SP Angel – Today’s Market View, Thursday 9th July 2026

Copper rebounds as market looks beyond Iran conflict escalation

MiFID II exempt information – see disclaimer below

Cornish Metals* (TIN LN) – Roskear drilling intersects multiple mineralised structures including some which were previously unknown

Critical Metals (CRML US) – Strategic process launched for Wolfsberg Lithium Project

DPM Metals (DPM CN) – Quarterly production as Vares on track for nameplate capacity by year end

E3 Lithium (ETL CN) – E3 Lithium signs an early deal to turn Canadian carbonate into hydroxide for Europe

East Star Resources (EST LN) – Drilling underway at Verkhuba, Kazakhstan

ECR Minerals (ECR LN) – Soil sampling programme identifies new gold target at Lolworth, Queensland

EQ Resources (EQR AU) – Mt Carbine gets back on track with high-grade vein access

First Tin (1SN LN) – Early-stage exploration shows additional mineral potential on recently acquired ground ~20km from Taronga

Hamak Strategy* (HAMA LN) – £200,000 subscription

Kendrick Resources (KEN LN) – MRE and metallurgical test work underway at Teufelskuppe, Namibia

Lundin Gold (LUG CN) – Quarterly results surprise to the upside on higher throughput despite lower grades

NGEx Minerals (NGEX CN) – 58m at 9.4% CuEq intersected at Jupiter Zone, Saturn Zone extended

Viridis Mining & Minerals (VMM AU) – Infill drilling delivers upgraded MRE ahead of 2H26 FID

Copper ($13,457/t) rebounds as market looks beyond Iran conflict escalation

• Copper sold off initially on the back of resumed US strikes on Iran, sliding to $13,170/t.
• The metal has subsequently rebounded, up 1.8% this morning to $13,455/t.
• The move was supported by a slight sell-off in the US dollar, with the index down 10bp this morning to 100.9.
• Concerns over an extended period of conflict in the Middle East are fading, reducing growth slowdown concerns and lifting base metals.
• Zinc, nickel and aluminium are all stronger this morning.
• Copper equities have been weak since early June, with the Copper Miners ETF down 22%.
• Copper equities had enjoyed a strong 12 month rally of 110% on the ETF, driven by higher copper prices which peaked at $14,500/t.
• Copper prices are up 40% over the past year, with various supply shocks from major operations coinciding with stronger electrification and AI data centre demand.

Lithium – US to spend up to ~$300m on lithium as Zimbabwe moves to earn more from its own

• The US will stockpile ~16,000t of lithium over the next five years at a cost of up to $300m to reduce reliance on China.
• We note, lithium is used in missiles and as a primer for nuclear devices as well as Li-ion batteries.
• Zimbabwe, Africa’s biggest lithium miner, aims to produce ~160,000t a year by 2030, way ahead of other African nations.
• Zimbabwe stopped exporting raw lithium ores and concentrates in February, partly to stop smuggling, and will fully stop from 2027.

EV batteries proving far more durable than expected after hundreds of thousands of miles

• Modern EV batteries are lasting significantly longer than the industry anticipated, with real-world data now showing far slower degradation than early projections suggested.
• Battery-monitoring firm Recurrent, has analysed data from roughly 1bn miles of EV driving and found the average EV retains around 95% of its original range after five years on the road.
• A UK-based used-EV dealer’s five-year-old Tesla Model 3 has covered 247,000 miles and still completes 260-mile trips without a charging stop, with the owner describing the batteries as “proving themselves to be exceptionally reliable.”
• Research from the London School of Economics, covering more than 300m UK vehicle test records, found newer EVs now have lifespans comparable to petrol and diesel cars even under heavier use.
  • Improvements in battery chemistry, battery-management systems, and thermal regulation are cited as the main drivers of the longer lifespans and lower costs.
  • Lithium-ion pack prices have fallen roughly 93% since 2010, reaching an average of $108/kWh in 2025, according to BloombergNEF.
• Despite the improved data, battery-replacement cost remains one the top reason buyers are avoiding EVs, according to 2025 AutoPacific survey (an out-of-warranty replacement can still run $5,000–$16,000 depending on manufacturer.)
  • Concerns were more justified with early EVs; roughly one in 12 vehicles built between 2011–2016 has needed a battery replacement, but this is significantly less with more modern EVs.
• Fast, high-power DC charging degrades batteries roughly twice as fast on average as lower-power charging, according to telematics company Geotab, while resting at 100% or 0% for extended periods and extreme temperatures also accelerate range loss.

