{"id":138409,"title":"SP Angel – Today’s Market View, Tuesday 14th July 2026","publisher":"Share Talk","author":"sharetalk","published":"2026-07-14T10:17:09+00:00","modified":"2026-07-14T10:17:09+00:00","canonical_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-14th-july-2026/","markdown_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-14th-july-2026.md","json_url":"https://www.share-talk.com/sp-angel-todays-market-view-tuesday-14th-july-2026.json","category":"SP Angel","categories":["SP Angel","Technology","Technology, Media & Telecoms"],"tags":["base metals","battery","china","company news","COPPER","currencies","Dow Jones Industrials","ENERGY","FRANCE","GERMANY","Gold","gold prices","HK Hang Seng","Nikkei 225","Rio Tinto","Russia","Shanghai Composite","silver","SP Angel","Ukraine"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2026/06/1753282805972-1.webp?fit=750%2C406&quality=80&ssl=1","format":"news","language":"en-GB","content":"**Gold rebounds back over key level as weakness persists on Iran uncertainty**\n\n**MiFID II exempt information – see disclaimer below**\n\n**Alphamin Resources* (AFM CN) – Higher tin prices support $167m in quarterly EBITDA, exploration continues**\n\n**Atalaya Mining (ATYM LN) – Copper production guidance intact as Proyecto Rio Tinto recovers from Q1’s adverse weather**\n\n**Celsius Resources (CLA LN) – Appointment of non-executive Chairman**\n\n**Guardian Metal Resources (GMET LN) – Pipeline of Nevada tungsten, precious metals and lithium exploration projects**\n\n**Hamak Strategy* (HAMA LN) – Exchange offer to swap warrants for shares to reduce overhang and dilution**\n\n**Ironveld (IRON LN) – Finds a second product in waste residue**\n\n**Orosur Mining* (OMI LN) – APTA drilling supports geological model as hole ends in mineralisation**\n\n**Galantas Gold* (GAL LN) – 20ktpd crushing plant acquired for Andacollo, first production due 1Q27**\n\n**Rockfire Resources (ROCK LN) – Assay results from drilling at Malaoi, Greece**\n\n**Shuka Minerals (SKA LN) ****– Drilling improves confidence in the continuity of the northern areas of mineralisation at Kabwe**\n\n**Sunrise Resources (SRES LN) – Strategy shift towards metals from industrial minerals**\n\n**Gold ($4,020/oz) rebounds back over key level as weakness persists on Iran uncertainty**\n\n- Gold prices slumped 3% yesterday, falling below the key $4,000/oz level.\n\n- The metal has come under pressure after tensions reignited in the Middle East.\n\n- The dollar rebounded as Trump increased rhetoric over the Straits of Hormuz, stating the US will ‘*be guardian of strait.’*\n\n- Gold’s momentum from 1Q26 has continued to fade, with traders and algorithmic funds looking for more interesting opportunities elsewhere.\n\n- However, key themes remain intact for the longer-term bull run, with China adding again to its PBoC holdings last month and buying for the 20th straight month.\n\n- China is a major driver in gold’s price appreciation, with the Central Bank looking to diversify its reserves away from Treasuries.\n\n- Russia has been a forced seller of gold as it looks to fund its military budget requirements, while energy-dependent nations have also trimmed holdings since the breakout of war with Iran.\n\n**Aluminium – Prices fall 1.6% as Emirates Global Aluminium restarts its Al Taweelah alumina plant**\n\n- EGA has restarted Al Taweelah alumina in the UAE after ~3.5 months shut.\n\n- Al Taweelah should reach half output within days, and full output by year-end.\n\n- Aluminium metal remains scarce, with LME warehouse stocks at their lowest since September 2022.\n\n- Japanese buyers are paying 13% premiums this quarter indicating ongoing strong demand.\n\n- Gulf smelters produced ~9% of global aluminium before the Strait of Hormuz was closed.\n\n**Chinese aluminium exports hit a record 711,000t in June as Gulf smelters remain restricted due to Strait of Hormuz**\n\n- Chinese exports hit record 711,000t in June, up 45.4% on last year and >700,000t for the first time.\n\n- Aluminium exports rose 16.3% to 3.4mt in H1.\n\n- Exports of aluminium wire jumped too, helped by a tax break.\n\n**Uranium – Brazil to allow companies to mine uranium and end Nuclear Industries of Brazil monopoly**\n\n- The state-owned enterprise, **Nuclear Industries of Brazil** will hold at least 20% of each project with private partners paying costs and maintain control.\n\n- Explorers who find uranium must report their finds within 12 months and elect to work with or sell the ore to the state uranium company.\n\n- Brazil holds ~3% of the world’s uranium but mines too little even for its own two nuclear plants. Firms from China, France, Russia and Canada have already asked to join.