SP Angel – Today’s Market View, Wednesday 2nd September 2026

El Niño leaves Indonesia’s biggest nickel park short of water

MiFID II exempt information – see disclaimer below

ACG Metals (ACG LN) – ACG makes first copper concentrate in Turkey

Ecora Royalties (ECOR LN) – 1H26 earnings jump and interim dividends tripled driven by cobalt/copper portfolio contributions

EQ Resources (EQR AU) – Production growth and US$2,269/mtu prices deliver record monthly revenue

Galantas Gold* (GAL LN) – BUY, Target 89p – David Cather appointed as Chairman to Galantas board

Kendrick Resources (KEN LN) – Certified assays confirm pXRF readings at Teufelskuppe

Orosur Mining* (OMI LN) – Drills turning at Pepas, APTA and El Cedro. We await news of further discovery

Rome Resources (RMR LN) – Kalayi tin resource up 45% to 6.8kt contained at Bisie North, DRC

Nickel ($16,610/t) – El Niño leaves Indonesia’s biggest nickel park short of water

• Indonesia Morowali Industrial Park (IMIP) may have to cut output by 30-40% if it cannot find new water sources.
• One of the strongest El Niño patterns on record has curbed water supply to the smelters on Sulawesi.
• IMIP is majority owned by Tsingshan, the world’s biggest nickel producer.
• Indonesia accounts for well over half of world nickel output, most of it processed at two large parks (IMIP & IWIP).

Gold ($4,315/oz) – Gold falls as market raises risk of US interest rate hikes

• Gold continues to fall as traders raise risk of US rate hikes to >70%.
• The US struck Iran again Tuesday and Iran hit back, this time with allegedly Russian-guided missiles, sending oil higher.
• Fed Governor Michael Barr said rates should rise if inflation does not subside.
• 30-year Treasury yields passed 5.28%, back to where they sat before the Treasury expanded its buybacks on 19 August.
• US jobs data lands today and Friday, and strong numbers would give the Fed more room to raise rates.

Copper ($14,152/t) – Copper pulls back as higher oil prices revive growth worries

• Copper pulled back to <$14,200/t following its rise to a record closing price last week as higher oil prices supressed the outlook for GDP growth.
• Higher oil has lifted bets on a rate rise to fight inflation, which would slow growth and metal demand.
• Copper still gained almost 4% in August on tight supply.

Lithium – Albemarle seeks mediation to avert a strike in Chile

• Albemarle has requested government mediation with workers at its Chilean lithium operations (Bloomberg).
• That delays a strike due to start Wednesday, after workers voted 97% in favour.
• Under Chilean rules the mediation suspends the walkout for five working days.
• Albemarle takes lithium from brine at the Salar de Atacama and processes it at La Negra in Antofagasta.
• A long stoppage would tighten supply from one of the world’s biggest sources.

India revives critical minerals talks with Zambia

• India’s Ministry of Mines held early talks with Zambian officials on 26 August, reviving negotiations that stalled in April.
• The talks broke down when Zambia failed to give assurances on rights over a 9,000km2 block awarded to India last year.
• That block was not raised this time.
• State-owned Khanij Bidesh India is also looking at Australia, Brazil, Canada, Russia and Indonesia, plus a project in Malawi.

China issues first-ever joint guidelines on overseas conduct, instructing Chinese carmakers and suppliers to avoid price wars abroad

• Three Chinese ministries, the Ministry of Commerce, the Ministry of Industry and Information Technology, and the State Administration for Market Regulation, jointly issued guidelines on Tuesday ordering Chinese carmakers and component suppliers to avoid steep discounting in overseas markets, the first such rules governing Chinese automakers abroad.
• The Commerce Ministry said the guidelines aim to promote “long-term, healthy development” of the industry internationally, urging firms to strengthen compliance and cooperation across the global supply chain, though no specific penalties for non-compliance were included.
• Independent Shanghai analyst Gao Shen said early signs of harsh discount wars abroad had prompted regulators to step in, adding that detailed punishments are still needed to curb the intense competition that erodes sustainable profits.
• Chinese carmakers delivered 2.9m electric cars outside the mainland in the first seven months of the year, up 120% yoy, according to CAAM data, with exports boosted earlier this year by the global energy crisis stemming from the US-Israel war on Iran.
• Chinese carmakers can earn a net margin of 20,000 yuan ($2,975) per car overseas, four times higher than at home, given vehicles typically sell at higher prices abroad.

