SP Angel – Today’s Market View, Tuesday 30th June 2026

Gold hovers above key level as focus on Fed rate hike cycle

MiFID II exempt information – see disclaimer below

Andean Silver (ASL AU) – MRE expansion at Cerro Bayo Silver-Gold Project, Chile

Beowulf Mining* (BEM LN) – BUY – 27p – GAMP site reservation extended in Finland

Botswana Minerals (BMIN LN) – Data analysis reveals copper potential of company’s northern licencs in Botswana

Celsius Resources (CLA LN) – US$15m disposal of the Opuwo project, Namibia

Fortuna Mining (FVI CN) – Diamba Sud PFS outlines 116kozpa gold operation

First Development Resources (FDR LN) – Initial Lander West drilling expected to start shortly

Guardian Metal Resources (GMET LN)– PFS envisages initial production from Pilot Mountain in late 2028

KEFI Gold and Copper* (KEFI LN) – BUY – 4.2p – AGM statement updates and Board changes

RZOLV Technologies (RZL CN) – Extracts copper and gold without cyanide in early tests 

Shuka Minerals (SKA LN) – 2025 results confirm plans to reopen Rukwa as drilling continues at Kabwe

Gold ($4,020/oz) hovers above key level as focus on Fed rate hike cycle

• Gold prices fell below $4,000/oz again this morning, touching new ytd lows of $3,943/oz.
• The metal is struggling to resume positive momentum, weighed by a recent move higher in the dollar.
• The market is pricing in one Fed hike currently, which has supported the dollar and weighed on precious metals.
• Gold has fallen nearly $1,600/oz from its record highs in January, with Iran war induced volatility pressuring the metal.
• Profit taking continues and speculative capital has exited the bullion market in search of better momentum trades.
• While a more hawkish Fed is expected to weigh on gold prices over the short term, any signs of reduced hiking expectations could trigger a sharp reversal in gold’s price direction.
• Additionally, central bank buying is expected to continue this year, with China and other BRIC nations expected to continue to diversify their reserve base.

Rare Earths – India asks Myanmar to rely less on China

• India and Myanmar have agreed to work together on mining, including rare earths, though no supply deal has yet been signed.
• Myanmar supplies REE ores and concentrates into China enabling China to process ~91% of the global REE refining and 94% of magnet making in 2024.
• Much of Myanmar’s REE mines are in Kachin, which is controlled by the KIA ‘Kachin Independence Army’
• India will need to agree offtake deals with the KIA and develop domestic REE refining if it wants REE independence from China

Nickel – Sherritt warns it may not survive after US sanctions on Cuba

• Canada’s Sherritt, a big nickel and cobalt miner in Cuba, warned it may not be able to keep operating after the US tightened sanctions on Cuba.
• The sanctions let its lenders demand early repayment of a loan worth about $56m, which the company cannot cover right now.
• It already stopped its Cuban mine in February, and this week shut its refinery in Canada, the country’s only cobalt refinery, because it ran out of material.
• It is now in talks to sell control of its Cuba business to a US investment firm.

Copper – Chinese smelters reject a new pricing plan as their fees vanish

• Antofagasta is reported to be looking to link long-term copper concentrate contracts to spot prices.
• Chinese smelters are resisting as overcapacity and current contracts mean smelters are effectively paying to process ore.
• The smelters are surviving mainly by selling by-products, sulphuric acid and by offering discounts of finished copper metal at the exit gate.

Coal – Heatwaves push prices higher

• Newcastle coal, the main Asian price benchmark, rose 1.77% on Monday to $127.45/t, bouncing back after a three-day fall.
• Heatwaves in the US and Europe are driving up electricity demand, while low water levels on Germany’s Rhine river are slowing coal deliveries.
• In the US, the energy secretary ordered an old coal plant in Colorado to keep running through September to keep the power grid stable.
• In China, metallurgical coal for steel furnaces remains short supply after the Liushenyu coal mine in Shanxi, though buying is slowing after the recent price jump.

Nigeria – Steron Mining reports lithium discovery in Nigeria

• Steron Mining reports a 3.3mt lithium discovery at its Abuja site, within a wider resource of ~94.8mt
• Chinese informal miners have been active in the country for some time with Chinese firms have pledging >$1.3bn for lithium processing.

