Precious metals weaken as wider market goes risk off in volatile trading
MiFID II exempt information – see disclaimer below
AbraSilver Resources (ABRA CN) – DFS outlines 10mozpa AgEq project in Argentina
Fresnillo (FRES LN) – Fresnillo commits to buying 5% of Sind IPO for silver project next door in Mexico
Sinda Ltd (SIND N) – NY IPO
Iluka Resources (ILU AU) – A$1.65bn EFA loan confirmed and binding offtake for Eneabba Refinery REOs with price floors agreed
Ioneer (INR AU) – Non binding LOI with KIND and Hyundai Engineering
Mkango Resources* (MKA LN) – BUY– HyProMag USA updates Texas Hub economics and progresses towards construction start in 4Q26
Strategic Minerals* (SML LN) – Additional mineralisation identified at Redmoor with more rigs set to arrive shortly to accelerate the drilling campaign
Tertiary Minerals* (TYM LN) – Interim results and progress update
Toubani Resources (TRE AU) – Updated MRE on track to support mine scheduling
Vast Resources (VAST LN) SUSPENDED – Updated timetable on Gulf Minerals
Precious metals weaken as wider market goes risk off in volatile trading
- Gold prices are down 2% this morning, returning to $4,100/oz.
- Silver has fallen 5% amid a wider sell-off in precious metals, with PGMs also on the slide.
- The dollar rally continues as traders look for haven traders amid a wider tech-driven sell-off,
- SpaceX fell 16%, suggesting a wider liquidity drain, while the volatility index has jumped 16% to early June levels.
- The dollar index has to rise following the Fed meeting last week, firming over 101 having touched lows near 96 earlier in the year.
- Ongoing negotiations in the Gulf and sustained concerns over elevated inflation are weighing on risk appetite and reducing the appeal of precious metals.
Tin — prices fall on strong dollar and global uncertainty
- Spot tin prices pulled back to $52,120/t from recent high levels with 3-month contracts at $53,450
- On the Shanghai exchange (SHFE), tin lost the 410,000 yuan mark, closing near 409,000 yuan, down about 2%.
- The main driver was a strong US dollar and high US bond yields, which pulled money out of metals.
- Traders also built up bearish bets on Shanghai tin, with clear money outflows.
Rare Earths – China blacklists US Rare Earth producers and keeps squeezing Japan
- China has imposed export controls on two US rare earth companies to slow the US move to produce REEs Rare Earths outside China.
- China’s exports of magnet rare earths to Japan were near zero in May.
- The move follows Japan’s PM, Sanae Takaichi, comments on Taiwan in November.
- China has sent no terbium or dysprosium, the heavy rare earths used to make strong magnets, and only a small amount of other rare earths since then.
- Japan’s magnet makers are the largest outside China but still depend on Chinese supply.
- Japan is moving to build its own supply, with Shin-Etsu opening its first new rare earth refinery since 2008.
- Overall, China’s rare earth magnet exports fell 35% in May from April, the lowest for that month in a year
Exxaro Resources, a South Africa based coal miner, is in advanced discussions regarding a potential copper investment
- The Company is focusing on copper exploration assets with a planned budget for $10-30m, Executive Head of Strategy and Business Development Richard Lilleike said (MiningMX).
| Dow Jones Industrials | +0.29% | at | 51,713 | |
| Nikkei 225 | -3.55% | at | 69,788 | |
| HK Hang Seng | -1.96% | at | 23,302 | |
| Shanghai Composite | -1.59% | at | 4,097 | |
| US 10 Year Yield (bp change) | -2.6 | at | 4.48 |
Currencies
US$1.1421/eur vs 1.1446/eur previous. Yen 161.67/$ vs 161.74/$. SAr 16.498/$ vs 16.444/$. $1.323/gbp vs $1.320/gbp. 0.695/aud vs 0.700/aud. CNY 6.782/$ vs 6.778/$.
Dollar Index 101.08 vs 100.95 previous.
Economics
AI boom – South Korean Kospi index which is dominated with semiconductor fabricators fell -10% this morning.
- The fall is small compared with its gains over the past year but still feels like a meaningful move
- The move suggests the massive gains in AI-related stocks are being sold as reality sets in
US – Equity futures are pulling back amid a sell off in tech names.