Nepal disaster – Warning signs visible days before glacier collapse in Nepal, report finds

• Analysis of satellite imagery shows early signs preceding the avalanche, including a change in the surface of the collapsed glacier.
• https://www.abc.net.au/news/2026-09-01/warning-signs-visible-before-glacier-collapse-in-nepal/107097636

Currencies

US$1.1574/eur vs 1.1598/eur previous. Yen 159.66/$ vs 159.98/$. SAr 16.157/$ vs 16.119/$. $1.350/gbp vs $1.354/gbp. 0.714/aud vs 0.716/aud. CNY 6.723/$ vs 6.723/$.

Dollar Index 99.76 vs 99.54 previous.

Economics

US – Brent at >$95 as the US/Iran war escalated sharply with American forces carrying fresh attacks.

• US Central Command said that targets included “air defence sites, radar systems, maritime assets and facilities, mine laying capabilities, and communications sites” associated with the Islamic Revolutionary Guard Corps.
• “The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members,” Central Command reported.
• In retaliation, Tehran said it launched a “decisive operation” against US bases in the region.
• President Trump downplayed the chances of a deal.
• “I couldn’t care less if they sign a worthless, to them, agreement… I like our position now much better.”

30y yields are approaching levels that saw Treasury come out with an announcement to step up purchases of long dated debt.

• Yields are now at 5.28% compared to 5.31% seen in second half of August.

Oil pipelines will soon bypass the waterway, according to Bessent.

• “In two years, the Strait of Hormuz will be like a worthless piece of water,”
• The US will sanction two more banks as it moves to cut Iran off economically.
• Two tankers sailing off Oman, one run by a Saudi shipping company and one by a South Korean group were hit by projectiles late yesterday.

China halves local government debt in two years

• China has cut local government debt to CNY6.5tn (~US$2.1tn) from CNY14.3tn over the past two years according to a State Council report (Caxian)
• China’s strategic pension reserve fund also recorded a 13.2% investment return last year with $54.7bn in investment income last year.

New Housing rules to delay when housebuilders can access funds from homebuyers.

• • Builders can not presell apartments till a building’s main structure is topped out
  • Banks must withhold buyers mortgage funds will a project has been fully completed.
• Regulators will extend development loans to help housebuilders fund the gap.
• Payments for land which made many communist party officials very rich and also provided funds for local government, can now be made in instalments.
• As with everything in China, entrepreneurs and officials will find ways to abuse the new rules.
• Around ~48m presold homes were unfinished before major developer defaults which started four years ago.
• Millions of apartments remain unfinished with many families forced to pay mortgages apartments they cannot move into.
• Protests >100 cities and collective mortgage suspensions have forced the government to act though most families have continued to pay their mortgages for fear of legal penalties.
• Some 68% of new home sales by floor space were pre-sold under the previous system.

Negative equity

• To make matters worse, China’s property crackdown has reduced the value of homes trapping many families in negative equity.
• President Xi’s statement “Houses are for living, not for speculation” preceded new rules raising requirements on mortgages and reducing buying power.

Japan – Yen stronger as BOJ Board Takata suggested an outsized rate hike later this month (17-18 September).

• Hajime Takata said that a 0.25% increase “is not necessarily set in stone” and back-to-back rate hikes would be a possibility.
• The 25bp move is fully priced in at this point from current 1.0%.
• The yen is currently trading around 159.7.

Eurozone – Inflation accelerated to 3.3% in August largely driven by stronger energy costs.