Aluminium – Vitol report success in shipping cargos through the Strait of Hormuz last week.

Currencies

US$1.1405/eur vs 1.1408/eur previous. Yen 162.13/$ vs 161.81/$. SAr 16.411/$ vs 16.402/$. $1.324/gbp vs $1.322/gbp. 0.688/aud vs 0.690/aud. CNY 6.784/$ vs 6.792/$.

Dollar Index 101.24 vs 101.21 previous.

Economics

China added new Japanese firms to its export control list limiting shipments of dual use equipment.

• The Ministry of Commerce added 20 organisations to its control list banning such exports and placed another 20 to its monitor list.
• The latter will face stricter scrutiny for its orders of goods that have both commercial and military uses.
• The move marks a further escalation of tensions between two nations following PM Takaichi comments last year that Tokyo could deploy its military if China attempted to invade Taiwan.
• One of the areas that China targeted was rare earths shipments forcing Japanese firms to rely on stockpiles and look for alternartives.

China – Growth favoured better than expected in June, albeit only marginally based on official June PMI numbers.

• A recovery remained uneven with high tech and export-oriented sectors favouring better than others.
• Manufacturing PMI (Jun / May /Est): 50.3 / 50.0 / 50.1
• Services PMI (Jun / May / Est): 50.2 / 50.1 / 49.9
• Composite PMI (Jun / May / Est): 50.6 / 50.5 / NA

Japan – The yen is trading at over 162, the lowest since late 1980s.

• The Finance Ministry threatens a market intervention.
• The move may cause the BoJ to buy Yen or raise rates. Japan had long held the view the BoJ will always defend the currency and will profit from the trade on a longer-term basis.
• If the BoJ raises rates it will unwind the carry trade further and will start to drain liquidity out of global markets.
• “The bottom line is that we stand ready to take appropriate action whenever necessary,” Finance Minister Satsuki Katayama told reporters today.

Germany – Regional inflation numbers point to a drop in the headline measure helped by a drop in oil and gas prices.

• Nationwide numbers are due later today.

France – Inflation unexpectedly slowed to 2% in June on lower energy prices, down from 2.8% in the previous month.

• CPI (%mom, Jun / May / Est): -0.3 / 0.1 / 0.0
• CPI (%mom, Jun / May / Est): 2.0 / 2.8 / 2.3

UK – Looking forward to MPs reactions if and when Burnam decides to move Parliament to Manchester

• The Palace of Westminster aka the Houses of Parliament is in desperate need of renovation and repair.
• The Palace suffered 44 real fires from 2012-2021 according to public data and is subject to two fire inspections every day.
• Andy Burnam might wait till after his election as Labour Leader before looking to move MPs to Manchester for a few years while the Palace is renovated.
• The situation reminds us of an episode of The Hitchhiker’s Guide to the Galaxy, where the people of a planet claim their world will be destroyed and trick their less productive people into boarding a spaceship, effectively exiling them into space.

Ecuador – Bomb damages mining agency looking into illegal gold mining

• The bomb blew out several floors of windows at a major government building in the capital of Quito (Mining.com).

Turkey – A Nordic Monitor report claims Turkey is widely used as a transit route for foreign ISIS fighters entering Syria

• The report describes ISIS facilitation networks using Turkey as a staging area, including Istanbul and cities near the Syrian border.
• Nordic Monitor is a real outlet run by Turkish exiled journalists and often relies on court documents and leaked records.
• Israel warns Turkey and Syria now present a growing strategic concern and the new axis is the Muslim Brotherhood axis of Turkey, Syria, and Qatar.

Syria – Syrian Ministry of Foreign Affairs condemned the Israeli attacks, including what it described as incursions into Syrian territory in Quneitra and Daraa.

• Israeli troops come under fire in southern Syria prompting Israeli artillery to shell the town of Abideen.
• The ministry called the actions “violations of its sovereignty, international law, the UN Charter, and the 1974 Disengagement Agreement.”

Iran – US and Iran agreed to halt military strikes and will meet Tuesday in Doha, Qatar to resolve tensions over the Strait of Hormuz (Axios, US officials)

• Planned US-Iran talks in Switzerland were cancelled, delaying negotiations on more contentious issues including Iran’s nuclear program (WSJ).
• Missiles intercepted over northern Jordan (Al-Arabiya)

Qatar – Qatari citizen killed by shrapnel injuries after drone attack

• It is not confirmed if the fatality was linked to recent Iranian drone attacks on US military sites in Kuwait and Bahrain.

