SP Angel – Today’s Market View, Tuesday 16th June 2026

Gold holds higher ground as markets rebound and central banks look to add bullion

MiFID II exempt information – see disclaimer below

Galantas Gold* (GAL LN) –Special Resolutions pass and appointment of experienced CFO

Galileo Resources (GLR LN) – Sale of Botswana prospecting licences to support projects in Zambia and Zimbabwe

Great Southern Copper (GSCU LN) – Scout drilling starts at the Artemisa South target in Chile

Montage Gold (MAU CN) – High-grade satellite deposits beat exploration target

Surge Copper (SURG CN) –Berg copper-molybdenum project PFS shows 140ktpa CuEq open pit operation

St George Mining (SGQ AU) SUSPENDED – Equity raise

Gold ($4,344/oz) holds higher ground as markets rebound and central banks look to add bullion

• Gold prices have held their higher levels having rallied 3% again yesterday.
• The metal is now up $300/oz since Friday’s lows.
• Gold was hit hard by a combination of stronger US labour data and reignition of aggression in the Middle East.
• The market has now begun pricing in a peace deal, with crude oil down sharply, sliding below $78/bbl.
• The dollar has held relatively strong despite the reversal of several Iran-driven trades, limiting the precious metal rally.
• However, gold looks fundamentally strong here as global central banks remain bullish on the metal.
• Whilst the World Gold Council reports major selling through 1Q26 from Turkey (-79t) and Russia (-22t), significant buying was recorded by Poland (31t), Uzbekistan (25t) and Kazakhstan (12.6t).
• Whilst China reported 7t of additions, analysts suggest this number is likely larger given the various stealth routes China pursues to add to its bullion reserves.
• Gold mining equities continue to recover, with the Van Eck miners’ index up 6.6% in yesterday’s trading as investors take advantage of oversold producers.

WGC survey shows more central banks are repatriating gold from London and New York.

• The drive follows rising “geopolitical concerns” and “fears about maintaining full access to your gold at all times”, the survey said.
• 57% respondents said they store gold in the BoE, down from 64% last year.
• 14% in New York, down from 17%.
• The number of respondents who store gold at the BIS has increased slightly.

Nickel prices rise as Indonesia state control tightens and higher input costs hit margins

• ESDM (Indonesia’s energy & minerals ministry) approved 664 mining work plans on 12 June.
• All Indonesian FeNi exports must now pass through PT Danantara (DSI), adding cost and time for RKEF ‘Rotary Kiln-Electric Furnaces’ which convert ore into ferronickel.
• RKEF margins were already squeezed by a new ore pricing formula, adding up to US$600/t on ore plus high energy costs with RKEF smelters highly exposed.

China sounds alarm over Indonesia policy as $50bn of investment hangs in the balance

• China has told Indonesia that about $50bn of nickel investment is in danger ($30bn already spent, $20bn planned) (FT).
• The news  came in a letter from China’s embassy to the energy ministry in April after Indonesia cut mining quotas and brought in a new ore prices rule.
• The moves raised the cost of making battery-grade nickel by nearly 200%.
• China also says nickel exports could drop by about $23bn a year, with up to 400,000 jobs at risk.
• But Indonesia knows that by restricting nickel exports, prices should rise increasing royalty and tax revenues from the Chinese firms which run most of Indonesia’s nickel sector.
• Indonesia, which now produces ~2/3rds of the world’s refined nickel, can easily raise prices through simple policy changes.

Tin – PT Timah’s Full Year 2025 result shows strong volumes, tight supply, and new demand

• PT Timah just released its FY25 results: The firm is holding onto 50% of its profit (~US$37m) to lift capacity and rebuild reserves.
• Reserves are thinning with ~10 to 15 years of life left. Full-year net profit was ~US$74m.
• Q1-26 output rose 82% yoy and sales 113% yoy as tin prices rose >US$55,000/t, showing the turnaround is real and not just price-driven.
• PT Timah expect demand to double from around 380kt a year on solar and data centres as supply remains tight.

Iran – MoU with Iran allows 60 days of negotiation to resolve Iran’s nuclear programme the opening of the Strait of Hormuz, sanctions, assets and reparations

• We suspect negotiations will run on and off for years with significant potential for a return to kinetic strikes on both sides.

