SP Angel – Today’s Market View, Tuesday 2nd June 2026

Uranium prices climb higher on developing supply deficit as utilities return to the market after period of under-contracting of stock

MiFID II exempt information – see disclaimer below

Aura Energy* (AURA LN) – MoU with nuclear utility and FID expected this year on Tiris uranium project in Mauritania

Central Asia Metals* (CAML LN) – Recommended all share offer for Cygnus Metals

Fulcrum Metals (FMET LN) – Soil sample gold anomaly at the Big Bear project, Ontario

Great Southern Copper (GSCU LN) – Scout drilling starts at Victoria target in Chile

Panther Metals (PALM LN) – Drilling at the Awkward Conduit prospect, Ontario

Power Metal Resources* (POW LN) – FY25 results highlight spectacular GMET returns and portfolio diversification

Strategic Minerals* (SML LN) – Progress report as infill drilling at Redmoor continues to identify additional mineralisation beneath the SVS

Uranium prices climb higher on developing supply deficit as utilities return to the market after period of under-contracting of stock

• Uranium Futures jumped to $86.3/lb today vs $85.1/lb previously.
• Utilities are looking for long-term contracts in a market where there are few options for consistent supply from sensible and ‘stable’ jurisdictions.
• Restructuring of supply chains following a US ban on the import of enriched Russian uranium is causing utilities to look to new sources for supply.
• Global nuclear generating capacity is estimated to rise from ~400GW to ~600GW by 2040
• The World Nuclear Association sees uranium demand more than doubling to 150,000tpa by 2040 from ~68,920t in 2025.
• The forecast increase in demand comes after years of chronic underinvestment and discovery of new mines and a reduction in the availability of decommissioned Russian nuclear fuel.
• Tech companies are working on the development of mini nukes or Small Modular Reactors to supply substantial uninterrupted power with minimal carbon emissions for AI data centres.
• The conflict with Iran is also tightening global oil and gas supplies causing nuclear utilities to ramp up nuclear power production.

Commodity prices continue to rise as China better balances domestic demand with local output and implements Anti-Involution policies

• China’s policy of producing commodities for its domestic economy is impacting global metal supplies with Chinese demand increasingly balanced by its domestic refined metal output.
• Chinese manufacturers are moving fast up the value chain and are now using much more of the available domestic supply.
• This is restricting the availability of exports. In some cases this is seen as ‘Weaponisation’ of commodities as with REEs, but in other cases it due to the better balancing of domestic consumption with available supply.
• The result is that supply / demand deficits are now developing across a range of commodities as miners struggle to keep pace with new demand for new grid, renewable and AI infrastructure.
• Years of underinvestment in exploration and project advancement is slowing the development of new projects in critical commodities as the world tries to catch up with unexpected demand growth.
• Disruption to sulphur, oil and gas supplies is seen as slowing production of copper and other metals which use sulphuric acid in their processing.
• Copper smelters at Sar Chesmeh and Khatoon Abad in Iran have suspended production.

Barrick Mining – Looking to potentially offload African mining assets into Endeavour Mining

• Barrick Gold has been working on ideas to offload its more risky and troublesome African mining assets so it can better focus on its non-African mines.
• The move marks a complete U-turn from its acquisition of Randgold Resources as the group looked to rival Newmont for the top gold mining spot.
• Newmont Corp has a market cap of US$115bn vs Barrick Mining at just US$71bn.
• While offloading assets might seem like an odd way to grow, offloading mines in countries run by unpredictable military regimes will raise the premiums applied to mines in more stable jurisdictions.
• For Endeavour Mining this looks to be a great opportunity to grow its African gold mining business.

Coal mine gas explosion in China: https://www.itv.com/news/2026-05-23/at-least-82-killed-in-coal-mine-gas-explosion-in-china-local-media-reports

Guardian Metal Resources – Tungsten & Pilot Mountain mine : https://invest.investorshub.com/innovationreport/

Currencies

US$1.1648/eur vs 1.1658/eur previous. Yen 159.72/$ vs 159.46/$. SAr 16.220/$ vs 16.243/$. $1.347/gbp vs $1.347/gbp. 0.718/aud vs 0.718/aud. CNY 6.763/$ vs 6.766/$.

Dollar Index 99.10 vs 98.97 previous.

