SP Angel – Today’s Market View, Wednesday 22nd July 2026

Gold extends gains as ETF and other buyers step in

MiFID II exempt information – see disclaimer below

Amaroq Ltd (AMRQ LN) – Board changes to support gold production at Nalunaq Gold Mine in Greenland

Ariana Resources (AAU LN) – Successful ramp-up at Tavsan, Turkiye

Cornish Metals* (TIN LN) – NED appointment

Galantas Gold* (GAL LN) – BUY, Target 89p – Initiation Note– Emerging Chilean multi asset producer

Great Southern Copper (GSCU LN) – Channel sampling results from Monolith target, Chile

GreenX Metals (GRX LN) – Exploration restarts at Eleonore North, Greenland on gold, tungsten, and antimony targets.

Harena Rare Earths* (HREE LN) – BUY, 9.4p – US DFC $4.8m funding

Hochschild Mining (HOC LN) – H1 production on track, though costs run above guidance

Lynas Rare Earths (LYC AU) – Quarterly revenue hit four year high on stronger prices, HRE plant capex revised higher and operational issues

Oriole Resources (ORR LN) – Wapouzé initial MRE drilling, Cameroon

Orosur Mining* (OMI LN) – El Pantano Project shows promising results in drilling

Resolute Mining (RSG LN) – MRE increased to 3moz at the ABC project, Cote d’Ivoire

Savannah Resources* (SAV LN) – BUY – Flash Note – DFS delivered clearing the way for RECAPE, funding and FID

Wesfarmers (WES AU) – commits A$1.4bn to double Mt Holland output

Gold ($4,114/oz) extends gains as ETF and other buyers step in at $4,000

• Buyers keep stepping in at $4,000/oz, with ETFs recording their biggest daily inflow in over a month.
• However, upside may remain capped while oil stays elevated and rate hike expectations build.
• Total gold ETFs rose to 96.4moz overnight from 96.2moz previously according to Blomberg
• Total Silver ETFs also rose to 786.9moz vs 787.1moz previously

Copper ($13,829/t) trades around $14,000 as market awaits Trump tariff decision

• The metal remains supported by tight Chinese supply, with import premiums at $115/t, their highest since 2023.
• However, traders are cautious ahead of the White House decision on copper tariffs, proposed at 15% from January 2027.

US development bank eyes Chilean smelter revival

• The US development bank DFC is engaging with Chile on plans to expand copper smelting capacity (Bloomberg).
• State miner Enami is looking to restart its idled Paipote plant, while Codelco has selected Glencore to design a new smelter.

Currencies

US$1.1412/eur vs1.1425/eur previous. Yen 163.09/$ vs162.54/$. SAr 16.479/$ vs16.432/$. $1.338/gbp vs$1.345/gbp. 0.700/aud vs0.702/aud.

CNY 6.774/$ vs6.765/$. Dollar Index 101.13 vs100.90 previous.

Economics

US – Brent climbs higher reaching ~$95 as both the US and Iran show no signs of restarting ceasefire talks.

Japan – The central bank may move faster on rates than the consensus amid a continuing slide in the currency.

• The BOJ is open to raising interest rates more than roughly every six months currently expected, Bloomberg cites people familiar with the matter.
• The yen is trading at ~163, close to the weakest since late 1980s.
• 2y bond yields are at their highest since 1995.

South Korea – Exports in the first 20days of July jumped 63%yoy

• Adjusted for days worked, semiconductor exports rose 180% and computer parts 232%, with exports to China up 91%..

EU – ZEW economic sentiment index rose to 23.4 in July vs 9.5 in June

UK – Headline inflation slowed in June, although, continued to run at over the 2% central bank target in absolute levels.

• Core inflation at 2.6%yoy with closely watched services measure remaining at elevated 3.6%.
• Pound is little changed.
• Rate hike odds off slightly with the next increase expected in November.
• CPI (%mom, Jun / May / Est): 0.1 / 0.2 / 0.1
• CPI (%yoy, Jun / May / Est): 2.6 / 2.8 / 2.7
• Core CPI (%yoy, Jun / May / Est):  2.6 / 2.6 / 2.6
• Services CPI (%yoy, Jun / May / Est): 3.6 / 3.7 / 3.5

Prime Minister, Andy Burnam has pledged to reconsider a number of Kier Starmer policies