Regime change – but maybe not as we know it

• In Colombia, the FARC were said by locals to have opted for peace because they got old and living in the jungle isn’t much fun when you’re old.
• In Iran, the IRGC has had a good shaking up and have had more time to reflect on the prospects of continuing its conflict against Iran and US forces.
• The Ayatollah and IRGC will also be conscious of the ongoing war against Hezbollah in Lebanon where its proxy forces are being reduced.
• The IRGC will also be preparing for the funeral ceremony of the late supreme leader in the city of Qom on 7^th July with the burial on 9^th July.

Trump warned of possible attacks on Iranian power plants and bridges following drone and missiles attacks on US bases in the Gulf

• Major gaps have been reported in US-Iran nuclear negotiations, particularly in the duration of uranium enrichment restrictions, dismantlement of facilities and how to deal with the uranium stockpile (NY Times)
• Iran is reported to be asking for a 10-year enrichment limit with Trump demanding 15 years.
• Iran is said to be willing to dismantle two of its three primary nuclear sites with the US demanding all three dismantled.
• Ongoing maritime security incidents near Yemen and Oman according to with a small craft carrying six armed individuals approaching a vessel south of Yemen. The ships security team returned fire.
• Iran is reported to have agreed to halt attacks on Israel after the US unfroze $3bn of Iranian assets transferred from Abu Dhabi to Tehran including US assurances Israel would limit attacks in Lebanon in an arrangement mediated by a Qatari delegation.
• Trump says “Ships are starting to move, many loaded up with oil, out of the Strait of Hormuz. They are going along the southern ‘highway’, which is totally safe, secure, and pristine. There are other areas of travel, also”.
• The Strait of Hormuz remains closed to all vessels at the entry and exit passage according to an Islamic Republic Iran Broadcasting correspondent.

Qatar is planning to accelerate a restart of LNG production facilities following a reopening of the Strait of Hormuz

• Production is expected to run at 50% capacity a month after the Strait is open and ~80% within two months, Bloomberg writes.

Currencies

US$1.1588/eur vs 1.6060/eur previous. Yen 160.25/$ vs 160.10/$. SAr 16.197/$ vs 16.170/$. $1.341/gbp vs $1.343/gbp. 0.706/aud vs 0.707/aud. CNY 6.759/$ vs 6.757/$.

Dollar Index 99.70 vs 99.53 previous. 

Economics

US – Industrial production rose 1.7% yoy in May vs 1.4% yoy in April and 0.1% mom in May vs 0.9% in April

• Manufacturing output rose 1.4% yoy in May vs 1.2% in April and 0.6% mom in May vs 0.7% mom in April
• Capacity utilisation rose 76.2% in May vs 76.1% in April
• US NY Empire State manufacturing index fell to 5.7 in June vs 19.6 in May
• NAHB housing market index ticked lower to 35 in June vs 37 in May
• Fed to announce it interest rate decision tomorrow

China – Consumer spending and investment disappoint falling to levels unseen since the pandemic.

• Industrial production, on the other hand, climbed helped by exports and tech related industries.
• Property market continues to struggle with investment and sales continue to fall in double digits.
• Retail Sales (%yoy, May / Apr / Est): -0.6 / 0.2 / -0.2
• Retail Sales (%YTD, May / Apr / Est): 1.4 / 1.9 / 1.4
• Industrial Production (%yoy, May / Apr / Est): 4.5 / 4.1 / 4.4
• Industrial Production (%YTD, May / Apr / Est): 5.4 / 5.6 / 5.3
• FAI (%YTD May / Apr / Est): -4.1 / -1.6 / -2.3
• Property Investment (%YTD May / Apr / Est): -16.2 / -13.7 / -14.0
• Residential Property Sales (%YTD May / Apr / Est): -14.1 / -15.7 / NA

Trade deficit with Europe hits €1bn a day

• The trade deficit rose to €31.9bn in April (Eurostat).
• European leaders are due to meet on Thursday on the trade imbalance and the threat of growing competition from Chinese EVs, components and chemicals.
• Part of the trade imbalance if from EU manufacturers such as VW manufacturing in China and bring vehicles back into the EU.
• Manufacturing is China is now seen as producing cheaper and better quality vehicles without unionised labour
• If the EU moves to restrict the import of components and chemicals it will effectively raise inflation through the use of higher cost goods.
• PBoC to decide on interest rates next Tuesday on 1 and 3year prime loan rates.

Japan – The BoJ raised rates by 25bp to 1.0%, in line with expectations, citing climbing inflation concerns.