- S&P and Nasdaq futures are off 1.4% and 2.4% this morning.
- South Korean memory stocks SK Hynix and Samsung Electronics were down more than 10%
- SpaceX added to weakness with the stock falling for a third day straight and closing sub $155 (-16% on the day).
- Micron Technology quarterly results are currently in focus (due Wednesday) to gauge sector sentiment and demand strength outlook.
Eurozone
- Preliminary Manufacturing PMI (Jun / May / Est): 51.3 / 51.6 / 51.6
- Preliminary Services PMI (Jun / May / Est): 48.9 / 47.7 / 48.6
- Preliminary Composite PMI (Jun / May / Est): 49.5 / 48.5 / 49.2
Germany
- Preliminary Manufacturing PMI (Jun / May / Est): 50.0 / 50.1 / 50.2
- Preliminary Services PMI (Jun / May / Est): 46.8 / 48.1 / 49.0
- Preliminary Composite PMI (Jun / May / Est): 48.0 / 48.8 / 49.7
France
- Preliminary Manufacturing PMI (Jun / May / Est): 50.7 / 49.7 / 50.1
- Preliminary Services PMI (Jun / May / Est): 47.4 / 44.3 / 46.0
- Preliminary Composite PMI (Jun / May / Est): 47.6 / 44.9 / 46.0
UK
- Preliminary Manufacturing PMI (Jun / May / Est): 53.1 / 53.9 / 53.5
- Preliminary Services PMI (Jun / May / Est): 48.7 / 49.3 / 50.1
- Preliminary Composite PMI (Jun / May / Est): 49.4 / 49.7 / 50.5
Who will be the next Chancellor?
- There appears to be no discussion about the current Chancellor, Rachel Reeves, remaining in her position.
- Business leaders are voicing their objections to Ed Miliband with Martin Sorel of saying the bond vigilantes would preclude his appointment
- Wes Streeting the former health secretary is seen as a frontrunner by The Guardian. Yvette Cooper, Miatta Fahnbulleh, Darren Jones and John Healey also possible picks.
- Whoever gets the job they are going to have to manage rising social and health care costs, a need to raise defense spending.
- The job looks like a poison chalice in an economy where higher rate tax payers are leaving the country in increasing numbers.
Iran – US talks on Israeli withdrawal from Lebanon continue
- “The negotiations were intense and difficult, but the result went according to the goals set by our delegation. Significant progress has been made regarding the release of Iran’s assets.” (Tasnim)
- “The implementation of the memorandum of understanding between Tehran and Washington is back on track, and the Strait of Hormuz is open to navigation.” According to one diplomat via CNN
- “The Iranians have agreed to invite IAEA inspectors back into their country.” JD Vance
- US “Treasury has issued a temporary 60-day general license authorizing the production, delivery, and sale of Iranian oil” according to Scott Bessent, US Treasury Secretary
- “Tireless Pakistani and Qatari mediation has delivered major progress to end Lebanon War. Oil and petrochem exports are waived, blockade lifted, some frozen assets released, and major reconstruction & development plan launched for Iran. 1st real test: Lebanon deconfliction cell” according to Iranian Foreign Minister Abbas Araqhchi.
- The Supreme Leader Mojtaba Khamenei authorized negotiations with Washington “from a position of dignity” after Iran’s desired conditions had been set. Javani said Iran continued fighting despite what he described as an early US request for a ceasefire, according to IRGC political deputy Yadollah Javani
Lebanon – Negotiations suggest Israeli withdrawal will be accompanied by handover of territory to Lebanese army after removal of Hezbollah weapons and fighters
- “The Israelis have been very clear that they don’t have territorial intentions in southern Lebanon. The reason they feel they have to be there is because they are worried about Hezbollah fighters in southern Lebanon. We believe we can get to a place where both Lebanon’s territorial integrity and Israel’s security are protected.” JD Vance
- “This is not a deal that the U.S. is imposing on the region. This is a deal that the region has desperately asked the U.S. to put in place”. JD Vance
- Israeli and Lebanese teams are expected to determine pilot areas that will be transferred to the Lebanese Army with The IDF will be forced to partially withdraw from the Yellow Line according to Israeli sources
- “We welcome any assistance to end the war, but we distinguish between assistance and interference in internal affairs. Our country is sovereign, and no one negotiates on its behalf”. Lebanese President Joseph Aoun.
