SP Angel – Today’s Market View, Wednesday 10th June 2026

Gold in freefall as Middle East tensions reignite risk-off market

MiFID II exempt information – see disclaimer below

Arras Minerals (ARK CN) – Berezski North scale increases significantly with new assays

Core Lithium (CXO AU) – 25kt DSO fines sold to Glencore at ~US$270/t CIF

Cornish Metals* (TIN LN) – Progress report from South Crofty

Develop Global (DVP AU) – Strategic collaboration with Trafigura and $400m funding package supports Sulphur Springs and Pioneer Dome FID

Northern Star Resources (NST AU) – Rejecting Elliott’s calls to begin formal sale process

Ongwe Minerals* (OGW CN) – >5km gold anomaly identified at greenfield gold prospect Nguni, Namibia

Savannah Resources* (SAV LN) – BUY, 18.5p– Temporary land easement claim

Sigma Lithium (SGML US) – Court of Appeal overturns a local lower court ruling for a $10m collateral

Gold ($4,169/oz) in freefall as Middle East tensions reignite risk-off market

• Gold prices continue to slide
• Missile and airstrikes by Iran, Israel and the US are dragging oil prices lower.
• US dollar strength combined with expectations for inflation and higher US Treasury yields rise on delayed expectations for a Hormuz reopening.
• The US market is now pricing in a first-interest rate hike putting extra pressure on gold, which is often traded as a proxy for lower rates.
• We suspect China will remain resilient buyers through the volatility, as Western funds cut exposure on fading momentum.
• However, Chinese retail enthusiasm may also be fading, with Bloomberg reporting several Chinese banks have boosted efforts to attract gold investors, offering discounts and cashback promotions.
• Chinese banks are looking to gold as an alternative revenue stream.
• A potential breakdown of the Petrodollar system, triggered by Trump’s military actions in the Gulf and subsequent Hormuz closure, may push Middle Eastern countries away from US Treasuries towards alternative assets.
• While retail and investment fund interest may be fading in gold, we continue to see the Central Bank buying thematic as a key driver for gold’s long-term price outlook.
• We expect the increasingly fragmented geopolitical spectrum to be a long-term driver of higher gold prices, however short-term volatility is expected to continue until a concrete resolution to the Iran conflict is secured.

Tin ($52,900/t) – still near record highs, but the rally now depends on demand, not new supply scares

• Supply is growing about 3% this year, but demand is growing about 3.5%
• That tips the market into its first shortage since 2021.
• Rules that ban lead in solder (such as RoHS) keep a steady floor under demand
• This morning’s China PPI data pointed to stronger demand for computing power and higher electronics prices, real-world support for the tin demand story (NBS, 10 June).
• A steady fall in LME and Shanghai stocks would confirm real tightness rather than just speculation.

IPO – Coastal Africa Group* (CAGL LN) 161p, Market Cap £218m – Initiation report – New West Africa-focused E&P lists on AIM

CLICK FOR FULL REPORT

• Coastal commences trading today on AIM following the issuance of a £10m convertible loan note to BP and a £17.3m capital raise at a 161p/sh issue price, which provides for an anticipated market capitalisation of £218.6m at entry.
• The Company will be an ‘investing company’ upon Admission but intends to make an acquisition and become an operating company within 18 months in accordance with the AIM Rules for Companies.
• Coastal believes that output from shallow water assets in West Africa has dwindled due to dilapidated infrastructure and underinvestment, but that there remain significant untapped, recoverable resources to develop.
• The Company targets accelerated portfolio growth through M&A, initially focussed on Nigeria and Angola, towards establishing a significant mid-cap producer funded by a mixture of equity and debt capital pools.

Positive news for the AIM-listed oil and gas sector, with the first E&P IPO in the last five years supported by a highly experienced senior management team with global execution capability and strong local expertise.

Led by Conrad Clauson, the Company plans to replicate the strategy deployed in Southeast Asia by Coastal Energy, which has already proven successful, delivering ~6x return on equity capital raised following its 2014 sale for C$2.3bn.

This is a pivotal time to invest in West African oil and gas, via international oil companies and the Nigerian National Petroleum Company Limited divesting assets, historical and upcoming bid rounds, as well as through local players lacking access to finance.

