SP Angel – Today’s Market View, Tuesday 22nd September 2026

Copper rises for a sixth day as China’s physical market tightens

MiFID II exempt information – see disclaimer below

Apollo Minerals (AON AU) – French BRGM geophysical survey at Couflens

Artemis Gold (ARTG CN) – Agrees to buy Vista Gold and its Mt Todd project in Australia

Arctic Minerals (ARCT SS) – Phase 1 drilling completed with visual copper reported up to 600m from historical drilling

East Star Resources (EST LN) – Interim report describes exploration progress in Kazakhstan

Global Lithium (GL1 AU) – Recommended A$1.15 cash offer

Meridian Mining (MNO LN) – Cabacal DFS, Matto Grosso, Brazil

Oriole Resources (ORR LN) – Interim report highlights Mbe gold resource

Rome Resources* (RMR LN) – SP Angel appointed as Nomad and Broker to Rome Resources

Serval Resources* (SRVL LN) – Exploration starts at Duékoué gold prospect in Ivory Coast

Talisman Metals (TLM LN) – Quality recruitment to lead exploration of Moroccan mineral projcts

URU Metals* (URU LN) – Zaaiman picked as preferred drilling contractor at Zeb, South Africa

Copper ($14,745/t) – Copper rises for a sixth day as China’s physical market tightens

• Chinese buyers are stocking up before the 25 September and 1-7 October holidays.
• Copper stocks in Shanghai fell to 43,900t, the lowest since 2023 (Shanghai Metal Market).
• The Yangshan premium, the extra Chinese importers pay over LME prices, eased to $119/t on Monday.
• LME buyers now pay $26/t more to get copper today than in three months, after paying $86/t less a week ago, a sign metal is short.
• Copper available in LME warehouses fell to 133,725t, after another 9,600t was booked for withdrawal in Asia.
• Comex stocks of 696,204t fell last week for the first time since April (The Copper Journal).
• New Orleans, the main Comex storage hub, is 82% full, with 100,000t more due by end-October.
• In Zambia, Vedanta’s Konkola Copper Mines restarted its 311,000t Nchanga smelter after 106 days of refurbishment.

Freeport Indonesia develops Kucing Liar, due to produce from 2029

• Kucing Liar is a new underground mine in the Grasberg mining district of Central Papua.
• Freeport Indonesia has spent Rp25tn of a planned Rp72tn to 2033 on it, with production due from 2029 (CNBC Indonesia).
• Reserves stood at c.3.6mt of copper and 8moz of gold at end-2025.
• At full rate it would average c.340kt of copper and 735koz of gold a year.

Nickel ($16,435/t) – El Niño drought forces output cuts at Indonesia’s Morowali nickel park

• Indonesia Morowali Industrial Park (IMIP) is a huge complex of nickel processing plants on the island of Sulawesi.
• It has told its smelters to cut output of nickel pig iron (NPI), the form of nickel used to make stainless steel (Bloomberg).
• An El Niño drought has cut the water supply the smelters need to cool and protect their equipment.
• Around 100,000t of NPI output could be affected, Bloomberg reports.
• The park can make about 4.2mt of NPI a year, or 350,000t a month (Wood Mackenzie).
• IMIP is majority owned by China’s Tsingshan and warned earlier this month of a 30-40% cut if water did not improve.

Gold ($4,323/oz) – Chinese gold imports hit a record, topping 1,000t by August

• China imported over 1,000t of gold in January-August, already more than in all of 2025 (Chinese customs).
• Imports were helped by lower world gold prices and a stronger yuan.
• Chinese gold ETFs added around 44t through August, up 18% this year (Shanghai Gold Exchange).
• Global gold ETFs have added around 50t so far in September, a third month of buying.

Currencies

US$1.1463/eur vs 1.1476/eur previous. Yen 157.71/$ vs 157.23/$. SAr 16.278/$ vs 16.234/$. $1.337/gbp vs $1.338/gbp. 0.711/aud vs 0.713/aud. CNY 6.700/$ vs 6.696/$.

Dollar Index 100.46 vs 100.35 previous.

Economics

Nasdaq closed at a record high climbing >2.2% led by technology stocks following a strong uptake of the latest AI agent launched by Meta.

• Meta climbed more than 11% with the Philadelphia Semiconductor Index rallying 4.3%.
• AMD, Intel and Arm Holdings all jumped 10%, 12% and 17%, respectively.
• An increase in chip stocks led the broader rally in the market with S&P closing 1.5% higher.

