SP Angel – Today’s Market View, Wednesday 26th August 2026

Copper hits record >US$14,400/t amid supply disruptions and ongoing accumulation of the metal in the US

MiFID II exempt information – see disclaimer below

80 Mile* (80M LN) – Ferrandina biodiesel plant secures European certification

Andrada Mining (ATM LN) – Drilling results from Lithium Ridge, Namibia

Central Asia Metals* (CAML LN) – Higher copper/zinc prices and stronger production lifts earnings; dividends increased

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

Jubilee Metals Group (JLP LN) – US$35m preferred offer for Large Waste Project in Zambia

Kendrick Resources (KEN LN) – Metallurgical test work starts on Teufelskuppe rare earths

Lynas Rare Earths (LYC AU) – Record realised REO prices (~+60%) deliver ~A$220m NPAT

Mila Resources (MILA LN) – Updated MRE for WA gold project

Nickel Industries (NIC AU) – Adjusted EBITDA up 46% as ENC ramps up

Shuka Minerals (SKA LN) – Completion of current drilling at Kabwe, Zambia

White Cliff Minerals (WCN AU) – Drilling expands the mineralised footprint at the Danvers target, Nunavut

URU Metals* (URU LN) – 3D modelling defines higher-grade zone at Zeb nickel project

Copper ($14,340/t) – Supply stays tight amid ongoing accumulation of the metal in US warehouses and ongoing supply disruptions

• Metal keeps flowing to the US ahead of a White House decision on refined copper tariffs.
• Buyers paid $150/t more for September copper than for October on Wednesday, vs <$50/t at the end of last week.
• Shanghai on-warrant stocks fell for a fifth day Tuesday.
• Mine setbacks in Indonesia, the DRC and Chile cost the market ~338kt in 1H26 (Project Blue).

Codelco in Chile brings in a private partner for a new copper project

• Codelco and local miner Pucobre formed a JV for the Puntilla-Galenosa project in Antofagasta.
• Pucobre holds 60% of the new company Minera Puntilla, Codelco 40%.
• The project is designed for 46ktpa of copper cathode over a 21-year mine life.
• Environmental permits and funding remain outstanding.
• Pucobre has spent ~$35m since 2009, with ~$20m more budgeted for early works.

Gold ($4,634/oz) – Prices consolidate over $4,600 as markets await Kevin Warsh Jackson Hole speech on Friday

• Gold ETFs rose to 98.9moz vs 98.7moz, adding >28t last week.
• Treasury yields fell 5-7bp Tuesday.
• Oil fell as Iran and Oman discussed reopening part of Hormuz to shipping.

Lithium – Chile opens the industry to a private producer

• Chile signed a CEOL lithium operating contract with boric acid producer Quiborax.
• The $70m project would recover lithium from historical waste at El Águila, Arica and Parinacota.
• Output could reach 20ktpa LCE (Bloomberg).
• Quiborax must first prove reserves and feasibility and win permits.
• Studies and construction could take five years.

Rare Earth – Japan Government looks at mining seabed rare earths

• Japan’s Cabinet Office looks to spend several hundred billion yen on seabed rare earths near Minamitorishima (Nikkei).
• The money would refurbish a ship to lift the material from under the seabed.

Currencies

US$1.1670/eur vs 1.1661/eur previous. Yen 159.02/$ vs 159.36/$. SAr 15.929/$ vs 16.013/$. $1.364/gbp vs $1.364/gbp. 0.718/aud vs 0.715/aud. CNY 6.721/$ vs 6.724/$.

Dollar Index 98.96 vs 99.06 previous.

Economics

US – Focus on Nvidia earnings and PCE price index data due later today.

• PCE expected to come in at 3.6% in July marking the smallest increase in four months.

Brent prices approaching $85 on the news that Iran and Oman are discussing an “interim framework” focused on resuming shipments through the Strait.

• A NYT report that the US may be returning diplomats to the Middle East embassies also helped sentiment, Bloomberg writes.

Canada/US – Ottawa announced the nation would be doubling counter tariffs on US steel and aluminium products to 50% in response to US decision to increase import levies.

