SP Angel – Today’s Market View, Wednesday 29th July 2026

Glencore and Rio Tinto ride copper strength as output and earnings climb

MiFID II exempt information – see disclaimer below

Bradda Head Lithium (BHL LN) – Drill rig secured for Whistlejacket, maiden MRE targeted by end-2027

Cobra Resources (COBR LN) – Wudinna project in-situ recovery for Heavy Rare Earths

Conroy Gold and Natural Resources (CGNR LN) – Plans to raise an additional £0.8m with phase 2 drilling underway at Clontibret

EQ Resources (EQR AU) – US listing targeted for 2027

Greatland Resources (GGP LN) – FY26 beats guidance, cash rises to A$1.3bn

Hamak Strategy* (HAMA LN) – Hamak reports first NI 43-101 gold resource at Akoko

Liontown Resources (LTR AU) – Kathleen Valley hits guidance in FY26; production, opex and capex expected higher in FY27

Meteoric Resources (MEI AU) – A strategic non binding MOU with POSCO

Nickel Industries (NIC AU) – First MHP at ENC, first nickel cathode due August

Premier African Minerals (PREM LN) – Additional £0.55m fundraising

Rio Tinto (RIO LN) –– Commodity prices, production growth and cost savings combine to deliver strong H1 performance & 43% increase to interim dividend

St George Mining (SGQ AU) – Infill and stepout continue to return high grade wide intersections , MRE update due 3QCY26

Total Graphite (TGR LN) – Management examine potential to add value to graphite in downstream development program

West African Resources (WAF AU) – Record quarterly production with FY26 guidance reiterated

Copper ($13,668/t) – Glencore and Rio Tinto ride copper strength as output and earnings climb

• Glencore grew copper output 15% yoy in H1 with plans to nearly double annual copper production over the next 10 years.
• Rio Tinto now sees 36% of underlying earnings from copper.
• We see potential for copper to overtake iron ore’s 43% share as China potentially moves to reduce iron ore prices through increased centralised buying.
• Rio Tinto, ceo, Simon Trott sees data centres keeping demand strong, noting ‘hyperscaler capex is forecast to reach near $1 trillion next year.’

Indian copper demand expected to triple by 2030

• India’s refined copper demand is expected to rise from around 1.2Mt to 3-3.3Mt by 2030.
• Growth comes as the country builds out renewables, EVs and power lines.
• Indian metals producers Vedanta and Hindalco rose as much as 2% in Mumbai on the news.

Tin ($54,165/t) – PT Timah (TINS IJ) Rp3,440, Mkt Cap Rp25.7tn (£1.1bn) – revenue more than triples in H1

• Indonesian state tin producer PT Timah reports H1 revenue of Rp10.4tn (around US$575m), up 247%yoy. (ANTARA)
• Net profit of Rp2.7tn has already passed the full-year target.
• EBITDA rose 363% on stronger volumes and prices.
• Ore production jumped 75%yoy to 12,232t Sn as the company added dredges and suction pontoons (offshore vessels that pump tin-bearing sand from the seabed).
• Exports took 97% of sales.
• The market stayed in deficit over the half, with CRU putting consumption at around 179kt against production of around 174kt.

Currencies

US$1.1396/eur vs 1.1368/eur previous. Yen 163.54/$ vs 163.71/$. SAr 16.688/$ vs 16.773/$. $1.330/gbp vs $1.330/gbp. 0.696/aud vs 0.697/aud. CNY 6.769/$ vs 6.768/$.

Dollar Index 101.34 vs 101.52 previous.

Economics

South Korea – Kospi index continues to fall in South Korea as funds switch into European software stocks.