• Core measure came in at 2.4%, down 0.1pp on the previous month.
• CPI (%mom, Aug / Jul / Est): 0.4 / 0.2 / 0.4
• CPI (%yoy, Aug / Jul / Est): 3.3 / 2.9 / 3.3
• CPI Core (%yoy, Aug / Jul / Est): 2.4 / 2.5 / 2.5

Australia – Stronger than expected GDP reading strengthens the case of an RBA hike

• GDP expanded driven by private spending and mining exports.
• Households are reported to have cut fuel consumption due to elevated energy prices.
• Inflation has been running high hitting 3.5% in July with the RBA saying that it expects inflation to slowdown to the 2-3% mid-point range only by late 2027.
• GDP SA QoQ (2Q, Actual / Est / Prior): 0.4 / 0.3 / 0.3
• GDP YoY (2Q, Actual / Est / Prior): 2.1 / 1.8 / 1.8

Ecuador – Former President Lenin Moreno sentenced to five years in prison for corruption related to the Chinese-built Coca Codo Sinclair hydroelectric plant

• Prosecutors argued that Sinohydro paid approximately $76.1m in bribes between 2009 and 2018 through fraudulent consulting contracts. (BBC)

Russia/Iran – Kremlin has been covertly helping Tehran develop advanced supersonic cruise missiles

• The multiyear covert programme (codenamed C430L) used some of Russia’ most experienced missile specialists to develop weapons able to threaten US aircraft carriers in the Middle East, FT investigation shows.
• The contract is reported to have been signed in 2023.
• Tests have been carried by no evidence that a Russian-assisted supersonic cruise missile has been deployed.

• Most Iranian missiles landed wide of their mark in previous years.

Russia – Explosive drone found at Leipzig Airport blamed on Russian hybrid attack

• Germany, has long accused Moscow of targeting it with a campaign of hybrid attacks involving espionage and sabotage (Euronews.com).
• Interior Minister Alexander Dobrindt said an assessment of the incident “fits the known pattern of Russian hybrid operations in Europe.”
• Germany has for months reported suspicious drone sightings over military and industrial sites, but an incident at Leipzig/Halle Airport on the night of 4-5 August raised the alarm as a drone found there carried explosives.
• Police used a robot to defuse the device found near a Ukrainian cargo plane. Another drone was reportedly discovered weeks later near the airport, also with traces of an explosive substance.
• The airport in eastern Germany plays a key role in the transport of military goods, including by the German military and NATO allies, and also serves as a base for Ukraine’s Antonov Airlines.
• In response Germany is closing the Russian consulate in Bonn and The Russian House of Science and Culture in Berlin, a seven-story building opened which is seen as an espionage hub with disproportionately high
• power consumption presumably filled with technical surveillance equipment and people who are not well-disposed toward Germany.

Precious metals:

Gold US$4,328/oz vs US$4,421/oz previous

Gold ETFs 99.0moz vs 98.9moz previous

Platinum US$1,739/oz vs US$1,809/oz previous

Palladium US$1,311/oz vs US$1,356/oz previous

Silver US$64.0/oz vs US$66.4/oz previous

Silver ETFs 801.3moz vs 801.3moz previous

Rhodium US$9,150/oz vs US$9,050/oz previous

Base metals:

Copper US$14,152/t vs US$14,362/t previous

Aluminium US$3,262/t vs US$3,269/t previous

Nickel US$16,610/t vs US$16,865/t previous

Zinc US$3,887/t vs US$3,967/t previous

Lead US$1,912/t vs US$1,910/t previous

Tin US$54,175/t vs US$55,590/t previous

Energy:

Oil US$95.1/bbl vs US$91.8/bbl previous

• Crude oil prices continue to rise after further military strikes were exchanged overnight between the US and Iran, reducing the likelihood of an early reopening of the Strait of Hormuz.
• The API estimated US inventory w/w draws of 2.6mb to crude oil, 3.1mb to the SPR and 0.3mb to distillate stocks, offset by a 0.3mb w/w build to gasoline stocks on 13.8mb of domestic crude output.
• European energy prices are now trading above $25/mmBtu (equivalent to over $140/boe) on concerns that the summer refill season is nearing its close with inventories still significantly below historic levels for this time of year, as France’s average nuclear generation rose 2% w/w to 63% of the country’s 61.4GW maximum capacity.
• The EIA reported that average US LNG exports were up 23% y/y to 17.4bcf/d in 1H26, as new terminals and expansions increased export capacity at the Plaquemines, Corpus Cristi and Golden Pass LNG terminals. Top destination countries were Egypt and the Netherlands at 1.7bcf/d each, followed by Italy at 1.4bcf/d, France at 1.2bcf/d, and the UK at 1.1bcf/d.

Natural Gas €73.9/MWh vs €70.5/MWh previous

Uranium Futures $89.5/lb vs $89.4/lb previous

Bulk:

Iron Ore 62% Fe Spot (Singapore) US$97.7/t vs US$99.4/t

Chinese steel rebar 25mm US$465.7/t vs US$464.8/t

HCC FOB Australia US$279.0/t vs US$282.0/t

Thermal coal swap Australia FOB US$147.5/t vs US$137.8/t

Other:  

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

NdPr Rare Earth Oxide (China) US$108,733/t vs US$108,217/t

Lithium Carbonate 99% (China) US$22,981/t vs US$22,982/t

China Spodumene Li2O 6%min CIF US$2,260/t vs US$2,265/t

Ferro-Manganese European Mn78% min US$1,070/t vs US$1,060/t

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

Tungsten APT (Europe) 88.5% Rotterdam US$2,995/mtu vs US$3,075/mtu

China Tantalum Concentrate 30% CIF US$233/lb vs US$233/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$190/t vs US$194/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$1,168/t

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

Germanium China 99.99% US$4,225.0/kg vs US$4,225.0/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

Company news:

ACG Metals (ACG LN) 2043p, Mkt cap £472m – ACG makes first copper concentrate in Turkey

Formerly ACG Acquisitions Company

• ACG Metals has produced first copper concentrate at its Gediktepe mine in Turkey.
• It is now lifting throughput towards full production, expected by the end of 2026.
• Management are targeting 20-25ktpa of copper equivalent at Gediktepe.
• The mine produced 39.2koz of gold equivalent in 2025, before transitioning to greater copper output.
• ACG bought the mine in September 2024.

Ecora Royalties (ECOR LN) 171p, Mkt Cap £429m – 1H26 earnings jump and interim dividends tripled driven by cobalt/copper portfolio contributions

• Total portfolio contribution up 75%yoy to $31.3m (1H25: $17.9m)
• Base Metals contribution rose 159% to $22.5m (1H25: $8.7m) including:
  • $13.5m net (+230%) at Voisey’s Bay (cobalt) – 266t received at a realised price $28.4/lb (1H25: 140t at $16.5/lb)
  • $4.8m (+26%) at Mantos Blancos helped by higher copper price ($5.92/lb vs $4.33/lb)
  • $3.7m net at Mimbula (1H25: $0.5m)
• Specialty Metals and Uranium contribution $4.6m (+18%)
• Bulks and other $4.2m (-21%) with Kestrel coal contribution down to $1.3m (H1 2025: $3.5m) on mine sequencing
• Adjusted earnings up 509% to $19.5m (1H25: $3.2m)
• FCF $12.1m (1H25: $2.0m)
• Interim dividend increased to 1.90c (1H25: 0.6c)
• Balance sheet deleveraging ongoing with net debt down to $74.9m (Dec25: $85.5m).
• Near-term catalysts flagged across operating partners – Santo Domingo FID (4Q26), Mantos Blancos Phase II PFS (end-2026), Phalaborwa DFS, and Nifty cathode restart (2H26)