• A series of other products would also be hit with a new 50% duties including furniture, food and apparel.
• In total, new charges would affect $20bn worth of annual US exports to Canada, matching the dollar value of Canadian goods that were affected by the White House.
• Counter tariffs would come into effect on September 8.

Precious metals:

Gold US$4,634/oz vs US$4,640/oz previous

Gold ETFs 98.9moz vs 98.7moz previous

Platinum US$1,867/oz vs US$1,862/oz previous

Palladium US$1,340/oz vs US$1,345/oz previous

Silver US$68.8/oz vs US$68.3/oz previous

Silver ETFs 801.9moz vs 798.4moz previous

Rhodium US$8,800/oz vs US$8,800/oz previous

Base metals:

Copper US$14,340/t vs US$14,251/t previous

Aluminium US$3,224/t vs US$3,215/t previous

Nickel US$16,955/t vs US$16,950/t previous

Zinc US$3,895/t vs US$3,840/t previous

Lead US$1,902/t vs US$1,911/t previous

Tin US$55,640/t vs US$55,765/t previous

Energy:

Oil US$86.5/bbl vs US$91.6/bbl previous

• Crude oil prices continue to fall after reports of talks between the foreign ministers of Iran and Oman focussed on plans for a temporary transit corridor through the Strait of Hormuz, along with mine clearance.
• The API estimated a US inventory w/w build of 4.2mb to crude oil (+1.9mb expected), offset by w/w draws of 3.7mb to the SPR, 3.2mb to gasoline and 0.5mb to distillate stocks.
• European energy prices remain at pricing levels c.50% higher than crude (>$125/boe) due to below average inventory refill rates as France’s average nuclear generation rose 3% w/w to 61% of the country’s 61.4GW maximum capacity.
• Scatec has issued a NOK1.5bn 4.5-year senior unsecured green bond issue with a floating rate coupon of 3M NIBOR + 2.5% per annum, which will be used to repay its NOK1bn bond due February 2027 and for general corporate purposes as set out in the Green Financing Framework.

Natural Gas €64.3/MWh vs €67.9/MWh previous

Uranium Futures $90.0/lb vs $89.6/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$98.1/t vs US$97.1/t

Chinese steel rebar 25mm US$462.9/t vs US$462.7/t

HCC FOB Australia US$236.5/t vs US$234.5/t

Thermal coal swap Australia FOB US$138.3/t vs US$138.0/t

Other:

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

NdPr Rare Earth Oxide (China) US$108,024/t vs US$108,049/t

Lithium Carbonate 99% (China) US$22,245/t vs US$22,234/t

China Spodumene Li2O 6%min CIF US$2,185/t vs US$2,185/t

Ferro-Manganese European Mn78% min US$1,040/t vs US$1,040/t

Tungsten APT (China) 88.5% FOB US$1,835/mtu vs US$1,835/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,075/mtu vs US$3,075/mtu

China Tantalum Concentrate 30% CIF US$228/lb vs US$227/mtu

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

Europe Vanadium Pentoxide 98% US$5.3/lb vs US$5.3/lb

Europe Ferro-Vanadium 80% US$25.1/kg vs US$25.1/kg

China Ilmenite Concentrate TiO2 US$203/t vs US$203/t

US Titanium Dioxide TiO2 >98% US$2,806/t vs US$2,806/t

China Rutile Concentrate 95% TiO2 US$1,168/t vs US$1,167/t

Brazil Potash CFR Granular Spot US$385.0/t vs US$385.0/t

Germanium China 99.99% US$4,195.0/kg vs US$4,195.0/kg

China Gallium 99.99% US$440.0/kg vs US$440.0/kg

Europe Molybdenum Oxide 57% US$33.5/lb vs US$33.5/lb

EV & Battery news:

Chinese carmakers could take up to 30% of Europe’s auto market by 2035, Citi says

