SP Angel – Today’s Market View, Tuesday 9th June 2026

Tin holds higher levels as Indonesia ore reserves slide

MiFID II exempt information – see disclaimer below

Andrada Mining (ATM LN)  – Lithium Ridge drilling results

Aterian plc* (ATN LN) – Rwanda trading subsidiary to expand trading revenues by 50%

First Development Resources (FDR LN) – Grant support for Phase 1 drilling at Lander West, Northern Territory

Jubilee Metals Group (JLP LN) – Resumption of ore deliveries from Molefe to the Sable copper refinery, Zambia

Marimaca Copper (MARI CN) – Continuity of high-grade copper zones suggested from Pampa Medina drilling

New Frontier Minerals* (NFM LN) – Pomme Rare Earth project metallurgical testwork

Orosur Mining* (OMI LN) – APTA assays boost prospectivity with three key target zones identified for follow-up drilling

Sun Peak (PEAK CN) – Maiden drilling programme underway at large-scale Halahila VMS target

Rockfire Resources (ROCK LN) – Drilling results from Malaoi, Greece

Rome Resource (RMR LN)– Exploration targets identified in New Bruswick, Canada

Tin ($52,935/t) holds higher levels as Indonesia ore reserves slide

• Tin prices continue to hold near record highs as demand remains strong and supply constrained.
• Indonesian state miner PT Timah’s (TINS) ore reserves have dropped to just 300,000 tons, estimated to last only 10–15 years.
• Analysts expect the Company to ramp up exploration and look to overseas growth opportunities as reserves dwindle.

Gold ($4,329/oz) edges higher following rout as Iran and Israel cool aggression

• Gold prices have edged higher, recovering from recent lows of $4,276/oz.
• The metal was hit hard on Friday by a combination of stronger-than-expected US labour data and a resumption of attacks in the Middle East.
• The market priced in its first rate hike in the US, pushing US Treasury yields higher and lifting the dollar in parallel.
• Gold’s recent bull run has been supported by a consistently weaker dollar, with the index reaching lows c.96 following Trump’s second term inauguration. .
• The index has subsequently rebounded over 100 this week, weighing on the wider metals spectrum.
• Gold’s rebound may have been supported by Iran and Israel de-escalating as Trump pushes for peace in the region.
• We suspect fund managers are waiting for a clear resolution to the Iran conflict before rebuilding bullish gold positions.
• Bloomberg reports Fidelity portfolio managers are waiting for the tensions to ease before almost doubling their bullion position.
• China has been a consistent buyer throughout the four month conflict, while other central banks, like Turkey’s, have been forced to sell holdings to support their currencies.

Nickel prices hold over $18,000/t as sulphur shortages reduce MHP output

• MHP (Mixed Hydroxide Precipitate) plant operations are dropping due to sulphur shortages and expensive nickel ore
• To address upstream bottlenecks that have pushed MHP payables to 93.50%, Indonesia is pivoting to a flexible RKAB quota system for both nickel and coal.
• The Energy Ministry indicated nickel ore output limits (currently 250–260mt) may be revised upwards to meet rising domestic smelter demand, which industry groups warn will hit 350mt in 2026.
• Alongside recovering Nickel Cobalt Manganese (NCM) EV battery demand (pushing sulphate prices up 2.3% to $4,998), battery recycling is emerging as Indonesia’s area of investment focus.
• Processing NCM black mass to create a closed-loop supply chain offers a strategic path to reduce reliance on primary mined ore and secure ESG-focused Western off-takers.
• The structural shift to centralise strategic commodity exports under PT DSI (Danantara Sumberdaya Indonesia) remains a major market risk.
• The impending January 2027 single-window centralisation threatens to void existing B2B off-take contracts and create severe export bottlenecks for affected ferro-alloy producers.

Iron Ore ($102/t) weakens on muted steel demand as LKAB secures environmental approval for Lulea

• Iron ore futures continue to slide toward the US$102/t mark, heavily pressured by a persistent global supply surplus and tepid downstream steel consumption.
• State-owned LKAB has secured environmental court approval to construct a new industrial park in Luleå, designed to extract phosphorus and rare earth elements directly from existing iron ore tailings.