EQ Resources (EQR AU) A$0.39, Mkt Cap A$2.2bn – Production growth and US$2,269/mtu prices deliver record monthly revenue

• The Company released a monthly update for its tungsten operations in Australia and Spain.
• Production 19,068mtu in August (+34%mom)
• That marked the second highest production on record.
• Sales 17,246mtu generating A$55.1m in revenue
• Average realised price US$2,269/mtu
• Barruecopardo:
  • Production 12,719mtu (+32%mom)
  • Sales 10,566mtu
  • Average realised price US$2,368/mtu
• Mt Carbine:
  • Production 6,349mtu (+38%mom)
  • Sales 6,680mtu
  • Average realised price US$2,113/mtu

Galantas Gold* (GAL LN) 36p, Mkt Cap £278m – David Cather appointed as Chairman to Galantas board

Initiation Note – BUY – 89p CLICK HERE

• Galantas Gold report the appointment of David Cather as Chairman to the board.
• Cather, is currently a director at Tungsten West, a non-executive director at Metals Exploration and an independent director at Altynalmas JSC.
• David has been a director of Galantas Irish Gold Limited since June 2019.
• Previously, Cather was CEO at Avocet Mining and Abu Dhabi Capital Group as well as a ned at Martina Minerals Corporation.
• Cather has been awarded the following restricted share units in relation to his appointment:
  • 250,000 vesting on August 31, 2027
  • 250,000 vesting on January 1, 2028
  • 250,000 vesting on January 1, 2029.
• Galantas is working towards a PEA for the restart of the Andacollo gold mine in Chile
• Andacollo in-pit 1.5moz Indicated gold resource and an additional 4.5moz resource.
• The mine could restart as early as H1 2027 working up towards ~130kozpa gold production
• Cash: C$108.9m at end June.
• Indiana:  Galantas is also drilling its Indiana gold project in Chile expanding its initial 5,000m infill drilling programme to 12,500m testing high-grade mineralization at structural intersections and down-dip extensions of known gold veins.

*SP Angel act as Broker to Galantas Gold

Kendrick Resources (KEN LN) 7.4p, Mkt Cap £28m – Certified assays confirm pXRF readings at Teufelskuppe

• Kendrick reports certified laboratory assays for three holes at its Teufelskuppe rare earth project in Namibia.
• Certified assays:
  • TKDD002: 3.16% LREO over 5.4m from 53.3m, and 3.14% over 38.2m from 76.6m
  • TKDD003: 3.83% over 3.75m from 4.6m, 3.39% over 59.78m from 37.22m, and 3.97% over 4.35m from 103m
  • TKDD004: 3.12% over 3.97m from 1m, in a sill exposed at surface
• The TKDD004 sill widens to ~40m below surface, with pXRF readings running around 3% LREO.
• pXRF check:
  • 100 samples gave a correlation of 0.82 between field pXRF readings and certified lab assays
  • Field readings came in marginally lower than the lab on average
  • Four readings are taken on each metre of core, at 25cm spacing
• Kendrick is targeting a resource of at least 40mt at a grade above 3.0% LREO.
• Petrological studies are running in the US and metallurgical test work in Ecuador.
• Chairman Colin Bird commented: “We have now been able to directly compare pXRF values with certified laboratory analyses, and the correlation is highly satisfactory.”

Caution:  XRF results are not considered to be reliable assays, with certain regulators requiring explicit warnings that field readings are not formal laboratory assays.

However, XRF readings do give geologists rapid indication on mineral composition in the field and are a useful tool for guiding exploration and drill programmes.