US/Iran military strikes continued for a second day raising doubts over the sustainability of any peace deal to be agreed.

• The US military hit about 90 Iranian targets Wednesday.
• Iran responded by targeting US bases in Bahrain, Kuwait and Qatar.
• Little nervousness in the oil market with Brent largely flat at $77.
• Risk sentiment also saw a bounce back with S&P/Nasdaq futures up 0.2/0.6%, copper up 2% and VIX slightly off at ~16.8.

AI – China using AI to find metals at home and rely less on imports

• China is using more AI to search for important metals, said experts at a Beijing meeting reported by China Daily.
• At least 12 metals, including iron, copper, nickel, cobalt and lithium, still come mostly from imports.
• New tools include self-driving drills, drones that map the ground, and computer models to evaluate where metal may be hidden.
• Coal is the exception, with 1,066 ‘smart’ mines, run mostly by machines and sensors, now making over 80% of China’s coal.
• It will be interesting to see how successful China’s AI is from a geological perspective.

Currencies

US$1.1442/eur vs1.1429/eur previous.Yen 162.30/$ vs162.19/$.SAr 16.366/$ vs16.289/$.$1.343/gbp vs$1.337/gbp.0.694/aud vs0.694/aud.CNY 6.795/$ vs 6.798/$

Dollar Index 100.83 vs 101.03 previous

Economics

Iran – In every war there are always multiple channels of communication, the question is which channels will best lead to ceasefire and truce

• Unfortunately, the IRGC are directly led by the Ayatollah Mojtaba Khamenei who appears focussed on war with the US.
  • Iran continues to fire on vessels around the Strait of Hormuz and the US continues to act to limit IRGC capabilities.
  • US hits ~90 targets in Iran to degrade Tehran’s ability to fire on vessels in the Strait of Hormuz.
  • Iran say they fired missiles and drones at US bases in Kuwait and Bahrain in response.
• Talks:
  • Iran’s senior negotiator and a delegation from Iran’s Foreign Ministry, Central Bank, and Agriculture Ministry held talks with the Qatari Prime Minister on the MoU for the imposed war.
  • The talks looked at implementation obstacles, broader bilateral cooperation, and the situation in Lebanon.
  • A further trilateral meeting involving Iran, Qatar, and Pakistan is looking at how to make further progress.
  • The Iranian President is looking for ~$6bn in frozen funds to be released in Qatar with US agreement starting with an initial $3bn.
  • Iran has made new demands relating to the management of the Strait of Hormuz with Omani officials.
  • The IRGC say they will close the Strait unless Iran receives guarantees of exclusive control.
  • They also demand the US and Oman abandon plans to run vessels through the southern channel, close to the Omani coast..
• The IRGC are threatening broader military and nuclear escalation according to a spokesman for the National Security Commission of Iran’s Majlis (Fars News)
• The spokesman said Iran would respond to renewed US attacks with an “all-out, surprise offensive” using options that were ‘unexecuted’ during the previous 40-day war.
• The spokesperson also said legislation is prepared for consideration in the Majlis to evaluate withdrawing from the Nuclear Non-Proliferation Treaty closing the Bab al-Mandab Strait in addition to the Strait of Hormuz if hostilities resume, and placing changes to Iran’s nuclear doctrine on the agenda should the country face what it describes as an “existential threat.”
• Israel is preparing for a further wave of missiles and has approved plans for extensive strikes inside Iran.
• Officials are also considering a pre-emptive Israeli strike if concrete preparations for an attack on Israel are detected.

FOMC meeting (June 16-17) minutes showed a number of Fed officials arguing for a hike, although, supporting the decision to leave rates flat.

• “Participants generally assessed that information received over the intermeeting period suggested that upside risks to price stability remained elevated while downside risks to achieving maximum employment had moderated a bit,” the minutes said.
• The FOMC voted unanimously to hold rates unchanged in a range of 3.50-3.75%.

China – Producer inflation annual rate hit 4.1% in June, although, there are signs of reflationary momentum stalling.

• MoM prices were down 0.3% as energy prices pulled back.
• CPI (%yoy, Jun / May / Est): 1.0 / 1.2 / 1.1
• Core CPI (%yoy, Jun / May / Est): 1.0 / 1.1 / 1.1
• CPI (%yoy, Jun / May / Est): 4.1 / 3.9 / 4.1

Lebanon – Renewed US-Iran conflict will likely escalate kinetic action in the Lebanon by Hezbollah (Al-Jadeed).