Iran – Trump says “We are having deep talks with Iran. If they don’t succeed, we will return to a powerful military operation.” (AXIOS)

• If a ceasefire is signed we don’t see it lasting long before Iran violates its conditions and the kinetic action starts again.
• Iran-backed Iraqi factions fired 20 drones toward Israel, Jordan and Saudi Arabia over the past few days (i24 News).
• IDF reckons three drone attacks targeting Israel originated from Iraq last week (IBA)
• Israel looking for permission to attack Iranian energy infrastructure

Lebanon – US, Israel and Lebanon considering several ways to disarm Hezbollah (WSJ)

• One proposal would have the US train, equip and vet elite Lebanese Army units.
• Those forces would replace IDF troops in southern Lebanon before potentially attempting to disarm Hezbollah.
• Other options include Syrian assistance in cutting Hezbollah’s supply routes or continued IDF operations to weaken Hezbollah.

Yemen – Trump says “We are not involved with the Houthis right now, but if they are a problem, we may have to get involved”.

UK – OFGEM proposing to clamp down on data centre projects across UK due to lack of future power and grid instability.

• OFGEM is proposing fees of £237,500-£712,500/MW for project connections to the grid (The Times)
• Data centre projects would have to hit milestones during their development to keep their place in the queue to connect to the grid.
• Ofgem says its proposals are aimed at tackling “ speculative projects from securing scarce network capacity without any firm intention to connect”.
• Applications for grid connections from the 315 data centre projects have risen to 125 GW from 41 GW over the past year.
• Peak electricity demand hit 45 GW last year indicating that demand will be far ahead of power availability.

Precious metals:

Gold US$4,046/oz vs US$4,049/oz previous

Gold ETFs 96.7moz vs 96.7moz previous

Platinum US$1,606/oz vs US$1,611/oz previous

Palladium US$1,267/oz vs US$1,277/oz previous

Silver US$58.1/oz vs US$57.4/oz previous

Silver ETFs 787.1moz vs 787.7moz previous

Rhodium US$8,250/oz vs US$8,250/oz previous

Base metals:

Copper US$13,668/t vs US$13,676/t previous

Aluminium US$3,162/t vs US$3,154/t previous

Nickel US$17,155/t vs US$17,085/t previous

Zinc US$3,590/t vs US$3,597/t previous

Lead US$1,905/t vs US$1,889/t previous

Tin US$54,165/t vs US$53,495/t previous

Energy:

Oil US$87.2/bbl vs US$86.3/bbl previous

• Energy prices moved higher after the US and Saudi Arabia carried out military strikes against Iran-backed groups in Iraq, which they accused of being behind drone attacks on Saudi oil facilities.
• The API estimated an unexpected US inventory w/w build of 3.3mb to crude oil (-2.5mb expected) offset by an SPR draw of 3.7mb, with gasoline stocks up 0.9mb and distillates down 0.1mb in another mixed week for inventories.

Natural Gas €58.7/MWh vs €56.1/MWh previous

Uranium Futures $86.3/lb vs $86.3/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.9/t vs US$97.8/t

Chinese steel rebar 25mm US$467.3/t vs US$467.7/t

HCC FOB Australia US$227.7/t vs US$228.0/t

Thermal coal swap Australia FOB US$130.3/t vs US$131.5/t

Other:

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

NdPr Rare Earth Oxide (China) US$111,533/t vs US$113,029/t

Lithium Carbonate 99% (China) US$20,460/t vs US$20,168/t

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

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

Tungsten APT (China) 88.5% FOB US$1,745/mtu vs US$1,745/mtu

Tungsten APT (Europe) 88.5% Rotterdam US$3,025/mtu vs US$3,025/mtu

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

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

Europe Vanadium Pentoxide 98% US$5.4/lb vs US$5.4/lb

Europe Ferro-Vanadium 80% US$26.8/kg vs US$26.8/kg

China Ilmenite Concentrate TiO2 US$208/t vs S$208/t

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

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

Brazil Potash CFR Granular Spot US$395.0/t vs US$395.0/t

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

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

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

EV & Battery news:

TfL sues major carmakers for £1bn over alleged ULEZ evasion via emissions-cheating devices

• Transport for London has filed a High Court claim of “fraud and negligence” against Stellantis, BMW, Jaguar Land Rover, and Nissan, seeking £1bn over allegations they rigged NOx emissions data to let non-compliant diesel vehicles enter London’s Ultra Low Emission Zone without paying its £12.50 daily charge.
• TfL barrister Laurence Page said the carmakers falsely represented that certain diesels met the required standard, undermining the authority’s pollution-reduction efforts since the scheme’s 2019 launch.
• The claim runs alongside a related lawsuit brought by 1.6m motorists over the same alleged “defeat devices,” in which a judge this month ruled largely in the carmakers’ favour, a decision now being appealed.
• Carmakers have yet to file a defence in the TfL case, but in the parallel suit denied misleading regulators, arguing the software was lawful and needed to prevent issues like stalling or overheating.

