SP Angel -Today’s Market View, Wednesday 31st December 2025

Precious metals continue to pull back in high volatility trading as dollar edges higher

MiFID II exempt information – see disclaimer below

East Star Resources (EST LN)– Assay results from Verkhuba drilling

Robex Resources (RXR AU) – Shareholders approve Predictive Merger

Precious metals continue to pull back in high volatility trading as dollar edges higher

• Following a sharp rally into Christmas, precious metals are selling off amid low liquidity holiday trading.
• Platinum is down 10% this morning, with silver down 8% to $71/oz and palladium down 6.4%.
• The precious metals complex had rallied sharply on deficit concerns, with traders suggesting likely short squeezes into low liquidity markets.
• Gold is more stable but down 1% this morning to $4,338/oz.
• Silver has enjoyed speculative inflows as retail investors look to take advantage on strong momentum amid fears of physical supply shortages.
• We continue to like gold into 2026 amid sustained fiscal deficits in the US and central bank foreign reserve diversification efforts, led by BRIC countries.
• A stronger dollar index this morning is likely weighing on the precious metal rally.

Copper ($12,438/t) holds higher levels as miners push to ytd highs on deficit concerns

• Copper prices eased from record highs of $12,909/t but remain up 11% over the past month amid sustained deficit concerns.
• Major supply disruptions from Grasberg, Kamoa Kakula and QB have pushed forecasts into market deficits for 2026, with analysts seeing a shortage of c.300kt.
• Concerns over a fresh round of tariffs from the White House are also supporting a premium in COMEX markets, drawing physical copper out of LME warehouses and Asia.
• Copper equities are enjoying a strong rally:

• • Lundin Mining: up 138% ytd
  • First Quantum up 98% ytd
  • Freeport up 35% ytd
  • Teck up 19% ytd
  • Anglo American up 32% ytd

Currencies

US$1.1732/eur vs 1.1768/eur previous. Yen 156.60/$ vs 155.98/$. SAr 16.601/$ vs 16.667/$. $1.3436/gbp vs $1.351/gbp. 0.668/aud vs 0.671/aud. CNY 6.998/$ vs 6.998/$.

Dollar Index 98.39 vs 98.03 previous.

Precious metals:         

Gold US$4,326/oz vs US$4,365/oz previous 

Gold ETFs 98.9moz vs 98.9moz previous 

Platinum US$2,037/oz vs US$2,167/oz previous 

Palladium US$1,601/oz vs US$1,672/oz previous 

Silver US$72.0/oz vs US$74.0/oz previous 

Rhodium US$8,350/oz vs US$8,350/oz previous 

Base metals:   

Copper US$12,416/t vs US$12,416/t previous 

Aluminium US$2,983/t vs US$2,959/t previous 

Nickel US$16,623/t vs US$15,576/t previous 

Zinc US$3,106/t vs US$3,119/t previous 

Lead US$2,020/t vs US$2,019/t previous 

Tin US$40,713/t vs US$42,895/t previous

Energy:           

Oil US$61.2/bbl vs US$61.3/bbl previous 

Natural Gas €27.9/MWh vs €28.4/MWh previous

Uranium Futures $81.4/lb vs $81.4/lb previous

Bulk:   

Iron Ore 62% Fe Spot (Singapore) US$104.4/t vs US$104.7/t

Chinese steel rebar 25mm US$460.8/t vs US$460.2/t

HCC FOB Australia US$211.5/t vs US$212.0/t

Thermal coal swap Australia FOB US$105.5/t vs US$105.5/t

Other:  

Cobalt LME 3m US$52,790/t vs US$52,790/t

NdPr Rare Earth Oxide (China) US$84,619/t vs US$83,944/t

Lithium carbonate 99% (China) US$16,510/t vs US$14,583/t

China Spodumene Li2O 6%min CIF US$1,375/t vs US$1,240/t

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

China Tungsten APT 88.5% FOB US$978/mtu vs US$958/mtu

China Tantalum Concentrate 30% CIF US$101/lb vs US$99/mtu

China Graphite Flake -194 FOB US$410/t vs US$400/t

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

Europe Ferro-Vanadium 80% US$23.8/kg vs US$23.8/kg

China Ilmenite Concentrate TiO2 US$260/t vs US$260/t

US Titanium Dioxide TiO2 >98% US$3,013/t vs US$3,013/t

China Rutile Concentrate 95% TiO2 US$1,120/t vs US$1,117/t

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

Brazil Potash CFR Granular Spot US$360.0/t vs US$360.0/t

Germanium China 99.99% US$3,025.0/kg vs US$3,025.0/kg

China Gallium 99.99% US$390.0/kg vs US$390.0/kg

Company News:

East Star Resources (EST LN) 3p, Mkt Cap £13m – Assay results from Verkhuba drilling

• Kazakhstan copper explorer East Star reports assay results from drilling at their Verkhuba Project.
• Drilling was conducted to test deep areas identified in historical drilling and shallow areas outside of the 2024 resource model.
• Assay results included:

• • VU_25_DD_009: 1m at 0.81% Cu and 0.03% Zn from 76m, 1.1m at 1% Zn and 0.23% Cu from 294m, 2m at 0.96% Zn and 0.05% Cu from 297m, 18m at 0.66% Zn and 0.1% Cu from 307m and 4.4m at 0.86% Zn and 0.03% Cu from 329m
  • VU_25_DD_011: 2m at 0.93% Zn, 0.08% Cu and 0.17% Pb from 75m
  • VU_25_DD_012: 1.4m at 1% Cu and 0.04% Zn from 31m and 2m at 0.77% Cu and 0.08% Zn from 110m

• Deep drilling identified mineralisation within the volcaniclastic unit as stringers and lenses of sulphide mineralisation.
• The drilling infilled drill spacing in the central deep ore zone to 120m from 200-250m spacing.
• Drilling also confirmed the presence of faulting, highlighting the need for further drilling.
• Chinese group Xinhai are farming into the Verkhuba Project and are working on a feasibility study and mining licence application.

Robex Resources (RXR AU) A$5.3, Mkt Cap A$1.46bn – Shareholders approve Predictive Merger

• Robex Resources shareholders have approved the previously announced merger with Predictive Discovery*.
• The agreement resolution was supported by 94.5% of the votes cast.
• Robex shareholders will receive 7.862 shares in the capital of Predictive, taking ownership to 46.5% of the pro forma entity.
• The merger combines Robex’s Kiniero project in Guinea with Predictive’s Bankan Project.
• The combined entity will look to produce >400kozpa Au from 2029.
• Kiniero cash flow will be used to fund the construction of Bankan.
• Robex CEO Matt Wilcox will lead the combined entity.

*An SP Angel analyst holds shares in Predictive Discovery

LSE Group Starmine awards for 2025 / 2024 commodity forecasting:

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls for Q1 2025

No.1 in Precious Metals: SP Angel mining team awarded No 1. ranking for Precious Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 2024

No.2 in Base Metals: SP Angel mining team awarded No 2. ranking for Base Metals forecasting in LSEG Annual Starmine Award for Reuters Polls 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

Arthur Parish – Arthur.Parish@spangel.co.uk – 0203 470 0476

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

George Krokos – george.krokos@spangel.co.uk – 0203 470 0486

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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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