• These include:
  • Oil & Gas drilling in the North Sea
  • Digital ID scheme
  • The Chagos Islands deal whereby the UK offered to transfer sovereignty to Mauritius and pay ~$101m a year for 10 years to Mauritius for maintain the UK/US naval base.
    • Donald Trump has forced the UK to halt the Chagos Island transfer calling it an “act of great stupidity”
    • Professor Philippe Sands KC, served as the lead counsel for the Government of Mauritius in the Chagos Islands dispute.
    • Prof. Sands has previously described the Prime Minister as a “great friend” and a close confidant, leading to accusations of conflicts of interest from Conservative politicians and Chagos Islanders (Telegraph)
• Burnam has already initiated some low-cost populist policies:
  • Scrapped VAT on energy bills
  • Capped bus fares at £2
• The UK Government is to start offering relocation packages to civil servants who are willing to move north to a new No10 in Manchester
• Whitehall sources are looking for generous incentives to persuade people with existing jobs to move from London to Manchester.

Ukraine – President Zelenskyy appointed Mykhailo Drapatyi as a new commander-in-chief following mass protests.

• A replacement of Oleksandr Syrsky marks the biggest shake up of the nation’s military leadership since 2024

Yemen – Houthis sent a message to shipowners: Vessels calling at Saudi Arabian ports do so at their own peril.

• The missive threatens to disrupt oil exports travelling East through the Red Sea
• The Houthis haven’t attacked ships in months, but this didn’t stop a VLCC from making a U-turn in the southern Red Sea yesterday.

Lebanon – Lebanese Army admits potential gunfire from Hezbollah may have started exchange of fire.

• Lebanese media separately reported Israeli shelling as IDF withdraws from pilot villages in first territorial pullback since the March.
• Under the framework agreement, the Lebanese Armed Forces will take control of two zones, conduct “verified clearance operations” and dismantle Hezbollah infrastructure.
• Israel described the deployment as a “sovereignty test” of the Lebanese Army’s ability to prevent Hezbollah’s return while preserving Israeli freedom of action under US oversight.
• Strengthening the Lebanese Army is intended to “build confidence” and eventually replace Shia militias with state security and economic prosperity (Marco Rubio)

Precious metals:

Gold US$4,114/oz vsUS$4,076/oz previous

• Gold ETFs 96.4moz vs96.2moz previous

Platinum US$1,654/oz vsUS$1,634/oz previous

Palladium US$1,304/oz vsUS$1,291/oz previous

Silver US$59.2/oz vsUS$58.8/oz previous

• Silver ETFs 786.9moz vs787.1moz previous

Rhodium US$8,200/oz vsUS$8,200/oz previous

Base metals:   

Copper US$13,829/t vsUS$13,751/t previous

Aluminium US$3,168/t vsUS$3,159/t previous

Nickel US$17,155/t vsUS$17,100/t previous

Zinc US$3,564/t vsUS$3,558/t previous

Lead US$1,867/t vsUS$1,885/t previous

Tin US$54,025/t vsUS$54,005/t previous

Energy:

Oil US$93.0/bbl vsUS$88.7/bbl previous

• Crude oil prices surged above $90/bbl on continued supply disruption to oil tankers and LNG vessels in the Strait of Hormuz, with a series of attacks on the Caspian Pipeline Consortium terminal in the Black Sea and Houthi threats to target shipping through the Red Sea and at Saudi ports only adding to market concerns.
• The API estimated an unexpected US inventory w/w build of 2.6mb to crude oil (-1.5mb expected) offset by an SPR draw of 5.1mb, with gasoline stocks down 1.4mb and to gasoline and distillates up 1.8mb in a mixed week for inventories.
• European energy prices rose in line with oil prices, as France’s average nuclear generation was broadly flat w/w at 63% of the country’s 61.4GW maximum capacity. Both France and Switzerland were forced to shutdown reactors last week due to high river temperatures caused by recent heat waves, due to a legal requirement to preserve the environment.
• Pampa Energia confirmed the Argentine Ministry of Economy has approved its application for the development of the Rincón de Aranda block to join the RIGI under the long-term strategic export project category. RIGI is a framework to promote large-scale investments in strategic sectors by providing tax, customs, and FX incentives for a 30-year period.

