SP Angel – Today’s Market View, Wednesday 17th June 2026

Tin price rebounds toward record as Myanmar and Indonesia keep supply tight

MiFID II exempt information – see disclaimer below

80 Mile Plc* (80M LN) – Italian biofuels plant edges closer to Sustainable Airline Fuel production. Drills preparing to turn in Greenland at Jameson and at Disko

Aura Energy* (AURA LN) – Häggån uranium production moves a step closer as Sweden amends Nuclear Activities Act

Anglo American (AAL LN) – Ex-CEO Gareth Penny closes in on De Beers acquisition (Bloomberg)

EQ Resources (EQR AU) – Regaining access to high-grade ore at Barruecopardo

GreenX Metals (GRX LN) – Mineralogical study boosts confidence in copper and silver recoveries from Tannenberg

Guardian Metal Resources (GMET LN) – Water and land rights close to Tempiute, Nevada

Savannah Resources* (SAV LN) – BUY, 18.5p – Local community engagement and bypass road update

St George Mining (SGQ AU) – A$60m raised

Switch Metals (SWT LN) – Drilling underway at Issia, Cote d’Ivoire

Turaco Gold* (TCG CN) – PFS for Afema outlines 200kozpa open pit operation

Tin (US$55,145/t) price rebounds toward record as Myanmar and Indonesia keep supply tight

• Tin bounced back above $55,000/t from a one-month low of $51,950 on 10 June.
• Myanmar’s Man Maw mine is still running at only 40-50% of former output, with the May to July rainy season holding back any quick recovery.
• In Indonesia, the crackdown on roughly 1,000 illegal mines and slower export-licence approvals are keeping supply tight.

China’s new mining law rules kick in (Global Times, 15 Jun)

o   New rules under China’s updated Mineral Resources Law took effect on Monday marking their first big overhaul since 1986.

o   The new legislation includes a strategic mineral reserve system which gives the government a formal tool to stockpile and release supply to steer prices.

o   This includes production capacity reserves, meaning idle mines and smelters kept ready to ramp up fast in a crisis, effectively a hidden supply switch.

o   A national mining rights database is also new: a real-time system tracking ownership, production and compliance, which lets China shut non-compliant mines and tighten domestic supply.

o   It gives a legal base for moves like the export curbs already on tungsten, antimony, and silver.

o   The new rules strengthen China’s grip in the critical-minerals race and hands Beijing a lasting lever over metal flows, which matters for tin since China dominates smelting.

Currencies

US$1.1611/eur vs 1.1588/eur previous. Yen 160.27/$ vs 160.25/$. SAr 16.205/$ vs 16.197/$. $1.342/gbp vs $1.341/gbp. 0.706/aud vs 0.706/aud. CNY 6.757/$ vs 6.759/$.

Dollar Index 99.51 vs 99.70 previous.

Economics

US – First Fed Chair Kevin Warsh press conference is expected later today.

• Rates are expected to stay put with markets to watch comments on inflation outlook closely.
• In the face of rising energy, shipping and fertilizer costs, markets have been increasingly betting on a hike before year end.
• That compares to expectations for 3 cuts before the start of the war with Iran earlier this year.

UK – Lower than expected headline CPI numbers released for May helped by food costs offsetting price pressures from air fares and petrol.

• Services CPI index, however, came slightly ahead of estimates.
• Gilts prices climbed and markets trimmed forecasts for a rate hike.
• One rate increase is currently expected at November/December meeting.
• CPI (%mom, May / Apr / Est): 0.2 / 0.7 / 0.4
• CPI (%yoy, May / Apr / Est): 2.8 / 2.8 / 3.0
• Core CPI (%yoy, May / Apr / Est): 2.6 / 2.5 / 2.7
• Services CPI (%mom, May / Apr / Est): 3.7 / 3.2 / 3.6

Japan- Trade balance flipped to a deficit for the fist time in four months as weak yen raised the import bill.