• Chinese carmakers could capture between 15% and 30% of the European automotive market by 2035, up from roughly 10% this year, according to Citi analysts, with the outcome hinging on how far Brussels tightens tariffs and made-in-EU rules.
• Under current EU rules, Citi’s base case sees Chinese brands reaching 30% by 2035, while extending existing EV tariffs to plug-in hybrids would cap share at 25%.
• A comprehensive “made in EU” framework under the EU’s proposed Industrial Accelerator Act, requiring local assembly and supply chains, would be the sharpest curb, reducing Chinese share to 5% within two years and holding it at 15% by 2035.
• Citi warned European carmakers face potentially 10 years of volume losses and restructuring, with Volkswagen Group (excluding Porsche) losing over 500,000 units by 2035 versus last year, Stellantis over 300,000, and Renault over 200,000, while BMW and Mercedes would shed around 100,000 and 50,000 respectively, and Porsche alone would gain, adding about 3,000 units.
• Other Asian carmakers, mainly Japanese and South Korean, would also see share decline from 20% last year to below 16% by 2035.
• Citi expects the European market to barely grow this decade, from 13.3m cars last year to 13.8m in 2035, meaning nearly every Chinese sale comes at an incumbent’s expense.
• The premium segment (average price above €60,000, $69,134) remains relatively insulated, with Chinese gains so far concentrated in mid-size electric and plug-in hybrid SUVs rather than petrol models, hatchbacks, or luxury sedans.

Company news:

80 Mile* (80M LN) 0.5p, Mkt Cap £26m – Ferrandina biodiesel plant secures European certification

(80 Mile holds a 30% free carry on the Jameson Land Basin exploration project with GLND earning into 70% through $60m expenditure)

• The Company updated on development progress at the Greenswitch Ferrandina biodiesel facility, southern Italy.
• 100%-owned subsidiary Hydrogen Valley has secured Italian National Sustainability Certification Scheme (INS) and International Sustainability and Carbon Certification (ISCC) accreditation for the facility.
• Both certifications confirm the plant’s output meets EU and Italian sustainability, traceability and GHG-saving criteria for advanced renewable fuels.
• The combination qualifies Ferrandina product for double counting under the Italian biodiesel obligation and for Certificati di Immissione in Consumo (CIC) regime.
• Double counting and CIC status typically attracts premium pricing (often in the order of €300-500+ per tonne) compared to single-counted and non-certified products.
• An independent sustainability audit verified compliance across the full processing facility and recommended certification with no issues identified.

Conclusion: Secured certificates further de risk the project allowing the product to potentially access the higher value segment of the market and helping with offtake and feedstock negotiations.

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

Andrada Mining (ATM LN) 6.35p, Mkt Cap £134m – Drilling results from Lithium Ridge, Namibia

• Andrada Mining has released results from a further 14 diamond drill holes at its Lithium Ridge project in Namibia.
• The 4^th batch of results from the programme, which is testing “the down-dip continuity and grade distribution of the outcropping pegmatite swarms identified during previous channel sampling and mapping programmes”, include:
  • An intersection of 6.67m at an average grade of 1.11% Li₂O from a depth of 29.05m in hole LRD-036, including 4.23m, from 29.77m depth, at an average grade of 1.62% Li₂O; and
  • An intersection of 10.93m at an average grade of 0.67% Li₂O from a depth of 75.06m in hole LRD-054, including 2.03m, from 80.50m depth, at a grade of 1.93% Li₂O; and
  • 30.24m at an average grade of 1.23% Li₂O from a depth of 125.18m in hole LRD-093, including 9.65m, from 138.02m depth, at a grade of 1.83% Li₂O; and
  • An intersection of 35.59m at an average grade of 1.52% Li₂O from a depth of 231.80m in hole LRD-097, including 24.08m, from 233.04m depth, at a grade of 2.00% Li₂O.
• Today’s announcement clarifies that co-products including “tin and tantalum mineralisation … [have been] … confirmed across all holes, potentially enhancing project economics through potential polymetallic revenue streams”.
• CEO, Anthony Viljoen, commented that the result in “drill hole LRD097 is a milestone achievement that fundamentally enhances the scale and grade profile of the asset, showing continued potential at depth”.
• He said that the presence of potential by-products “indicates an economic advantage that sets Andrada apart from single-commodity lithium developers”.

