Copper rises to new all-time-high on tight availability outside the US helped by weaker US$
MiFID II exempt information – see disclaimer below
ACG Metals (ACG LN) – Gold project acquired to extend Gediktepe oxide circuit LOM
Brazilian Rare Earths (BRE AU) – Stage I pilot plant commissioned at Camacari with Stage II targeted 2Q27
Caspin Resources (CPN AU) – New tin and tungsten target found at Bygoo, NSW, Australia
Core Lithium (CXO AU) – First concentrate produced as Finniss plant restarts
ECR Minerals (ECR LN) – New gold-bearing reef found underground at Maddens in Australia
Serval Resources* (SRVL LN) – Kaoko Basin and Geological Mapping Programme in Namibia
Sigma Lithium (SGML US) – Operations continue uninterrupted amid media reports over environmental licenses court ruling
Copper ($14,607/t) – Copper rises to new all-time-high on tight availability outside the US helped by weaker US$
- Strong Yen appreciation driven by likely Japanese rate rises is helping copper rise to new all-time-high levels
- Traders keep shipping metal into the US before any tariff on refined imports.
- Premiums for spot physical copper delivery in China suggest copper is scarce outside the US.
- Copper hit an all-time high of $14,617/t Tuesday, its fourth day of gains, and up ~17% this year.
- COMEX warehouse levels rose to a record 695,624 tonnes vs SHFE on-warrant stocks of 21,412t and LME at 237,725t today
- Global, visible, copper stock represents a healthy 3.5% or 13 days of expected 2026 demand.
- Chilean copper exports fell to $4.62bn in August, the lowest since July 2025.
- Global mine output fell 1.1% in the first half (ICSG).
- Unless the second half recovers, 2026 could be the first year since 2017 to show a significant supply/demand deficit.
Gold ($4,403/oz) – Gold edges up as a weaker dollar offsets higher oil
- The dollar index fell 0.3%, which makes gold cheaper for buyers outside the US.
- The yen sits near its strongest this year, as traders expect the Bank of Japan to raise rates.
- Gains were capped by oil, with Brent approaching $100/bbl after renewed US-Iran clashes.
- Traders price a 60% chance the Fed raises rates next week.
- US producer prices land Thursday and consumer prices Friday.
China buys the most gold since 2023
- The People’s Bank of China added 650,000oz in August, its biggest month since 2023 (Bloomberg).
- That takes its buying streak to 22 months.
- Gold rose almost 10% during the month, after the US Treasury’s plan to step up debt buybacks revived worries about inflation and the dollar.
Antimony – Zimbabwe bans antimony and tungsten exports
- Zimbabwe has banned exports of antimony and tungsten, including ores and concentrates (Bloomberg).
- The order came in a letter dated 21 July that was never announced, seen by Bloomberg and confirmed by the ministry.
- The aim is to force companies to refine more at home, part of a wider push across Africa, including Guinea, Ghana and the DRC.
Chinese scientists propose turning abandoned coal mines into underground farms
- Chinese scientists are proposing to turn mining tunnels into farms (SCMP).
- There are around 15,000 abandoned mines in China which are generally insulated from the weather and natural disasters.
- The proposal suggest existing tunnels, power grids, ventilation systems and groundwater at these mines could be repurposed to support agriculture.
Indonesia – Volcanic eruption at Mount Anak Krakatau forces closure of Jakata main airport
- Krakatau suffered a major eruption in 1883 when it erupted for five months ending in the destruction of >70% of the island and >36,000 fatalities.
| Dow Jones Industrials | -0.51% | at | 53,414 | |
| Nikkei 225 | -1.70% | at | 65,269 | |
| HK Hang Seng | -0.31% | at | 25,334 | |
| Shanghai Composite | +0.20% | at | 3,941 | |
| US 10 Year Yield (bp change) | +1.6 | at | 4.80 |
Currencies
US$1.1618/eur vs 1.1615/eur previous. Yen 153.90/$ vs 155.76/$. SAr 16.039/$ vs 15.974/$. $1.354/gbp vs $1.352/gbp. 0.722/aud vs 0.722/aud. CNY 6.712/$ vs 6.712/$.
Dollar Index 98.87 vs 99.13 previous.
Economics
US/Canada – 15-50% retaliatory import tariffs on US products shipped to Canada come into effect today.
