SP Angel -Today’s Market View, Tuesday 3rd March 2026

Gold pares gains as traders take profits despite Iran escalation

MiFID II exempt information – see disclaimer below

Central Asia Metals* (CAML LN) – Sasa MRE reflects revisions to mine plan

Conroy Gold and Natural Resources (CGNR LN) – Clontibret drilling

Fresnillo (FRES LN) – Focus on cost control as production flatllnes

Hamak Strategy* (HAMA LN) – Positive Due Diligence completed on Akoko Gold Project in Ghana

Hudbay Minerals (HBM CN) – Acquisition of Arizona Sonoran to build US copper hub

Arizona Sonoran (ASCU CN)

Kodal Minerals* (KOD LN) – BUY, 0.86p – Arbitration commenced with KMUK

LinQ Minerals (LNQ AU) – Central Zone mineralisation extended along strike

Thor Energy (THR LN) – Closer involvement in South Australia ISR copper projects

Roscan Gold (ROS CN) – Kandiolé PEA results outline 64kozpa open-pit potential

San Lorenzo Gold (SLG CN) – Wide gold intercepts reported from Arco de Oro in Chile

Serabi Gold (SRB LN) – Brownfield exploration results and plans for 2026

Taseko Mines (TKO CN) – Florence Copper produces first copper cathode at the recently commissioned ISCR facility

Gold ($5,275/oz) pares gains as traders take profits despite Iran escalation

• Gold prices have returned to levels seen before the US/Israel strike on Iran over the weekend.
• The metal jumped to $5,426/oz, before pulling back this morning amid a higher US dollar.
• The dollar index has rallied to 99.2, up from 96.2 seen on Friday.
• US Treasury yields are also selling off as the market looks to higher oil prices feeding into inflation data.
• Gold had rallied into the military operation in Iran, with traders now ‘selling the news,’ despite continued escalation in the region.
• We see the military action in Iran as a supportive long-term tailwind for gold, as the US increases returns to foreign intervention against their adversaries.
• Chinese gold buying remains a key driver for the metal, and an increasingly aggressive White House is not expected to change that thematic.

Gold smuggling – Turkey

• Seized amounts of smuggled gold in Turkey hit US$700m last year vs more normal $100m level.
• Large-scale unregistered gold smuggling complicate the Central Bank’s ability to track actual forex and maintain monetary stability.
• The authorities are looking at how to reform import restrictions to reduce smuggling.

Shipping & global trade – Insurers withdraw war risk insurance for ships wishing in the region of Iran and Yemen

• This relates to insurance for the entire Persian Gulf, Iranian waters, the Gulf of Oman, and waters west of Ras al Hadd in Oman northeast to the Iran Pakistan border.

• Seven of the twelve member clubs in the International Group of Protection and Indemnity Clubs, which provides marine liability coverage for approximately 90% of the world’s ocean going fleet, have issued cancellation notices for war risk coverage in the Persian Gulf.
• Substantial oil and gas is shipped through the Straits of Hormuz to China, Japan, India and other nations.
• If the Iranian military is able to effectively close the Straits for more than a few weeks, then some nations may need to find alternative sources of fuel oil and gas else risk some form of rationing.
• Fortunately, the northern hemisphere is emerging from winter and China has been busy building substantial oil storage facilities.
• If Iranian armed forces continue to threaten shipping beyond the end of March then economists may look to downgrade global GDP growth forecasts.
• Equally, if Israel and the US manage to achieve some form of regime change and Iran becomes a non-terrorist state then the Middle East may be set for a period of new economic growth.
• The broad elimination of Hamas, Hezbollah, The Houthis, ISIS and other terrorist organisations will mark a very significant change for the region.