Macro / Regional – El Niño Impact on Southeast Asia

• There is a 61% probability of El Niño developing this summer, bringing severe dry conditions to Southeast Asia
• The dry weather is likely to boost open-pit mining productivity (such as nickel ore and coal in Indonesia). Less rainfall means fewer mud-related disruptions, allowing for higher extraction and haulage volumes
• However, severe droughts will drain hydro-dams, potentially triggering power shortages.
• This threatens to throttle operations at energy-intensive downstream facilities, such as nickel and aluminum smelters

Tungsten – Chinese buyers running round scrapyards in the US buying up available tungsten scrap (FT)

• The FT reports Chinese buyers are busy bidding on tungsten from US scrap yards with tungsten scrap prices jumping 350% since May 2025 (Argus Media)
• Some dealers report being offered premiums of up to five times normal market prices (FT).
• China banned the import of tungsten scrap for environmental reasons in 2018 but MIIT lifted the embargo in December 2024 reauthorising the import of tungsten carbide scrap from 1^st July last year.
• Other tungsten scrap is reprocessed across South East Asia before entering into China.
• The news demonstrates traders are having to work hard to source tungsten to meet ongoing strong demand.
• Margins are said to be generally better on direct deals between manufacturers and tungsten traders so running around scrap years sounds like a desperate attempt to scavenge anything that is going spare.

• China Tungsten APT 88.5% FOB US$1,705/mtu vs US$1,705/mtu
• China Tantalum Concentrate 30% CIF US$228/lb vs US$228/mtu

Diamonds – Botswana looking to Middle Eastern states to help buyout DeBeers from Anglo

• Anglo has been trying to sell DeBeers for sometime with no reasonable takers on the horizon.
• LGDs Lab Grown Diamonds hit smashed diamond prices
• More recently the rising cost of Gold, platinum, palladium and silver and other precious stones have raised the cost of every other element in diamond jewellery.
• Botswana had also forced DeBeers into an unrealistic deal whereby DeBeers is perhaps less enthusiastic than it might be in their Botswana diamond mines.
• Politically, it might also look better for the president of Botswana to strike a better deal with the UAE or Oman than to allow DeBeers a bigger slice of their diamond cake.
• Either way, Botswana is going to need support and new investment from somewhere.
• While the president will find the USE and Omani officials charming we suspect they have other pressing issues to resolve before investing into diamonds.

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

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

Currencies

US$1.1540/eur vs 1.1525/eur previous. Yen 160.19/$ vs 160.20/$. SAr 16.460/$ vs 16.610/$. $1.336/gbp vs $1.334/gbp. 0.706/aud vs 0.706/aud. CNY 6.772/$ vs 6.786/$.

Dollar Index 99.93 vs 100.10 previous.

Economics

China – China posts huge gains in manufacturing trade in May

Exports jump 19.4% yoy in May from 14.1% yoy in April on reduced US trade tariffs and a leap in technology, semiconductor sales

• Chinese trade jumped in US dollar terms, well ahead of expectations of 15%.
• Imports also rose to 27.4% from 25.3% again ahead of forecasts
• The trade surplus ballooned to $105.4bn from $84.8bn, far ahead of the expected $88.7bn.
• Exports to the US leapt 35.4% yoy
• Imports from the US also jumped 20%.
• Technology exports driven by automated data processing equipment jumped 66.1% yoy
• Exports of high-tech products rose 50.9%.
• Vehicle exports leapt 39%.
• Exports to Southeast Asia rose 24.3%
• Imports from to Southeast Asia also rose 28.2% due to offshoring.
• Imports from South Korea leapt 84% to a record $26.7bn with S Korea now China’s largest import partner.
• This is great news for Chinese manufacturers and for jobs in China. The news highlights the resilience of Chinese manufacturing despite tariff threats and other disruption.