Natural Gas €60.7/MWh vs€59.1/MWh previous

Uranium Futures $85.7/lb vs$85.6/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.3/t vsUS$98.7/t

Chinese steel rebar 25mm US$468.4/t vsUS$469.4/t

HCC FOB Australia US$229.5/t vsUS$232.0/t

Thermal coal swap Australia FOB US$134.3/t vsUS$133.5/t

Other:

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

NdPr Rare Earth Oxide (China) US$112,041/t vsUS$113,230/t

Lithium Carbonate 99% (China) US$20,740/t vsUS$20,769/t

China Spodumene Li2O 6%min CIF US$2,215/t vsUS$2,215/t

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

China Tungsten APT 88.5% FOB US$1,745/mtu vsUS$1,745/mtu

Europe Tungsten APT 88.5% Rotterdam US$3,025/mtu vsUS$3,025/mtu

China Tantalum Concentrate 30% CIF US$225/lb vsUS$225/mtu

China Graphite Flake -194 FOB US$390/t vsUS$390/t

Europe Vanadium Pentoxide 98% US$5.5/lb vsUS$5.5/lb

Europe Ferro-Vanadium 80% US$27.0/kg vsUS$27.0/kg

China Ilmenite Concentrate TiO2 US$207/t vsUS$208/t

US Titanium Dioxide TiO2 >98% US$2,789/t vsUS$2,789/t

China Rutile Concentrate 95% TiO2 US$1,159/t vsUS$1,160/t

Brazil Potash CFR Granular Spot US$397.5/t vsUS$397.5/t

Germanium China 99.99% US$4,095.0/kg vsUS$4,095.0/kg

China Gallium 99.99% US$430.0/kg vsUS$430.0/kg

Europe Molybdenum Oxide 57% US$32.0/lb vsUS$32.0/lb

EV & Battery news:

Rare earths – ERI and Cyclic Materials to recycle rare earths from US e-waste

• Private recyclers ERI and Cyclic Materials have agreed a partnership to recover rare earths from US electronic waste.
• ERI will sort magnet-rich components across its eight US centres, feeding Cyclic’s 25,000tpa plant in Arizona.
• ERI uses AI to spot which devices hold magnets, with Cyclic then processing them into rare earth oxides for reuse.
• The pair will also chase US government recycling contracts together, as Washington cuts its reliance on China.

Company news:

Amaroq Ltd (AMRQ LN) 96p, Mkt Cap £443m – Board changes to support gold production at Nalunaq Gold Mine in Greenland

• Amaroq report a number of board changes.
• The current non-executive Chairman will hand over to Sigurbjorn Thorkelsson who is a current independent NED.
• Stewart effectively swaps role with Thorkelsson to take his place as an independent NED.
• Annette Brøndholt, Jorunn Johanne Sætre and Teitur Poulsen are all appointed as new independent NEDs with Ms Sætre appointed as the Senior Independent Director.
• David Neuhauser, the current non-independent NED will retire
• The New NEDs bring substantial experience:
• Ms Annette Brøndholt has held senior management positions at SAS and By Malene Birger.
• Ms Jorunn Johanne Sætre: held engineering and senior management roles at Halliburton and at AGR, including NED roles at Longboat Energy plc and Faroe Petroleum plc and as a member of the corporate assembly of Norsk Hydro ASA.
• Mr Teitur Poulsen is currently Executive Vice President and Chief Financial Officer of Lundin Mining Corporation and was previously CFO at Aker BP ASA.
• Operations:
• Amaroq recently reported further high-grade underground drilling on the mine’s main gold vein at its Nalunaq mine in Greenland.
• Assays averaged 42.8 g/t gold with 16 of 37 assayed holes >30 g/t, the average grade of the current resource, and 30% topped 60 g/t.
• The company is drilling to try to maintain 12-24 months of proven ore reserves ahead of mining.
• These drill results unfortunately came in after the cut-off for the next resource count indicating a further resource increase in future updates.
• Amaroq recently completed commissioning of the flotation recovery circuit at the Nalunaq Gold Mine to complete their Phase 2 expansion.
• The float plant is expected to raise gold recoveries to 90-95% from current 50-70% seen in the gravity only circuit (61% 1Q26).
• FY26 production guidance was reiterated at 25-35koz with 1H26 production expected at 7-10koz.
• The Nalunaq gold mine has a total capitalised asset cost of US$195m

Ariana Resources (AAU LN) 1.68p, Mkt Cap £41m – Successful ramp-up at Tavsan, Turkiye