Orosur Mining* (OMI LN) 14.85p, Mkt Cap £58m – Drills turning at Pepas, APTA and El Cedro. We await news of further discovery

• Orosur Mining has updated the market on progress on its properties in Colombia.
• Anzá 100% (Mid-Cauca gold belt, west of Medellín):
  • Pepas West – drill assay results due. Rapid auger drilling underway to 10m depth to prove more near-surface mineralisation.
    • Shallow open pit project with mineralisation down to 100m
    • Surficial, heavily oxidised and possibly remobilised zone of medium grade mineralisation.
    • Indicated: 1.14mt @ 5.46 g/t gold for 201,000oz gold
    • Inferred: 0.19mt @ 2.99 g/t gold for 18,000-19,000oz gold
    • Total MRE:  219,000oz

• • APTA – drilling ongoing
    • High-grade gold deposit. ~40,000m drilled since 2012
    • >40,000m of drilling done since 2012 with substantial epithermal gold system identified.
    • Hole MAP108 is drilled off section and has intersected a broad interval of low-grade mineralisation giving insight into structures controlling higher grade.
  • El Cedro: Drilling started in August 2026 – just 4km from the APTA base camp.
    • First drill hole, CED001, has already hit a porphyry intrusion showing attractive stockwork veining visible in photo with silicification and potassic alternation.
    • Drilling is planned to 500m and is targeting the eastern flank of the northern intrusion and the bounding structures and veins.
    • Anglo American identified El Cedro as a highly prospective gold/copper porphyry cluster system.
    • Including several large dioritic intrusions and associated epithermal systems.
    • Channel samples and rock chip samples with assays up to 10g/t Au and 2% Cu.
• Total Anzá project area is now some approximately 530km2.
• Some new project applications underway with some applications made to secure the position along access roads.

Conclusion: Drills are turning with multiple assay results due for interpretation on all three projects. Each has the potential to add value through infill drilling and extension to known mineralisation. Extending the scale of mineralisation at APTA has the potential to add significant value to this prospect.

*SP Angel acts as Nomad and Broker to Orosur Mining

Rome Resources (RMR LN) 0.27p, Mkt Cap £22m – Kalayi tin resource up 45% to 6.8kt contained at Bisie North, DRC

• Rome Resources reports an updated resource for the Kalayi tin deposit at Bisie North in the eastern DRC.
• Kalayi sits 8km northwest of Alphamin’s Bisie mine, among the highest-grade tin mines in the world.
• The estimate was prepared by MSA and replaces the maiden resource of October 2025.
• Updated resource:
  • Inferred 0.46mt @ 1.47% Sn for 6.8kt contained tin, at a 0.80% cut-off
  • Contained tin up 45% on the October 2025 estimate, on the same cut-off
  • Tonnage up 32% and grade up 10%, from 1.33% Sn
  • The model now carries 11 mineralised zones, up from 7
  • At a 1.00% cut-off it holds 0.38mt @ 1.59% Sn for 6.0kt
  • Estimated on a $39,600/t tin price, 75% recovery and costs of $172/t of ore
  • Weathered ground was left out, as artisanal miners have already worked it
• Drilling:
  • Wider intercepts in holes KBDD025, KBDD033 and KBDD034 drove the upgrade
  • Cassiterite sits in a main vein 1-5m thick, drilled over 550m of strike to 220m depth
  • 30 holes for 1,140.5m of assays underpin the estimate
  • The zones stay open along strike and to the southeast
• Exploration upside:
  • MSA proposes 20 step-out holes for ~5,600m southeast of the resource
  • It puts that ground at ~700kt @ 1.24% Sn for ~8.7kt tin, which MSA says could double the size of the resource, though results are not guaranteed.
  • MINZ8 and MINZ9, identified in August, rest on a single intersection and are not yet counted
• Mont Agoma, the second deposit at Bisie North, holds 3.16mt @ 1.45% Cu, 2.72% Zn and 14.3g/t Ag.
• Rome is talking to potential strategic parties about developing the project.
• CEO Paul Barrett commented: “This is a genuinely high-grade tin deposit, and objectively, is getting better.“

Conclusion: Kalayi grew in both tonnes and grade, which points to better geological confidence. The deposit sits next to one of the world’s highest-grade tin mines and stays open in every direction. Going forward, focus moves to the step-out drilling southeast.

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Analysts

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