Conclusion: Recent drilling results from Lithium Ridge demonstrate depth continuity to the mineralisation and provides the potential for by-product tin and tantalum.

Central Asia Metals* (CAML LN) 179p, Mkt Cap £306m – Higher copper/zinc prices and stronger production lifts earnings; dividends increased

• The Company released 2026 interim results for its base metals operations in Kazakhstan and North Macedonia.
  • Revenue $145.5m, +46%yoy
  • Revenues benefited from higher commodity prices (Cu $13,171/t +39%; Zn $3,365/t +26%, Pb $1,891/t -4%) as well as higher metal sales at both operations.
  • EBITDA $75.5m, +89%
    • Kounrad EBITDA $68.0m, +78%
    • Sasa EBITDA $19.3m, +62%
  • PAT $38.1m, +333%
  • Adjusted FCF $46.8m, +189%
• Interim dividend announced 8p (1H25: 4.5p), representing 40% adjusted FCF (record date 25 September)
• Share buyback programme $10m completed
• Net cash $96.3m (2H25: $78.7m) with $97.2m held in cash
• Cygnus acquisition is scheduled to close early October
• Maiden drilling (4,300m) completed at Yuzhnoe and Otyar projects in he Chingiz-Tarbagatay belt, Kazakhstan, with results due 3Q26 driving decision on follow up exploration in 2H26.
• Phase 3 drilling completed at Arthrath Base Metals Project in Scotland (32.6% CAML) with £1.15m worth of warrants planned to be exercised at reduced price (8.5p) to fund Phase 4 regional drilling programme.
• FY26 guidance reiterated:
  • 12.0-13.0kt copper
  • 18.0-20.0kt zinc in concentrate
  • 26.0-28.0kt lead in concentrate

*SP Angel analyst(s) hold shares in Central Asia Metals

Cornish Metals* (TIN LN) 106.5p, Mkt cap £136m – Progress report from South Crofty

• In a report on Q2 activities, Cornish Metals outlines progress on its work to resume tin production at the South Crofty and comments on the commodity market and on its financing arrangements.
• Dewatering of the old mine workings at the New Coks Kitchen Shaft continues to progress “through the fully commissioned 195-level pump station, the first time the mine has been dewatered to this level in over 28 years”.

• The company confirms that it has completed the engineering design work for the process plant and that “Excavation at the pre-concentration building is approximately 50% complete, with civil works expected to continue throughout 2026”.

• At the Roskear Shaft, which will be used for ventilation and as a secondary means of egress for the mine and is located approximately 850 metres west the New Cook’s Kitchen shaft, the company confirms that it has completed the surface civil engineering and that “the winder house structure … [has been] … erected”.

• Underground development work from the Tuckingmill decline on the 25-level, which incorporates the opportunity for employee training, continues.

• Exploration drilling at Roskear West “targeting the western extension of the Roskear Lodes” delivered initial results in July with the announcement that hole SDD26-001A had intersected multiple mineralised intervals, including previously unrecognised structures.
• Today’s announcement confirms continuing high tin prices and comments that at the “period-end spot price of approximately US$56,600/tonne … [the] … NPV6% … is estimated at approximately £550 million”.
• Cornish Metals also highlights the “oversubscribed US$210 million senior secured bond, which has subsequently been admitted to trading on Nordic ABM … [as well as] … bridge financing facilities of up to approximately £52 million from the National Wealth Fund and Vision Blue Resources” with the drawdown of the 2^nd tranche of the facility announced last week.

Conclusion: Continuing progress at South Crofty including dewatering of the old workings, surface and underground engineering work, workforce training and near-mine exploration continues while the project economics are enhanced by the current strength of tin prices.