• In a progress report on its Turkish operations Ariana Resources confirms that it has reached the planned 4,000tpd ore stacking rate at the Tavsan mine.
• Managing Director, Dr. Kerim Sener, explained that “in the past six months, the operation has been brought successfully through ramp-up, and the heap-leach is performing as expected”.
• He confirmed that “Various enhancements are continuing to be made as operational activities progress” including improvements in the crushing and screening circuit.
• Around 750,000t of ore stocks have been established including “a very low-grade stockpile … which contains material in the grade range of 0.2 to 0.5 g/t Au”.
• The company explains its rationale for this low grade stockpile in “the expectation that the gold price will remain at elevated levels as the mine continues to develop and may be processed at the end of mine life”.
• Today’s announcement also reports that “Recent diamond drilling in the vicinity of the existing open pits and in the broader area has aimed to identify potential extensions to the mineralisation”. Results are currently being assessed.
• The company also takes the opportunity to report that Ariana Resources’ 9.9% “interests … in the Kiziltepe Sector have been transferred into a new entity … [among many reasons] … to ensure profits generated from the Tavşan Mine are retained within Zenit going forward and allow for a potential transaction relating to the Kiziltepe Sector to be conducted independently of Zenit in the future”.

Conclusion: The ramp-up of operations at Tavsan has now reached the planned 4ktpd ore stacking rate.

Cornish Metals* (TIN LN) 114p, Mkt cap £142m – NED appointment

• Cornish Metals reports the appointment of Andrew Quinn as a non-executive director with immediate effect.
• Mr. Quinn is described as “a chartered engineer and former investment banking managing director with over 50 years’ experience across the global mining, metals and natural resources sector”.
• Chairman, Patrick Anderson, welcomed the appointment and said that Mr. Quinn “has an exceptional depth of experience across the global mining and metals sector, and a strong track record in capital markets, governance and M&A”.

*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

Galantas Gold* (GAL LN) – BUY, Target 89p – 21p, Mkt Cap £161m – Initiation Note– Emerging Chilean multi asset producer

CLICK for full note

Andacollo: heap leach gold restart with pathway to 130kozpa

• Galantas closed the acquisition of Andacollo in June and is aiming to bring the historic operation back into production in 1Q27.
• Andacollo produced between 1995 and 2018, pouring over 1.1moz of gold. The project benefits from well-conditioned infrastructure, and we estimate an $80m capital expenditure to return the operation to 20ktpd at nameplate capacity.
• The low-cost nature of the restart has been legitimised via the 20ktpd crushing plant acquisition for $4.2m. We see Andacollo producing c.65kozpa from 2027, before ramping up to 130kozpa in 2030 via a capital light expansion to 40ktpd.
• Whilst we have only modelled Andacollo as a near-term gold heap leach operation, there remains significant copper exploration potential at the project that will be drill-tested by Galantas imminently.
• The mine sits adjacent to Teck’s Carmen de Andacollo operation, which produces 45ktpa Cu.
• We see potential for a longer-term copper operation following the restart of heap leach operations, with historic drilling intercepting high-grade copper including 37m at 1.83% Cu from 37m depth.
• Zooming out, we see potential for a synergistic combination of the two assets, with the possibility of a strategic transaction further enabled by Anglo-Teck’s portfolio streamlining programme as it focusses on larger-scale copper operations.
• Additionally, we have modelled a conservative mining inventory of 130mt at 0.44g/t Au, noting the recent MRE update of 6.1moz Au at 0.42g/t, offering both expansion and LOM extension potential.

Indiana: low-cost underground operation with exploration upside

• Indiana offers a capital-light pathway to imminent production with substantial exploration upside.
• The vein-hosted mineralised project holds a current MRE of 4.93mt at 2.24g/t Au and 1.31% Cu for 356koz Au and 65kt Cu.
• Galantas is aiming to bring the project into production in late 2027, ramping up in a phased manner to 15ktpa CuEq.
• The project is well supported by infrastructure, lying within one of the most prolific mining districts globally.
• We are particularly excited by Indiana’s exploration potential, with Galantas currently undertaking a large-scale infill and exploration programme, targeting undrilled veins for resource expansion and mine life extension.

Valuation: Significant discount to NAV following major transformation

We value Galantas on a sum of the parts basis, for a combined NAV of 0.89p/share. For Andacollo and Indiana, we use a DCF approach using SP Angel’s forecasts for each operation. For Andacollo, we risk the $1.4bn project NPV5 ($4,500/oz Au) at 0.6x to reflect its advanced stage and proximity to production. For Indiana, we risk our $339m NPV10 ($12,500/t Cu) at 0.4x to reflect its pre-study nature and Inferred MRE. We prescribe a nominal $147m to the wider Andacollo project to reflect the additional ounces outside of our mining inventory. Ultimately, in our view Galantas is undervalued solely on the value of our base case mining inventory at Andacollo alone, with our heavily risked NPV5 at a 0.6x multiple accounting for c.3x the current share price. We see major upside to the current share price given Galantas’ potential as a multi-asset producer within the next 12 months and a clear pathway to >180kozpa AuEq. Alongside this we expect considerable exploration upside at both Andacollo and Indiana. We initiate on Galantas with a BUY and a Target Price of 89p.