• This marks the highest level since 1995.
• A one more hike is expected before year end.
• At the same time the BOJ announced it will pause the pace of tapering to its monthly bond purchases and target ~JPY2tn per month from April 2027.
• The level is argued to match the pre ultra loose monetary policy levels.
• That compares to ~JPY6tn when taper started mid 2024.
• The Yen continues at ~30year low of 160 to the US$

UK – BoE to decide on any change to interest rates on Thursday

• We expect the BoE to follow the US to defend Sterling.

EU – ECB raised rates last week by 0.25% to 2.4%.

India – Wholesale prices rose 9.7% yoy in May vs 8.3% in April

Saudi Arabia – Inflation rose 1.8% yoy in May vs 1.7% yoy in April and 0.2% mom in May vs 0.2% in April

• Wholesale prices 4.6% yoy (3.3%)

Germany – Wholesale prices fell -0.6% tot in May vs 2% in April

• Wholesale prices rose 5.9% yoy in May vs 6.3% in April

Precious metals:

Gold US$4,326/oz vs US$4,326/oz previous

Gold ETFs 97.2moz vs 97.6moz previous

Platinum US$1,783/oz vs US$1,779/oz previous

Palladium US$1,342/oz vs US$1,343/oz previous

Silver US$69.9/oz vs US$70.4/oz previous

Silver ETFs 784.8moz vs 787.5moz previous

Rhodium US$8,000/oz vs US$8,000/oz previous

Base metals:   

Copper US$13,678/t vs US$13,787/t previous

Aluminium US$3,338/t vs US$3,458/t previous

Nickel US$17,900/t vs US$17,967/t previous

Zinc US$3,567/t vs US$3,595/t previous

Lead US$1,971/t vs US$1,976/t previous

Tin US$54,930/t vs US$52,493/t previous

Energy:

Oil US$82.9/bbl vs US$83.4/bbl previous

Natural Gas €43.1/MWh vs €44.5/MWh previous

Uranium Futures $85.8/lb vs $84.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$101.2/t vs US$101.4/t

Chinese steel rebar 25mm US$486.5/t vs US$487.4/t

HCC FOB Australia US$244.0/t vs US$245.0/t

Thermal coal swap Australia FOB US$145.0/t vs US$149.0/t 

Other:  

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

NdPr Rare Earth Oxide (China) US$103,348/t vs US$102,240/t

Lithium carbonate 99% (China) US$24,043/t vs US$23,730/t

China Spodumene Li2O 6%min CIF US$2,400/t vs US$2,400/t

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

China Tungsten APT 88.5% FOB US$1,765/mtu vs US$1,765/mtu

China Tantalum Concentrate 30% CIF US$228/lb vs US$228/mtu

China Graphite Flake -194 FOB US$415/t vs US$415/t

Europe Vanadium Pentoxide 98% US$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$27.2/kg vs US$27.2/kg

China Ilmenite Concentrate TiO2 US$229/t vs US$233/t

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

China Rutile Concentrate 95% TiO2 US$1,161/t vs US$1,161/t

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

Brazil Potash CFR Granular Spot US$402.5/t vs US$405.0/t

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

China Gallium 99.99% US$400.0/kg vs US$400.0/kg

Europe Molybdenum Oxide 57% US$31.0/lb vs US$31.0/lb

EV & Battery news:

EV prices in UK and EU unlikely to dive according to vice-chairman of Xpeng

• The vice chairman of Xpeng, Brian Gu says sees Chinese car automotive manufacturers competing on quality rather price (The Guardian)
• Gu says buyers in the UK and EU should not expect a sharp drop in the cost of EVs despite increased competition among Chinese manufacturers
• The move may be part of the CCP Anti-Involution policy which directs manufacturers in certain key sectors to restrict over competition to enable profits to rise.
• As if to prove the point, Xpeng remains loss-making due to substantial ongoing expenditure on research and its move into new markets.

Manganese X (TSXV: MN) reports its manganese material passed into Phase 3, the final stage of C4V’s qualification program.

