SP Angel – Today’s Market View, Thursday 8th October 2026

Gold gains as tanker is hit deep inside the Persian Gulf

MiFID II exempt information – see disclaimer below

CleanTech Lithium (CTL LN) – Options over two Antofalla properties in Argentina, next to Albemarle’s ground

Cobra Resources (COBR LN) – Latest drilling expands Manna Hill

Elevra Lithium (ELV AU) – LG binding offtake

Great Southern Copper (GSCU LN) – £2m raised to advance Mostaza resource definition

Hamak Strategy* (HAMA LN) – Divesting a Liberian asset to focus on Akoko

Jubilee Metals Group (JLP LN) – Progress on LWP disposal

Rainbow Rare Earths* (RBW LN) – Techmet put Chief Legal Officer into Rainbow as their representative NED

Tertiary Minerals* (TYM LN) – Mushima North drill program to extend depth of known mineralisation

West African Resources (WAF AU) – Record quarterly production with 3Q26 run rate hitting >500kozpa

Gold ($4,120/oz) recovers from a nine-week low after tanker is hit deep inside the Persian Gulf

• A tanker was hit by projectiles off the coast of Qatar, a rare attack deep inside the Persian Gulf.
• Middle East oil flows are estimated to be back near pre-war levels, but the risk has pushed shipping costs to a record high.
• Minutes of the September Fed meeting showed all 19 policymakers backed that hike, and most expected another would be appropriate by year-end.
• Traders now price a ~20% chance of a rise in late October and 80% in December.

Valcambi to build a gold refining and vaulting plant in Hong Kong

• Swiss refiner Valcambi plans to work with Shiu Wing Steel, Hong Kong’s only steel producer, on a refining and vaulting plant in the city.
• Christopher Hui, Hong Kong’s financial services secretary, met Swiss refiners on Wednesday.
• Hui wants gold trading, refining, storage, clearing, and risk management all based in Hong Kong.

Copper ($14,496/t) edges up as Chinese buyers return from the holiday

• Copper rose as Chinese buyers came back from a week-long holiday that had kept Asian trading quiet.

Centinela strike to hit copper output within about two weeks, unions say

• Two unions at Antofagasta’s Centinela mine in Chile began strike action on Wednesday.
• The unions say they represent more than half of the mine’s operators and over 60% of the workers.
• They say the plants are still being fed, but much of the mine’s material movement and development work has stopped.
• They expect copper output to fall step by step, because the mine must move large amounts of waste to reach the ore, with the impact showing in November if the walkout continues.
• Antofagasta said earlier that projected output remained unchanged.

LG Energy Solutions climb to a near 4-month high on stronger than expected 3Q earnings.

• The beat is reported to have been driven by US incentives and improving demand for ESS.
• Operating profit came in at 756bn won (US$564m) during the quarter, more than double ~366bn Bloomberg median estimate.
• Earnings were helped by US production tax credits as LG Energy Solution expands energy-storage system production in the country, as well as incentives for American-made electric-vehicle batteries.
• Excluding credits, LG Energy Solutions would have reported 339bn won profits.

Currencies

US$1.1191/eur vs 1.1207/eur previous. Yen 158.23/$ vs 158.30/$. SAr 16.685/$ vs 16.604/$. $1.320/gbp vs $1.325/gbp. 0.695/aud vs 0.697/aud. CNY 6.703/$ vs 6.706/$.

Dollar Index 102.30 vs 102.14 previous.

Economics

FOMC minutes showed all 19 Fed officials backed the decision in September while expecting another hike before year end.

• “Most participants assessed that another increase in the target range for the federal funds rate would likely be appropriate by year end,” the minutes said.
• 10y bond extended losses yesterday with yields hitting over 5.35% seeing the US$ index higher.
• A slide in the Japanese yen (~158.2) and the euro (1.12) on rising energy prices and fiscal worries also contributed to US$ strength.

Brent over $104/bbl as the administration asked the Pentagon to draft strike options against Iranian targets.

• Strikes may be exercised ahead of the midterms.

France – PM Sebastien Lecornu said the government to release diesel reserve to help bring prices lower and promised power bills will not go up this winter.

• 10mbbl of diesel will be provided from strategic stockpiles over the next three months.
• National budget deficit is expected to hit 5.4% GDP this year, above the EU based 3% limit.
• Budget draft presented earlier in October is expected to reduce that to 5.0% in 2027 with government not expecting to reach EU limits before 2029.
• National debt increased to 119% GDP, up from 116% last year.
• High deficit, rising debt, increasing energy prices and political uncertainty with presidential elections eight months out (April 2027) saw French debt premiums over Bunds expanding to >150bp in early October, the highest since 2011.