VOX video:  The most extraordinary week in commodities I’ve ever witnessed

• Podcast:  The Vox Markets Podcast

IG TV – Commodity Markets Weekly: https://youtu.be/-YKK0NzMLZ0?si=i-83_jtBI8u5bM86

We are now in a new commodities cycle: on VOX: https://www.voxmarkets.com/articles/we-are-now-in-a-new-commodities-cycle-says-sp-angel-s-john-meyer-277006a

• Podcast: The Vox Markets Podcast / Mining Matters: We are now in a new commodities cycle, says SP Angel’s John Meyer

Worth reading – Mineral War: China’s Quest for Weapons of Mineral Destruction by Tomasz Nadrowski

• https://www.amazon.co.uk/Mineral-War-Chinas-Weapons-Destruction/dp/B0GHDYRLZK

Currencies

US$1.1630/eur vs 1.1716/eur previous. Yen 157.49/$ vs 157.05/$. SAr 16.285/$ vs 16.121/$. $1.331/gbp vs $1.335/gbp. 0.707/aud vs         0.707/aud. CNY 6.898/$ vs 6.886/$.

Dollar Index 98.98 vs 98.53 previous.

Economics

Iran – Israel Air Force completes wave of strikes against Interior Security and Ministry of Intelligence command centres in central Tehran.

• Dozens of headquarters, bases, and regional command centres of the regime’s internal security bodies were targeted.
• These bodies were described as responsible for suppressing protests through violent measures and civilian arrests.
• The strikes also hit over ten Ministry of Intelligence headquarters and multiple Quds Force sites, along with additional regime facilities identified by IDF intelligence.
• The Israeli Air Force continued striking surface-to-surface missile launchers and sites used for weapons production for Iranian forces, as well as additional IRGC Air Force sites. The IDF said the strikes further degrade the Iranian regime.
• The Israeli Air Force also carried out three additional strike waves against Iranian fire arrays and expanded IDF aerial control in western Iran. Hundreds of munitions struck dozens of missile launchers, air defense systems, and live fire arrays.
• The Israeli Air Force struck and dismantled an Iranian regime communications centre described as being used to advance military activity under the guise of civilian activity and assets, alongside propaganda operations. The IDF said the activity at the site was directed by the Islamic Revolutionary Guards Corps.
• The Iranian Broadcasting Authority was cited as having called for the destruction of Israel and for the use of nuclear weapons. The IDF also said the outlet contributed to repression of the Iranian population and the spread of false messaging.
• US forces struck an Iranian naval drone carrier during the opening strikes on Iran on Saturday according to US Central Command.

Turkey – Workers at a Turkish mine clashed with police at mine

• The miners are striking over wage and benefits losses (Reuters).

• While this appears to be an isolated incident mines sometimes become flashpoints for other dissent.

Precious metals:         

Gold US$5,307/oz vs US$5,408/oz previous

   Gold ETFs 100.9moz vs 100.8moz previous

Platinum US$2,165/oz vs US$2,415/oz previous

Palladium US$1,714/oz vs US$1,858/oz previous

Silver US$86.0/oz vs US$96.0/oz previous

   Silver ETFs 830.7moz vs 833.9moz previous

Rhodium US$12,050/oz vs US$12,250/oz previous

Base metals:

Copper US$12,955/t vs US$13,390/t previous

Aluminium US$3,175/t vs US$3,227/t previous

Nickel US$17,120/t vs US$17,619/t previous

Zinc US$3,282/t vs US$3,335/t previous

Lead US$1,960/t vs US$1,963/t previous

Tin US$50,900/t vs US$56,800/t previous

Energy:

Oil US$80.4/bbl vs US$79.7/bbl previous

• Crude oil prices moved higher as the US, Israel and Iran escalated hostilities, which brought about the temporary suspension of operations at Saudi Arabia’s Ras Tanura refinery and stalled tanker flows through the Strait of Hormuz.
• International gas prices continued their climb after QatarEnergy ceased production of liquefied natural gas (LNG) and associated products due to military attacks on its operating facilities at Ras Laffan and Mesaieed.