Lebanon – The signing of an agreement between Lebanon and Israel, the successful ceasefire between Israel and Hezbollah

• Reports question Lebanese Army’s ability to fully implement the agreement, citing its 95,000 troops, $1 billion budget, 40% Shiite composition
• Lebanese Parliament Speaker Nabih Berri reportedly described the agreement as “a seed for civil war,” while indicating that the Amal Movement would not join renewed fighting.
• President Joseph Aoun is reportedly using constitutional authority to separate Lebanese border issues from broader Tehran-Washington talks.
• He warned that disarming factions too quickly could trigger internal collapse.
• Israel claims Hezbollah and Iran are breaching Lebanon’s sovereignty and Lebanon is under Iranian occupation.
• Israel’s IDF has so far refused to withdraw forces from southern Lebanon.
• IDF destroys major Hezbollah underground complex with high-intensity explosives within the Security Zone in southern Lebanon.
• The >200m of tunnels >25 meters deep, contained weapons and launch shafts intended to attack the Israel.

Precious metals:

Gold US$4,030/oz vs US$4,062/oz previous

Gold ETFs 96.5moz vs 96.7moz previous

Platinum US$1,580/oz vs US$1,610/oz previous

Palladium US$1,240/oz vs US$1,225/oz previous

Silver US$59.0/oz vs US$58.4/oz previous

 Silver ETFs 783.7moz vs 784.5moz previous

Rhodium US$7,750/oz vs US$7,750/oz previous

Base metals:   

Copper US$13,435/t vs US$13,405/t previous

Aluminium US$3,108/t vs US$3,188/t previous

Nickel US$16,440/t vs US$16,715/t previous

Zinc US$3,525/t vs US$3,520/t previous

Lead US$1,893/t vs US$1,909/t previous

Tin US$51,485/t vs US$51,390/t previous

Energy:

Oil US$72.5/bbl vs US$72.4/bbl previous

• Energy prices moved higher ahead of the resumption of US-Iran peace talks in Qatar, with mixed signals coming out of both camps regarding the normalisation of vessel traffic through the Strait of Hormuz.
• KKR has agreed to acquire the operations and assets of EDF power solutions in the US and Canada with a total net capacity of 5.6GW for an undisclosed amount.

Natural Gas €42.4/MWh vs €41.4/MWh previous

Uranium Futures $85.1/lb vs $85.2/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$99.1/t vs US$98.8/t

Chinese steel rebar 25mm US$478.0/t vs US$478.0/t

HCC FOB Australia US$243.2/t vs US$243.3/t

Thermal coal swap Australia FOB US$128.5/t vs US$128.5/t

Other:

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

NdPr Rare Earth Oxide (China) US$108,718/t vs US$107,113/t

Lithium carbonate 99% (China) US$21,007/t vs US$20,981/t

China Spodumene Li2O 6%min CIF US$2,265/t vs US$2,295/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$1,705/mtu

China Tantalum Concentrate 30% CIF US$226/lb vs US$226/mtu

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

Europe Vanadium Pentoxide 98% US$5.7/lb vs US$5.7/lb

Europe Ferro-Vanadium 80% US$27.0/kg vs US$27.0/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$1,157/t vs US$1,156/t

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

Brazil Potash CFR Granular Spot US$400.0/t vs US$400.0/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:

Battery – Start-ups use empty Asian factories to grow, deepening reliance on China

• Western battery start-ups are renting idle factory lines in Asia, mostly in China, to grow quickly instead of building their own plants.
• The move is to avoid the fate of Sweden’s Northvolt, which went bankrupt trying to build factories from scratch.
• China’s massive over construction means factory capacity is running ~150% over its needs at home.
• Sweden’s Altris is looking to rent a Chinese line for sodium-ion batteries and US firms are tapping spare capacity in China, South Korea, and Japan.