\n\n**ReElement Technologies (PRIVATE) announces $25m investment from Pentagon**\n\n- ReElement Technologies is developing a proprietary separation/purification technology for the midstream REE processing.\n\n- The company plans to use Chromatography to replace hydrometallurgical or solvent extraction in the separation and purification step.\n\n- The news follows management withdrawing from the $80m Pentagon programme (Reuters).\n\n- The $25m funding to be used for development of its processing tech for production of oxides of critical elements including yttrium, germanium and gallium.\n\n**De Beers is planning to halt production at the Venetia mine in South African for two years as the sale process drags on.**\n\n- The business has been struggling with the rise of synthetic diamonds supply as well as weaker demand amid US/China trade tensions.\n\n- This has been further exacerbated by the conflict in the Middle East and rising inflation expectations driving rates and stagflation risks higher.\n\n- Venetia produced 2.23m carats last year and makes about 10% of De Beers’ global output\n\n- Last week De Beers cut the price of its rough diamonds and cut its list of approved buyers from ~70 to 45.\n\n- Anglo has been trying to sell De Beers since 2024\n\n|   |   |   |   |   |\n| --- | --- | --- | --- | --- |\n| **Dow Jones Industrials** |  | **-0.26%** | **at** | **52,499** |\n| **Nikkei 225** |  | **+0.74%** | **at** | **67,744** |\n| **HK Hang Seng** |  | **+0.71%** | **at** | **24,385** |\n| **Shanghai Composite** |  | **+1.03%** | **at** | **3,954** |\n| **US 10 Year Yield (bp change)** |  | **+0.6** | **at** | **4.63** |\n\n**Currencies**\n\n**US$1.1387/eur vs1.1407/eur previous. Yen 162.33/$ vs 162.18/$. SAr 16.480/$ vs 16.399/$. US$1.336/gbp vs $1.338/gbp. USD 0.693/aud vs 0.693/aud. CNY 6.781/$ vs   6.783/$.**\n\n**Dollar Index 101.23 vs101.05 previous.**\n\n**Economics**\n\n**DP World, a Dubai based port operator, is considering developing a new multipurpose port in Fujairah in the Gulf of Oman as well as a new terminal at the existing harbour.**\n\n- The Company is looking to reduce its dependence on its flagship Jebel Ali hub located on the West coast with operations disrupted due to the closure of the Strait.\n\n- The new project in the Gulf of Oman would allow shipments to bypass the Strait before replacing sea freight with trucking overland to Dubai, Abu Dhabi and neighbouring Gulf countries.\n\n**Traders raise rate hike expectations in the UK, Eurozone and the US on an ongoing war in the Middle East.**\n\n- A total of two increases now nearly fully priced in with the first one due September.\n\n**US inflation numbers are due out later today with Kevin Warsh presenting a monetary policy report in Congress.**\n\n- Both CPI and core CPI are expected slowdown in June.\n\n- CPI (%mom, Est / May): -0.1 / 0.5\n\n- CPI (%yoy, Est / May): 3.8 / 4.2\n\n- Core CPI (%yoy, Est / May): 2.8 / 2.9\n\n**China – Exports climbed 27%yoy hitting a record $412bn in June and taking trade surplus to $126bn, the second highest on record.**\n\n- The nation exports more than 1m cars for the first time ever with the value of shipments up 70%yoy.\n\n- Chinese EV sales accounted for more than 15% of demand in Europe.\n\n- Semiconductor and computer shipments climbed 122% and 53%, respectively, accounting for ~1/3 of growth in total exports.\n\n- Among other sources of growth were ship exports (+42%) and appliances (+15%).\n\n- Exports (%yoy, Jun / May / Est): 27.0 / 19.4 / 19.0\n\n- Imports (%yoy, Jun / May / Est): 36.0 / 27.4 / 26.1\n\n**UK / Switzerland – UK strikes trade deal with Switzerland for crucial services sector**\n\n- The agreement is reported to be £5.2bn a year in exports according to the British government.\n\n- The agreement allows UK passport holders to use Swiss e-gates to speed up airport waiting times.\n\n- The trade deal is the sixth agreed in two years and sets a potential template for further negotiations with Europe.\n\n- The UK Minister for Trade Policy, Chris Bryant, said he believes that the country’s “historic destiny” is to rejoin the bloc (CNBC) eg the EU.\n\n**Iran – US to resume blockade of Iranian ports following Iranian attacks on commercial shipping in the Strait of Hormuz**\n\n- Trump said the US would reinstate its blockade of Iranian ships transiting the Strait of Hormuz and demanded a 20% reimbursement on all other cargo shipped through the waterway.\n\n- IRGC navy fired missiles at commercial vessels transiting the Strait of Hormuz last night\n\n- Two ships sustained significant damage. No casualties reported.\n\n- A tanker was struck by an “unknown” projectile approximately 8 nautical miles east of Limah, Oman (UKMTO).