SP Angel – Today’s Market View, Tuesday 11th August 2026

Indonesian copper shipments delayed after Gresik smelter breakdown

MiFID II exempt information – see disclaimer below

Atalaya Mining (ATYM LN) – Commodity price strength, solid production and cost containment combine to deliver record EBITDA

East Star Resources (EST LN) – Drilling update from Verkhuba, Kazakhstan

ECR Minerals (ECR LN) – Additional £0.25m brings funding to £886k

Harena Rare Earths* (HREE LN) – BUY, 9.4p – Ampasindava CCM secured with focus shifting to pilot plant and environmental permitting

Lindian Resources (LIN AU) – SARECO MREC facility interest consolidated to 100% and positive Kangankunde operational license update

Meridian Mining (MNO LN) – Santa Helena drilling results

Nickel Industries (NIC AU) – First nickel cathode produced at ENC in Indonesia

St George Mining (SGX AU) – Araxa MRE expanded 57%

Sunrise Resources (SRES LN) – Western Australian prospecting licence

URU Metals* (URU LN) – 3D model links nickel targets at Zeb project, South Africa

Copper (US$14,147/t) – Indonesian shipments delayed after Gresik smelter breakdown

• The Gresik, PT Smelting plant failed on 8^th August after a water leak from a boiler.
• Buyers were told the plant will stay closed for checks and repair over the coming weeks.
• The plant, owned by Japan’s Mitsubishi Materials and Freeport Indonesia, processes ore from the Grasberg mine.
• Gresik operates independently from Freeport’s new Manyar smelter, which is due to restart in September.
• We expect the Indonesian government to export copper concentrates to China while the two smelters are down.
• LME copper prices are holding >$14,000/t.

Codelco output fell 14% as Chile lets it keep $2.4bn of profit (Bloomberg)

• Codelco, Chile’s state copper miner, produced 292,300t in Q2, down 14% yoy (Cochilco).
• Output is near a 28-year low with debt has hitting a record $25bn.
• El Teniente remains the biggest problem, a year after a rock burst killed six workers there.
• Other big mines gained in June. BHP’s Escondida rose 45.8% yoy, so this looks like a Codelco problem.
• To help, the government will let Codelco keep all of its 2025 profit, around $2.42bn, for the first time ever.
• New chairman Bernardo Fontaine wants Codelco to make money, not just dig more, and may sell some assets.

Nickel (US$16,940/t) – Glencore consortium offers rival rescue deal for Sherritt

• Sherritt, halted its Cuban nickel / cobalt mine in February warning the company may not survive.
• Glencore and others are offering to inject fresh funds for at least 55% of the company.
• An earlier plan from Gillon Capital, the fund of a former Trump adviser, has also offered to take 55%.
• Nickel appears to be popular again with two bidders fighting over the near-bankrupt miner.

Tin (US$55,615/t) – PT Timah (TINS IJ) IDR3,750, Mkt Cap IDR27.9tn – Illegal mine crackdown could lift output

• Indonesia plans to close around 1,000 illegal tin mines in Bangka Belitung.
• President Prabowo says illegal mining is around 80% of the region’s output.
• Up to 12,000t of tin may leave the country illegally each year.
• PT Timah gains if that ore moves to official channels. Its 1H output already rose 75%.
• The crackdown may cut total supply near term, supporting the tin price.

Currencies

US$1.1538/eur vs 1.1554/eur previous. Yen 159.31/$ vs 158.45/$. SAr 16.241/$ vs 16.171/$. $1.351/gbp vs $1.350/gbp. 0.705/aud vs 0.707/aud

CNY 6.747/$ vs 6.746/$. Dollar Index 99.83 vs 99.70 previous

Economics

China – Japanese executives detained as China investigates dual-use technology exports

• Chinese officials claim foreign firms are violating export restrictions (Japan Daily News)
• The move follows greater enforcement on export controls relating to items containing critical minerals.
• The executives are suspected of smuggling restricted items for potential military use.
• Japan finds rare earths in deep-sea mud off remote island
• China continues to export Rare Earths and other critical minerals in many items and is using export controls to make life difficult for overseas manufacturers of high-tech and military kit.