• Imports were up 12.5% in value terms, but actually down ~7% on volume basis.
• The yen is down ~10%yoy.
• Imports of petroleum products from the US were up more than 660%yoy, compensating for suspended shipments from the Middle East.
• Exports continued strong with chips shipments up ~61%, including exports to China.
• Imports (%yoy, May / Apr / Est): 12.5 / 9.8 (revised from 9.7) / 12.8
• Exports (%yoy, May / Apr / Est): 17.0 / 14.8 / 16.5

UK – Inflation rose to 2.6% yoy in May from 2.5 per cent in April

• Seasonal produce prices fell
• Transport and airfares rose 6.8% in May yoy
• BoE expected to maintain rates at 3.75%
• “Underlying inflationary pressures have yet to show clear signs of strengthening, which is likely to underpin a majority decision within the monetary policy committee to hold interest rates at Thursday’s meeting,” she added.

Iran – Iran’s Foreign Ministry says US has begun easing its naval blockade of Iranian ports

• Several Iranian vessels transited the blockade zone without incident and said the blockade has effectively ended (IRIB and Fars News Agency).
• Four-six Iranian oil tankers crossed the blockade zone yesterday and departed Iran for their destinations.
• US approved Qatar- Iran financial arrangement allowing Doha to transfer funds to Tehran in exchange for guarantees on freedom of navigation through the Strait of Hormuz and protection of Qatari vessels from attack.

• The arrangement is intended to stabilize global energy markets, lower oil prices, and pave the way for a broader US-Iran memorandum of understanding.
• Under the deal, Iran was granted access to funds held in Qatar, including payments described as tanker transit fees and a credit line worth up to $1 billion for the purchase of goods.

Terms of reported framework would include (Al Arabiya, Chanel 12 and reuters):

• Full lifting of US sanctions on Iran.
• Withdrawal of US forces from the region within 30 days.
• A formal Iranian commitment never to pursue nuclear weapons.
• A reconstruction and investment program for Iran valued at approximately $300bn structured as a private investment vehicle backed by companies from the US, Gulf states, Asia, South America, and Africa.

• Iran, the United States, and their respective allies would halt hostilities, including in Lebanon.
• Iran would reaffirm that it will not develop or acquire nuclear weapons.
• Iran’s enriched uranium stockpile would be addressed during negotiations on a final agreement.
• Iran would be permitted to maintain its current nuclear program during the negotiation period.
• The United States would refrain from imposing new sanctions or conducting major military buildups in the region during negotiations.
• Iran would ensure freedom of commercial shipping through the Strait of Hormuz for approximately 60 days.
• The United States would release frozen Iranian assets and grant temporary sanctions waivers permitting Iranian oil exports, including related banking, insurance, and shipping activities.
• Oman and Gulf states would participate in discussions on maritime arrangements.
• The framework reportedly envisions 60 days of negotiations toward a final agreement covering Iran’s nuclear program and broader regional issues.

CIA and US Intelligence believe senior Iranian officials may not intend to comply with its nuclear commitments even if a final agreement is signed (Axios).

Trump threatened to fire any senior officials who opposed the Iran deal, including Defense Secretary Pete Hegseth and CIA Director John Ratcliffe.

Precious metals:

Gold US$4,329/oz vs US$4,326/oz previous

Gold ETFs 97.1moz vs 97.6moz previous

Platinum US$1,786/oz vs US$1,779/oz previous

Palladium US$1,352/oz vs US$1,343/oz previous

Silver US$70.2/oz vs US$70.4/oz previous

Silver ETFs 785.5moz vs 787.5moz previous

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

Base metals:

Copper US$13,823/t vs US$13,787/t previous

Aluminium US$3,412/t vs US$3,458/t previous

Nickel US$18,015/t vs US$17,967/t previous

Zinc US$3,574/t vs US$3,595/t previous

Lead US$1,976/t vs US$1,976/t previous

Tin US$55,145/t vs US$52,493/t previous

Energy:

Oil US$78.1/bbl vs US$83.4/bbl previous

Natural Gas €41.4/MWh vs €44.5/MWh previous

Uranium Futures $85.6/lb vs $84.8/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$99.1/t vs US$101.4/t