Company news:

Andean Silver (ASL AU) A$1.9, Mkt Cap A$403m – MRE expansion at Cerro Bayo Silver-Gold Project, Chile

• Andean Silver report an updated MRE for its Cerro Bayo Silver-Gold Project in Chile.
• The updated MRE expands to 20mt at 211g/t AgEq for 136moz AgEq.
• The MRE hosts an underground MRE of 7.9mt at 362g/t AuEq for 92moz AgEq using an NSR of $124/t.
• The Open Pit MRE hosts 12.1mt at 112g/t AgEq for 44moz AgEq using a $47/t NSR.
• The MRE is split 4.7mt Indicated and 15.3mt inferred.
• Andean Silver is now beginning a 60,000m drilling programme to convert areas within the mine plan to the Measured and Indicated categories.
• MRE growth drilling is targeted at the Marcela, Guanaco and Cerro Bayo Resource corridors.
• The MRE update is expected to support the advancement to feasibility studies.

Beowulf Mining* (BEM LN) 6.3p, Mkt Cap £4.1m – GAMP site reservation extended in Finland

BUY: 27p

CLICK FOR LINK

• Beowulf provides an update on their Grafintec Graphite Anode Materials Plant project in Finland.
• Beowulf reports it has received approval from the City of Kotka to extend the reservation for the GAMP site in the Keltakallio industrial area.
• The agreement extends the reservation for a further 12 months to June 2027.
• The extension enables Beowulf to advance its Grafintec project following the recent strategic financing Agreement with Bacchus Capital.
• Key development activities include:

• • Completion of the GAMP Environmental Impact Assessment
  • Advancement of environmental permitting and supporting baseline studies
  • Detailed engineering studies
  • Advancing product qualification and engagement with strategic partners and prospective customers

• Keltakallio lies within the Power Coast battery initiative, aimed at building a major European battery materials hub.
• The Grafintec plant sits adjacent to the Easpring Cathode Active Materials Plant, with commercial production due 2027.
• Grafintec’s GAMP operation holds a PFS outlining Phase 1 production of 25ktpa CSPG and initial CAPEX of €225m.

*SP Angel acts as Nomad and Broker to Beowulf Mining

Botswana Minerals (BMIN LN) 0.25p, Mkt Cap £4.0m – Data analysis reveals copper potential of company’s northern licencs in Botswana

1. Botswana Minerals reports that, aided by AI analysis of historical data, it has identified the copper sulphide mineral (CuFeS₂) in historic drill core from its licences in Botswana.
2. The company explains that the “data, including copper and nickel sulphides noted in historic boreholes, points towards a concealed mineralised corridor beneath shallow Kalahari cover within the licences”.
3. Using this information, “Fieldwork will now be expedited on the northern licenses, while analysis continues on the southern licences”.
4. Explaining how Botswana Minerals had harnessed AI, Chairman, John Teeling, said that it helped analyse information “dispersed across decades of reports … from both uranium and diamond explorers. AI helped us find, connect and understand that evidence in its proper geological context, which simply would not have been practical to do by hand”.
5. He said the “next step is to accelerate the northern licence work, get into the field, re-log and re-scan available core, and continue building out the opportunity across the southern licences”.

Celsius Resources (CLA LN) 0.38p, Mkt Cap £10m – US$15m disposal of the Opuwo project, Namibia

• Celsius Resources reports an agreement with a Chinalco subsidiary, Chinalco (Xiong’an) Mining, to sell its 95% interest in the Opuwo cobalt/copper project in Namibia.
• Subject to shareholder and regulatory approvals, Celsius Resources will sell the project for a “total consideration of US$15 million”.
• The Opuwo project hosts an ‘Indicated’ resource of 45.3mt at an average grade of 0.11% cobalt, 0.44% copper and 0.51% zinc plus an ‘Inferred’ resource of 180.2mt at an average grade of 0.12% cobalt, 0.43% copper and 0.55% zinc.
• Today’s announcement makes clear that the “divestment of the Opuwo Project will enable Celsius to increase its focus on its Philippine portfolio of copper-gold projects and provide a material source of near-term funding”.
• Managing Director, Bardin Davis, said that “Chinalco (Xiong’an) Mining is well positioned to progress the Opuwo Project, which will deliver substantial benefits to Namibia and the local community”.
• He explained that “Subject to the conclusion of our MMCI arbitration proceedings, we intend to deploy transaction proceeds to support the development of the MCB Copper-Gold Project” in Luzon, Philippines.