India moves to curb states’ powers to tax mining (Bloomberg)

• In India, the central government takes royalties from miners, and states add their own taxes on top.
• Modi’s government put a bill to Parliament letting the centre cap those extra state taxes.
• This reverses a 2024 Supreme Court ruling that gave states the right to charge them.
• States are expected to fight it. If it passes, miners get one predictable tax system across India.

Chile – Codelco to reinvest all profit into copper mines

• The government of Chile appears to be allowing Codelco, the state-owned copper miner to reinvest all last year’s profit.
• Normally, Codelco hands all its profit to the state with around 30% reassigned for investment by the government.
• Codelco profits swung from a pre-tax loss of $757m in 2023 to a profit of $790m in 2024 and $2.4bn in 2025.
• It is a common mistake for socialist states to take all the profit from mining leaving very little if anything for reinvestment.
• The new Republican president in Chile, José Antonio Kast, is reversing the policy of successive socialist leaders in encouraging substantial investment into Chilean mining.
• Codelco had recently changed its policy of going for production growth to moving to focus on margins, a reflection on historic issues leading to lower production.
• Recent restatement of Codelco’s copper production number for 2005 to 1.3mt (27,000t lower than originally reported) is 19% lower than in 2021.
• The move will enable Codelco ‘reduce the need to go back to the market to finance part of its investments’ (FT).
• Codelco’s former production target of 17mtpa within five years is now seen as unrealistic.

Precious metals:

Gold US$4,362/oz vs US$4,351/oz previous

Gold ETFs 97.1moz vs 96.9moz previous

Platinum US$1,745/oz vs US$1,751/oz previous

Palladium US$1,376/oz vs US$1,371/oz previous

Silver US$64.5/oz vs US$64.1/oz previous

Silver ETFs 792.1moz vs 792.1moz previous

Rhodium US$8,650/oz vs US$8,650/oz previous

Base metals:

Copper US$14,147/t vs US$14,128/t previous

Aluminium US$3,362/t vs US$3,323/t previous

Nickel US$16,940/t vs US$16,990/t previous

Zinc US$3,730/t vs US$3,716/t previous

Lead US$1,903/t vs US$1,901/t previous

Tin US$55,615/t vs US$55,765/t previous

Energy:

Oil US$89.1/bbl vs US$84.0/bbl previous

• Crude oil prices rebounded towards $90/bbl as both Itan and US issued new demands that are unlikely to be accepted by each other, throwing the potential reopening of the Strait of Hormuz into doubt. In addition, Ukraine’s military has struck the Orsknefteorgsintez oil refinery in Orsk as it continues its attacks on Russian energy infrastructure.

Natural Gas €60.9/MWh vs €57.5/MWh previous

Uranium Futures $86.7/lb vs $86.7/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$96.1/t vs US$94.9/t

Chinese steel rebar 25mm US$464.7/t vs US$465.1/t

HCC FOB Australia US$217.3/t vs US$215.5/t

Thermal coal swap Australia FOB US$134.0/t vs US$129.8/t

Other:

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

NdPr Rare Earth Oxide (China) US$107,677/t vs US$109,107/t

Lithium Carbonate 99% (China) US$20,231/t vs US$20,235/t

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

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

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

Tungsten APT (Europe) 88.5% Rotterdam US$3,125/mtu vs US$3,125/mtu

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

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

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

Europe Ferro-Vanadium 80% US$25.7/kg vs US$25.7/kg

China Ilmenite Concentrate TiO2 US$205/t vs US$208/t

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

China Rutile Concentrate 95% TiO2 US$1,163/t vs US$1,164/t

Brazil Potash CFR Granular Spot US$392.5/t vs US$392.5/t

Germanium China 99.99% US$4,195.0/kg vs US$4,095.0/kg

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

Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb

EV & Battery news:

US demand for hybrids boosts Asian carmakers on the back of elevated fuel prices from Iran conflict

