions against silver are coming out of China, with the FT noting a  trading firm Zhongcai Futures has made over $500m from shorting silver.
• ETF outflows are accelerating, with Chinese bullion-backed ETFs noting outflows of $980m on Tuesday.
• Global ETF gold holdings are down from 100.5moz to 100.1moz since the start of the week.
• Trump reported a positive phone call with Xi Jinping yesterday, which may have further cooled concerns of escalating geopolitical tensions between the two world’s largest superpowers.
• We see the move in gold as a healthy correction, having been pushed to frothy levels by highly leveraged traders, particularly in China.
• CME margin hikes caused a wave of selling on Friday, which has accelerated as traders reduce exposure to the precious metals spectrum.
• The key themes remain intact, namely: elevated fiscal deficits, BRIC country foreign reserve diversification, and the global investor base reducing exposure to US Treasuries in favour of alternative safe haven assets.

Coal – China commissioned the most coal-fired power stations in a decade last year

• China added ~78GW of new coal capacity while also filing a record high number of proposals to build future coal plants.
• The government is focussed on the provision of stable, low-cost power to feed growth in its manufacturing industry.
• China is adding ~210GW of solar capacity in H1 2025 bringing total solar capacity to 1,300GW.
• China las >600GW of wind power capacity with a further 159GW under construction and plans to add a further 120GW of wind power annually.
• By comparison the UK’s total installed generation capacity is ~71.7GW.

VOX video:  The most extraordinary week in commodities I’ve ever witnessed

• Podcast:  The Vox Markets Podcast

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

We are now in a new commodities cycle: on VOX: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer

Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1803/eur vs 1.1830/eur previous. Yen 157.03/$ vs 156.47/$. SAr 16.073/$ vs 15.948/$. $1.362/gbp vs $1.372/gbp. 0.698/aud vs         0.703/aud. CNY 6.940/$ vs 6.937/$.

Dollar Index 97.70 vs 97.33 previous.

Economics

Iran/US – The US and Iran are set to meet in Oman on Friday to discuss a nuclear deal.

• This marks a change from the original location (Turkey) with concerns starting to build up that negotiations may fall through.
• Earlier, President Trump sent a fresh warning to Iranian leaders while building up US military presence in the region.
• “I would say he (Ali Khameini) should be worried, yeah… He should be,” Trump said in an interview to NBC News.

Russia/US – The Strategic Arms Reduction Treaty, known as “New START” and signed in 2010, expired raising concerns of a new arms race.

• The expiry marks an end to the arms control cooperation between the US and Russia.
• The agreement capped the number of deployed strategic nuclear warheads to each party to 1,550 as well as number of transparency mechanisms like data sharing and site inspections.

Cuba – Russian cargo plane lands in Cuba as regime moves to shore up its air defences

• A heavy Russian cargo plane which has that previously delivered air defense systems into Venezuela has landed at a military airfield near Havana (Defense News).
• The Ilyushin Il-76 is operated by Aviacon Zitotrans, a Russian government-affiliated airline and was seen to make a number of stops on its way to Cuba, stopping in Dominican Republic, Mauritania, and Algeria, after departing from St. Petersburg.
• Russia claims it made $15bn in 2025 arms exports with most of its sales into Africa.
• Russian defense spending hit 7.3% of GDP in December despite questions about the effectiveness of Moscow’s weapons systems from some of its major buyers, Venezuela and Iran.

