SP Angel – Today’s Market View, Tuesday 3rd November 2026

Sentiment on datacentre rollout softens copper prices

MiFID II exempt information – see disclaimer below

ACG Metals (ACG LN) – US$220m all stock acquisition of the Nussir Copper Project from Blue Moon Metals

Fulcrum Metals (FMET LN) – Terra Balcanica identifies uranium targets in Saskatchewan

Kazatomprom (59OT LN) – Q3 trading update

Sigma Lithium (SGML US) – 3Q26 production collapses on temporary suspension with US$125m convertible announced on liquidity pressures

URU Metals* (URU LN) – Video on Zeb nickel project exploration insights and objectives of diamond drill programme

Zanaga Iron Ore (ZIOC LN)– Bulk sampling programme completed

Copper – Sentiment on datacentre rollout softens copper prices

• AI datacentre inflation may slow rollout of new facilities and capex spend
• Rising costs for semiconductors and other components may conspire to delay the rollout of new datacentres as constructers rush to build new facilities.
• Permitting, grid connections, recruitment of suitably skilled labour etc. will all serve to delay plans.

Rare Earths – US eyes closer Myanmar ties to secure access to rare earths

• A State Department strategy targets deeper engagement with Myanmar’s military-backed government to counter China.
• The US aims to become a “major trading partner and supplier” and triple Myanmar’s imports of US goods by 2030.
• Myanmar is the world’s fourth-largest rare earths supplier.

Lobito Rail Corridor – African Finance Corp is seeking funding from Angola and Zambia for the 830km Zambia Lobito line after funding from one of unnamed funding partners fell through

• Estimated cost is US$3-5bn, making it the costliest leg of the US-backed Lobito Corridor.
• AFC’s president says the project is “definitely viable”
• The US has committed US$553m to upgrade Angola’s existing line, and the DFC could provide up to US$1bn for DRC track refurbishment.
• The corridor is central to US efforts to cut Chinese control of African critical mineral supply chains, linking Zambia’s Copperbelt to the Atlantic.

Today is World Jellyfish Day

• The day is to promote awareness and focus on marine life and jellyfish.
• We hope the world’s jellyfish have a great day!

Currencies

US$1.1195/eur vs 1.1212/eur previous. Yen 157.94/$ vs 157.64/$. SAr 16.670/$ vs 16.650/$. $1.342/gbp vs $1.343/gbp. 0.697/aud vs 0.702/aud. CNY 6.674/$ vs 6.647/$.

Dollar Index 101.73 vs 101.68 previous.

Economics

US – Focus on Midterms in the US today with Democrats widely expected to regain control of the Congress.

• Many Trump supporters are concerned over increasingly erratic behaviour
• We know some former Trump supporters who say they will never vote for him again.
• America is an empire but few thought they were going to get this sort of emperor .

Manufacturing PMI – highlights reshoring of manufacturing back into the US

China is at long last appearing to address its poor domestic demand

• We hope the contraction in non-manufacturing will reverse as the impact of these policies feed through
• We note the more accurate S&P Global RatingDog shows continued expansion due to its focus on smaller, private, and export-oriented companies.
• The Official Manufacturing PMI also shows contraction for October but this is focussed on larger parastatal companies.
• Chinese exports are being driven higher by autos which have grown >10x since 2020 and could exceed 10m vehicles this year.
• August’s record trade surplus of >$119bn looks on track to beat the $1.2tn surplus seen in 2025.
• Officials continue to work to reduce inflation in input costs for Chinese industry.
• Restrictions to critical mineral exports has lowered costs in China vs the rest of the world.
• State investment in energy infrastructure is lowering power costs in China making it increasingly hard for overseas industry to compete.
• Chinese oil inventories insulated industry from the impact of supply cuts through the Strait of Hormuz such that Chinese consumers

Iran – Iranian negotiators on fourth day of talks with Qatari mediators in Doha

• The negotiators say they have a draft plan to reopen the Strait of Hormuz within two days of an agreement with the US.
• Does anyone believe it will last
• We suspect the Iranians will start firing missiles just as soon as they have had a chance to reload
• Once a Skorpion, always a Skorpion

Precious metals:

Gold US$3,899/oz vs US$3,899/oz previous

Gold ETFs 101.0moz vs 101.0moz previous

Platinum US$1,419/oz vs US$1,437/oz previous

Palladium US$939/oz vs US$985/oz previous

Silver US$48.8/oz vs US$50.3/oz previous

Silver ETFs 812.3moz vs 808.8moz previous

Rhodium US$9,125/oz vs US$9,125/oz previous

Base metals:   