- The statement was likely directed at Iran, amid Tehran’s public role in discussing Lebanon-related arrangements.
- Several Iranian officers are involved in managing the fighting and coordinating operational activity are operating in the Tair area of southern Lebanon according to a senior Israeli security official on Al Arabiya.
Precious metals:
Gold US$4,114/oz vs US$4,195/oz previous
Gold ETFs 97.5moz vs 97.4moz previous
Platinum US$1,641/oz vs US$1,676/oz previous
Palladium US$1,229/oz vs US$1,275/oz previous
Silver US$62.4/oz vs US$66.4/oz previous
Silver ETFs 784.0moz vs 783.2moz previous
Rhodium US$8,000/oz vs US$8,000/oz previous
Base metals:
Copper US$13,482/t vs US$13,721/t previous
Aluminium US$3,253/t vs US$3,410/t previous
Nickel US$17,445/t vs US$17,770/t previous
Zinc US$3,535/t vs US$3,575/t previous
Lead US$1,946/t vs US$1,956/t previous
Tin US$52,120/t vs US$54,865/t previous
Energy:
Oil US$76.6/bbl vs US$79.4/bbl previous
- Crude oil prices edged lower after the US granted Iran a 60-day sanctions waiver to sell oil and refined products on international markets and marine vessel traffic increased through the Strait of Hormuz.
Natural Gas €41.8/MWh vs €42.8/MWh previous
Uranium Futures $85.6/lb vs $86.0/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$98.0/t vs US$98.5/t
Chinese steel rebar 25mm US$482.1/t vs US$482.8/t
HCC FOB Australia US$243.0/t vs US$243.0/t
Thermal coal swap Australia FOB US$131.3/t vs US$130.9/t
Other:
Cobalt LME 3m US$56,290/t vs US$56,290/t
NdPr Rare Earth Oxide (China) US$105,953/t vs US$106,006/t
Lithium carbonate 99% (China) US$23,078/t vs US$23,385/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$1,705/mtu vs US$1,755/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$225/t vs US$225/t
US Titanium Dioxide TiO2 >98% US$2,809/t vs US$2,809/t
China Rutile Concentrate 95% TiO2 US$1,158/t vs US$1,158/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$402.5/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:
Battery EV — China’s LFP cathode-material exports rise 29% yoy in May to new high
- China’s exports of LFP ‘lithium iron phosphate, the cathode powder used to build EV batteries’ hit 7,625 tonnes in May, a new monthly high.
- Exports totalled $63m at ~$8,210/t mainly to the US which took ~3,015t followed by Thailand and Malaysia.
- LFP use in automotive and energy storage systems continued to rise on the fire safety of the LFP systems
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | -0.7% | -8.1% | Freeport-McMoRan | 0.8% | 1.2% |
| Rio Tinto | 0.0% | -6.7% | Vale | 1.9% | 0.0% |
| Glencore | 0.3% | -4.1% | Newmont Mining | -1.9% | 1.6% |
| Anglo American | 0.4% | -4.5% | Fortescue | -1.7% | -6.2% |
| Antofagasta | 1.1% | -7.8% | Teck Resources | 1.2% | -2.9% |
AbraSilver Resources (ABRA CN) C$13.9, Mkt Cap C$2.2bn – DFS outlines 10mozpa AgEq project in Argentina
- AbraSilver reports their DFS results for the Diablillos silver-gold project in Catamarca, Argentina.
- The DFS outlines a 9,000tpd operation utilising a reserve base of 77.9mt at 146g/t AgEq for 183moz Ag, 1.8moz Au in open pit.
- The operation is expected to produce 10mozpa AgEq (5.9moz Ag, 62koz Au) over a 25 year LOM.
- CAPEX for the project estimated at $722m, sustaining CAPEX of $519m and AISC of $20/oz AgEq over LOM.
- Post-tax NPV5 of $3bn and IRR of 42% using $50/oz Ag, $3,650/oz Au.
- A formal FID for the project is targeted for 2Q27 following financing discussions and environmental permitting.
- AbraSilver is also targeting an incremental Heap Leach PEA to compliment the base case DFS, with results due June 2026.
- Additionally, a 15,000m drilling programme is ongoing targeting the Oculto NE and JAC zones.