President Trump to address the UN General Assembly in New York later today.

• Eyes on a potential meeting with his Iranian counterpart that may kickstart another round of negotiations.

US and Chinese delegates held a second day of talks on Monday ahead of respective leaders’ meeting later this week.

• A trade truce is possible with US Trade Representative Jamieson Greer suggesting a three to six month extension is possible. (Bloomberg)
• Discussions focused on AI, investment and trade.

Precious metals:

Gold US$4,323/oz vs US$4,352/oz previous

Gold ETFs 100.5moz vs 100.4moz previous

Platinum US$1,784/oz vs US$1,799/oz previous

Palladium US$1,294/oz vs US$1,308/oz previous

Silver US$65.4/oz vs US$66.0/oz previous

Silver ETFs 798.4moz vs 799.0moz previous

Rhodium US$9,000/oz vs US$9,000/oz previous

Base metals:

Copper US$14,745/t vs US$14,637/t previous

Aluminium US$3,281/t vs US$3,270/t previous

Nickel US$16,435/t vs US$16,205/t previous

Zinc US$3,924/t vs US$3,938/t previous

Lead US$1,933/t vs US$1,925/t previous

Tin US$53,825/t vs US$53,805/t previous

Energy:

Oil US$101.9/bbl vs US$101.7/bbl previous

• Brent crude fell below $100/bbl following media reports suggesting there was a deal to be done at the UN General Assembly in NY, which could reopen the Strait of Hormuz if the US lifted its blockade of Iranian ports.

Natural Gas €74.6/MWh vs €77.4/MWh previous

Uranium Futures $89.8/lb vs $89.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$95.9/t vs US$97.2/t

Chinese steel rebar 25mm US$478.3/t vs US$478.5/t

HCC FOB Australia US$275.0/t vs US$275.0/t

Thermal coal swap Australia FOB US$142.3/t vs US$143.0/t

Other:

Cobalt LME 3m US$39,640/t vs US$39,680/t

NdPr Rare Earth Oxide (China) US$109,109/t vs US$108,873/t

Lithium Carbonate 99% (China) US$19,478/t vs US$19,340/t

China Spodumene Li2O 6%min CIF US$1,925/t vs US$1,920/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/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$243/lb vs US$242/mtu

China Graphite Flake -194 FOB US$410/t vs US$410/t

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

Europe Ferro-Vanadium 80% US$25.8/kg vs US$25.8/kg

China Ilmenite Concentrate TiO2 US$183/t vs US$183/t

US Titanium Dioxide TiO2 >98% US$2,952/t vs US$2,952/t

China Rutile Concentrate 95% TiO2 US$1,172/t vs US$1,172/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$450.0/kg vs US$450.0/kg

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

EV & Battery news:

Company news:

Apollo Minerals (AON AU) A$0.068, Mkt Cap A$83m – French BRGM geophysical survey at Couflens

• Appollo Minerals confirms the completion, by France’s Bureau de Recherches Géologiques et Minières (BRGM)of a geophysical survey over its Couflens project which includes the historic Salau tungsten mine in the Pyrenees.
• The programme included “180-line kilometres (covering ~19km2) of 100m spaced lines of helicopter-borne magnetic and radiometric survey completed as part of the broader 500m spaced BRGM Pyrénées regional survey”.
• “Results from the survey are anticipated to be received and processed in the coming months and are expected to greatly assist exploration targeting, refinement of geological models and improve structural interpretations”.
• Managing Director, Neil Inwood, said that the geophysical survey “will enable the Company to progress our understanding of the broader geological context of the deposit, as well as refining exploration targeting models”.
• He added that Appollo Minerals looks forward to “future collaboration opportunities with the BRGM as we advance technical work programs over the strategically important Couflens Tungsten-Gold Project”.
• Skarn mineralisation at Salau “is associated with the granodiorite intrusion into the calcareous sediments of the Barregiennes Formation that trends in an east-west direction for ~7km within the Couflens permit”.
• Today’s announcement confirms that “an initial, low impact, underground drill program within the underground mine workings which will focus on the Véronique zone” is planned.