By turning process storage and evacuation costs into a revenue stream, Coastal plans to reduce break-even cost, exposure to oil price volatility and remove third-party risk of delivery, unlocking transactions that may otherwise not be plausible.

*SP Angel acts as Nominated Advisor & Corporate Broker to Coastal Africa Group Ltd.

Iran – Iranian strike on US Apache helicopter and retaliatory strikes by US on Iran raises tension

• Iran then fired four ballistic missiles and several drones targeting US bases in Kuwait, Jordan and Bahrain.
• The IRGC were also reported to be firing missiles at Kurdish targets.
• Gulf states increase security after Kuwait airport strike by Iran which killed an Indian national, the 10^th Indian killed by Iranian air strikes since the war began.
• Iran claimed to be retaliating after a US strike on an IRGC communications tower on Qeshm Island.
• Iran claimed the strike was due to a malfunctioning US Patriot missile which failed to intercept Iranian missiles. Kuwait’s CAA released video showing the Iranian drone strike on Terminal 1 contradicting the claim.
• Trump told aides he would not resume full-scale war with Iran unless American troops are killed.
• Bahrain has banned its nationals from traveling to Iran and Iraq due to ongoing security tensions and arrested 15 alleged IRGC field operatives.
• Netanyahu warned the cabinet that Israel may ultimately have to confront Iran without US support risking weapons restrictions.
• The IDF Chief of Staff expressed strong opposition to the emerging nuclear agreement in its current form, “almost any deal is a bad deal” (Israeli i24 News)
• Iranian drone downs US Apache helicopter. Two crew were rescued.
• The Iranian Foreign Minister claimed the helicopter was potentially being caught in crossfire
• Heavy US military aerial activity was observed across the Persian Gulf region with Flightradar24 tracking showing Pegasus and refuelling aircraft operating over the Middle East.

Conclusion: Iran does not want to end the conflict on anything but their own terms and will continue to fund its military proxies and launch missiles till the regime is changed.

Lebanon – IDF kills Hezbollah engineering unit commander and hits 650 targets across the Lebanon

• The commander’s unit was responsible for assembling and deploying explosives and was responsible for numerous attacks against IDF soldiers from 2006 to yesterday.
• The IDF also dismantled a rocket launcher after firing at the IDF.
• The operation also eliminated >125 Hezbollah terrorists with ground forces destroying Hezbollah infrastructure along a forward defense line.

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$1.1557/eur vs 1.1540/eur previous. Yen 160.36/$ vs 160.19/$. SAr 16.514/$ vs 16.460/$. $1.339/gbp vs $1.336/gbp. 0.702/aud vs 0.706/aud. CNY 6.775/$ vs 6.772/$

Dollar Index 99.90 vs 99.93 previous

Economics

SpaceX IPO is reported to be nearly 4x oversubscribed attracting >$250bn in orders vs $75bn planned to be raise.

• The Company is expected to start trading on Nasdaq on 12 June, SPCX ticker, valued at ~$1.8tn.
• A share of the recent market selling was attributed to investors raising funds to participate in a series of high-profile IPOs including SpaceX, OpenAI and Anthropic.

US/Iran – US hit a series of targets in Iran in retaliation for downing of its helicopter the previous day.

• A US Apache Helicopter was hit while patrolling the Strait with two pilots involved reported “safe and uninjured”.
• The “self-defense strikes” are “a proportional response to unjustified Iranian aggression,” Centcom said.
• The US reportedly hit Iranian air defense, ground control stations, and surveillance radar sites near the Strait of Hormuz.

Iran targets US bases in Bahrain, Kuwait and Jordan after US strikes.

US – May inflation numbers are out later today.

• Expectations for a pickup in headline and core measures:
• CPI 4.2%, up from 3.8%
• Core CPI 2.9%, up from 2.8%

China – PPI hit the highest in four years now.