Economics

Manufacturing PMI data continues to show growth in many regions despite the potential for oil and gas shortages

• The data will confound many macro economists and funds which have been looking for manufacturing growth to slow.
• Certain Asian nations have taken measures to reduce gasolene and diesel consumption.
• Much will depend on how long the Strait of Hormuz remains close for an how well nations will find alternative fuel sources.

 China – Official Chinese non-manufacturing PMI rose to 50.1 in May from 49.4 in April

• General MPI rose to 50.5 in May from 50.1 in April

Ukraine / Hungary – EU to release €16bn of funds blocked while Victor Orban was in power

• Hungary has released its veto on funding for Ukraine. The veto made Victor Orban look like a Russian puppet.
• Hungary will fully submit to the EU on all outstanding issues and will have to implement the ‘Migration Pact’.
• Fortunately for Hungary, EU rules on migration are changing with EU member states now able to strike bilateral deals with distant countries for ‘return hubs’.
• National authorities can conduct raids on sites associated with an irregular migrant, a provision that has been likened by critics to ICE in the US (Euronews).
• Deportation orders can be expedited and the maximum legal detention period for irregular migrants waiting to be returned will be increased from six months to two years, with an unlimited duration for persons considered as posing a security risk.

Iran – Suspension of negotiations with the US over Israeli strikes against Hezbollah in Lebanon

• Iran has stopped negotiations with the US United States in protest of the Israeli activity and takeover of Beaufort Fort in Lebanon (Tasnim).
• Iran is demanding a complete halt to all military operations in Gaza and Lebanon.
• Iran is also threatening vessels in the Strait of Hormuz and the Bab el-Mandeb Strait.
• But Hezbollah continues to attack Israel and the IDF with missiles, drones anti-tank and weapons.
• The IDF is not going to tolerate continuing attacks against its forces and against the Israeli population and is reacting to Hezbollah’s attacks.
• Hezbollah is closely aligned with the IRGC in Iran with Hezbollah attacks as likely to be planned in Tehran as in the Lebanon.

Israel – Iran issued an evacuation warning to the north of Israel yesterday

• Iran’s Khatam al-Anbiya Central Headquarters, the IRGC’s top combat command, warned residents of northern Israel and nearby military sites to evacuate immediately to avoid harm if Israel strikes Beirut or its southern suburbswhich is considered to be a Hezbollah stronghold.
• The statement highlights the close affinity of the IRGC and Hezbollah.
• Hezbollah has resumed rocket and drone attacks on northern Israeli communities and continues to fire at the IDF possibly under the direction of Iran’s IRGC.
• Israel’s IDF is rightfully returning fire and is then accused of breaking the ceasefire by Iran.
• It is difficult to see how this ends unless the government in Beirut is able to dismantle Hezbollah.
• Hezbollah has informed the US through the Lebanese Parliament Speaker it is prepared to accept a full and immediate ceasefire with Israel (Axios)
• Trump discussion with Netanyahu results in report of “there will be no troops going to Beirut, and any troops that are on their way, have already been turned back.”
• Trump also claims he ‘had a very good call with Hezbollah, and they agreed that all shooting will stop‘.
• The indication is that Israel postponed a planned strike in Beirut’s Dahiyeh district following US pressure.

Precious metals:

Gold US$4,534/oz vs US$4,505/oz previous

Gold ETFs 98.3moz vs 98.5moz previous

Platinum US$1,972/oz vs US$1,940/oz previous

Palladium US$1,394/oz vs US$1,374/oz previous

Silver US$76.7/oz vs US$76.0/oz previous

Silver ETFs 790.9moz vs  793.0moz previous

Rhodium US$8,650/oz vs US$8,900/oz previous

Base metals:   

Copper US$13,951/t vs US$13,686/t previous

Aluminium US$3,780/t vs US$3,697/t previous

Nickel US$19,325/t vs US$19,098/t previous

Zinc US$3,622/t vs US$3,568/t previous

Lead US$2,022/t vs US$2,023/t previous

Tin US$58,305/t vs US$54,939/t previous

Energy:

Oil US$94.1/bbl vs US$93.9/bbl previous

• Energy prices were broadly unchanged after US President Trump said that talks were still ongoing to calm fears that the Israeli strikes on Lebanon would derail negotiations to open the Strait of Hormuz.
• Eldorado Drilling has agreed to pay $19/sh, or $258m, to acquire Vantage Drilling, which is supported by a $125m equity funding from its principal shareholder and a planned debt financing that will be used to consummate the merger.
• Parex closed its $750m acquisition of Frontera’s E&P business in Colombia, adding 37kboe/d of cash-generating, low decline assets to support a step-change in average 2H26 production guidance of 82-91kboe/d. Frontera becomes a fully focused, pure-play energy infrastructure company anchored by the ODL pipeline and Peurto Bahia facility.