Precious metals:         

Gold US$4,923/oz vs    US$5,084/oz previous

   Gold ETFs 100.1moz vs 100.3moz previous

Platinum US$2,119/oz vs US$2,329/oz previous

Palladium US$1,735/oz vs US$1,819/oz previous

Silver US$80.6/oz vs US$90.2/oz previous

   Silver ETFs 849.6moz vs 850.1moz previous

Rhodium US$10,575/oz vs US$10,575/oz previous

Base metals:   

Copper US$12,966/t vs US$13,442/t previous

Aluminium US$3,037/t vs US$3,100/t previous

Nickel US$17,085/t vs US$17,475/t previous

Zinc US$3,288/t vs US$3,319/t previous

Lead US$1,959/t vs US$1,960/t previous

Tin US$46,925/t vs US$49,475/t previous

Energy:           

Oil US$68.4/bbl vs US$67.6/bbl previous

• Crude oil prices continue edged higher on continued Middle East tensions, as the EIA estimated w/w US inventory draws of 3.5mb to crude and 5.6mb to distillates, partially offset by a build of 0.7mb to gasoline stocks, with refinery utilisation falling 0.4% to 90.5% on 13.2mb/d of domestic output that fell 0.5mb/d w/w due to outages caused by the recent winter storms.

Natural Gas €34.7/MWh vs €33.5/MWh previous

Uranium Futures $85.7/lb vs $90.3/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$100.7/t vs US$102.8/t

Chinese steel rebar 25mm US$465.9/t vs US$466.2/t

HCC FOB Australia US$246.3/t vs US$245.8/t

Thermal coal swap Australia FOB US$115.3/t vs US$115.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$107,344/t vs US$106,670/t

Lithium carbonate 99% (China) US$19,740/t vs US$20,325/t

China Spodumene Li2O 6%min CIF US$2,015/t vs US$2,075/t

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

China Tungsten APT 88.5% FOB US$1,513/mtu vs US$1,473/mtu

China Tantalum Concentrate 30% CIF US$119/lb vs US$118/mtu

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

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

Europe Ferro-Vanadium 80% US$24.5/kg vs US$24.5/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$262/t

US Titanium Dioxide TiO2 >98% US$2,908/t vs US$2,908/t

China Rutile Concentrate 95% TiO2 US$1,131/t vs US$1,132/t

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

Brazil Potash CFR Granular Spot US$367.5/t vs US$367.5/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

Fuel cell makers ride AI boom as data centres strain grid

• Fuel cell manufacturers are the latest industry to join the rally on the back of the AI boom.
• California-based Bloom Energy (BE US) has seen share price soar 400% in the last 12 months, and up 46% ytd.
• South Korea’s Doosan Fuel Cell (336260 KS), UK-based Ceres Power (CWR LN) and Canada’s Ballard Power Systems (BLDP US) are all up more than 50% since the start of the year.
• Bloom has supplied at least 1.5GW of fuel cells to industrial, manufacturing and healthcare customers, but is increasingly turning its focus to data centres, to which it has provided more than 400M worldwide.
• In January, the company secured a $2.65bn deal with utility AEP to supply 1GW.
• Analysts at Goldman Sachs predict the up to 15% of the sector’s power demand could be provided by fuel cells by 2030.
• However, with the race to develop modular reactors, fuel cells could have a limited usefulness.

China bans hidden EV door handles as safety precaution

• Chinese regulators have banned hidden door handles in EVs following multiple deaths linked to trapped passengers. (Bloomberg)
• The new legislation, which will take effect at the beginning of next year, stipulate that automakers must include mechanical releases on the inside and outside of all cars sold in China.
• The EU and US are also investigating the safety of such handles and it is likely that they will follow suit.
• General animus towards Elon Musk in the EU may see this legislation adopted to hit Tesla and punish Musk.

Ford and Geely in talks over manufacturing and tech collaboration

• Ford and Geely are discussing a potential partnership as both companies seek to share technology and manufacturing costs. (Reuters)
• Sources familiar with the companies said the two parties are exploring the possibility of Geely utilising Ford’s European factory space to produce vehicles for the European market.
• The talks also involve Geely’s battery and EV expertise, including access to cheaper powertrain technology, to help Ford accelerate hybrids and EVs, especially outside the US.