*SP Angel act as Broker to Galantas Gold

Great Southern Copper (GSCU LN) 2.45p, Mkt Cap £19m – Channel sampling results from Monolith target, Chile

• Great Southern Copper reports channel sampling results from the Monolith target located in its Cerro Negro prospect in its Especularita project area in the coastal metallogenic belt, Chile.
• “Previous mapping and sampling at Monolith defined a Cu-Ag mineralised and silica-clay altered footprint of approximately 700m by 400m … located approximately 400m southeast of the Mostaza Mine”.
• Among the results highlighted in today’s announcement are:
  • A 78m wide interval at an average grade of 10.1g/t silver and 736ppm (0.07%) copper in channel CH-041; and
  • 56m at an average grade of 28.5g/t silver and 1,745ppm (0.17%) copper in channel CH-021A; and
  • Intervals of 15m at an average grade of 19.2g/t silver and 348ppm (0.03%) copper; 10m at an average grade of 32.4g/t silver and 2,026ppm (0.20%) copper and 24m at an average grade of 38.9g/t silver and 969ppm (0.03%) copper all in CH-035A-D.
• “The results will be integrated with detailed geological mapping, structural interpretation and geophysical data to update the Monolith geological model and refine drill targeting”.
• “Follow-up work will focus on the continuity of the broad crackle-stockwork zones and extensions of the mineralised system to the south and west. Additional geophysical surveys are being planned to help refine drill targets prior to scout drill testing”.
• CEO, Sam Garrett, said that the results, which he described as “exciting … demonstrate the scale potential at the Monolith target and significantly enhance the prospectivity of the Cerro Negro prospect and the Mostaza deposit specifically”.
• He said that “These results reinforce Monolith as a priority target within the Cerro Negro prospect as we continue to refine our geophysical interpretation and drill-targeting plans”.

Conclusion: Encouraging channel sampling results from the Monolith target located close to the company’s exploration around the historic Mostaza mine.

GreenX Metals (GRX LN) 47p, Mkt Cap £148m – Exploration restarts at Eleonore North, Greenland on gold, tungsten, and antimony targets.

• GreenX Metals reports the restart of exploration at the Eleonore North Project, East Greenland.
• The field team are following up on a series of gold, tungsten, and antimony targets with a reduced intrusion-related gold system specialist evaluating the Noa Pluton gold-antimony prospect.
• Bulk sampling (50kg & 100kg samples) and metallurgical work on tungsten and antimony-mineralisation at the North and South Margeries deposits will hopefully deliver interesting results.
• Recent hyperspectral analysis and prospectivity mapping have also highlighted alteration anomalies along strike and adjacent to both deposits offering the potential for satellite discoveries.
• The team are also waiting for assays from historic cores at North and South Margeries deposits and are mapping and sampling to identify potential drill targets.
• “The field team will also visit newly generated RIRGS targets in the broader region for reconnaissance style prospecting, as approved by the Greenland Mineral Resource Authority.”
• Tannenberg (Germany): GreenX are also running metallurgical testwork on ores from the historic Tannenberg mine to support an initial flowsheet for the project.
• Tannenberg JORC Exploration Target:  Copper 144 – 279mt @ 0.9% – 1.4% and Silver 144 – 279mt @ 15 – 21 g/t Ag
• Arbitration case (~£252m and rising) with Polish government is ongoing with Poland paying A$1.6m in legal costs from latest arbitration ruling

Conclusion:  GreenX are making great progress at Tannenberg and with their arbitration for compensation on the loss of their Jan Karski project and Dębieńsko projects in Poland.

Work at Eleonore North provides further potential for new discovery in a region where mining is relatively welcome.

