SP Angel – Today’s Market View, Tuesday 15th September 2026

Copper holds near $14,000 as fresh deliveries ease the squeeze

MiFID II exempt information – see disclaimer below

Blue Moon Metals (MOON CN) – $150m from the US Department of War for the Springer tungsten complex, Nevada

Cobra Resources (COBR LN) – ANSTO test work to remove radionuclides helps with potential production of REEs

First Development Resources (FDR LN) – Drilling at Lander West confirms gold mineralisation in bedrock with 7m grading 0.40g/t at 50m

Orosur Mining* (OMI LN) – El Cedro shows meaningful, long intersection of gold mineralisation from surface

Premier African Minerals (PREM LN) – Shareholder update

Tertiary Minerals* (TYM LN) – Phase 4 drill results deliver best silver-copper intersection to date at Mushima North in Zambia

Thor Explorations (THR LN) – Maiden drilling results from the Marahui Gold Project, Cote d’Ivoire

Tungsten West (TUN LN) – Restart of processing operations during the NWF site visit

URU Metals* (URU LN) – Drilling contractor selection reaches final stage at Zeb, South Africa

Copper ($14,004/t) – Copper holds near $14,000 as fresh deliveries ease the squeeze

• LME warehouses took 9,600t of copper on Monday, their biggest delivery in almost four weeks.
• Copper for delivery in three months now costs $85.75/t more than metal today, which points to plenty of supply around.
• Traders had been diverting metal to the US ahead of expected tariffs, leaving the rest of the world short.
• Traders are increasingly concerned Trump will hold off the imposition of Tariffs on copper as it doesn’t make much sense.
• Comex stocks fell slightly to 767,504 short tons, ending 58 straight days of increases.
• Chinese retail sales and other data land today, with the Fed expected to raise rates this week.

Russia bans sulphuric acid exports to the end of the year

• Russia has temporarily banned sulphuric acid exports, under a resolution signed on 12 September (Interfax).
• The ban takes effect ten days after publication and runs to 31 December.
• Moscow says the aim is to keep its own industry and fertiliser makers supplied.
• Shipments can still go ahead if the prime minister or a deputy approves them, or as transit cargo.
• It follows a restriction on technical sulphur exports in November 2025.
• China banned its own acid exports in May, with one confirmed cargo since.
• Miners in Chile, the DRC and Zambia import acid to leach copper from ore.
• The Russian ban may impact SXEW processing of copper in Kazakhstan.
• Central Asia Metals buy their sulphuric acid from a local smelter just 18km from the Kounrad site in Kazakhstan.

Lobito Atlantic Railway expects to move ~200,000t of copper on the rail route from the DRC to Lobito port in Angola this year

• The newly refurbished railway plans to carry ~400,000t of goods in total following shipments of 27,000t in July.
• The route will remove around 10,000 lorries from the roads through Zambia, Zimbabwe and Tanzania
• The US DFC have pledged $753m in financing with a first $300m drawn down.

Gold ($4,288/oz) – Gold at a five-week low as oil disruption firms the case for a Fed rise

• Gold trades around $4,300/oz, after falling more than 1% Monday to a five-week low.
• It is down more than 3% in September, having traded above $4,700/oz in late August.
• Traders now price a 92% chance of a rise when the Fed meets this week.
• Saudi Arabia closed its East-West pipeline after attacks last week, putting millions of barrels a day at risk.
• That pipeline was the route around the Strait of Hormuz, and the Kingdom has not said how long the halt lasts.
• Harmony reports a fatality at Mponeng in South Africa after ground movement, with work in that area suspended.

Uranium ($89.9/lb) – Saudi Arabia reports 110mt of uranium-bearing ore in Medina

• Energy Minister Prince Abdulaziz bin Salman announced the estimate at the IAEA conference in Vienna.
• The ore is said to carry high concentrations of heavy rare earths alongside promising uranium.
• No uranium grade or contained tonnage was given.
• The Kingdom is also studying recovery of uranium as a by-product of fertiliser production.
• It signed a 30-year nuclear agreement with the US in July, which could allow enrichment on Saudi soil.