Bolivia – Long running protests and new emergency military powers unsettle lithium miners in Bolivia

• Protesters continue to clash with police in La Paz, Bolivia as legislature passes new law enabling the government to declare a state of emergency.
• President Rodrigo Paz has blamed narcoterrorists for the unrest which has crippled the country for over a month causing food shortages and substantial inflation.
• Hundreds of Bolivians marched through the city center on Monday demanding an end to the roadblocks.
• The president’s unpopular economic reforms and failure to respond to social demands are said to have prompted unrest.
• Former president Evo Morales, who is currently in hiding from charges related to his relationship with a teen with whom he allegedly fathered a child is accused of fomenting the unrest.
• The US has given President Paz its unequivocal backing.
• Lithium:
• Bolivia produces just 2,000tpa of lithium despite hosting an estimated vast lithium brine resources.
• Unfortunately for Bolivia their lithium brines contain high magnesium levels making their processing technically challenging and expensive.
• A lack of decent infrastructure combined with often difficult industrial relations, a somewhat militant population, Indigenous communities and historic restrictions on foreign investment has not helped.
• Bolivia is looking to raise LCE production to 40,000tpa by 2030 though this feels unlikely given the technical, social and financial costs.
• State-owned YLB ‘Yacimientos de Litio Bolivianos’ is partnering with Geoloth (France), Uranium One (Russia), CATL (China), CBC (HK) for DLE extraction from the Salar de Uyuni.

Iran – Israel hits back at IRGC missile sites

• Iran fired 11 ballistic missiles into Israel with each missile capable of levelling an entire district killing hundreds of people
• The IRGC had organised demonstrations to celebrate the firing of the ballistic missiles with carefully choreographed video of flags being waved with missiles streaking through the sky overhead.
• “Hezbollah planned to destroy Israel’s cities with 150,000 rockets and missiles, but we eliminated Nasrallah,” according to Benjamin Netanyahu.
• The IDF are now dismantling Hezbollah infrastructure, including underground facilities in the Beaufort Ridge.
• Israel’s Defense Minister Israel Katz warned that attacks on northern Israel would continue to trigger Israeli strikes in Beirut’s Dahieh district.

Precious metals:

Gold US$4,330/oz vs US$4,306/oz previous

Gold ETFs 98.0moz vs 98.2moz previous

Platinum US$1,758/oz vs US$1,765/oz previous

Palladium US$1,224/oz vs US$1,227/oz previous

Silver US$68.2/oz vs US$67.2/oz previous

Silver ETFs 787.6moz vs 788.6moz previous

Rhodium US$8,000/oz vs US$8,050/oz previous

Base metals:

Copper US$13,681/t vs US$13,555/t previous

Aluminium US$3,607/t vs US$3,590/t previous

Nickel US$18,325/t vs US$18,600/t previous

Zinc US$3,568/t vs US$3,519/t previous

Lead US$1,994/t vs US$1,995/t previous

Tin US$52,755/t vs US$51,520/t previous

Energy:

Oil US$93.0/bbl vs US$97.8/bbl previous

IG interview: Oil, LNG and helium – what the Middle East conflict means for energy markets (link)

• Crude oil prices fell after Iran and Israel agreed to halt attacks against each other.

Natural Gas €50.1/MWh vs €51.0/MWh previous

Uranium Futures $85.3/lb vs $85.5/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$100.7/t vs US$100.5/t

Chinese steel rebar 25mm US$489.4/t vs US$488.8/t

HCC FOB Australia US$249.0/t vs US$249.0/t

Thermal coal swap Australia FOB US$150.4/t vs US$147.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$102,630/t vs US$102,641/t

Lithium carbonate 99% (China) US$23,184/t vs US$23,505/t

China Spodumene Li2O 6%min CIF US$2,500/t vs US$2,530/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$228/lb vs US$228/mtu

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

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

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

China Ilmenite Concentrate TiO2 US$240/t vs US$239/t

US Titanium Dioxide TiO2 >98% US$2,809/t vs US$2,809/t

China Rutile Concentrate 95% TiO2 US$1,159/t vs US$1,157/t

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

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

Germanium China 99.99% US$4,075.0/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:

CATL announces strategic focus on lithium-air battery with theoretical energy density of up to 12,000Wh/kg

• At the recent 2026 Powering the Nation forum, Wu Kai, Chief Scientist at CATL unveiled the company’s strategic focus on lithium-air battery technology.
• Unlike traditional lithium-ion batteries, which rely on heavy metal compounds like nickel, cobalt, and manganese, lithium-air batteries utilise lithium metal as the anode and oxygen from the air as the cathode reactant.
• The theoretical energy density of lithium-air batteries is 12,000Wh/kg, comparable to gasoline (13,000Wh/kg) and current lab tests have already achieved 1,200Wh/kg.
• Mainstream lithium-ion batteries have a energy capacity if around 250Wh/kg and solid-state lithium-ion batteries are expected to reach commercial capacity around 500Wh/kg.
• The concept of lithium-air batteries dates back to the 70s, but practical application has been hindered by sensitivity to moisture and issues with catalyst stability and cycle life, until recent breakthroughs.
• This latest announcement follows the companies successful development of sodium-ion batteries, first proposed in 2020 and successfully scaled to mass production this year.
  • CATL recently announced a 60GWh order for sodium-ion battery grid storage from Beijing HyperStrong
• CATL’s battery strategy has a clear structure following this announcement; the use mature technologies to meet immediate market demands, before introducing solid-state and sodium-ion in the mid-term and exploring the limits of lithium-air technology for long-term.

China launches world’s largest electric container ship

• China has launched the Ningyuan Dian Kun, the world’s largest all-electric container ship, marking a significant milestone in the decarbonisation of short-distance maritime freight.
• The Ningyuan Dian Kun is powered by 10 containerised battery packs with around 19-20MWh of total energy storage, roughly equivalent to the battery capacity of 300 electric cars.
• The batteries can be recharged using shore power or swapped out entirely at port, reducing downtime and enabling continuous operation on short-haul routes.

Uber robotaxis set to launch in coming months

• Uber said its users could sign up from Monday for a chance to ride in London’s first robotaxis, as soon as regulators give the go-ahead for launch.
• The cars will use AI technology from British startup Wayve to navigate, but will initially have trained operators sitting behind the wheel monitoring the system.
• Uber and rival Lyft will also test Chinese company Baidu’s self-driving Apollo Go cars in London this year, the companies have said.
• California-based Waymo, owned by Google, have also been mapping London’s roads since January and has previously said it hopes to launch its autonomous taxi service in Q4 ’26.

Company news:

Andrada Mining (ATM LN) 3.65p, Mkt Cap £80m – Lithium Ridge drilling results

• Andrada Mining has released drilling results from a further six drillholes at its Lithium Ridge JV with SQM in Namibia.
• Today’s announcement says that the “holes show the presence of consistent high-grade lithium mineralisation from surface” and highlights:

o   An intersection of 9.05m at an average grade of 2.28% Li₂O from a depth of 50.82m in hole LRD-027, including 3.97m, from 51.82m depth, at a grade of 3.46% Li₂O; and

• • A 9.64m wide intersection at an average grade of 1.24% Li₂O from a depth of 50.36m in hole LRD-023, including 5.11m, from 53.58m depth, at a grade of 1.89% Li₂O; and

o   An intersection of 13.27m at an average grade of 1.42% Li₂O from a depth of 32.06m in hole LRD-024, including 6.79m, from 32.90m depth, at a grade of 1.90% Li₂O; and

• • A 3.97m wide intersection at an average grade of 0.95% Li₂O from a depth of 48.78m in hole LRD-023, including 1.51m, from 51.24m depth, at an average grade of 1.51% Li₂O; and

• In addition to lithium, primarily in the mineral spodumene, the holes also intersected “associated tin and tantalum mineralisation … across all holes” including 4.97m at an average grade of 0.21% tin and 130ppm tantalum from a depth of 4.97m in hole LRD-029.
• The holes “were drilled at inclined angles to the horizontal and, accordingly, the reported intersections are considered to represent apparent widths rather than true thicknesses … [with a total of 143 holes] … comprising 16 500 metres of oriented core” completed in the “extended Stage 1 drilling campaign”.
• CEO, Anthony Viljoen, said the results from the extended drilling programme helped define the “geological system’s true boundary and economic value”.