• PPI (%yoy, May / Apr / Est): 3.9 / 2.8 / 3.9
• CPI (%yoy, May / Apr / Est): 1.2 / 1.2 / 1.3
• CPI (%yoy, May / Apr / Est): 1.1 / 1.2 / 1.2

Japan – Producer prices inflation accelerates higher in May

• The BOJ is expected to hike this month with a total of two increases for the year.
• PPI (%mom, May / Apr / Est): 0.9 / 2.8 (revised from 2.3) / 0.8
• PPI (%yoy, May / Apr / Est): 6.3 / 5.3 (revised from 4.9) / 5.6

Indonesia – record-low rupiah and a 35% stock-market drop make the mining backdrop harder

• The Indonesian rupiah has hit a new record low of 18,200 per US dollar, Asia’s worst-performing major currency this year falling ~8% this year.
• Rising oil prices combined with a near US$9.1bn Q1 balance-of-payments deficit and money leaving the country have hit the currency.
• Bank Indonesia surprised markets with a 25bp rate rise to 5.50% yesterday following a 50bp rise in May to defend the currency.
• The Jakarta stock index (IHSG) has fallen >35% this year as investors adjust for higher fuel prices.
• Indonesia’s centralising of exports in coal, ferroalloys and palm oil under the DSI fund, new royalty rules and revised mining quotas for nickel laterites may not have helped inward investment.
• While shares in ANTM JK, INCO JK, TINS JK and MDKA JK have fallen in in recent weeks due to higher oil prices and other input costs, much of this should be offset by lower local costs.

DSI calms fears that export contracts will be torn up

• Indonesia’s new DSI fund is not going to cancel existing export contracts in coal, ferroalloys and palm oil.
• The DSi ceo, said existing deals stand, if they don’t involve under-invoicing or transfer pricing

Precious metals:

Gold US$4,198/oz vs US$4,330/oz previous

Gold ETFs 98.0moz vs 98.0moz previous

Platinum US$1,678/oz vs US$1,758/oz previous

Palladium US$1,218/oz vs US$1,224/oz previous

Silver US$64.5/oz vs US$68.2/oz previous

Silver ETFs 788.7moz vs 787.6moz previous

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

Base metals:   

Copper US$13,545/t vs US$13,681/t previous

Aluminium US$3,510/t vs US$3,607/t previous

Nickel US$17,885/t vs US$18,325/t previous

Zinc US$3,527/t vs US$3,568/t previous

Lead US$1,970/t vs US$1,994/t previous

Tin US$51,805/t vs US$52,755/t previous        

Energy:

Oil US$91.4/bbl vs US$93.0/bbl previous

• Crude oil prices remain jittery on continued flares ups in the Middle East region, as the API estimated US inventory w/w draws of 9.1mb to crude oil (-3.4mb exp) and 1.2mb to gasoline, partially offset by a 1.3mb build to distillate stocks.
• The EIA’s monthly STEO report forecasts that global oil demand will fall by 1.1mb/d to 102.9mb/d in 2026, a near reversal of the pre-conflict +1.2mb/d growth forecast, before rebounding 2.5mb/d to 105.3mb/d in 2027. The IEA expects expect global oil inventories to fall by an average of 6.3mb/d in 2Q26 and by 7.6mb/d in 3Q26.
• European energy prices were broadly unchanged as France’s average nuclear generation was up 8% w/w to 73% of the country’s 61.4GW maximum capacity, which followed a large ~13% y/y increase in total May nuclear output to 28.8TWh.

Natural Gas €48.9/MWh vs €50.1/MWh previous

Uranium Futures $84.9/lb vs $85.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$102.4/t vs US$100.7/t

Chinese steel rebar 25mm US$488.2/t vs US$489.4/t

HCC FOB Australia US$246.0/t vs US$249.0/t

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

Other:  

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

NdPr Rare Earth Oxide (China) US$102,586/t vs US$102,630/t

Lithium carbonate 99% (China) US$23,248/t vs US$23,184/t

China Spodumene Li2O 6%min CIF US$2,450/t vs US$2,500/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$240/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$1,159/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:

General Motors to enable vehicle-to-grid capability to allow EV owners to sell energy back to strained US grid

• GM is releasing a firmware update that will enable owners of its vehicle-to-home energy systems to send electricity back to the grid, potentially earning payments during peak demand. (Reuters)
• Only a few utilities companies support this program, but GM is in talks with around 10 companies and is planning an initial rollout in California and Texas in the coming months.
• The company says over 250,000 of its US EVs already have bidirectional charging capability and has framed them as a ‘massive opportunity to aggregate energy storage capacity’ in an open letter to utilities and regulators.