Natural Gas €48.3/MWh vs €47.8/MWh previous

Uranium Futures $86.3/lb vs $85.1/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$105.4/t vs US$108.8/t

Chinese steel rebar 25mm US$492.7/t vs US$492.5/t

HCC FOB Australia US$245.0/t vs US$239.5/t

Thermal coal swap Australia FOB US$137.8/t vs US$138.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$102,401/t vs US$101,179/t

Lithium carbonate 99% (China) US$25,212/t vs US$25,184/t

China Spodumene Li2O 6%min CIF US$2,570/t vs US$2,570/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$1,665/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$233/mtu

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

Europe Vanadium Pentoxide 98% US$6.0/lb vs US$6.0/lb

Europe Ferro-Vanadium 80% US$27.5/kg vs US$27.5/kg

China Ilmenite Concentrate TiO2 US$240/t vs US$240/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$1,159/t

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

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

Germanium China 99.99% US$4,025.0/kg vs US$3,825.0/kg

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

Europe Molybdenum Oxide 57% US$30.5/lb vs US$30.0/lb

EV & Battery news:

BYD stops slump as overseas sales top 160,000 in May

• Global auto leader BYD has seen eight months of lower yoy sales growth.
• In May, the company broke this streak, with sales slightly higher than May 2025 sales, buoyed by overseas sales.
• Overseas sales surpassed 160,000 for the first time last month, up 80% from May 2025 and 19% from the previous record of 135,098 set in April.
• BYD have been pushing overseas sales as the domestic market has stagnated amongst fierce competition.
  • In April, BYD overtook Tesla and Kia in several European markets to become the best selling EV brand.
• BYD offers some of the most affordable electric vehicles in the UK, with the Dolphin Surf starting at just £18,650.
• The automaker just announced the Dolphin G DM-i PHEV, its first model built specifically for overseas markets, which achieves a combined WLTP driving range of over 1000km and is expected to go on sale in the next month for under £20,000.
• BYD is also bringing its new Blade Battery 2.0 and Flash Charging tech to Europe, the UK, and other overseas markets this year, starting with the Denza Z9 GT.

Company news:

Aura Energy* (AURA LN) 6.76p, Mkt Cap £64m – MoU with nuclear utility and FID expected this year on Tiris uranium project in Mauritania

• Aura Energy report the signing of a Strategic MoU with a major international nuclear utility.
• The MoU is presented as “supports a pathway to a substantial, well-capitalised funding partner for Tiris, without derogating from other funding options.”
• The BFS is reported to be on track for September with the FID ‘Final Investment Decision’ expected by the year-end.
• Funding:
  • Potential cornerstone investment from a strategic investor
  • Senior project debt financing – fully funded proposal for ~US$150-170m DFC
  • a non-binding, fully funded proposal from a major US investment fund.
• Economics:
  • Preliminary analysis suggests ATA™ ‘polymer-assisted agglomeration’ and HVBF ‘Horizontal Vacuum Belt Filtration’ offer lower capital and similar operating costs to traditional pressure filtration.
  • The combination of ATA and HVBF appear to offer a lower cost method to separate leach residues after hydrometallurgical processing.
• Production:
  • Base case is for 2mlbs pa U₃O₈  rising to 3.5mlbs pa U₃O₈  depending on prevailing economics.
• Tiris Project:
  • JORC Reserves: 62.8mt at 243ppm of U₃O₈ for 33.6mlb (December 2024)
  • Production guided at 1.8mlbpa over 25 year LOM.
  • CAPEX of $230m.
  • AISC guided at $35.7/lb
  • Post-tax NPV8 of $500m and 39% IRR
  • Assumes U₃O₈ at $80/lb.
• Aura is also looking to potentially developing the Häggån project in Sweden
• Management recently deferred plans to seek a TSX listing for Häggån due to a Sewdish Government’s “inquiry into the mining of alum shale and an improvement in general market conditions”.
• The team sees Sweden’s 2026 inquiry will bring “certainty to the permitting process” and believe it is prudent to defer the previously announced TSX transaction.