Conclusion: The latest release of drilling results from Lithium Ridge demonstrates the consistency of the mineralisation from surface.

Aterian plc* (ATN LN) 24.55p, Mkt Cap £4.63m – Rwanda trading subsidiary to expand trading revenues by 50%

(Aterian holds 100% of Agdz Copper-Silver Project in Morocco)

• Aterian plc reports its Rwanda trading subsidiary, Eastinco has entered into a long-term supply agreement with an established Tin, Tungsten and Tantalum producer based in Rwanda.
• The agreement establishes a framework for sourcing and supplying tin, tantalum, and tungsten concentrates from Rwanda in a responsibly sourced and traceable supply chain.
• The deal will also provide additional feedstock volumes for Aterian’s growing trading operations growing trading sales by ~50%.
• Charles Bray, Chairman at Aterian will assume direct strategic responsibility for oversight and development of the Group’s trading activities.
• Simon Rollason, CEO, will focus on Aterian’s exploration across Morocco, Botswana, and Rwanda.
• Eastinco is securing a new ~500sqm warehouse and operational facility in Kicukiro, Rwanda to manage the increase in trade.
• The team have also appointed Mr Kayigire as the local Head of Trading and Director to manage the expansion of the business.

*SP Angel acts as Broker to Aterian Plc

First Development Resources (FDR LN) 3.2p, Mkt Cap £4.3m – Grant support for Phase 1 drilling at Lander West, Northern Territory

• First Development Resources reports the receipt of A$100,000 grant support from the NT Government for its forthcoming reverse-circulation drilling programme at its Lander West gold target.
• Drilling is expected to start in July to test “the broader gold system at depth with much of the prospective geology remaining effectively untested below 50 metres”.
• The programme, which investigates targets identified “by the integration of historical geological and geochemical datasets … is expected to comprise approximately 2,000 metres of RC drilling, with flexibility to expand the programme to approximately 3,000 metres subject to results”.
• “Previous drilling within the target area was largely focused on commodities other than gold and was generally shallow in nature. Consequently, much of the prospective geology remains effectively untested below 50 metres”.
• Welcoming the support of the NT Government, CEO, Tristan Pottas, said that the award of the grant “provides independent validation of the technical work completed to date and highlights the prospectivity of the Lander West Gold Target”.

Conclusion: July’s planned drilling at the Lander West gold target has attracted grant support from the NT Government.

Jubilee Metals Group (JLP LN) 2.75p, Mkt cap £86m – Resumption of ore deliveries from Molefe to the Sable copper refinery, Zambia

• Jubilee Metals reports the resumption of deliveries of high-grade run-of-mine ore from the Molefe mine to the Sable copper refinery following “the successful expansion of Pit 2 as part of the pre-stripping under the updated mine plan to combine Pits 2 and 3”.
• The restart of ore deliveries to the Sable refinery have allowed “refining activities … [to be] … resumed”.
• The company expects to deliver 6,000t of ore in June building to 8,500t by August and “10,000tpm by October 2026, which equates to more than a 100% increase in ROM deliveries to Sable”.
• The pre-stripping allows “the combination of Pits 2 and 3 at an average stripping ratio of 6:1” to aid the company’s plans to produce 60kt of copper reef ore on a consistent quarterly basis.
• Today’s announcement explains that the “next phase of development at Molefe is focused on advancing on-site ore processing capabilities … in two stages”:
  • “on-site ore sorting to better distinguish between high-grade and lower-grade material”; and
  • “targeted on-site processing of lower-grade material aimed at maximising copper recovery and enhancing project economics”.
• Developments at the Molefe mine follow the recent announcement of ramp-up plans for the company’s Roan Copper Concentrator to 30ktpm following completion of annual maintenance including the addition of a new dewatering circuit for copper concentrate fines.
• Jubilee Metals is also “expanding the scope of resource definition activities across the greater Molefe district targeting the additional exploration properties secured within the district area … [where] … drilling and exploration activities are intended to support future mine expansion and establish a larger resource-backed copper platform”.
• CEO, Leon Coetzer, described the “recommencement of ROM deliveries from Molefe Mine to the Sable refinery … [as] …a significant milestone in the continued expansion of Jubilee’s Zambia copper strategy.
• He said that the “integration of Pits 2 and 3, together with the ongoing pre-strip programme, positions Molefe Mine to support sustained growth while enhancing feed flexibility to the Sable refinery”.
• He outlined Jubilee Metals’ strategy to “mine while we explore, expanding both production and the resource base simultaneously”.