Company news:

Bradda Head Lithium (BHL LN) 2.2p, Mkt Cap £8.6m – Drill rig secured for Whistlejacket, maiden MRE targeted by end-2027

• Lithium developer Bradda Head has hired a drilling contractor for its Whistlejacket project in Arizona.
• The rig is due to arrive by the end of July.
• The programme covers up to 20 diamond holes over around 3,658m.
• Drilling infills mineralisation found by Kennecott in 2023, including:
  • WSTL-008: 10.74m at 0.97% Li2O
  • WSTL-009: 13.56m at 1.31% Li2O
  • WSTL-006: 9.75m at 0.79% Li2O
• All permits are in place and earthworks start next week.
• Spend counts toward the option agreement with Kennecott.
• Drilling supports the project’s first NI 43-101 technical report and a maiden MRE targeted by the end of 2027.

Cobra Resources (COBR LN) 4.25p, Mkt Cap £45m – Wudinna project in-situ recovery for Heavy Rare Earths

• Cobra Resources update on Wudinna project in-situ leaching and recovery for Heavy Rare Earths
• Metallurgical bench scale studies, field hydrology testing and flowsheet development have enabled the Company to produce MREC ‘Mixed Rare Earth Carbonate’ with a high proportion of heavy REEs.
• 74 sonic-drill cores complete to advance to some form of economic assessment and possibly small scale production.
• Sonic rigs are good for loose, unconsolidated and heavy sands where heavy minerals might normally be lost.
• Assays show
  • 2.35m at 1,567ppm TREO (505ppm Nd+Pr and 17 ppm Dy+Tb) from 11m – (Garford formation)
    • Significant zones of mineralisation seen within the Garford and Narlaby formations, above the Pidinga formation which will form part of the resource estimation
  • 4.4m at 710ppm TREO (142ppm Nd+Pr and 14 ppm Dy+Tb) from 27.1m (Pidinga Formation)
  • 2.8m at 504ppm TREO (106ppm Nd+Pr and 14 ppm Dy+Tb) from 36.1m (Pidinga Formation)
  • 2.75m at 916ppm TREO (194ppm Nd+Pr and 14 ppm Dy+Tb) from 38.3m (Pidinga Formation)
• ERM is working on a new Mineral Resource Estimate
• 70% of 50 drill samples from drillholes across the Boland and Head Prospects have comparable or greater permeability than that of the installed Boland wellfield.
• The work suggests favourable productive permeabilities across the prospective drilled area.
• Head and Boland Prospects:
• Analysis of 43 Samples being done to support recovery estimates with ~100kg used for tests for small-scale production study
• Cobra has fulfilled regulatory guidelines for a baseline hydrological assessment with consultants engaged to advance permitting and permit approvals for small-scale production.
• The team plans to operate the small-scale trial plant at the existing Boland wellfield in H1 2027.
• The trial will utilise ANSTO ‘Australian Nuclear Scientific Organisation’ pilot facilities to process 400-600kg of Mixed Rare Earth Oxides within an intermediate product.
• South Australian regulators have an understanding of ISL ‘In-Situ Recovery’ operations from previous work with ISL uranium mines in the region.