*SP Angel acts as Nomad to Aura Energy

Central Asia Metals* (CAML LN) 158p, Mkt Cap £269m – Recommended all share offer for Cygnus Metals

• The Company announced a recommended all share acquisition of Cygnus Metals for ~A$232m.
• The Company is offering to pay 0.06 shares for each Cygnus share, equivalent to ~A$0.176 or ~60% premium to the last close.
• Following the acquisition, CAML/CY5 shareholders would hold 70/30% of enlarged equity.
• Cygnus Metals’ flagship asset includes the Chibougamau Copper Gold Project located in Quebec, Canada.
• Project MRE includes:
  • M&I 6.4mt at 2.3% Cu, 0.8g/t Au and 7.6g/t Ag for 149kt Cu, 167koz Au and 1.6moz Ag (3.0% and 193kt CuEq)
  • Inferred 8.5mt at 2.1% Cu, 1.7g/t Au and 7.9g/t Ag for 182kt Cu, 454koz Au and 2.2moz Ag (3.5% and 295kt CuEq)
• The resource is spread over five deposits (Corner Bay (main asset), Devlin, Cedar Bay, Golden Eye and Joe Mann) within a 60km radius of the central processing facility.
• Chibougamau is a brownfield asset hosting a 900ktpa plant (closed 2008) consisting of a conventional flotation circuit and TSF.
• Chibougamau mining district produced over 945kt of copper and 3.5moz of gold from 16 former producing mines between the early 1900s and 2008.
• The project has good access to infrastructure including a local mining town, sealed highway, airport, regional rail infrastructure and access to hydro power via installed powerlines.
• PEA 2022 produced by previous owners (Dore Copper Mining) included:
  • ~11y LOM underground operation
  • ~2.2ktpd mill
  • Development ~C$180M
  • Sustaining ~C$400M
  • AISC US$2.2/lb
  • Post Tax NPV8 C$193M and IRR 22%(at ~$8,300/t Cu and $1,820/oz)
• Cygnus plan was to update the PEA and progress to FS.
• Cygnus had ~A$32m in cash as of March 2026 for drilling and study related work.
• Major shareholders representing ~29% of Cygnus confirmed their intention to vote in support of the deal.
• The deal is subject to CAML and CY5 shareholders’ approval and is expected to close September/October 2026.

*SP Angel analyst(s) hold shares in Central Asia Metals

Fulcrum Metals (FMET LN) 9p, Mkt Cap £14m – Soil sample gold anomaly at the Big Bear project, Ontario

• Fulcrum Metals reports that geochemical soil sampling has identified a 2km x 2km gold anomaly within a 3km long ‘gold corridor’ at its Big Bear project in the Schreiber – Hemlo area, in Ontario.
• The announcement explains that the “Gold target and corridor remains open for expansion … to the north, east and west”.
• Explaining that Big Bear already has “permits in place for up to 30 drill pads … [CEO, Ryan Mee said that Fulcrum Metals’] … focus is now on evaluating partnership opportunities for Big Bear”.
• The Big Bear property is described as in a “geological and structural setting which suggests potential for a large, structurally controlled, stratabound-style banded iron formation (“BIF”) gold prospect … as well as an Archean greenstone, orogenic-style lode gold prospect, extending past the bounds of known historical mineral occurrences”.
• Within the Big Bear project, exploration has identified “Four drill ready prospects  … at Schreiber-Pyramid No.1 North and No.1 South, Johnston McKenna and Cook Lake … [with] … A further five prospects for further development to drill target status at Johnston McKenna Mill, Johnston McKenna South, Schreiber-Pyramid South, Twomey Powerline, Schreiber Johnston Gap and the western extension area”.
• “The Project is open for further drill target generation along strike and to the north”.