Fresnillo (FRES LN) 2,831p, Mkt Cap £21bn – Fresnillo commits to buying 5% of Sind IPO for silver project next door in Mexico
Sinda Ltd (SIND N) – NY IPO
- Fresnillo announces 5% investment in Sinda Ltd IPO in New York.
- Sinda Ltd is targeting a valuation of US$2.1bn fully diluted with a price range of $11.25-13.25/s raising US$200- $235m
- Fresnillo is reported to have committed up to US$110m.
- Franco-Nevada has indicated $10m
- Sinda holds ~6,232ha in exploration rights in the historic Guanajuato epithermal belt near San Miguel de Allende, Mexico.
- Sinda Ltd holds exploration and exploitation rights on, five contiguous mining concessions adjacent to a Fresnillo advanced exploration project.
- The licenses cover the large-scale, high-grade, silver-gold greenfield discovery at Sinda.
- Resources:
- Indicated Mineral Resources: 16moz Ag-eq.
- Inferred Mineral Resources: 369moz Ag-eq
- Incremental Exploration Targets: 452-484moz Ag-eq.
- Use of funds:
- Exploration and Infill Drilling from surface to better define silver-gold discovery.
- Decline construction to access the ore body for better infill and definition drilling.
- Pre-feasibility and other economic studies to de-risk the Sinda mining project ahead of target production in 2031.
- General G&A and ongoing site expenses.
- Sinda has multiple silver veins in a low-sulfidation epithermal system across Caracol and Agaves with 135 structures identified.
- The team is targeting commercial production by 2031 using underground development.
- Fresnillo and Sinda will agree a standstill and a right for Fresnillo to maintain its pro-rata interest in Sinda provided Fresnillo maintains a certain ownership threshold in Sinda.
- Fresnillo has also entered into a lock-up on customary terms.
- Sinda is backed by Electrum Group which also backed Sunshine Silver Mining & Refining Co., which raised $270m in June on IPO in NY.
- Electrum is backed by Dr. Thomas Kaplan formerly of Apex Silver. Electrum is expected to hold 78% of shareholder votes post IPO.
Iluka Resources (ILU AU) A$7.3, Mkt Cap A$3.1bn – A$1.65bn EFA loan confirmed and binding offtake for Eneabba Refinery REOs with price floors agreed
- The Company reports the A$1.65bn government non recourse loan to be made available by the Export Finance Australia.
- Funds to be used for ongoing development of the Eneabba Rare Earth Refinery.
- Tranche 1 covering A$1.25bn to be fully drawn at the end of 2026 taking refinery project completion to 75%.
- EFA confirmed availability of the remaining A$400m for Eneabba.
- Separately, the Company signed a binding offtake for the supply of magnet REOs with an unnamed global automotive company.
- The offtake agreement is take-or-pay for an initial term of four years starting in 2028.
- The contract covers ~10% of planned production over the period, being 1,200t of magnet REOs (NdPrDyTb).
- The product to be delivered at the higher of minimum and market kinked prices.
- Iluka’s minimum revenue over the contract period is estimated at US$155m.
- The Eneabba refinery is now over 50% complete with commissioning targeted for 2027.
Ioneer (INR AU) A$0.15, Mkt Cap A$492 – Non binding LOI with KIND and Hyundai Engineering
- The Company signed a non-binding LOI with the Korean state agency and Hyundai Engineering with regards to the Rhyolite Ridge Lithium-Boron Project, US.
- The state agency represents Korea Overseas Infrastructure & Urban Development Corp, the Republic of Korea’s specialised public institution mandated by the Ministry of Land, Infrastructure and Transport to facilitate and invest in overseas infrastructure and public-private partnership projects.
- Discussions are expected result in an MOU signed July 2026.
- The Rhyolite Ridge Project is expected to reach FID 2H26 and commercial production 2029.
- The project is targeted to run at 27.8ktpa LHM and 135.5ktpa boric acid.
Mkango Resources* (MKA LN) 44p, Mkt Cap £163m – HyProMag USA updates Texas Hub economics and progresses towards construction start in 4Q26
BUY
- HyProMag USA, a 50/50 JV Maginito/CoTec (Maginito is owned 79/21 Mkango/CoTec), provided a development update for the US based rare earth magnet recycling project.
- The Company updated projected magnet production capacity, launched key long lead items’ procurement and progresses engineering.