Conclusion: Disposal of the Namibian project provides an opportunity to focus on development of the MCB project and brings in proceeds to help advance it.

Fortuna Mining (FVI CN) C$11.9, Mkt Cap C$3.6bn – Diamba Sud PFS outlines 116kozpa gold operation

• Fortuna Mining reports PFS results for its Diamba Sud Gold Project in Senegal.
• The study outlines an open-pit CIL operation with a 9.4 year LOM producing average annual gold production of 116kozpa.
• The project will hold a 2.26mtpa plant with average feed grades of 1.75g/t Au and 91% recoveries.
• Development CAPEX expected at $398m, with sustaining CAPEX of $79m.
• AISC over LOM estimated at $1,332/oz.
• Post-tax NPV5 of $1bn and IRR of 60% at $3,500/oz gold prices.
• LOM strip ration of 6.3:1.
• Management sees opportunities to extend mine life via the opportunity to convert MRE ounces into reserves and to expand the current resource base through drilling.
• Fortuna sees an FID following receipt of the mining permit, with first gold targeted by 2Q28.
• The project will be funded by Fortuna’s current $800m in liquidity.

First Development Resources (FDR LN) 2.65p, Mkt Cap £3.6m – Initial Lander West drilling expected to start shortly

• First Development Resources reports that it has started the site preparation work for its initial Phase I RC (reverse circulation) drilling campaign at its Lander West property in the Northern Territory.
• The company confirms that the “drill rig is expected to arrive on site in the coming days, with drilling anticipated to commence shortly thereafter”.
• CEO, Tristan Pottas, described how “Over recent months we have systematically advanced Lander West through geological interpretation, geophysical surveying, geochemical sampling, permitting and drill targeting. With our field team now on site and the drill rig expected to arrive on site in the coming days, we are entering an exciting new phase for the Company”.
• The company has previously announced that the Phase 1 programme at Lander West, which forms part of its Selta project, is expected to consist of ~3,000m of drilling.

Guardian Metal Resources (GMET LN) 202.5p, Mkt Cap £429m – PFS envisages initial production from Pilot Mountain in late 2028

• Guardian Metal Resources has issued the results of its pre-feasibility study (PFS) for the Pilot Mountain Tungsten Project in Nevada.
• The study envisages an open-pit mining operation over an initial 8-year mine-life delivering a total of “15,916 tonnes of recovered WO₃, with significant opportunity to extend through ongoing exploration at the Tremor Zone, Gunmetal, Hope, plus other unnamed target areas across the Project”.
• Using a base price of “US$197,300 per tonne of WO₃, representing a ~35% discount to the mid-price for APT … as of 12 June 2026”  the study concludes that initial capital expenditure of US$288.7m, plus an additional US$33.9m of sustaining capital, is expected to generate an after-tax NPV_8% of US$660m and IRR of 59.6%.
• Sensitivity analysis in today’s announcement shows that at the current spot price of APT on 12^th June (US$304,000/t) the project NPV_8% increases to US%1,366m and the IRR rises to 101.6%.
• Subject to regulatory approvals, the “PFS estimates first production in late 2028”.
• The initial operation will develop the Desert Scheelite and Garnet deposits which are 2km apart and jointly host a combined ‘Probable’ ore reserve of 11.8mt at an average grade of 0.171% tungsten trioxide (WO₃), 9.28g/t silver and 0.28% zinc at an average waste:ore stripping ratio of 12.6:1.
• A 4,000tpd “processing plant using flotation recovery methods to produce a tungsten concentrate” is expected to deliver production at an average operating cost, net of by-product credits, of US$54,622/t or US$58,151 on an all-in-sustaining cost (AISC) basis.
• The by-product credits derive from the expected production of ~20kt of zinc and ~2.1m oz of silver over the initial mine life.
• Chief Executive, Oliver Friesen, described the delivery of the PFS as “an inflection point … [and said that] … we believe that the global tungsten market is undergoing an unprecedented structural reset, and the world is waking up to the immense importance of securing reliable, home-grown critical mineral supply”.
• He commented that “Pilot Mountain is the only tungsten Project in the United States with a recently completed S-K 1300 compliant PFS, positioning it as a unique opportunity for near-term U.S. mined tungsten production”.
• Guardian Metals’ Operations Manager, Marc Leduc, described “the simplicity of the Project … [which will use] … conventional mining and processing methods throughout, producing what we believe will be a high-quality concentrate capable of being processed entirely within the U.S”.
• He said that “Beyond the current resource base, we believe there is meaningful exploration upside across a number of the Project’s other target areas, including but not limited to, the Tremor Zone, Gunmetal, and Good Hope. We look forward to continuing to advance those targets alongside the important permitting and development work progressing on the Project’s Desert Scheelite and Garnet deposits”.