*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

Jubilee Metals Group (JLP LN) 2.6p, Mkt cap £81m – US$35m preferred offer for Large Waste Project in Zambia

• Following the receipt of two binding offers for the outright acquisition of their Large Waste Project (LWP) earlier this month, Jubilee Metals has selected a preferred buyer.
• “The … [unnamed] … preferred purchaser has offered a total acquisition consideration of US$35.0 million for the LWP”.
• The sale process will now move to “a two-stage due diligence process”:
  • Stage 1, which is expected to take around 10 days “will focus on confirmation of the contractual and regulatory legal framework governing the LWP” and if it is successful will trigger a US$2.25m payment to progress to:
  • Stage 2, which entails a 45-day “due diligence” process which is expected to lead to “execution of the definitive transaction documentation … [and transfer of] … the balance of the US$35.0 million acquisition consideration … [which] … will be settled over an agreed three-year instalment period”.
• “The transaction terms also provide the purchaser with the option to accelerate settlement of the outstanding consideration to within two years, in return for an agreed reduction in the total consideration payable to US$30.0 million”.

Conclusion: A preferred purchaser has been chosen for the Large Waste Project in Zambia.

Kendrick Resources (KEN LN) 7.3p, Mkt Cap £31m – Metallurgical test work starts on Teufelskuppe rare earths

• Kendrick has started metallurgical test work at Teufelskuppe, Namibia.
• German specialist Anzaplan will test three bulk samples.
• The work aims to find the best way to recover the light rare earths.
• Kendrick is also working on converting its in-house 14mt resource estimate to JORC standard.
• Chairman Colin Bird commented: “This work will provide Anzaplan with the information required for further detailed studies and optimisation leading to the development of a flow sheet”

Lynas Rare Earths (LYC AU) A$15.9, Mkt Cap A$16.7bn – Record realised REO prices (~+60%) deliver ~A$220m NPAT

• The Company released FY26 financial results for its rare earth operations in Australia and Malaysia.
  • Revenue A$977.9m (FY25: A$556.5m)
  • EBITDA A$386.0m (FY25: $101.2m)
  • NPAT A$222.4m (FY25: A$8.0m)
  • Record average selling price A$80.7/kg REO across all products (FY25: $50.6/kg), reflecting higher market prices as well as a greater heavy rare earth mix
  • China domestic NdPr nearly doubled from US$55.0/kg (June 2025) to US$100.8/kg (June 2026)
  • REO production 13.1kt, +25%; NdPr production 7.3kt, +11%, with record NdPr output in 2H
  • REO sales 12.1kt, +11%; NdPr sales 7.3kt, +12%

• Closing cash and short-term deposits A$1,209.1m (FY25: A$166.5m), following a A$750m institutional placement and ~A$182m placed with retail investors to fund the Towards 2030 strategy.
• Updated 12-year JARE agreement (March 2026) including a 5.0ktpa NdPr offtake at a US$110/kg floor.
• Four-year supply agreement signed with the US Government
• Malaysian operating licence renewed for 10 years from March 2026, against three-year terms previously
• At Mt Weld, expansion completed in December quarter with 65MW Hybrid Power Plant operational from January reaching 93% renewable electricity share in 2H.
• At Kalgoorlie Rare Earths processing Facility, power supply stabilised in 2H with Lynas continuing to explore alternative supply options.
• In Malaysia, first samarium oxide production recorded in March, adding to the separated Dy and Tb suite first produced in FY25.
• A partnership agreement signed with JS Link for the development of a rare earth permanent magnet factory in Kuantan, Malaysia.
• MOU signed with Noveon Magnetics in October to help scale domestic US supply chain for rare earth permanent magnets.
• Framework Agreement signed with LS Eco Energy in March to a long term metal processing for a new Rare Earth metal making facility to be built in Vietnam.

Mila Resources (MILA LN) 1.6p, Mkt Cap £11.2m – Updated MRE for WA gold project

• Mila Resources reports a mineral resource estimate (MRE) for its Coffey gold deposit located in the Wiluna‑Norseman mineral belt, Western Australia.
• At a 0.5g/t gold cut-off, the JORC-compliant estimate is an inferred 599kt at an average grade of 2.1g/t gold hosting 41,300oz of gold.
• The resource also contains 4.6g/t silver and 0.71% zinc and “roughly doubles the tonnes and contained ounces of gold … [of] … a previous Inferred Mineral Resource … reported in November 2020, consisting of 327,000 tonnes at 2.0g/t Au for a contained 21,000 Au ounces”.
• The Coffey deposit is “one of three gold targets at the Kathleen Valley Gold Project” which also contains the untested Sturrock and Powell targets “identified within the wider Kathleen Valley Project”.
• Confirming that “the majority of Mila’s work is now focused on our Queensland portfolio … [Executive Director, Mark Stephenson described the increased MRE at Coffey as] … a significant achievement”.
• He said that “The board is now reviewing the best route to realise value from Kathleen Valley whilst continuing to advance our Queensland portfolio”.