Company News:

Alamos Gold (AGI CN) C$55.4, Mkt Cap C$23bn – IGD Expansion Study results to boost production to 500kozpa

• Canadian gold producer Alamos reported results from it Island Gold District Expansion Project.
• The Company is targeting an increase to 20ktpd from 12ktpd from 2028.
• This is expected to support a 19-year LOM producing average annual gold production of 490koz.
• Expansion CAPEX at $542m and mine site AISC at $1,032/oz.
• Total reserves stand at 128.2mt at 2g/t Au for 8.3moz.
• Post-tax NPV5 of $8.2bn $3,200/oz and IRR of 53%, with NPV5 of $12.2bn and IRR of 69%.
• Management notes that M&I resources of 2moz and 1.4moz respectively have not been included in the Expansion Study.
• Additionally, the Company notes several regional targets for higher-grade mill feed, noting Cline-Pick where recent drilling intercepted 178g/t over 3.5m.
• IGD Expansion expected for completion in 2028.
• Alamos expects to self-finance growth capital while generating free cash flow through to 2028.
• CEO John McCluskey states the ‘IGD Expansion is starting to unlock the true potential of the Island Gold District, with increase in mining rates expected to drive production to more than 530kozpa at among the lowest costs in the industry.’

Anglo American (AAL LN) 3,524p, Mkt Cap £38bn – Copper guidance downgraded

• Anglo American reports production results for 4Q25 and provides guidance.
• Th Company produced 695kt Cu in 2025 (690-750kt guided), down 10%yoy, with Q4 production of 170kt down 10%yoy.
• Lower grades at Quellaveco and Collahuasi marginally offset by higher production at Los Bronces over the
• Premium iron ore production flat yoy at 60.8mt in 2025 (58-62kt guided), with Q4 production up 6% to 15.1mt.
• Production increase reflects higher production from Kumba.
• Manganese production up 30%yoy to 2,975kt, with Q4 production up 22% to 909kt.
• Production stabilised following a tropical cyclone in March 2024.
• Diamond production down 12%yoy to 21.7Mct (20-23Mct guided), with Q4 production down 35%yoy.
• Production lower on shutdowns at Jwaneng and Orapa following the continued deterioration in diamond market conditions.
• Steelmaking coal production down 43%yoy at 8.2mt, with Q4 production down 15%.
• Lower coal production following sale of Jellinbah and wet weather impacts at Dawson.
• Nickel production up 1% yoy at 40kt, with Q4 production up 3% at 10.3kt.
• Production guidance:
  • Copper: 700-760kt 2026 (from 760-820kt), 750-810kt 2027 (from 760-820kt), 790-850kt 2028
  • Premium iron ore: 55-59mt 2026 (from 54-58mt), 59-63mt 2027, 58-62mt 2028
  • Diamonds: 21-26Mct 2026 (from 26-29Mct)

Cornish Metals* (TIN LN) 137p, Mkt cap £162m – US EXIM expresses interest in providing financial support to South Crofty

• Cornish Metals reports receipt of a non-binding Letter of Interest (LOI) from the US Export-Import Bank (EXIM) “outlining potential financing support for the development of the … South Crofty tin project in Cornwall”.
• EXIM may “consider up to US$225 million in financing … [and the announcement says that] … South Crofty may also qualify for special consideration under EXIM’s China and Transformational Exports Program”.
• CEO, Don Turvey, said that EXIM’s interest “is a testament to the quality and strategic importance of South Crofty and its potential to become the first new tin producer in the western world”.
• He commented on “a backdrop of strong tin prices supported by attractive market dynamics and the substantial progress being made on site … as we work towards bringing South Crofty back into production”.
• Since the publication, in September last year, of its revised technical plan to resume tin production at South Crofty Cornish Metals has accelerated the project.

Conclusion: Against a background of increasing recognition of tin’s integral role as a ‘critical mineral’ supporting the transition to a more environmentally benign economy and a volatile market subject to supply disruption in Indonesia and Myanmar, it is not perhaps surprising that the development of a long-term source of western-world tin supply is attracting increasing interest, including that expressed by EXIM.