- Levies were introduced in response to import tariffs announced by the Trump administration.
- President Trump on Monday threatened to block sales of Bombardier jets in the US accusing the company of living “off American Buyers”.
China – Export growth accelerated reaching 25%yoy in August with the nation on course to beat a record US$1.2tn trade surplus record last year.
- Imports also came in strong growing 28.2%yoy.
- Interestingly, exports to the US increased 34.4% last month, compared to +6.7% reported for the EU.
- China’s trade surplus with the US increased nearly 44%yoy to more than $29bn, the widest margin since Trump returned to the White House in January 2025.
- Exports to the SE Asian nations was up over 30%.
- Exports YoY (Aug / Jul / Est): 25.0% / 23.9% / 25.9%
- Imports YoY (Aug / Jul / Est): 28.2% / 27.6% / 31.0%
New rail tunnel to bypass Russia in Belt and Road initiative
- The new tunnel in Kyrgystan marks a major step in the routing of a new rail line to avoid Russia in the transport of goods from East to West.
Dumping of toxic material into the Yangtze River exposed by drone
- Chinese authorities are being forced to investigate the dumping of waste material into the Yangtze River. (SCMP)
- The environment bureau in Hubei, Wuhan has launched the inquiry in association with police and transport authorities.
- Communist Party officials are now sees as accountable for life for serious environmental damage on their watch..
Japan – The nation may have sold a record number of foreign securities in August to help prop up its currency.
- Holdings of foreign securities fell by a record ~$87.8bn at the end of last month compared to July, Finance Ministry reserve data showed.
- The ministry earlier confirmed that authorities spend the equivalent of JPY15.4tn (US$99bn) in the month through August.
- The yen is approaching 154 following a series of government interventions supported by a potential short covering.
- The currency strengthened from nearly 164 hit earlier in July.
Germany – Exports unexpectedly in July following five months of gains.
- A drop was attributed to lower shipments to EU countries.
- Exports were still 6.1% up on annual basis.
- Exports SA MoM (Jul / Jun / Est): -0.8% / 0.9% / 0.3%
- Imports SA MoM (Jul / Jun / Est): -5.7% / 4.5% / -1.0%
Precious metals:
Gold US$4,403/oz vs US$4,398/oz previous
Gold ETFs 99.4moz vs 99.4moz previous
Platinum US$1,830/oz vs US$1,813/oz previous
Palladium US$1,394/oz vs US$1,399/oz previous
Silver US$66.3/oz vs US$65.7/oz previous
Silver ETFs 800.1moz vs 799.8moz previous
Rhodium US$9,475/oz vs US$9,475/oz previous
Base metals:
Copper US$14,607/t vs US$14,425/t previous
Aluminium US$3,316/t vs US$3,297/t previous
Nickel US$16,775/t vs US$16,785/t previous
Zinc US$4,011/t vs US$3,977/t previous
Lead US$1,904/t vs US$1,915/t previous
Tin US$55,040/t vs US$54,915/t previous
Energy:
Oil US$98.5/bbl vs US$97.1/bbl previous
- Crude oil prices edged higher after an attack on Saudi Aramco’s oil facilities in Jazan near the Red Sea, as Iran indicated that it was nearing agreement with Oman to oversee shipping through the Strait of Hormuz.
- The Dangote oil refinery and petrochemicals plant has launched an initial public offering that seeks to sell 4.1 billion shares at 525 naira each, potentially raising c.$1.6bn next month if fully subscribed.
- Enerparc AG has filed for insolvency, with a restructuring expert appointed by a German court to stabilise business operations across c.5.5GW of installed capacity across more than 500 solar parks in Germany and around the world.