Germany

• Exports SA MoM (Aug / Jul / Est): -0.8% / -0.8% / 0.9%
• Imports SA MoM (Aug / Jul / Est): 0.9% / -5.7% / 2.8%

Precious metals:

Gold US$4,120/oz vs US$4,136/oz previous

Gold ETFs 101.2moz vs 101.1moz previous

Platinum US$1,657/oz vs US$1,674/oz previous

Palladium US$1,135/oz vs US$1,155/oz previous

Silver US$59.0/oz vs US$60.6/oz previous

Silver ETFs 801.9moz vs 802.7moz previous

Rhodium US$9,000/oz vs US$9,000/oz previous

Base metals:

Copper US$14,496/t vs US$14,388/t previous

Aluminium US$3,106/t vs US$3,137/t previous

Nickel US$15,620/t vs US$15,695/t previous

Zinc US$3,760/t vs US$3,747/t previous

Lead US$1,884/t vs US$1,877/t previous

Tin US$53,180/t vs US$54,125/t previous

Energy:

Oil US$103.7/bbl vs US$101.1/bbl previous

• Crude oil prices moved higher as the threat of continued fighting in the Middle East intensified, as the EIA estimated draws of 3.2mb to commercial US crude and 0.8mb to the SPR, offset by a build of 0.4mb to gasoline and flat distillate stocks, with refinery utilisation up 0.2% w/w to 92.7% on 13.98mb/d of domestic supply.
• European energy prices rose back above €80/MWh as EU natural gas storage levels increased by 1.5% w/w to 73% full (vs 88.1% 5-Yr average), with aggregate inventory at 826TWh and only Germany below 60% full (vs 86.6% 5-Yr avg).

Natural Gas €80.1/MWh vs €77.0/MWh previous

Uranium Futures $89.8/lb vs $89.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$91.4/t vs US$91.3/t

Chinese steel rebar 25mm US$479.2/t vs US$479.2/t

HCC FOB Australia US$266.0/t vs US$264.0/t

Thermal coal swap Australia FOB US$149.0/t vs US$151.3/t

Other:

Cobalt LME 3m US$39,245/t vs US$39,245/t

NdPr Rare Earth Oxide (China) US$110,320/t vs US$110,268/t

Lithium Carbonate 99% (China) US$18,722/t vs US$19,161/t

China Spodumene Li2O 6%min CIF US$1,740/t vs US$1,735/t

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

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

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

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

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

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

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

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

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

China Rutile Concentrate 95% TiO2 US$1,171/t vs US$1,171/t

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

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

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

Europe Molybdenum Oxide 57% US$33.0/lb vs US$33.0/lb

EV & Battery news:

Company news:

CleanTech Lithium (CTL LN) 6.75p, Mkt Cap £23.8m – Options over two Antofalla properties in Argentina, next to Albemarle’s ground

• CleanTech Lithium signed option agreements to acquire two properties in Argentina.
• The options cover 100% of Genoveva and Sal de Litio 1 on the Salar de Antofalla, 80km from CTL’s flagship Laguna Verde.
• The properties sit directly next to an Albemarle exploration project in the southern part of the salar.
• Albemarle’s project holds 9.5mt LCE in resource including 406mg/L in the Measured & Indicated category.
• That resource sits on Albemarle’s ground, and CTL has no resource of its own at Antofalla.
• CEO Ignacio Mehech worked on that same Albemarle project from 2021 to early 2024 in his previous role.
• Existing geophysics on Genoveva points to a brine aquifer more than 500m thick.
• Option payments total US$1.93m, with US$525,000 due in year one from existing cash and US$1.4m from October 2027 to May 2031.
• CTL puts the cost of a 2027 drill programme at ~US$500,000, subject to available funding, to target a maiden JORC resource.
• Laguna Verde remains the main focus, with terms for its lithium operating contract agreed and still to be ratified.

Cobra Resources (COBR LN) 3.1p, Mkt Cap £35m – Latest drilling expands Manna Hill

• Cobra Resources reports that, based on the first 23 holes of its current drilling programme, mineralisation at its Manna Hill copper project in South Australia appears more extensive than first thought.
• Based on initial visual inspection and the use of portable X Ray fluorescence (pXRF) data, the first ~2,000m of the planned 58-hole programme mineralisation at the Blue Rose target has been extended “from ~1.6km to beyond 2.2km in strike”.
• The drilling has also identified a new zone of skarn mineralisation, the Shadow Rose target, “located approximately 300m south of Blue Rose” with drilling showing “intervals of up to 60m of continuous copper anomalism in each of two holes”.
• A second, previously unknown mineralised skarn, the Neptune Rose target has also been identified “approximately 500m north of Blue Rose”.
• First assay results are “expected in 4-6 weeks”.
• Managing Director, Rupert Verco, explained that “In a single programme we have extended the strike along which copper mineralisation is known to occur to beyond 2.2km at Blue Rose and have found it in two new mineralised skarn units we had not previously drilled”.
• Mr. Verco explained that the main objective of the drilling “is to establish a shallow mineralised footprint of the size required to support a substantial resource, and the early indications are consistent with that”.