Artemis Gold (ARTG CN) C$39.5, Mkt Cap C$9.3bn – Agrees to buy Vista Gold and its Mt Todd project in Australia

• Artemis Gold has agreed to buy Vista Gold, owner of Mt Todd in Northern Territory, Australia, in an all-share deal worth about US$427m.
• Vista holders get 0.0966 Artemis shares each, worth US$2.83, a 29% premium to the 20-day average price.
• There is no cash or new debt, and Vista holders will own about 5% of the enlarged group.
• Mt Todd holds 9.1moz of Measured and Indicated resources plus 1.4moz Inferred, with permits for a 50,000tpd plant.
• Artemis sees a path to more than 1moz a year from Mt Todd and its Blackwater mine in British Columbia.
• Blackwater’s EP2 expansion, due by mid-2028, stays the priority, with no Mt Todd construction spend before it.
• Completion is expected in January 2027, subject to Vista’s shareholder vote, the court and Australia’s foreign investment regulator.

Arctic Minerals (ARCT SS) SEK6.3, Mkt Cap SEK345m – Phase 1 drilling completed with visual copper reported up to 600m from historical drilling

• The Company completed the Phase 1 diamond drilling programme (DP1) at the Hennes Bay Cu-Ag project in Sweden.
• The programme comprised 12 holes for 4,187m focused on converting historical drilling to the Inferred category as well as potentially growing the current MRE through step out at the Dingelvik prospect.
• Ten of the 12 holes intersected visible copper sulphides, namely bornite, chalcocite and/or chalcopyrite.
• Mineralised core has been sent for assay with results expected within a month.
• Infill/conversion, seven mineralised holes were drilled at the Åsnebo, Baldersnäs, Henneviken and Asslebyn prospects.
• These prospects are currently defined only by 2,381m of historical drilling.
• On step out drilling, three mineralised holes were drilled at Dingelvik, stepping out up to 500m east and south of the current MRE footprint.
• The current MRE is based solely on Dingelvik: 55.4mt at 1.0% CuEq (0.8% Cu, 20.8g/t Ag) for 543kt CuEq, (447kt Cu and 37moz Ag) at a 0.8% CuEq cut-off.
• Härserud Norra, the fifth historically drilled prospect, was not tested in DP1.
• The Phase 2 programme (DP2) has started with 20 holes for 8,000m testing regional anomalies from the 2025 MMT survey.

Conclusion: Encouraging visual logging results from the completed DP1 programme focused on redrilling historical targets as well as step out holes at Dingelvik. Visual copper intersected up to 600m from historical drilling pointing to a potential grow the existing MRE. Assays are due within a month.

East Star Resources (EST LN) 9p, Mkt Cap £52m – Interim report describes exploration progress in Kazakhstan

• Reporting its results for the six months to 30^th June, East Star Resources describes progress of its exploration joint-venture with Xinhai Mining and its exploration collaboration with Meridian Mining, both in Kazakhstan.
• The joint-venture with Xinhai Mining to explore the Verkhuba copper deposit where “Xinhai  is funding Verkhuba’s development … encompassing the project lifecycle from feasibility study through to plant construction” at a cost of~ US$65m, has moved into a drilling phase with ~3,400m completed to date.
• “Post Period end, the Verkhuba drilling programme designed to support resource conversion, geological modelling, mine planning and feasibility studies commenced, and was reinforced by a second drill rig being mobilised to site in August”.
• The US$25m exploration campaign with Meridian Mining has examined “15 priority targets” on the ground and submitted “new exploration licence applications, covering in excess of 930km²” in areas considered likely to host “Intrusion Related Gold systems within the northern Area of Interest”.
• Compilation of historic, Soviet era, data and a review of the “geotectonic setting … will allow for better targeting of multiple ore systems including Intrusion Related Gold (IRG), porphyries, epithermal systems and skarns”.
• Today’s announcement also confirms the recent “binding Heads of Agreement with Nova Ltd … to farm into the Rulikha Copper Project … providing a second non-dilutive route to copper production in Kazakhstan”.
• Commenting on the company’s financial position, today’s announcement confirms an H1 loss of ~£2.3m (H1 2025 – £0.7m loss) and a closing cash balance of ~£2.3m.