Natural Gas €74.3/MWh vs €74.0/MWh previous
Uranium Futures $89.7/lb vs $89.7/lb previous
Bulk:
Iron Ore 62% Fe Spot (Singapore) US$101.1/t vs US$100.6/t
Chinese steel rebar 25mm US$469.7/t vs US$469.3/t
HCC FOB Australia US$273.0/t vs US$275.0/t
Thermal coal swap Australia FOB US$152.0/t vs US$152.8/t
Other:
Cobalt LME 3m US$44,940/t vs US$46,430/t
NdPr Rare Earth Oxide (China) US$109,502/t vs US$109,661/t
Lithium Carbonate 99% (China) US$21,826/t vs US$22,275/t
China Spodumene Li2O 6%min CIF US$2,180/t vs US$2,225/t
Ferro-Manganese European Mn78% min US$1,070/t vs US$1,070/t
Tungsten APT (China) 88.5% FOB US$1,825/mtu vs US$1,825/mtu
Tungsten APT (Europe) 88.5% Rotterdam US$2,995/mtu vs US$2,995/mtu
China Tantalum Concentrate 30% CIF US$235/lb vs US$235/mtu
China Graphite Flake -194 FOB US$390/t vs US$390/t
Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb
Europe Ferro-Vanadium 80% US$24.8/kg vs US$24.8/kg
China Ilmenite Concentrate TiO2 US$187/t vs US$187/t
US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t
China Rutile Concentrate 95% TiO2 US$1,170/t vs US$1,170/t
Brazil Potash CFR Granular Spot US$375.0/t vs US$375.0/t
Germanium China 99.99% US$4,255.0/kg vs US$4,255.0/kg
China Gallium 99.99% US$440.0/kg vs US$440.0/kg
Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb
EV & Battery news:
Korean battery makers target humanoid robots
- EcoPro plans to develop high-nickel cathodes and solid-state technology for humanoid robots (Bloomberg).
- LG Energy Solution, Samsung SDI and SK On have set out similar ambitions.
- Robots need higher energy density than EVs, which favours high-nickel chemistry over the cheaper LFP where China leads.
- EcoPro runs a 40tpa pilot plant making sulphide solid electrolytes and aims for commercial production next year.
Jaguar Land Rover to cut 4,000 jobs globally as it targets savings
- Jaguar Land Rover will cut around 4,000 jobs globally over the next two years to reduce costs and compete with cheaper Chinese EVs, targeting £1.7bn ($2.30bn) in savings and lowering its break-even point toward 300,000 vehicles.
- The Tata Motors-owned carmaker employs about 30,000 people in the UK out of a global workforce of roughly 40,000, with the reductions expected through voluntary means wherever possible and not expected to affect direct manufacturing roles.
- The savings are intended to support £15-18bn ($20bn-$24bn) of investment over the next five years in electrification, digital technologies, advanced manufacturing, and customer experience, alongside five new product launches over the next 12 months.
- The UK government confirmed it will not consider a bailout for JLR, despite acknowledging challenging global conditions across the automotive sector.
Company news:
| Overnight Change | Weekly Change | Overnight Change | Weekly Change | ||
| BHP | -0.6% | -6.4% | Freeport-McMoRan | 0.2% | -4.9% |
| Rio Tinto | -0.8% | -0.9% | Vale | -0.3% | 1.6% |
| Glencore | 0.8% | 1.9% | Newmont Mining | -1.8% | 0.1% |
| Anglo American | 0.0% | 1.9% | Fortescue | -1.4% | 0.7% |
| Antofagasta | 0.1% | 2.0% | Teck Resources | 0.7% | -0.9% |
ACG Metals (ACG LN) 2,080p, Mkt Cap £474m – Gold project acquired to extend Gediktepe oxide circuit LOM
- The Company acquires Keskek Gold Project (Turkey) for US$4M cash plus future milestone payments.
- The team signed a binding agreement with Meta Nikel Kobalt Madencilik Sanayi ve Ticaret A.Ş. regarding a 100% interest in mining license 60926 that hosts the project.
- Keskek is planned to provide a source of oxide ore within 700km of the Gediktepe operation extending oxide circuity LOM by several years.
- Keskek pit hosts an initial oxide resource estimate of 300kt at 0.90g/t Au, 1:1 WO ratio.
- Met recoveries estimated at 75-80% and potentially increasing to 85% using Gediktepe existing patented proprietary recovery process.
- ACG technical team estimates the resource of 1.5mt 0.65g/t and an exploration target for extra 5-10mt at 0.7-1.0g/t.
- First production targeted for mid-2027.
- Deferred consideration include $3.85m contingent on EIA permits (exp mid-2027).
- Additionally, META to receive a 1% gross revenue royalty and US$60/oz for ounces converted into reserves outside the Keskek pit.
- The Company estimates total project related investment (acquisition, phased exploration, closure) at ~$15m over 10y.