Conroy Gold and Natural Resources (CGNR LN) 8p, Mkt Cap £6.2m – Plans to raise an additional £0.8m with phase 2 drilling underway at Clontibret

• Conroy Gold is proposing to raise up to £0.8m by placing shares at £0.08/share.
• “For every two new Ordinary Shares subscribed for … an investor will receive one warrant to purchase a further new Ordinary Share … at a price of £0.15 per Ordinary Share” at any over the next 2 years.
• The company, which earlier this month, completed a 5-hole Phase 1 drilling programme at Clontibret will use the additional funds “to advance the Phase 2 drilling programme now underway”.
• “Conroy Gold’s ‘Discs of Gold’ project in   Ireland   is defined by two parallel district scale gold trends, extending over c.95km … anchored by the Clontibret gold deposit … [which] … contains a currently defined 517Koz gold resource @ 2.0 g/t Au (320Koz Au Indicated and 197Koz Au Inferred) … which remains open in multiple directions”.
• Chairman, John Sherman, said that the proposed fundraising “reflects the Board’s   confidence in the “Discs of Gold” project following the successful completion of our Phase 1 drilling programme at Clontibret, across which we intersected the deepest gold mineralisation recorded at the deposit to date”.

EQ Resources (EQR AU) A$0.3, Mkt Cap A$1.3bn – US listing targeted for 2027

• The Company is considering a dual listing in the US.
• Additional listing is expected on either the NASDAQ or the NYSE.
• Listing planned for 2027 subject to application process and market conditions.

Greatland Resources (GGP LN) 525p, Mkt Cap £3.5bn – FY26 beats guidance, cash rises to A$1.3bn

• Greatland reports June quarter results from the Telfer gold and copper mine in Western Australia.
• Quarterly operations:
  • The Company produced 79,100oz Au and 3,573t Cu at an AISC of A$2,312/oz.
  • Ore milled rose 8%qoq to 5.19Mt, with gold recovery holding at 86.8%.
• Full-year production of 328,987oz Au at A$2,179/oz came comfortably above guidance.
• Guidance had been set at 260-310koz at an AISC of A$2,400-2,800/oz.
• Financials:
  • Net revenue reached A$545m at a realised gold price of A$6,468/oz.
  • Cash rose A$81m to close the year at A$1,289m, debt free.
  • Total liquidity stands at A$1,764m.
• The board approved a final investment decision for Havieron in June.
• Construction starts in the coming weeks, with first gold expected in FY29.
• The A$1,065m pre-production capex is fully funded.
• Telfer reserves rose 150% to 1.8Moz, taking group reserves to 5.0Moz.
• Drilling at Pinnacles cut 58.7m at 6.5g/t Au from 1,754m, extending West Dome by around 1.2km.
• FY27 guidance of 260-300koz at A$2,900-3,330/oz sits below FY26 as ore feed shifts to lower-grade stockpiles.

Hamak Strategy* (HAMA LN) 0.85p, Mkt Cap £4.46m – Hamak reports first NI 43-101 gold resource at Akoko

(Hamak now has ~513m shares on a fully diluted basis)

• Hamak Strategy, which has an option to buy CAA Mining’s Akoko gold project in southwest Ghana reports an initial mineral resource estimate (MRE) for Akoko.
• “Hamak has the option to acquire a 100% interest in the Akoko project for a cash and shares consideration of just US$15 per ounce of gold”.
• The NI43-101 compliant estimate incorporates the results of 26,409m of drilling in 334 holes to generate:

1. • A ‘Measured & Indicated’ resource of 3.88mt at a grade of 0.83g/t (103,200oz of contained gold); and
   • An ‘Inferred’ resource of 5.24mt at an average grade of 0.71g/t containing an additional 107,230oz.
   • Total Measured, indicated and inferred is 210,430oz

• Today’s announcement shows that over 120,000oz of the resource is hosted in free-digging oxide material “within 50m of surface at 0.81 g/t Au”.
• The company explains that initial metallurgical testing shows “oxide gold recoveries between 85% to 94% … [reflecting that the] … majority of the drilling at Akoko has focussed on defining mineralized ore bodies in the oxide zones close to surface (0 to 50m depth)”.
• “For the deeper sulphide zones (50m to 80m depth), limited drilling density resulted in the bulk of the sulphide resource to be declared in the Inferred category”.
• Hinting that Akoko may have expansion potential, the announcement says that “ Less than 35% of … [a] … 15 km long geochemical signature … [has been] … tested by drilling to date”.
• Hamak Strategy will now commission an “Independent Preliminary Economic Assessment (PEA)… to assess potential for fast-tracking a low-capex, open-pit, heap-leach gold mine”.
• CEO, Karl Smithson, said that “mineralization remains open along strike and at depth … [and that the] … resource provides a compelling platform from which to build”.
• Warrant cancellation: Hamak announced on Monday the cancellation of 179.9 warrants in the 1 share for 5 warrants tender offer representing 79.9% of the eligible warrants in issue.