Conclusion: Initial results from the continuing drilling at Manna Hill show more extensive mineralisation than previously thought. Assays are awaited to establish the grades.

Elevra Lithium (ELV AU) A$5.0, Mkt Cap A$1bn – LG binding offtake

• The Company signed a binding offtake with LG Energy for its spodumene from NAL operations in Quebec, Canada.
• The agreement is for 240kt over a three year period including:
• 30kt in CY26
• 60ktpa in CY27/28
• 90kt in CY29
• An option to supply an additional 90kt over the three year period is in place.
• Market linked pricing to be used adjusted for concentrate lithium content.

Great Southern Copper (GSCU LN) 1.58p, Mkt Cap £12m – £2m raised to advance Mostaza resource definition

• Great Southern Copper reports that it has raised £2m though placing an additional ~133m shares at a price of 1.5p/share.
• The funds will be used to progress exploration of the company’s Mostaza copper/silver project in its Cerro Negro area in Chile “towards a maiden mineral resource”.
• We estimate that the new share represents around 15% of the enlarged company.
• Directors “intend to subscribe for 4,666,667 shares for total proceeds of £70,000”.
• Planned work at Mostaza includes a Phase IV drilling programme of “up to 5,000 metres of diamond drilling at Mostaza and Monolith, together with up to 2,000 metres of reverse circulation (“RC”) drilling along the Mostaza Fault trend, to further assess the extent and continuity of mineralisation”.
• Additional metallurgical work “will build on the initial results through testing drill-core samples across a broader range of copper-silver grades”.
• The new funds will also “support 1,000 metres of RC drilling at the Artemisa porphyry prospect”.
• CEO, Sam Garrett, said that the “funding will allow us to build on the progress made at Mostaza and advance the discovery towards a maiden resource … [at Mostaza and will also allow] … testing the nearby Monolith target and investigating mineralisation along the Mostaza fault trend”.
• He also welcomed the opportunity to advance the exploration of “Artemisa our exciting porphyry target, while maintaining Mostaza as our principal priority”.

Conclusion: Additional funds will progress Mostaza towards an initial MRE while advancing the exploration of a promising porphyry target at Artemisa.

Hamak Strategy* (HAMA LN) 0.5p, Mkt Cap £2.5m – Divesting a Liberian asset to focus on Akoko

• Hamak Strategy reports that it is divesting its Nimba gold project in Liberia to Avesoro for an “aggregate consideration of up to U$4.5 million”.
• Payments will be staged:
  • An initial US$1m is payable when a 500,000oz mineral resource is declared;
  • A further US$1m “following the successful grant of a Mineral Development Agreement covering one or more areas for gold mining within the New Licence area”;
  • Avesoro’s subsidiary, Bea Mountain Mining Corporation, “BMMC may elect to pay Hamak US$2,500,000 in return for reducing the … [initial 2% production royalty on the start of production] to 1%.
• Today’s announcement confirms that the “transaction gives Hamak continued exposure to Nimba’s exploration and potential production upside while allowing the Company to focus its resources on advancing the Akoko Gold Project in Ghana”.

*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy if Hamak elects to acquire Akoko.

Jubilee Metals Group (JLP LN) 2.1p, Mkt cap £63m – Progress on LWP disposal

• Jubilee Metals reports that legal ‘due diligence’ has been completed on the disposal of its Large Waste Project (LWP) in Zambia and that it expects “payment of a US$2.25 million deposit to follow in the next few days”.
• Today’s announcement also confirms the start of a “45-day period … to complete technical due diligence and finalise transaction documentation”.
• If the ‘due diligence’ is “completed successfully within this period, the consideration of $35 million will be settled over a 3-year period with the first instalment due in December 2026”.
• Commenting on the 2025 disposal of the company’s South African assets, CEO, Leon Coetzer, also confirmed that “the next instalment from the sale of the South African operations of approximately US$15 million becomes due during early January 2027”.
• He said that the disposal is consistent “with our strategy to recycle capital into the accelerated growth of our existing Zambian copper operations, where we can leverage our established operating and processing footprint to target stronger returns”.