Global Lithium (GL1 AU) A$1.00, Mkt Cap A$185m – Recommended A$1.15 cash offer

• The Company reports a biding agreement with Titan Lithium regarding an all-cash recommended bid at A$1.15 in a ~A$333m deal.
• The offer price represents a 73% premium to the last close.
• Titan Lithium is a UAE based critical minerals group developing battery grade lithium processing facilities in the Abu Dhabi.
• The facility carries a US$2bn budget and is expected to run at 12ktpa lithium carbonate and hydroxide (battery grade) across two phases.
• The facility is expected to come online 2027.
• Titan would also provide a A$120m loan facility (7%pa, secured, 12m) to progress the development of the Manna Lithium Project during the takeover process.
• The facility to ensure development milestones are delivered on schedule.
• The agreement includes no-shop, no-talk and no-due-diligence clauses, notification obligations and a matching right.
• The break fee and reverse break fee are each A$3.3m, ~1% of aggregate consideration.
• The deal is subject to FIRB approval.
• Directors representing 12.5% of outstanding shares are expected to vote in favour.
• Shareholder meeting to vote on the deal is expected late December 2026.
• The Company holds a portfolio of lithium licenses in Australia, WA, including the flagship FS stage Manna Lithium Project.
• Manna in situ mineral inventory includes:
  • 21Mt at 0.89% 0.5Mt LCE (2P)
  • 52mt at 1.00% 1.3Mt LCE (MRE incl 2P)
• The Company signed a binding agreement to acquire Nova processing facilities from IGO 15 July and released an economic Manna-Nova Integration Study last week.
• The plan is to truck Manna mine ore 135km by road to the Nova processing plant (1.8mtpa).
• The plan accelerate development timeline and allows to save on capex.
  • Post tax NPV8 and IRR estimated at A$946m and 120% using US$1,647/SC6 CIF.
  • Pre production capex cut 59% to A$180m.
  • 13y LOM with 257ktpa SC5.5 over the first 7y.
  • AISC A$1,185/SC5.5
• At the moment, 70% of Manna production (Lopal 40%, Canmax 30%) is committed under binding 10-year offtakes

Meridian Mining (MNO LN) 112p, Mkt Cap £479m – Cabacal DFS, Matto Grosso, Brazil

• Meridian Mining reports the results of its Definitive Feasibility Study (DFS) for its 1.1moz Cabacal Gold Copper VMS Project in Brazil.
• The study describes exploitation of the 56mt ‘Proven & Probable’ reserve at an average grade of 0.61g/t gold, 1.33g/t silver and 0.35% copper via open-pit mining over 13.9 years to produce an average of ~113kozpa of gold and a total of ~984koz of gold, 180kt of copper and 1.8moz of silver over the full mine life.

• Initial treatment rates of 2.5mtpa are planned to increase to 4.5mtpa in year 4 of the project life “with the addition of a ball mill from the fourth year onwards …[and more] … flotation cells, thickening and filtering capacity”.

• Using base case commodity prices of US$3, 570/oz for gold, US$5.03/lb (US$11,089/t) for copper and US$50.17/oz for silver, initial capital investment of US$322m is expected generate an after-tax NPV_5% of US$2,092m and IRR of 108%.
• Using spot commodity prices of US$4, 394/oz for gold, US$6.53/lb (US$14,396/t) for copper and US$64.14/oz for silver the initial capital investment is expected improve after-tax NPV_5% to US$2,902m and increase IRR to 135%.
• The company explains that the project will also require LOM sustaining capital of US$74m and an additional US$56m for expansion to a 4.5mtpa mining rate from year 4 onwards.
• On a ‘gold equivalent’ basis life of mine cash costs are expected to be US$983/oz and US$1,056/oz n an all-in-sustaining cost basis.
• Meridian Mining says that following the completion of the DFS it “will be taking all necessary steps to advance the Cabaçal project towards a Financial Investment Decision as soon as practical”.
• The company has also “created a data room for potential lenders and engaged with up to 30 lending groups”.

Conclusion: Following completion of the DFS, Meridian Mining will move towards a formal investment decision and work to secure loan finance for the development of Cabacal.

Oriole Resources (ORR LN) 0.3p, Mkt Cap £14.9m – Interim report highlights Mbe gold resource