Great Southern Copper (GSCU LN) 2.7p, Mkt Cap £20m – Scout drilling starts at Victoria target in Chile

• Great Southern Copper has started a scout drilling programme at the wholly-owned Victoria porphyry copper target in its Especularita project area in the coastal metallogenic belt, Chile.
• The company plans to drill four reverse-circulation holes to test previously undrilled “high-grade vein and disseminated type mineralisation identified in outcrop … [and] … beneath artisanal and small-scale workings”.
• Today’s announcement explains that “To the south of the Victoria Fault high-grade copper-gold-silver mineralisation, grading up to 6.9% Cu, 1.84g/t Au, and 84.8g/t Ag is associated with a set of north-south trending breccia-veins”.
• “In addition to the breccia-veins, high-grade copper at Victoria also occurs in quartz veinlets within steeply-dipping, structurally-controlled stockwork zones”.
• The Victoria target is “located 2.5km southeast of the Artemisa North drilling target along the southern margin of the La Colorada lithocap” and today’s announcement confirms that 5 scout holes (796m) have been completed at Artemisa North.
• They all intersected alteration associated with “variable sulphide mineralisation … [providing] … proof-of-concept confirmation of a porphyry copper type setting at Artemisa North … at shallower depths than expected and further increasing prospectivity of the broader La Colorada lithocap”.
• Samples from the first four of the holes drilled at Artemisa North “have been despatched to ALS Laboratories in Santiago”.
• CEO, Sam Garrett, explained that Victoria “is the third of four targets to be tested with scout RC drilling in the current porphyry exploration programme … focusing on targets on the western and southern margins of the La Colorada lithocap that display geological, geochemical and spectral features that are characteristic of porphyry copper systems”.
• He also said that the drilling will test “beneath high-grade copper-gold-silver mineralisation identified in old workings, providing an opportunity to assess both the broader porphyry potential and the higher-grade mineralised structures observed at Victoria”.
• “Following the completion of the Victoria scout RC drilling programme, the rig will proceed to the Artemisa South prospect to complete similar drill tests targeting porphyry-related copper mineralisation”.

Conclusion: Scout drilling has started at the 3^rd of four targets at La Colorada to investigate surface mineralisation and test beneath shallow artisanal mine workings and help identify potential porphyry copper mineralisation.

Panther Metals (PALM LN) 140p, Mkt Cap £12m – Drilling at the Awkward Conduit prospect, Ontario

• Panther Metals has issued a progress report on its drilling at its Awkward Conduit nickel/copper/PGM prospect in Ontario.
• The Awkward Conduit prospect is located “within the Obonga Project located upon the Obonga Greenstone Belt, Ontario”.
• The “drilling has intersected broad intervals of disseminated and veined sulphides hosted within a varitextured gabbroic mafic-ultramafic intrusive system”.
• These are “interpreted to be within a potential magma conduit environment … [where] … Portable XRF readings from sulphide-rich intervals returned elevated anomalous nickel and cobalt values, with sulphides visually dominated by pyrrhotite”.
• In July 2024, Panther secured an Exploration Permit for Awkward West, enabling up to 31 drill holes to follow-up geophysical work showing anomalous magnetic signatures in an area of geochemical platinum and palladium anomalism

Power Metal Resources* (POW LN) 13p, Mkt Cap £15m – FY25 results highlight spectacular GMET returns and portfolio diversification

• The Company reports annual results as the team advances the project incubator model.
• Sold remaining shares in Guardian Metal Resources (GMET LN) for $13.6m taking total funds received to £22.8m (before costs) over the course of two disposals.
• That marked a 11.8x return on an original investment of £1.9m.
• Exploration at Uranium JV Fermi (JV with UCAM) advanced across multiple Saskatchewan licences including Drake Lake-Silas, Perch River, Badger Lake).
• Drake Lake-Silas drilling intersected uranium at 600ppm and 1,490ppm.
• Badger Lake drilling commenced March 2026 targeting the S-Zone.
• Exploration work carried at Block 8, Oman, with a maiden 8-hole programme completed in 4Q25.
• Best intersections included 1.04% Cu over 1.5m and 0.35% Cu over 4m.
• Interest raised to 12.5% following US$740k in cumulative expenditure.
• £4m invested for an 11.8% stake in Apex Royalties, a private mining royalty company, holding five royalties across gold (Whale Cove, Nunavut), tin (Achmmach, Morocco), bauxite (Wuudagu, Western Australia), and tungsten (Tempiute and Pilot Mountain, Nevada).
• £1m invested for a 35% stake in Minestarters, a Dubai-registered blockchain platform targeting real-world asset tokenisation of mining exploration and development projects, with an option to increase to 49% for a further £2m.
• ~30% interest in Silver Peak optioned to JV partner Michael B Nugent for up to ~C$400k exercisable over three annual period to March 2028.
• First Development Resources (43.4%-owned) listed on AIM during the year, raising £2.3m gross.
• GSAe (75%-owned) completed industrial waste treatment projects for two Saudi Arabian companies in fly ash and phosphogypsum streams and is in FEED-stage discussions for a metals recovery facility in Saudi Arabia.
• Operating costs -£4.0m (2024 15-month period: -£7.6m)
• PAT £3.2m (2024: £4.2m)
• CFO -£3.2m (2024: -£4.4m).
• CFI £8.7m (2024: -£0.4m) helped by ~£20m in net proceeds from the sale of GMET shares.
• Closing cash balance £5.7m and £0.6m in the way of debt; £12m worth of investments held on the balance sheet.