\n\n- Iran alleges the US instigated dangerous activity in the Strait of Hormuz after the IRGC Navy intercepted two vessels it accused of operating illegally with their tracking systems switched off.\n\n- Iranian air defense shot down a US LUCAS drone over Bandar Abbas. The claim has not been independently confirmed (Iranian state media).\n\n- IRGC attacked the Prince Hassan Air Base in Jordan, Shaikh Isa Air Base and Jafra in Bahrain, and Ali Al-Salem and Ahmed Al-Jaber bases in Kuwait.\n\n- Iran claims the destruction of fuel depots, Patriot systems, HIMARS launchers, helicopter maintenance facilities, a P-8 aircraft hangar, a drone command centre, ammunition depots, and long-range radar systems.\n\n- Iran claims, Iranian Army attack drones also struck US forces, shelters, support facilities, and air defense systems in Kuwait, while the IRGC also claimed attacks on U.S. military assets in Qatar.\n\n**Turkey – Trump considering restoration of F-35 sales to Turkey despite objections from Netanyahu**\n\n- Administration officials are reportedly discussing ways to satisfy US legal requirements, including rendering Turkey’s S-400 systems inoperable or transferring them to a third party.\n\n- The proposal faces potential legal hurdles and opposition in Congress.\n\n**Russia/Ukraine – Kyiv intensified drone attacks on Russian capital with Moscow in an effort to increase both economic and political costs of the invasion.**\n\n- Moscow mayor Sergei Sobyanin said 350 drones targeted the city starting on Sunday night.\n\n- Ukraine raised its deep strike drone attacks targeting energy infrastructure in recent weeks.\n\n- The attacks sparked Russia’s worst fuel crisis forcing authorities halting exports and introducing petrol rationing.\n\n**Precious**** ****metals****:**\n\n**Gold US$4,022/oz vsUS$4,061/oz previous**\n\n**Gold ETFs 96.4moz vs96.6moz previous**\n\n**Platinum US$1,609/oz vsUS$1,624/oz previous**\n\n**Palladium US$1,274/oz vsUS$1,263/oz previous**\n\n**Silver US$58.1/oz vsUS$58.4/oz previous**\n\n**Silver ETFs 781.5moz vs781.9moz previous**\n\n**Rhodium US$8,100/oz vsUS$8,150/oz previous**\n\n**Base**** metals:**\n\n**Copper US$13,568/t vs US$13,410/t previous**\n\n**Aluminium US$3,187/t vsUS$3,136/t previous**\n\n**Nickel US$16,795/t vsUS$16,555/t previous**\n\n**Zinc US$3,581/t vsUS$3,573/t previous**\n\n**Lead US$1,876/t vsUS$1,876/t previous**\n\n**Tin US$53,770/t vsUS$53,130/t previous**\n\n**Energy****:**\n\n**Oil US$85.7/bbl vsUS$78.9/bbl previous**\n\n- Energy prices jumped higher after President Trump reinstated a blockade on Iranian vessels transiting the Strait of Hormuz and said the US should be compensated by countries benefiting from its efforts to reopen the strategic waterway, including Saudi Arabia, the United Arab Emirates, Qatar, Bahrain, and Kuwait.\n\n**Natural Gas €52.7/MWh vs€50.7/MWh previous**\n\n**Uranium Futures $85.5/lb vs$85.7/lb previous**\n\n**Bulk****:**\n\n**Iron Ore 62% Fe Spot (Singapore) US$100.3/t vsUS$98.5/t**\n\n**Chinese steel rebar 25mm US$470.6/t vsUS$470.8/t**\n\n**HCC FOB Australia US$232.5/t vsUS$237.0/t**\n\n**Thermal coal swap Australia FOB US$129.3/t vsUS$128.8/t**\n\n**Other****:  **\n\n**Cobalt LME 3m US$56,290/t vsUS$56,290/t**\n\n**NdPr Rare Earth Oxide (China) US$112,815/t vsUS$113,156/t**\n\n**Lithium Carbonate 99% (China) US$21,752/t vsUS$21,747/t**\n\n**China Spodumene Li2O 6%min CIF US$2,245/t vsUS$2,245/t**\n\n**Ferro-Manganese European Mn78% min US$1,035/t vsUS$1,035/t**\n\n**China Tungsten APT 88.5% FOB US$1,705/mtu vsUS$1,705/mtu**\n\n**China Tantalum Concentrate 30% CIF US$225/lb vsUS$225/mtu**\n\n**China Graphite Flake -194 FOB US$400/t vsUS$400/t**\n\n**Europe Vanadium Pentoxide 98% US$5.6/lb vsUS$5.7/lb**\n\n**Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg**\n\n**China Ilmenite Concentrate TiO2 US$210/t vsUS$1,202/t**\n\n**US Titanium Dioxide TiO2 >98% US$2,809/t vsUS$2,809/t**\n\n**China Rutile Concentrate 95% TiO2 US$1,158/t vsUS$1,157/t**\n\n**Spot CO2 Emissions EUA Price US$65.1/t vsUS$65.1/t**\n\n**Brazil Potash CFR Granular Spot US$397.5/t vsUS$397.5/t**\n\n**Germanium China 99.99% US$4,075.0/kg vsUS$4,075.0/kg**\n\n**China Gallium 99.99% US$410.0/kg vs US$410.0/kg**\n\n**Europe Molybdenum Oxide 57% US$31.5/lb vsUS$31.5/lb**\n\n**EV & Battery news****:**\n\n**California launches $3,500 EV rebate for first-time buyers, no income cap**\n\n- California Governor Gavin Newsom has signed legislation creating state rebates of $3,500 for first-time EV buyers funded by a $270m state and automaker program covering new vehicles up to $50,000 and used EVs up to $25,000.