Chinese steel rebar 25mm US$486.0/t vs US$487.4/t

HCC FOB Australia US$243.8/t vs US$245.0/t

Thermal coal swap Australia FOB US$135.5/t vs US$149.0/t

Other:  

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

NdPr Rare Earth Oxide (China) US$103,972/t vs US$102,240/t

Lithium carbonate 99% (China) US$24,051/t vs US$23,730/t

China Spodumene Li2O 6%min CIF US$2,400/t vs US$2,400/t

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

China Tungsten APT 88.5% FOB US$1,765/mtu vs US$1,765/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$5.8/lb vs US$5.8/lb

Europe Ferro-Vanadium 80% US$27.2/kg vs US$27.2/kg

China Ilmenite Concentrate TiO2 US$229/t vs US$233/t

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

China Rutile Concentrate 95% TiO2 US$1,162/t vs US$1,161/t

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

Brazil Potash CFR Granular Spot US$402.5/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:

Company news:

80 Mile Plc* (80M LN) – 0.82p, Mkt cap £44m – Italian biofuels plant edges closer to Sustainable Airline Fuel production. Drills preparing to turn in Greenland at Jameson and at Disko

• The Greenland government confirms no third-party licence or competing claims have been granted over 80 Mile’s 2.1m-acre license over the Jameson Land Basin in East Greenland.
• White Flame Energy, the hydrocarbon licensee, has the right to apply for all minerals including industrial gases and derivatives with additional mineral licences, by law, only valid if they are held by White Flame Energy.
• Management are making progress towards drilling in the second half with the recent completion of planned community meetings in Ittoqqortoormiit as well as other stakeholder events.
• 80 Miles’ partner Greenland Energy recently raised $70m to support exploration in Greenland, including procurement of long-lead items and field operations.
• The team have also secured:

• • A five-year drilling agreement for Rig #12, equipped for Arctic conditions for this year’s drilling.
  • Agreement with Halliburton for integrated consulting, logistics, well and drilling services.
  • Collaboration with IPT Well Solutions and other service providers to support our drilling and completion activities.

• Disko-Nuussuaq (Greenland, West coast)

• • Drill rigs now mobilised and ready to drill from the first week of July 2026 with 5,000m of drilling planned.
  • Drilling targeting high-priority zones at Qullissat, on Disko Island, where large-scale-high-tenor geophysical and coincident geochemical anomalies have been identified.
  • Rigs will then move to the Nuussuaq Peninsula.
  • Work program funded as part of USFM’s US$30m earn-in commitment with a minimum US$7.5m in the 2026 field season. (80 Mile is managing and retains a 49% free carry)

• Hydrogen Valley integrated biorefinery (Ferrandina, Italy)
• Greenswitch biofuels plant nearing technical completion following £16m of expenditure over the past 18 months.
• Operating teams in advanced commercial discussions regarding restart .
• Capacity of 199ktpa permitted and could produce >10% of Italy’s import needs in biodiesel with Italy prioritising domestic producers over importers.

*SP Angel acts as nomad and broker to 80 Mile Plc (formerly Bluejay Mining). The analyst has formerly visited license in Greenland with management.

Aura Energy* (AURA LN) 6.00p, Mkt Cap £61m – Häggån uranium production moves a step closer as Sweden amends Nuclear Activities Act

(Aura Energy hold 100% of Tiris Uranium and 100% of the Häggån Project in Sweden, Häggån hosts 2.5bnt of vanadium, SOP ‘sulphate of potash’ and uranium resource)

• Aura Energy report the Swedish Parliament voted to amend the country’s Nuclear Activities Act on 11^th June so that uranium mining will no longer be regulated as a nuclear facility.
• The vote passes a second piece of legislation designed to enable new uranium mining in Sweden with Uranium mining and extraction no longer requiring explicit municipal consent.
• The ban on uranium mining was lifted in January with uranium extraction now declassified as a nuclear facility.
• The move should bring uranium in line with other minerals enabling uranium mining and early stage processing into yellowcake.
• Aura’s Häggån polymetallic project contains some 800mlbs of uranium making it one of the largest undeveloped uranium resources in the world.
• The Swedish Geological Survey has proposed the Häggån deposit should be designated as a deposit of national interest for valuable substances or materials.
• Häggån Scoping Study estimates (2023) – focussed on Vanadium and SoP ‘Sulphate of Potash’ fertiliser only.
• The scoping study was done on 65mt resource represents under 3% of Haggan’s 2.0bnt estimated MRE Mineral Resource Estimate (JORC 2004)