*SP Angel acts as Nomad and Broker for Power Metal Resources

Strategic Minerals* (SML LN) 5p, Mkt Cap £140m – Progress report as infill drilling at Redmoor continues to identify additional mineralisation beneath the SVS

• Strategic Minerals has issued a progress report on its operations in the UK, Australia and New Mexico.
• Cornwall Resources’ infill resource drilling work at Redmoor in Cornwall is “progressing well” with completion of the first hole of the campaign, CRD-042 completed in early May and the second hole, CRD-043, expected to be completed today at a depth of ~500m.
• CRD-043 “intersected the full extent of the mineralised SVS … [the Sheeted Vein System which hosts much of the current mineral resource] … with the drillhole further extended due to the continued presence of mineralised structures below the SVS”.
• The next hole, CRD-044, will start shortly from the same location as CRD-043 targeted to “intersect a deeper portion of the SVS, below CRD043”.
• The infill drilling as well as “results relating to the recent ore sorting amenability study” forms part of the current prefeasibility study for Redmoor which, with Strategic Minerals’ 31^st May cash balance of ~$10.8m, is “substantially funded through to completion”.
• The company is continuing its programme of relogging and sampling of historic drilling with “289 samples from historical drill core awaiting analysis, and a further 59 samples from CRD001 shipped to … [the] … ALS … [assay laboratory] … on 1 June 2026”.
• Currently relogging is examining hole CRD-016 which was drilled “during the 2017-18 drilling campaign, with additional intervals already identified and selected for sampling and analysis”.
• The company has previously explained plans to expand its drilling effort at Redmoor and today’s announcement confirms that “additional drill rigs are on standby for immediate mobilisation upon completion of the planning process” and award of planning permission.
• Executive Director, Mark Burnett, welcomed the progress at Redmoor and said that “we look forward to the expansion of drilling operations … [as the programme advances] … through its next phase of technical work”.
• At Leigh Creek in South Australia, Strategic Minerals has granted the purchaser “a short 3-month extension until 31 August 2026, to complete the payment of A$1.75m (the “Second Instalment”) in relation to the proposed acquisition”.
• “The counterparty … [Cuprum] … has advised that significant work has been undertaken, including engagement with international funding partners and offtake groups, with confidence that the required funding can be secured within the extended period”.
• In New Mexico, where the company’s Southern Minerals Group operates the Cobre magnetite stockpile, “substantial investment in new equipment” included the acquisition of a D6 bulldozer “to support ongoing operational and infrastructure requirements … [following] … recent engineering assessments relating to tailings dam maintenance and associated earthworks, including slope reprofiling, drainage remediation and haul road adjustments required ahead of the seasonal rains”.
• The new bulldozer is expected to “become a core operational asset, delivering both cost efficiencies versus historical equipment rental arrangements and enhanced capability to undertake year-round maintenance and development work on site”.
• Mr. Burnett said that the “investment in additional operational equipment … [at Cobre] … reinforces our commitment to long-term, efficient site operations, whilst the proposed Leigh Creek transaction continue to advance positively.

Conclusion: Strategic Minerals is about to start the 3^rd hole of the current infill drilling programme at its Redmoor project with drilling activity expected to accelerate when the necessary planning permission is received. Meanwhile, the re-examination of historic drilling information from Redmoor continues to identify previously unrecognised mineralisation. The company’s other operations in the US and Australia continue, with additional investment in equipment at the Cobre operation in New Mexico and a short extension granted to the purchaser of the Leigh Creek copper project in South Australia.

*SP Angel acts as Nomad and broker to Strategic Minerals

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

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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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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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