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

Harena Rare Earths* (HREE LN) 2.6p, Mkt Cap £13m – US DFC $4.8m funding

BUY – 9.4p

• The Company signed a Project Development Funding Agreement with the US Development Finance Corp on the Ampasindava Ionic Clay Project, Madagascar.
• The DFC committed to provide a $4.8m loan towards the agreed project development budget.
• All terms agreed with drawdowns against agreed spend underway.
• Proceeds to be used for permitting, environmental and social studies and a pilot plant.
• Under the agreement, DFC secured rights to be considered for future direct project funding subject to due diligence.

Conclusion: The PDFA with the US DFC marks a major milestone for and endorsement of the Ampasindava Ionic Clay Project in Madagascar and the team. Funding provides a welcome development momentum with proceeds to be used to further de risk the project including permitting, environmental and processing flowsheet design related work.

*SP Angel acts as Broker for Harena

Hochschild Mining (HOC LN) 459p, Mkt Cap £2.4bn – H1 production on track, though costs run above guidance

• Hochschild reports Q2 attributable production of 76,231oz gold equivalent.
• Production by mine:
  • Inmaculada, Peru: 45,404oz, in line with plan though down from 55,437oz a year ago on lower grades.
  • San Jose, Argentina (51% owned): 31,810oz, up 4% on last year.
  • Mara Rosa, Brazil: 14,610oz, up 8% on Q1 and 18% on last year with a new mining contractor.
• The Company maintains full-year guidance of 300,000-328,000oz gold equivalent.
• However, costs are running 5-10% above the guided $2,157-2,320/oz range, with any revision due at H1 results in August.
• Net cash rose to c.$51m at end-June, from $23m net debt in December.
• A contractor supervisor died at Inmaculada in June, prompting a full investigation.
• The Monte Do Carmo investment decision is due in H2, with the Royropata EIA going to Peru’s new government within weeks.

Lynas Rare Earths (LYC AU) A$15, Mkt Cap A$16bn – Quarterly revenue hit four year high on stronger prices, HRE plant capex revised higher and operational issues

• The Company reported 4QFY26 results this morning.
  • Production 3.5kt REO (3QFY26: 3.2kt) including
    • 1.9kt NdPr (3QFY26: 2.0kt)
    • 19t DyTb (3QFY26: 8t)
  • Sales 2.9kt REO (3QFY26: 3.1kt)
  • Av Selling Price realised A$98.2/kg (3QFY26: A$84.6/kg)
  • Revenue A$288.9m (3QFY26: A$265.0m)
• Quarterly revenues continued to grow hitting new highest level since 4QFY22 driven by stronger REOs prices.
• Average realised price reached a record A$98.2/kg on higher NdPr prices and an increased mix of HREOs.
• HRE expansion project capital cost revised higher to A$294m, up from A$180m.
• Higher capex attributed to tighter customers’ specs (purity and physical characteristics), higher cost of sourcing equipment ex China, and cost inflation due to the war in the Middle East.
• Following first production of Dy and Tb oxide in 4QFY25 and first production of Samarium oxide in 3QFY26, the next step will be the production of Gadolinium (expected FY28); Yttrium (expected early CY28) and finally Lutetium.
• The Company reported concentrate issues at Mt Weld due to a variation in the ore and a change in a crusher affecting the feed into the mill.
• The quality of the con also affected productivity of cracking/leaching at Kalgoorlie and Kuantan as well as the quality of finished products.
• Operations are reported to have now addressed the ore variation.
• Closing cash A$1,209m (3QFY26: A$1,070m).

Oriole Resources (ORR LN) 0.36p, Mkt Cap £17.4m – Wapouzé initial MRE drilling, Cameroon

• Oriole Resources reports the completion of a ~1,054m, 21-hole initial drilling programme at its 85%-owned Wapouzé Project in north-eastern Cameroon.
• Samples are being prepared for analysis, and the results are expected to contribute to “a maiden Mineral Resource Estimate for the Project … anticipated in late Q3-2026”.
• The drilling tested 3 carbonate zones “covering a cumulative strike length of 1.2km … to vertical depths of up to 47.50m from surface”.
• CEO, Martin Rosser, said that as previous interest in the area had focussed on the cement industry potential of the carbonates, the initial mineral resource estimate is expected to “enhance our efforts to bring in a cement industry partner and potentially to achieve royalty-based income and valuable in-country revenue that could be used for funding Oriole’s gold-based exploration work in Cameroon

Orosur Mining* (OMI LN) 17.5p, Mkt Cap £67m – El Pantano Project shows promising results in drilling

(El Pantano now 100% owned following earn-in)