• US hybrid sales rose almost 20% yoy in July, even as overall US car sales fell 1.5%, according to RBC Capital Markets, with Asian automakers Toyota, Hyundai, and Honda together holding 86% of US hybrid market share.
• Hyundai sold 43,727 hybrids in July, up 62% yoy, having repurposed part of its Georgia EV plant for hybrid production, while Toyota’s US hybrid sales rose 22% and Honda’s rose 15%.
• The average US petrol price sits at just over $4.06 a gallon, up around 30% yoy, according to the American Automobile Association, although EV sales remain stagnant following the Trump Administration’s removal of the $7,500
• In fact, Tesla owners are trading in at a record rate, with 21% exchanging their EVs for hybrids, Toyota accounting for more than 17% of Tesla replacements.
• Detroit’s Big Three, which offer few hybrid models, are seeing EV sales plunge.
  • GM’s EV sales fell 33% and Ford’s collapsed 75% in July as it phased out models ahead of a new low-cost EV architecture next year.
  • Ford, GM, and Stellantis are all rushing to offer “extended-range EVs,” using a small petrol engine purely as a generator to top up the battery, seen as particularly suited to pick-up trucks.
• Cox Automotive forecasts full-year US new-car sales of 16m, ahead of its earlier 15.8m prediction, with senior economist Charlie Chesbrough noting the market is currently being driven by more affluent buyers less exposed to inflationary pressures.

GM sells its half of $3.5bn Indiana battery plant to Samsung SDI (Bloomberg)

• GM is selling its 49.99% share of the planned EV battery plant to its partner Samsung SDI.
• Samsung takes full control of the site, which will also make batteries for power storage.
• GM keeps pulling back from EVs. It has written off $11bn, and EVs are just 5% of its US sales.
• The two companies will still jointly develop next-generation batteries for GM’s future models.

Company news:

Atalaya Mining (ATYM LN) 1,010p, Mkt Cap £1,525m – Commodity price strength, solid production and cost containment combine to deliver record EBITDA

• Atalaya Mining reports Q2 profit of €55.7m bringing H1 profits to €84.0m (2025 Q2 – €29.6m and H1 €60.1m) and a 30^th June net cash balance of €318m.
• Quarterly EBITDA of €78.2m brings H1 to €126.2m (2025 – Q2 – €55.1m and H1 €107.6m)
• The company declares an interim dividend of €0.055/share (2025 interim €0.044/share).
• CEO, Alberto Lavandeira, welcomed “the highest quarterly and half-year EBITDA in Atalaya’s history … [which he attributed] … to strong copper prices, solid Q2 production and good cost performance”.
• He confirmed that Atalaya Mining is “maintaining our prior guidance for FY2026 production, cash costs and AISC, despite experiencing higher diesel and explosives prices following the start of conflicts in the Middle East”.
• The financial results reflect H1 production of 23,432t of copper in concentrate from the processing of ~8.2mt of ore grading 0.35% copper at a recovery rate of ~82.9% (~8.2mt of ore grading 0.42% copper were treated in H1 2025 at a recovery rate of 78.9% to produce 27,466t of copper in concentrate).
• Cash costs were US$2.36/lb for the quarter and US$2.43 for the half year (2025 – US$2.21/lb & US$2.23/lb for H1) and on an all-in-sustaining (AISC) basis were US$2.79/lb for the quarter and US$2.97/lb for H1 (2025 – Q2 US$2.81/lb and H1 US$2.78/lb).
• Higher costs on both a cash and AISC basis are attributed to “higher mining and processing costs and a stronger EUR/USD exchange rate, but were partly offset by higher by-product credits and lower treatment charges”.
• “Atalaya continues to expect for FY2026 production to be at the low end of the original guidance ranges of 50,000 – 54,000 tonnes of copper and 0.9 – 1.1 million ounces of silver contained in copper concentrate, respectively”.
• The company comments that although “Cash Costs and AISC that were below the FY2026 guidance ranges … the ongoing risk that conflicts in the Middle East could continue or escalate, Atalaya is maintaining its FY2026 cost guidance ranges for Cash Costs and AISC of US$2.60 – 2.90/lb and US$3.10 – 3.40/lb copper payable, respectively”.
• Today’s announcement confirms continuing progress on waste removal at the San Dionisio project where development is “a key component of Atalaya’s strategy to increase copper production by sourcing higher-grade material from deposits throughout the Riotinto District to be blended with ore from Cerro Colorado”.
• Drilling of the San Antonio polymetallic deposit “located immediately east of the Cerro Colorado pit” is continuing as Atalaya works to increase “resource confidence and … [and confirm] … deposit limits” at another potential source of diversification of ore feed to the plant.
• “Atalaya continues to advance engineering works associated with processing plant modifications that would allow for the simultaneous treatment of polymetallic and copper ores at Riotinto”.
• “Atalaya is also studying the potential to produce a pyrite concentrate from its tailings streams, which could serve the sulphuric acid market”.
• Drilling is also continuing at “the Masa Valverde deposit, where the focus remains on copper-rich stockwork-style zones, which are expected to be amenable for processing at the existing Riotinto facilities. Results continue to confirm the continuity and expansion of the high-grade mineralisation”.
• Seven drillholes, of a planned 17-hole programme, were completed during the quarter at the Guijarro gold project as part of continuing exploration of the Proyecto Ossa Morena.
• Assay results from the winter drilling campaign at Atalaya Mining’s Swedish exploration projects “at both the Skellefte Belt and Rockliden … confirm the extension of high-grade zones and underscore the strong potential of the drilled targets, all of which remain open in several directions”.