Natural Gas €54.6/MWh vs €40.4/MWh previous

Uranium Futures $86.3/lb vs $87.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$99.3/t vs US$98.8/t

Chinese steel rebar 25mm US$464.0/t vs US$468.6/t

HCC FOB Australia US$218.5/t vs US$246.0/t

Thermal coal swap Australia FOB US$126.6/t vs US$117.3/t

Other:  

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

NdPr Rare Earth Oxide (China) US$126,116/t vs US$129,386/t

Lithium carbonate 99% (China) US$22,469/t vs US$21,418/t

China Spodumene Li2O 6%min CIF US$2,075/t vs US$1,905/t

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

China Tungsten APT 88.5% FOB US$1,898/mtu vs US$1,698/mtu

China Tantalum Concentrate 30% CIF US$175/lb vs US$161/mtu

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

Europe Vanadium Pentoxide 98% US$5.6/lb vs US$5.5/lb

Europe Ferro-Vanadium 80% US$28.4/kg vs US$27.8/kg

China Ilmenite Concentrate TiO2 US$262/t vs US$264/t

US Titanium Dioxide TiO2 >98% US$2,959/t vs US$2,959/t

China Rutile Concentrate 95% TiO2 US$1,138/t vs US$1,148/t

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

Brazil Potash CFR Granular Spot US$372.5/t vs US$372.5/t

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

China Gallium 99.99% US$395.0/kg vs US$395.0/kg

EV & battery news

Gotion High-tech announces it is close to mass production of solid-state battery

• Gotion High-tech has finalised the design of a 2GWh all-solid-state battery production line, marking a move from pilot to planned mass production scale.
• The company previously operated a 0.2GWh pilot line for its solid-state “Gemstone” batteries, reporting energy density around 300Wh/kg and high yield rates.
• The new 2GWh line is a 10x scale-up from pilot capacity, signalling intent to industrialise the technology rather than keep it in the lab.
• While commercial EV deployment at scale is still some way off, this is a concrete step toward large-scale solid-state battery production.

Company News:

Central Asia Metals* (CAML LN) 209p, Mkt Cap £427m – Sasa MRE reflects revisions to mine plan

• Central Asia Metals has provided an updated ore resource and reserve estimate (MRE) for its Sasa base metal mine in North Macedonia.
• The 31^st December 2025 estimate shows an ‘Indicated and Inferred’ resource of 20.5mt at an average grade of 2.2% zinc, 3.9% lead and 24.9g/t silver within the Svinja Reka and Golema Reka deposits.
• Svinja Reka hosts an ‘Indicated’ resource of 9.6mt at an average grade of 3.0% zinc, 4.2% lead and 32.8g/t silver with an additional ‘Inferred’ resource of 2.3mt at an average grade of 2.4% zinc, 2.9% lead and 35.5g/t silver.
• The Golema Reka orebody contains an ‘Indicated’ resource of 1.8mt at an average grade of 1.3% zinc, 4.1% lead and 13.8g/t silver with a further ‘Inferred’ resource of 6.8mt at an average grade of 1.2% zinc, 3.9% lead and 13.2g/t silver.
• Sasa’s ‘Probable’ reserves of 6.9mt at an average grade of 2.5% zinc, 3.5% lead and 26.1g/t silver are confined to the ‘Indicated’ portion of the Svinja Reka deposit and reflect “the transition from the sub-level caving mining method to cut-and-fill and long-hole stoping with paste backfill”.
• Amplifying the MRE statement, the company explains that as “mining has progressed deeper at Sasa, the geology has presented increasing challenges. In particular, the orebody has become narrower, … [prompting] … the transition to the new mining methods of cut-and-fill and long-hole stoping (from the bulk mining method of sub-level caving) … [which] … has been designed to provide flexibility and to control dilution”.
• “In addition, the orebody has become more variable in both geometry and grade, which has impacted head grades and thus metal production, and which in turn has adversely affected profitability”.
• In response, CAML has reassessed the life-of-mine plan for Sasa and its impact on the MRE and “now envisages mining up to approximately 830,000 tonnes annually over the next eight years, followed by a reduction in the final year (2034)”.
• The new plan reduces the ore reserve from the 31^st December 2024 estimate of 9.2 million tonnes at a grade of 2.4% zinc and 3.4% lead to the 6.9mt at an average grade of 2.5% zinc, 3.5% lead reported today.
• Further studies to “to test the viability of ore sorting … [are underway] … which may unlock more value in the lower-grade portions of the Mineral Resource, in particular with respect to Golema Reka”.
• “Cost control … [including a 10% reduction in staff levels resulting in] … an increase in productivity per employee-shift … is a key focus”.
• In a separate announcement today the company announces that results for 2025 will be released on 19^th March.