• Hezbollah has said it will open a front to prevent any Israeli entry in the Shaqif and Ali Taher areas.
• Lebanon is divided on how to disarm Hezbollah under US supervision (Al-Jadeed)
• Lebanese officials are also demanding Israeli withdrawal from two experimental zones before agreeing to an extension of any US-led deployment.

Syria – Trump met with the president awarding sanctions relief

• We suspect the move is to keep Syria out of the conflict with Iran

Turkey – might finally be allowed to buy US F-35s

Germany – VW board considering large scale restructuring with potential loss of 100,000 jobs

• The plans could see four VW factories close  in Germany.

UK – Another scorcher in London today with temperatures forecast to hit 35C in town

• The UK’s magnificent energy policy means the nation is running short of power as factories and offices ramp up their air conditioning
• Labour’s new leader, when elected, may well have to tackle the impact of water and power shortages and is predecessor looks unlikely to offer any help.
• While solar farms are having a good time, there has not been much rain to clean their panels and Windfarms are below optimal levels in a semi-dunkelflaute

Russia – ban on diesel exports

• The Russian ban on diesel exports will hit Eastern Europe which will have a knock-on impact on diesel supplies across the rest of Europe

Ukraine – Trump meeting with Zelenskyy

• Trump will allow Ukraine to make Patriot missiles.
• We would not be surprised if Ukraine was ahead of the game and already making a simplified and cheaper Patriot.

Precious metals:

Gold US$4,110/oz vsUS$4,125/oz previous

Gold ETFs 96.4moz vs96.4moz previous

Platinum US$1,614/oz vsUS$1,631/oz previous

Palladium US$1,240/oz vsUS$1,269/oz previous

Silver US$59.1/oz vsUS$60.7/oz previous

Silver ETFs 783.0moz vs783.0moz previous

Rhodium US$8,200/oz vsUS$8,250/oz previous

Base metals:

Copper US$13,388/t vs US$13,335/t previous

Aluminium US$3,152/t vsUS$3,143/t previous

Nickel US$16,550/t vsUS$16,360/t previous

Zinc US$3,587/t vsUS$3,570/t previous

Lead US$1,903/t vsUS$1,898/t previous

Tin US$53,435/t vsUS$53,165/t previous

Energy:

Oil US$77.9/bbl vsUS$76.0/bbl previous

• Crude oil prices edged lower despite further US military strikes overnight against Iran, as the EIA estimated a surprise 3mb w/w US inventory build to crude (excluding a 6.2mb drawdown on the SPR), offsetting draws of 1.9mb to gasoline and 5mb to distillates stocks, with refinery utilisation down 0.8% w/w to 95.8% on 13.86mb/d of domestic production.
• European energy prices were unchanged as EU natural gas storage levels increased by 1.8% w/w to 50.9% full (vs 66% 5-Yr average), with aggregate inventory at 575TWh and now only Germany and the Netherlands below 50% full.
• The UK Government has agreed a Heads of Terms with EDF and Centrica on a 20-year regulated Contract for Difference (CfD) that will extend the life of 1.2GW Sizewell B in Suffolk from 2035 to 2055. The guaranteed strike price of £70.5/MWh, indexed to CPI inflation, is designed to underpin a ‘fair’ return on the required £800m investment.

Natural Gas €48.4/MWh vs€47.8/MWh previous

Uranium Futures $85.3/lb vs$85.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.9/t vsUS$99.1/t

Chinese steel rebar 25mm US$471.7/t vsUS$472.1/t

HCC FOB Australia US$238.3/t vsUS$239.0/t

Thermal coal swap Australia FOB US$128.3/t vsUS$127.5/t

Other:  

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

NdPr Rare Earth Oxide (China) US$112,431/t vsUS$111,288/t

Lithium Carbonate 99% (China) US$22,883/t vsUS$23,464/t

China Spodumene Li2O 6%min CIF US$2,245/t vsUS$2,245/t

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

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

China Tantalum Concentrate 30% CIF US$226/lb vsUS$226/mtu

China Graphite Flake -194 FOB US$400/t vsUS$400/t

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

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$217/t vs US$217/t

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

China Rutile Concentrate 95% TiO2 US$1,155/t vsUS$1,155/t

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

Brazil Potash CFR Granular Spot US$397.5/t vsUS$397.5/t

Germanium China 99.99% US$4,075.0/kg vsUS$4,075.0/kg

China Gallium 99.99% US$410.0/kg vs US$410.0/kg

Europe Molybdenum Oxide 57% US$31.5/lb vsUS$31.5/lb

EV & Battery news:

Battery – A new cheaper battery is starting to sell but stays small this decade, according to BCG report on July

• Sodium-ion ‘a battery that uses salt instead of lithium’ is starting to sell in small amounts, with ~9 GWh sold in 2025, up from 3-4 GWh in 2024.
• It holds less energy, so it fits small cars and storage, not long-range EVs, and BCG sees them at just 1-8% of battery demand by 2035.
• It uses no lithium, no graphite and no copper, using salt, carbon and aluminium instead.
• Some makers claim these batteries can last 25-30 years, long enough to match solar and wind farms.
• These batteries cost ~$60-70/kWh now, against ~$45-50/kWh for the common LFP battery, but could get as cheap later this decade.

Company news:

Cornish Metals* (TIN LN) 112.5p, Mkt cap £141m – Roskear drilling intersects multiple mineralised structures including some which were previously unknown

• Cornish Metals, which is working towards the resumption of tin production at the South Crofty mine, reports assay results from the first of a planned two-hole drilling programme to investigate the resources extension potential of mineralisation in the Roskear area of the mine.
• Hole SDD26-001A, which was drilled to a depth of 1,199.1m intersected multiple mineralised intervals including both previously known and newly identified structures.
• These include:
  • A 0.78m wide interval in the Dolcoath Lode above the granite contact at an average grade of 0.55% tin, 2.08% copper and 3.52% zinc at a depth of 234.30m in hole SDD26-001; and
  • A 0.46m wide intersection of an “Unknown lode” at an average grade of 1.49% tin from a depth of 635.86m in hole SDD26-001A: and
  • A 1.00m wide intersection of another Unknown Lode at an average grade of 0.45% tin from 655.60m depth: and
  • A 0.79m wide intersection of the Roskear 1 South Lode at a grade of 4.18% tin from 691.93m depth: and
  • A 3.41m wide intersection of the Roskear South Lode at an average grade of 0.49% tin from 732.2m depth and including a 1.09m interval from 732.32m dept at a grade of 0.74% tin and a second section of 0.48m grading 0.29% tin and 2.75% copper from 734.38m depth; and
  • A 1.18m wide section of another Unknown lode at an average grade 0.35% tin from 803.10m depth; and
  • A 0.82m wide intersection of the Roskear 3 North Lode grading 0.83% tin from 824.34m depth and including 30cm at a grade of 2.20% tin at 824.34m depth; and
  • A 0.66m wide intersection of the ‘Roskear Numbered Lode’ grading 0.22% tin and 2.01% tungsten from 849.91m; and
  • A 12.41m interval, also of the ‘Roskear Numbered Lode’ system at a grade of 0.43% tin from 905.42m depth and including a higher grade section of 1.43m at a grade of 0.81% tin from 906.64m depth and a second interval of 1.90m at an average grade of 1.32% tin from 916.87m depth; and
  • A 0.72m wide intersection of another Unknown lode at an average grade of 0.72% tin from 1,028.10m dept.
• Drilling of the second hole of the programme at Roskear (SDD26-002), located around 100m west of SDD26-001A is continuing with the hole currently “approximately halfway to its planned final depth” and testing “the same mineralised structures further to the west”.
• Chief Geologist, Lauren Beveridge, explained that the intersections in hole SDD26_001A “successfully intersected each of the targeted lodes, with grades and positions consistent with our geological interpretation, providing further confidence in our legacy sample dataset and underground survey”.
• “Just as importantly, several of the intercepts, including two previously unrecorded lodes, sit outside our current MRE, and we can see the mineralisation continuing to the west. Taken together, the results confirm the Roskear area as a high-quality exploration target with clear potential to add to our Mineral Resources”.
• In our view, identification of previously unrecognised mineralised structures enhances the exploration potential of the South Crofty property providing the longer-term opportunity to replenish ore reserves depleted by mining and hence extend the mine life.
• The South Crofty mine has a production history extending over more than 400 years and the continuing identification of further resource expansion potential is a testament to the strength of mineralisation and the expertise of Cornish Metals’ technical team.