Uranium – Russia bans export of sulphuric acid till the year-end

• Last year Russia banned the export of elemental sulphur. The ban remains in place.
• By far the most Russian sulphuric acid goes to Kazakhstan where it is used for In-situ Leaching of uranium by Kazatomprom.
• Kazatomprom uses 1.2-1.5mt of sulphuric acid a year in its ISL operations with the rest of the mining industry using around 0.35-0.65mtpa.
• Uranium exports account for around $4.2-4.6bnpa or 1.5-2% of Kazak GDP. Mining makes up 12-14% of GDP.
• Kazakhstan uses 1.85-3mt of sulphuric acid with imports from Russia and Turkmenistan.
• Any interruption of sulphuric acid for to uranium ISL production in Kazakhstan could cause uranium prices to rise.
• EuroChem, a Russian fertilizer company, recently commissioned a new 800,000tpa capacity sulphuric acid production plant in Kazakhstan.
• The plant is part of a larger phosphate ore mining and fertilizer / chemical complex with total investment >$1bn.
• President Tokayev of Kazakhstan has openly questioned the logic of Putin’s war against Ukraine telling Putin the war should end and calling for the conflict to be ‘frozen’ in personal meeting with Putin.
• Tokayev is a brave man. Last year Tokayev and Putin signed a Declaration of Strategic Partnership between Russia and Kazakhstan in support of the Eurasian Economic Union and in coordination with the Shanghai Cooperation Organisation.

Conclusion: the Russian acid ban looks like a shot across the bows for Tokayev with Putin demonstrating how Russia can hit the Kazakh economy. Putin is very sensitive to criticism of his war against Ukraine.

Currencies

US$1.1539/eur vs 1.1554/eur previous. Yen 154.87/$ vs 154.38/$. SAr 16.300/$ vs 16.193/$. $1.348/gbp vs $1.350/gbp. 0.712/aud vs 0.714/aud. CNY 6.713/$ vs 6.708/$.

Dollar Index 99.62 vs 99.43 previous.

Economics

US – 10y bond yields cross the 5% mark amid a sell off in debt on rising inflation expectations as well as national debt and fiscal deficit levels

• Diversification of FX reserves away from the US$ by global central banks as well as competition with corporate borrowers also weigh on bond yields.
• The Fed head is facing a credibility test later this week with expectations for the central bank to raise rates with another likely before the end of the year.
• With less than two months before the US midterm elections, the 10y yield is now nearly 1pp above the level before the outbreak of the Iran war.
• 10y yields hit 5.04%, the highest level since 2023.

China – Growth momentum remains weak with domestic demand and construction continuing to struggle

• Retail sales were up 0.4%yoy in August (0.8% est) with property sales down 13.1%yoy YTD and home prices falling further.
• Industrial production growth came in ahead of expectations accelerating to 5.2%, up from 4.5% in July, driven by double digit growth in exports.
• Retail Sales YoY (Aug / Jul / Est): 0.4 / 0.6 / 0.8
• Retail Sales YTD (Aug / Jul / Est): 1.1 / 1.2 / NA
• Industrial Production YoY (Aug / Jul / Est): 5.2 / 4.5 / 4.8
• Industrial Production YTD (Aug / Jul / Est): 5.3 / 5.3 / NA
• Fixed Assets Investment YTD (Aug / Jul / Est): -7.2 / -6.7 / -7.1
• Property Investment YTD (Aug / Jul / Est): -19.9 / -19.2 / -20.1
• Residential Property Sales YTD (Aug / Jul / Est): -13.1 / -13.2 / NA
• New Home Prices MoM (Aug / Jul / Est): -0.17 / -0.18 / NA

UK – Payrolls fall more than forecast hitting the quickest rate in nine months

• The economy lost 26k jobs in August with unemployment rate at 4.9% in three months to July.
• Demand for workers remains weak with job vacancies falling 8k to a fresh five year low of 702k.
• The pound is down 0.2% at ~1.3475.
• Average Weekly Earnings 3M/YoY (Jul / Jun / Est): 3.9 / 4.2 (prev 4.1) / 3.9
• Weekly Earnings ex Bonus 3M/YoY (Jul / Jun / Est): 3.5 / 3.5 / 3.5
• ILO Unemployment Rate 3M (Jul / Jun / Est): 4.9 / 4.9 / 4.9
• Payrolled Employees Change MoM (Aug / Jul / Est): -26k / -19k (prev -13k) / -5k