• Oriole Resources’ interim report for the six months to 30^th June highlights the definition of a 1.66moz ‘Inferred’ mineral resource at the Mbe gold project in Cameroon.
• The resource is hosted in 50.6mt of mineralisation at an average grade of 1.02g/t gold which Chair, Eileen Carr, described as “a staggering result from just 12,288m of drilling in 49 holes”.
• The announcement also describes progress of early stage exploration, including geochemical sampling, mapping and rock chip sampling at the company’s ‘Eastern Central Licence Package’ in Cameroon which includes the Pokor target.
• At the Bibemi project, in Cameroon, a “range of technical studies, including metallurgical testwork and mine planning studies, continued throughout the Period to support the Company’s Exploitation Licence Application”.
• At the “Wapouzé limestone project, Cameroon … Oriole commenced a diamond drilling programme that was completed in July 2026, for 1,053.80m in 21 holes, to test the depth continuity of outcropping metamorphosed limestone (or “marble”) units over a cumulative 1.2km strike length”.
• Since 30^th June, Oriole Resources has acquired a 34% interest in the Senala gold project in Senegal, via a joint-venture with Managem-owned AGEM Senegal Exploration, where a ~US$2m 2026/2027 exploration programme is expected to “include a planned 3,000m diamond drilling programme in 12 holes at the main Faré prospect”.
• Additional planned exploration is expected to include a “10,000m auger drilling programme … at the Baytilaye and Konkonou targets, located to the south/south-east of Faré”.
• Financial results show a pre-tax profit of £0.99m (H1 2025 – loss of £0.57m) “reflecting the profit arising on the recognition of BCM’s 50% interest in the Mbe licence” and a closing cash balance of £1.48m.
• Looking ahead, Ms Carr said that Oriole Resources continues to “focus on delivering excellent exploration results and setting out a route to development at Bibemi first, and then Mbe”.

Rome Resources* (RMR LN) 0.21p, Mkt Cap £16.1m – SP Angel appointed as Nomad and Broker to Rome Resources

• Rome Resources report the appointment of SP Angel as Nomad and broker to the company.
• The company is run by Paul Barrett, ceo and Klaus Eckof, non-exec Chairman.
• Klaus was part of the team which founded Moto Goldmines (DRC) which was acquired by Randgold Resources and discovered the Bisie North tin project (DRC) and has worked in the region for many years.
• The Bisie North tin project license is 8km from Alphamin’s Mpama North tin mine which reports the world’s highest-grade tin at ~4.5%.
• Rome reported a meaningful 45% increase in tin resource at Kalayi to 6.8kt contained yesterday.
• Updated resource:
  • Inferred 0.46mt @ 1.47% Sn for 6.8kt contained tin, at a 0.80% cut-off
  • Contained tin up 45% on the October 2025 estimate, on the same cut-off
  • Tonnage up 32% and grade up 10%, from 1.33% Sn
  • 11 mineralised zones identified, up from seven
  • At a 1.00% cut-off it holds 0.38mt @ 1.59% Sn for 6.0kt
  • Assumes a $39,600/t tin price, 75% recovery and costs of $172/t of ore
  • Weathered ground was left out, as artisanal miners have already worked it
• Drilling:
  • Wider intercepts in holes KBDD025, KBDD033 and KBDD034 drove the upgrade
  • Cassiterite sits in a main vein 1-5m thick, drilled over 550m of strike to 220m depth
  • 30 holes for 1,140.5m of assays underpin the estimate
  • Mineralisation remains open along strike and to the southeast
• Exploration upside:
  • MSA proposes 20 step-out holes for ~5,600m southeast of the resource
  • It puts that ground at ~700kt @ 1.24% Sn for ~8.7kt tin, which MSA says could double the size of the resource.
  • MINZ8 and MINZ9, identified in August, rest on a single intersection and are not yet counted
• Mont Agoma, the second deposit at Bisie North, holds 3.16mt @ 1.45% Cu, 2.72% Zn and 14.3g/t Ag.
• Drilling at Mont Agoma last year shows:
  • 23.1m at 0.42% Sn from 3m, within a broader 40m mineralised zone, including a 23m wide tin zone at Mont Agoma East.
  • 5.7m at 0.56% Sn from 19m.
  • 19.0m at 0.38% Sn from 72m.
  • 1.0m at 1.74% Sn from 109m.
• Rome is talking to potential strategic parties about developing the project.
• Earlier this year, Rome Resources diversified from a solely DRC focussed exploration portfolio with Canadian exploration to identify the tin/tungsten potential of the Mount Douglas granite and the Mount Pleasant deposit in New Brunswick.

Conclusion: SP Angel’s mining team looks forward to working with Rome Resources to support progress at its DRC projects at Mont Agoma and Kalayi and the New Brunswick exploration in Canada.