Company news:

Arras Minerals (ARK CN) C$1.4, Mkt Cap C$146m – Berezski North scale increases significantly with new assays

• Kazakhstan copper explorer Arras Minerals reports drilling from its Elemes Project.
• The Company reports assays from two holes at the Berezski North Target, aimed at targeting shallow breccias and explore the extent of underlying porphyry mineralisation.
• Assay results include:
  • EL26032: 936m at 0.71% CuEq (0.51g/t Au and 0.19% Cu) from surface, (inc. 215m at 1.42 CuEq from 162m. Hole terminated in mineralisation.
  • EL26033: 52m at 1.75% CuEq from 259m within 181m at 0.66% CuEq from 170m depth.
• Arras notes hole EL26033 ended in distal porphyry-style mineralisation from 127m.
• Eight holes have now been drilled at Berezski North and suggest mineralisation extends over a strike length of 600m within high-grade breccias, to depths of 900m.
• Management suggests the porphyry system remains open in multiple direction.
• Six holes have been drilled with assays pending, with follow-up drilling planned following results.
• Shares up 41% yesterday.

Core Lithium (CXO AU) A$0.24, Mkt Cap A$777m – 25kt DSO fines sold to Glencore at ~US$270/t CIF

• The Company signed a sale contract for 25kt lithium DSO fines with Glencore.
• Glencore to pay ~US$270/t CIF (subject to customary adjustments).
• Shipment expected later in June through Darwin Port.
• This is the second sale post one agreed in April (20kt at ~US$290/t CIF to Glencore)
• Proceeds to be used for a restart of the Finnis Lithium Operation approved in March 2026.
• The Company still has ~30kt fines remaining in stocks and is looking at options to monetise those.

Cornish Metals* (TIN LN) 98p, Mkt cap £120m – Progress report from South Crofty

• Cornish Metals has provided a report on surface and underground progress as it works towards the resumption of tin production at the South Crofty mine.

• Underground, dewatering of the New Cook’s Kitchen Shaft is “on-track towards the 400-level (approximately 730 metres below surface) in H1 2027”.

• CEO, Don Turvey explained that “dewatering … [is] … underway through the fully commissioned 195-level pump station for the first time in over 28 years”

• The company confirms that it expects to start 290 Level (~530m depth) pre-production development “in Q4 2026, from Q3 2026, with the underground drilling programme also set to start shortly thereafter”.

• “Development from the Tuckingmill decline at the 25-Level, approximately 45 metres below surface, continues alongside training activities for recently recruited miners … [whose moulding to create] … a skilled and experienced workforce alongside critical mine infrastructure remains a core priority for the Company”.

• Mr. Turvey, emphasised that “developing a skilled workforce remains a key priority to ensure South Crofty is well positioned as it transitions through development and into production”.

• Preliminary refurbishment work is underway on the Roskear Shaft, which is located around 850m west of the New Cooks Kitchen Shaft, and will provide “the mine’s primary ventilation shaft and secondary means of egress … [in parallel with surface work with] … Earthworks, foundation, the primary steel structure and building cladding installation for the winder house … now complete”.

• Other surface works include the completion of the offices at New Cooks Kitchen Shaft, while the new workshop and stores building at the Bartles Foundry site is almost complete with only “only minor exterior works and landscaping” work still outstanding.

• Preparatory civil engineering work is underway at the New Cooks Kitchen Shaft in advance of the “planned equipment mechanical installation … [of the winder] … during the second half of 2026”.

• Cornish Metals also confirms that the “second phase of excavation for the new pre-concentration plant has reached 50% of completion and is progressing according to plan, with civil works expected to continue throughout the year”.

• Earlier this month, the company reported that drilling in the Roskear area of the mine had intersected visible tin mineralisation with assay “results expected in June 2026 … [and said that] … the visual indications of mineralisation encountered are encouraging and support our geological interpretation of continued mineralisation to the west of the existing Mineral Resource areas”.