Copper US$13,912/t vs US$14,263/t previous

Aluminium US$3,033/t vs US$3,070/t previous

Nickel US$15,410/t vs US$15,385/t previous

Zinc US$3,799/t vs US$3,849/t previous

Lead US$1,887/t vs US$1,905/t previous

Tin US$47,485/t vs US$49,155/t previous

Energy:           

Oil US$106.9/bbl vs US$109.6/bbl previous

• Crude oil prices edged lower after Iran proposed a new agreement to end the conflict and reopen the Strait of Hormuz, even as the US launched targeted strikes on Qeshm Island ahead of the US mid-term elections.
• The TotalEnergies Energy Outlook 2026 report places a heightened emphasis on energy system resilience, supply diversification, and developing domestically available energy sources. Global demand for oil is on trend to increase and plateau during the 2030s before beginning a slow decline, with gas demand plateauing in the 2040s.

Natural Gas €98.8/MWh vs €100.3/MWh previous

Uranium Futures $92.0/lb vs $92.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$90.7/t vs US$91.1/t

Chinese steel rebar 25mm US$480.4/t vs US$482.6/t

HCC FOB Australia US$262.5/t vs US$265.0/t

Thermal coal swap Australia FOB US$151.3/t vs US$147.0/t

Other:  

Cobalt LME 3m US$33,525/t vs US$33,510/t

NdPr Rare Earth Oxide (China) US$106,547/t vs US$107,580/t

Lithium Carbonate 99% (China) US$13,712/t vs US$13,767/t

China Spodumene Li2O 6%min CIF US$1,275/t vs US$1,250/t

Ferro-Manganese European Mn78% min US$1,045/t vs US$1,045/t

Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$2,775/mtu vs US$2,775/mtu

China Tantalum Concentrate 30% CIF US$240/lb vs US$241/mtu

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

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

Europe Ferro-Vanadium 80% US$25.9/kg vs US$25.9/kg

China Ilmenite Concentrate TiO2 US$176/t vs US$177/t

US Titanium Dioxide TiO2 >98% US$2,917/t vs US$2,917/t

China Rutile Concentrate 95% TiO2 US$1,176/t vs US$1,181/t

Brazil Potash CFR Granular Spot US$357.5/t vs US$357.5/t

Germanium China 99.99% US$4,555.0/kg vs US$4,525.0/kg

China Gallium 99.99% US$460.0/kg vs US$460.0/kg

Europe Molybdenum Oxide 57% US$32.5/lb vs US$32.5/lb

Company news:

ACG Metals (ACG LN) 1,550p, Mkt Cap £329m – US$220m all stock acquisition of the Nussir Copper Project from Blue Moon Metals

• ACG agreed to buy 100% of Blue Moon Norway from Blue Moon Metals for US$220m.
• The consideration to be paid in shares with ~8.85m new shares issued (£18.7/sh, 30d VWAP).
• That would represent ~27.6% of the enlarged share capital.
• Blue Moon must distribute the shares to its own shareholders 6–12 months after completion.
• ACG estimates the acquisition at ~0.59x broker consensus NAV of US$375m for the Norwegian portfolio, and expects the deal to be accretive to NAV per share on completion.
• Blue Moon Norway flagship project is the permitted and construction-stage Nussir Copper Project near Hammerfest, Finnmark, northern Norway (94.5% interest).
• ACG plans to buy out the remaining 5.48% of Nussir within 12 months.
• Project FS highlights include:
  • Underground copper mine with gold and silver by-products
  • 13y LOM
  • 2mtpa flotation plant
  • Existing infrastructure includes roads, freshwater and an ice-free deep-water port; a renewable grid connection is planned
  • Production expected to average ~18.4ktpa CuEq over 2029-33 (100% basis)
  • First concentrate production 1H28
  • US$210m total capex with ~US$84m to have been spent by completion leaving ~US$126m to fund
  • Reserves 25.0mt at 0.81% Cu (~202kt Cu)
  • MRE 60.7mt at 1.01% (~616kt Cu) with ~47% in the M&I category
• In addition, Blue Moon holds regional exploration licenses through its subsidiaries.
• Deal completion is subject to ACG shareholder approval as well as a regulatory review.
• Completion expected by 30 November with a 15 December long stop.
• Gediktepe (Turkey) remains on track for full commercial production in Q1 2027 and the Enriched Ore Project in Q3 2027.
• The deal is estimated to take ACG production to 50ktpa CuEq across two jurisdictions.