Conclusion: The 2025 MRE for Sasa reflects a revised mining plan in response to narrower mining widths and increased grade variability at depth with operations now expected to continue until 2034.

*SP Angel analyst(s) hold shares in CAML

Conroy Gold and Natural Resources (CGNR LN) 16p, Mkt Cap £12m – Clontibret drilling

• Yesterday afternoon Conroy Gold reported that the first drillhole of its planned 2,000m programme at the Clontibret gold project in Co Monaghan interested the deepest gold yet recorded on the project.
• Hole CGC-25-001 intersected “more than 10 identified lodes” before terminating at a depth of ~415m “due to technical difficulties”.
• The announcement confirmed that the hole “had not yet reached its target depth in the stockwork zone” but assayed intersections included:

• • A 2.4m wide interval at a grade of 1.7g/t gold from 75.6m depth; and
  • A 2.8m wide interval at a grade of 4.5g/t gold from 154.2m depth; and
  • A single metre at a grade of 2.1g/t gold at 208.5m depth; and
  • A 1.7m wide interval at an average grade of 3.7g/t gold from 211.5m depth; and
  • A 4.0m wide interval at a grade of 0.5g/t gold from 410.5m depth.

• With 3 rigs now on site, a “new deep hole, CGC-25-007 … is being drilled to directly target the stockwork zone informed by the observations in CGC-25-001”.
• Chairman, John Sherman, described “encouraging mineralisation at depth … [and said that] … the ongoing drilling programme … [is expected] … to inform the structural controls around the Clontibret deposit as we explore its potential”.

Fresnillo (FRES LN) 4,154p, Mkt Cap £30.5bn – Focus on cost control as production flatllnes

• Fresnillo produced 48.7moz, down 13.5%yoy in 2025.
• Gold production fell 5% to 600.3ko, down 5%yoy.
• Revenue for 2025 reported at $5.6bn, up 31%yoy.
• Adjusted production costs fell 11% yoy to $1.4bn on lower volumes processed and the devaluation of the Mexican peso vs USD.
• EBITDA up 81% to $2.8bn.
• PAT reported at $1.6bn.
• Fresnillo held $2.8bn at year end in cash, with net cash reported at $1.9bn, up from $0.5bn prior year.
• Fresnillo paid a dividend of $950m over 2025, whilst management also notes in maintains an additional buffer ‘for any M&A opportunities that may present themselves.’
• 2026 outlook:

• • 42-46.5moz Ag, 500-550koz Au
  • $765m CAPEX
  • $260m exploration expense, including de-risking Probe Gold
• Management notes focus on operational optimisation, with Herradura cost reduction programme underway.
• Optimisation projects at Fresnillo district include dilution control, mine planning, contractor rationalisation offset by lower equipment availability and increased explosives/milling ball consumption.
• Shaft connection at Saucito deferred to 2026 and is expected to be completed by 2027.
• Management remains ‘committed to responsible growth,’ alongside ‘maintaining attractive returns to shareholders.’