Conclusion: The Pilot Mountain PFS envisages initial tungsten production by the end of 2028 from a conventional open-pit mine development and a 4ktpd flotation plant.

KEFI Gold and Copper* (KEFI LN) 1.1p, Mkt Cap £144m – AGM statement updates and Board changes

BUY – 4.2p

• The Company provided a brief update on development status of its assets in the AGM statement.
• At Tulu Kapi (Ethiopia), the development is on schedule entering month four of the 27-month programme.
• Frist production targeted for mid-2028.
• In Saudi Arabia, GMCO (KEFI 13% interest) is expected to trigger a 24-month development period at Jibal Qutman in 4Q26.
• Development includes open pit/CIL operation involving a $100m capex.
• Details of the budget financing and ramp up strategy are expected to be provided as part of FID.
• GMCO development strategy includes Jibal Qutman ramp up, the Hawiah open pit/CIL and Hawiah concentrator for Cu-Au-Zn-Ag production.
• Separately, the Company reports changes in the Board with Rich Robinson (NED) stepping down and Maleba Bisrat (NED) joining.
• Ms Bisrat is the Ethiopian Country Director at the Tony Blair Institute for Global Change, leading a multidisciplinary team working closely with the government on economic reform, investment, job creation, and digital transformation.
• Additionally, Alistair Clark (NED) will become a Senior Independent Director and Deputy Chairman.

*SP Angel act as Nomad and Broker to KEFI Gold and Copper

RZOLV Technologies (RZL CN) C$0.34, Mkt cap C$21m – Extracts copper and gold without cyanide in early tests 

• RZOLV Technologies has shared promising early lab results on the extraction of copper and gold out of low-grade ores.
• In relatively small lab tests, the team recovered 82.3% to 94.8% gold and 71% to 80% copper.
• The process works in two stages to remove the copper first and then the gold with copper usually getting in the way of gold recovery.
• The process uses water-based chemicals instead of cyanide, and is pitched as safer and cleaner.

Shuka Minerals (SKA LN) 2.9p, Mkt Cap £2.8m – 2025 results confirm plans to reopen Rukwa as drilling continues at Kabwe

• Shuka Minerals reports a 2025 loss of £0.9m (2024 loss – £2.0m)
• Summarising the operational highlights, the company confirms that the “Rukwa coal mine in Tanzania … has remained on care and maintenance through 2025 … [but says that] … a positive reassessment of the potential for the … mine as well as technical and funding discussions has resulted in a restart budget capex of c.$350k in order to return the mine to a targeted production rate of 4,000-5,000 tpcm by Q3 2026 and beyond in to 2027”.
• At the former Anglo American Kabwe zinc mine in Zambia, acquired earlier this year, Shuka Minerals has “commenced a 3-phase exploration and development program … as part of its plans to re-commence both open-pit and underground mining and processing operations”.
• The planned programme comprises:

• • “a high-resolution geophysical survey”; and
  • “a JORC Code 2012 / NI 43-101 resource drilling program, updated metallurgical test work and additional environmental and mining studies”; and
  • “detailed feasibility study work and underground mine refurbishment and new access decline activities as well as the establishment of new ore processing facilities and project value addition in respect of the production of refined metals products”.

• Recent announcements confirm that the drilling completed so far has intersected the No. 2 orebody at Kabwe in the expected position at depth beneath the historic workings.
• Shuka Minerals confirms that it is “fully funded for its initial Rukwa and Kabwe plans. However, uncertainty remains regarding the timing of the recommencement of mining at Rukwa. Further funding may also be required to fully implement management’s planned work programmes for both Rukwa and Kabwe”.

Conclusion: In its 2025 results statement, the company confirms the continuing progress of exploration at the Kabwe project in Zambia and plans to resume coal production at Rukwa, Tanzania.

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

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

---