Conclusion: Atalaya Mining has increased its interim dividend following a strong H1 financial performance which included “the highest quarterly and half-year EBITDA in Atalaya’s history” as the company benefits from strong copper prices, production and cost control measures.

East Star Resources (EST LN) 4.15p, Mkt Cap £22m – Drilling update from Verkhuba, Kazakhstan

• East Star Resources reports the completion of seven holes (>1,350m) of its 5,000m diamond drilling programme in association with Xinhai Mining Services at its Verkhuba project in Kazakhstan.
• The company has deployed a second drilling rig to site for its programme of resource drilling which aims to “support resource conversion, geological modelling, mine planning and feasibility studies, with a particular emphasis on defining the initial years of mining operations”.
• Today’s announcement confirms that “Xinhai … [which is funding this phase of drilling] … has completed its full Stage 1 investment obligations totalling A$1.5 million, entitling it to an initial 15% of the JV company”.
• Verkhuba currently hosts an ‘Inferred’ mineral resource of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead.
• The announcement also confirms that “East Star remains fully carried through to production under the terms of the JV, at which point the Company will retain a 30% interest in the producing mine”.

ECR Minerals (ECR LN) 0.18p, Mkt Cap £6.5m – Additional £0.25m brings funding to £886k

• ECR Minerals reports an additional £0.25m conditional funding from “an institutional investor” increasing “total gross proceeds of £886,250.00”.
• Welcoming the additional investor support Chairman, Nick Tulloch, said that the “further investment reflects growing confidence in both the progress that we are making at the Maddens Gold Project and our strategy of building a diversified Australian gold company centred on near-term production”.

• He explained that it “allows us to further accelerate underground development at Maddens, advance trial mining at Brothers and continue exploring what we believe is a highly prospective and underexplored goldfield”.

• Mr. Tulloch also confirmed the company’s expectations that production should “commence later this year”.

Harena Rare Earths* (HREE LN) .8p, Mkt Cap £18m – Ampasindava CCM secured with focus shifting to pilot plant and environmental permitting

BUY – 9.4p

• The Company signed Mining Terms and Conditions (CCM) with Madagascar’s Ministry of Mines for the Ampasindava Ionic Clay Rare Earth Project.
• The Cahier des Charges Minieres (CCM) formalises technical, financial, environmental and social commitments under the country’s 2023 Mining Code.
• The CCM allows the team to progress to the next development phase.
• The Company will now focus on the Proof of Concept pilot plant and onsite lab.
• The team will also advance the environmental and social studies as well as stakeholder engagement to support environmental permit application.
• The Company is funded to advance for the pilot plant as well as environmental and social work.
• The Company recently secured a $4.8m US DFC funding.
• The Company had £0.6m as of Dec25 and raise ~£2.5m over January-February to support the development timeline.

Conclusion: Securing Mining Terms and Condition with the government clears another Ampasindava Project development milestone. The team will now advance to funded pilot plant related work and environmental/social studies. The Project is supported by the recently secured $4.8m funding from the US DFC along with potential further capital commitments (subject to due diligence) representing a major endorsement of the team and thee project.