\n\n- The $50,000 cap is waived entirely for California-headquartered, EV-only automakers, that in practice benefits only Rivian and Lucid, whose cheapest models ($58,000 and $71,000 respectively) still qualify for the full rebate.\n\n- The move follows the end of the federal $7,500 EV tax credit last year, with EV sales down at least 20% ytd against H1 2025, according to Cox, and California’s own EV market share falling from nearly a quarter of new vehicle sales a year ago to 15.7% ytd through March, well below the state’s 35% target.\n\n- California’s previous rebate program ended in 2023, having spent $1.49bn to subsidise 586,000 EV purchases over a decade.\n\n**Company news****:**\n\n|   |   |   |   |   |   |\n| --- | --- | --- | --- | --- | --- |\n|  | **Overnight Change** | **Weekly Change** |  | **Overnight Change** | **Weekly Change** |\n| **BHP** | -0.7% | -0.9% | **Freeport-McMoRan** | -1.3% | -11.0% |\n| **Rio Tinto** | -0.9% | -2.0% | **Vale** | -0.3% | -4.3% |\n| **Glencore** | 2.1% | -2.6% | **Newmont Mining** | -1.7% | -7.2% |\n| **Anglo American** | 2.6% | 0.3% | **Fortescue** | -1.9% | -0.6% |\n| **Antofagasta** | 2.6% | 2.8% | **Teck Resources** | 0.0% | -8.2% |\n\n**Alphamin Resources* (AFM CN) C$1.38, Mkt Cap C$1.8bn – Higher tin prices support $167m in quarterly EBITDA, exploration continues**\n\n- DRC tin producer Alphamin reports 2Q26 results.\n\n- The Company processed 211kt of ore, up 5% over the quarter.\n\n- Feed grade fell 3% to 3.3% Sn with recoveries sliding 2%qoq to 72.8%.\n\n- Tin production flat at 5kt Sn.\n\n- EBITDA up 6%qoq to $167.3m, with AISC rising 6% to $19,000/t.\n\n- Net cash fell 35% to $91m, with average tin prices up 5% to $52k/t realised.\n\n- Lower net cash reflects the $160m in distributions to shareholders.\n\n- An interim dividend decision is due 4Q26.\n\n- Higher AISC reflects increased royalties, export duties, marketing commissions and net smelter returns following the rise in tin prices.\n\n- Company notes no Ebola cases have been reported in the Walikale health zone, where the mine operates.\n\n- Alphamin also provides an exploration update, with 3,654m drilled at Mpama South over the quarter, with five holes completed and two abandoned.\n\n- Drilling is targeting extensions of the defined resource at depth, with 3/5 holes intersecting cassiterite mineralisation.\n\nBGH206D2_T5 returned 19.3m of visible cassiterite from 426m , with two deflection holes planned to test continuity of mineralisation. Assays pending.\n\n- BGH204D1: 17.5m of visible cassiterite intersected from 524m with assays pending.\n\n- BGH203D1: 1.35m of visible cassiterite from 578m with assays pending.\n\nAudited results are due c.31st July.\n\n**SP Angel analyst(s)  hold shares in Alphamin*\n\n**Atalaya Mining (ATYM LN) 828.5p, Mkt Cap £1,222m – Copper production guidance intact as Proyecto Rio Tinto recovers from Q1’s adverse weather**\n\n- After weather-related operational challenges in Q1 2026, Atalaya Mining reports a strong Q2 production performance with 13,493t of copper output (Q1 2026 – 9,939t and Q2 2025 output 13,175t).\n\n- CEO, Alberto Lavandeira, attributed the rebound in copper output to improvements in grade, where the adverse impact of the weather in Q1 limited access to some mining areas, and to improved mill performance where copper recovery improved to 83.91% (Q1 2026 – 76.75% and Q2 2025 81.54%).\n\n- Quarterly copper output reflected mining of 4.0mt of ore (Q1 2026 – 3.4mt and Q2 2025 3.5mt) and the processing of 4.1mt of ore at an average grade of 0.39% copper (Q1 2026 – 4.1mt at 0.30% copper and Q2 2025 processing of 4.0mt at 0.43%copper).\n\n- *“Atalaya continues to expect that production for FY2026 will be at the low end of the original FY2026 guidance ranges of 50,000 – 54,000 tonnes of copper”.*\n\n- Commenting on production cost pressures including *“the Middle East conflicts**”* Atalaya Mining *“continues to see a potential increase of US$0.15 – 0.20/lb above the Company’s previously stated 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”*.\n\n- Mr. Lavandeira said that the production recovery, ‘robust’ copper prices and the *“modest cost impacts from the conflicts in the Middle East” combine to increase Atalaya Mining’s cash position to €351.2m by 30th June (31st December 2025 – €122.0m).*\n\n- Commenting on progress at the San Dionisio pit, which 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”* Atalaya Mining says that it mined 3.2mt of waste during the quarter.\n\n- Plant modifications continue at the Riotinto plant to *“allow for the simultaneous treatment of polymetallic and copper ores at Riotinto”* and work is underway *“studying the potential to produce a pyrite concentrate from its tailings streams, which could serve the sulphuric acid market”*.