Precious metals:

Gold US$4,288/oz vs US$4,316/oz previous

Gold ETFs 100.0moz vs 100.0moz previous

Platinum US$1,762/oz vs US$1,788/oz previous

Palladium US$1,288/oz vs US$1,293/oz previous

Silver US$63.0/oz vs US$63.6/oz previous

Silver ETFs 803.0moz vs 803.0moz previous

Rhodium US$9,550/oz vs US$9,725/oz previous

Base metals:

Copper US$14,004/t vs US$14,169/t previous

Aluminium US$3,247/t vs US$3,261/t previous

Nickel US$16,295/t vs US$16,440/t previous

Zinc US$3,771/t vs US$3,852/t previous

Lead US$1,876/t vs US$1,873/t previous

Tin US$51,505/t vs US$52,700/t previous

Energy:

Oil US$107.4/bbl vs US$107.4/bbl previous

• Crude oil prices remain elevated as President Zelenskyy committed to halting attacks on Russian energy targets if Moscow ceases attacks on Ukraine’s energy infrastructure.

Natural Gas €82.0/MWh vs €83.8/MWh previous

Uranium Futures $89.9/lb vs $90.0/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$95.4/t vs US$95.7/t

Chinese steel rebar 25mm US$473.8/t vs US$474.0/t

HCC FOB Australia US$276.0/t vs US$268.0/t

Thermal coal swap Australia FOB US$148.3/t vs US$147.5/t

Other:

Cobalt LME 3m US$41,200/t vs US$41,850/t

NdPr Rare Earth Oxide (China) US$108,887/t vs US$108,979/t

Lithium Carbonate 99% (China) US$19,588/t vs US$20,052/t

China Spodumene Li2O 6%min CIF US$1,915/t vs US$1,920/t

Ferro-Manganese European Mn78% min US$1,055/t vs US$1,055/t

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

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

China Tantalum Concentrate 30% CIF US$239/lb vs US$238/mtu

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

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.3/kg vs US$24.6/kg

China Ilmenite Concentrate TiO2 US$185/t vs US$186/t

US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t

China Rutile Concentrate 95% TiO2 US$1,169/t vs US$1,170/t

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

Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg

China Gallium 99.99% US$440.0/kg vs US$440.0/kg

Europe Molybdenum Oxide 57% US$34.0/lb vs US$33.5/lb

EV & Battery news:

BYD to launch heavy-duty electric truck in Europe next year, eyeing local production to “become a European company”

• BYD plans to launch its first heavy-duty truck in Europe next year and eventually manufacture trucks locally, executive vice president Stella Li said at the IAA trade fair in Hanover on Monday, adding “once you move everything produced locally, it’s okay, we become a European company.”
• Local production would help BYD sidestep import tariffs, with European manufacturers including Traton’s MAN brand pushing the EU to apply similar duties on Chinese electric trucks as already exist for Chinese EVs.
• Li said tariffs amount to only short-term pressure until local production ramps up.
• BYD plans to offer fleet operators a bundled package including financing, solar-powered charging infrastructure, and a workshop network backed by mobile roadside assistance.
• The truck push comes alongside BYD’s expanding passenger-car footprint in Europe, with its Szeged, Hungary factory due to start mass production next year.

Company news:

Blue Moon Metals (MOON CN) C$7.90, Mkt Cap C$788m – $150m from the US Department of War for the Springer tungsten complex, Nevada

• The US Department of War is putting $450m into The Elmet Group, with $150m designated for Springer.
• Blue Moon signed a binding agreement with Elmet and EQ Resources on 11 September.
• The DoW has completed a NEPA environmental review of Springer.
• The deal:
  • Elmet invests around $150m, with $25m more held back by Elmet and EQ if needed
  • A joint venture will own the APT plant, while Blue Moon keeps the mine and mill
  • Elmet takes a stake in Blue Moon and seats on both boards
  • Elmet lends $50m repaid in concentrate, $25m at closing within 45 days and $25m on milestones
  • EQ and Blue Moon will both supply concentrate to the plant at market prices
  • A site sharing agreement covers land, buildings, utilities, water, and services
  • EQ says it takes 10% of the plant and will supply 4,000t of contained WO3 a year for eight years
• Springer:
  • At Imlay, Nevada, once one of the largest US tungsten mines
  • Open pit and underground workings, a 1,200tpd mill, and an APT plant able to make 4,000tpa
  • The site is mostly on owned land and already has water, power, gas and rail access
  • Nevada approved the bonding on 20 August, with the mine due back in 4Q27 and the plant in 2H28
  • That would be North America’s first material tungsten concentrate output
  • The 1984 resource of 10.7mt @ 0.45% WO3 does not meet current standards, with drilling to follow
• Blue Moon also holds 33 tungsten and antimony projects in the western US, plus the Apex germanium and gallium mine in Utah.
• CEO Christian Kargl-Simard commented: “This is a great day for the U.S. with regards to providing a major boost to the U.S. tungsten supply chain.”