Conclusion: The updated MRE for Mila Resources’ Coffey deposit in WA is triggering a review to reconcile the project’s future as the company reasserts its focus on the Queensland projects.

Nickel Industries (NIC AU) A$0.88, Mkt Cap A$3.8bn – Adjusted EBITDA up 46% as ENC ramps up

• Indonesian nickel producer Nickel Industries reports 1H26 interim results.
• The Company mines ore in Sulawesi and processes it into nickel pig iron and battery-grade nickel.
• Financials:
  • Revenue US$938.4m, up 13% yoy
  • Adjusted EBITDA US$247.6m, up 46% yoy
  • Profit after tax US$74.3m, up 191% yoy
  • EBITDA split: RKEF US$146.7m, mining US$73.4m, HPAL US$35.2m
  • Net debt US$981.6m vs US$866.2m in December (Leverage ~2.3x)
  • Closing cash US$260.1m vs US$323.3m, after US$136.8m of growth spend
• Mining, Hengjaya (80%):
  • Ore sales 5.9m wmt, up 1% yoY
  • Realised price US$31.3/wmt, up 28% yoy
  • Unit costs US$18.7/wmt, up 50% yoy
  • EBITDA US$73.4m, up 4% yoy
  • 2026 RKAB sales quota 14.3m wmt, up 60%
• RKEF lines, for nickel pig iron (NPI) (80%):
  • Nickel output 58.1kt, down 7% yoy,
  • NPI price US$13,784/t, up 21% yoy
  • Cash costs US$11,480/t, up 13% yoy
  • EBITDA US$146.7m, up 87% yoy
• HPAL plants, for battery-grade nickel:
  • Huafei Nickel Cobalt (HNC, 10%)
  • EBITDA US$35.2m, up 31% yoy
  • Sales of 3.9kt Ni, down 10% yoy
  • Excelsior Nickel Cobalt (ENC, 46%), is ramping the new plant in Morowali
  • ENC autoclaves targeted to hit nameplate (72ktpa) in October
• The Company says ENC is the first HPAL plant globally to combine production of MHP, sulphate and cathode
• Ore comes from the Company’s own Hengjaya Mine delivered using a 22km slurry pipeline
• First cobalt sulphate is due late August, with LME registration started
• MD Justin Werner commented: “Very few companies have built that capability in Indonesia.”

Shuka Minerals (SKA LN) 3.2p, Mkt Cap £4.5m – Completion of current drilling at Kabwe, Zambia

• Shuka Minerals reports the completion of its eleventh and final drillhole of its current campaign at the former Anglo American Kabwe zinc mine in central Zambia.
• Hole KBDD-11 is the third hole drilled into the newly identified “southern part of the Speaks / Mine Club area … [which] … may represent the up-dip and northern extension of the very large No.1 Orebody that transitions from the major, mined-out sulphide mineralisation to the SW, into oxidised and silicate Zinc mineralisation within the Mine Club Sediments, lying to the N and NW of the Kabwe Zinc-Lead-Copper Deposit”.
• Hole KBDD-11 “was drilled from the same position as KBDD09 and KBDD10 at a steeper 80° dip on an azimuth of 350° to ascertain the orebody configuration, content of mineralisation and check for the hanging-wall contact of the orebody”.
• Laboratory assays are not yet available for hole KBDD-11 but readings using portable X-ray (pXRF) readings show an 18.4m wide mineralised zone from 3.3m depth, a second zone 27.1m wide zone from 68.9m depth, and “a 6.1m basal zone” from 89.9m depth.
• CEO, Richard Lloyd explained that the intersection of shallow, near surface mineralisation “may enable early-stage exploitation, and we will certainly be returning to this area in Phase 2 as we think it shows an extension to the mined out OreBody #1 area”.
• He said that “The final 3 exploration holes were an added bonus to the campaign and define a much more extensive Kabwe orebody than was first modelled”.
• The announcement says that the “geological team are finalising the reporting of the initial phase of drilling which was extended to 2,500m due to the excellent results received to date … [and mentions that drilling is expected to resume] … later in the year for Phase 2”.