*SP Angel acts as Broker for Harena

Lindian Resources (LIN AU) A$0.86, Mkt Cap A1.5bn – SARECO MREC facility interest consolidated to 100% and positive Kangankunde operational license update

• The Company consolidated its interest in the SARECO MREC hydrometallurgical processing facility in Stepnogorsk, Kazakhstan.
• The Company now owns 100% in the facility previously owned and operated by Sumitomo and Kazatomprom (up from 51%).
• The decision to increase the stake follows a comprehensive due diligence process.
• Located within the industrial area near Stepnogorsk, the facility benefits from an available access to power, gas, water, sulfuric acid, reagents, skilled labour and rail.
• The facility would allow the group to capture higher margin from moving further downstream and producing MREC vs concentrate.
• First MREC processing targeted Q4 2026, aligned with first Kangankunde Stage 1 concentrate production (~12,500tpa monazite feed).
• Total consideration includes:
  • Up to US$20m cash for SARECO assets, replacing US$15, indicated in March 2026;
  • Up to US$22m in new Lindian shares/performance rights to be paid to RA Group, the JV parter who was to hold the 49% interest.
• The team estimates a comparable facility would cost >A$500m.
• Separately, the Company updated the market on the standing of the license on Monday following media reports last week.
• The Company confirmed that the Kangankunde Rare Earth Project mining license remains valid and in good standing..
• The Mining Minister confirmed in the Malawi National Assembly that official inspections found no evidence of unauthorised operations.
• The Ministry also confirmed that exports of mineral samples had relevant approvals and were conducted for metallurgical and technical assessments.
• The Ministry said that Kangankunde to produce beneficiated concentrates with raw mineral export restriction not applicable.

Meridian Mining (MNO LN) 91p, Mkt Cap £440m – Santa Helena drilling results

• The Company reports drilling results from the ongoing programme at Santa Helena Project, Brazil.
• Santa Helena is located just 10km SE of the flagship Cabacal Gold Copper VMS Project.
• Drilling intersected multiple stacked layers of Au-Cu-Ag and Zn-Pb VMS mineralisation below the existing Santa Helena MRE envelope (~5Mt 0.6g/t Au,0.4% Cu, 15g/t Ag, 1.9% Zn, 0.4% Pb).
• Selected intersections include:
  • Upper layer: CD-878 11.3m @ 0.8g/t Au, 0.2% Cu, 17.6g/t Ag, 3.4% Zn & 0.6% Pb from 199.8m including
    • 4.4m @ 1.7g/t Au, 0.1% Cu, 32.1g/t Ag, 5.8% Zn, 1.4% Pb
    • The interval included visible gold
  • Lower layer: CD-878 intercepted a lower layer of copper-dominant VMS mineralisation – 1.7m @ 0.9% Cu, 0.1g/t Au and 8.3g/t Ag
• Upper zone is interpreted as a 90m down dip “widening extension” of the previously reported CD-869 intersection (7.2m @ 1.4g/t Au, 0.1% Cu, 24.3g/t Ag, 2.3% Zn & 0.9% Pb)
• Broader step out holes at the far eastern section of the Alamo trend (CD-872 and CD-876) did not return significant mineralisation intersections.
• Company has commenced first-pass reconnaissance across its 66,552ha over the Jauru-Araputanga Greenstone Belts (in addition to 51,826ha at Cabaçal).
• The programme targets verification/extension of legacy BP Minerals soil geochemistry and 54 historical geophysical anomalies.
• Cabacal DFS work is ongoing targeted for 4Q26.

Nickel Industries (NIC AU) A$0.84, Mkt Cap A$3.65bn (around £1.8bn) – First nickel cathode produced at ENC in Indonesia

• The Indonesian producer Nickel Industries made its first nickel cathode at ENC in Morowali.
• ENC:
  • The plant turns ore into Class 1 nickel, the purest form, traded on the LME.
  • First cathode comes weeks after the plant’s first MHP, a half-finished product.
  • Ore comes from the Company’s own Hengjaya Mine through a 22km pipeline.
  • ENC targets over 72,000tpa of nickel at full capacity. NIC owns 46%.
• Next steps:
  • First cobalt sulphate is expected by end August.
  • LME registration starts now, opening Class 1 pricing once approved.
• Hengjaya sold 1.4m wmt of ore in July, on track for its 14.3m wmt quota.
• Managing Director Justin Werner notes “Very few companies have built that capability in Indonesia.”