Hamak Strategy* (HAMA LN) 1.10p, Mkt Cap £5m – Positive Due Diligence completed on Akoko Gold Project in Ghana

• Hamak Strategy Limited report the return of positive due diligence completed on Akoko Gold Project in Ghana.
• Hamak now intends to immediately proceed with its process towards final acquisition of the project which lies within the Ashanti gold belt in Ghana.
• Akoko hosts a near surface and mostly oxide hosted estimated inferred and indicated non-JORC resource of 252,659 oz at 0.58 g/t based on Hamak’s evaluation of 16,000m of historic drilling and assay results.
• CAA Mining, the seller, estimates a non-JORC inferred resource of 277,000oz at 1.7g/t.
• Much of the gold sits in the upper oxides horizons indicating the gold may be processed by heap leaching .
• Hamak plan to run a 4,250m reverse circulation drill program into the upper 80m of the deposit to upgrade to a JORC resource
• Metallurgical test work will also be done to determine likely gold recoveries
• An independent PEA will follow to outline potential future economics for mining before the year end to enable for Hamak to make an informed decision on whether to exercise its exclusive option to acquire the Akoko gold project.
• The Akoko licence covers 89sqkm within short distance from a number of multi-million-ounce gold deposits.
• The cost of the acquisition is particularly low at US$10/oz given the current gold price, and is being paid in cash and Hamak shares.
• CAA Mining financial model and key assumptions on Akoko:

• • $50m – initial capex, 550,000tpa annual throughput, 85% gold recovery. Assumes a US$3,500 gold price

Basic economic indicators and parameters of the CAA economic model.

Conclusion:  Hamak are moving methodically and carefully towards the potential exercise of their option to fully acquire Akoko.

​*The SP Angel analyst holds shares in CAA Mining

Hudbay Minerals (HBM CN) C$36.6, Mkt Cap C$14.5bn – Acquisition of Arizona Sonoran to build US copper hub

Arizona Sonoran (ASCU CN) C$8.8, Mkt Cap C$1.83bn

• Hudbay has agreed to acquire Arizona Sonoran for C$9.35/share, implying an equity value of $1.48bn based on Hudbay’s February 27 closing price.
• ASCU shareholders will receive 0.242 of a Hudbay share for each share held, with the acquisition implying a 36% premium to Arizona Sonoran’s 20-day VWAP.
• Hudbay held 9.99% of ASCU prior to the takeover.
• Arizona Sonoran holds the Cactus Project:

• • 2025 PFS outlined 465mt in reserves at 0.52% Cu, 3.3:1 strip ratio.
  • Initial CAPX of $977m and $1.3bn sustaining CAPEX for a 28mtpa SX/EW open pit heap leach operation over 22 years
  • Producing 99ktpa over LOM at AISC of $1.62/lb
  • Post-tax NPV8 of $2.3bn and IRR of 22.8% at $4.25/lb Cu.
• Arizon Sonoran had previously guided for first cathode production in 2029, with FID due 2026.
• Hudbay is currently sanctioning the 92ktpa, >20 year LOM Copper World Project.
• Hudbay is targeting long-term copper production of 580ktpa CuEq, driven by growth from Copper World, Cactus and Mason.
• Hudbay will use the Copper World construction team to develop Cactus.

Kodal Minerals* (KOD LN) 0.36p, MKt Cap £73m – Arbitration commenced with KMUK

BUY – 0.86p

• Arbitration proceedings initiated as KMUK, a 49/51 Kodal/Hainan JV, seeks indemnification for the $15m payment made to the Government of Mali.
• The payment completed over two tranches in 2024-25 was related to license transfer to the operating subsidiary and migration to the new Mining Code (2023).
• KMUK argues that the payment constitutes a tax liability subject to indemnification under the Hainan Jan23 funding agreement.
• Kodal argues the payment does not constitute a tax liability, should not be indemnified and should be carried by the KMUK JV.
• Discussions between partners since November 2024 failed to resolve the matter resulting in arbitration.
• Kodal filed a response to the notice of arbitration.
• The team is also considering its position in relation to potential associated claims or counterclaims.