Conclusion: Cornish Metals continues to make progress with the refurbishment of the South Crofty mine with dewatering of the New Cooks Kitchen shaft opening the way for pre-production development to start in Q4 this year at around 530m below surface. Training of mine workers is underway to create skilled workforce required for production operations while surface development is progressing in parallel with the underground work with office and workshop buildings now completed.

*SP Angel acts as Nomad. An SP Angel analyst formerly worked in the South Crofty tin mine in the 1980s and holds shares in Cornish Metals

Develop Global (DVP AU) A$6, Mkt Cap A$2bn – Strategic collaboration with Trafigura and $400m funding package supports Sulphur Springs and Pioneer Dome FID

• Australian polymetallic producer Develop announces FID for its Sulphur Springs and Pioneer Dome projects.
• The Company has agreed a $400m debt facility and warrant package with Trafigura to fund the two projects and refinance the existing Woodlawn facility.
• Trafigura will lend $350m in a secured debt facility with a five-year maturity paying SOFR + 3.5%.
• They will also provide a warrant package of $50m comprising 7.78m warrants exercisable at A$9.12/share, a 50% premium to the 20 day VWAP.
• Trafigura has committed to offtake from Sulphur Springs for copper and zinc concentrate, with first concentrate due June 2028 quarter.
• Sulphur Springs CAPEX stands at A$450m and is expected to produce 411kt Zn, 70kt Cu, 1,131koz Ag (200kt CuEq) in saleable metal over an eight year LOM.
• The Project holds a pre-tax NPV8 of A$811m at spot prices and IRR of 37%.
• Trafigura will also take the DSO spodumene offtake from Pioneer Dome, with first DSO sales due December 2026 quarter.
• Pioneer Dome holds a CAPEX requirement of A$40m and Develop expects pre-tax FCF of A$201m and IRR of 55% at implied DSO prices of $339/t.
• Develop has also announced a partnership agreement with Trafigura, targeting additional acquisition and develop opportunities.
• The Company has refinanced its Trafigura debt facility at Woodlawn, securing an 18-month grace period for debt repayments.

Northern Star Resources (NST AU) A$18.5, Mkt Cap A$26.5bn – Rejecting Elliott’s calls to begin formal sale process

• Northern Star provided an update on the current activist campaign from Elliott.
• The Company notes the activist group holds a 3-4% stake in the Company and notes they are happy to engage with the Group.
• Elliott published a letter last week criticising Northern Star’s ‘worst-in-class total shareholder returns and a steep valuation discount, repeated guidance misses and operational failures, a lack of leadership credibility and talent exodus, and cost overruns.’
• Elliott called on Northern Star to dispose of underperforming assets and begin a full sale process to Gold Fields, Agnico Eagle, AngloGold Ashanti or Newmont.
• Management recognises the share price underperformance but highlights operational progress at KCGM and on-time construction of Fimiston.
• The Company is ‘moving quickly’ to appoint a new CEO.
• However, Northern Star has rejected Elliott’s call to run a formal sale process and notes it has had several approaches from various companies, although these did not proceed.
• Management also notes it intends to hold their current asset portfolio as is, rejecting calls to spin out smaller operations.

Ongwe Minerals* (OGW CN) C$1.4, Mkt Cap C$60m – >5km gold anomaly identified at greenfield gold prospect Nguni, Namibia

• Ongwe Minerals provides an exploration from their Omatjete Gold Project in Namibia.
• The Company reports it has identified a 5km gold in soil anomaly 17km from its Manga Gold Prsopect.
• Nguni lies 55km along strike from the 2.93moz Au Kokoseb discovery.
• The Nguni surface gold discovery is associated with the Okondeka Fault Zone, with Ongwe conducting 200m x 200m regional soil sampling over prospective structures.
• This was then followed up with an infill soil sampling programme at 100m x 100m spacing.
• Results returned peak samples of 730ppb Au, with 28 samples returning >300ppb Au and eight samples over 500ppb Au.
• The anomaly stretches over 5km in strike length and is reportedly open to the north, east and west.
• Ongwe is currently conducting infill sampling at 50m x 50m spacing alongside detailed geological mapping which will guide drilling planned in 2H26.
• Initial geological analysis suggests mineralisation is hosted within deformed metasediments of the Kuiseb formation.
• Elsewhere, bedrock sampling is wrapping up on the eastern extension of Manga, with the rig then being diverted to target several splay targets at Belmont and Southern Shear targets at K17.