- The Company also started a search for US based executive team including CEO and CFO ahead of a potential public listing.
- The team is working on securing feedstock and offtake commitments to support project funding discussions that are ongoing.
- Construction start is targeted for 4Q26 and commissioning in 2H27.
- Updated project economics including increased magnet manufacturing capacity are:
- 40y project
- 1,526tpa NdFeB product including 1,048tpa sintered NdFeB magnets and 478tpa co-products running three HPMS units
- Capex US$152m including 8.2% contingency
- Post tax NPV7 and IRR $416m and 26% at current market prices
- Post tax NPV7 and IRR $797m and 37% at forecast market prices
- The team launched procurement of three HPMS vessels as well as magnet processing and finishing equipment.
- Magnet scrap preprocessing units provided by Inserma were installed at the ILS sites in Willison, South Carlina and Las Vegas, Nevada.
- The team is in discussion with multiple offtake customers providing magnet samples for product verification and qualification.
- Financing discussions for the Texas Hub development capex are ongoing.
- Class 3 AACE engineering study for additional plants mirroring the Texas Hub and targeting ~3x production capacity (4,656tpa) is expected to be completed 3Q26.
Conclusion: The team de-risks the development timeline for rare earth magnet recycling and manufacturing facilities ahead of targeted construction start (4Q26) and commissioning (2H27). Feedstock, offtake and funding discussions are ongoing with the project supported by strong economics (post tax NPV7 and IRR $416m and 26% at current market prices) and modest capital commitment (compared to upstream/downstream operations). Ramping up operations in the UK and Germany further reduces execution risks for proposed US based facilities.
*SP Angel acts as nomad and broker to Mkango Resources
Strategic Minerals* (SML LN) 4.4p, Mkt Cap £125m – Additional mineralisation identified at Redmoor with more rigs set to arrive shortly to accelerate the drilling campaign
- Strategic Minerals reports that its continuing technical review of the 2025 drilling campaign at its Redmoor project, which led to the March 2026 updated Mineral Resource Estimate, has again identified additional mineralisation lying outside the current resource model.
- Additional results from 201 samples in hole CRD-041 “have identified tin-rich mineralised structures up to 1.00 m @ 0.67% Sn from 291.10 m, along with tungsten enriched structures, to the north of the Redmoor deposit” beyond the Sheeted Vein System (SVS) which underpins the MRE.
- The newly identified mineralisation includes:
- A 0.75m wide intersection of “Lode-Style Sn Mineralisation” at an average grade of 0.51% tin, 0.03% WO3 and 0.05% copper (reported as 0.24% on a WO3 equivalent basis as 0.48% WO3) from 213.00m depth: and
- A 1.65m wide intersection of SVS mineralisation at an average grade of 0.45% tin, 0.02% tungsten trioxide and 0.14% copper (0.22% WO3 equivalent) from 263.00m depth: and
- A single metre wide intersection, also of SVS mineralisation, at an average grade of 0.67% tin , 0.20% WO3 and 0.09% copper (reported as 0.48% WO3 equivalent) from 291.10m depth: and
- A 1.95m wide intersection of “Lode-Style Sn Mineralisation” at an average grade of 0.62% tin, 0.01% tungsten trioxide and 0.04% copper (0.26% WO3 equivalent) from 353.05m depth.
- Samples from the recently completed hole CRD-043, which intersected “the full extent of the Redmoor SVS” have been submitted for analysis with the current hole, CRD-044, “ currently at 455.30 m of a 650.00 m planned drill depth”.
- “Historical re-logging and sampling of drill core from the previous 2017-2019 drilling programme continues at pace, with samples from CRD013 and CRD015 identifying additional tin-bearing structures”.
- These include:
- A 1.65m wide intersection at an average grade of 0.38% tin, 0.01% WO3 and 0.02% copper (reported as 0.17% WO3 equivalent) from 202.15m depth in hole CRD-015; and
- A 1.23m wide intersection at an average grade of 0.28% tin, 0.01% WO3 and 0.01% copper (reported as 0.12% WO3 equivalent) from 197.77m depth in hole CRD-013.
- Dennis Rowland, Managing Director of the operating company, Cornwall Resources, explained that “Further sampling of historical drill core and new infill drillholes are … advancing geological confidence within parts of the Redmoor Mineral Resource with the objective of supporting the potential classification of Indicated Mineral Resources in the future”.