St George Mining (SGX AU) A$0.09, Mkt Cap A$380m – Araxa MRE expanded 57%

• The Company released a mineral resource update for the carbonatite hosted Araxa Project in Minais Gerais, Brazil.
• Updated MRE expanded 57% (tonnage wise) to 111.2Mt @ 3.57% TREO and 0.57% Nb2O5 (2% TREO COG) including:
• Measured & Indicated: 75.2Mt @ 3.64% TREO, 0.58% Nb2O5
• Inferred: 36.0Mt @ 3.43% TREO, 0.53% Nb2O5
• The higher confidence M&I category now accounts for ~68%, to be used for mining studies.
• The project now hosts the largest and highest hard rock rare earths resource in South America.
• That compares to the previous total MRE of 70.9Mt @ 4.06% TREO and 0.62% Nb2O5 (~42% M&I, 2% TREO COG).
• The MRE includes a higher grade subset of ~13Mt @ 6.29% TREO and 0.90% Nb2O5 offering a potential uplift in feed grades in early years of the operation.
• 100% of the MRE hosted within the 120m from surface lending itself to an open pit operation.
• The East Araxa discovery is not yet included in the new MRE with five rigs in operation and maiden MRE targeted 4Q26.

Sunrise Resources (SRES LN) 0.02p Mkt Cap £1.9m – Western Australian prospecting licence

• Sunrise Resources reports the award of a prospecting licence for the Bakers Gold project in the Murchison greenstone belt, WA.
• The 4-year licence, which can be extended for an additional 4 years follows the withdrawal of objections by the Aboriginal community.
• The company now plans to resume exploration at the project where “previous drilling intersected high-grade gold mineralisation. Hole 21SBRC002 intersected 2m grading 14.4 g/t gold from 64m downhole”.
• Today’s announcement says that “High-grade mineralisation is open in all directions and occurs below an extensive gold-in-soil anomaly”.
• Executive Chairman, Patrick Cheetham, explained that “After years of impasse, our exploration rights are now secure and the Company is free to resume exploration of this exciting project and to follow-up on our previous high-grade gold drilling results”.
• He noted that since Sunrise Resources last drilled “there have been a number of new gold discoveries in this part of the Murchison Greenstone Belt which add to the overall prospectivity of the Bakers Project”.

URU Metals* (URU LN) 4.02p, Mkt Cap £3.9m – 3D model links nickel targets at Zeb project, South Africa

• The nickel explorer updates on 3D modelling at Zeb in Limpopo, South Africa.
• The work is done by Atticus Geoscience, specialists in nickel systems that also carry copper and platinum metals.
• Model:
  • The model puts drilling, geology, gravity, magnetic and EM data into one picture.
  • EM (electromagnetic) surveys send a signal into the ground and listen for the echo.
  • Rocks that carry electricity well echo strongly. Nickel sulphides, the ore type here, carry it very well.
  • Gravity surveys pick out unusually heavy rock. Sulphides are heavier than normal rock.
  • The strongest EM signals match known nickel hits in four drill holes.
• Target 1:
  • Surveys flown from the air first flagged the area. Work on the ground then refined it into Target 1.
  • Target 1 echoes strongly and sits over unusually heavy rock.
  • Two different tools point at the same spot, suggesting nickel-bearing rock may sit there.
  • It also sits where a narrow channel of old volcanic rock opens into a larger body.
  • When molten rock slowed at that widening, heavy nickel liquid could settle out and collect, like sand settling in a widening river.
• Next steps:
  • Atticus is drawing a 3D outline of the known ore from existing drill data.
  • The next drilling aims to grow the higher-grade Zone 2 toward a first formal estimate of metal in the ground.
  • It will also put a first hole into Target 1 to test the idea.
  • The final program will be sized to the exploration budget, with a further update to come.
• Exploration Manager Richard Montjoie says “Geologically, that is exactly the sort of position that can favour sulphide accumulation.”

*SP Angel acts as Nomad and Broker to URU Metals

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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

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

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 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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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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