\n\n- Drilling work continues with two rigs deployed at the San Antonio deposit to increase *“resource confidence and* … [confirm] … *deposit limits**”*.\n\n- Infill drilling of stockwork mineralisation at the Masa Valverde deposit continues *“to confirm the continuity and expansion of the high-grade mineralisation. Preparatory surface works are ongoing ahead of a final Board decision regarding the access ramp”*.\n\n- Work continues to progress the permitting of the Touro deposit in Galicia and the company reports that the authorities of *“the Xunta de Galicia recently announced plans to launch a new tender of mining rights, and senior officials have also commented about the opportunity for Galicia to begin exploiting the many minerals found in the region that have been classified as critical by the EU**”*.\n\n- Mr. Lavandeira confirmed that *“the permitting process*… [at Touro] … * is nearing completion according to senior officials in Galicia”.*\n\n- Earlier stage exploration drilling is also progressing at the Ossa Morena project and at Proyecto Riotinto East where *“Two holes were completed at the Cerro Negro permit, targeting a coincident gravity and magnetic anomaly**”.*\n\n- The CEO welcomed “*the continued strength in the copper market, with robust demand coming from the global build-out of data centre infrastructure and supply challenges from major operations** *… [and said that Atalaya Mining enters] … *t**he second half of 2026 with strong optimism**”.*\n\n**Conclusion:** Production at Riotinto has rebounded from the weather-related setbacks of Q1 and the company confirms that production for FY2026 will be at the low end of the original FY2026 guidance ranges of 50,000 – 54,000 tonnes of copper”. Robust copper prices and production linked to a relatively impact of Middle Eastern conflict on costs leaves Atalaya Mining with a cash balance of over €350m.\n\n**Celsius Resources (CLA LN) 0.35p, Mkt Cap £13m – Appointment of non-executive Chairman**\n\n- Celsius Resources reports the appointment of a former Rio Tinto mining executive, George Bujtor, as non-executive Chairman.\n\n- Today’s announcement explains that Mr. Bujtor *“spent over 25 years with Rio Tinto, holding senior technical, development, and commercial roles in Australia* … [and] … *has been predominantly based in the Philippines since 2005, and has held a series of senior roles within the Philippine mining sector, including as Managing Director of both Toledo Mining Corporation plc … and Carmen Copper Corporation”*.\n\n- The announcement confirms that *“Peter Hume has stepped down as Interim Non-Executive Chair, but will remain on the Celsius Board”*.\n\n- Managing Director, Bardin Davis, commented that *“George brings a formidable reputation, and his extensive expertise and proven track record in the Philippines make him the perfect fit to lead our Board**”.*\n\n**Guardian Metal Resources (GMET LN) 167.5p, Mkt Cap £335m – Pipeline of Nevada tungsten, precious metals and lithium exploration projects**\n\n- Guardian Metal Resources, which published the prefeasibility study for its Pilot Mountain Tungsten Project in Nevada last month has released details of what it describes as ‘non-core’ exploration projects in Nevada.\n\n- Confirming its future focus on the Nevada tungsten projects at Pilot Mountain and Tempiute, today’s announcement describes exploration progress at other Nevada tungsten projects at the White Elephant, Pilot North and Cinch and at the precious metals projects at Garfield, Golconda and Stonewall and the Kibby Basin lithium project.\n\n- At White Elephant, where the company recently staked *“57 new BLM* … [Bureau of Land Management] … *lode mining claims* … [assays from] … *initial rock chip samples and chip channel sampling across outcropping scheelite-mineralised skarns … *[returned]* … significant tungsten grades including** 95 ft (29.0 m) @ 0.31% WO3”*.\n\n- Results from the Pilot North tungsten project, located within 20 miles of the Pilot Mountain project, the company has assayed rock chip and channel samples *“Channel sampling returned significant tungsten assays, including 95 ft (29.0 m) @ 0.18% WO3, complemented by several high-grade W-Cu-Ag grab sample results”*.\n\n- The company also reports rock chip assay sample results *“including 0.22% WO3* … [in a silicified breccia] … *and 1,950g/t Ag**”* in quartz sulphide vein material at the Cinch project in Lincoln County.\n\n- At the Garfield gold/silver/copper project *“Geological mapping has identified further epithermal precious metal mineralised structures and broad alteration footprint in the “Freeze South” and “High grade” zones, as well as an area of broader epithermal stockwork veining and mineralisation in highly silicified rhyolites”*.