Conclusion: Resumption of ore deliveries from the Molefe mine to the Sable copper refinery is an early step in Jubilee’ Metals’ plan to expand its Zambian copper output

Marimaca Copper (MARI CN) C$8, Mkt Cap C$1bn –  Continuity of high-grade copper zones suggested from Pampa Medina drilling

• Marimaca, who are developing the MOD project in Antofagasta, report drilling results from their nearby Pampa Medina discovery.
• The Company has been conducting 150m spaced drilling over the central zone of the Pampa Medina deposit, which is considered a sediment-hosted system.
• Assays reported yesterday include highlights of:
  • SPRD-04: 10m at 0.35% Cu from 76m, 354m at 0.3% Cu from 366m (inc. 140m at 0.35% Cu from 366m, 32m at 0.71% Cu and 4.1g/t Ag from 468m, 10m at 0.95% Cu from 484m), 22m at 1.96% Cu and 9.2g/t Ag from 610m
  • SPRD-05: 22m at 0.4% Cu and 1.9g/t Ag from 60m, 24m at 0.3% Cu and 1.8g/t Ag from 204m, 132m at 0.93% Cu and 8.6g/t Ag from 692m (inc. 96m at 1.19% Cu and 11.7g/t Ag from 694m)
• SPRD-05 was drilled to the east of previous hole SPRD-06, intersecting the ultra-high grade bornite manto.
• The hole was also drilled 650m northwest of SMRD-13, which also intersected the bornite zone.
• Hole Management notes drilling highlights the ‘grade and thickness of the mantos at Pampa Medina, which remains open in all directions.’
• Drilling is outlining high-grade copper and silver mineralisation across multiple stacked horizons.
• Management believes that the central Area of Interest, which covers 3km x 1.5km, ‘can support a strong mineral endowment while remaining open for expansion.’
• Following the completion of the delineation programme to support an MRE, Marimaca will begin a broader step-out programme to the northern and western targets.

New Frontier Minerals* (NFM LN) 0.32p, Mkt Cap £6.5m – Pomme Rare Earth project metallurgical testwork