- He acknowledged the contribution of “the deposit model accurately assisting in the identification of additional sampling zones from historic core, and laboratory results confirming the presence of mineralisation”.
- Mr. Rowland also confirmed “receipt of planning permission for the expansion of the drilling programme … [and said that with] … further rigs due to arrive immediately after permissions are granted, we aim to progress a large and ambitious drill programme on a scale previously unseen in Cornwall”.
Conclusion Strategic Minerals’ continuing success in extracting the maximum information from its drilling has identified previously unrecognised lode style tin mineralisation north of the existing MRE. We also expect the receipt of planning permission to expand the drilling fleet to accelerate the flow of information.
*SP Angel acts as Nomad and broker to Strategic Minerals
Tertiary Minerals* (TYM LN) 0.054p, Mkt Cap £4m – Interim results and progress update
- Zambian explorer Tertiary reports half-year results to 31st March 2026.
- The Company reports a pre-tax loss of £328k.
- Tertiary held £77k in cash at period end, but subsequently raised £1m through a placing.
- Strong progress was made over the period at the flagship Mushima North asset, where Phase 2 drilling returned highlights of:
- 58m at 49g/t Ag, 0.26% Cu and 0.16% Zn from 8m
- Phase 3 built on this, returning broader intersections including:
- 97m at 56g/t Ag, 0.43% Cu and 0.19% Zn from 6m
- Tertiary has published a JORC Exploration Target for Mushima North targeting 15-30mt at 40-60g/t AgEq.
- The Company is now undertaking follow-up drilling to further delineate mineralisation and support a maiden MRE for Mushima North before year end.
- At Konkola West, JV partner KoBold has now drilled two holes, at 2,711m and 1,802m depths respectively.
- KoBold now intends to advance to Stage 2 of the Agreement, committing cumulative expenditure of up to $6m within a 24 month period.
- At Mukai, where Tertiary are in JV with FQM, the due diligence period has been extended until August 2027 following the need for renewed tribal consent.
Conclusion: A successful period for Tertiary insofar as they have made strong progress at Mushima North and are now well-funded to complete both infill and expansion drilling at the near-surface silver-copper project. The Company is now fully funded to deliver a maiden JORC MRE at Mushima North’s Target A1. This will be a major derisking milestone for Tertiary and will be supported by metallurgical testwork and initial scoping study workstreams. The project holds potential to be a low-cost bulk-tonnage mining operation, and the upcoming RC programme will be key to advancing the asset.
*SP Angel acts as Nomad and Broker to Tertiary Minerals
Toubani Resources (TRE AU) A$0.39, Mkt Cap A$294m – Updated MRE on track to support mine scheduling
- Malian gold developer Toubani reports infill drilling results from their Kobada Gold Project.
- Drilling is intended to support an MRE update for Kobada, targeting the northern area of the deposit.
- Highlights include:
- 72m at 2.27g/t Au from 92m
- 53m at 3.67g/t Au from 87m
- 20m at 4.58g/t Au from 198m
- The Company expects to deliver the MRE update in 3Q26.
- The MRE will be used to support the near-term mining schedule, with mining expected to begin in early 2027.
- Drilling is also ongoing at Foroko to source additional ore sources.
- Kobada holds a 2.2moz MRE predominantly in oxide mineralisation.
Vast Resources (VAST LN) SUSP – Updated timetable on Gulf Minerals
- Vast Resources reports that it has agreed to extend the longstop date for its proposed acquisition of Gulf International Minerals, which was first announced in December 2025, to 31st July.
- Gulf International Minerals operates in a joint-venture with the Ministry of Industry and New Technologies in Tajikistan “in respect of four gold mining operations; Aprelevka, Burgunda, Ikkizelon and Kyzylcheku, together with a central processing plant, located in Northern Tajikistan”.
- In its announcement in December, Vast Resources explained that “The Aprelevka Assets currently produce approximately 10,400oz of gold and 80,000oz of silver per annum, from mined ore and tailings and since January 2024, has been managed by Vast under an agreement that includes profit-sharing and future equity rights”.
- Th company confirms that it “continues to make progress towards completion of the Proposed Transaction”.
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Analysts
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Sales
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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.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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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