\n\n- Chief Executive, Oliver Friesen, said that the company’s *“exploration programme continues to demonstrate its value, with very strong tungsten, base- and precious-metal exploration results achieved across several of our Non-Core Assets and the identification and rapid claim staking of very exciting new tungsten projects including White Elephant and Cinch”.*\n\n**Conclusion**: As well as its principal tungsten projects at Pilot Mountain and Tempiute projects in Nevada Guardian Metals describes a pipeline of other tungsten exploration projects and other exploration projects in Nevada.\n\n**Hamak Strategy* (HAMA LN) 0.65p, Mkt Cap £2.94m – Exchange offer to swap warrants for shares to reduce overhang and dilution**\n\n1. Hamak Strategy Limited have announced a Warrant Exchange Offer to simplify the company’s capital structure.\n\n2. The offer is to exchange five warrants for one share in Hamak Strategy Limited to reduce the perceived overhang created by the 0.8p warrants.\n\n3. The warrants are due to expire on 3rd July 2027.\n\n4. The board sees the proposal as offering an:\n\n“equitable, transparent and cash-preserving route to reduce potential future dilution, remove a key area of uncertainty and support Hamak as it advances the Akoko Gold project workstreams.”\n\n5. The Offer is conditional on valid elections being received in respect of at least 100,000,000 eligible warrants.\n\n6. The Offer will remain open for 10 business days from the date of this announcement, 13 July 2026.\n\n7. If all 452.1m eligible warrants were swapped, then Hamak would issue ~90.4m new shares representing ~80.0% reduction in potential dilution.\n\n8. The 0.8p warrants were issued as part of a £2.5m funding announced in July last year.\n\n9. If warrant holders elect to hold and subsequently exercise all 452.1m       warrants the exercise would bring in £3.62m of cash.\n\n10. Hamak have 452.14 m shares outstanding and would suffer substantial dilution if all warrants are exercised, not accounting for the 5% Advisory and Consultants’ Board pool and the latest issue of 165,767,123 to Yorkville/YA exercisable at 1p/s which could bring in £1.66m.\n\n11. Hamak Strategy is focussed on bitcoin treasury management with 26 Bitcoin held in treasury and on exploration of the Akoko gold project in Ghana\n\n**An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy if Hamak elects to acquire Akoko.*\n\n**Ironveld (IRON LN) 0.05p. Mkt cap ~£8m – Finds a second product in waste residue**\n\n- Ironveld makes 1.4t an hour of iron mineral that meets buyers’ specifications.\n\n- The plant handles 2.5-3.5t an hour against a 5t design, and aims to reach 5t by end-July.\n\n- Two buyers have taken ~100t and are reordering.\n\n- A third buyer, which is looking for a minimum 5,000t a month, is close to receiving first samples.\n\n- Ironveld sees demand outstripping its supply even at full capacity and is looking at potential for expansion.\n\n- Management are looking to install stronger magnets to recover an additional ~1t an hour which is lost to waste as oxidised ores are weakly magnetic.\n\n- These stronger magnets are used in oil drilling, metal forming and hospital scans.\n\n- But stronger magnets may also result in more waste material requiring close attention to quality.\n\n**Orosur Mining* (OMI LN) 17.5p, Mkt Cap £67m – APTA drilling supports geological model as hole ends in mineralisation**\n\n- Orosur Mining reports assay results from the second hole drilled at the APTA project.\n\n- The Company is in the process of testing its newly developed geological model for APTA, with gold now considered to be constrained within silicified sediments and volcaniclastics.\n\n- The first hole, MAP106, in the current programme, returned a long, lower grade intersection with higher grade zones at vertical levels above previous drilling.\n\n- Hole MAP107, reported today, returned:\n\n136m at 1.91g/t Au from 112m (inc. 49m at 4g/t Au)\n\nFrustratingly, the hole was terminated above the target zone of high-grade mineralisation given difficult drilling conditions, with the hole ending in mineralisation.\nThe drilling confirms the exploration team’s thesis that the deeper zones of high-grade mineralisation are ‘*substantially larger than previously thought.’*\nThe Company believes that further assay results may support the delivery of an MRE at APTA.\nDrilling will now move eastward to target shallower mineralisation and is expected to begin in the coming week.\n\n**SP Angel acts as Nomad and Broker to Orosur Mining*\n\n**Galantas Gold* (GAL LN) 21p, Mkt Cap £174m – 20ktpd crushing plant acquired for Andacollo, first production due 1Q27**\n\n- Galantas Gold, who has recently acquired the Andacollo Gold Project in Chile, has acquired a crushing plant.