• Orosur Mining report the identification of a major epithermal gold/silver system at the El Pantano Project in in Santa Cruz province, south of Argentina.
• Management report a new NI 43-101 technical report has been completed and filed on SEDAR.
• The team have met their joint venture obligations to earn into 100% of the project having spent US$3m on the project over five years.
• As part of the Phase 2 obligations, Orosur have granted a 2% NSR royalty on future production to the vendors. Orosur can buy half the NSR (1%) back for US$1m at its discretion.
• El Pantano is around 45km from Anglo Gold’s Cerro Vanguardia mining camp and 100km south east of Newmont Mining’s giant Cerro Negro mine.
• Greenfields discovery
• Orosur have made an effective greenfields discovery from indications of positive surface geology with some superficial geochemical and geophysical work and little modern exploration.
• Drilling: started in November 2025 with 24 diamond drill holes for 5,533m across the Project area averaging 230m down-hole depth
• The team on El Pantano are envisage a low sulphidation epithermal system with gold and silver mineralization coming from deep, underlying intrusives and later concentrated in quartz veins closer to surface.
• Drill results “indicate a hierarchy of principal vein corridors, subsidiary vein structures and faults. These structures are interpreted to form part of an integrated hydrothermal system”.
• El Pantano West, initial scout drilling:

• • 18.0 m at 0.46 g/t Au, including 4.9 m at 0.79 g/t Au;
  • 27.12 m at 0.20 g/t Au
  • 27.0 m at 0.14 g/t Au, 23.6 m at 0.13 g/t Au
  • 20.7 m at 0.12 g/t Au.

• “These early results are interpreted as evidence of a structurally controlled gold-bearing hydrothermal system developed across multiple vein corridors.

• • Of particular interest is the central-western part of the El Pantano West section, where several interpreted principal structures appear to converge and where multiple gold-bearing intervals have been encountered.
  • This structural convergence may represent a more focused fluid pathway or potential feeder zone that warrants additional drill testing at depth and along strike.
  • Near-surface copper anomalism and multiple gold-bearing intercepts suggest that the hydrothermal footprint may extend laterally beyond the current drilling.
  • This supports the potential for additional prospective structures along the broader corridor, subject to further exploration and drill confirmation.
  • In the eastern part of the project, El Pantano East displays a different but complementary expression of the same broader hydrothermal system.”

• El Pantano East interpreted silica cap and argillic alteration zone results include:

Conclusion:  These are very promising results for a greenfields project and with drilling testing only selected portions of the system.

We look forward to further analysis of the targets and future drill programs to test more of the mineralised system.

*SP Angel acts as Nomad and Broker to Orosur Mining

Resolute Mining (RSG LN) 51.8p, Mkt Cap £1,099m – MRE increased to 3moz at the ABC project, Cote d’Ivoire

• Resolute Mining reports that an additional 31,000m of drilling at its ABC project in northwest Cote d’Ivoire has increased the ‘Inferred’ mineral resource to 133 Mt grading 0.71 g/t Au for an estimated 3.0moz of contained gold.
• The resource is reported at a cut-off grade of 0.3g/t gold.
• The company confirms that the majority of the resource lies within 250m of the surface and is hosted in the Kona South and Kona Central deposits which “remain open along strike and at depth” and which also hosted the 2021 ‘Inferred’ resource estimate of 72mt at an average grade of 0.93g/t gold containing ~2.2moz.
• Setting the geological context, today’s announcement says that “The ABC project is situated along the main Archean-Birimian Cratonic suture zone in western Côte d’Ivoire, specifically associated with the Sassandra Fault Zone. The principal mineralised feature identified through mapping and sampling is the Lolosso structure, interpreted as a western splay off the major transcurrent Sassandra Fault”.
• Mineralisation at Kona South is contained in “five discrete and stacked lodes, striking NNW and dipping steeply … [~70°] … to the west … [with the] … mineralised zone up to 150m” thick.
• Kona Central mineralisation also strikes NNW and dips steeply west. “The higher-grade zones within the overall broad envelope are less discrete than at Kona South”.
• An additional “$15-25 million over the next twelve to eighteen months, is designed to advance … [the project] … through feasibility studies … [and will include] … more than 80,000m … [of drilling] … focusing on converting Inferred Mineral Resources to the Indicated category that has commenced in Q2 2026”.
• The feasibility study work will also include “permitting, environmental and technical workstreams”.
• Managing Director, Chris Eger, described ABC as “a priority growth project for Resolute in Côte d’Ivoire … [and said that] … mineralisation remains open along strike and at depth at both deposits, and we see clear opportunities for further resource growth through ongoing drilling”.
• He said that “ABC is being advanced with the objective of becoming Resolute’s fourth mine in West Africa and our second mine in Côte d’Ivoire … [which] … can be an important contributor to our strategy of building a diversified, multi-asset gold platform”.