Conclusion: The dispute between partners in the project (KMUK owned 49/51 by Kodal/Hainan holds a 65% interest in and operates the Bougouni Lithium Mine, Mali) is unfortunate, although, operations and ramp up at Bougouni do not seem to be affected.

*SP Angel acts as financial advisor and broker to Kodal Minerals.

LinQ Minerals (LNQ AU) A$0.51, Mkt Cap A$104m – Central Zone mineralisation extended along strike

• Australian copper-gold explorer Linq reports drilling results from the Central Zone at the Gilmore project.
• Hole MDACD001 returned:

• • 220m at 0.44g/t Au and 0.44% Cu from 99m

• Drilling added to previous intercepts of:

• • 226m at 0.47g/t Au and 0.36% Cu from 94m
  • 180m at 0.35g/t Au and 0.48% Cu from 160m
  • 148m at 0.88g/t Au and 0.32% Cu from 86m
  • 76m at 0.43g/t Au and 0.75% Cu from 264m
• Hole MDACD001 was intended to confirm copper-gold mineralisation along strike at the Central Zone.
• Management notes that the system remains open along strike and down plunge, with additional drilling planned at the Central Zone this month.
• LinQ currently has three rigs mobilising to the Gilmore site, which holds an historic JORC MRE of 516mt containing 3.7moz au and 1.2mt Cu.

Thor Energy (THR LN) 0.57p, Mkt Cap £5.8m – Closer involvement in South Australia ISR copper projects

• Thor Energy reports that a non-executive Director, Lincoln Moore, has been appointed as a director of its 20% owned EnviroCopper (ECL) which is progressing the assessment of potential in-situ recovery (ISR) of copper at projects at Kapunda and Alford West in South Australia.
• Today’s announcement describes the appointment as a reflection of its “ongoing support for ECL’s technical progress, the strategic importance of copper in the global energy transition, and the profitable, environmentally responsible potential of ISR copper, gold and REEs”.
• In October, ECL secured an A$3.5m investment in its ISR technology at the South Australia copper projects from ‘an international investor’.
• Thor Energy says that “Mr Moore’s appointment to the ECL board provides Thor with strategic oversight of its 20% investment and will enable closer strategic alignment as ECL progresses its projects”.

Roscan Gold (ROS CN) C$0.26, Mkt Cap C$114m – Kandiolé PEA results outline 64kozpa open-pit potential

• Roscan reports PEA results for the Kandiolé Gold Project in Mali.
• The study envisages development CAPEX of $219m and sustaining CAPEX of $78.5m.
• Roscan suggests an open-pit operation and a 2.5mtpa CIL plant, with average processed grades of 0.89g/t Au over a 13 year LOM.
• Strip ratio of 3.8:1 for total recovered gold of 836koz Au.
• Post-tax NPV5 at $3,100/oz of $498m, IRR of 43% and LOM AISC of $1,568/oz.
• Post-tax NPV5 increases to $1.3bn and IRR of 85% at spot prices, with AISC rising to $1,881/oz

San Lorenzo Gold (SLG CN) C$3.2, Mkt Cap C$288bn – Wide gold intercepts reported from Arco de Oro

• San Lorenzo Gold reports partial assay results from their Arco de Oro project in Chile.
• Hole SAL-09-25 returned highlights of:

• • 59m at 1.07g/t Au, 0.6g/t Ag and 0.1% Cu from 238m
  • 60m at 1.01g/t Au, 0.4g/t Ag and 0.09% Cu from 308m
  • 40m at 0.58g/t Au from 380m
  • 56m at 0.46g/t Au from 424m
  • 42m at 0.76g/t Au from 486m
  • 12m at 0.76g/t Au from 542m
• The results from surface to 223m are expected within the next two weeks.
• Management notes that the mineralised trend at Arco de Oro continues ‘fully 3.9km further northwest from the northernmost hole drilled previously.’
• Elsewhere, further holes from Cerro Blanco on the west side ‘confirm the significant breadth of the Cerro Blanco system.’