Fulcrum Metals (FMET LN) 5.625p, Mkt Cap £9.0m – Terra Balcanica identifies uranium targets in Saskatchewan

• Fulcrum Metals reports that airborne geophysical exploration of the Fontaine Lake uranium project in northern Saskatchewan by its spin-out company, Terra Balcanica Resources, has identified eight targets for further exploration.
• The target radiometric and magnetic anomalies “principally align with the Grease River Shear Zone (“GRSZ”) and associated structures”.
• “Additional targets highlight potential for uranium and polymetallic mineralisation, including rare-earth elements”.
• CEO, Ryan Mee, said that Fulcrum Metals looks “forward to these projects advancing through follow-up exploration … [and confirmed that the] … survey highlights compelling targets along the Grease River Shear Zone, with additional uranium and rare-earth potential adding to the exploration opportunity”.
• Fulcrum Metals holds an interest of ~6.9% of Terra Balcanica.

Kazatomprom (59OT LN) US$38.21, Mkt cap £12bn – Q3 trading update

• Kazatomprom, the national atomic company of Kazakhstan reports Q3 results and a trading update on its uranium mining business.
• US trade restrictions still allow uranium imports onto the US from Russia in a series of national interest waivers.
• The US agreed to export nuclear technology to Saudi Arabia in a 30-year civil nuclear cooperation agreement.
• South Korea will invest up to $120bn in 8 new reactors in the US under a non-binding framework comprising 6 Westinghouse AP1000 and 2 Korean APR1400 units.
• Capex: $100b + $20bn contingency with Korean investors acquiring a 5-10% stake in Westinghouse Electric Company ahead of its IPO.
• The government of Niger forced Atomic Eagle to raise its stake to 40% stake in the Madaouela uranium project under a new mining convention.
• Italy will return to nuclear power after a 39-year moratorium with a new law allowing SMRs ‘small modular reactors’ and AMRs ‘advanced modular reactors’.
• Italy plans to build 8-16 GW of nuclear capacity by 2050, representing 11% to 22% of Italian electricity demand.
• Kazakhstan agreed with Russia’s Atomstroyexport, part of Rosatom to build the nation’s first nuclear power plant, the Balkhash NPP.
• The irony is that Russia conducted 456 nuclear tests in the Semipalatinsk Polygon in Kazakhstan from 1949 – 1989.
• We have been to the secret nuclear town of Kurchatov also known as Semipalatinsk-21. Its amazing where you go when looking for mines.
• Demand – recent events:

• Unit 3 of the Changjiang NPP in Hainan, China, entered commercial operation; the first of two HPR1000 reactors built as Phase II of the Changjiang NPP.
• EDF extended operating lifetimes of the Heysham 1 and Hartlepool NPPs in the UK by two years to March 2030, from March 2028.
• Spain renewed the operating license of the Almaraz NPP until June ‘30. Unit 1 was scheduled to shut down in Nov ‘27, followed by Unit 2 in Oct ‘28.
• The US DoE finalized a $1.9bn loan to NextEra Energy for the restart of the Duane Arnold Energy Center. Subject to NRC approval.

• Supply:
• NexGen Energy started a 4-year build of Rook I, Saskatchewan, Canada. Permitted capacity up to 30mlbs)pa.
• Paladin Energy completed the ramp-up of its 75%-owned Langer Heinrich mine in Namibia. Production was 4.82mlbs in the 12-months to end-June.
• The US IDC approved up to $414m debt finance for development of the Dasa greenfield uranium project in Niger run by Global Atomic and 20% Niger.
• Boss Energy increased production at Honeymoon in Australia by 61% yoy to 1.4mlbs for 12-months to end-June.

Sigma Lithium (SGML US) US$5.2, Mkt Cap US$587m – 3Q26 production collapses on temporary suspension with US$125m convertible announced on liquidity pressures