Conclusion: The recent drilling at Roskear has intersected multiple mineralised lodes, including some previously unknown structures, in the western part of the South Crofty mine area. Some of the mineralisation lies outside the MRE envelope providing the potential to expand the mineral inventory and extend the mine life.

*SP Angel acts as Nomad. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Critical Metals (CRML US) US$8.5, Mkt Cap US$147m – Strategic process launched for Wolfsberg Lithium Project

• The Company launches a strategic process for its non core Wolfsberg Lithium Project, Austria.
• The process to consider various value maximising alternatives for the project including a spin-off, sale, JVs, strategic partnership, alliances etc.
• Wolfsberg is being brought into the Group through an ongoing acquisition of European Lithium.
• Acquisition of European Lithium (EUR AU, Mkt Cap A$610m) in an all share deal will consolidate CRML interest in the Tanbreez Rare Earth Project in Greenland.
• European Lithium holds a 100% interest in Wolfsberg Lithium Project (FS 2023, ~9ktpa LHM, UG, 12mt 0.6% Li2O 2P, 13mt 1.0% MRE) and 7.5% in Tanbreez.
• European Lithium also holds a 34% interest in CRML.

DPM Metals (DPM CN) C$46, Mkt Cap C$10bn – Quarterly production as Vares on track for nameplate capacity by year end

• DPM reports production results for the three-month period to June 30^th.
• The Company processed 884kt ore on a consolidated basis, producing 102koz AuEq.
• Chelopech produced 56koz AuEq, with Ada Tepe producing 11koz and Vares 35koz.
• Management highlights strong performance from Chelopech and the ongoing ramp up of Vares.
• Chelopech production was supported by higher gold and silver grades over the quarter and is on track to meet 2026 guidance.
• At Vares, the company has achieved targeted development rates of 400m per month and saw processing increase by 48%qoq.
• Vares is expected to hit nameplate capacity at 850ktpa by 2026-end.
• Ada Tepe is expected to conclude processing on July 15^th, with the plant set to be used for the Coka Rakita project.
• Coka Rakita is expected to begin construction in early 2027.
• $49m was returned to shareholders via buybacks.

E3 Lithium (ETL CN) C$1.17, Mkt cap £103m – E3 Lithium signs an early deal to turn Canadian carbonate into hydroxide for Europe

• E3 Lithium has signed a non-binding deal with Tees Valley Lithium ‘TVL, a UK refiner owned by Alkemy Capital’ to reach European buyers.
• E3 could send lithium carbonate from its Clearwater project in Alberta to TVL’s UK plant to make battery-grade lithium hydroxide.
• The deal could cover up to 50,000t over 10 years, but it is not final and still needs a buyer.

East Star Resources (EST LN) 4.7p, Mkt Cap £26m – Drilling underway at Verkhuba, Kazakhstan

• East Star Resources reports the start of a 5,000m diamond drilling programme in association with Xinhai Mining Services at its Verkhuba project in Kazakhstan.
• The drilling, which will be funded by Xinhai and is expected to take around 3 months, is intended to help upgrade the existing ‘Inferred’ mineral resource of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead.
• It will also contribute to “mine planning and feasibility study activities, with particular focus on the first 3 to 5 years of mining operations”.
• CEO, Alex Walker, said that the drilling “will provide the data required to support resource conversion and inform mine planning, bringing us closer to production of a sizeable deposit at no further cost to East Star”.

ECR Minerals (ECR LN) 0.22p, Mkt Cap £7.8m – Soil sampling programme identifies new gold target at Lolworth, Queensland

• ECR Minerals reports that a geochemical soil sampling programme covering the Butterfly Creek and Uncle Terry Prospects in its Lolworth project area has identified drill-ready gold targets at Butterfly Creek.
• The geochemical results show a “a well-defined 200-metre north-northeast trending gold corridor … [which] …  branches into a second northeast-trending structure associated with quartz outcrop … suggesting strong structural control on mineralisation”.
• Chief Geologist, Adam Jones explained that the Butterfly Creek “target was not identified using conventional pXRF pathfinder analysis. It only became apparent once the samples were analysed by laboratory fire assay. That validates the exploration model we wanted to test and demonstrates the value of laboratory gold analysis in identifying mineralisation that may otherwise remain undetected”.
• ECR Minerals “has commenced planning follow-up exploration, including detailed geological mapping and an initial drill programme in due course to test the newly identified target”.