\n\n- The three-stage crushing and associated agglomeration plant were acquired in Mexico for $4.2m/\n\n- The acquisition remains contingent on various approvals.\n\n- The plant holds a nominal capacity of 20ktpd and is reported to be in good operating condition.\n\n- The plant will be installed by M3 Engineering and Technology, who have commenced detailed engineering and execution activities.\n\n- The acquisition of the crushing plant will enable first gold production in 1Q27.\n\n- The Galantas team is preparing Andacollo for restart, with Robert Sedgemore leading the execution team.\n\n- Focus is on detailed engineering and site preparation, alongside recruiting and expanding the Chilean operating team.\n\n- Alongside engineering work, Galantas is advancing final environmental, permitting and regulatory activities.\n\n- Mine planning is underway alongside various infrastructure upgrades and contracting of key work packages.\n\n**Conclusion: **The acquisition of a 20ktpd crushing plant is a major development for Galantas, who have experienced a transformational turnaround since acquiring the Indiana and Andacollo projects. The plant was acquired at a highly competitive cost of $4.2m and will support the Company’s targeted first production date of 1Q27. We see the 20ktpd throughput rate as supporting >60kozpa production from next year, which will be expanded over time. This is an exciting period for Galantas as they transition from developer to producer, and we would expect the shares to rerate as the Andacollo team delivers the restart through 2H26.\n\n******SP** **Angel acts as Broker to Galantas Gold*\n\n**Rockfire Resources (ROCK LN) 0.12p, Mkt Cap £10.9m – Assay results from drilling at Malaoi, Greece**\n\n- Rockfire Resources reports assay results from its resource upgrade drilling at the Malaoi zinc project in Greece.\n\n- Laboratory assay results from Hole HMO-018 include:\n\nA 3.13m wide intersection at an average grade of 6.0% zinc, 52.7g/t silver, 1.5% lead and 18.2g/t germanium from 211.38m depth; and\n\n- A 1.3m wide intersection at an average grade of 9.1% zinc, 65.3g/t silver, 1.3% lead and 11.3g/t germanium at 240.70m depth; and\n\n- A 0.91m wide intersection at an average grade of 7.8% zinc, 38.0g/t silver, 2.0% lead and 10.9g/t germanium from 270.49m depth.\n\nThe company confirms that laboratory assay results from Holes HMO-019 and HMO-020 are awaited.\nToday’s announcement confirms that its *“**drilling contractor in Athens has informed Rockfire that the intended summer vacation for their drilling crews throughout Europe will occur during the second half of August, during which there will be no drilling activity**”*.\nCEO, David Price, said that *“Hole HMO-018 successfully infills another 50m panel both laterally and vertically. Each hole which returns good zinc, silver and germanium adds material tonnage to our targeted Indicated Resource**”.*\nHe also explained that Rockfire Resources *“**has commenced fast-tracking several technical aspects of the feasibility study for Molaoi. Quotes are being obtained to undertake studies to apply for permits to reopen the underground workings for future mining use**”.*\nIndicating the timetable, Mr. Price said that the company expects *“that studies will commence this calendar year and are expected to take approximately 4 months to complete**”.*\n\n**Conclusion**: Resource upgrade drilling at Malaoi continues to intersect multiple mineralised horizons as the company works towards starting *“several technical aspects of the feasibility study for Molaoi”.*\n\n**Shuka Minerals (SKA LN) 2.65p, Mkt Cap £3.4m ****– Drilling improves confidence in the continuity of the northern areas of mineralisation at Kabwe**\n\n- Shuka Minerals reports the completion of its eighth drillhole at the former Anglo American Kabwe zinc mine in central Zambia.\n\n- Hole KBDD-08 tests the *“previously unmined “Speaks” and “Mine Club” zones”*.\n\n- Today’s announcement confirms that mineralisation has been identified by portable X-ray (pXRF) readings in three intervals within KBDD-08 and grades *“will be verified in due course with JORC/NI 43 101 laboratory analysis and testing”*.\n\n- The company explains that *“the mineralisation thickens in the central part of the northerly area and the copper oxide mineralisation the Board expected in the central and southern areas of Speaks and Mine Club is appearing**”*.\n\n- Shuka Minerals confirms that it *“will continue to drill (KB009 and KB010) to target the southern areas of the underexplored Mine Speaks and Club orebodies**”*.