Rainbow Rare Earths* (RBW LN) 22.7p, mkt Cap £160m – Techmet put Chief Legal Officer into Rainbow as their representative NED

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

• Rainbow report the replacement of Darryll Castle, NED with Mrs Ashleigh Woolf as their appointed representative on the Rainbow board.
• Ashleigh Woolf is Chief Legal Officer for TechMet Ltd and will represent Technet’s interests on the Rainbow board.
• Mrs Woolf was previously Chief Legal Officer, Data Protection Officer and Member of the Executive Management Committee at Lonrho Holdings Limited with responsibility for the management of the UK HQ and all legal and compliance matters across the Lonrho group.
• Ashleigh has >15 years of multi-jurisdictional experience in M&A, private equity, general corporate law and compliance.

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

Tertiary Minerals* (TYM LN) 0.061, Mkt cap £5.72 – Mushima North drill program to extend depth of known mineralisation

• Tertiary Minerals will extend the depth of known mineralisation in their new drill drill program at the Mushima North Project, Zambia
• Mushima North is just 28km relatively close to Moxico’s Kalengwa project where Moxico is currently drilling as part of its resource and mine development.
• Target A1 at Mushima North shows promising silver, copper and zinc mineralisation from surface with a JORC Exploration Target of 15-30mt at 40-60 g/t silver equivalent for ~58moz silver eq. in the Discovery Zone.
• The new 1,000m program will drill deeper through the extension of certain existing drill holes which ended in mineralisation.
• Some other entirely new drill holes should also extend the depth of the known exploration target.
• Deeper drilling: Tertiary is looking to drill into a zone of copper sulphide mineralisation underneath the known oxide material and we are hoping this area may carry meaningful copper grade.
• Drilling will also increase confidence in the Exploration Target with a maiden MRE ‘Mineral Resource Estimate’ due by the year-end.
• Best intersections to date:
  • 121m at 56g/t Ag, 0.26% Cu and 0.37% Zn (78 g/t Ag eq. from 4m downhole
    • inc.: 52m at 99g/t Ag, 0.41% Cu and 0.43% Zn (130 g/t Ag equivalent) from 39m downhole.
    • and: 10m at 165g/t Ag, 1.01% Cu and 0.78% Zn (238 g/t Ag equivalent) from 80m downhole.
  • 82m at 89 g/t Ag, 0.20% Cu and 0.38% Zn (107 g/t Ag eq.) from 8m downhole
    • inc.: 37m at 165 g/t Ag, 0.28% Cu and 0.58% Zn (191 g/t Ag eq.) from 53m downhole.
• Highest silver assay to date on the Project at 471 g/t.
• The drill program is subject to approval for the recent £1m placing.
• The drill programme should take four weeks with samples examined using a pXRF analyser for copper and zinc and selected core sent for laboratory assay.
• The near-surface exploration target and silver oxide discovery zone is currently 500m x 300m and 75m thick with mineralisation open to the northwest, southwest and at depth.
• Recent Phase 4 drilling defined a higher-grade zone with a surface footprint of up to 400m by 150m, and mineralisation down to and probably below 125m depth.
• Elevated bismuth (up to 0.53%), antimony (up to 0.22%), cobalt (0.39%) and gallium (up to 40 g/t) are also associated with the mineralisation.
• Gallium is particularly sought after for semiconductor, solar and laser systems with prices at ~US$260,000/t.
• Western Zone: a new shallow, copper mineralised zone: identified ~900m from the Discovery Zone also identified in scout drilling named the Western Zone.
• First Quantum Minerals are generously sharing expertise and historic exploration data under a non-binding technical cooperation agreement.

Conclusion: Tertiary are ready to start drilling as soon as shareholders approve the new funding. We look forward to results on deeper drilling of the oxide and sulphide mineralisation underneath.

*SP Angel acts as Nomad and Broker to Tertiary Minerals. The analyst holds shares in Moxico.

West African Resources (WAF AU) A$3.5, Mkt Cap A$4.0bn – Record quarterly production with 3Q26 run rate hitting >500kozpa

• The Company reports 3Q26 production results from its gold operations in Burkina Faso.
• Record quarterly production reported 128.0koz including:
  • Sanbrado 51.9koz (716kt at 2.4g/t and 94.7% rec), -10%qoq on lower throughput.
  • Kiaka 76.0koz (2,871kt at 0.9g/t and 93.1% rec), +13%qoq on higher throughput.
• Reported sales 135.2koz at average sales price $4,240/oz.
• YTD production 360.9koz.
• Sanbrado M5 South underground development application approved with stoping targeted to start 2H27 with a delay in permits expected to have only a minimal impact on 2027 gold production.
• Explosives supply remains an operational bottleneck, although, the situation improved since last quarter, ,with permits to operate built explosives manufacturing and storage facility remaining pending.
• 2026 guidance reiterated for 430-490koz.

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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

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

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

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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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