*SP Angel acts as Nomad and Broker to Rome Resources

Serval Resources* (SRVL LN) 28p, Mkt Cap £9.5m – Exploration starts at Duékoué gold prospect in Ivory Coast

• Serval Resources reports the start of exploration in the Ivory Coast, West Africa following permission to access the ground for geological exploration.
• The Duékoué project sits on a structural trend which is known for hosting large-scale gold resources.
• Duékoué is ~350 km from Odienné where Newmont in jv with Awalé Resources has defined 32.4mt grading 1.64g/t for ~1.7moz gold equivalent in an initial mineral resource.
• Odienné is considered to be the first multi-million ounce IOCG style deposit in West Africa set within a regional, crustal-scale geological structure with late local intrusions.
• Duékoué is located in the District des Montagnes in the west of the country and is strategically located on the Archean-Proterozoic boundary.
• Discoveries in similar geological settings in Brazil and Australia often show significant IOCG, iron oxide copper gold and porphyry system characteristics.
• SODEMI, the local state mining company, identified a Cu-Mo soil anomaly in the area in the 1970s which was verified over ~3km by Serval during its 2025 work programme.
• The SODEMI sampling shows exceptionally high molybdenum-in-soil values exceeding 1000ppm were detected in the area with copper anomalies in the 250-300ppm range.
• Access had to wait for the rainy season to abate before moving in, though there it is still quite wet in the region.
• The new work programme will run ground magnetics, geological mapping and soil sampling along ~138 line-km of 50-m spaced traverse lines.
• The team plan to collect ~2,780 soil samples for analysis over the next three months.
• The 399 km² Duékoué license is held under jv with La Minière de L’Eléphant SARL on the strategically located on the Archean-Proterozoic boundary
• Theoretical modelling of the SODEMI data suggests either an IOCG or porphyry copper-molybdenum style mineralisation.

Conclusion: The very recent definition of a major discovery at Odienné by Newmont and Awalé is very encouraging for further discoveries in similar geological settings in the Ivory Coast.

*SP Angel acts as Nomad and Broker to Serval Resources

Talisman Metals (TLM LN) 6p, Mkt Cap £3.7m – Quality recruitment to lead exploration of Moroccan mineral projcts

• Talisman Metas report the recruitment of two very highly experienced and regarded geologists into the team.
• Vernon Shein, formerly with Bema Gold and its successor, B2Gold hs 44 years of geological expertise.
• Shein was exploration manager at Bema and B2Gold moving projects from exploration to production including the giant Kupol gold mine in Russia, Jabali Mine in Nicaragua and Masbate in the Philippines.
• Driss El Bouhli joins Talisman as country manager and as a senior geologist.
• El Bouhli was formerly exploration manager for SEMAFO in Guinea, exploration geologist for Managem in and Morocco and Ivory Coast and AngloGold Ashanti in Mali.
• Talisman is currently drilling for copper at Tirzzit  in Morocco with drilling intersecting visible malachite.
• Assays should be en-route to the assay lab with results expected in three to five weeks from now.

Conclusion:  Morocco hosts a number of valuable copper, silver, gold and cobalt mines with substantial mineralisation in the Atlas and Anti-Atlas mountain area, though, new discoveries are elusive. Vernon and Driss look well placed in terms of their expertise to define and develop and potential new areas of discovery.

URU Metals* (URU LN) 3.9p, Mkt Cap £3.7m – Zaaiman picked as preferred drilling contractor at Zeb, South Africa

• URU has picked Zaaiman Exploration Drilling as preferred contractor for Zone 2 resource drilling at its Zeb nickel project in Limpopo, South Africa.
• Contract terms are being finalised, and drilling starts once they are signed.
• Zeb sits on the Northern Limb of the Bushveld, near the Platreef and Mogalakwena mines.
• Zone 2 is its higher-grade band of nickel, copper and platinum-group metals, traced over 3.5km by earlier drilling.
• The programme aims to deliver a maiden resource on Zone 2.
• Zaaiman has drilled at Zeb before, which the Company expects to speed up set-up and support core quality, key for a resource estimate.
• It has had no fatal accident since it was founded in 1992.
• Zeb is held under an executed Mining Right.
• CEO John Zorbas commented: “Our focus is on recovering high-quality core to support a Mineral Resource estimate.”

*SP Angel acts as Nomad and Broker to URU Metals

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

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

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*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.

DISCLAIMER

This 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.

This 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.

This 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.

This 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. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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

If anyone reads this article found it useful, helpful? Then please subscribe www.share-talk.com or follow SHARE TALK on our Twitter page for future updates. Terms of Website Use All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

---