• Manganese X’s Battery Hill project sits in New Brunswick and is at prefeasibility (PFS)
• This phase tests the material in full multi-layer pouch cells (3Ah), the closest step to commercial production.
• The material is high-purity manganese (HPMSM-type, battery-grade), the refined quality cathodes actually need, not the lower-grade manganese used in steel.
• C4V (Charge CCCV) is a US lithium-ion battery technology firm that qualifies raw materials for use in its cells and aims for 100+GWh of capacity by 2032.
• Phase 2 earlier showed 70% capacity retention after 4,600 cycles (how much charge a cell holds after repeated use),
• This result beats NMC (Nickel Manganese Cobalt)  and rivals LFP (lithium Iron Phosphate) and LMFP (Lithium Manganese Iron Phosphate) chemistries.
• Phase 3 runs about six months, so results are due around Dec 2026 with interim updates expected, and success could lead to an offtake agreement.

Company news:

Galantas Gold* (GAL LN) 24p, Mkt Cap £135m –Special Resolutions pass and appointment of experienced CFO

• Galantas held its special meeting of shareholders which saw shareholders vote ‘overwhelmingly’ in favour of the Transaction Resolution.
• This approves the acquisition of Sol de Oro Mining and thus securing the 100% interest in the Andacollo Gold Project.
• Additionally, shareholders have approved the Company’s omnibus equity incentive plan.
• Elsewhere Galantas reports it has appointed Andreas L’Abbé as CFO.
• Mr L’Abbé previously served as CFO of Discovery Silver, a C$7bn mid-tier gold producer.
• Mr L’Abbé held roles at Tahoe Resources as Director of Finance and was Vice President at Timmins Gold.

Conclusion: Good to see Galantas bolstering out their leadership team with the appointment of ex-Discovery Silver CFO Andreas L’Abbé. The passing of the Special Resolutions at the shareholder meeting is set to be followed by the completion of the Andacollo transaction later this month. Galantas is on track to first production next year and is now well funded following the completion of its C$100m equity raise earlier this month. We continue to see Galantas as one of the most exciting listed gold development stories, with two future gold operations in the tier one mining jurisdiction of Chile.

*SP Angel acts as Broker to Galantas Gold

Galileo Resources (GLR LN) 0.9p, Mkt Cap £12m – Sale of Botswana prospecting licences to support projects in Zambia and Zimbabwe

• Galileo Resources reports a conditional agreement to sell two prospecting licences in the Kalahari Copper Belt, Botswana to a wholly-owned subsidiary of Sandfire Resources, Metal Capital Exploration.
• “The Agreement provides for an aggregate upfront consideration of US$3 million payable on completion, together with a potential one-off success payment of between US$20 million and up to US$80 million … subject to meeting nominated thresholds for contained copper in a First Qualifying Ore Reserve”.
• The success payment will be triggered by a JORC reserve containing “at least 400,000 tonnes of contained copper”.
• The minimum 400kt of contained copper earns a US$20m success payment with copper content of 400-600kt qualifying a success payment of US$40m and if the metal content exceeds 600kt the payment rises to US$80m.
• Metal Capital has agreed to spend US$4.5m on exploring the licences with “US$2.25 million of that amount of the Exploration Commitment to be spent within 18 months” and to complete 4,000m of drilling by the end of 2026.
• The US$3m upfront payment will help fund “the Company’s principal projects in Zambia and Zimbabwe”.

• Chairman, Colin Bird, confirmed that the “structure of the transaction provides for consideration now and a significant future success payment if our belief in the potential of the Prospecting Licences is realised”.

• Among the conditions, which are required to be satisfied by 15^th September 2026, are the approval of Botswana’s Minister of Minerals and Energy and the country’s Consumer and Competition Authority as well as “all ASX and AIM regulatory approvals or confirmations required in connection with the transaction”.

Conclusion: The sale of Kalahari Copper Belt prospecting licences underlines the company’s focus on the projects in Zambia and Zimbabwe.

Great Southern Copper (GSCU LN) 2.6p, Mkt Cap £21m – Scout drilling starts at the Artemisa South target in Chile