Conclusion: Fire assay analysis has identified a promising geochemical gold soil anomaly at Butterfly Creek which was not apparent from the use of portable X-Ray Fluorescence (pXRF) analysis.

EQ Resources (EQR AU) A$0.28, Mkt Cap A$1.4bn – Mt Carbine gets back on track with high-grade vein access

• Multi-asset tungsten producer EQ Resources reports a quarterly update for the period to June 30^th.
• The Company achieved a 175% qoq production increase from Mt Carbine, producing 13,050mtu over the quarter.
• This was supported by a 29% increase in material moved, with increased access to the high-grade lolanthe Vein.
• At Barruecopardo, EQ has regained access to the southern pit following the recent rain event.
• A record 2.52mt was mined from the northern pit, marking a 11% increase qoq.
• Barruecopardo production fell 19% qoq to 15,265mtu.
• EQ reports A$28m in cash at 30^th June 2026, with revenues of A$79m up 140%qoq on higher volumes sold and prices.
• Production fell 29%yoy for the 12 month period to June at 118,946mtu.

First Tin (1SN LN) 10.25p, Mkt Cap £53m – Early-stage exploration shows additional mineral potential on recently acquired ground ~20km from Taronga

• First Tin reports that additional rare-earth, tin and tungsten potential has been identified on its Taronga licence area in New South Wales.
• Rock-chip sampling on the recently acquired Blatherarm tenement package, located around 20m northeast of the company’s Taronga tin project, has identified rare-earth elements in “pegmatitic and biotitic zones within the highly radiometric Mole Leucogranite”.
• The company explains that although “the extent, continuity and economic significance of the mineralisation have not yet been established, soil and rock chip sampling based on dysprosium assays has identified several zones exceeding 100m in strike length”.
• Today’s announcement also reports that “coarse cassiterite … [tin] … and wolframite … [tungsten] … mineralisation has been located near old mines within a zone of thick but widely spaced sheeted veins within the Mole Leucogranite”.
• CEO, Bill Scotting, confirmed that First Tin’s “primary focus remains advancement of our Taronga Tin Project towards production … [but that the] … identification of significant REE and technology metal mineralisation within our extensive tenure around Taronga is highly encouraging”.

Conclusion: Early-stage mapping and sampling of recently acquired tenements around 20km from the company’s Taronga tin project shows rare-earths and tin/tungsten in granite.

Hamak Strategy* (HAMA LN) 0.68p, Mkt Cap £3.0m – £200,000 subscription

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana, reports that Verdant International Limited has subscribed for 25m shares priced at 0.8p/share to raise £200,000 gross.
• The subscription price represents “a 23% premium to the closing mid-market price of the Company’s shares on 8 July 2026 … [and] … an interest of 5.24 per cent” in the company.
• Today’s announcement confirms that “In addition to the Subscription, and as part of a further strengthening of the relationship between Hamak and Verdant … it has engaged Verdant Capital Limited … to act as exclusive adviser and arranger in relation to the financing and strategic development of the Company’s Akoko Gold project in southwest Ghana”.
• CEO, Karl Smithson, said that “The drilling campaign has delivered a series of encouraging near-surface oxide gold intercepts which will now be compiled into a robust mineral resource estimate.  We will then commence work on a Preliminary Economic Assessment to determine the potential economics of a future mining operation”.
• He welcomed the association with Verdant and said that it “is an important step for Hamak as we seek to build value at project level while protecting shareholders from unnecessary dilution”.

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

Kendrick Resources (KEN LN) 5.25p, Mkt Cap £23m – MRE and metallurgical test work underway at Teufelskuppe, Namibia