Cobra Resources (COBR LN) 4.25p, Mkt Cap £46m – ANSTO test work to remove radionuclides helps with potential production of REEs

• Cobra Resources report the result of test work by ANSTO, the Australian Nuclear Scientific Technology Organisation that does allot of good work on the sorting and processing of raw materials.
• ANSTO has tested material from Cobra’s Boland project in Wudinna using its proprietary radionuclide removal technology removing >97% radium with up to 90% actinium removed.
• Critically, >90% of the magnet and heavy Rare Eart Elements were retained.
• The results will now go to form a new engineering design and the Scoping Study for an upgraded MREC product with an enhanced weighting of magnet and heavy REEs with lower radionuclides.
• The team will now work on further testing of the MREC product, optimisation of the In-Situ Leaching process solution and further evaluation of the resource and recovery rates.
• Cobra continues to test recoveries and the technical and economic potential for ISR recovery of REEs at Boland to help determine future engineering design and project economics.
• Recent assays reported in July showed:
  • 2.35m at 1,567ppm TREO (505ppm Nd+Pr and 17 ppm Dy+Tb) from 11m – (Garford formation)
    • Significant zones of mineralisation seen within the Garford and Narlaby formations, above the Pidinga formation which will form part of the resource estimation
  • 4.4m at 710ppm TREO (142ppm Nd+Pr and 14 ppm Dy+Tb) from 27.1m (Pidinga Formation)
  • 2.8m at 504ppm TREO (106ppm Nd+Pr and 14 ppm Dy+Tb) from 36.1m (Pidinga Formation)
  • 2.75m at 916ppm TREO (194ppm Nd+Pr and 14 ppm Dy+Tb) from 38.3m (Pidinga Formation)
• ERM is working on a new Mineral Resource Estimate

Conclusion: The removal of the radionuclides by ANSTO is critical for the transport and sale of an MREC REE product.

Ongoing test work may possibly result in the further processing of the intermediate MREC product into end-product REE oxides.

First Development Resources (FDR LN) 1.95p, Mkt Cap £2.7m – Drilling at Lander West confirms gold mineralisation in bedrock with 7m grading 0.40g/t at 50m

• First Development Resources confirm the discovery of gold in bedrock at 50m downhole at Lander West, Selta Project in the Northern Territory, Australia.
• All of the first six drill holes have encountered gold anomalism. It is a very good start to the 1,593m programme.
• Red Handed prospect within Lander West
  • Drill hole 26LWR08 returned:
    • 7m  grading 0.40 g/t Au from 50m downhole
      • Inc. 2m grading 0.98 g/t Au, with a peak 1m assay of 1.11 g/t Au.
• The results validate historical RAB drilling results from Normandy NFM Ltd in 1995-1998)
• The results also confirm historical hole RHB108 which returned 16m grading 0.30 g/t Au from 12m, inc. 2m grading 1.93 g/t Au.
  • Drillhole 26LWR02 also intersected:
    • 8m @ 0.32% Cu from 47m downhole,
      • Inc. 5m @ 0.39% Cu, with a peak 1m assay of 0.58% Cu.
• The significance of this copper mineralisation is being assessed within the broader mineralising system.

Conclusion: The validation of historic drilling is a good start towards the potential for further discovery at the Red Handed prospect on Lander West.