• New Frontier Minerals report the start of metallurgical testwork on samples from their Pomme REE Project 500 km northwest of Montréal in Québec, Canada.
• The team will run drill samples through Metallium Limited’s FJH, Flash Joule Heating process to see how well it upgrades the REEs in the mineralised samples.
• The tests will analyse the mid-to-high-grade zones of REE mineralisation identified during previous scout drilling to for a view on the economic potential of the project.
• Pomme REE carbonatite drill results include:
• Drillhole POM-23-03: 398m @ 0.54% TREO & 0.05% Nb2O5 from 16m, including:
  • 30.5m @ 1.13% TREO & 0.03% Nb2O5 (from 311.5m) including
    • 26.5m @ 1.45% TREO & 0.02% Nb2O5
  • 51m @ 0.92% TREO & 0.06% Nb2O5 (from 216m) including
    • 9m @ 1.21% TREO & 0.03% Nb2O5 and
    • 8.5m @ 1.62% TREO & 0.03% Nb2O5
  • 36m @ 0.92% TREO & 0.06% Nb2O5 (from 174m) including
    • 18m @ 1.16% TREO & 0.03% Nb2O5
• Drillhole POM-23-01: 513m @ 0.33% TREO & 0.08% Nb2O5 from 32m, including:
  • 17.5m @ 0.68% TREO & 0.08% Nb2O5 (from 228.6m) including
    • 7.6m @ 0.9% TREO & 0.02% Nb2O5, and
  • 94.8m @ 0.55% TREO & 0.05% Nb2O5 (from 333.5m) including
    • 4.5m @ 1% TREO & 0.02% Nb2O5, and
    • 4.9m @ 1.1% TREO & 0.02% Nb2O5, an
    • 4.25m @ 1.28% TREO & 0.02% Nb2O5, an
    • 17m @ 0.72% TREO & 0.06% Nb2O5
• “The Pomme Project provides NFM with a highly capital-efficient, low-risk entry into a strategically located Canadian rare earth asset via a two-year option structure requiring upfront consideration of A$100,000 in cash (paid) and A$200,000 in NFM shares (issued) and minimum annual expenditure of A$100,000 per annum during the option period.
• This staged earn-in framework enables NFM to progressively earn a majority (90%) interest through defined technical and investment milestones, significantly limiting upfront capital exposure while preserving substantial upside”.
• Nearology:  The Pomme project just 7km from the world class Montviel Deposit which has a total Indicated and Inferred resource of 266 Mt @ 1.46% TREO and 0.14% Nb2O5.2

Conclusion:  Upgrading of REE ores through the Metallum FJH technology could support potential future economic evaluation on the production of a MREC, Mised Rare Earth Carbonate.

*SP Angel acts as broker to New Frontier Minerals

Orosur Mining* (OMI LN) 21p, Mkt Cap £76m – APTA assays boost prospectivity with three key target zones identified for follow-up drilling

• Orosur Mining reports assay results from APTA in Colombia.
• APTA has seen 39,000m of drilling to date, identifying a significant epithermal gold system.
• Following the delivery of the Pepas MRE, Orosur has turned to other prospects, including a reassessment of the APTA mineralisation.
• This reassessment outlined a thesis suggesting gold mineralisation is controlled within silicified sediments and volcaniclastics bound by two large faults.
• Orosur has now drilled a new hole to intersect the footwall zone to target shallower mineralisatoin.
• This returned:
  1. MAP106A: 229.7m at 0.88g/t Au from 190m (inc. 6.85m at 2.15g/t Au from 212m, 59.2m at 2.02g/t Au from 292m, 7.7m at 7g/t Au from 316m and 4.7m at 3.95g/t Au from 346m)
• Gold mineralisation was intersected almost immediately in the footwall zone at a vertical depth of 70m.
• Several high-grade intersections were recorded through the hole.
• The team continues develop their understanding of the APTA geology, but suggests controls of high-grade gold relate to ‘various phases of silicification … within the volcaniclastic core.’
• The hole has revealed three key findings:
  1. Increased scale and grade potential at depth
  2. Increased bulk tonnage potential near surface, set to be explored with a shallow drilling programme
  3. A high-grade mineralised vein with reasonable continuity warranting follow-up drilling.
• Orosur has now identified three areas of prospectivity at APTA which will be the focus of follow-up drilling.

Conclusion: APTA has seen minimal exploration work in recent years as Orosur’s management focused on progressing the high-grade, open pit potential at Pepas. Following the MRE delivery, the Company is utilising a reassessed geological model to target additional mineralised zones at APTA. Today’s hole has revealed three targets for additional drilling, with shallow-lying mineralisation identified and improved scale and grade potential noted at depth. The Company is advancing several drilling programmes currently and we expect a steady stream of assays through the summer.