Brazilian Rare Earths (BRE AU) A$3.8, Mkt Cap A$1.0bn – Stage I pilot plant commissioned at Camacari with Stage II targeted 2Q27
- The Company commissioned Stage I rare earth processing pilot plant at Camacari (Brazil).
- The team is advancing bulk metallurgical test work programme treating high grade feed to product REE concentrate.
- Stage II pilot plant involving concentrate hydrometallurgical processing and separation to produce NdPr oxide, HRE+ concentrate and yellow cake planned commissioning targeted 2Q27.
- SENAI CIMATEC, a leading Brazilian technology and research institution, will partner on the Stage II.
- SENAI and partners will contribute R6.4m (~US$1.3m) to fund Stage II hydromet pilot plant, accounting for ~59% of capex and open.
- Carester, the French rare earth separation specialist and the Company’s offtake partner on HRE+, will lead separation workstream supporting engineering, design, and commissioning for planned Camacari rare earth refinery.
- The Company would also study co-product opportunities with a potential to recover uranium, scandium and Nb-Ta-Ti co-products (none included in the latest ScopStudy).
- Findings to be used for project PFS/DFS with product samples to support qualification and offtake discussions.
Caspin Resources (CPN AU) A$0.14, Mkt Cap A$42m – New tin and tungsten target found at Bygoo, NSW, Australia
- Caspin have found out a new tin and tungsten target at Taylors Hill within its Bygoo tin project in New South Wales, Australia.
- The finding comes from historical drill data missing from the Company’s database, plus its own soil sampling and field mapping.
- Historical drilling:
- Hole 12 returned 10.6m @ 1.07% WO3 and 0.12% Sn from 42.7m, including 3m @ 3.69% WO3
- Hole 13 returned 12.2m @ 0.11% WO3 and 0.68% Sn from 32m, including 1.5m @ 3.20% Sn
- The holes were drilled in the early 1970s and never followed up
- Soil sampling has traced a tungsten anomaly over 800m, peaking at 34.6ppm against a 3ppm backgaround.
- Rock chips at Fordes Gossan ran up to 0.33% WO3 and 2.01% Sn.
- The tungsten zones sit apart from the known tin ground, which is why earlier work missed them.
- Wolframite, the likely tungsten mineral here, could go through a similar flowsheet to the one planned for Kelpie.
- Drilling continues at the Kelpie tin deposit, with a resource update due late September.
- Managing Director Greg Miles noted tungsten trades at ~6x the tin price, with China holding ~80% of world supply.
Conclusion: This looks like a good find for Caspian and a potential company making project
Core Lithium (CXO AU) A$0.35, Mkt Cap A$1.1bn – First concentrate produced as Finniss plant restarts
- The Company reports production of first spodumene concentrate following a restart of the Finniss processing plant, Australia.
- Processing plant restart achieved on schedule and within six months of FID.
- The news follows the restart of mining operations at the Grants Open Pit in May and the resumption of the crushing circuit in August.
- Development of BP33 underground mine continues in parallel.
- First concentrate shipment is expected in the December quarter.
- Plant commissioning and optimisation on course for commercial production rates are ongoing.
- Plant capacity (DMS) is targeted at 1.2mtpa.
ECR Minerals (ECR LN) 0.16p, Mkt Cap £6.6m – New gold-bearing reef found underground at Maddens in Australia
- ECR has found a new quartz reef carrying visible gold at the Maddens mine in North Queensland, where it holds 50%.
- Jack’s Reef was discovered during work on the mine’s ventilation system, at the northern limit of the known ore.
- The reef:
- A consistent quartz structure, >50cm wide in places, with gold visible in the exposed rock
- Exposed over about 10m vertically and 5-10m along strike
- Material from it is already stockpiled on surface, with processing due to start this month
- Geology:
- The old workings stop right where Jack’s Reef begins
- The orientation of the mineralisation has changed with the old ore cutting across the grain of the rock, while the mineralisation at Jack’s Reef runs along it
- Miners call that a ramp and flat, where a vein climbs across the rock then flattens out and carries on
- This is interpreted as showing continuity with mineralisation heading 120m towards the older workings of the Maddens Northern Lode
- Gold tends to collect where the ramp meets the flat
- The reef can be followed from existing underground workings, without a surface drill programme.