Serabi Gold (SRB LN) 355p, Mkt Cap £267m – Brownfield exploration results and plans for 2026

• Yesterday, Serabi Gold provided a progress report on its operations at Palito and Coringa in Brazil as well as highlights of its exploration around the two operations.
• The company confirms its 2026 production guidance of 53-57,000oz of gold production and says that it expects the 4^th ball mill at Palito to be operational by Q4 2026 increasing throughput capacity to 330ktpa.
• At Coringa, “Following 12 months of ore sorting success, the Company is transitioning from selective open stoping to longhole open stoping” where, compared to Palito,  the “geometrically simpler and more planar … [veins] … lend themselves to a more mechanised methodology”.
• The announcement confirms the completion of 17,600m of exploration drilling in 64 holes at Palito and of 20,800m in 90 holes at Coringa with a total of 1,436m remaining to be assayed including 997m from Palito and 439m from Coringa.
• “The objective of the 2025 drill programme and a similar programme in 2026 is to grow the current group mineral inventory to 1.5Moz”.
• Highlights from the drilling include:

• • An intersection of 0.25m at an average grade of 395g/t gold from a depth of 316.22m in hole 25-SR-039 at Coringa which also intersected 1.09m at a grade of 17.7g/t gold from 326.54m; and
  • A 1.19m wide intersection of the Demetrio zone at an average grade of 17.54g/t gold from 207.08m in hole 25-DE-001 at Coringa; and
  • A 2.56m wide intersection at an average grade of 7.05g/t gold from 190.44m in hole 25-SE-012 at Palito; and
  • A 1.20m wide intersection at an average grade of 10.76g/t gold from 351.10m in hole 25-SR-044 at Coringa.

• The 2026 drilling campaign will add a further 30,000m at a budgeted $9m and will test “the northeast extension of the mineralized structure through Bill’s Pipe, Tatu, and G3 targets” at Palito and “the southeast extension of the Serra South discovery and to continue with follow-up work on Serra North and Fofão targets” at Coringa.
• CEO, Mike Hodgson, said that the 2025 programme had made “a number of discoveries and zones to follow-up with drilling in 2026”.
• He said that “updated mineral resource estimates at both Palito Complex and Coringa Gold mine … [are] … expected by the end of this quarter”.

Conclusion: Serabi Gold’s 2025 near mine exploration has delivered discoveries at both Palito and Coringa which will be assessed further with an additional 30,000m of drilling in 2026.

*An SP Angel analyst has visited the Serabi’s gold mining operations in Brazil

Taseko Mines (TKO CN) C$12, Mkt Cap C$4.4bn – Florence Copper produces first copper cathode at the recently commissioned ISCR facility

• The Company reports the maiden harvesting of the first copper cathodes from its recently commissioned in-situ leaching operation at Florence Copper, US (AZ).
• Florence Copper electrowinning circuit was commissioned late February and first copper cathodes produced last week.
• Construction commenced Jan24.
• The operation is targeting a ramp up to 85Mlbs (~40kt) per annum production rate.
• Over 22y LOM is projected.
• ISCR leaches oxide copper mineralisation in-situ (oxide zone is ~150m thick on average starting ~130m deep) with pregnant solution pumped in a series of wells to surface with SX/EW plant producing copper cathodes.
• LOM C1 cash cost estimated at $1.11/lb.
• The project hosts 320Mt at 0.36% in Reserves (oxide).

LSE Group Starmine awards for Reuters Polls 2025 / 2024 commodity forecasting:

No1 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.

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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.