• • Throughput:  3.5mtpa – Base Case scenario proposes mining the high-grade zone at ~5.9mtpa
  • Vanadium production:  10,400tpa V2O5 high-quality vanadium flake
  • SoP fertilizer production:  217,000tpa sulphate of potash (SOP) by-product for sale as fertiliser
  • Mixed sulphide product: 3,000tpa
  • Capex: US$592m
  • NPV₈ of between US$456m to US$1,307m.
  • Assumes:  V2O5 price of between US$7.0/lb and $13/lb, SOP price of US$650/t K2O, a Nickel price of US$20,000/t, Mo price of US$51,000/t and Zn price of US$2,500/t, with 70% payability for base metal units

• Socping Study including uranium (2023):

• • NPV₈ rises by 37% at a uranium price of US$65/lb U₃O₈.
  • NPV base-case:  $756 – $1,606m including uranium production
  • Assumes:  V2O5 price of between US$7.0/lb and $13/lb, SOP price of US$650/t K2O, U3O8 price of US$65/lb, a Nickel price of US$20,000/t, Mo price of US$51,000/t and Zn price of US$2,500/t, with 70% payability for base metal units. Subject to anticipated Swedish legislative change
  • IRR:  26-47%
  • Operating cash flow of between US$140 – 270mpa
  • Payback:  1.5 to 2.0

• The scoping study uses just 3% of the resource for a 17-year mine life at a throughput of 3.5mtpa.
• Resource (Indicated & Inferred) estimated to contain 2.35bt @ 155ppm (800mlbs) U₃O₈ plus ~0.3% vanadium pentoxide, ~210ppm molybdenum, ~340 ppm nickel, ~465 ppm zinc and around 4% K2O.
• Over 90% of the resource is currently classed as ‘Inferred’ although the company has previously described a higher-grade core to the deposit.
• Sweden uses 2.4Mlbs pa of U₃O₈ in three nuclear reactors with commitments to build two more reactors by 2035.
• If Häggån produced uranium at 2.4mlbspa it could meet Sweden’s current uranium demand >300 years.

Uranium ($86/lb) prices edge higher as reactor build out accelerates globally

• Uranium prices have held strong over the first half of 2026, supported by utilities’ increased focus on securing long-term supply.
• Cameco report long-term uranium prices hit $92/lb in 1Q26, rising to the highest levels since 2012.
• Uranium prices continue to be supported by buying from physical ETFs, with Sprott raising over $700m and buying 6mlb since the beginning of 2026.
• China continues to secure long-term offtake from African operations, with Bannerman receiving $322m in funding from CNNC for its Etango project in Namibia, giving a 60% offtake in return.
• The IAEA reports over 430 reactors currently operating, with 72 currently in construction.
• Flooding triggered the suspension of the Key Lake and McArthur River operations, providing a short-term supply shock and lifting prices, however these have now returned to full production levels .
• Kazakhstan is boosting uranium stockpiles, targeting 100kt of reserves by 2040 and 150kt of reserves by 2050.
• On the supply side, new projects brought online in recent months include Uranium Energy’s Burke Hollow project, which is targeting a ramp up to 2mlbpa from in-sity recovery operations.
• NexGen received final regulatory approval for Rook 1 and expects to begin construction in 2026.

Conclusion:  Including uranium into the economics of the Häggån project significantly enhances its finances. Adding in uranium credits raised the NPV by ~37% back of US $65/lb in 2023 with financial benefit likely to be far higher today.