Conclusion: The current drilling programme at Kabwe has been completed but has provided sufficient encouragement that drilling is expected to resume later this year.

White Cliff Minerals (WCN AU) A$0.018, Mkt Cap A$59m – Drilling expands the mineralised footprint at the Danvers target, Nunavut

• In an announcement to the ASX yesterday, White Cliff Minerals reported drilling results from its Danvers target within the Rae Copper project in Nunavut, Canada.
• Drilling has now intersected copper mineralisation, over “4.75km of the interpreted Teshierpi structural corridor, compared with approximately 820m of strike tested around Danvers 1 during the 2025 program”.
• The announcement highlights:
  • A 17m wide interval at an average grade of 1.41% copper and 12g/t gold from 194m depth in hole DAN26-027 which is located “225m northeast of DAN25020 which returned 64.0m @ 0.89% Cu including 9.14m @ 2.65% Cu”; and
  • A 14.5m intersection at an average of 1.49% copper from 166.5m depth in hole DAN26-031, including 3m at an average 3.96% copper and 18g/t silver from 169m depth: and
  • Hole DAN26-033 “returned a broad interval of disseminated copper mineralisation” over a 34m wide intersection at an average grade of 0.18% copper from a depth of 136m; and
  • A 24.75m intersection at an average grade of 0.43% copper from 110.5m in hole DAN26-035, including 5m at a grade of 1.21% copper from 115.2m depth
• It also comments on the “remarkable continuity of mineralisation northeast of Danvers 1, supported by detailed review and interpretation of oriented diamond core … [which] … has prompted the fast-tracking of infill drilling along this highly prospective structure, with drilling scheduled to commence within the coming weeks”.
• Further assay results are awaited from step-out hole DAN26-041 located “212m north east of DAN26027, along the mineralised trend where more than 40m of copper-sulphide bearing core was observed”.
• Infill drilling will be needed “to establish the continuity, geometry and grade distribution of individual mineralised zones … [and] … support evaluation of a JORC Exploration Target, ahead of future resource-definition drilling”.
• Managing Director, Trot Whittaker explained that this season’s drilling “has expanded the copper-bearing trend from 820m to 4.75km, with strong grades returned in step-outs progressively farther northeast … [and results] … of 17m @ 1.41% Cu and 12g/t Ag and 14.5m @ 1.49% Cu, including 3m @ 3.96% Cu and 18g/t Ag, … [demonstrating] … that high-grade copper is not confined to the original Danvers 1 core”.

Conclusion: The latest drilling at the Danvers target in northern Canada is demonstrating continuity of the mineralisation and extending the known footprint to a strike length of 4.75km. Infill drilling is expected to start in the next few weeks.

URU Metals* (URU LN) 3.9p, Mkt Cap £3.8m – 3D modelling defines higher-grade zone at Zeb nickel project

• URU reports first-stage 3D modelling of Zone 2 at its Zeb nickel project in Limpopo, South Africa.
• The model maps the nickel, copper and PGE mineralisation from historical and recent drill data.
• Model results:
  • Higher-grade area occurs in the southeast of the project
  • Grades run up to approximately 6g/t 3PGE+Au
  • More higher-grade zones run along strike to the northwest
• The higher-grade zones sit close to an interpreted magma feeder channel.
• The setting matches the Northern Limb of the Bushveld, host to Platreef and Mogalakwena nearby.
• Drilling to focus on the southeast part with a view to potentially prepare a maiden Zone 2 resource.

*SP Angel acts as Nomad and Broker to URU Metals

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

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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