• Sigma reported reported 3Q26 production results from the Grota do Cirilo Lithium Mine in Brazil.
• Production 7.3kt SC (2Q26: ~35kt; 3Q25: ~44kt) on court sanctioned temporary suspension of operations.
• Intermediary and low grade lithium unprocessed products stockpile 21kt due to a suspension of the processing plant
• 10kt of intermediary product processed and sold in October with 4Q26 to date production of 9kt SC.
• Cash costs (CIF) US$518/SC (2Q26: US$452/SC; 3Q25: US$543/SC)
• Gross revenue US$23m
• Gross margin 32%
• ~US$4m net operating cash outflow recorded in 3Q26 with cash balance coming down to US$10m from US$17m in June 2026.
• Sigma identifies up to US$62m of potential short-term liquidity:
  • US$10m of high-grade receivables;
  • US$20m of unsold low-grade inventory;
  • US$32m of remaining instalments under the US$96m offtake.
• Guidance:
  • Production of 240kt over the next 12 months and 330kt in FY27 from Plant 1 were maintained.
  • FY26 AISC was cut 6% to US$668/SC (from US$710/SC). FY27 AISC of US$620/SC was maintained.
  • Phase 2 (580ktpa) is due to resume in 2027.
• Separately, Sigma priced a US$125m senior unsecured convertible, upsized from US$100m.
• November 2031 convertible (5y), with a 7.00% fixed coupon and US$6.51 conversion price (25% premium to the US$5.21 Nasdaq close)
• Conversion is blocked for the first 12 months with an investor put for 100% of principal at the end of year 3.
• Proceeds to be used to repay the outstanding Synergy Capital senior secured debt (US$97m with maturity previously extended to June 2027).
• The balance (~US$28m) to be directed towards growth capex.
• The stock closed ~26% down in the US yesterday.

URU Metals* (URU LN) 2.77p, Mkt Cap £4.1m – Video on Zeb nickel project exploration insights and objectives of diamond drill programme

• URU Metals has released a video explaining the geology of the Zeb Nickel project, its exploration and diamond drilling program in South Africa.
• The 8-hole NQ-core, 3,850m, program is to investigate high-priority targets and guide to the potential scale and continuity of nickel sulphide mineralisation.
• Paired holes will test the shallower mineralisation and the down-dip extensions.
• Previous drill results include 2.25m at 1.67% nickel, 0.51% copper and 0.71g/t 3PGE plus gold in semi-massive and massive sulphides.
• The drill program is designed to:
  • test high-priority nickel sulphide targets identified through geophysics and geological modelling.
  • improve understanding of the geometry, extent and continuity of mineralisation.
  • evaluate the potential for a larger nickel sulphide system.
  • build clearer understanding of the scale and continuity of mineralisation to aid a future MRE ‘Mineral Resource Estimate’.
• URU recently reported the signing of a drilling contract with drilling expected to start by 9^th November depending on site-readiness and health and safety requirements.
• Drill sites have been selected using a Leapfrog 3D model, which picked the higher-grade southeastern part of Zone 2 as the priority.
• Zaaiman Exploration Drilling will deploy two rigs with initial focus on Zone 2 to test gaps for deeper extensions.
• The idea is to test the hypothesis for a larger nickel sulphide body in the area of the known mineralisation.
• Milestones:
  • continuity of mineralisation in zone 2
  • progress towards the MRE
  • confirmation of the separate sulphide discovery model
• Funding: URU raised £1.25m at end-September at 2.5p to fund the drill program.
• The video gives insight into the geological characteristics of Zeb Nickel project, historical exploration results and objectives of the diamond drilling program.
• https://urumetals.com/index.php/2026/11/02/retail-investor-mobilization-begun/

*SP Angel acts as Nomad and Broker to URU Metals

Zanaga Iron Ore (ZIOC LN) 2.9p, Mkt Cap £30m – Bulk sampling programme completed

• Zanaga Iron Ore confirms that it has completed a 30,000t bulk sampling programme at its Zanaga iron ore project in the Republic of Congo.
• The material extracted in the bulk sampling programme will source “a 100-tonne composite sample from the hematite zone targeted for Stage 1’s 12Mtpa operation … [for] … the next phase of pilot scale metallurgical test work validation of Zanaga’s revised Direct Reduced Iron (“DRI”) processing flowsheet, allowing immediate progress to detailed engineering and design”.
• “The results of this work will define process equipment requirements (including crushing, grinding and screening configurations), update mass, energy and water balances, and inform the basis for capital and operating cost estimates”.
• CEO, Martin Knauth, described the bulk sampling as “a significant milestone for the Zanaga Project”.
• He welcomed the response of official observers “representing the RoC authorities, who commended the Programme’s planning, communication and transparency”.
• Mr. Knauth said that the company will “progress to metallurgical testing and the subsequent final engineering and design work, strengthening the technical basis for Zanaga’s DRI grade plan”.
• Zanaga hosts a permitted 6.9bn tonne resource and 2.1bn tonne reserve.

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+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.

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