*SP Angel acts as Nomad to Aura Energy

Anglo American (AAL LN) 4,091, Mkt Cap £48bn – Ex-CEO Gareth Penny closes in on De Beers acquisition (Bloomberg)

• Bloomberg reports a consortium led by former De Beers CEO Gareth Penny is closing in on a deal to buy the struggling diamond miner from Anglo American.
• Penny’s bid is suggested to be backed by large international diamond trading companies.
• Anglo has been streamlining its portfolio with the sale of its PGM and coal assets following BHP’s takeover approach in 2024.
• Anglo has reportedly extending the bidding deadline from mid-April as interested parties look to secure financing.
• Michael O’Keefe, who acquired Rio’s Etaki diamond mine, and Israeli diamond trader Nir Livnat are also reportedly in the process.
• Livnat was reportedly being supported by Qatari capital which has subsequently dried up in the wake of the Iran conflict.
• Meanwhile, Botswana, which owns 15% of De Beers, has stated it is looking to take majority control of De Beers, which may complicate private bids.

EQ Resources (EQR AU) A$0.27, Mkt Cap A$1.4bn – Regaining access to high-grade ore at Barruecopardo

• EQ Resources provides an update on its Barruecopardo tungsten mine in Spain.
• The Company reports it has begun water transfer activities at the operation, as it looks to regain access to ore in Phase 5 of the lower pit.
• Mining continues in other areas of the pit.
• Pumping has begun to transfer c.69km3 to re-establish access to Phase 5, with a new in-pit sump constructed with water capacity of 120km3.
• Phase 5 offers some of the highest grade ore at Barruecopardo, and is expected to contain 193k MTUs at average grades of 0.187% WO3.
• EQ expects to regain ore from Phase 5 by the end of June 2026.

GreenX Metals (GRX LN) 52p, Mkt Cap £159m – Mineralogical study boosts confidence in copper and silver recoveries from Tannenberg

• GreenX, who are advancing the Tannenberg Copper Project in Germany, provide an update on mineralogy and metallurgy.
• The Company commissioned an independent review from MSA Mining Consulting to test the suitability of conventional flotation-based processing.
• Flotation is used at KGHM’s Kupferschiefer copper-silver operations, which is considered to be the same geology as sedimentary copper identified at Tanneberg.
• Similar to the Kupershiefer, the mineralogical study, completed by SGS Lakefield, showed copper hosted in chalcocite with additional bornite, chalcopyrite and covellite at Tannenberg.
• The study showed similarities in grain-size distribution to the Polish Kupferschiefer, with analogous fine-grinding and regrinding requirements expected to other Kupferschiefer deposits.
• KGHM generates recoveries of 89% for copper and 86% for silver, using a blended feed of Kupferschiefer shale, sandstone and carbonate-hosted mineralisation.
• Additionally, the recently listed Lumina Metals (C$1.3bn Mkt Cap), has published a PEA for its Nowa Sól Project, utilising similar flotation-based processing, targeting recoveries of 88% Cu and 86% Ag for a 26% copper concentrate with 1,200g/t Ag silver credits.
• Management highlights that Tannnberg’s historic operations produced 416.5kt Cu and 33.7moz Ag between the 1930-50s.
• GreenX will now begin scoping-level metallurgical testwork of each lithology to support flowsheet progression.
• Recoveries are expected to be comparable or superior to KGHM’s 89% Cu and 86% Ag, with MSA expecting a highly marketable copper-silver concentrate product.
• Management notes several opportunities for optimisation in processing at Tannenberg, noting the KGHM plant was designed several decades ago and the Nowa Sól Project had limited sample material on which to test.
• Routes for optimisation include advances in comminution technologies to improve the liberation of fine-grained copper minerals, with modern flotation technologies and fine-particle recovery systems also offering opportunities for increased recoveries.
• Going forward, GreenX will now ramp up metallurgical testwork to scoping-study level, set to confirm today’s initial finding, set to support an initial flowsheet for the project.
• This will be followed by more advanced metallurgical programmes to further refine grind size requirements and flotation conditions.