1. • The company is issuing 36m new shares as a result of the tender offer post the verification process and will cancel 179.9m.
   • This leaves Hamak with some 513m shares in issue and ~44m warrants in issue.

Conclusion: Initial MRE at Akoko positions the company to move to a PEA to assess the potential for an open pit, heap-leach gold mine.

*An SP Angel analyst holds shares in CAA Mining which may gain shares in Hamak Strategy if Hamak elects to acquire Akoko.

Liontown Resources (LTR AU) A$1.1, Mkt Cap A$3.8bn – Kathleen Valley hits guidance in FY26; production, opex and capex expected higher in FY27

• The Company reports quarterly update for Kathleen Valley Lithium Mine, Australia (WA).
• 4QFY26
  • Production 103kt (+7%qoq)
  • Sales 108kt SC5.0 (+29%qoq)
  • Average realised price A$2,182/dmt sold (US$1,880/SC6E) (-4%qoq)
  • Revenues A$235m (+19%qoq)
  • Unit Operating Cost (UOC) A$995/dmt sold FOB
  • AISC A$1,314/dmt sold FOB
  • Operating cash flow A$180m and total net cash flow A$137m.
  • Closing cash A$561m and 21kt saleable con.
• The plant treated 647kt 1.3% Li2O with recoveries 63%.
• The Company reports improving recoveries with higher share of underground ore feed.
• When fed clean underground ore (most of April 2026) recovery averaged 70%.
• Underground delivered 356kt during the quarter or ~1.4Mtpa annual run rate, slightly below targeted 1.5Mtpa.
• Focus was on underground development with 3,316m completed (+35%qoq), the strongest quarter to date, as the plan to ramp up underground rates to 2.8Mtpa.
• 1QFY27 planned at 1.5Mtpa, with a ramp up to follow hitting targeted 2.8Mtpa by the end of FY27.
• FY27 guidance
  • 390-440kt SC (FY26: 392kt)
  • UOC A$1,050-1,250/dmt sold (FY26: A$987/dmt)
  • Capex A$320-370m incl A$90-110m Sustaining and A$90-100m 2.8Mtpa ramp up development (FY26: A$114m)
• Capex guidance includes A$60-70m in Kathleen Valley expansion early works while exclude anything related to FID.
• Kathleen Valley expansion FID expected at the end 1QFY27.

Meteoric Resources (MEI AU) A$0.19, Mkt Cap A$509m – A strategic non binding MOU with POSCO

• The Company signed a non-binding MOU with South Korean POSCO for production from the Caldeira Ionic Clay Rare Earth Project, Brazil.
• Under the agreement, POSCO will source up to 30% of Caldeira’s production for up to seven years.
• Final offtake terms to be determined with pricing potentially including references to the Asian Metal Index as well as price floors and upside sharing mechanisms.
• Additionally, POSCO would consider potential project funding as well as accessing Korean Export Credit Agencies and other financial institutions (subject to separate agreements and due diligence).
• POSCO and the Company would work on technology exchange and development for downstream REE processing in Brazil.
• POSCO is developing a mine to magnet supply chain focusing on MREOs.

Nickel Industries (NIC AU) A$0.79, Mkt Cap A$3.4bn – First MHP at ENC, first nickel cathode due August

• Australian nickel producer Nickel Industries reports first production of MHP at its 46%-owned ENC plant.
• MHP (mixed hydroxide precipitate) is an intermediate nickel product used in EV batteries.
• The plant in the Morowali industrial park uses HPAL (high pressure acid leach) processing to pull nickel and cobalt from lower-grade ore.
• ENC is designed to produce over 72ktpa of nickel metal.
• MHP will be refined on site into nickel cathode, with the first cathode expected in August.
• Ore is supplied from the Company’s own Hengjaya Mine through a 22km slurry pipeline.