Conclusion: This is an exciting update from new Namibian gold explorer Ongwe. A large-scale gold anomaly has been identified at the greenfield prospect Nguni, with soil samples returning up to 730ppb Au within a several kilometre anomaly averaging >100ppb Au. Whilst it is still early days at Nguni, with drilling required to prove up mineralisation, the scale of the anomaly, which remains open in multiple directions, is comparable to the nearby Kokoseb discovery (2.93moz at 1g/t Au). We continue to see Namibia as a top-class gold exploration jurisdiction and look forward to updates regarding the upcoming drill programmes.

*SP Angel analyst(s) hold shares in Ongwe Minerals

Savannah Resources* (SAV LN) 6.0p, Mkt Cap £155m – Temporary land easement claim

BUY – 18.5p

• Covas do Barroso Baldios challenged the recently issued land easement order and filed a “precautionary measure” against the Portuguese Ministry for the Environment & Energy.
• The order that was secured in early May granted Savannah a temporary access to the area not currently owned by the Company.
• The access allows the Company to carry the last phase of fieldwork including geotechnical studies prior to construction.
• Under Portuguese law, once the decision is contested all works in the area involved need to be paused until the court decision.
• The Company has previously suggested that the legal objection may be raised given the precedent in February 2025.
• At the time, the dispute was filed by three local landowners against the Ministry over the similar temporary land easement order issued in December 2024.
• The dispute was launched in early February with the court ruling in favour of the Ministry allowing a restart of fieldwork in two weeks.

Conclusion: The legal challenge was broadly anticipated given the precedent set in early 2025, when a near-identical dispute filed by local landowners was resolved in the Ministry’s favour within two weeks. We would expect similar outcome this time round given the precedent in the past and strong official support for the Barroso Lithium Project (€110m Portuguese State grant and Strategic Project Status under the EC CRMA). Critically, the contested access is not required to complete the DFS, which remains on track for July 2026.

*SP Angel acts as Nomad and Broker to Savannah Resources

Sigma Lithium (SGML US) US$14, Mkt Cap £1.6bn – Court of Appeal overturns a local lower court ruling for a $10m collateral

• A Court of Appeal overturned a local lower court decision that instructed the Company to post a US$10m legal collateral.
• The ruling was supported by the evidence provided by the Company regarding low levels of dust, vibrations, noise, measured by independent experts in four neighbouring communities.
• The Court asked the Company to engage an independent technical advisory firm to monitor the impacts of lithium operations on the residents.
• The decision relates to the ruling by a local court on May 17 that demanded the Company to place a legal collateral as part of a collective lawsuit brought by state prosecutors over alleged environmental effects of mining operations on nearby communities.

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

No.1 for Precious Metals: Q1 2026

No.1 for Precious Metals: CY 2025

No.1 in Precious Metals: Q1 2025

No.1 in Precious Metals: CY 2024

No.2 in Base Metals: CY 2024

Analysts

John Meyer –John.Meyer@spangel.co.uk – 0203 470 0490

Simon Beardsmore – Simon.Beardsmore@spangel.co.uk – 0203 470 0484

Sergey Raevskiy –Sergey.Raevskiy@spangel.co.uk – 0203 470 0474

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

Sales

Richard Parlons –Richard.Parlons@spangel.co.uk – 0203 470 0472

Abigail Wayne –Abigail.Wayne@spangel.co.uk – 0203 470 0534

Rob Rees –Rob.Rees@spangel.co.uk – 0203 470 0535

Grant Barker – Grant.Barker@spangel.co.uk – 0203 470 0471

Prince Frederick House

35-39 Maddox Street

London, W1S 2PP

*SP Angel are the No1 integrated nomad and broker by number of mining brokerage clients on AIM according to the AIM Advisers Ranking Guide (joint brokerships excluded)

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

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