Conclusion: The mineralogical study is an important derisking moment for GreenX’s Tannenberg project in Germany, showing similar routes to processing as the well-established KGHM Kupferschiefer operations across the border in Poland. The Company is approaching the redevelopment of Tannenberg methodically as it looks to refine an optimised flowsheet. Today’s study results have boosted management’s confidence in strong recoveries, at or over 89% for copper and 86% for silver to produce a highly marketable copper-silver concentrate. We look forward to further metallurgical programmes as they team advances the project. These studies will be completed in tandem with a comprehensive infill drilling programme potentially supported by seismic surveys.

*The analyst recently visited the historic Tannenberg copper, silver mine in Germany

Guardian Metal Resources (GMET LN) 240p, Mkt Cap £458m – Water and land rights close to Tempiute, Nevada

• Guardian Metal Resources reports that it has secured water and land rights within 10 miles of its Tempiute tungsten project in south-central Nevada.
• Acquisition of the Lincoln Estates Group, for US$1.3m, secures water rights and 841 acres (~340 hectares) close to the project site which hosts the former Emerson tungsten mine which Union Carbide operated between 1938 and 1982 producing ~0.5m short tonnes of tungsten ore making it the 2nd largest producer of the 20 Nevada operations, according to USGS data.
• The acquired property is accessible from Highway 375 and the company explains that, in conjunction with the historic mine infrastructure, acquisition of the surface and water rights helps to derisk the project and “strengthen the Project’s foundation for redevelopment”.

Conclusion: Acquisition of surface and water rights close to Tempiute should help derisk the project and aid future project development.

Savannah Resources* (SAV LN) 6.1p, Mkt Cap £157m – Local community engagement and bypass road update

BUY – 18.5p

• The Company updates on the stakeholder engagement and bypass road progress at the Barroso Lithium Project, Portugal.
• The team signed ten MOUs involving hundreds of locals formalising the participation of communities in socio economic benefits from project development.
• The Company will setup a €500kpa foundation once Barroso is in operation to be monitored by regional communities and directed towards local development initiatives.
• Additionally, the team continues to engage actively with local business representatives.
• Meetings are being held communicating that project development will prioritise local suppliers contributing to regional economic development.
• The Boticas Bypass Road permitting is ongoing wit the DIA application submitted, and the decision expected early 4Q26.
• The project represents a proposed ~17km bypass road around the town of Boticas and a new link to the national highway.
• The road will be also open to public improving local infrastructure including quicker access to the nearest medical centres.

Conclusion: The update highlights positive local stakeholder engagement progress strengthening Barroso’s social license. The bypass road permitting is in the DIA stage with the decision expected early 4Q26. As the bypass road project has been long well supported by the local community we would expect a positive decision.

*SP Angel acts as Nomad and Broker to Savannah Resources

St George Mining (SGQ AU) A$0.11, Mkt Cap A$434m – A$60m raised

• The Company raises A$60m at A$0.10 to progress development of the Araxa REE-Niobium Project in Brazil.
• The placing price implies a ~9% discount to the last close of A$0.11.
• Hancock Prospective, the Company’s largest shareholder, committed to A$20m of the raise.
• Hancock will hold a ~10.5% interest post placing.

Switch Metals (SWT LN) 10.25p, Mkt Cap £14m – Drilling underway at Issia, Cote d’Ivoire

• Switch Metals reports that it has started its initial drilling of two priority targets at its Issia Project in Cote d’Ivoire.
• A 2,500m reverse- circulation programme is planned on the Zraty and Kabore targets, with ~800m at Zraty and ~1,700m at Kabore “although the final allocation may vary depending on drilling results and geological observations”.
• The drilling will “test the down-dip extensions of known pegmatite outcrops and evaluate the broader scale potential of both systems”.
• The Kabore spodumene bearing pegmatite target is located within a 1.3km long soil geochemical anomaly and the company has previously indicated plans an initial 15 hole, ~1,700m, programme.
• At the Zraty tantalum bearing pegmatite target, “previous trenching outlined a east-north-east trending 100 metre-long by 5 to 10 metres wide sub-outcropping pegmatite that yielded tantalum grades up to 1,230 ppm Ta₂O₅… [which] … represents one of the highest-grade hard-rock tantalum occurrences identified to date within the Issia licence”.
• CEO, Karl Akueson, described the start of drilling as “an important step forward for the Company and follows the successful completion of our recent fundraise”.
• He confirmed that “We have commenced drilling at the Zraty pegmatite … [and said that drilling] … will then move to test the Kabore target, where follow-up work has outlined a 1.3 kilometre anomaly around the original spodumene discovery”.
• He also confirmed that resource estimation work on the tantalum mineralisation “is at an advanced stage … [initially] … focused on the shallow eluvial and colluvial targets at Issia and is expected to be followed by additional resource updates … incorporating the wider alluvial drainage basin targets and, in due course, hard-rock pegmatite mineralisation”.