*SP Angel acts as Nomad to Cornish Metals

Kodal Minerals* (KOD LN) 0.43, Mkt Cap £88m – Bougouni on course to 10ktpm SC target with a second 20kt SC shipment being loaded at the Port of San Pedro, CDI

BUY

• The Company released an operations update at the newly commissioned Bougouni Lithium Mine in Mali.
• Second shipment of 20kt SC is being loaded at the Port of San Pedro under the offtake agreement with Hainan Mining.
• 95% of the cargo value to be received once the shipment departs from the port.
• A 10d average price prior to the vessel being loaded adjusted for grade and moisture is used to provisionally value the shipment.
• The final 5% payment received for the maiden shipment in December following its arrival in early January Hainan, China (~29kt SC).
• Total payment for the first shipment totalled ~US$27M equivalent to ~$990/SC CIF realised price ($1,148/SC6 CIF equivalent).
• January production numbers include:
  • 87kt at 1.21% Li2O mined (6.4x WO);
  • 121kt at 1.18% Li2O processed at the DMS plant;
  • 9.1kt SC 5.26% Li2O produced.
• Mined tonnages were lower than planned for the month with the contractor expected to mobilise additional haulage trucks and equipment t increase rates in February.
• Successful dewatering using newly completed sumps and bore holes allowed to access the base of the pit.
• Blasting improved over the month with delivery of explosives to the contractor continuing as normal.
• Engineering improvements and debottlenecking at the plant in late 2025 improved availability of facility.
• SC transport to the Port of San Pedro is ongoing with regular 15-20kt shipments planned.
• A third shipment expected in April 2026.
• The Company revised CY25 production to ~42kt SC 5.33% Li2O, down from ~45kt SC 5.39% Li2O), following a final review of operations.
• Remedial works were completed to prevent that from occurring in the future.
• Exploration ongoing targeting additional tonnages at the Ngoualana open pit with a feasibility study for the Phase 1 Flotation Plant planned for 2026.
• FS work includes geotechnical and metallurgical studies as well as engineering design for the flotation plant.

Conclusion: Bougouni is ramping up operations towards the 10ktpm target with ~9kt produced in January and a second ~20kt SC shipment being loaded at San Pedro. The second cargo is set to be delivered into strong market with SC6 having been trading over $2,000 mark since late January (vs ~$1,150/SC6 realised for the first shipment).

*SP Angel acts as financial advisor and broker to Kodal Minerals.

Mkango Resources* (MKA LN) 55p, Mkt Cap £197m – HyProMag USA recycling facilities development update

BUY

• HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), update on the progress of US recycling facilities development.
• Inserma recycling equipment are reported to have arrived at Intelligent Lifecycle Solutions (ILS) facilities in South Carolina and Nevada.
• The equipment is on site and is planned to start commissioning over the next few weeks.
• Inserma units help to separate magnet containing scrap reducing downstream processing volumes and costs.
• HyProMag USA and ILS signed a feedstock supply and preprocessing site share agreement this August.
• Under the agreement, ILS secures and stores NdFeB feedstock from HDDs and other sources for HyProMag USA at the ILS pre-processing sites ahead of the commissioning of HPMS magnet recycling and manufacturing facilities.

Conclusion: The news represents another milestone for HyProMag USA (~40% MKA) with Inserma units delivered to ILS sites. The announcement is further supported by rising Western governments’ policy momentum including latest news about the US launching Project Vault, a $12B stockpile of critical materials including REE, as well as the Australian government considering a price floor for critical minerals such as REE.