Conclusion: The latest drilling has increased the MRE at the ABC project by ~36% to 3moz. Additional drilling is underway as part of an 18 month feasibility study.

Savannah Resources* (SAV LN) 6.3p, Mkt Cap £162m – Flash Note – DFS delivered clearing the way for RECAPE, funding and FID

BUY – 17.6p (from 18.5p)

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• The Company released the Barroso Lithium Project DFS and maiden mineral reserves last week.
• We update our valuation to account for latest operating/financial assumptions based on the DFS (more details in the note).
• As reminder, DFS highlights include:

o    Conventional production flowsheet (ie lower execution risk) including open pit mining (contractor), DMS/flotation plant

o    14y / WO 5.2x / 1.47Mtpa plant / 1.0% Li2O / 70% rec / 183ktpa SC5.5

o    Development Capex $323M (net of ~$95M State Grant) and Sustaining Capex $65M (net of ~$27M State Grant)

o    Higher upfront capex accounts for tighter design parameters, inflation, EUR appreciation, key infrastructure as well as embedded expansion to 3Mtpa optionality (roads, power transformers, larger crushing/screening/conveyor units, plant footprint to accommodate an extra production line); expect potential expansion to be significantly value accretive on lower capital intensity and economies of scale; LOM extension and scale expansion permitting is also expected to be more straightforward than a start up of operations

o    LOM rehabilitation/closure costs $237M reflecting comprehensive environmental provisions / low impact design (backfilling pits, revegetation, original topography restitution, water reservoirs dismantling, etc); most of the spend is back ended (post mine depletion)

o    AISC (net By Products and Grant) $646/SC5.5 FOB (~$705/SC6E FOB), in 2^nd quartile on global cost curve, incl rehabilitation/closure (part of AISC) ~$92/SC5.5 FOB

o    Average lithium price $1,788/SC5.5 FOB (~$2,005/SC6E CIF)

o    Post Tax NPV8 and IRR $913M and 43% respectively; 1.9y payback

• Maiden reserve – 20mt 0.99% Li2O 0.5Mt LCE; strong base to grow further – 12Mt still Inferred, 35-62Mt in Exploration Target (on top of 39Mt MRE).
• Focus shifts to RECAPE decision (1Q27) followed by project funding/FID, construction start (2027), production (2028/29); offtake/prepay discussions ongoing.

Conclusion: The Barroso DFS delivers strong economics (post tax NPV8 and IRR $913M and 43%) marking a major derisking event with the team advancing project funding discussions, on course for the RECAPE application, and FID. The study reiterates our strong conviction in Barroso – the largest EU based spodumene resource (+1Mt LCE MRE with strong growth and scale expansion potential), conventional flowsheet, strategic location (go to feed source for future EU based refining capacity and a potential M&A target), good infrastructure (renewables based power, roads, ports, accommodation), state backing (€110M grant/loan guarantees) and supportive shareholders (incl AMG strategic partnership). Reiterate BUY with ~US$940M NAV and 17.6p TP (from 18.5p).

*SP Angel acts as Nomad and Broker to Savannah Resources

Wesfarmers (WES AU) A$90, Mkt Cap A$102bn – Mt Holland expansion FID

• Wesfarmers and SQM approved FID to double capacity at the Mt Holland Lithium Mine, Australia.
• The operation run by the Covalent JV will see expanded mine, concentrator and a new integrated ore sorting facility.
• Expansion FS completed increasing nameplate spodumene concentrate production to ~760ktpa from ~380ktpa (100% basis).
• An ore sorter would allow to treat stockpiled material previously unsuitable for processing allowing to produce ~3mt SC over the life of mine.
• A second concentrator start of construction expected 2HCY27 with maiden production expected 1HCY30.
• Permits were either secured or are underway.
• Wesfarmers share of capex (50%) estimated at A$645-715m or US$450-500m (US$900-1,000m, 100% basis).
• Expanded production expected to be sold in the form of concentrate.
• An option to expand downstream processing at the Kwinana refinery remains.
• The investment follows a recovery in spodumene prices, from $575/t in June 2025 to around $2,000/t today.

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

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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

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

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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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