• Following the completion of 5 scout-drilling holes (662m) at its Victoria target, Great Southern Copper has started a scout reverse-circulation (RC) drilling programme at the Artemisa South porphyry copper target in its Especularita project area in the coastal metallogenic belt, Chile.
• The company says that the drilling at Artemisa South, located south and west of the Victoria target, will investigate “old mine workings where structurally-controlled vein and disseminated type Cu-Au mineralisation occurs in granodiorite south of the La Colorada lithocap”.
• At this stage a programme of 3 RC holes is planned to “test beneath artisanal mines to target continuation of the structural-controlled mineralisation”.
• CEO, Sam Garrett, explained that “Artemisa South is the final of four targets to be tested with scout RC drilling in the current porphyry exploration programme … is testing beneath high-grade copper-gold-silver mineralisation identified in old workings”.
• He described the “identification of Porphyry-related phyllic alteration in drill chips at Victoria is very encouraging, particularly as this is the first hole to test beneath the La Colorada lithocap … [with the results providing] …. further support for our interpretation that the lithocap has the potential to host a large-scale porphyry copper alteration system”.
• Mr. Garrett confirmed that elsewhere in the Especularita project area “Exploration mapping and sampling activities are continuing at both the Cerro Negro and Viuda prospects as we prepare for the next phase of drilling activity in those areas”.

Conclusion: Scout drilling has started at the final target, of four, at La Colorada to investigate near- surface mineralisation beneath shallow artisanal mine workings and help identify potential porphyry copper mineralisation.

Montage Gold (MAU CN) C$17.6, Mkt Cap C$7.1bn – High-grade satellite deposits beat exploration target

• Cote d’Ivoire gold developer Montage reports an MRE update from its higher-grade satellite deposits at Koné.
• The Company has now completed c.330,000m of drilling following the publication of the Updated Feasibility Study in 2024.
• A priority for Montage has been to delineate higher-grade satellite deposits to boost production at the operation in the early years of its mine life.
• The Company published a target of delineating 1moz of M&I MRE ounces at a grade of 50% higher than the Koné deposit.
• Today Montage announces the satellite deposit MRE have increased to:

• • Measured and Indicated 34mt at 1.51g/t Au for 1.7moz Au (vs 29mt at 1.34g/t Au for 1.25moz year-end 2025)
  • Inferred: 18mt at 1.34g/t Au for 766koz Au (vs 8.8mt at 1.07g/t Au for 303koz)

• 12 deposits have now been delineated within the Koné project, with management noting a pipeline of over 20 targets yet to be tested.
• Montage is now undertaking a 90,000m programme to support further resource updates, and is targeting first gold pour from the oxide circuit in late 4Q26.
• At Didievi, the Company is completing an exploration drilling programme to support an MRE update.
• Additionally, early-stage exploration activities are underway in Mauritania, with drilling planned for 4Q26.

Surge Copper (SURG CN) C$0.72, Mkt Cap C$278m –Berg copper-molybdenum project PFS shows 140ktpa CuEq open pit operation

• Canadian copper explorer/developer Surge Copper reports PFS results from its Berg copper-molybdenum project.
• The PFS is based off Reserves of 1.2bnt at 0.22% Cu and 0.026% Mo, 4.1g/t Ag and 0.02g/t Au for 5.8b lb Cu, 687mlb Mo, 160moz Ag and 0.8moz Au.
• The study envisages a 28 year LOM producing 140ktpa CuEq at an average strip ratio of 2:0.
• The operation will consist of a single-phase build open pit operation.
• The Company expects a 230kV transmission line to connect the Berg project to the BC hydro grid.
• Operating Cost breakdown:

• • Mining: C$2.51/t mined
  • Processing: C$7.24/lb milled
  • Total: C$15/t milled
  • Total offsite: C$2.84/t milled
  • Total OPEX: C$17.8/t milled
• Development CAPEX of $4.7bn guided for a 120ktpd operation.
• Post-tax NPV8 of C$4.6bn using $4.75/lb Cu, $20/lb Mo, $45/oz Ag, $3,500/oz Au..
• Copper is set to account for 57% of LOM gross revenue contribution, with Molybdenum accounting for 30%.

St George Mining (SGQ AU) SUSPENDED – Equity raise

• The Company is raising equity to progress development at the Araxa REE/Niobium Project in Brazil.
• AFR reports a potential raise of up to A$60m.
• The Company is advancing resource definition and expansion drilling with MRE upgrade due 3Q26.
• Economic study due 2Q/3Q26.
• Pilot plant start planned for 4Q26.
• Araxa is located next to the world’s largest niobium operations run by CBBM.
• The project is the largest carbonatite hosted hard rock REE deposit in South America (monazite):

• • 70.9mt at 4.06% TREO (REE MRE) and
  • 70.9mt at 0.62% Nb2O5 and 24.6mt at 0.52% Nb2O5 (Niobium MRE).

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

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

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

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

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

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*SP Angel 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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