- Chairman Nick Tulloch commented: “The presence of visible gold is clearly exciting, but just as importantly, the location and substantial nature of the reef may help us better understand how the mineralised system continues beyond the historic workings.”
Serval Resources* (SRVL LN) 36.8p, Mkt Cap £12.5m – Kaoko Basin and Geological Mapping Programme in Namibia
- Serval Resources report an update on their ongoing geological mapping programme in Namibia.
- Kaoko Basin: The team is looking for new sedimentary copper discoveries within the Kaoko Basin
- Surface sampling shows copper mineralisation hosted in quartz veins, quartzite, siltstone and in fractured and stockwork mineralisation in dolomite. (See RNS for images).
- Artisinal workings have also exposed supergene copper mineralisation.
- The team have collected 2,063 geological recordings and 114 grab samples with 68 going for analysis.
- The idea is to identify new geological structures, confirm their mineralisation style and trend at each of the priority targets in EPL 7081.
License EPL 7081 (Omatapati and Otjozongombe):
-
- The team have identified occurrences of previously unknown copper mineralisation along with confirming a number of historically occurrences.
- Mineralisation has been visually identified, with surface samples sent to ALS Laboratories for analysis.
- Handheld pXRF ‘portable X-ray fluorescence’ readings confirm that copper is present in surface grab samples with geophysics/soil sampling being used to help define mineralisation.
- Omatapati historic drilling:
- 20m at 1.2% copper from 80m, inc. 5m at 2.4% copper and 3m at >200g/t Ag silver
- 27m at 0.57% copper, 34.3g/t silver, inc. 3m at 1.5% copper and 59g/t silver and 3m at 1.1% copper and 64g/t silver
- Otjozongombe historic drilling:
- 19m at 2.6% copper and 7g/t silver
- 3m at 3.1% copper and 5m at 1.0% copper
- License renewals: Serval recently reported the successful renewal of all its exploration licences till the next renewal at end-September 2028 with the Department of Mines in Botswana
- PL 061/2021
- PL 062/2021
- PL 2473/2023
- PL 2474/2023 (part of the Sweet Thorn Pan prospect – Serval’s top exploration priority in the Kalahari Copper Belt)
- PL 2472/2023 has been relinquished as a low priority target
Conclusion: Serval is methodically working towards the refinement of a better-defined geological map on which to base drilling in Q4.
The team plan to drill select targets “with the specific aim to understand and delineate mineralisation along strike of historically drilled prospects”
The geological team are looking to establish a sense of scale of the mineralised structures before looking to define mineral resources.
*SP Angel acts as Nomad and Broker to Serval Resources
Sigma Lithium (SGML US) US$12, Mkt Cap $1.4bn – Operations continue uninterrupted amid media reports over environmental licenses court ruling
- The Company confirmed its mining and processing activities continue uninterrupted at the Grota do Cirilo Lithium Mine in Brazil.
- The update follows media reports of a preliminary judicial ruling purportedly suspending the company’s environmental licences.
- The company states it has received no legal communication in connection with the ruling, which was reportedly issued during a three-day judicial recess.
- Legal defence will commence when courts resume on 8 September.
- Production guidance is reiterated at 240kt over the next 12 months and 330kt in FY27.
- The Company denies reports that the ruling overrides the TAC Agreement recently concluded with Minas Gerais state authorities, which permitted the resumption of activities.
- The ruling carries a potential daily fine, but the Company states this would only fall due on a final adverse judgment after full appeal rights, including federal and supreme tribunals.
SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026
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Analysts
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*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)
+SP Angel employees may have previously held, or currently hold, shares in the companies mentioned in this note.
| Sources of commodity prices | |
| Gold, Platinum, Palladium, Silver | BGNL (Bloomberg Generic Composite rate, London) |
| Gold ETFs, Steel | Bloomberg |
| Copper, Aluminium, Nickel, Zinc, Lead, Tin, Cobalt | LME |
| Oil Brent | ICE |
| Natural Gas, Uranium, Iron Ore | NYMEX |
| Thermal Coal | Bloomberg OTC Composite |
| Coking Coal | SSY |
| RRE | Steelhome |
| Lithium Carbonate, Ferro Vanadium, Tungsten, Spodumene, Ferro-Manganese, Graphite, Rutile | Asian Metal |
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