St George Mining (SGQ AU) A$0.08, Mkt Cap A$366m – Infill and stepout continue to return high grade wide intersections , MRE update due 3QCY26

• The Company reports results from ongoing diamond drilling programme at the Arax Rare Earths and Niobium Project, Brazil.
• Latest results continue to return wide high grade near surface intersections.
• 37 drill holes reported today with six located outside of the MRE.
• Additionally, 13 holes intersected mineralisation deeper than the current modelled MRE pit depth.
• Selected intersections include
• New record 207.0m @ 2.60% TREO from surface incl 45.0m @ 4.68% TREO (AXDD142)
  • 135.1m @ 4.86% TREO from surface incl 20m @ 12.65% TREO from surface (AXDD166)
  • 150.5m @ 3.66% TREO from surface incl 67.0m @ 5.46% TREO from surface(AXDD165)
  • 150.2m @ 3.49% TREO from surface (AXDD167)
  • 100.6m @ 4.39% TREO from surface (AXDD155)
• Araxa MRE update is due in coming weeks (3QCY26).

Premier African Minerals (PREM LN) 0.01p, Mkt Cap £7.8m – Additional £0.55m fundraising

• Premier African Minerals reports that it has raised a further ~£0.55m via a subscription for an additional ~4,000m shares at a price of 0.01375p. share.
• The funds will provide working capital “to contribute towards ongoing operational requirements at Zulu, including the continuation of mining and stockpiling activities, while the Company progresses its constructive discussions with Canmax regarding an extension of the Long Stop Date”.
• In June, the company raised £0.8m by placing 4,000m shares at a price of 0.02p/share having previously raised £1m in May plus £1m in April, £1.25m in two blocks during March and £1m in January.
• Managing Director, Graham Hill, confirmed that the “Board remains firmly focused on advancing Zulu towards sustained production and commercial operation and believes the Subscription will support continued progress and preparations for the next production and optimisation campaign once a revised operating timetable has been confirmed”.
• We estimate that the additional shares represent ~8% of the enlarged company.

Rio Tinto (RIO LN) – 6,936p, Mkt cap £86bn – Commodity prices, production growth and cost savings combine to deliver strong H1 performance & 43% increase to interim dividend

1. Rio Tinto reports 2025 H1 attributable profit of US$6.61 billion (H1 2025 – US$4.53) and a 30^th June closing net debt balance of US$14.06 billion.
2. The result reflects revenues of US$31.03 billion (H1 2025 – US$26.87 billion) and 28% growth in underlying EBITDA to US$14.83 billion (H1 2025 – US$11.55 billion).
3. Rio Tinto has increased its interim dividend by 43% to US$2.11/share (2025 -US$1.48/share) “an interim payout ratio of 50%”.
4. The dividend payout date is 24^th September.
5. Chief Executive, Simon Trott attributed the increased EBITDA to “a step-change in performance in the first half … alongside favourable commodity prices”.
6. The EBITDA “uplift was driven by a $3.6 billion benefit from stronger commodity prices and $1.5 billion from higher volumes and operating cash unit cost improvements, underpinned by our productivity program (+$0.87 billion benefit), along with growth in copper”.
7. Rio Tinto’s iron ore operations continue to contribute the largest share of EBITDA at US$6.8bn (H1 2025 – US$6.9bn) closely followed by copper which rose by over 80% to US$5.7bn (H1 2025 – US%3.1bn) as increased production, including from the Oyu Tolgoi ramp-up, benefitted from increased prices which rose from US$4.36/lb in H1 2025 to US$5.91/lb.
8. Aluminium and lithium operations delivered an additional US$3.3bn (H1 2025 – US$2.4bn).
9. Mr. Trott explained that Rio Tinto’s “strong performance is underpinned by accelerating productivity across the business … [and said that Rio Tinto has] … already banked $870 million of productivity benefits and are on track to reach an annualised run-rate of $1.8 billion by year-end, with significantly more to come as our multi-year program continues to scale”.
10. Rio Tinto is maintaining its 2026 production guidance across all its commodity sectors.