We look forward to further results from the RC drilling and future programmes

Orosur Mining* (OMI LN) 14.19p, Mkt Cap £52m – El Cedro shows meaningful, long intersection of gold mineralisation from surface

(Minera Anzá, and Minera Monte Aguila are wholly owned subsidiaries of Orosur)

• Orosur Mining report the identification of gold mineralisation from surface at the El Cedro prospect on the Anzá project area in Colombia.
• Anzá is within the Mid-Cauca gold belt, west of Medellín.
• Drilling also intersected the Target vein system at 100m, as anticipated. Assays will be reported shortly.
• El Cedro, drill hole CED001:
  • 61.35m grading 0.93g/t Au – from surface
    • Inc. 42.15m grading 1.02 g/t from 19m
• Drilling is at 130m with samples from 61.3m to 86m submitted for assay this week. The drillhole is targeting a total depth of 500m.
• Channel sampling of the surface veins on which CED001 was targeted returned values of up to 8.83 g/t gold. Indications suggest gold grades may increase with depth.
• El Cedro hosts a cluster of gold/copper porphyry intrusions and associated flanking hydrothermal systems
• Mineralisation:
• The upper part of drillhole CED001 shows a complex sequence of strongly altered and locally brecciated rocks displaying evidence of multiple hydrothermal events.
• These rocks contain porphyritic igneous and host-rock fragments affected by secondary biotite alteration and subsequent quartz-feldspar-related veining indicating a potential multi-stage intrusive-hydrothermal system.
• An early high-temperature alteration event subsequently affected by repeated fracturing, brecciation, silicification and sulphide-bearing fluid flow.
• CED001 was located to test the flanks of the northern intrusion at El Cedro and to intersect possible down dip extensions of multiple high grade vein systems that are visible in the adjacent creek system.
• Other prospects within the Anzá license area
• APTA:  high-grade body of gold mineralisation with ~40,000m of drilling since 2012. Drilling is ongoing.
• Pepas: Shallow, high-grade ore body of gold mineralisation with NI43-101 MRE:
  • Indicated: 1.14mt at an average grade of 5.46g/t gold hosting ~201koz; and
  • Inferred: 190kt at an average grade of 2.99g/t adding a further 18koz.

Conclusion:  The mineralisation described in CED001 sounds like the sort of alteration event that can host large scale and promising mineralisation.

The presence of 61.35m grading 0.93g/t gold from surface is a very good start to the drill program.

*SP Angel acts as Nomad and Broker to Orosur Mining

Premier African Minerals (PREM LN) 0.007p, Mkt Cap 3m – Shareholder update

• The Company issued a shareholder update outlining its funding, operational and corporate position following the GM Notice.
• The update is reported to have been prompted by questions from shareholders post the notice announcement.
• The team is focused on reaching sustainable commercial production at the Zulu Lithium Mine that would help improve the current financial position.
• The Company reiterated its funding planned $19.1m capital investment requirement through 31 December 2027.
• The team stressed this is not the amount to be raised via Premier-level equity.
• The external requirement will depend on concentrate cash generation and on strategic, project-level, offtake or debt funding.
• The Board is seeking a share issuance authority for ~59B shares (~43B currently in issue) at the GM.
• The Board says it does not expect to use the authority in full and will prefer alternative financing where available.
• Zulu Lithium flotation plant re-start and optimisation is expected by the end of October 2026.
• The objective is to reach 2,000pm spodumene concentrate production rates.
• No production, revenue or cost guidance is provided at this point.
• The Company also updates on historic liabilities due to J R Goddard Contracting (JRG).
• The payment that was due 11 September 2026 has not been made with JRG now able to resume enforcement, including the previously obtained attachment order; settlement talks continue with no assurance.
• Separately, the Company agreed with Canmax Technologies to extend the Long Stop Date under the Restated Offtake and Prepayment Agreement for Zulu (originally August 2023) to 31 December 2026.
• Canmax is owed ~US$49m.