*SP Angel acts as nomad and broker to Mkango Resources

Resolute Mining (RSG LN) 66p, Mkt Cap £2.7bn – Doropo mining permit received, FID due soon and first gold 1H28

• Resolute has received the award of the mining permit for Dorpo in Côte d’Ivoire, valid for 14 years.
• The mining permit enables FID at Doropo, due shortly with construction set to start in 1H26.
• Doropo Project:
  • 13 year LOM processing average annual throughput of 5.4mtpa.
  • CAPEX of $516m.
  • LOM processed grade of 1.31g/t Au at 88% recoveries for average annual production of 169koz.
  • AISC guided at $1,406/oz for average annual EBITDA of $294m at $3,000/oz.
  • NPV5 of $1.5bn and IRR of 49% using $3,000/oz.
  • NPV5 of $2.5bn using $4,000/oz Au.
• Resolute is targeting average annual production of 500kozpa by the end of 2028.
• Resolute is funding the construction of Doropo using its existing balance sheet.
• Resolute reported net cash of $209m as of 31^st December, with $322m in available liquidity.
• Company expects to spend $170-$190m on Doropo CAPEX in 2026.

Rome Resource (RMR LN) 0.24p, Mkt Cap £17m – Drilling at Bisie North, DRC

• Rome Resources has issued a progress report on its drilling at Kalayi in its Bisie North project in the DRC.
• The drilling follows the initial mineral resource estimate (MRE), issued in October 2025, which shows 3.16mt at an average grade of 1.45% copper, 0.19% tin, 2.72% zinc &14.3g/t silver at Mont Agoma plus an additional 0.33m inferred tonnes at an average grade of 1.36% tin at Kalayi.
• The drilling continues “to demonstrate that near-surface high-grade tin mineralisation continues at depth” with highlighted results from four completed holes including:

• 2m at an average grade of 8.30% tin from a depth of 74 m in hole KBD-023 which also intersected 5m at a grade of 0.48% tin from 86m; and
• 2m at a grade of 2.23% tin from a depth of 181m in hole KBD-021 which intersected a shallower zone of copper mineralisation grading 2.33% from 107m depth; and
• Single metre intersections of 1.89% tin, 1.35% tin and 0.34% tin at depths of 54m, 68m and 72m; and

• “Kalayi hole KBD020 was abandoned at 40.5 metres and redrilled to a depth of 135.0 metres, without encountering significant tin mineralisation”.
• CEO, Paul Barrett, described the recent drilling results as “encouraging” and said that “the intersection of a tin-rich zone at depth is considered consistent with the Company’s structural model and expectations for high-grade extensions beneath the known mineralisation”.
• He said that they “support our view that Kalayi hosts high-grade tin shoots that persist below the depths tested to date”
• Drilling is expected to move to the Mont Agoma prospect “in the coming weeks”.

Conclusion: Latest drilling results from Bisie North continue to confirm Rome Resources’ exploration model with mineralisation extending at depth.

Strategic Minerals* (SML LN) 2.85p, Mkt Cap £81m – Latest results from 2025 drilling campaign at Redmoor

• Strategic Minerals has released results from a further two holes of its 5,000m 2025 drilling campaign at the Redmoor tungsten/tin/copper project in Cornwall.
• Holes CRD-038 and CRD-040 both intersected the mineralised ‘Sheeted Vein System’ (SVS) which hosts the 2019, ‘Inferred’ resource at Redmoor is 11.7mt at 1.17% SnEq (0.56% WO₃, 0.16% Sn, 0.50% Cu).
• The company confirms that hole CRD-040 ‘twinned’ the historic hole RM80-16B validating the results from the 1980s and adding weight to the case for their inclusion in the forthcoming revised mineral resource estimate (MRE) which would be beneficial to both the timetable and the drilling cost of the new MRE.
• Both hole CRD-038 and CRD-040 are “located within the high-grade, tin-dominant portion of the Redmoor deposit” where CRD-038 “intersected previously untested high-grade zones within SVS structures in this section of the … deposit from 308.47m to 554.15m, confirming mineralisation within the margins of the Exploration Target”.
• Today’s announcement highlights CRD-038 intersections of both lode-style and SVS mineralisation including:

o    A 1.05m wide section at an average grade of 0.73% tungsten trioxide (WO₃), 0.79% tin and 1.05% copper (reported as 1.66% on a WO₃ equivalent basis) from a depth of 408.95m; and

o    A4.00m intersection averaging 1.26% WO₃, 0.29% tin and 0.61% copper (also 1.66% on a WO₃ Eq) from a depth of 454.00m; and

o    A single metre at an average grade of 1.14% WO₃, 0.03% tin and 0.02% copper (1.17% WO₃ Eq) at a depth of 432.30m; and

o    1.15m at a grade of 0.74% WO₃, 0.06% tin and 1.37% copper (1.15% WO₃ Eq) from a depth of 486.05m; and

o    0.58m at a grade of 2.31% WO₃, 0.02% tin and 0.18% copper (2.37% WO₃ Eq) from 506.50m depth.

• Hole CRD-040 intersected “a wide zone of continuous tin mineralisation … [over an interval of 14.11m from 312.00m depth at an average grade of] … 0.35% Sn, 0.03% WO3, & 0.02% Cu (0.33% WO3.Eq)”.
• Highlighted intersections within the tin dominated mineralisation in CRD-040 include:

• A 4.77m wide section at an average grade of 0.74% tin, 0.06% copper and 0.06%WO₃ from 317.23m depth, (0.68% WO₃ Eq); and
• 1.10m at an average grade of 0.97% tin, 1.51% copper and 0.02%WO₃ from 387.00m depth, (1.22% WO₃ Eq); and
• A 0.62m wide interval at an average grade of 2.85% tin, 0.25% copper and 0.01%WO₃ from 394.38m depth, (2.41% WO₃ Eq); and
• A 2.00m section at an average grade of 1.20% tin, 0.07% copper and 0.01%WO₃ from 401.00m depth, (1.01% WO₃ Eq); and
• A 3.50m wide section at an average grade of 0.24% tin, 0.20% copper and 0.78%WO₃ from 404.00m depth, (1.04% WO₃ Eq).

• Highlighted, deeper, intersections of the tungsten enriched zone interested in hole CRD-040 include

• A 0.50m wide interval at an average grade of 5.41% WO₃, 1.16% tin and 1.12% copper (6.65% WO₃ Eq) from 407.00m depth; and
• A single metre wide interval at an average grade of 1.42% WO₃, 0.03% tin and 0.40% copper (1.55% WO₃ Eq) from 411.00m depth; and
• A 0.93m wide section at an average grade of 0.66% WO₃, 0.14% tin and 0.15% copper (0.82% WO₃ Eq) from 416.17m depth; and
• A 2.18m wide intersection at an average grade of 0.40% WO₃, 0.04% tin and 1.01% copper (0.71% WO₃ Eq) from 428.82m depth; and

• CRD-040 also intersected “High-grade silver mineralisation … [over] … a 0.80m interval returning 1.46% Sn, 0.01% WO3, & 2.31% Cu (1.83% WO3.Eq) and 43.6g/t Ag from 410.20m”.
• Dennis Rowland, Managing Director of Strategic Minerals’ operating company, Cornwall Resources, said that the 2025 drilling has successfully confirmed the “continuity of structure and grade within the resource … [and verified the] … 1980s drillhole datasets”.
• He also said that the drilling has provided “the first drilling evidence of sheeted vein mineralisation within the current Redmoor Exploration Target”.
• He said that “Anticipated results from Pad 3 are expected to expand upon the results from CRD038, with CRD037 having drilled through the core of a key portion of the Exploration Target”.
• Commenting on “the intersection of high-grade SVS mineralisation within the margins of the Exploration Target … [Mark Burnett, Executive Director of Strategic Minerals said that they may have] … implications … for resource growth, subject to modelling and estimation, as part of the upcoming MRE, and potential for further expansion in the future”.
• Earlier this year, Strategic Minerals raised £4m to fund a 16,000m 2026 drilling campaign and progress the pre-feasibility work for Redmoor.