*SP Angel acts as Nomad and Broker to Orosur Mining

Sun Peak (PEAK CN) C$0.41, Mkt Cap C$67m –  Maiden drilling programme underway at large-scale Halahila VMS target

• Sun Peak Metals, who are exploring for copper and gold VMS targets in Saudi Arabia, have begun drilling at Halahila.
• The Halahila Project sits within the Precambrian Arabian Nubian Shield, and is considered a high-priority gold-copper VMS target.
• To date, Sun Peak have conducted mapping, geochemical sampling and geophysical surveys, with conductors identified over a 4.1km strike, beneath a 650m-long gossan.
• Surface sampling has returned assays up to 16.35g/t Au and 180g/t Ag.
• A 2,500m programme of diamond drilling will target potential sulphide mineralisation at depth.
• Management sees district scale potential at Halahila, with additional mineralised gossans recorded along a 5km trend south of Halahila.
• Elsewhere, Sun Peak has completed a 1,242m drilling programme across 10 holes at the Safra VMS project, with assays due to be reported.

Conclusion: We like the prospectivity of Saudi Arabia and see Sun Peak as one of the key players in the region, led by an experienced ex-Bisha team with a strong understanding of VMS discoveries. The maiden drilling programme at Halahila is exciting given the scale of the target. A 1,242m drilling programme has been completed at the Safra project, with assays expected in the coming months.

Rockfire Resources (ROCK LN) 0.14p, Mkt Cap £13m – Drilling results from Malaoi, Greece

• Rockfire Resources reports assay results from resource infill drillhole, HMO-016, at its Malaoi zinc project in Greece.
• The drilling forms part of its programme to upgrade the current ‘Inferred’ resource of “15.0 million tonnes @ 7.26% Zn, 1.75% Pb and 39.50g/t Ag”.
• Today’s announcement of results from HMO-016 highlights:
  • A 0.76m interval at an average grade of 22.4% zinc, 187g/t silver and 34.6g/t germanium from 314.18m depth; and
  • 1.08m at an average grade of 8.2% zinc, 42.5g/t silver, 1.6% lead and 22g/t germanium from 407.11m depth; and
  • 4.50m at an average grade of 3.0% zinc, 20.7g/t silver, 20g/t germanium and 0.9% lead from 417.95m depth.
• Hole HMO-019 is currently underway and “Results from the laboratory for drill holes HMO-017 and HMO-018 are awaited”.
• Chief Executive, David Price, explained that “Strong analytical results from hole HMO-016, together with high grade pXRF results from holes HMO-017 and HMO-018 continue to build the case for a successful upgrade to the Indicated category”.
• Mr. Price commented that the pXRF results “in HMO-015 suggests the main mineralised lodes are deeper than previously interpreted and have been potentially offset … [and that mineralised zones in HMO-016] … are continuous down dip but are thin”.

Conclusion: Infill resource upgrade drilling at Maloai continues to intersect mineralisation although some holes show that it may be deeper than expected, potentially offset, and may thin at depth.

Rome Resource (RMR LN) 0.35p, Mkt Cap £27m – Exploration targets identified in New Bruswick, Canada

• Rome Resources, which is exploring the Bisie North project in the DRC, has announced the identification of three priority targets at close to the historic Mt Pleasant tungsten mine “and numerous historical tin and tungsten workings” in New Brunswick where the company acquired the project in March.
• The targets are the Schoullar Mountain prospect “Located a few kilometres east of the historic Mount Pleasant Tungsten Mine” and the Square Lake and Victoria Lake projects.
• “The 2026 programme of fieldwork will focus on assessing the potential for exploration drilling across several tin and tungsten showings in three key areas of the Devonian granite play of southwestern New Brunswick”.
• CEO, Paul Barrett, explained that the “Mount Douglas granite system hosts one of the most prospective tin-tungsten-indium districts in eastern Canada”.
• Mr. Barrett confirmed that Rome Resources is continuing “to work towards an updated Mineral Resource Estimate for our Bisie North Project” in DRC

SP Angel – No.1 for Precious Metals: LSEG StarMine Award for Most Accurate Forecasting in Reuters Polls Q1 2026

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