Tertiary Minerals* (TYM LN) 0.074p, Mkt Cap £5m – Phase 4 drill results deliver best silver-copper intersection to date at Mushima North in Zambia

• Tertiary Minerals report a third batch of laboratory results from Phase 4 drilling at the Discovery Zone, Target A1, Mushima North.
• All thirteen holes intersected near surface silver-copper-zinc mineralisation, with several ending in mineralisation.
• Best intersection to date on the Project:
  • 121m at 56g/t Ag, 0.26% Cu and 0.37% Zn (78 g/t Ag eq.) from 4m downhole – ends in mineralisation.
    • Including 52m at 99g/t Ag, 0.41% Cu and 0.43% Zn (130 g/t Ag eq.) from 39m downhole.
    • And 10m at 165g/t Ag, 1.01% Cu and 0.78% Zn (238 g/t Ag eq.) from 80m downhole.
• Further intersections (downhole widths, true widths unknown):
  • 51m at 67g/t Ag, 0.16% Cu and 0.38% Zn (83 g/t Ag eq.) from 28m downhole – ends in mineralisation.
  • 60m at 32g/t Ag, 0.08% Cu and 0.41% Zn (44 g/t Ag eq.) from 39m downhole.
• Highest silver assay to date on the Project at 471 g/t.
• Results now released for 25 of the 39 (3,639m) RC holes, with more to come.
• Drilling was limited to 128m vertical depth by the rig’s capability and a higher-than-expected water table.
• Bismuth, antimony, and cobalt also present, though their potential has yet to be evaluated.
• Target A1 carries an Exploration Target of 15-30mt at 40-60 g/t Ag eq., 28km east of the Kalengwa mine.

Conclusion: A positive result, with the best intersection to date running 121m from 4m depth and mineralisation still open at depth.

*SP Angel acts as Nomad and Broker to Tertiary Minerals

Thor Explorations (THR LN) 66p, Mkt Cap £451m – Maiden drilling results from the Marahui Gold Project, Cote d’Ivoire

• The Company released maiden exploration drilling results from the Marahui Gold Project in northeastern Cote d’Ivoire.
• The team completed 18,439m (171 holes) of its budgeted 25,000m RC drilling programme.
• Selected drilling results include:
  • Drillhole MRRC26-008 – 6m at 5.60 g/t Au from 129m
  • Drillhole MRRC26-012 – 9m at 5.40 g/t Au from 40m
  • Drillhole MRRC26-115 – 6m at 6.20 g/t Au from 74m
  • Drillhole MRRC26-053 – 8m at 3.60 g/t Au from 35m
  • Drillhole MRRC26-143 – 8m at 3.40 g/t Au from 50m
  • Drillhole MRRC26-052 – 5m at 3.60 g/t Au from 75m
• True widths are ~80%.
• Gold mineralisation occurs in a subvertical, en-echelon vein array within a north-westerly-trending shear zone approximately 200m wide and extending for more than 4km along strike.
• Drilling to date has tested approximately 30% of the overall geological trend.
• Further geochemical anomalies identified along the trend are planned to be drill tested in the coming months.
• The project includes the 100% owned Guitry Gold Exploration Project and an option to earn up to an 80% interest in Boundiali Exploration Permit.

Tungsten West (TUN LN) 51p, Mkt Cap £746m – Restart of processing operations during the NWF site visit

• The Company announces start of processing of the Hemerdon Tungsten-Tin Mine in Devon, UK.
• The restart follows the £71m National Wealth Fund investment announced earlier in August.
• NWF CEO Oliver Holbourn visited site to mark first processing.
• Previously released restart programme included:
  • Restart of fines gravity circuit processing using a third party mobile crushing and wash plant and treating onsite stockpiles
  • Restart of coarse gravity circuit with feedstock sourced from exposed ore in the pit with minimal stripping
  • Full project commissioning (1Q27) with a ramp up to follow to nameplate capacity of 500tph over the course of 2027.

URU Metals* (URU LN) 4.07p, Mkt Cap £3.9m – Drilling contractor selection reaches final stage at Zeb, South Africa

• URU has moved to the final commercial stage of picking a drilling contractor for Zeb in Limpopo.
• Final proposals are in from qualified diamond drilling contractors.
• Selection rests on commercial terms, rig availability, mobilisation timing, technical capability, and safety record.
• The programme comes straight from the Leapfrog model completed this month.
• First drilling targets the higher-grade Zone 2 in the southeast, to build enough density for a maiden resource.
• Later holes will test how far Zone 2 continues into less well-defined ground.
• Target 1, an EM conductor sitting on a gravity anomaly, will be tested early for semi-massive to massive Ni-Cu-PGE sulphides.
• The Company expects its next update to name the contractor and give a start date.
• Exploration Manager Richard Montjoie commented: “We have now converted the drill plan into a contractor-ready programme.”

*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

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 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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