Conclusion: The latest results from the 2025 drilling at Redmoor continue to demonstrate the continuity of mineralisation and help to validate historic 1980s era drilling which may provide an opportunity to include the old data in the forthcoming updated MRE and PFS.  The recently announced 2026 drilling campaign and acceleration of the project’s pre-feasibility study underlined the company’s confidence in the project which it has described as “the highest-grade, undeveloped tungsten resource in Europe”.

*SP Angel acts as Nomad and broker to Strategic Minerals

Talon Metals (TLO CN) C$6.66, Mkt Cap C$996m – 41% CuEq intercepted at Tamarack project, Minnesota

• Talon, who are currently exploring at the Tamarack Nickel-Copper project in Minnesota, report step-out drilling from the Vault Zone.
• Company reports results from 25TK0563B which yielded:
  • 8.9m at 9.6% Ni, 12.7% Cu, 0.09% Co, 4.61g/t Pd, 11g/t Pt, 11g/t Au and 61g/t Ag (41.4% CuEq) from 774m
• The Company also reports that hole 25TK0563C intercepted 8.3m of similar mineralisation 16m southwest of hole 25TK0563.
• Additionally, hole 25TK0567, 79m below hole 12TK0153C, intercepted 35m of MMS geology at 645m, 27m above 25TK0565.
• Previous hole 25TK0565 returned 19m at 11.7% CuEq from 670m and 3.2m at 17.4% CuEq from 704m.
• Talon recently completed the acquisition of Lundin Mining’s Eagle mine, with the Lundin Family becoming a major shareholder in the Company.

Tungsten West (TUN LN) 24.25p, Mkt Cap £232m – £43m fundraising to accelerate resumption of tungsten production at Hemerdon

• Tungsten West reports plans for a ‘prominent international investor’ to subscribe for ~163m shares priced at 18p/share to raise ~£29.3m.
• In addition, the company is placing a further ~£11m shares via an accelerated bookbuild at the same price and has announced a retail offer to raise a further £3m
• The subscription shares will be issued in 2 tranches, the first “to be allotted under existing shareholder authorities” on 11^th February with the second tranche “subject to the passing of the Resolutions at the General Meeting … to be held on 26 February 2026”.
• The company says that the funds, totalling ~£43m, “alongside the debt element of the Project Financing … [will help] … to deliver the 2025 Feasibility study, pay for financing and transaction costs, repay the Bridge Facility, and fast track production, with the fine gravity circuit commissioning expected to begin in Q3 2026”.
• CEO, Jeff Court, said that the equity raising starts “the formal Fund-raising part of re-starting operations at Hemerdon … [and that Tungsten West looks] … forward to welcoming new shareholders and the continued support of our existing shareholders in the exciting year ahead as we follow our path to production”.
• “In conjunction with the Placing, the Company is advancing discussions with certain parties regarding debt element of the Project Financing  which will be required to recommence production at Hemerdon”.
• “The Company continues to expect to conclude the Debt Financing in the first quarter of 2026 which, together with the net proceeds of the Fundraise will result in the Company being fully funded to recommence production at Hemerdon”.
• Earlier this month, the company explained the impact of recent price rises for the benchmark ammonium paratungstate (APT) with the late January 2026 price of US$1,313/metric tonne unit (mtu) for ammonium paratungstate and US$55,953/t for tin, elevates the project NPV_7.5% from US$190m in the August 2025 updated feasibility study (which used an APT price of US$400/mtu) to US$1.7bn and lifts the IRR from 29% to 197%.

Conclusion: Tungsten West has started the equity funding to restart tungsten production at Hemerdon and expects to conclude debt financing for the project later this quarter.

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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

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