• Following the announcement earlier this week of results of portable X-ray fluorescence (pXRF) readings for rare earth elements within a breccia at the Teufelskuppe carbonatite project in Namibia Kendrick Resources reports that the “newly identified breccia comprises an estimated 40% by volume of high-gradeLREO dominant carbonatite, sourced from adjacent mineralised carbonatite bodies”.
• Kendrick Resources confirms that “Preparation of an initial Mineral Resource Estimate (MRE) for the breccia has commenced, incorporating existing assay data together with information generated from the ongoing drilling programme”.
• The company also explains that “Metallurgical test work has commenced to evaluate a range of physical separation techniques aimed at selectively recovering the high-grade carbonatite component while rejecting the waste-dominated breccia matrix”.
• Results of the metallurgical work will “guide the collection of a representative bulk sample for larger-scale pilot testing and process optimisation”.
• Chairman, Colin Bird, said that “The mineralised breccia potentially provides access from surface to high-grade material that can contribute meaningfully to the mineral resource the Company is steadily building”.
• With the initial mineral estimation work underway, Mr. Bird said that “We have already defined an estimated 14Mt of above-surface carbonatite mineralisation, to which we expect to add this breccia”.
• Mr. Bird also refers to additional “resources yet to be defined at the neighbouring Kieshöhe ore body”.
• The announcement earlier this week explained that “Drill core … [from hole TKDD006 at  Teufelskuppe] … has been comprehensively logged and submitted for laboratory analysis to validate the pXRF results and support ongoing resource estimation”.

Conclusion: Laboratory analysis is awaited to confirm grades of the mineralisation identified in pXRF analysis of the recent drilling at Teufelskuppe as Kendrick Resources progresses mineral resource estimation and metallurgical test work.

Lundin Gold (LUG CN) C$77, Mkt Cap C$19bn – Quarterly results surprise to the upside on higher throughput despite lower grades

• Ecuadorian gold producer Lundin Gold reports 2Q26 production results.
• The Company processed 500kt ore over the quarter at 8.3g/t Au for 119koz produced.
• The Company realised an average price of $4,359/oz over the period.
• Management notes the quarter was planned to be the weakest of the year given access to lower grades and plant maintenance over the period.
• The Company reports it is on track to achieve 2026 production guidance of 475-525koz Au.

NGEx Minerals (NGEX CN) C$24, Mkt Cap C$5.2bn – 58m at 9.4% CuEq intersected at Jupiter Zone, Saturn Zone extended

• NGEx reports results from five drill holes at the Lunahuasi copper-gold project in Argentina.
• DPDH069 was drilled to test the Saturn Zone up dip and returned:
  • 21m at 5.99% CuEq from 522m
• DPDH071 was drilled along the Saturn Zone above previous drilling and intersected disseminated and stockwork mineralisation cut by higher-grade veins, returning:
  • 573m at 2.17% CuEq from 275m, including
    • 22m at 5% CuEq
    • 9m at 13% CuEq
    • 30m at 5% CuEq
    • 46m at 4.83% CuEq
    • 15m at 8.7% CuEq
• DPDH072 was drilled to intersect the Saturn Zone but also intersected a shallow zone, returning:
  • 11.4m at 8% CuEq from 215m
  • 207m at 2.37% CuEq from 639m
• DPDH077 was designed to test the Jupiter Zone and intersected a thick massive sulphide vein with high grades and remaining open at depth:
  • 58m at 9.4% CuEq from 310m (inc. 19m at 25.8% CuEq inc. 8m at 37% CuEq)
• Management highlights hole DPDH077 as reiterating the importance of the Jupiter Zone as a third major zone stretching over a 400 x 500m area.
• The Saturn zone has been extended by 100m up-dip and down plunge respectively and remains open in all directions.
• NGEx continues to focus on building their geological understanding of the model and is now planning Phase 5 drilling.

Viridis Mining & Minerals (VMM AU) A$3.5, Mkt Cap A$448m – Infill drilling delivers upgraded MRE ahead of 2H26 FID

• The Company released an MRE update for the Colossus IAC Rare Earths Project in Minas Gerais, Brazil.
• The update incorporates infill drilling increasing geological confidence and growing the Measured category.
• Total MRE 473mt 2,505ppm TREO including:
• Measured & Indicated 305mt 2,723ppm TREO
• Inferred 168mt 2,108ppm TREO
• M&I category includes 31mt 2,858ppm TREO in Measured supporting conversion to the initial production schedule to Proven Ore Reserve.
• That compares to 493mt 2,508ppm TREO total MRE estimated previously with nearly no Measured tonnage (~1mt 2,605ppm TREO).
• Defining more than five years of Measured Resources for the initial mine plan satisfies a key technical requirement for project debt funding.
• The team delineated a higher grade part of the deposit (~97mt >4,000ppm TREO) to support the ongoing DFS related work.
• DFS due August 2026.
• FID is targeted for 2H26.
• MREC demonstration plants continues to operate with the team expecting to finalise binding offtake agreement with Solvay in 3Q26.
• MRE growth potential remains with the current resource covering only ~12% of the license area.

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

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

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