Turaco Gold* (TCG CN) A$0.57, Mkt Cap A$589m – PFS for Afema outlines 200kozpa open pit operation

• Turaco Gold, who hold the Afema project in Cote d’Ivoire, release PFS results.
• The Company has published a maiden ore reserve in tandem with the PFS, showing 55.1mt at 1.1g/t Au for 1.9moz (MRE of 117mt at 1.3g/t Au for 4.65moz)
• This supports a 6mtpa plant and 10.3 year LOM.
• The plant will consist of a 4mtpa cyanide leach operation and a 2mtpa sulphide flotation, ultra fine grinding, oxidative and cyanide leach operation.
• Development CAPEX guided at $410m, with pre-production mining costs of $32m, SUSEX of $101m and closure costs of $31m.
• Recoveries of 87% support average LOM production of 196kozpa, peaking at 229koz in the first year of full production.
• Average strip ration over LOM guided at 4.8:1.
• Cash costs expected at $1,268/oz and AISC at $1,508/oz.
• Post-tax NPV5 at $3,500/oz Au of $2.1bn and IRR of 79%.
• Turaco expects to deliver a DFS for Afema in 2Q27 with first gold targeted for 2029.
• DFS workstreams include:

• • RC infill programme for Begnopan Deposit to support reserve classification
  • ESIA submission to Ministry of Environment in 4Q26
  • Project development team appointments
  • Mine design optimisation
  • Process design optimisation
  • Boosting CAPEX accuracy
  • Mining licence application for TSF
  • Ratification of Afema Mining Convention

• The ore reserve excludes the Herman and Begnopan deposits, which hold 360koz in MRE.
• Management notes ‘it is very easy to see Afema increasing in scale and mine life.’

*SP Analyst(s) hold shares in Turaco Gold

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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.

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This note is confidential and is being supplied to you solely for your information and may not be reproduced, redistributed or passed on, directly or indirectly, to any other person or published in whole or in part, for any purpose.

This note has been issued by SP Angel Corporate Finance LLP (‘SPA’) to promote its investment services. Neither the information nor the opinions expressed herein constitutes, or is to be construed as, an offer or invitation or other solicitation or recommendation to buy or sell investments. The information contained herein is based on sources which we believe to be reliable, but we do not represent that it is wholly accurate or complete. All opinions and estimates included in this report are subject to change without notice. It is not investment advice and does not take into account the investment objectives and policies, financial position or portfolio composition of any recipient. SPA is not responsible for any errors or omissions or for the results obtained from the use of such information. Where the subject of the research is a client company of SPA we may have shown a draft of the research (or parts of it) to the company prior to publication to check factual accuracy, soundness of assumptions etc.

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Where the investment is traded on AIM it should be noted that liquidity may be lower and price movements more volatile.

SPA, its partners, officers and/or employees may own or have positions in any investment(s) mentioned herein or related thereto and may, from time to time add to, or dispose of, any such investment(s).

SPA is registered in England and Wales with company number OC317049.  The registered office address is Prince Frederick House, 35-39 Maddox Street, London W1S 2PP.  SPA is authorised and regulated by the UK Financial Conduct Authority and is a Member of the London Stock Exchange plc.

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SPA research ratings – Based on a time horizon of 12 months: Buy = Expected return of more than 15%, Hold = Expected return between -15% and +15%, Sell = Expected return

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