\n\n- CEO, Richard Lloyd said that “*It is encouraging to see the orebody thicken and show its copper mineralisation as we head into the more central area of Speaks / Mine Club. These exploration holes are giving us confidence in north-south continuity along the entire orebody**”.*\n\n- He said that “*Historically the Speaks orebody was thought to be a lot more patchy, this is proving not to be the case**”.*\n\n**Conclusion**: Continuing drilling of the northern areas of mineralisation at Kabwe is increasing confidence in the continuity of mineralisation; formal assay results to confirm grades of the most recent holesare awaited.\n\n**Sunrise Resources (SRES LN) 0.02p Mkt Cap £1.5m – Strategy shift towards metals from industrial minerals**\n\n- Sunrise Resources reports that a strategic review of its project portfolio has concluded that it should focus on its *“its wholly owned precious and base metals assets”*.\n\n- The review explains that Sunrise Resources’ although *“industrial minerals projects have been the Company’s focus for both management time and expenditure* … [they] … *are now at the stage where these interests can be maintained and promoted to potential partners at minimal cost whilst** enabling management to focus on its precious and base metals projects”*.\n\n- The metals projects include precious metals projects at Clayton, Newark, Jackson’s Wash, Garfield and Stonewall in Nevada, the Bakers gold project in Western Australia and the Reese Ridge carbonate replacement zinc/lead/silver project in Nevada.\n\n- Executive Chairman, Patrick Cheetham, explained that the strategy was informed by *“high commodity demand and supply shortages which we expect will support metal prices over the long term*… [and said that the company was encouraged by] … *the US Governments’ strong support for domestic minerals exploration and development projects in the form of fast track permitting and project funding**”*\n\n**SP Angel – No.1 for Precious Metals: ****LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026**\n\n**No.1 for Precious Metals: ****Q1 2026**\n\n**No.1 for Precious Metals: ****CY 2025**\n\n**No.1 in Precious Metals: ****Q1 2025**\n\n**No.1 in Precious Metals: ****CY 2024**\n\n**No.2 in Base Metals: ****CY 2024**\n\n**Analysts**\n\n**John Meyer –**[John.Meyer@spangel.co.uk](mailto:John.Meyer@spangel.co.uk)** – 0203 470 0490**\n\n**Simon Beardsmore – **[Simon.Beardsmore@spangel.co.uk](mailto:Simon.Beardsmore@spangel.co.uk)** – 0203 470 0484**\n\n**Sergey Raevskiy –**[Sergey.Raevskiy@spangel.co.uk](mailto:Sergey.Raevskiy@spangel.co.uk)** – 0203 470 0474**\n\n**Arthur Parish – **[Arthur.Parish@spangel.co.uk](mailto:Arthur.Parish@spangel.co.uk)** – 0203 470 0476**\n\n**Sales**\n\n**Richard Parlons –**[Richard.Parlons@spangel.co.uk](mailto:Richard.Parlons@spangel.co.uk)** – 0203 470 0472**\n\n**Abigail Wayne –**[Abigail.Wayne@spangel.co.uk](mailto:Abigail.Wayne@spangel.co.uk)** ****– 0203 470 0534**\n\n**Rob Rees –**[Rob.Rees@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk)[ ](mailto:Rob.Rees@spangel.co.uk)**– 0203 470 0535**\n\n**Grant Barker ****– ****Grant.Barker**[@spangel.co.uk](mailto:Rob.Rees@spangel.co.uk%20-)[ ](mailto:Rob.Rees@spangel.co.uk%20-)**– 0203 470 0471**\n\n**Prince** Frederick House\n\n35-39 Maddox Street\n\nLondon, W1S 2PP\n\n*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)*\n\n**+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.**\n\n|   |   |\n| --- | --- |\n| Sources of commodity prices |   |\n| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |\n| Gold ETFs, Steel | Bloomberg |\n| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |\n| Oil Brent | ICE |\n| Natural Gas, Uranium, Iron Ore | NYMEX |\n| Thermal Coal | Bloomberg OTC Composite |\n| Coking Coal | SSY |\n| RRE | Steelhome |\n\n-\n\n|   |   |\n| --- | --- |\n| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |\n|  |  |\n\n**DISCLAIMER**\n\nThis note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.\n\nThis note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.\n\nThis note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.\n\nThis note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. 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If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins ([tim.jenkins@spangel.co.uk](mailto:tim.jenkins@spangel.co.uk)).\n\nSPA 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\n\nSP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange\n\n**Disclaimer**\n\nThe information contained in this communication from the sender is confidential. It is intended solely for use by the recipient and others authorized to receive it. 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