Conclusion: Iron ore and copper have driven H1 profit and EBITDA financial performance as strong commodity prices, production growth and cost containment initiatives combine.

Total Graphite (TGR LN) 0.80p, Mkt cap £6m – Management examine potential to add value to graphite in downstream development program

(formerly Tirupati Graphite).

• Total Graphite is looking at the potential to produce a series of value-added graphite products from graphite concentrates from its projects in Madagascar and Mozambique.
• The team are looking at the potential to produce:
  • High Purity Graphite (HPG)
  • Expandable Graphite (EG)
  • Active Anode Material (AAM)
• The bench-scale, laboratory test work will target and study:
  • purity levels of ~99.95% carbon for industrial and technical applications,
  • intercalation and expansion studies for fire protection, sealing, gasket and specialist industrial markets,
  • spheroidisation, purification and coating studies for potential Li-ion battery use.
• The team will also look at process flowsheet development to produce samples for customer qualification.
• Pilot-scale demonstration plant: the team is looking to design and test products for prospective offtakers in a future pilot plant.
• Management plan to publish a Feasibility Study and to make a Final Investment Decision by the year end or early 2027 on a first-phase 50,000tpa plant.
• If the test work and pilot plant development goes well the team will look to reopen the Vatomina graphite project in Madagascar following an independent technical review at >12,000tpa December 2026, subject to drilling.
• Cash: ~US$1.5m plus US$2.3m bank guarantee against the Mozambique mining projects.

West African Resources (WAF AU) A$2.9, Mkt Cap A$3.3bn – Record quarterly production with FY26 guidance reiterated

• The Company reports quarterly results for 2Q26 for its gold operations in Burkina Faso.
  • Production 125.2koz at US$1,730/oz AISC.
  • Sales 110.7koz at US$4,556/oz
  • Operating cash flow A$249m
  • Sanbrado produced 57.6koz (+37%qoq) at US$ 1,737/oz AISC on higher processed grades helped by higher tonnage from underground.
  • Kiaka produced 67.6koz, little changed qoq, at US$1,666/oz AISC.
• YTD production 232.9koz at $1,823/oz AISC.
• Net cash ~US$497m as of quarter end.
• M5 South underground development permits remain pending with production activities reported now falling behind schedule and planned to to start in early 2027 (subject to approvals secured 2H26).
• Permits for operating the explosives manufacturing and storage facility at Kiaka built by the Company in 2024 have not been obtained with explosives supplied from alternative sources; open pit mining was reduced in 2Q and mine plan adjusted to focus on free dig areas.
• Acquisition of 25% in Kiaka for 70bn CFA (~A$176m) by the government is ongoing and expected to be completed this year (WAF to hold a 60% interest in Kiaka post transaction).
• Guidance reiterated for 430-490koz at US$1,900/oz AISC.

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

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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.

DISCLAIMER

This note is a marketing communication and comprises non-independent research. This means it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.

This note is intended only for distribution to Professional Clients and Eligible Counterparties as defined under the rules of the Financial Conduct Authority and is not directed at Retail Clients.

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.

Distribution of this note does not imply distribution of future notes covering the same issuers, companies or subject matter.

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.

MiFID II – Based on our analysis we have concluded that this note may be received free of charge by any person subject to the new MiFID II rules on research unbundling pursuant to the exemptions within Article 12(3) of the MiFID II Delegated Directive and FCA COBS Rule 2.3A.19.

A full analysis is available on our website here http://www.spangel.co.uk/legal-and-regulatory-notices.html. If you have any queries, feel free to contact our Compliance Officer, Tim Jenkins (tim.jenkins@spangel.co.uk).

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

SP Angel Corporate Finance LLP is authorised and regulated by the Financial Conduct Authority and is a Member of the London Stock Exchange

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